Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09149

 

 

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, 2014

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2014

 

 

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

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

 

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

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


Annual Report November 30, 2014

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance and Fund Profile

  
  

California Municipal Income Trust

     4   

Massachusetts Municipal Income Trust

     5   

Michigan Municipal Income Trust

     6   

New Jersey Municipal Income Trust

     7   

New York Municipal Income Trust

     8   

Ohio Municipal Income Trust

     9   

Pennsylvania Municipal Income Trust

     10   
  

Endnotes and Additional Disclosures

     11   

Financial Statements

     12   

Report of Independent Registered Public Accounting Firm

     67   

Federal Tax Information

     68   

Dividend Reinvestment Plan

     69   

Management and Organization

     71   

Important Notices

     74   


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

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

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

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

Fund Performance

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

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

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

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

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

State-specific Results

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

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

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management’s Discussion of Fund Performance—continued

 

 

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

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

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

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

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

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

 

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

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         19.06      9.69      5.62

Fund at Market Price

             21.86         7.69         4.45   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.757   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              10.66

Distribution Rate at Market Price

              5.81

Taxable-Equivalent Distribution Rate at Market Price

              11.84
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              30.03

Residual Interest Bond (RIB) Financing

              8.60   

Fund Profile

 

Credit Quality (% of total investments)7,8

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See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         16.30      8.39      5.82

Fund at Market Price

             17.27         6.15         3.35   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.703   

Distribution Rate at NAV

              4.53

Taxable-Equivalent Distribution Rate at NAV

              8.44

Distribution Rate at Market Price

              5.15

Taxable-Equivalent Distribution Rate at Market Price

              9.60
           
% Total Leverage6                                

APS

              30.86

RIB Financing

              5.21   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Thomas M. Metzold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         20.18      9.13      5.96

Fund at Market Price

             20.91         8.29         3.19   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.709   

Distribution Rate at NAV

              4.84

Taxable-Equivalent Distribution Rate at NAV

              8.93

Distribution Rate at Market Price

              5.65

Taxable-Equivalent Distribution Rate at Market Price

              10.43
           
% Total Leverage6                                

APS

              36.46

Fund Profile

 

Credit Quality (% of total investments)7

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         15.20      7.31      5.62

Fund at Market Price

             14.17         3.77         3.71   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.743   

Distribution Rate at NAV

              5.18

Taxable-Equivalent Distribution Rate at NAV

              10.05

Distribution Rate at Market Price

              5.92

Taxable-Equivalent Distribution Rate at Market Price

              11.49
           
% Total Leverage6                                

APS

              32.55

RIB Financing

              3.54   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         17.25      9.43      5.80

Fund at Market Price

             20.92         7.65         5.24   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.862   

Distribution Rate at NAV

              5.62

Taxable-Equivalent Distribution Rate at NAV

              10.89

Distribution Rate at Market Price

              5.97

Taxable-Equivalent Distribution Rate at Market Price

              11.57
           
% Total Leverage6                                

APS

              25.38

RIB Financing

              14.53   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Thomas M. Metzold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         18.49      8.58      5.97

Fund at Market Price

             21.55         6.44         3.73   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              4.83

Taxable-Equivalent Distribution Rate at NAV

              9.01

Distribution Rate at Market Price

              5.37

Taxable-Equivalent Distribution Rate at Market Price

              10.02
           
% Total Leverage6                                

APS

              33.68

RIB Financing

              2.16   

Fund Profile

 

Credit Quality (% of total investments)7

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         16.07      7.35      5.47

Fund at Market Price

             17.26         4.84         3.52   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.764   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              9.53

Distribution Rate at Market Price

              6.03

Taxable-Equivalent Distribution Rate at Market Price

              10.99
           
% Total Leverage6                                

APS

              35.61

RIB Financing

              1.26   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  10  


 

Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

 

5 

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

6 

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

 

7 

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

 

8 

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

    Fund profile subject to change due to active management.

 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Education — 17.9%

               

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

  $ 3,135      $ 3,479,850   

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

    195        225,143   

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

    330        376,504   

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

    745        838,281   

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

    2,440        2,443,660   

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

    1,600        1,906,448   

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

    235        286,357   

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

    2,490        2,801,001   

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

    630        705,109   

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

    415        468,357   

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

    285        317,749   

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

    810        951,620   

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

    850        993,947   

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

    895        1,041,682   

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

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

Electric Utilities — 14.2%

               

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

  $ 270      $ 320,598   

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

    2,275        2,424,786   

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

    1,500        1,722,405   

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

    2,170        2,444,982   

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

    1,500        1,707,345   

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

    1,335        1,548,333   

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

    1,795        2,073,261   

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

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

Electric Utilities (continued)

               

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

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

Escrowed / Prerefunded — 3.6%

               

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

  $ 715      $ 820,648   

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

    1,000        1,032,400   

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

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

General Obligations — 28.0%

               

California, 5.00%, 10/1/31

  $ 1,885      $ 2,224,394   

California, 5.50%, 11/1/35

    1,600        1,890,320   

California, 6.00%, 4/1/38

    750        899,197   

California, (AMT), 5.05%, 12/1/36

    475        481,622   

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

    3,655        4,129,127   

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

    2,890        3,055,973   

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

    1,545        1,657,909   

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

    860        978,680   

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

    1,315        1,595,345   

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

    2,230        2,694,264   

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

    3,180        3,610,540   

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

    1,350        1,674,553   

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

    1,000        1,216,830   

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

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

Hospital — 14.2%

               

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

  $ 1,000      $ 1,137,250   

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

    190        214,565   

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

    635        719,557   

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

    910        1,023,659   

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

    2,000        2,290,360   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

               

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

  $ 1,000      $ 1,116,940   

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

    1,145        1,313,074   

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

    535        605,748   

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

    600        635,250   

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

    1,900        1,904,541   

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

    2,780        2,864,957   

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

    700        701,974   
                 
    $ 14,527,875   
                 

Industrial Development Revenue — 1.2%

               

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

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

Insured – Education — 1.4%

               

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

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

Insured – Electric Utilities — 3.0%

               

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

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

Insured – Escrowed / Prerefunded — 3.9%

               

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

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

Insured – General Obligations — 9.3%

               

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

  $ 6,485      $ 2,327,337   

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

    4,825        1,636,640   

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

    2,005        2,195,455   

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

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

Insured – Hospital — 8.9%

               

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

  $ 2,900      $ 3,041,607   

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

    750        783,803   

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

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

Insured – Lease Revenue / Certificates of Participation — 8.0%

  

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

  $ 4,410      $ 4,299,706   

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

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

Insured – Special Tax Revenue — 2.1%

               

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

  $ 4,850      $ 675,654   

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

    370        428,282   

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

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

Insured – Transportation — 8.3%

               

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

  $ 5,000      $ 2,586,800   

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

    4,500        2,256,795   

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

    740        741,021   

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

    1,275        1,369,682   

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

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

Insured – Water and Sewer — 2.6%

               

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

  $ 2,000      $ 2,197,740   

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

    430        419,757   
                 
    $ 2,617,497   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

       

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

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

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 0.4%

               

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

  $ 385      $ 418,037   
                 
    $ 418,037   
                 

Senior Living / Life Care — 2.5%

               

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

  $ 290      $ 333,811   

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

    175        178,547   

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

    700        707,490   

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

    600        718,620   

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

    535        600,730   
                 
    $ 2,539,198   
                 

Special Tax Revenue — 14.3%

               

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

  $ 770      $ 867,890   

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

    285        293,812   

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

    460        474,076   

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

    190        194,514   

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

    480        489,749   

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

    1,590        1,601,687   

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

    240        278,407   

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

    480        552,509   

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

    240        272,846   

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

    335        377,769   

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

    240        268,661   

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

    2,400        2,777,712   

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

    250        252,200   

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

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

Special Tax Revenue (continued)

               

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

  $ 485      $ 560,762   

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

    725        834,729   

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

    1,600        1,869,648   

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

    250        256,138   

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

    400        409,380   

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

    500        526,100   

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

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

Transportation — 13.7%

               

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

  $ 1,000      $ 1,153,860   

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

    2,000        2,126,040   

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

    2,120        2,400,052   

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

    1,500        1,666,515   

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

    1,170        1,176,236   

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

    2,760        3,012,016   

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

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

Water and Sewer — 1.9%

               

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

  $ 25      $ 28,322   

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

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

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

   

  $ 163,825,687   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

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

Hospital — 0.7%

               

Dignity Health, 3.812%, 11/1/24

  $ 720      $ 743,046   
                 

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

   

  $ 743,046   
                 

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

   

  $ 164,568,733   
                 

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

  

  $ (49,976,208
                 

Other Assets, Less Liabilities — (12.2)%

  

  $ (12,463,793
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 102,128,732   
                 

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

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 29.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 14.9% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,035,592.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $2,891,688 or 2.8% of the Trust’s net assets applicable to common shares.

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Bond Bank — 6.0%

  

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

  $ 910      $ 1,186,522   

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

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

Education — 27.8%

  

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

  $ 1,080      $ 1,226,286   

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

    770        877,284   

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

    1,500        1,637,925   

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

    1,640        2,167,277   

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

    1,500        1,663,095   

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

    1,350        1,500,903   

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

    1,420        1,615,278   

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

    750        848,025   
   
    $ 11,536,073   
   

Escrowed / Prerefunded — 2.8%

  

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

  $ 625      $ 723,394   

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

    415        462,285   
   
    $ 1,185,679   
   

General Obligations — 16.4%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 334,335   

Cambridge, 4.00%, 2/15/21

    595        683,560   

Danvers, 5.25%, 7/1/36

    885        1,049,707   

Lexington, 4.00%, 2/1/21

    415        476,636   

Lexington, 4.00%, 2/1/22

    430        496,233   

Lexington, 4.00%, 2/1/23

    355        411,065   

Newton, 5.00%, 4/1/36

    750        850,635   

Plymouth, 5.00%, 5/1/31

    345        394,025   

Plymouth, 5.00%, 5/1/32

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

General Obligations (continued)

  

Wayland, 5.00%, 2/1/33

  $ 510      $ 589,846   

Wayland, 5.00%, 2/1/36

    770        883,998   

Winchester, 5.00%, 4/15/36

    245        281,517   
   
    $ 6,810,717   
   

Hospital — 27.0%

  

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

  $ 1,000      $ 1,088,610   

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

    525        617,558   

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

    600        734,994   

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

    555        599,461   

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

    1,210        1,363,597   

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

    500        568,765   

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

    1,135        1,229,727   

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

    755        755,959   

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

    970        1,029,645   

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

    2,000        2,163,460   

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

    675        677,768   

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

    350        384,139   
   
    $ 11,213,683   
   

Housing — 6.6%

  

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

  $ 2,100      $ 2,108,799   

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

    650        654,361   
   
    $ 2,763,160   
   

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 821,784   
   
    $ 821,784   
   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Education — 7.3%

  

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

  $ 1,000      $ 1,315,140   

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

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

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 534,149   
   
    $ 534,149   
   

Insured – General Obligations — 3.1%

  

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

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

Insured – Hospital — 0.9%

  

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

  $ 335      $ 374,634   
   
    $ 374,634   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 751,530   
   
    $ 751,530   
   

Insured – Special Tax Revenue — 16.4%

  

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

  $ 1,450      $ 1,458,801   

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

    900        1,090,962   

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

    1,195        1,400,492   

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

    1,000        1,262,470   

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

    1,340        1,460,654   

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

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

Insured – Student Loan — 2.6%

  

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

  $ 280      $ 295,915   

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

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

Insured – Transportation — 0.8%

  

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

  $ 315      $ 333,796   
   
    $ 333,796   
   

Other Revenue — 2.8%

  

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

  $ 500      $ 572,510   

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

    505        575,917   
   
    $ 1,148,427   
   

Senior Living / Life Care — 6.0%

  

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

  $ 250      $ 250,640   

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

    1,500        1,504,695   

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

    125        139,476   

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

    140        140,560   

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

    475        457,796   
   
    $ 2,493,167   
   

Special Tax Revenue — 8.4%

  

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

  $ 140      $ 157,741   

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

    1,665        796,536   

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

    5,195        2,138,366   

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

    335        383,082   
   
    $ 3,475,725   
   

Transportation — 7.2%

  

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

  $ 1,500      $ 1,644,720   

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

    500        575,835   

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

    670        756,899   
   
    $ 2,977,454   
   

Water and Sewer — 11.0%

  

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

  $ 2,005      $ 2,338,933   

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

    495        568,270   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer (continued)

  

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

  $ 225      $ 254,639   

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

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

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

   

  $ 65,702,265   
   

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

  

  $ (20,050,364
   

Other Assets, Less Liabilities — (9.9)%

  

  $ (4,125,049
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,526,852   
   

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

 

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

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

 

  (1) 

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

 

  (2) 

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

 

  (3) 

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

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Bond Bank — 4.1%

  

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

  $ 600      $ 681,468   

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

    500        577,895   
   
    $ 1,259,363   
   

Education — 6.8%

  

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

  $ 1,000      $ 1,116,590   

Oakland University, 5.00%, 3/1/42

    500        543,505   

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

    370        408,635   
   
    $ 2,068,730   
   

Electric Utilities — 8.9%

  

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

  $ 1,135      $ 1,269,463   

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

    500        592,660   

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

    800        857,360   
   
    $ 2,719,483   
   

Escrowed / Prerefunded — 4.8%

  

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

  $ 185      $ 186,456   

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

    125        126,033   

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

    525        579,421   

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

    525        580,734   
   
    $ 1,472,644   
   

General Obligations — 29.9%

  

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

  $ 350      $ 381,427   

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

    275        309,339   

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

    220        246,338   

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

    835        945,187   

Jenison Public Schools, 5.00%, 5/1/28

    500        560,670   

Jenison Public Schools, 5.00%, 5/1/30

    500        559,735   

Kent County, 5.00%, 1/1/25

    1,500        1,700,235   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,126,110   

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

    1,005        1,143,248   

Michigan, 5.50%, 11/1/25

    270        309,917   

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

    365        411,271   

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

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

Hospital — 26.5%

  

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

  $ 275      $ 276,889   

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

    250        272,933   

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

    500        550,050   

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

    1,000        1,132,410   

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

    250        259,005   

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

    1,000        1,037,840   

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

    1,080        1,108,361   

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

    500        573,720   

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

    425        439,718   

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

    1,250        1,377,362   

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

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

Housing — 0.5%

  

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

  $ 135      $ 141,738   
   
    $ 141,738   
   

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 728,183   
   
    $ 728,183   
   

Insured – Education — 5.0%

  

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

  $ 570      $ 631,190   

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

    500        555,965   

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

    300        332,319   
   
    $ 1,519,474   
   

Insured – Electric Utilities — 3.3%

  

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

  $ 630      $ 611,843   

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

    250        239,735   

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

    155        147,878   
   
    $ 999,456   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 25.8%

  

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

  $ 1,105      $ 1,189,124   

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

    500        555,470   

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

    150        156,723   

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

    240        251,623   

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

    300        354,846   

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

    1,000        1,132,760   

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

    910        987,732   

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

    1,200        1,335,768   

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

    1,250        1,368,113   

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

    500        543,380   
   
    $ 7,875,539   
   

Insured – Lease Revenue / Certificates of Participation — 5.9%

  

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

  $ 1,000      $ 497,710   

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

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

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 124,682   
   
    $ 124,682   
   

Insured – Transportation — 3.7%

  

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

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

Insured – Water and Sewer — 7.1%

  

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

  $ 560      $ 577,842   

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

    1,000        1,111,830   

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

    475        477,660   
   
    $ 2,167,332   
   

Lease Revenue / Certificates of Participation — 3.4%

  

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

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

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 126,776   

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

    125        138,210   

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

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

Special Tax Revenue (continued)

  

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

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

Water and Sewer — 10.8%

  

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

  $ 750      $ 796,898   

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

    735        922,682   

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

    1,250        1,290,987   

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

    250        273,615   
   
    $ 3,284,182   
   

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

   

  $ 47,057,334   
   

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

   

  $ (17,500,144
   

Other Assets, Less Liabilities — 3.1%

  

  $ 938,753   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 30,495,943   
   

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

 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 33.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 13.3% of total investments.

 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Education — 21.5%

  

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

  $ 1,270      $ 1,416,621   

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

    1,730        1,975,158   

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

    620        718,475   

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

    380        439,329   

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

    640        705,965   

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

    1,650        1,761,606   

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

    965        1,233,299   

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

    1,295        1,444,042   

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

    1,000        1,156,350   

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

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

Escrowed / Prerefunded — 2.6%

  

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

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

General Obligations — 7.2%

  

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

  $ 1,850      $ 2,116,400   

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

    1,795        2,049,100   

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

    500        581,460   
   
    $ 4,746,960   
   

Hospital — 22.1%

  

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

  $ 660      $ 753,067   

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

    650        745,089   

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

    2,290        2,531,526   

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

    2,090        2,214,062   

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

    750        749,977   

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

    500        584,640   

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

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

Hospital (continued)

  

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

  $ 250      $ 277,900   

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

    2,055        2,238,553   

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

    2,380        2,423,625   

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

    60        64,409   

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

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

Housing — 2.3%

  

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

  $ 560      $ 568,775   

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

    925        939,365   
   
    $ 1,508,140   
   

Industrial Development Revenue — 5.8%

  

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

  $ 50      $ 53,762   

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

    135        143,404   

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

    750        802,380   

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

    220        248,360   

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

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

Insured – Electric Utilities — 1.8%

  

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

  $ 135      $ 131,109   

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

    490        467,485   

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

    595        566,910   
   
    $ 1,165,504   
   

Insured – Escrowed / Prerefunded — 4.0%

  

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

  $ 1,240      $ 1,473,045   

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

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

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Gas Utilities — 5.6%

  

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

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

Insured – General Obligations — 4.7%

  

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

  $ 1,015      $ 1,136,962   

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

    1,000        1,129,990   

Paterson, (BAM), 5.00%, 1/15/26

    750        848,993   
   
    $ 3,115,945   
   

Insured – Hospital — 4.3%

  

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

  $ 100      $ 86,973   

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

    300        250,233   

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

    380        404,552   

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

    500        532,305   

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

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

Insured – Industrial Development Revenue — 3.2%

  

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

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

Insured – Lease Revenue / Certificates of Participation — 3.9%

  

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

  $ 530      $ 600,231   

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

    640        712,659   

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

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

Insured – Other Revenue — 4.0%

  

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

  $ 850      $ 945,030   

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

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

Insured – Special Tax Revenue — 12.6%

  

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

  $ 5,250      $ 3,889,935   

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

    4,300        2,845,138   

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

    2,020        1,265,288   

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

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

Insured – Student Loan — 3.3%

  

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

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

Insured – Transportation — 0.6%

  

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

  $ 315      $ 360,804   
   
    $ 360,804   
   

Lease Revenue / Certificates of Participation — 5.7%

  

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

  $ 1,500      $ 1,637,445   

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

    1,700        1,812,285   

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

    250        286,150   
   
    $ 3,735,880   
   

Other Revenue — 4.3%

  

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

  $ 2,040      $ 2,289,574   

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

    500        552,445   
   
    $ 2,842,019   
   

Senior Living / Life Care — 4.7%

  

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

  $ 465      $ 488,957   

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

    770        806,837   

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

    815        829,572   

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

    700        711,452   

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

    215        235,749   
   
    $ 3,072,567   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue — 2.8%

  

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

  $ 100      $ 104,124   

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

    175        180,576   

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

    750        574,012   

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

    500        387,130   

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

    500        571,765   
   
    $ 1,817,607   
   

Student Loan — 4.7%

  

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

  $ 2,325      $ 2,348,808   

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

    740        758,071   
   
    $ 3,106,879   
   

Transportation — 19.6%

  

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

  $ 1,060      $ 1,178,699   

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

    1,080        1,191,402   

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

    2,000        1,210,980   

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

    1,850        2,135,529   

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

    250        289,700   

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

    530        616,289   

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

    3,600        4,008,636   

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

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

Water and Sewer — 2.2%

  

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

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

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

   

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

Transportation — 1.5%

  

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

  $ 1,000      $ 1,018,530   
   

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

   

  $ 1,018,530   
   

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

   

  $ 101,738,612   
   

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

   

  $ (33,425,808
   

Other Assets, Less Liabilities — (4.1)%

  

  $ (2,689,116
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 65,623,688   
   

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

 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 30.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.2% of total investments.

 

(1) 

When-issued security.

 

(2) 

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

 

(3) 

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

 

(4) 

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

 

(5) 

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

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Bond Bank — 6.0%

  

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

  $ 1,730      $ 1,961,370   

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

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

Cogeneration — 1.3%

  

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

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

Education — 27.6%

  

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

  $ 310      $ 342,070   

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

    1,490        1,664,434   

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

    325        363,590   

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

    510        575,219   

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

    1,000        1,113,580   

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

    725        825,282   

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

    510        580,528   

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

    2,000        2,276,580   

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

    220        245,736   

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

    1,000        1,181,850   

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

    2,250        2,663,842   

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

    2,500        2,815,175   

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

    325        376,236   

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

    400        469,512   

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

    1,695        1,826,803   

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

    2,000        2,256,120   

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

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

Education (continued)

  

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

  $ 735      $ 792,602   

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

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

Electric Utilities — 6.7%

  

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

  $ 1,420      $ 1,663,672   

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

    1,645        1,652,929   

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

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

General Obligations — 7.3%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,608,880   

New York City, 6.25%, 10/15/28

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

Health Care – Miscellaneous — 0.2%

  

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

  $ 50      $ 50,423   

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

    85        85,719   
                 
  $ 136,142   
                 

Hospital — 20.7%

  

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

  $ 130      $ 147,701   

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

    960        1,072,416   

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

    760        761,505   

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

    2,490        2,556,284   

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

    1,000        1,080,510   

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

    1,000        1,141,170   

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

    1,000        1,108,660   

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

    845        877,727   

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

    750        783,682   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,250      $ 1,363,037   

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

    415        445,216   

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

    835        888,515   

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

    840        842,108   

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

    395        384,584   

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

    1,000        1,001,830   

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

    650        683,157   

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

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

Housing — 13.5%

  

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

  $ 1,500      $ 1,512,555   

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

    2,620        2,682,749   

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

    1,000        1,061,660   

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

    2,625        2,716,324   

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

    1,500        1,563,990   

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

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

Industrial Development Revenue — 4.7%

  

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

  $ 1,000      $ 1,130,340   

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

    980        1,174,559   

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

    1,350        1,390,770   

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

    100        101,604   
                 
  $ 3,797,273   
                 

Insured – Education — 6.9%

  

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

  $ 1,250      $ 1,473,413   

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

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

Insured – Education (continued)

  

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

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

Insured – Electric Utilities — 2.0%

  

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

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

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

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

Insured – Other Revenue — 4.1%

  

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

  $ 2,645      $ 1,413,805   

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

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

Insured – Special Tax Revenue — 0.4%

  

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

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

Insured – Water and Sewer — 1.3%

  

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

  $ 1,000      $ 1,012,800   
                 
  $ 1,012,800   
                 

Other Revenue — 9.1%

  

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

  $ 3,120      $ 1,471,642   

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

    380        447,002   

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

    625        698,287   

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

    1,000        1,136,680   

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

    1,300        1,326,572   

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

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

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care — 6.7%

  

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

  $ 1,450      $ 1,451,319   

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

    280        300,860   

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

    120        127,100   

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

    905        1,000,821   

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

    230        234,329   

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

    230        231,316   

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

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

Special Tax Revenue — 21.0%

  

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

  $ 1,500      $ 1,691,205   

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

    2,100        2,497,887   

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

    1,000        1,145,860   

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

    1,000        1,134,970   

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

    2,380        2,789,217   

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

    6,000        6,885,300   

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

    545        623,224   
                 
  $ 16,767,663   
                 

Transportation — 13.4%

  

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

  $ 790      $ 858,651   

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

    1,500        1,673,460   

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

    700        780,535   

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

    1,000        1,105,020   

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

    1,900        2,097,980   

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

    990        1,106,879   

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

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

Water and Sewer — 6.4%

  

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

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

Water and Sewer (continued)

  

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

  $ 325      $ 155,613   

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

    3,105        3,562,739   

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

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

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

   

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

Real Estate — 1.0%

  

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

    257      $ 783,850   
                 

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

   

  $ 783,850   
                 

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

   

  $ 129,763,504   
   

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

  

  $ (33,725,263
   

Other Assets, Less Liabilities — (20.3)%

  

  $ (16,177,980
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 79,860,261   
   

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

 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 10.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an

 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

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

 

(1) 

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

 

(2) 

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

 

(3) 

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

 

(4) 

Non-income producing.

 

(5) 

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

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Bond Bank — 3.5%

  

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

  $ 250      $ 290,055   

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

    210        242,552   

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

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

Education — 19.6%

  

Miami University, 4.00%, 9/1/39

  $ 500      $ 520,705   

Miami University, 5.00%, 9/1/33

    1,000        1,141,240   

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

    440        478,645   

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

    1,250        1,417,562   

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

    500        572,750   

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

    1,000        1,127,380   

Ohio State University, 5.00%, 12/1/28

    480        605,813   

Ohio State University, 5.00%, 12/1/30

    955        1,206,862   

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

    500        565,180   

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

    750        833,573   
                 
  $ 8,469,710   
                 

Electric Utilities — 2.5%

  

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

  $ 470      $ 520,422   

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

    500        584,570   
                 
  $ 1,104,992   
                 

Escrowed / Prerefunded — 2.9%

  

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

  $ 65      $ 75,172   

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

    750        847,590   

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

    180        197,129   

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

    20        26,169   

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

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

General Obligations — 21.0%

  

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

  $ 335      $ 384,490   

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

    900        937,170   

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

    1,750        1,976,625   

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

    1,025        1,154,785   

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

    100        121,836   

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

    595        677,021   

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

    400        449,592   

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

    820        877,441   

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

    1,250        1,312,487   

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

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

Hospital — 21.9%

  

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

  $ 1,075      $ 1,203,312   

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

    560        611,207   

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

    500        545,490   

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

    800        875,224   

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

    250        287,040   

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

    750        872,430   

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

    500        525,590   

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

    500        541,750   

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

    800        863,864   

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

    500        570,910   

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

    1,000        1,125,300   

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

    555        614,862   

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

    565        644,659   

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

    165        186,613   
                 
  $ 9,468,251   
                 
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing — 6.0%

  

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

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

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 552,569   
                 
  $ 552,569   
                 

Insured – Education — 12.1%

  

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

  $ 750      $ 842,640   

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

    1,000        1,132,660   

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

    465        522,716   

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

    580        585,713   

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

    1,500        1,633,050   

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

    500        544,350   
                 
  $ 5,261,129   
                 

Insured – Electric Utilities — 12.9%

  

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

  $ 1,000      $ 1,128,330   

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

    710        443,956   

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

    2,000        682,060   

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

    815        591,975   

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

    3,000        2,086,110   

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

    305        300,306   

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

    200        194,236   

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

    155        147,878   
                 
  $ 5,574,851   
                 

Insured – General Obligations — 18.8%

  

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

  $ 555      $ 616,289   

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

    500        561,295   

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

    2,455        1,426,576   

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

    1,000        1,267,520   

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

    1,500        1,507,785   

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

    1,750        1,958,337   

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

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

Insured – Hospital — 1.5%

  

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

  $ 485      $ 631,839   
                 
  $ 631,839   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 75,227   
                 
  $ 75,227   
                 

Insured – Transportation — 7.3%

  

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

  $ 600      $ 665,412   

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

    1,000        1,233,260   

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

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

Insured – Water and Sewer — 1.5%

  

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

  $ 665      $ 668,724   
                 
  $ 668,724   
                 

Lease Revenue / Certificates of Participation — 1.3%