Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09149

 

 

Eaton Vance Ohio Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2016

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2016

 

 

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

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

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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.


Semiannual Report May 31, 2016

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Performance and Fund Profile

  
  

California Municipal Income Trust

     2   

Massachusetts Municipal Income Trust

     3   

Michigan Municipal Income Trust

     4   

New Jersey Municipal Income Trust

     5   

New York Municipal Income Trust

     6   

Ohio Municipal Income Trust

     7   

Pennsylvania Municipal Income Trust

     8   
  

Endnotes and Additional Disclosures

     9   

Financial Statements

     10   

Annual Meeting of Shareholders

     71   

Board of Trustees’ Contract Approval

     72   

Officers and Trustees

     76   

Important Notices

     77   


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         6.78      10.78      10.57      5.58

Fund at Market Price

             9.70         10.94         9.43         5.38   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –5.48
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.336   

Distribution Rate at NAV

                 4.15

Taxable-Equivalent Distribution Rate at NAV

                 8.46

Distribution Rate at Market Price

                 4.39

Taxable-Equivalent Distribution Rate at Market Price

                 8.95
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 1.79

Institutional MuniFund Term Preferred (iMTP) Shares

                 28.00   

Residual Interest Bond (RIB) Financing

                 7.05   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Massachusetts Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         6.72      10.60      9.12      5.98

Fund at Market Price

             10.72         17.83         8.37         5.46   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –3.98
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.326   

Distribution Rate at NAV

                 3.70

Taxable-Equivalent Distribution Rate at NAV

                 6.89

Distribution Rate at Market Price

                 3.86

Taxable-Equivalent Distribution Rate at Market Price

                 7.19
              
% Total Leverage5                                        

APS

                 4.98

iMTP Shares

                 25.76   

RIB Financing

                 2.94   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Michigan Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         7.73      12.25      10.10      6.55

Fund at Market Price

             14.24         17.58         9.43         6.50   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –8.46
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.336   

Distribution Rate at NAV

                 3.87

Taxable-Equivalent Distribution Rate at NAV

                 7.14

Distribution Rate at Market Price

                 4.22

Taxable-Equivalent Distribution Rate at Market Price

                 7.79
              
% Total Leverage5                                        

APS

                 1.34

iMTP Shares

                 34.61   

Fund Profile

 

 

Credit Quality (% of total investments)6

 

 

LOGO

 

* 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 include 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 or equal to 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

New Jersey Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         6.78      10.08      8.31      5.60

Fund at Market Price

             15.11         20.14         7.37         5.22   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –3.76
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.346   

Distribution Rate at NAV

                 4.31

Taxable-Equivalent Distribution Rate at NAV

                 8.37

Distribution Rate at Market Price

                 4.48

Taxable-Equivalent Distribution Rate at Market Price

                 8.70
              
% Total Leverage5                                        

APS

                 4.33

iMTP Shares

                 28.37   

RIB Financing

                 2.73   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

New York Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         7.20      10.98      9.90      6.01

Fund at Market Price

             8.07         13.15         8.92         5.86   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –4.68
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.357   

Distribution Rate at NAV

                 4.15

Taxable-Equivalent Distribution Rate at NAV

                 8.04

Distribution Rate at Market Price

                 4.35

Taxable-Equivalent Distribution Rate at Market Price

                 8.43
              
% Total Leverage5                                        

APS

                 3.06

iMTP Shares

                 21.97   

RIB Financing

                 13.28   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Ohio Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         7.16      11.28      10.30      6.37

Fund at Market Price

             14.04         19.79         9.32         6.40   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –4.15
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.366   

Distribution Rate at NAV

                 4.60

Taxable-Equivalent Distribution Rate at NAV

                 8.55

Distribution Rate at Market Price

                 4.80

Taxable-Equivalent Distribution Rate at Market Price

                 8.93
              
% Total Leverage5                                        

APS

                 6.21

iMTP Shares

                 26.43   

RIB Financing

                 2.09   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Pennsylvania Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         6.46      10.31      8.19      5.77

Fund at Market Price

             11.04         13.53         6.33         5.07   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –9.59
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.345   

Distribution Rate at NAV

                 4.29

Taxable-Equivalent Distribution Rate at NAV

                 7.82

Distribution Rate at Market Price

                 4.74

Taxable-Equivalent Distribution Rate at Market Price

                 8.64
              
% Total Leverage5                                        

APS

                 7.07

iMTP Shares

                 28.59   

RIB Financing

                 1.26   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Municipal Income Trusts

May 31, 2016

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV is the impact of the tender and repurchase of a portion of the Fund’s APS at 95.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.

 

3 

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.

 

4 

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. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. 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 California Municipal Income Trust, Massachusetts Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust and Pennsylvania Municipal Income Trust.

5 

Fund employs RIB financing and/or APS and iMTP Shares leverage. The leverage created by RIB investments, APS and iMTP Shares 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, iMTP Shares 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, iMTP Shares and Floating Rate Notes. iMTP Shares leverage represents the liquidation value of the Fund’s iMTP Shares outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares 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.

 

6 

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.

 

7 

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.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 155.3%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education — 11.3%

  

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

  $ 195      $ 230,488   

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

    330        390,057   

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

    745        833,521   

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

    1,600        1,928,752   

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

    235        288,608   

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

    2,490        2,744,080   

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

    630        729,471   

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

    415        482,462   

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

    285        331,806   

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

    810        967,180   

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

    850        1,008,100   

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

    895        1,054,444   

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

    690        775,180   

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

    205        231,320   
                 
    $ 11,995,469   
                 

Electric Utilities — 9.3%

  

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

  $ 270      $ 307,465   

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

    2,170        2,372,418   

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

    1,500        1,698,390   

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

    1,335        1,585,606   

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

    1,795        2,128,475   

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

    680        777,118   

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

    900        1,003,662   
                 
    $ 9,873,134   
                 

Escrowed / Prerefunded — 7.7%

  

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

  $ 715      $ 776,554   

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

    3,135        3,466,275   
Security  

Principal

Amount

(000’s omitted)

    Value  

Escrowed / Prerefunded (continued)

  

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

  $ 1,475      $ 1,671,337   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16, 4.75%, 11/15/26(1)

    175        178,392   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16, 4.875%, 11/15/36(1)

    700        713,965   

Tustin Community Facilities District, Prerefunded to 9/1/17, 6.00%, 9/1/37

    500        532,730   

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

    355        400,689   

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

    400        436,384   
                 
    $ 8,176,326   
                 

General Obligations — 29.2%

  

California, 5.00%, 10/1/31

  $ 1,885      $ 2,331,707   

California, 5.50%, 11/1/35

    1,600        1,914,896   

California, 6.00%, 4/1/38

    750        856,530   

Escondido, 5.00%, 9/1/36

    1,000        1,213,570   

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

    3,655        4,201,423   

Redondo Beach Unified School District, (Election of 2012), 4.00%, 8/1/40

    1,000        1,101,780   

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

    2,890        3,224,980   

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

    1,545        1,736,055   

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

    860        1,027,691   

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

    1,315        1,630,021   

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

    2,230        2,746,423   

Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)(3)

    3,180        3,577,150   

Santa Clarita Community College District, 4.00%, 8/1/46(4)

    2,500        2,768,050   

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

    2,150        2,610,595   
                 
    $ 30,940,871   
                 

Hospital — 13.3%

  

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

  $ 1,000      $ 1,174,130   

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

    190        220,917   

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

    635        745,833   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 910      $ 1,063,444   

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

    2,000        2,362,700   

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

    1,000        1,165,950   

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

    1,145        1,359,974   

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

    535        628,149   

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

    600        605,814   

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

    1,900        1,930,799   

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

    2,780        2,862,677   
                 
    $ 14,120,387   
                 

Insured – Education — 1.4%

  

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

  $ 1,250      $ 1,506,838   
                 
    $ 1,506,838   
                 

Insured – Escrowed / Prerefunded — 12.8%

  

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

  $ 6,485      $ 2,448,606   

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

    4,825        1,722,766   

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

    5,130        4,273,598   

Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31

    2,790        2,990,350   

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

    2,005        2,108,157   
                 
    $ 13,543,477   
                 

Insured – General Obligations — 4.7%

  

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

  $ 1,000      $ 1,181,180   

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

    4,720        3,742,582   
                 
    $ 4,923,762   
                 

Insured – Hospital — 4.9%

  

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)

  $ 5,000      $ 5,167,800   
                 
    $ 5,167,800   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Lease Revenue / Certificates of Participation — 7.7%

  

Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17(5)

  $ 4,410      $ 4,360,476   

San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2)

    3,500        3,775,555   
                 
    $ 8,136,031   
                 

Insured – Special Tax Revenue — 5.1%

  

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

  $ 4,850      $ 753,932   

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

    370        448,899   

Successor Agency to Hawthorne Community Redevelopment Agency, (AGM), 5.00%, 9/1/32

    1,385        1,682,069   

Successor Agency to San Francisco City and County Redevelopment Agency, (NPFG), 5.00%, 8/1/41

    2,100        2,547,657   
                 
    $ 5,432,557   
                 

Insured – Transportation — 8.7%

  

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

  $ 5,000      $ 3,063,700   

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

    4,500        2,701,800   

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

    740        762,489   

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

    1,275        1,312,893   

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

    1,350        1,401,435   
                 
    $ 9,242,317   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 1,097,735   
                 
    $ 1,097,735   
                 

Other Revenue — 0.4%

  

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

  $ 385      $ 405,944   
                 
    $ 405,944   
                 

Senior Living / Life Care — 1.6%

  

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

  $ 290      $ 334,941   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(1)

    600        699,300   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — 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      $ 642,059   
                 
    $ 1,676,300   
                 

Special Tax Revenue — 16.2%

  

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

  $ 770      $ 886,786   

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

    285        294,020   

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

    460        474,333   

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

    1,590        1,615,631   

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

    240        284,604   

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

    480        569,299   

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

    240        284,650   

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

    335        396,888   

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

    240        284,338   

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

    2,400        2,745,840   

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

    1,500        1,835,460   

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

    1,250        1,521,712   

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

    485        563,594   

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

    725        840,565   

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

    1,600        1,938,480   

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

    1,360        1,661,689   

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

    800        961,856   
                 
    $ 17,159,745   
                 

Transportation — 11.9%

  

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

  $ 1,000      $ 1,120,510   

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)(3)

    2,120        2,419,535   

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

    1,500        1,754,595   
Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

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

  $ 1,500      $ 1,617,765   

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

    2,760        3,126,500   

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

    2,265        2,574,943   
                 
    $ 12,613,848   
                 

Water and Sewer — 8.1%

  

Los Angeles, Wastewater System Revenue, 5.00%, 6/1/45

  $ 1,925      $ 2,312,425   

Metropolitan Water District of Southern California, 5.00%, 7/1/40

    2,000        2,425,720   

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

    1,700        1,955,731   

Upper Santa Clara Joint Powers Financing Authority, 5.00%, 8/1/41

    1,500        1,836,285   
                 
    $ 8,530,161   
                 

Total Tax-Exempt Municipal Securities — 155.3%
(identified cost $149,210,715)

   

  $ 164,542,702   
                 
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      $ 1,949,938   
                 

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

   

  $ 1,949,938   
                 

Total Investments — 157.1%
(identified cost $150,960,715)

   

  $ 166,492,640   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.9)%

  

  $ (3,000,117
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.3)%

   

  $ (46,975,000
                 

Other Assets, Less Liabilities — (9.9)%

  

  $ (10,540,942
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 105,976,581   
                 

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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 28.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 16.1% 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 May 31, 2016, the aggregate value of these securities is $1,591,657 or 1.5% 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 $2,021,685.

 

(4) 

When-issued security.

 

(5) 

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

 

 

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    Sep-16    $ (4,919,449    $ (4,928,125    $ (8,676
U.S. Long Treasury Bond     29       Short    Sep-16      (4,717,503      (4,736,063      (18,560
                                         $ (27,236

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.
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 144.4%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 6.1%

  

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

  $ 910      $ 1,255,982   

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

    990        1,376,674   
                 
    $ 2,632,656   
                 

Education — 24.0%

  

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

  $ 1,665      $ 1,915,366   

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

    1,080        1,234,872   

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

    770        902,463   

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

    1,500        1,581,615   

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

    1,640        2,334,196   

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

    1,350        1,535,611   

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

    750        889,305   
                 
    $ 10,393,428   
                 

Escrowed / Prerefunded — 8.9%

  

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

  $ 40      $ 43,674   

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

    625        682,413   

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

    1,055        1,104,279   

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

    415        434,571   

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

    1,420        1,562,810   
                 
    $ 3,827,747   
                 

General Obligations — 11.9%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 339,327   

Danvers, 5.25%, 7/1/36

    885        1,050,185   

Lexington, 4.00%, 2/1/23

    355        416,053   

Newton, 5.00%, 4/1/36

    750        837,900   

Plymouth, 5.00%, 5/1/31

    345        398,541   

Plymouth, 5.00%, 5/1/32

    315        363,885   

Wayland, 5.00%, 2/1/33

    510        589,483   
Security  

Principal

Amount

(000’s omitted)

    Value  

General Obligations (continued)

  

Wayland, 5.00%, 2/1/36

  $ 770      $ 888,126   

Winchester, 5.00%, 4/15/36

    245        284,604   
                 
    $ 5,168,104   
                 

Hospital — 27.4%

  

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

  $ 1,000      $ 1,123,270   

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

    600        745,452   

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

    180        214,026   

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

    525        639,928   

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

    1,250        1,464,550   

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

    600        728,334   

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

    555        631,873   

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

    1,210        1,364,953   

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

    500        563,500   

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

    1,135        1,235,629   

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

    970        1,076,399   

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

    945        986,986   

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

    675        676,856   

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

    350        381,185   
                 
    $ 11,832,941   
                 

Housing — 3.2%

  

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

  $ 1,385      $ 1,385,983   
                 
    $ 1,385,983   
                 

Industrial Development Revenue — 1.9%

  

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

  $ 800      $ 804,744   
                 
    $ 804,744   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education — 7.4%

  

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

  $ 1,000      $ 1,362,540   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)(4)

    1,365        1,851,295   
                 
    $ 3,213,835   
                 

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 567,600   
                 
    $ 567,600   
                 

Insured – Escrowed / Prerefunded — 3.2%

  

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), Prerefunded to 8/15/17, 5.00%, 8/15/37(3)

  $ 1,335      $ 1,404,213   
                 
    $ 1,404,213   
                 

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,383,520   
                 
    $ 1,383,520   
                 

Insured – Hospital — 0.9%

  

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

  $ 335      $ 379,227   
                 
    $ 379,227   
                 

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 783,331   
                 
    $ 783,331   
                 

Insured – Special Tax Revenue — 9.5%

  

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

  $ 900      $ 1,120,041   

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

    1,195        1,451,137   

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(3)

    5        5,259   

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

    1,000        1,340,110   

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

    1,105        171,772   
                 
    $ 4,088,319   
                 

Insured – Student Loan — 1.9%

  

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

  $ 210      $ 220,431   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Student Loan (continued)

  

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

  $ 615      $ 616,008   
                 
    $ 836,439   
                 

Insured – Transportation — 0.8%

  

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

  $ 315      $ 326,107   
                 
    $ 326,107   
                 

Other Revenue — 2.6%

  

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/22

  $ 500      $ 558,320   

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25

    505        563,131   
                 
    $ 1,121,451   
                 

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 140,789   

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

    140        141,230   

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

    475        476,791   
                 
    $ 758,810   
                 

Special Tax Revenue — 8.3%

  

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

  $ 100      $ 108,806   

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

    1,665        844,122   

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

    5,195        2,279,358   

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

    335        377,900   
                 
    $ 3,610,186   
                 

Student Loan — 3.4%

  

Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33(5)

  $ 1,500      $ 1,486,665   
                 
    $ 1,486,665   
                 

Transportation — 10.4%

  

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

  $ 1,500      $ 1,680,240   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

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

  $ 500      $ 577,975   

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

    670        762,540   

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

    1,250        1,493,525   
                 
    $ 4,514,280   
                 

Water and Sewer — 4.5%

  

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

  $ 495      $ 560,325   

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

    225        254,923   

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

    1,005        1,143,007   
                 
    $ 1,958,255   
                 

Total Tax-Exempt Municipal Securities — 144.4%
(identified cost $55,914,559)

   

  $ 62,477,841   
                 
Taxable Municipal Securities — 1.9%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Student Loan — 1.9%

  

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

  $ 750      $ 812,925   
                 

Total Taxable Municipal Securities — 1.9%
(identified cost $735,366)

   

  $ 812,925   
                 

Total Investments — 146.3%
(identified cost $56,649,925)

   

  $ 63,290,766   
                 
Security  

Principal

Amount

(000’s omitted)

  Value  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.5)%

  $ (3,250,042
             

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (38.9)%

  $ (16,800,000
             

Other Assets, Less Liabilities — 0.1%

  $ 22,503   
             

Net Assets Applicable to Common Shares — 100.0%

  $ 43,263,227   
             

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 May 31, 2016, 20.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 9.5% of total investments.

 

(1) 

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

 

(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 May 31, 2016, the aggregate value of these securities is $1,422,765 or 3.3% of the Trust’s net assets applicable to common shares.

 

(3) 

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

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $941,295.

 

(5) 

When-issued security.

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     23       Short    Sep-16    $ (3,741,468    $ (3,756,188    $ (14,720
                                         $ (14,720

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.
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 151.4%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 2.1%

  

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

  $ 600      $ 668,694   
                 
    $ 668,694   
                 

Education — 6.8%

  

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

  $ 1,000      $ 1,120,400   

Oakland University, 5.00%, 3/1/42

    500        566,540   

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

    370        427,117   
                 
    $ 2,114,057   
                 

Electric Utilities — 8.9%

  

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

  $ 1,135      $ 1,307,100   

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

    500        591,080   

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

    800        871,792   
                 
    $ 2,769,972   
                 

Escrowed / Prerefunded — 5.3%

  

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

  $ 525      $ 538,246   

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

    525        538,571   

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

    500        576,165   
                 
    $ 1,652,982   
                 

General Obligations — 31.2%

  

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

  $ 350      $ 370,468   

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

    275        315,098   

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

    220        255,823   

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

    435        503,525   

Jenison Public Schools, 5.00%, 5/1/28

    500        571,580   

Jenison Public Schools, 5.00%, 5/1/30

    500        568,985   

Kent County, 5.00%, 1/1/25

    1,500        1,644,945   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,154,770   

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

    1,005        1,184,744   

Marysville Public Schools District, 5.00%, 5/1/37

    1,065        1,270,705   

Michigan, 5.50%, 11/1/25

    270        302,435   

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

    365        426,955   

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

    1,000        1,159,070   
                 
    $ 9,729,103   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital — 22.3%

  

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

  $ 1,000      $ 1,126,910   

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

    250        284,025   

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

    500        569,065   

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

    990        1,131,689   

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

    10        11,692   

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

    250        254,545   

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

    1,000        1,020,330   

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

    1,250        1,427,712   

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

    1,000        1,121,860   
                 
    $ 6,947,828   
                 

Housing — 0.2%

  

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

  $ 45      $ 46,604   
                 
    $ 46,604   
                 

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 750,090   
                 
    $ 750,090   
                 

Insured – Education — 4.8%

  

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

  $ 570      $ 618,906   

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

    500        544,330   

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

    300        326,568   
                 
    $ 1,489,804   
                 

Insured – Electric Utilities — 3.4%

  

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

  $ 630      $ 650,160   

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

    250        257,538   

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

    155        158,548   
                 
    $ 1,066,246   
                 

Insured – Escrowed / Prerefunded — 6.5%

  

Battle Creek School District, (AGM), Prerefunded to 5/1/17, 5.00%, 5/1/37

  $ 1,105      $ 1,149,123   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Escrowed / Prerefunded (continued)

  

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

  $ 555      $ 291,458   

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

    1,190        594,000   
                 
    $ 2,034,581   
                 

Insured – General Obligations — 24.0%

  

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

  $ 500      $ 589,520   

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

    150        158,853   

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

    240        254,527   

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

    300        374,094   

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

    1,000        1,157,880   

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

    910        1,038,765   

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

    500        584,105   

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

    1,200        1,394,592   

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

    1,250        1,336,525   

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

    500        584,495   
                 
    $ 7,473,356   
                 

Insured – Lease Revenue / Certificates of Participation — 3.3%

  

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

  $ 445      $ 233,496   

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

    1,610        800,428   
                 
    $ 1,033,924   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 139,128   
                 
    $ 139,128   
                 

Insured – Transportation — 3.5%

  

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

  $ 1,000      $ 1,095,120   
                 
    $ 1,095,120   
                 

Insured – Water and Sewer — 6.9%

  

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

  $ 560      $ 561,926   

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

    1,000        1,094,880   

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

    475        490,514   
                 
    $ 2,147,320   
                 
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      $ 1,098,280   
                 
    $ 1,098,280   
                 

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 129,412   

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

    125        139,960   

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

    1,000        1,162,180   

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

    110        124,086   
                 
    $ 1,555,638   
                 

Water and Sewer — 10.9%

  

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

  $ 750      $ 830,483   

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

    735        954,015   

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

    1,250        1,346,225   

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

    250        278,565   
                 
    $ 3,409,288   
                 

Total Tax-Exempt Investments — 151.4%
(identified cost $43,233,228)

   

  $ 47,222,015   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.1)%

  

  $ (650,045
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (54.0)%

   

  $ (16,850,000
                 

Other Assets, Less Liabilities — 4.7%

  

  $ 1,461,266   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 31,183,236   
                 

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 May 31, 2016, 34.9% 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 2.3% to 14.6% of total investments.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

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.
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 149.0%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education — 16.3%

  

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

  $ 1,270      $ 1,492,555   

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

    1,730        1,944,935   

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

    620        733,788   

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

    380        448,522   

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

    640        727,053   

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

    1,230        1,408,510   

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

    1,650        1,703,938   

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

    965        1,149,238   

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

    1,000        1,186,480   
                 
    $ 10,795,019   
                 

Escrowed / Prerefunded — 9.4%

  

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

  $ 815      $ 832,278   

New Jersey Health Care Facilities Financing Authority, (AtlantiCare Regional Medical Center), Prerefunded to 7/1/17, 5.00%, 7/1/37

    2,090        2,186,223   

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

    915        1,044,381   

Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39

    1,900        2,122,091   
                 
    $ 6,184,973   
                 

General Obligations — 6.4%

  

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

  $ 1,850      $ 2,138,933   

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

    1,795        2,072,507   
                 
    $ 4,211,440   
                 

Hospital — 15.8%

  

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

  $ 650      $ 770,659   

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

    2,290        2,471,460   

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

    750        799,897   

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

    265        311,818   
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 250      $ 284,368   

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32

    815        986,289   

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

    1,000        1,116,080   

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

    2,380        2,388,806   

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

    60        60,217   

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

    1,075        1,214,223   
                 
    $ 10,403,817   
                 

Housing — 1.3%

  

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

  $ 365      $ 368,865   

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

    480        485,189   
                 
    $ 854,054   
                 

Industrial Development Revenue — 7.5%

  

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

  $ 1,085      $ 1,110,780   

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

    50        56,008   

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

    135        150,143   

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

    750        848,887   

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

    220        246,402   

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

    2,235        2,529,126   
                 
    $ 4,941,346   
                 

Insured – Electric Utilities — 1.9%

  

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

  $ 135      $ 139,320   

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

    490        501,216   

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

    595        604,687   
                 
    $ 1,245,223   
                 

Insured – Escrowed / Prerefunded — 3.7%

  

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

  $ 1,240      $ 1,385,700   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — 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      $ 1,083,296   
                 
    $ 2,468,996   
                 

Insured – Gas Utilities — 5.4%

  

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      $ 3,553,416   
                 
    $ 3,553,416   
                 

Insured – General Obligations — 4.8%

  

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

  $ 1,015      $ 1,115,150   

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

    1,000        1,185,130   

Paterson, (BAM), 5.00%, 1/15/26

    750        850,440   
                 
    $ 3,150,720   
                 

Insured – Hospital — 3.0%

  

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

  $ 375      $ 402,296   

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

    1,380        1,550,140   
                 
    $ 1,952,436   
                 

Insured – Industrial Development Revenue — 3.1%

  

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

  $ 1,940      $ 2,048,485   
                 
    $ 2,048,485   
                 

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 579,873   

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

    640        721,082   

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

    1,000        1,236,090   
                 
    $ 2,537,045  
                 

Insured – Special Tax Revenue — 13.7%

  

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

  $ 5,250      $ 4,187,768   

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

    4,300        3,115,952   
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      $ 1,403,920   

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

    2,020        314,009   
                 
    $ 9,021,649   
                 

Insured – Student Loan — 2.5%

  

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

  $ 1,560      $ 1,676,033   
                 
    $ 1,676,033   
                 

Insured – Transportation — 6.9%

  

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

  $ 850      $ 985,125   

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

    1,500        1,729,005   

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

    2,400        1,474,224   

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

    315        353,540   
                 
    $ 4,541,894   
                 

Lease Revenue / Certificates of Participation — 5.2%

  

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

  $ 1,100      $ 1,178,309   

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

    400        451,100   

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

    1,700        1,819,663   
                 
    $ 3,449,072   
                 

Other Revenue — 3.9%

  

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

  $ 2,040      $ 2,267,725   

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

    250        289,603   
                 
    $ 2,557,328   
                 

Senior Living / Life Care — 3.4%

  

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

  $ 465      $ 485,558   

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38(2)

    770        802,571   

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

    700        737,940   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care (continued)

  

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

  $ 215      $ 241,795   
                 
    $ 2,267,864   
                 

Special Tax Revenue — 2.3%

  

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

  $ 100      $ 102,510   

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

    175        178,558   

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

    750        457,987   

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

    500        201,710   

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

    500        564,030   
                 
    $ 1,504,795   
                 

Student Loan — 3.9%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.585%, 6/1/36(3)(4)(5)

  $ 1,825      $ 1,813,484   

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

    740        774,514   
                 
    $ 2,587,998   
                 

Transportation — 21.6%

  

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

  $ 1,060      $ 1,193,698   

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

    1,080        1,215,000   

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

    1,850        2,062,028   

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

    250        275,235   

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

    530        585,136   

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

    3,600        3,938,868   

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

    2,000        2,404,280   

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

    1,995        2,148,775   

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

    400        445,872   
                 
    $ 14,268,892   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Water and Sewer — 3.2%

  

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

  $ 1,275      $ 1,452,862   

Sussex County Municipal Utilities Authority, 0.00%, 12/1/36(6)

    1,250        651,913   
                 
    $ 2,104,775   
                 

Total Tax-Exempt Municipal Securities — 149.0%
(identified cost $89,667,468)

   

  $ 98,327,270   
                 
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      $ 1,063,400   
                 

Total Taxable Municipal Securities — 1.6%
(identified cost $972,861)

   

  $ 1,063,400   
                 

Total Investments — 150.6%
(identified cost $90,640,329)

   

  $ 99,390,670   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (6.7)%

  

  $ (4,425,173
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.0)%

   

  $ (29,000,000
                 

Other Assets, Less Liabilities — 0.1%

  

  $ 39,650   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 66,005,147   
                 

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 May 31, 2016, 32.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 8.9% 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 May 31, 2016, the aggregate value of these securities is $1,110,780 or 1.7% of the Trust’s net assets applicable to common shares.

 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

(2) 

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

 

(3) 

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

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $353,484.

(5) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2016.

 

(6) 

When-issued security.

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     30       Short    Sep-16    $ (4,880,175    $ (4,899,375    $ (19,200
                                         $ (19,200

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.
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 5.7%

  

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

  $ 1,730      $ 1,965,297   

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

    2,535        2,749,487   
                 
    $ 4,714,784   
                 

Cogeneration — 1.1%

  

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

  $ 900      $ 900,387   
                 
    $ 900,387   
                 

Education — 26.5%

  

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

  $ 310      $ 354,150   

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

    1,490        1,641,607   

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

    325        357,806   

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

    510        569,420   

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

    1,000        1,085,730   

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

    725        848,040   

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

    510        575,193   

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

    2,000        2,238,740   

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

    220        260,091   

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

    1,000        1,196,690   

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

    2,250        2,491,965   

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

    2,500        2,804,100   

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

    325        375,726   

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

    400        468,972   

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

    1,695        1,894,552   

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

    2,000        2,323,460   

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

    280        305,074   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education (continued)

  

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

  $ 735      $ 802,186   

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

    1,205        1,443,554   
                 
    $ 22,037,056   
                 

Electric Utilities — 4.5%

  

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

  $ 1,420      $ 1,627,334   

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

    1,735        2,122,009   
                 
    $ 3,749,343   
                 

Escrowed / Prerefunded — 8.2%

  

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

  $ 955      $ 1,076,571   

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

    845        860,548   

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

    750        784,867   

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

    1,250        1,316,525   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 4.50%, 7/1/32

    395        467,562   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42

    1,000        1,212,810   

Saratoga County Water Authority, Prerefunded to 9/1/18, 5.00%, 9/1/48

    1,000        1,093,800   
                 
    $ 6,812,683   
                 

General Obligations — 7.9%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,663,400   

New York City, 5.00%, 8/1/29

    1,475        1,838,174   

New York City, 6.25%, 10/15/28

    45        50,724   
                 
    $ 6,552,298   
                 

Hospital — 11.4%

  

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

  $ 130      $ 149,794   

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

    960        1,100,669   

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

    1,000        1,115,440   

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

    1,000        1,140,260   

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

    1,000        1,155,260   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 525      $ 619,458   

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

    415        453,458   

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

    835        912,763   

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

    710        711,967   

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

    650        684,827   

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

    1,065        1,201,096   

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21, 5.00%, 7/1/28

    185        219,416   
                 
    $ 9,464,408   
                 

Housing — 9.1%

  

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

  $ 2,620      $ 2,658,462   

New York City Housing Development Corp., MFMR, 3.75%, 11/1/40

    500        518,270   

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

    650        687,915   

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

    1,000        1,053,020   

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

    2,625        2,694,877   
                 
    $ 7,612,544   
                 

Industrial Development Revenue — 6.9%

  

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

  $ 1,000      $ 1,093,570   

New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(2)(3)

    500        502,135   

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

    1,000        1,046,640   

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

    980        1,258,026   

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

    1,800        1,827,774   
                 
    $ 5,728,145   
                 

Insured – Education — 7.1%

  

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

  $ 1,250      $ 1,721,475   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education (continued)

  

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

  $ 1,500      $ 1,619,835   

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

    5,365        2,530,295   
                 
    $ 5,871,605   
                 

Insured – Electric Utilities — 1.9%

  

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

  $ 1,365      $ 1,549,152   
                 
    $ 1,549,152   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,819,642   
                 
    $ 1,819,642   
                 

Insured – Other Revenue — 4.8%

  

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

  $ 2,645      $ 1,720,996   

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32(4)

    3,625        2,243,911   
                 
    $ 3,964,907   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 384,739   
                 
    $ 384,739   
                 

Insured – Transportation — 3.1%

  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 1/1/51(3)

  $ 2,500      $ 2,605,175   
                 
    $ 2,605,175   
                 

Other Revenue — 9.2%

  

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

  $ 3,120      $ 1,681,431   

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

    380        437,372   

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

    625        680,500   

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

    1,000        1,097,860   

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

    1,300        1,464,957   

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

    2,000        2,254,060   
                 
    $ 7,616,180   
                 
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care — 7.1%

  

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

  $ 830      $ 958,750   

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

    855        983,181   

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

    280        300,426   

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

    120        127,616   

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

    905        1,023,175   

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

    230        243,315   

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

    230        243,338   

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

    1,830        2,041,914   
                 
    $ 5,921,715   
                 

Special Tax Revenue — 20.5%

  

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

  $ 1,500      $ 1,712,295   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(5)

    2,100        2,499,567   

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

    1,000        1,158,820   

New York Dormitory Authority, Personal Income Tax Revenue, 5.25%, 3/15/38

    1,000        1,115,940   

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

    2,380        2,809,542   

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

    6,000        7,160,280   

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

    545        614,793   
                 
    $ 17,071,237   
                 

Transportation — 19.5%

  

Metropolitan Transportation Authority, 5.00%, 11/15/27

  $ 500      $ 627,990   

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

    790        836,468   

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

    1,500        1,771,620   

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

    700        813,624   

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

    1,000        1,162,320   

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT),
4.00%, 7/1/46(3)

    1,250        1,290,088   

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

    1,665        1,998,499   

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

    990        1,066,309   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38(4)

    2,000