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

May 31, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2013

 

 

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

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

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator.

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


Semiannual Report May 31, 2013

Eaton Vance

Municipal Income Trusts

 

Table of Contents   

Performance and Fund Profile

  
  

California Municipal Income Trust

     2   

Massachusetts Municipal Income Trust

     3   

Michigan Municipal Income Trust

     4   

New Jersey Municipal Income Trust

     5   

New York Municipal Income Trust

     6   

Ohio Municipal Income Trust

     7   

Pennsylvania Municipal Income Trust

     8   
  

Endnotes and Additional Disclosures

     9   

Financial Statements

     10   

Annual Meeting of Shareholders

     64   

Board of Trustees’ Contract Approval

     65   

Officers and Trustees

     68   

Important Notices

     69   


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         –2.24      6.60      6.20      4.96

Fund at Market Price

             –10.31         –2.61         5.55         4.68   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.11
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.403   

Distribution Rate at NAV

                 5.64

Taxable-Equivalent Distribution Rate at NAV

                 11.49

Distribution Rate at Market Price

                 6.14

Taxable-Equivalent Distribution Rate at Market Price

                 12.51
              
% Total Leverage4                                        

Auction Preferred Shares (APS)

                 30.14

Residual Interest Bond (RIB)

                 8.85   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection withthe RIB financing.4 Absent such securities, credit quality (%of total investments) is as follows:5

 

AAA

    6.8   

BB

    0.7

AA

    57.9      

B

    0.6   

A

    21.0      

Not Rated

    4.4   

BBB

    8.6        

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         –4.00      4.42      7.64      5.63

Fund at Market Price

             –12.54         –2.20         6.39         4.43   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.05
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.395   

Distribution Rate at NAV

                 5.12

Taxable-Equivalent Distribution Rate at NAV

                 9.55

Distribution Rate at Market Price

                 5.57

Taxable-Equivalent Distribution Rate at Market Price

                 10.39
              
% Total Leverage4                                        

APS

                 30.10

RIB

                 7.33   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    18.2   

BB

    1.3

AA

    41.4      

B

    1.3   

A

    29.1      

Not Rated

    1.0   

BBB

    7.7        

    

 

 

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. 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 www.eatonvance.com.

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –3.27      4.84      7.49      5.41

Fund at Market Price

             –7.17         3.34         8.28         4.32   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –7.91
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.381   

Distribution Rate at NAV

                 5.20

Taxable-Equivalent Distribution Rate at NAV

                 9.60

Distribution Rate at Market Price

                 5.64

Taxable-Equivalent Distribution Rate at Market Price

                 10.41
              
% Total Leverage4                                        

APS

                 36.46

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –1.33      7.04      6.73      5.50

Fund at Market Price

             –15.71         –1.48         7.66         4.67   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –5.39
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.394   

Distribution Rate at NAV

                 5.55

Taxable-Equivalent Distribution Rate at NAV

                 10.77

Distribution Rate at Market Price

                 5.87

Taxable-Equivalent Distribution Rate at Market Price

                 11.39
              
% Total Leverage4                                        

APS

                 30.78

RIB

                 8.03   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    12.3   

BBB

    11.1

AA

    26.9      

B

    2.3   

A

    46.5      

Not Rated

    0.9   

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         –2.81      6.52      7.02      5.48

Fund at Market Price

             –9.03         2.31         6.79         5.44   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –2.73
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.448   

Distribution Rate at NAV

                 5.93

Taxable-Equivalent Distribution Rate at NAV

                 11.49

Distribution Rate at Market Price

                 6.10

Taxable-Equivalent Distribution Rate at Market Price

                 11.82
              
% Total Leverage4                                        

APS

                 25.30

RIB

                 14.49   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    12.2   

BBB

    13.0

AA

    34.7      

BB

    3.1   

A

    30.3      

Not Rated

    6.7   
 

 

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. 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 www.eatonvance.com.

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –4.15      5.13      7.45      5.68

Fund at Market Price

             –14.52         –1.61         8.39         4.20   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –5.47
Distributions3                                        

Total Distributions per share for the period

               $ 0.374   

Distribution Rate at NAV

                 4.93

Taxable-Equivalent Distribution Rate at NAV

                 9.26

Distribution Rate at Market Price

                 5.22

Taxable-Equivalent Distribution Rate at Market Price

                 9.80
              
% Total Leverage4                                        

APS

                 34.17

RIB

                 2.19   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –2.56      4.84      6.00      5.19

Fund at Market Price

             –12.73         –3.46         6.49         4.34   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.50
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.399   

Distribution Rate at NAV

                 5.55

Taxable-Equivalent Distribution Rate at NAV

                 10.12

Distribution Rate at Market Price

                 6.07

Taxable-Equivalent Distribution Rate at Market Price

                 11.06
              
% Total Leverage4                                        

APS

                 34.76

RIB

                 2.71   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    3.2   

BBB

    5.3

AA

    38.6      

Not Rated

    3.2   

A

    49.7        

    

 

 

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. 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 www.eatonvance.com.

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

Performance results reflect the effects of leverage.

 

3 

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 composed of ordinary income, tax- exempt income, net realized capital gains and return of capital. 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.

 

4 

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 is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

5 

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

Fund profile subject to change due to active management.

 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 20.9%

  

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

  $ 3,135      $ 3,435,615   

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

    195        223,997   

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

    330        372,016   

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

    745        813,927   

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

    2,580        2,637,818   

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

    1,600        1,976,768   

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

    2,100        2,657,004   

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

    235        283,915   

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

    2,490        2,871,144   

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

    630        704,939   

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

    415        459,480   

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

    285        308,478   

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

    810        932,504   

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

    850        975,196   

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

    895        1,022,260   

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

    1,250        1,434,325   
                 
    $ 21,109,386   
                 

Electric Utilities — 14.3%

  

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

  $ 270      $ 322,056   

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

    2,275        2,429,177   

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

    1,500        1,679,310   

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

    2,170        2,476,534   

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

    1,500        1,708,890   

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

    1,335        1,543,901   

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

    1,795        2,067,714   

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

    680        759,982   

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

    1,300        1,466,972   
                 
    $ 14,454,536   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 23.5%

  

California, 5.50%, 11/1/35

  $ 1,600      $ 1,872,864   

California, 6.00%, 4/1/38

    750        888,727   

California, (AMT), 5.05%, 12/1/36

    745        755,385   

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

    1,000        1,133,910   

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

    1,630        1,842,764   

Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/33

    215        225,453   

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

    235        245,911   

Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/35

    230        245,606   

Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/36

    280        298,379   

Larkspur-Corte Madera School District, (Election of 2011), 4.50%, 8/1/39

    1,000        1,087,870   

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

    3,655        4,081,904   

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

    2,890        2,944,361   

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

    2,545        2,671,894   

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

    740        849,187   

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

    860        982,473   

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

    3,180        3,591,651   
                 
    $ 23,718,339   
                 

Hospital — 17.8%

  

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

  $ 1,000      $ 1,132,470   

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

    190        213,693   

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

    1,000        1,088,070   

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

    910        1,025,707   

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/39

    910        1,009,399   

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

    2,000        2,313,740   

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

    1,000        1,128,280   

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

    1,475        1,770,059   

California Health Facilities Financing Authority, (Stanford Hospital and Clinics), 5.00%, 8/15/51

    1,530        1,673,285   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 600      $ 645,432   

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36

    445        472,519   

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

    1,900        1,904,066   

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

    2,780        2,878,912   

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

    700        700,938   
                 
    $ 17,956,570   
                 

Housing — 1.0%

  

Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29

  $ 655      $ 662,526   

Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29

    387        390,920   
                 
    $ 1,053,446   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 1,235      $ 1,324,883   
                 
    $ 1,324,883   
                 

Insured – Education — 1.5%

  

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

  $ 1,250      $ 1,544,350   
                 
    $ 1,544,350   
                 

Insured – Electric Utilities — 3.0%

  

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

  $ 2,790      $ 3,034,376   
                 
    $ 3,034,376   
                 

Insured – Escrowed / Prerefunded — 3.6%

  

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

  $ 5,130      $ 3,608,750   
                 
    $ 3,608,750   
                 

Insured – General Obligations — 8.8%

  

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

  $ 6,485      $ 2,151,399   

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

    4,825        1,512,252   

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

    2,005        2,236,898   

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

    4,720        2,949,339   
                 
    $ 8,849,888   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 9.3%

  

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

  $ 2,900      $ 3,151,169   

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

    750        800,888   

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

    5,000        5,453,350   
                 
    $ 9,405,407   
                 

Insured – Lease Revenue / Certificates of Participation — 10.4%

  

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

  $ 4,410      $ 4,038,413   

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

    2,000        2,658,080   

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

    3,500        3,853,675   
                 
    $ 10,550,168   
                 

Insured – Special Tax Revenue — 0.8%

  

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

  $ 4,850      $ 817,662   
                 
    $ 817,662   
                 

Insured – Transportation — 11.4%

  

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

  $ 5,000      $ 2,222,950   

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

    4,500        1,967,130   

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

    740        741,591   

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

    10,000        3,720,800   

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

    1,320        1,394,936   

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

    1,350        1,526,985   
                 
    $ 11,574,392   
                 

Insured – Water and Sewer — 3.9%

  

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

  $ 2,000      $ 2,235,020   

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

    1,830        1,725,470   
                 
    $ 3,960,490   
                 
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 1.6%

  

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

  $ 385      $ 403,052   

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

    315        327,134   

Golden State Tobacco Securitization Corp., 5.30%, 6/1/37

    980        919,348   
                 
    $ 1,649,534   
                 

Senior Living / Life Care — 1.9%

  

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

  $ 290      $ 335,675   

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

    175        176,773   

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

    700        694,666   

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

    600        693,174   
                 
    $ 1,900,288   
                 

Special Tax Revenue — 12.4%

  

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

  $ 285      $ 285,761   

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

    460        439,668   

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

    935        939,105   

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

    190        194,127   

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

    480        485,990   

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

    1,590        1,596,583   

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

    240        270,876   

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

    480        537,936   

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

    240        265,982   

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

    335        368,912   

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

    240        262,798   

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24

    420        421,663   

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29

    750        752,737   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 2,400      $ 2,751,168   

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

    250        251,572   

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

    490        492,323   

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

    250        256,230   

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

    400        404,752   

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

    500        522,775   

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

    1,000        1,001,220   
                 
    $ 12,502,178   
                 

Transportation — 11.5%

  

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

  $ 1,000      $ 1,183,820   

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

    2,000        2,251,660   

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

    2,120        2,362,528   

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

    1,500        1,687,635   

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

    1,170        1,172,831   

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

    2,760        3,013,175   
                 
    $ 11,671,649   
                 

Water and Sewer — 2.7%

  

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

  $ 740      $ 858,674   

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

    1,700        1,908,573   
                 
    $ 2,767,247   
                 

Total Tax-Exempt Investments — 161.6%
(identified cost $150,798,232)

   

  $ 163,453,539   
                 

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (49.4)%

   

  $ (49,977,019)   
                 

Other Assets, Less Liabilities — (12.2)%

  

  $ (12,323,006)   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 101,153,514   
                 

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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 32.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,350,770.

 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

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

Bond Bank — 5.8%

  

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

  $ 910      $ 1,158,093   

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

    990        1,265,616   
   
    $ 2,423,709   
   

Education — 29.6%

  

Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33

  $ 600      $ 605,250   

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

    1,080        1,197,839   

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

    625        660,888   

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

    1,500        1,658,250   

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

    1,640        2,068,794   

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

    1,500        1,699,860   

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

    415        467,842   

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

    1,350        1,481,287   

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

    1,420        1,648,450   

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

    750        842,445   
   
    $ 12,330,905   
   

General Obligations — 16.2%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 337,791   

Cambridge, 4.00%, 2/15/21

    595        688,207   

Danvers, 5.25%, 7/1/36

    885        1,015,670   

Lexington, 4.00%, 2/1/21

    415        481,811   

Lexington, 4.00%, 2/1/22

    430        498,658   

Lexington, 4.00%, 2/1/23

    355        412,652   

Newton, 5.00%, 4/1/36

    750        845,693   

Plymouth, 5.00%, 5/1/31

    345        391,344   

Plymouth, 5.00%, 5/1/32

    315        356,605   

Wayland, 5.00%, 2/1/33

    510        584,072   

Wayland, 5.00%, 2/1/36

    770        873,334   

Winchester, 5.00%, 4/15/36

    245        278,663   
   
    $ 6,764,500   
   

Hospital — 28.4%

  

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

  $ 1,000      $ 1,098,840   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 600      $ 741,714   

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

    1,655        1,859,591   

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

    1,210        1,342,931   

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

    500        550,235   

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

    1,135        1,232,633   

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

    755        764,362   

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

    970        1,025,358   

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

    2,000        2,172,080   

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

    675        677,578   

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

    350        373,296   
   
    $ 11,838,618   
   

Housing — 6.7%

  

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

  $ 2,100      $ 2,127,846   

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

    650        665,450   
   
    $ 2,793,296   
   

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 814,752   
   
    $ 814,752   
   

Insured – Education — 10.2%

  

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

  $ 1,000      $ 1,344,920   

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

    1,365        1,716,187   

Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33

    1,165        1,169,835   
   
    $ 4,230,942   
   

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 561,077   
   
    $ 561,077   
   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,293,430   
   
    $ 1,293,430   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 367,585   
   
    $ 367,585   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 742,149   
   
    $ 742,149   
   

Insured – Special Tax Revenue — 10.5%

  

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

  $ 1,450      $ 1,473,345   

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

    1,000        1,231,150   

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

    1,340        1,497,209   

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

    1,105        186,292   
   
    $ 4,387,996   
   

Insured – Student Loan — 4.8%

  

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

  $ 345      $ 377,951   

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

    1,625        1,628,315   
   
    $ 2,006,266   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 337,418   
   
    $ 337,418   
   

Other Revenue — 2.8%

  

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

  $ 500      $ 577,650   

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

    505        573,044   
   
    $ 1,150,694   
   

Senior Living / Life Care — 6.0%

  

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

  $ 250      $ 250,047   
Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

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

  $ 1,500      $ 1,501,080   

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

    125        137,464   

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

    140        140,104   

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

    475        457,387   
   
    $ 2,486,082   
   

Special Tax Revenue — 8.1%

  

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

  $ 140      $ 160,139   

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

    1,665        750,599   

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

    5,195        2,002,828   

Virgin Islands Public Finance Authority, 5.00%, 10/1/39

    75        78,154   

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

    335        390,449   
   
    $ 3,382,169   
   

Transportation — 7.1%

  

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

  $ 1,500      $ 1,639,995   

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

    500        581,170   

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

    670        755,700   
   
    $ 2,976,865   
   

Water and Sewer — 11.0%

               

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

  $ 2,005      $ 2,337,690   

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

    495        570,948   

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

    225        257,794   

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

    1,195        1,395,664   
   
    $ 4,562,096   
   

Total Tax-Exempt Investments — 157.1%
(identified cost $59,957,978)

   

  $ 65,450,549   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (48.1)%

   

  $ (20,050,540
   

Other Assets, Less Liabilities — (9.0)%

  

  $ (3,732,702
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,667,307   
   

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

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 21.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 12.8% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $806,187.

 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 158.5%     
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 4.2%

  

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

  $ 600      $ 706,440   

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

    500        583,520   
                 
    $ 1,289,960   
                 

Education — 15.6%

  

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

  $ 525      $ 586,268   

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

    525        588,756   

Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35

    200        201,414   

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

    1,000        1,099,890   

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

    460        504,500   

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

    700        687,967   

Oakland University, 5.00%, 3/1/42

    500        536,385   

Wayne State University, 5.00%, 11/15/40(1)

    500        552,045   
                 
    $ 4,757,225   
                 

Electric Utilities — 4.7%

  

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

  $ 500      $ 575,370   

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

    800        845,400   
                 
    $ 1,420,770   
                 

Escrowed / Prerefunded — 1.9%

  

Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34

  $ 560      $ 574,426   
                 
    $ 574,426   
                 

General Obligations — 41.3%

  

Allegan Public Schools, 5.00%, 5/1/31

  $ 1,000      $ 1,099,640   

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

    350        381,146   

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

    750        777,667   

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

    230        256,616   

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

    275        305,759   

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

    220        244,405   

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

    500        513,015   

Howell Public Schools, 4.50%, 5/1/29

    620        683,854   

Jenison Public Schools, 5.00%, 5/1/28

    500        552,000   

Jenison Public Schools, 5.00%, 5/1/30

    500        549,460   

Kent County, 5.00%, 1/1/25

    1,500        1,677,255   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,120,100   

Livingston County, 4.00%, 6/1/28

    310        328,389   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Livingston County, 4.00%, 6/1/30

  $ 335      $ 351,134   

Michigan, 5.00%, 11/1/20

    1,000        1,222,110   

Michigan, 5.50%, 11/1/25

    270        321,562   

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

    725        796,644   

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

    275        299,698   

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

    375        345,615   

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

    750        754,792   
                 
    $ 12,580,861   
                 

Hospital — 28.2%

  

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

  $ 185      $ 189,569   

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

    125        127,718   

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

    275        297,432   

Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18(2)

    310        310,645   

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

    500        546,490   

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

    675        702,871   

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

    1,000        1,045,630   

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

    250        271,595   

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

    1,080        1,144,811   

Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21(2)

    750        751,245   

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

    500        573,245   

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

    1,000        1,138,830   

Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26(2)

    425        452,599   

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

    1,000        1,058,910   
                 
    $ 8,611,590   
                 

Housing — 0.9%

  

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

  $ 265      $ 281,385   
                 
    $ 281,385   
                 
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue — 2.3%

  

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

  $ 750      $ 715,080   
                 
    $ 715,080   
                 

Insured – Education — 5.0%

  

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

  $ 570      $ 632,375   

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

    500        556,165   

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

    300        332,277   
                 
    $ 1,520,817   
                 

Insured – Electric Utilities — 3.5%

  

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30

  $ 220      $ 223,346   

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

    250        251,640   

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

    155        155,879   

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

    420        428,459   
                 
    $ 1,059,324   
                 

Insured – General Obligations — 16.4%

  

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

  $ 1,105      $ 1,203,511   

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

    650        665,320   

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

    290        299,463   

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

    300        339,768   

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

    1,000        1,143,470   

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

    1,250        1,344,512   
                 
    $ 4,996,044   
                 

Insured – Lease Revenue / Certificates of Participation — 7.8%

  

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

  $ 1,000      $ 461,380   

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

    4,300        1,923,390   
                 
    $ 2,384,770   
                 

Insured – Special Tax Revenue — 0.5%

  

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

  $ 895      $ 150,888   
                 
    $ 150,888   
                 

Insured – Transportation — 3.7%

  

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

  $ 1,000      $ 1,122,500   
                 
    $ 1,122,500   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Water and Sewer — 10.9%

  

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

  $ 560      $ 569,811   

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

    1,650        1,652,013   

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

    1,000        1,104,220   
                 
    $ 3,326,044   
                 

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 125,776   

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

    125        136,926   

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

    1,000        1,128,860   

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

    110        128,207   
                 
    $ 1,519,769   
                 

Water and Sewer — 6.6%

  

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

  $ 750      $ 786,180   

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

    790        963,444   

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

    250        272,225   
                 
    $ 2,021,849   
                 

Total Tax-Exempt Investments — 158.5%
(identified cost $45,411,401)

   

  $ 48,333,302   
                 

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

   

  $ (17,500,236
                 

Other Assets, Less Liabilities — (1.1)%

  

  $ (330,927
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 30,502,139   
                 

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.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 30.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 8.2% to 12.0% of total investments.

 

(1) 

When-issued security.

 

(2)

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

 

 

  18   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 159.9%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 24.7%

  

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

  $ 250      $ 262,543   

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

    250        260,615   

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

    220        230,384   

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

    1,730        1,936,527   

New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)

    3,500        3,745,070   

New Jersey Educational Facilities Authority, (Ramapo College), 4.00%, 7/1/27

    1,325        1,390,349   

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

    640        707,571   

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

    1,650        1,741,113   

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

    965        1,179,577   

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

    1,295        1,435,961   

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

    3,150        3,539,435   
   
    $ 16,429,145   
   

Electric Utilities — 2.3%

  

Puerto Rico Electric Power Authority, 5.00%, 7/1/29

  $ 500      $ 494,265   

Puerto Rico Electric Power Authority, 5.25%, 7/1/25

    1,000        1,021,590   
   
    $ 1,515,855   
   

General Obligations — 17.0%

  

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

  $ 320      $ 352,445   

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

    1,850        2,148,904   

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

    1,795        2,078,305   

Monmouth County Improvement Authority, 5.00%, 8/1/33(2)

    500        582,520   

Monroe Township Board of Education, Middlesex County, 4.00%, 8/1/24

    2,500        2,780,700   

Montgomery Township Board of Education, 3.00%, 9/1/20

    1,085        1,168,621   

Paterson, 5.00%, 1/15/26(2)

    750        850,005   

Tenafly Board of Education, 4.00%, 7/15/27

    1,235        1,327,267   
   
    $ 11,288,767   
   

Hospital — 22.4%

  

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

  $ 85      $ 87,252   

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

    1,335        1,393,486   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — (continued)

  

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

  $ 2,290      $ 2,461,338   

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

    2,090        2,221,754   

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

    1,415        1,564,778   

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

    1,000        1,196,910   

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

    2,055        2,237,936   

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

    2,440        2,507,539   

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

    1,075        1,208,655   
   
    $ 14,879,648   
   

Housing — 3.0%

  

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

  $ 620      $ 635,196   

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

    1,315        1,356,396   
   
    $ 1,991,592   
   

Industrial Development Revenue — 8.1%

  

Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32

  $ 500      $ 500,915   

Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34

    540        541,042   

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

    50        53,655   

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

    135        143,563   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00% to 6/1/13 (Put Date), 6/1/33

    750        772,470   

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

    220        244,708   

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

    2,235        2,457,003   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey Obilgated Group), 4.50%, 7/1/38(2)

    700        677,971   
   
    $ 5,391,327   
   

Insured – Electric Utilities — 0.9%

  

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

  $ 595      $ 598,463   
                 
  $ 598,463   
                 
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Gas Utilities — 5.6%

               

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

  $ 3,540      $ 3,692,185   
   
    $ 3,692,185   
   

Insured – General Obligations — 3.8%

  

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

  $ 1,015      $ 1,107,842   

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

    1,240        1,413,823   
   
    $ 2,521,665   
   

Insured – Hospital — 5.4%

  

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

  $ 100      $ 80,851   

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

    300        230,508   

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

    750        805,605   

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

    390        411,528   

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

    500        527,600   

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

    1,380        1,495,782   
   
    $ 3,551,874   
   

Insured – Industrial Development Revenue — 3.1%

  

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

  $ 1,940      $ 2,062,298   
   
    $ 2,062,298   
   

Insured – Lease Revenue / Certificates of Participation — 4.5%

  

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

  $ 1,500      $ 1,728,645   

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

    1,000        1,270,900   
   
    $ 2,999,545   
   

Insured – Special Tax Revenue — 11.6%

  

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

  $ 5,250      $ 3,618,457   

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

    4,300        2,607,563   

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

    2,020        1,160,409   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue (continued)

  

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

  $ 2,020      $ 340,552   
   
    $ 7,726,981   
   

Insured – Student Loan — 3.6%

  

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

  $ 2,215      $ 2,421,682   
   
    $ 2,421,682   
   

Insured – Transportation — 0.5%

  

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

  $ 315      $ 357,402   
   
    $ 357,402   
   

Lease Revenue / Certificates of Participation — 5.7%

  

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

  $ 1,500      $ 1,667,190   

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

    1,700        1,829,370   

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

    250        294,502   
   
    $ 3,791,062   
   

Other Revenue — 5.8%

  

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

  $ 13,280      $ 543,418   

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

    2,040        2,204,281   

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

    250        281,927   

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

    900        799,767   
   
    $ 3,829,393   
   

Senior Living / Life Care — 3.2%

  

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

  $ 465      $ 492,119   

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38(3)

    770        811,734   

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

    815        836,573   
   
    $ 2,140,426   
   

Special Tax Revenue — 3.3%

  

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

  $ 100      $ 105,376   

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

    175        181,480   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 750      $ 791,873   

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

    500        539,575   

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

    500        582,760   
   
    $ 2,201,064   
   

Student Loan — 4.9%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.237%, 6/1/36(1)(4)(5)

  $ 2,500      $ 2,515,175   

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43(2)

    750        730,545   
   
    $ 3,245,720   
   

Transportation — 18.4%

  

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

  $ 1,060      $ 1,167,463   

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

    1,080        1,178,140   

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

    1,850        2,147,350   

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

    250        293,490   

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

    530        627,409   

New Jersey Turnpike Authority, 5.00%, 1/1/43

    500        538,740   

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

    3,600        3,950,388   

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

    1,995        2,298,978   
   
    $ 12,201,958   
   

Water and Sewer — 2.1%

  

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

  $ 1,275      $ 1,421,039   
   
    $ 1,421,039   
   

Total Tax-Exempt Municipal Securities — 159.9%
(identified cost $97,986,212)

   

  $ 106,259,091   
                 
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      $ 990,990   
                 

Total Taxable Municipal Securities — 1.5%
(identified cost $989,033)

   

  $ 990,990   
                 

Total Investments — 161.4%
(identified cost $98,975,245)

    $ 107,250,081   
                 

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

   

  $ (33,426,350
                 

Other Assets, Less Liabilities — (11.1)%

    $ (7,392,615
                 

Net Assets Applicable to Common Shares — 100.0%

    $ 66,431,116   
                 

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.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
XLCA     XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 24.2% 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 ranged from 2.2% to 9.6% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

 

(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 $515,175.

 

(5) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2013.

 

 

  21   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 5.9%

  

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

  $ 1,730      $ 1,931,424   

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

    2,535        2,834,916   
   
    $ 4,766,340   
   

Cogeneration — 1.4%

  

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

  $ 1,150      $ 1,149,908   
   
    $ 1,149,908   
   

Education — 26.6%

  

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/32

  $ 775      $ 878,920   

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

    150        170,593   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24

    80        89,573   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25

    50        55,334   

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

    1,490        1,692,938   

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

    325        367,071   

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

    510        574,602   

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

    1,000        1,126,260   

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

    725        820,932   

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

    510        581,374   

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

    2,000        2,254,980   

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

    1,000        1,139,340   

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

    2,250        2,801,182   

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

    2,500        2,757,800   

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

    325        369,470   

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

    400        457,220   

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

    1,695        1,834,736   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 2,000      $ 2,246,960   

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

    280        302,061   

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

    735        796,542   
   
    $ 21,317,888   
   

Electric Utilities — 5.8%

  

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

  $ 1,420      $ 1,689,005   

Puerto Rico Electric Power Authority, 5.25%, 7/1/30

    1,310        1,317,244   

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

    1,645        1,650,297   
   
    $ 4,656,546   
   

General Obligations — 7.6%

  

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

  $ 585      $ 269,007   

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

    325        143,471   

New York, 5.00%, 2/15/34(1)

    4,000        4,498,240   

New York City, 6.25%, 10/15/28

    1,000        1,226,040   
   
    $ 6,136,758   
   

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      $ 50,410   

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

    100        100,819   
   
    $ 151,229   
   

Hospital — 22.3%

  

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

  $ 130      $ 151,889   

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

    960        1,102,550   

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

    975        976,969   

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

    2,490        2,645,700   

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

    1,000        1,079,060   

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.375%, 7/1/34

    500        541,045   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 2,000      $ 2,040,140   

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

    1,000        1,113,590   

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

    845        884,766   

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

    750        800,828   

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

    1,250        1,358,150   

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

    415        461,617   

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

    835        921,306   

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

    1,085        1,087,105   

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

    395        380,760   

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

    255        256,469   

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

    650        690,443   

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

    1,250        1,399,187   
   
    $ 17,891,574   
   

Housing — 14.9%

  

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

  $ 1,500      $ 1,533,630   

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

    2,620        2,732,372   

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

    1,000        1,062,540   

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

    2,625        2,758,796   

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

    1,500        1,553,970   

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

    1,440        1,481,299   

New York Mortgage Agency, (AMT), 5.125%, 10/1/37

    785        812,318   
   
    $ 11,934,925   
   

Industrial Development Revenue — 8.1%

  

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

  $ 1,000      $ 1,139,100   

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

    1,000        1,166,310   

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

    1,350        1,378,607   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34

  $ 2,500      $ 2,505,275   

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

    280        286,980   
   
    $ 6,476,272   
   

Insured – Education — 6.6%

  

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

  $ 1,250      $ 1,483,350   

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

    1,500        1,632,900   

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

    5,365        2,223,524   
   
    $ 5,339,774   
   

Insured – Electric Utilities — 2.0%

  

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

  $ 1,365      $ 1,614,522   
   
    $ 1,614,522   
   

Insured – Other Revenue — 3.6%

  

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

  $ 2,645      $ 1,257,089   

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

    3,625        1,612,146   
   
    $ 2,869,235   
   

Insured – Special Tax Revenue — 0.5%

  

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

  $ 2,475      $ 417,260   
   
    $ 417,260   
   

Insured – Transportation — 1.9%

  

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

  $ 1,475      $ 1,491,564   
   
    $ 1,491,564   
   

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      $ 1,052,000   
   
    $ 1,052,000   
   

Other Revenue — 8.4%

  

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

  $ 3,120      $ 1,416,542   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue (continued)

  

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

  $ 380      $ 442,248   

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

    1,415        1,627,731   

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

    1,000        1,151,060   

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

    2,000        2,112,680   
   
    $ 6,750,261   
   

Senior Living / Life Care — 6.6%

  

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

  $ 1,450      $ 1,451,189   

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

    280        301,473   

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

    120        127,183   

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

    905        1,016,614   

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

    230        223,399   

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

    230        224,701   

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

    1,800        1,927,998   
   
    $ 5,272,557   
   

Special Tax Revenue — 18.6%

  

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

  $ 1,500      $ 1,655,865   

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

    2,100        2,452,044   

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

    1,000        1,120,620   

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

    1,000        1,152,850   

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

    6,000        6,902,280   

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

    900        999,306   

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

    545        635,208   
   
    $ 14,918,173   
   

Transportation — 13.1%

  

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

  $ 790      $ 851,494   

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

    1,500        1,626,645   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

New York Bridge Authority, 5.00%, 1/1/26

  $ 270      $ 317,175   

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

    1,200        1,319,808   

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

    1,900        2,117,493   

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

    990        1,140,846   

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

    2,740        3,173,687   
   
    $ 10,547,148   
   

Water and Sewer — 5.9%

  

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

  $ 3,105      $ 3,646,171   

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

    1,000        1,065,850   
   
    $ 4,712,021   
   

Total Tax-Exempt Investments — 161.3%
(identified cost $117,466,416)

   

  $ 129,465,955   
   
Miscellaneous — 1.0%    
   
Security   Units     Value  

Real Estate — 1.0%

               

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

    257      $ 822,400   
                 

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

    $ 822,400   
   

Total Investments — 162.3%
(identified cost $118,288,816)

    $ 130,288,355   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (42.0)%

   

  $ (33,725,227
   

Other Assets, Less Liabilities — (20.3)%

    $ (16,302,412
   

Net Assets Applicable to Common Shares — 100.0%

    $ 80,260,716   
   

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

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 9.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.9% to 3.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,453,214.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2013, the aggregate value of these securities is $822,400 or 1.0% of the Trust’s net assets applicable to common shares.

 

(4) 

Non-income producing.

 

(5) 

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

 

 

  25   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 152.1%    
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Bond Bank — 7.9%

  

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25

  $ 550      $ 568,832   

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

    1,020        1,054,639   

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

    250        291,390   

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

    250        288,400   

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

    1,060        1,156,270   
                 
    $ 3,359,531   
                 

Education — 19.0%

  

Miami University, 5.00%, 9/1/33

  $ 1,000      $ 1,126,090   

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

    440        463,426   

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

    1,250        1,343,512   

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

    1,000        1,145,520   

Ohio State University, 5.00%, 12/1/28

    480        593,914   

Ohio State University, 5.00%, 12/1/30

    1,605        1,988,611   

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

    500        558,705   

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

    750        824,190   
                 
    $ 8,043,968   
                 

Electric Utilities — 2.5%

  

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

  $ 470      $ 517,855   

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

    500        557,900   
                 
    $ 1,075,755   
                 

Escrowed / Prerefunded — 2.0%

  

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

  $ 500      $ 525,090   

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

    180        206,942   

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

    20        26,139   

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

    70        92,288   
                 
    $ 850,459   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  
   

General Obligations — 27.1%

  

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

  $ 900      $ 941,589   

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

    1,750        1,970,027   

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

    1,090        1,237,553   

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

    1,000        1,141,080   

Cuyahoga County, 4.00%, 12/1/37

    500        506,635   

Dayton, 4.00%, 12/1/30

    500        519,880   

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

    595        665,329   

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

    820        895,071   

Mason City School District, 4.00%, 12/1/31

    665        699,454   

Ohio, 4.50%, 2/1/32

    400        440,876   

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

    1,250        1,293,488   

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

    1,000        1,152,650   
                 
    $ 11,463,632   
                 

Hospital — 17.7%

  

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

  $ 700      $ 758,506   

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

    500        547,810   

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

    800        869,656   

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

    750        877,148   

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

    500        528,685   

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

    500        546,245   

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

    800        870,496   

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

    500        580,765   

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

    155        157,492   

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

    1,000        1,147,270   

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

    555        618,264   
   
    $ 7,502,337   
   

Housing — 7.8%

  

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

  $ 620      $ 642,866   

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 5.00%, 9/1/31

    25        25,631   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Housing (continued)

  

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

  $ 2,500      $ 2,634,475   
   
    $ 3,302,972   
   

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 554,956   
   
    $ 554,956   
   

Insured – Education — 12.5%

  

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

  $ 750      $ 830,348   

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

    1,000        1,134,330   

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

    465        515,727   

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

    635        639,794   

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

    1,500        1,612,425   

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

    500        537,475   
   
    $ 5,270,099   
   

Insured – Electric Utilities — 12.3%

  

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

  $ 1,000      $ 1,119,510   

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

    710        394,597   

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

    2,000        603,160   

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

    815        535,602   

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

    3,000        1,874,400   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30

    210        213,194   

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

    155        155,879   

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

    305        314,912   
   
    $ 5,211,254   
   

Insured – General Obligations — 17.4%

  

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

  $ 500      $ 562,085   

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

    2,455        1,254,186   

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

    1,000        1,264,570   

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

    1,500        1,506,180   

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

    1,750        1,946,962   

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

    750        811,380   
   
    $ 7,345,363   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Hospital — 5.8%

  

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

  $ 280      $ 282,895   

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

    1,500        1,517,955   

Lorain County, (Catholic Healthcare Partners), (AGM), 15.316%,
2/1/29(1)(2)(3)

    485        639,094   
   
    $ 2,439,944   
   

Insured – Special Tax Revenue — 0.5%

  

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

  $ 1,230      $ 207,366   
   
    $ 207,366   
   

Insured – Transportation — 7.5%

  

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

  $ 600      $ 665,976   

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

    1,000        1,246,380   

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

    1,000