Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09149

 

 

Eaton Vance Ohio Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

November 30, 2015

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2015

 

 

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

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

 

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

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


Annual Report November 30, 2015

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance and Fund Profile

  
  

California Municipal Income Trust

     4   

Massachusetts Municipal Income Trust

     5   

Michigan Municipal Income Trust

     6   

New Jersey Municipal Income Trust

     7   

New York Municipal Income Trust

     8   

Ohio Municipal Income Trust

     9   

Pennsylvania Municipal Income Trust

     10   
  

Endnotes and Additional Disclosures

     11   

Financial Statements

     12   

Report of Independent Registered Public Accounting Firm

     69   

Federal Tax Information

     70   

Dividend Reinvestment Plan

     71   

Management and Organization

     73   

Important Notices

     76   


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

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

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

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

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

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

Fund Performance

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

Each Fund’s overall strategy is to invest primarily in investment grade bonds of the Fund’s particular state. Management may hedge to various degrees against the greater potential risk of volatility caused by the use of leverage and by investing in bonds at the long end of the yield curve by using Treasury futures. As a risk management tactic within the Funds’ overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market.

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

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

State-specific Results

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

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Management’s Discussion of Fund Performance — continued

 

 

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

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

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

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

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

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

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

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

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         5.28      9.19      5.28

Fund at Market Price

             7.65         7.37         5.69   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              5.04

Taxable-Equivalent Distribution Rate at NAV

              10.27

Distribution Rate at Market Price

              5.47

Taxable-Equivalent Distribution Rate at Market Price

              11.15
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              30.43

Residual Interest Bond (RIB) Financing

              7.62   

Fund Profile

 

 

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See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         5.21      7.79      5.64

Fund at Market Price

             10.75         5.84         5.15   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.686   

Distribution Rate at NAV

              4.53

Taxable-Equivalent Distribution Rate at NAV

              8.44

Distribution Rate at Market Price

              4.89

Taxable-Equivalent Distribution Rate at Market Price

              9.11
           
% Total Leverage6                                

APS

              31.60

RIB Financing

              3.02   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         6.44      9.10      6.04

Fund at Market Price

             7.19         7.27         5.47   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.709   

Distribution Rate at NAV

              4.81

Taxable-Equivalent Distribution Rate at NAV

              8.88

Distribution Rate at Market Price

              5.57

Taxable-Equivalent Distribution Rate at Market Price

              10.28
           
% Total Leverage6                                

APS

              37.09

Fund Profile

 

 

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* Amount is less than 0.05%.

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         4.08      7.20      5.27

Fund at Market Price

             6.21         4.39         4.79   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.728   

Distribution Rate at NAV

              5.28

Taxable-Equivalent Distribution Rate at NAV

              10.25

Distribution Rate at Market Price

              5.91

Taxable-Equivalent Distribution Rate at Market Price

              11.47
           
% Total Leverage6                                

APS

              33.35

RIB Financing

              3.35   

Fund Profile

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         5.63      8.85      5.60

Fund at Market Price

             6.13         7.24         5.47   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.813   

Distribution Rate at NAV

              5.51

Taxable-Equivalent Distribution Rate at NAV

              10.68

Distribution Rate at Market Price

              5.83

Taxable-Equivalent Distribution Rate at Market Price

              11.30
           
% Total Leverage6                                

APS

              25.72

RIB Financing

              13.64   

Fund Profile

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         5.91      8.99      6.05

Fund at Market Price

             6.11         6.33         5.49   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              4.81

Taxable-Equivalent Distribution Rate at NAV

              8.95

Distribution Rate at Market Price

              5.34

Taxable-Equivalent Distribution Rate at Market Price

              9.93
           
% Total Leverage6                                

APS

              33.60

RIB Financing

              2.15   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         6.02      7.33      5.44

Fund at Market Price

             6.08         4.94         4.10   

Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.727   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              9.53

Distribution Rate at Market Price

              6.04

Taxable-Equivalent Distribution Rate at Market Price

              11.01
           
% Total Leverage6                                

APS

              36.48

RIB Financing

              1.29   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  10  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

 

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

 

6 

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

 

7 

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

 

8 

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

 

     Fund profile subject to change due to active management.

Important Notice to Shareholders

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

 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

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

Education — 15.5%

               

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

  $ 3,135      $ 3,434,800   

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

    195        229,743   

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

    330        386,060   

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

    745        833,700   

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

    1,600        1,911,008   

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

    235        286,799   

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

    2,490        2,772,739   

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

    630        710,974   

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

    415        482,408   

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

    285        327,488   

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

    810        954,310   

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

    850        994,152   

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

    895        1,040,787   

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

    1,045        1,174,507   

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

    205        234,415   
                 
    $ 15,773,890   
                 

Electric Utilities — 13.6%

               

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

  $ 270      $ 308,351   

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

    2,275        2,329,395   

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

    1,500        1,711,365   

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

    2,170        2,391,666   

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

    1,500        1,685,565   

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

    1,335        1,570,320   

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

    1,795        2,111,405   

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

    680        772,643   

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

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

Escrowed / Prerefunded — 2.9%

               

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

  $ 715      $ 787,980   

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

    1,475        1,705,307   

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

    400        441,300   
                 
    $ 2,934,587   
                 

General Obligations — 25.9%

               

California, 5.00%, 10/1/31

  $ 1,885      $ 2,212,406   

California, 5.50%, 11/1/35

    1,600        1,905,744   

California, 6.00%, 4/1/38

    750        874,343   

Escondido, 5.00%, 9/1/36

    1,000        1,160,640   

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

    3,655        4,176,313   

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

    2,890        3,113,281   

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

    1,545        1,669,898   

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

    860        996,654   

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

    1,315        1,584,049   

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

    2,230        2,668,641   

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

    3,180        3,570,122   

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

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

Hospital — 14.3%

               

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

  $ 1,000      $ 1,129,560   

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

    190        213,307   

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

    635        712,311   

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

    910        1,014,149   

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

    2,000        2,297,780   

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

    1,000        1,111,320   

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

    1,145        1,321,994   

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

    535        611,393   

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

    600        617,454   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

               

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

  $ 1,900      $ 1,934,466   

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

    2,780        2,872,630   

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

    700        700,994   
                 
    $ 14,537,358   
                 

Insured – Education — 1.5%

  

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

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

Insured – Electric Utilities — 2.9%

               

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

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

Insured – Escrowed / Prerefunded — 10.2%

  

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

  $ 6,485      $ 2,444,067   

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

    4,825        1,719,582   

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

    5,130        4,095,689   

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

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

Insured – General Obligations — 4.6%

               

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

  $ 1,000      $ 1,129,110   

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

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

Insured – Hospital — 8.8%

               

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

  $ 2,900      $ 2,939,556   

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

    750        757,687   

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

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

Insured – Lease Revenue / Certificates of Participation — 8.0%

  

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

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

Insured – Lease Revenue / Certificates of Participation (continued)

  

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

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

Insured – Special Tax Revenue — 3.5%

  

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

  $ 4,850      $ 721,777   

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

    370        429,563   

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

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

Insured – Transportation — 8.6%

  

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

  $ 5,000      $ 2,799,950   

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

    4,500        2,420,235   

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

    740        729,714   

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

    1,275        1,328,856   

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

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

Lease Revenue / Certificates of Participation — 1.0%

  

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

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

Other Revenue — 0.4%

               

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

  $ 385      $ 409,166   
                 
    $ 409,166   
                 

Senior Living / Life Care — 2.5%

  

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

  $ 290      $ 328,451   

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

    175        177,009   

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

    700        700,658   

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

    600        696,810   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

               

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

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

Special Tax Revenue — 17.0%

               

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

  $ 770      $ 862,778   

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

    285        293,849   

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

    460        471,026   

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

    1,590        1,615,583   

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

    240        279,547   

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

    480        553,445   

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

    240        273,931   

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

    335        379,987   

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

    240        270,492   

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

    2,400        2,740,584   

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

    1,500        1,770,765   

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

    1,250        1,463,300   

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

    485        556,804   

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

    725        829,291   

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

    1,600        1,898,800   

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

    1,360        1,577,573   

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

    800        916,296   

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

    500        516,730   
                 
    $ 17,270,781   
                 

Transportation — 14.2%

               

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

  $ 2,000      $ 2,032,260   

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

    1,000        1,139,100   

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

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

Transportation (continued)

               

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

  $ 1,500      $ 1,688,835   

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

    1,500        1,633,005   

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

    2,760        3,090,759   

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

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

Water and Sewer — 1.9%

               

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

  $ 25      $ 27,561   

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

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

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

   

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

Hospital — 1.8%

  

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

  $ 1,750      $ 1,872,343   
   

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

   

  $ 1,872,343   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

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

Hospital — 0.7%

               

Dignity Health, 3.812%, 11/1/24

  $ 720      $ 737,605   
                 

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

   

  $ 737,605   
                 

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

   

  $ 162,643,166   
                 

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

  

  $ (49,975,548
                 

Other Assets, Less Liabilities — (10.7)%

  

  $ (10,935,521
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 101,732,097   
                 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 30.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 15.3% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,003,485.

 

(3) 

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

 

 

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

Interest Rate Futures

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

Abbreviations:

 

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

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

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

Bond Bank — 6.0%

  

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

  $ 910      $ 1,187,714   

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

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

Education — 24.3%

  

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

  $ 1,665      $ 1,845,553   

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

    1,080        1,225,800   

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

    770        873,973   

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

    1,500        1,601,340   

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

    1,640        2,184,103   

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

    1,350        1,522,300   

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

    750        843,083   
   
    $ 10,096,152   
   

Escrowed / Prerefunded — 9.4%

  

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

  $ 40      $ 44,432   

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

    625        693,575   

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

    1,055        1,128,597   

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

    415        443,539   

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

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

General Obligations — 12.4%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 332,946   

Danvers, 5.25%, 7/1/36

    885        1,046,309   

Lexington, 4.00%, 2/1/23

    355        411,111   

Newton, 5.00%, 4/1/36

    750        840,113   

Plymouth, 5.00%, 5/1/31

    345        399,058   

Plymouth, 5.00%, 5/1/32

    315        364,357   

Wayland, 5.00%, 2/1/33

    510        590,677   

Wayland, 5.00%, 2/1/36

    770        889,481   

Winchester, 5.00%, 4/15/36

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

Hospital — 28.0%

  

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

  $ 1,000      $ 1,098,160   

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

    600        710,304   

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

    180        201,744   

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

    525        610,822   

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

    1,250        1,402,600   

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

    600        724,308   

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

    555        614,568   

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

    1,210        1,358,201   

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

    500        561,440   

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

    1,135        1,234,801   

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

    970        1,041,111   

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

    945        1,000,944   

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

    675        677,774   

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

    350        381,083   
   
    $ 11,617,860   
   

Housing — 5.1%

  

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

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

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 806,384   
   
    $ 806,384   
   

Insured – Education — 7.3%

  

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

  $ 1,000      $ 1,274,790   

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

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

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 527,538   
   
    $ 527,538   
   

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

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

Insured – Hospital — 0.9%

  

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

  $ 335      $ 379,381   
   
    $ 379,381   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 732,568   
   
    $ 732,568   
   

Insured – Special Tax Revenue — 12.9%

  

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

  $ 900      $ 1,093,068   

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

    1,195        1,402,595   

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

    1,000        1,273,890   

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

    1,340        1,422,960   

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

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

Insured – Student Loan — 2.1%

  

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

  $ 235      $ 247,201   

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

    615        620,289   
   
    $ 867,490   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 329,326   
   
    $ 329,326   
   

Other Revenue — 2.7%

  

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

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

Other Revenue (continued)

  

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

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

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 140,095   

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

    140        140,781   

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

    475        469,780   
   
    $ 750,656   
   

Special Tax Revenue — 8.5%

  

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

  $ 100      $ 110,161   

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

    1,665        824,525   

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

    5,195        2,223,148   

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

    335        377,605   
   
    $ 3,535,439   
   

Transportation — 10.7%

  

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

  $ 1,500      $ 1,673,820   

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

    500        570,600   

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

    670        757,817   

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

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

Water and Sewer — 8.2%

  

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

  $ 495      $ 560,498   

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

    225        254,039   

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

    1,005        1,155,006   

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

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

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

   

  $ 61,917,099   
   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

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

Student Loan — 1.8%

  

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

  $ 750      $ 742,050   
   

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

   

  $ 742,050   
   

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

   

  $ 62,659,149   
   

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

  

  $ (20,050,593
   

Other Assets, Less Liabilities — (2.8)%

  

  $ (1,130,391
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,478,165   
   

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

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

 

(1) 

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

 

(2) 

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

 

(3) 

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

 

 

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

Interest Rate Futures

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

Abbreviations:

 

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

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

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

Bond Bank — 2.3%

  

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

  $ 600      $ 672,858   
   
    $ 672,858   
   

Education — 7.0%

  

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

  $ 1,000      $ 1,115,620   

Oakland University, 5.00%, 3/1/42

    500        552,400   

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

    370        413,704   
   
    $ 2,081,724   
   

Electric Utilities — 9.2%

  

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

  $ 1,135      $ 1,295,319   

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

    500        589,590   

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

    800        853,488   
   
    $ 2,738,397   
   

Escrowed / Prerefunded — 5.7%

  

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

  $ 525      $ 552,352   

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

    525        553,009   

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

    500        586,605   
   
    $ 1,691,966   
   

General Obligations — 28.0%

  

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

  $ 350      $ 373,027   

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

    275        305,767   

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

    220        244,235   

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

    435        484,229   

Jenison Public Schools, 5.00%, 5/1/28

    500        556,630   

Jenison Public Schools, 5.00%, 5/1/30

    500        553,355   

Kent County, 5.00%, 1/1/25

    1,500        1,654,860   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,143,580   

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

    1,005        1,163,056   

Michigan, 5.50%, 11/1/25

    270        303,944   

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

    365        415,009   

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

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

Hospital — 24.4%

  

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

  $ 1,000      $ 1,084,510   

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

    250        276,540   

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

    500        552,350   

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

    990        1,124,363   

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

    10        11,779   

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

    250        258,195   

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

    1,000        1,037,250   

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

    425        430,517   

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

    1,250        1,371,575   

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

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

Housing — 0.5%

  

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

  $ 135      $ 139,874   
   
  $ 139,874   
   

Industrial Development Revenue — 2.5%

  

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

  $ 750      $ 745,207   
   
  $ 745,207   
   

Insured – Education — 5.0%

  

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

  $ 570      $ 621,539   

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

    500        546,930   

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

    300        327,591   
   
  $ 1,496,060   
   

Insured – Electric Utilities — 3.3%

  

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

  $ 630      $ 604,271   

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

    250        236,100   

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

    155        144,621   
   
  $ 984,992   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded — 3.0%

  

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

  $ 555      $ 290,559   

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

    1,190        592,584   
   
  $ 883,143   
   

Insured – General Obligations — 28.4%

  

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

  $ 1,105      $ 1,159,278   

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

    500        553,270   

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

    150        157,265   

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

    240        252,038   

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

    300        354,789   

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

    1,000        1,152,240   

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

    910        1,009,154   

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

    500        562,720   

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

    1,200        1,333,944   

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

    1,250        1,345,412   

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

    500        546,345   
   
  $ 8,426,455   
   

Insured – Lease Revenue / Certificates of Participation — 3.5%

  

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

  $ 445      $ 230,394   

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

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

Insured – Special Tax Revenue — 0.5%

  

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

  $ 895      $ 133,194   
   
  $ 133,194   
   

Insured – Transportation — 3.7%

  

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

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

Insured – Water and Sewer — 7.2%

  

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

  $ 560      $ 566,345   

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

    1,000        1,097,350   

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

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

Lease Revenue / Certificates of Participation — 3.5%

  

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

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

Special Tax Revenue — 5.2%

  

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

  $ 115      $ 127,313   

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

    125        138,721   

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

    1,000        1,145,250   

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

    110        123,990   
   
  $ 1,535,274   
   

Water and Sewer — 11.2%

  

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

  $ 750      $ 808,155   

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

    735        927,386   

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

    1,250        1,309,175   

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

    250        273,593   
   
  $ 3,318,309   
   

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

   

  $ 45,720,668   
   

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

  

  $ (17,500,257
   

Other Assets, Less Liabilities — 4.9%

  

  $ 1,456,866   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 29,677,277   
   

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

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

Abbreviations:

 

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

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

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

Education — 22.3%

  

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

  $ 1,270      $ 1,434,097   

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

    1,730        1,944,468   

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

    620        700,705   

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

    380        428,553   

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

    640        699,558   

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

    1,230        1,358,018   

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

    1,650        1,722,930   

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

    965        1,171,317   

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

    1,295        1,430,781   

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

    1,000        1,145,000   

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

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

Escrowed / Prerefunded — 3.0%

  

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

  $ 815      $ 851,659   

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

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

General Obligations — 6.6%

  

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

  $ 1,850      $ 2,125,613   

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

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

Hospital — 18.2%

  

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

  $ 650      $ 736,450   

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

    2,290        2,475,238   

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

    2,090        2,182,357   

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

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

Hospital (continued)

  

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

  $ 265      $ 307,617   

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

    250        275,160   

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

    1,000        1,103,470   

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

    2,380        2,412,368   

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

    60        61,587   

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

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

Housing — 1.4%

  

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

  $ 415      $ 419,233   

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

    480        486,432   
   
  $ 905,665   
   

Industrial Development Revenue — 7.7%

  

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

  $ 1,085      $ 1,117,800   

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

    50        54,782   

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

    135        147,473   

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

    750        825,697   

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

    220        245,544   

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

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

Insured – Electric Utilities — 1.8%

  

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

  $ 135      $ 129,487   

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

    490        457,190   

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

    595        552,683   
   
  $ 1,139,360   
   

Insured – Escrowed / Prerefunded — 4.0%

  

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

  $ 1,240      $ 1,409,992   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

  

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

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

Insured – Gas Utilities — 5.6%

  

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

  $ 3,540      $ 3,553,487   
   
  $ 3,553,487   
   

Insured – General Obligations — 4.9%

  

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

  $ 1,015      $ 1,118,358   

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

    1,000        1,130,670   

Paterson, (BAM), 5.00%, 1/15/26

    750        831,285   
   
  $ 3,080,313   
   

Insured – Hospital — 3.9%

  

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

  $ 375      $ 396,398   

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

    500        528,530   

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

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

Insured – Industrial Development Revenue — 3.3%

  

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

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

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 581,765   

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

    640        693,619   

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

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

Insured – Special Tax Revenue — 13.6%

  

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

  $ 5,250      $ 4,071,165   

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

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

Insured – Special Tax Revenue (continued)

  

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

  $ 2,020      $ 1,311,202   

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

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

Insured – Student Loan — 2.9%

  

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

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

Insured – Transportation — 6.6%

  

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

  $ 850      $ 941,621   

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

    1,500        1,634,475   

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

    2,400        1,289,040   

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

    315        352,501   
   
  $ 4,217,637   
   

Lease Revenue / Certificates of Participation — 5.3%

  

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

  $ 1,100      $ 1,138,720   

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

    400        456,920   

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

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

Other Revenue — 4.0%

  

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

  $ 2,040      $ 2,265,338   

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

    250        282,650   
   
  $ 2,547,988   
   

Senior Living / Life Care — 3.5%

  

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

  $ 465      $ 484,344   

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

    770        799,291   

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

    700        712,817   

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

    215        233,006   
   
  $ 2,229,458   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 2.4%

  

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

  $ 100      $ 102,841   

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

    175        178,385   

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

    750        461,707   

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

    500        214,215   

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

    500        563,590   
   
  $ 1,520,738   
   

Student Loan — 4.3%

  

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

  $ 1,975      $ 1,962,743   

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

    740        752,787   
   
  $ 2,715,530   
   

Transportation — 22.8%

  

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

  $ 1,060      $ 1,179,303   

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

    1,080        1,201,554   

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

    1,850        1,980,980   

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

    250        270,970   

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

    530        581,712   

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

    3,600        3,947,256   

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

    2,400        2,737,032   

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

    1,995        2,172,675   

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

    400        425,116   
   
  $ 14,496,598   
   

Water and Sewer — 2.3%

  

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

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

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

   

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

General Obligations — 1.6%

  

Atlantic City, 7.50%, 3/1/40

  $ 1,000      $ 1,025,370   
   

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

   

  $ 1,025,370   
   

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

   

  $ 98,827,424   
   

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

  

  $ (33,425,367
   

Other Assets, Less Liabilities — (3.1)%

  

  $ (1,957,232
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 63,444,825   
   

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

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

 

(1)

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

 

(2)

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

 

(3)

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

 

(4) 

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

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

 

Futures Contracts  
Description   Contracts    Position    Expiration
Month/Year
  

Aggregate

Cost

   Value      Net Unrealized
Depreciation
 

Interest Rate Futures

  

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

Abbreviations:

 

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

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

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

Bond Bank — 5.9%

  

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

  $ 1,730      $ 1,959,952   

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

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

Cogeneration — 1.2%

  

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

  $ 990      $ 990,158   
                 
  $ 990,158   
                 

Education — 27.5%

  

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

  $ 310      $ 341,732   

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

    1,490        1,644,304   

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

    325        358,657   

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

    510        569,762   

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

    1,000        1,100,380   

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

    725        843,153   

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

    510        576,198   

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

    2,000        2,256,600   

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

    220        250,595   

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

    1,000        1,184,980   

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

    2,250        2,533,702   

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

    2,500        2,796,500   

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

    325        372,037   

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

    400        468,496   

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

    1,695        1,840,923   

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

    2,000        2,274,240   

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

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

Education (continued)

  

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

  $ 735      $ 789,353   

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

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

Electric Utilities — 4.7%

  

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

  $ 1,420      $ 1,663,246   

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

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

Escrowed / Prerefunded — 5.2%

  

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

  $ 955      $ 1,098,298   

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

    845        881,014   

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

    750        798,862   

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

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

General Obligations — 5.9%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,624,120   

New York City, 6.25%, 10/15/28

    45        51,607   
                 
  $ 4,675,727   
                 

Hospital — 14.3%

  

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

  $ 130      $ 149,168   

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

    960        1,081,066   

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

    645        646,361   

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

    1,000        1,084,770   

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

    1,000        1,135,060   

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

    1,000        1,100,640   

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

    525        586,047   

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

    415        453,159   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 835      $ 910,367   

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

    710        711,754   

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

    395        400,155   

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

    1,000        1,036,840   

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

    650        688,369   

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

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

Housing — 11.5%

  

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

  $ 2,620      $ 2,660,531   

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

    650        662,318   

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

    1,000        1,043,440   

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

    2,625        2,692,174   

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

    1,500        1,546,095   

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

    535        550,900   
                 
  $ 9,155,458   
                 

Industrial Development Revenue — 6.0%

  

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

  $ 1,000      $ 1,108,180   

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

    1,000        1,000,700   

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

    980        1,170,571   

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

    1,350        1,360,071   

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

    100        101,514   
                 
  $ 4,741,036   
                 

Insured – Education — 7.0%

  

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

  $ 1,250      $ 1,487,762   

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

    1,500        1,631,280   

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

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

Insured – Electric Utilities — 2.0%

  

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

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

Insured – General Obligations — 2.3%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

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

Insured – Other Revenue — 4.5%

  

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

  $ 2,645      $ 1,554,572   

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

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

Insured – Special Tax Revenue — 0.5%

  

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

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

Insured – Water and Sewer — 1.3%

  

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

  $ 1,000      $ 1,002,980   
                 
  $ 1,002,980   
                 

Other Revenue — 9.2%

  

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

  $ 3,120      $ 1,561,373   

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

    380        431,756   

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

    625        686,100   

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

    1,000        1,110,780   

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

    1,300        1,333,384   

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

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

Senior Living / Life Care — 7.1%

  

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

  $ 830      $ 906,526   

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

    855        927,299   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

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

  $ 280      $ 297,477   

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

    120        126,034   

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

    905        990,839   

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

    230        234,294   

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

    230        232,804   

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

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

Special Tax Revenue — 21.0%

  

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

  $ 1,500      $ 1,696,635   

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

    2,100        2,475,186   

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

    1,000        1,161,570   

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

    1,000        1,119,970   

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

    2,380        2,732,383   

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

    6,000        6,925,020   

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

    545        614,313   
                 
  $ 16,725,077   
                 

Transportation — 16.8%

  

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

  $ 790      $ 840,197   

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

    1,500        1,689,525   

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

    700        789,159   

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

    1,000        1,119,030   

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

    1,665        1,895,802   

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

    990        1,078,169   

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

    2,500        2,910,100   

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

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

Water and Sewer — 6.1%

  

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

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

Water and Sewer (continued)

  

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

  $ 3,105      $ 3,459,343   

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

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

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

   

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

Real Estate — 0.9%

  

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

    257      $ 698,276   
                 

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

   

  $ 698,276   
                 

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

   

  $ 127,931,586   
                 

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

  

  $ (33,725,493
   

Other Assets, Less Liabilities — (18.5)%

  

  $ (14,688,556
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 79,517,537   
   

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 10.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 2.8% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $4,392,431 or 5.5% of the Trust’s net assets applicable to common shares.

 

(3) 

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

 

 

  27   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

 

(4) 

Non-income producing.

 

(5) 

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

 

 

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

Interest Rate Futures

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

Abbreviations:

 

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

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 150.2%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 3.4%

  

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

  $ 250      $ 283,975   

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

    210        239,196   

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

    875        940,083   
                 
  $ 1,463,254   
                 

Education — 18.3%

  

Miami University, 4.00%, 9/1/39

  $ 500      $ 522,525   

Miami University, 5.00%, 9/1/33

    1,000        1,160,680   

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

    440        485,382   

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

    1,250        1,411,075   

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

    500        568,975   

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

    1,000        1,105,230   

Ohio State University, 5.00%, 12/1/28

    480        607,973   

Ohio State University, 5.00%, 12/1/30

    545        693,365   

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

    500        566,375   

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

    750        825,675   
                 
  $ 7,947,255   
                 

Electric Utilities — 2.6%

  

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

  $ 470      $ 530,531   

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

    500        581,405   
                 
  $ 1,111,936   
                 

Escrowed / Prerefunded — 10.2%

  

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

  $ 1,750      $ 1,988,192   

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

    65        72,352   

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

    445        482,865   

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

    750        813,083   

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

    180        189,002   

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

    195        204,752   
Security  

Principal

Amount

(000’s omitted)

    Value  

Escrowed / Prerefunded (continued)

  

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

  $ 625      $ 656,256   

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

    20        26,116   
                 
  $ 4,432,618   
                 

General Obligations — 14.3%

  

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

  $ 335      $ 380,061   

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

    900        954,117   

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

    1,025        1,122,027   

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

    100        123,587   

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

    595        679,645   

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

    400        449,376   

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

    1,250        1,321,937   

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

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

Hospital — 22.9%

  

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

  $ 1,075      $ 1,191,379   

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

    560        608,014   

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

    500        552,085   

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

    800        883,032   

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

    250        285,500   

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

    750        879,232   

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

    315        317,574   

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

    500        508,600   

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

    500        544,215   

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

    800        868,176   

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

    500        560,205   

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

    1,000        1,128,580   

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

    555        606,482   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 565      $ 643,699   

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

    165        185,741   

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

    90        91,567   

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

    80        85,502   
                 
  $ 9,939,583   
                 

Housing — 5.9%

  

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

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

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 556,693   
                 
  $ 556,693   
                 

Insured – Education — 11.5%

  

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

  $ 750      $ 844,470   

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

    1,000        1,104,490   

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

    465        514,783   

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

    580        586,438   

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

    1,500        1,602,285   

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

    320        341,821   
                 
  $ 4,994,287