Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09149

 

 

Eaton Vance Ohio Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

November 30, 2016

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 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.


Annual Report November 30, 2016

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance and Fund Profile

  
  

California Municipal Income Trust

     4   

Massachusetts Municipal Income Trust

     5   

Michigan Municipal Income Trust

     6   

New Jersey Municipal Income Trust

     7   

New York Municipal Income Trust

     8   

Ohio Municipal Income Trust

     9   

Pennsylvania Municipal Income Trust

     10   
  

Endnotes and Additional Disclosures

     11   

Financial Statements

     12   

Report of Independent Registered Public Accounting Firm

     72   

Federal Tax Information

     73   

Dividend Reinvestment Plan

     74   

Management and Organization

     76   

Important Notices

     79   


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

As the period opened on December 1, 2015, U.S. Treasurys, along with municipal bonds, were several months into a rally that would continue for much of the period.

Concerns about the Chinese economy, falling commodity prices and interest rate uncertainty led many asset classes to experience dramatic volatility in late 2015. But the municipal market, a high quality asset class with a generally improving credit landscape, continued its steady rally despite the Federal Reserve Board (the Fed) rate hike in December 2015.

In January of 2016, the municipal rally accelerated as U.S. equities experienced what was widely reported as their worst-ever start to a new year. Plummeting oil prices and slowing economic growth in China helped drive a global “flight to quality,” with investors fleeing asset classes regarded as risky for the perceived safety of U.S. Treasurys and municipal bonds. Falling government interest rates around the world, driven by actions such as quantitative easing in Japan and the European Union, put many sovereign rates into negative territory and made U.S. Treasurys look attractive by comparison.

Great Britain’s June 2016 vote to leave the European Union, ongoing Fed caution, and mixed U.S. economic reports continued to fuel the municipal rally in the summer of 2016. Even the Commonwealth of Puerto Rico’s July 1, 2016 default on over $1 billion in municipal bond and debt service payments — its second default in 2016 and its largest to date — failed to put a dent in the municipal rally, as the market had expected the defaults for some time.

In early fall, however, remarks by the European Central Bank, the Bank of Japan and the Fed seemed to indicate that rates might begin to rise sooner than markets had anticipated. As a result, municipal rates crept upward in September and October of 2016. In the final month of the period, Donald Trump’s surprise win in the U.S. presidential election precipitated one of the largest municipal market declines in at least two decades. Rates rose and prices fell as markets anticipated that decreasing regulation and lower tax rates under a Trump administration could lead to higher economic growth and inflation. In general, municipal market returns were virtually flat for the period, with coupon yields and price appreciation earlier in the fiscal year balanced by price declines in the closing months.

 

For the one-year period as a whole, the yield curve for municipal AAA-rated7 issues flattened with rates rising throughout the curve, but with the greatest increases occurring in the short end of the curve, causing the curve to flatten. Across the yield curve, municipal bonds, which had outperformed U.S. Treasurys from the beginning of the period until the election, underperformed U.S. Treasurys for the period as a whole.

Fund Performance

For the fiscal year ended November 30, 2016, the California, Michigan, New Jersey, New York, Ohio and Pennsylvania Trusts’ (the Funds) shares at net asset value (NAV) outperformed the 0.39% return of the Bloomberg Barclays Long (22+) Year Municipal Bond Index (the Index),2 while the Massachusetts Fund at NAV underperformed the Index.

During the period, each Fund benefited from the tender and repurchase of a portion of its Auction Preferred Shares (APS) at 95.5% of the Fund’s APS per share liquidation preference.

Each Fund’s overall strategy is to invest primarily in investment grade bonds of the Fund’s particular state. Management may hedge to various degrees against the greater potential risk of volatility caused by the use of leverage and by investing in bonds at the long end of the yield curve by using U.S. Treasury futures. As a risk management tactic within each Fund’s overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. During the period, the California, Massachusetts, New Jersey, New York and Pennsylvania Funds did employ a hedging strategy, but that strategy did not have a material effect on the performance of those Funds versus the Index.

In managing the Funds, management employs leverage through Residual Interest Bond (RIB) and/or APS and Institutional MuniFund Term Preferred (iMTP) Shares6 to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market, and thus magnifying a Fund’s exposure to its underlying investments in both up and down market environments. During this period, the additional income derived from the use of leverage contributed to Fund performance versus the Index — which does not employ leverage — for all seven Funds.

 

 

 

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

Municipal Income Trusts

November 30, 2016

 

Management’s Discussion of Fund Performance—continued

 

 

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 1.38%, outperforming the 0.39% return of the Index. Contributors to Fund performance versus the Index included leverage, as noted earlier, as well as an overweight in zero-coupon bonds, security selection in the hospitals and health care sector, and security selection in insured Puerto Rico bonds. The majority of the Fund’s Puerto Rico holdings were insured by various municipal bond insurers. It should be noted that most uninsured bonds issued by the Commonwealth of Puerto Rico and its various conduit issuers were no longer included in the Index. As Puerto Rico continued to deal with an ongoing fiscal crisis, bonds issued by its various legal entities were impacted by a number of factors throughout the period. As the period ended, the situation in Puerto Rico was continuing to evolve. In contrast, security selection in general obligation bonds, security selection in the water and sewer sector, and security selection in bonds with coupon rates below 5% all detracted from Fund performance relative to the Index.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 0.05%, underperforming the 0.39% return of the Index. Detractors from performance versus the Index included an overweight and security selection in the education sector, security selection in A-rated bonds, and security selection in bonds with 25 years or more remaining to maturity. Leverage, security selection in insured Puerto Rico bonds, and security selection in BBB-rated bonds contributed to performance relative to the Index, as did an overweight and security selection in the hospitals and health care sector.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 2.98%, outperforming the 0.39% return of the Index. Leverage, an overweight and security selection in insured Puerto Rico bonds, security selection in the water and sewer sector, and an overweight in prerefunded, or escrowed, bonds all helped performance relative to the Index during the period. In contrast, security selection in BBB-rated bonds and an overweight in general obligation bonds detracted from results versus the Index.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 2.13%, outperforming the 0.39% return of the Index. Leverage, an overweight and security selection in insured Puerto Rico bonds, an overweight and security

selection in the education sector, an overweight in pre-refunded bonds, and security selection in A-rated bonds all contributed to Fund performance versus the Index. Detractors from the Fund’s performance relative to the Index included security selection in BBB-rated bonds, security selection in zero-coupon bonds, and security selection in the water and sewer sector.

Eaton Vance New York Municipal Income Trust shares at NAV returned 1.69%, outperforming the 0.39% return of the Index. Leverage aided performance relative to the Index, as did an overweight and security selection in the hospitals and health care sector, an overweight and security selection in zero-coupon bonds, and an overweight in bonds rated BBB and below. Detractors from performance versus the Index included security selection in the transportation sector and security selection in 4.0% — 4.5% coupon bonds.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 2.26%, outperforming the 0.39% return of the Index. Contributors to results versus the Index included leverage, an overweight and security selection in insured Puerto Rico bonds, and security selection in the hospitals and health care sector. Performance versus the Index was hurt by security selection in zero-coupon bonds, security selection and an overweight in bonds rated BBB and below, and security selection and an overweight in the housing sector.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 3.46%, outperforming the 0.39% return of the Index. Leverage, an overweight and security selection in insured Puerto Rico bonds, security selection in zero-coupon bonds, and an overweight and security selection in the hospitals and health care sector all contributed to Fund performance versus the Index. Detractors from performance relative to the Index included security selection in local general obligation bonds, security selection in the resource recovery sector, and security selection in bonds with coupon rates below 5%.

 

 

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

California Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         1.38      7.81      4.23

Fund at Market Price

             –0.68         5.00         4.06   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –9.85
           
Distributions5                                

Total Distributions per share for the period

            $ 0.607   

Distribution Rate at NAV

              3.86

Taxable-Equivalent Distribution Rate at NAV

              7.87

Distribution Rate at Market Price

              4.29

Taxable-Equivalent Distribution Rate at Market Price

              8.74
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              1.87

Institutional MuniFund Term Preferred (iMTP) Shares

              29.28   

Residual Interest Bond (RIB) Financing

              7.38   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Massachusetts Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         0.05      6.06      4.54

Fund at Market Price

             –1.02         2.99         4.46   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –8.45
           
Distributions5                                

Total Distributions per share for the period

            $ 0.589   

Distribution Rate at NAV

              3.61

Taxable-Equivalent Distribution Rate at NAV

              6.72

Distribution Rate at Market Price

              3.94

Taxable-Equivalent Distribution Rate at Market Price

              7.34
           
% Total Leverage6                                

APS

              5.26

iMTP Shares

              27.17   

RIB Financing

              3.10   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Michigan Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         2.98      7.34      5.40

Fund at Market Price

             6.21         6.40         5.11   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –10.96
           
Distributions5                                

Total Distributions per share for the period

            $ 0.621   

Distribution Rate at NAV

              3.71

Taxable-Equivalent Distribution Rate at NAV

              6.85

Distribution Rate at Market Price

              4.17

Taxable-Equivalent Distribution Rate at Market Price

              7.70
           
% Total Leverage6                                

APS

              1.39

iMTP Shares

              36.07   

Fund Profile

 

Credit Quality (% of total investments)7

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

New Jersey Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         2.13      6.48      4.18

Fund at Market Price

             1.79         3.48         3.71   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –11.02
           
Distributions5                                

Total Distributions per share for the period

            $ 0.640   

Distribution Rate at NAV

              4.38

Taxable-Equivalent Distribution Rate at NAV

              8.50

Distribution Rate at Market Price

              4.92

Taxable-Equivalent Distribution Rate at Market Price

              9.55
           
% Total Leverage6                                

APS

              4.40

iMTP Shares

              28.85   

RIB Financing

              5.30   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

New York Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         1.69      7.33      4.66

Fund at Market Price

             –0.53         5.45         4.39   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –7.52
           
Distributions5                                

Total Distributions per share for the period

            $ 0.667   

Distribution Rate at NAV

              4.40

Taxable-Equivalent Distribution Rate at NAV

              8.53

Distribution Rate at Market Price

              4.76

Taxable-Equivalent Distribution Rate at Market Price

              9.22
           
% Total Leverage6                                

APS

              3.24

iMTP Shares

              23.28   

RIB Financing

              12.75   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

Ohio Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         2.26      7.56      5.24

Fund at Market Price

             3.83         5.84         5.05   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –8.55
           
Distributions5                                

Total Distributions per share for the period

            $ 0.691   

Distribution Rate at NAV

              4.11

Taxable-Equivalent Distribution Rate at NAV

              7.64

Distribution Rate at Market Price

              4.50

Taxable-Equivalent Distribution Rate at Market Price

              8.37
           
% Total Leverage6                                

APS

              6.49

iMTP Shares

              27.62   

RIB Financing

              2.18   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         3.46      6.70      4.83

Fund at Market Price

             7.06         3.79         4.35   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

             0.39      5.09      4.35
           
% Premium/Discount to NAV4                                
              –10.31
           
Distributions5                                

Total Distributions per share for the period

            $ 0.623   

Distribution Rate at NAV

              3.99

Taxable-Equivalent Distribution Rate at NAV

              7.27

Distribution Rate at Market Price

              4.45

Taxable-Equivalent Distribution Rate at Market Price

              8.11
           
% Total Leverage6                                

APS

              7.40

iMTP Shares

              29.89   

Fund Profile

 

Credit Quality (% of total investments)7

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  10  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

Bloomberg 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. Prior to August 24, 2016, Bloomberg Barclays Long (22+) Year Municipal Bond Index was named Barclays Long (22+) Year Municipal Bond Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

3 

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

 

4 

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

 

5 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. 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 Michigan Municipal Income Trust.

 

6 

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.

 

7

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

 

8 

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

 

   Fund profile subject to change due to active management.
 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 152.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 9.0%

  

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

  $ 195      $ 219,127   

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

    330        370,831   

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

    745        802,879   

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

    1,600        1,851,632   

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

    235        274,386   

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

    630        694,688   

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

    415        459,177   

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

    285        315,749   

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

    810        921,432   

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

    850        959,854   

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

    895        1,005,452   

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

    895        977,483   
                 
  $ 8,852,690   
                 

Electric Utilities — 8.6%

  

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

  $ 270      $ 294,300   

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

    2,170        2,295,643   

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

    1,500        1,656,900   

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

    995        1,122,340   

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

    1,335        1,504,572   

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

    680        742,968   

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

    775        832,280   
                 
  $ 8,449,003   
                 

Escrowed / Prerefunded — 12.9%

  

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

  $ 715      $ 756,413   

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

    3,135        3,368,213   

California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/39

    2,490        2,676,103   
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      $ 1,618,075   

Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/27

    340        389,065   

Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/28

    460        526,383   

San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/27

    665        785,338   

San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/28

    1,130        1,334,485   

Tustin Community Facilities District No. 07-1, Prerefunded to 9/1/17, 6.00%, 9/1/37

    500        518,975   

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

    355        388,437   

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

    335        358,530   
                 
  $ 12,720,017   
                 

General Obligations — 27.1%

  

California, 5.00%, 10/1/31

  $ 1,885      $ 2,142,227   

California, 5.50%, 11/1/35

    1,600        1,800,928   

California, 6.00%, 4/1/38

    750        820,193   

Escondido, 5.00%, 9/1/36

    1,000        1,117,790   

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

    3,655        4,013,190   

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

    1,000        995,410   

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

    2,890        3,010,108   

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

    1,545        1,632,926   

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

    860        959,631   

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

    650        744,426   

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

    1,100        1,255,892   

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

    3,180        3,435,481   

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

    2,500        2,448,775   

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

    2,150        2,383,404   
                 
  $ 26,760,381   
                 

Hospital — 13.1%

  

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

  $ 1,000      $ 1,124,540   

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

    190        211,780   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 635      $ 697,274   

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

    910        997,169   

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

    2,000        2,247,640   

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

    1,000        1,106,020   

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

    1,145        1,259,340   

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

    535        585,113   

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

    1,900        1,928,842   

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

    2,780        2,808,912   
                 
  $ 12,966,630   
                 

Insured – Education — 1.5%

  

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

  $ 1,250      $ 1,446,587   
                 
  $ 1,446,587   
                 

Insured – Escrowed / Prerefunded — 18.0%

  

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), Prerefunded to 5/15/17, 5.00%, 11/15/38(2)

  $ 5,000      $ 5,094,900   

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

    5,130        3,988,267   

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

    2,790        2,918,145   

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

    2,005        2,061,120   

San Diego County Water Authority Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(2)

    3,500        3,693,410   
                 
  $ 17,755,842   
                 

Insured – General Obligations — 4.8%

  

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

  $ 1,000      $ 1,090,960   

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

    4,720        3,635,769   
                 
  $ 4,726,729   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Lease Revenue / Certificates of Participation — 4.4%

  

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

  $ 4,410      $ 4,370,927   
                 
  $ 4,370,927   
                 

Insured – Special Tax Revenue — 5.3%

  

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

  $ 4,850      $ 968,206   

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

    370        418,551   

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

    1,385        1,554,829   

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

    2,100        2,321,928   
                 
  $ 5,263,514   
                 

Insured – Transportation — 8.9%

  

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

  $ 5,000      $ 2,821,500   

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

    4,500        2,455,470   

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

    740        850,941   

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

    1,275        1,285,289   

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

    1,350        1,364,661   
                 
  $ 8,777,861   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 1,015,284   
                 
  $ 1,015,284   
                 

Other Revenue — 0.4%

  

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

  $ 385      $ 396,023   
                 
  $ 396,023   
                 

Senior Living / Life Care — 1.6%

  

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

  $ 290      $ 318,145   

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

    600        666,090   

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

    535        604,475   
                 
  $ 1,588,710   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 16.5%

  

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

  $ 770      $ 846,661   

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

    285        291,116   

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

    460        469,536   

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

    1,590        1,611,847   

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

    240        270,276   

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

    480        540,936   

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

    240        270,468   

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

    335        377,042   

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

    240        270,120   

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

    2,400        2,637,432   

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

    1,500        1,691,445   

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

    1,250        1,403,712   

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

    485        536,478   

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

    725        799,668   

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

    1,600        1,815,456   

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

    1,360        1,532,557   

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

    800        889,208   
                 
  $ 16,253,958   
                 

Transportation — 12.3%

  

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

  $ 1,000      $ 1,089,010   

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

    2,120        2,318,050   

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

    1,500        1,625,760   

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

    1,500        1,572,600   

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

    2,760        2,993,579   

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

    2,265        2,482,893   
                 
  $ 12,081,892   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 6.9%

  

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

  $ 1,925      $ 2,143,256   

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

    1,000        1,128,570   

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

    1,700        1,864,662   

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

    1,500        1,692,345   
                 
  $ 6,828,833   
                 

Total Tax-Exempt Municipal Securities — 152.3%
(identified cost $142,353,702)

   

  $ 150,254,881   
                 
Taxable Municipal Securities — 6.9%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 2.0%

  

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

  $ 1,750      $ 1,905,645   
                 
  $ 1,905,645   
                 

Insured – Special Tax Revenue — 3.8%

  

Successor Agency to Roseville Redevelopment Agency, (BAM), 4.066%, 9/1/40

  $ 4,000      $ 3,777,440   
                 
  $ 3,777,440   
                 

Other Revenue — 1.1%

  

California Infrastructure and Economic Development Bank, (The Scripps Research Institute), 3.42%, 7/1/36

  $ 1,200      $ 1,098,468   
                 
  $ 1,098,468   
                 

Total Taxable Municipal Securities — 6.9%
(identified cost $6,950,000)

   

  $ 6,781,553   
                 

Total Investments — 159.2%
(identified cost $149,303,702)

   

  $ 157,036,434   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (3.0)%

  

  $ (3,000,118
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (47.6)%

   

  $ (46,975,000
                 

Other Assets, Less Liabilities — (8.6)%

  

  $ (8,428,467
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 98,632,849   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 29.4% 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 3.4% to 14.0% of total investments.

(1) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,778,532.

 

(2) 

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

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the aggregate value of these securities is $666,090 or 0.7% of the Trust’s net assets applicable to common shares.

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value     

Net

Unrealized
Appreciation

 

Interest Rate Futures

                
U.S. 10-Year Treasury Note     38         Short         Mar-17       $ (4,745,453    $ (4,731,594    $ 13,859   
U.S. Long Treasury Bond     29         Short         Mar-17         (4,410,880      (4,387,156      23,724   
                                                 $ 37,583   

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.
NPFG     National Public Finance Guaranty Corp.
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 150.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 5.8%

  

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

  $ 910      $ 1,113,685   

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

    990        1,212,394   
                 
    $ 2,326,079   
                 

Education — 29.0%

  

Massachusetts Development Finance Agency, (Bentley University), 5.00%, 7/1/40

  $ 1,000      $ 1,095,630   

Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/46

    1,000        1,090,810   

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

    1,665        1,776,838   

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

    1,080        1,182,859   

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

    770        842,865   

Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/52

    1,000        1,082,530   

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

    105        108,022   

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

    1,640        2,053,182   

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

    1,350        1,471,513   

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

    750        839,033   
                 
    $ 11,543,282   
                 

Escrowed / Prerefunded — 23.2%

  

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

  $ 140      $ 149,064   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, Prerefunded to 7/1/17, 0.00%, 7/1/31

    1,665        852,164   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, Prerefunded to 7/1/17, 0.00%, 7/1/34

    5,195        2,302,320   

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

    625        664,544   

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

    1,055        1,080,404   

Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), Prerefunded to 10/1/17, 5.00%, 10/1/32

    1,395        1,442,876   

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

    415        425,217   

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

    1,420        1,517,867   
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

  

Newton, Prerefunded to 4/1/19, 5.00%, 4/1/36

  $ 750      $ 812,280   
                 
    $ 9,246,736   
                 

General Obligations — 10.3%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 324,732   

Danvers, 5.25%, 7/1/36

    885        997,183   

Lexington, 4.00%, 2/1/23

    355        395,331   

Plymouth, 5.00%, 5/1/31

    345        380,211   

Plymouth, 5.00%, 5/1/32

    315        347,149   

Wayland, 5.00%, 2/1/33

    510        561,586   

Wayland, 5.00%, 2/1/36

    770        846,276   

Winchester, 5.00%, 4/15/36

    245        270,855   
                 
    $ 4,123,323   
                 

Hospital — 28.1%

  

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

  $ 1,000      $ 1,072,600   

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

    600        698,382   

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

    180        199,447   

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

    525        600,180   

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

    1,250        1,364,138   

Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41

    500        541,750   

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

    600        700,374   

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

    555        606,310   

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

    1,210        1,309,123   

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

    500        542,380   

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

    1,135        1,193,963   

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

    970        1,030,392   

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

    945        964,278   

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

    350        368,043   
                 
    $ 11,191,360   
                 
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Housing — 2.2%

  

Massachusetts Housing Finance Agency, 3.35%, 12/1/41

  $ 1,000      $ 884,820   
                 
    $ 884,820   
                 

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 801,824   
                 
    $ 801,824   
                 

Insured – Education — 7.2%

  

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

  $ 1,000      $ 1,214,960   

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

    1,365        1,654,162   
                 
    $ 2,869,122   
                 

Insured – Electric Utilities — 1.5%

  

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

  $ 550      $ 596,789   
                 
    $ 596,789   
                 

Insured – Escrowed / Prerefunded — 3.5%

  

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), Prerefunded to 8/15/17, 5.00%, 8/15/37(2)

  $ 1,340      $ 1,378,807   
                 
    $ 1,378,807   
                 

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,259,340   
                 
    $ 1,259,340   
                 

Insured – Hospital — 0.9%

  

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

  $ 335      $ 364,875   
                 
    $ 364,875   
                 

Insured – Other Revenue — 1.9%

  

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

  $ 590      $ 749,365   
                 
    $ 749,365   
                 

Insured – Special Tax Revenue — 9.6%

  

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

  $ 900      $ 1,043,235   

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

    1,195        1,356,337   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue (continued)

  

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

  $ 1,000      $ 1,218,900   

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

    1,105        220,591   
                 
    $ 3,839,063   
                 

Insured – Student Loan — 0.5%

  

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

  $ 185      $ 193,286   
                 
    $ 193,286   
                 

Insured – Transportation — 0.8%

  

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

  $ 315      $ 319,879   
                 
    $ 319,879   
                 

Other Revenue — 2.7%

  

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

  $ 500      $ 542,840   

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

    505        548,268   
                 
    $ 1,091,108   
                 

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 135,290   

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

    140        140,128   

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

    475        458,769   
                 
    $ 734,187   
                 

Student Loan — 3.3%

  

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

  $ 1,500      $ 1,314,735   
                 
    $ 1,314,735   
                 

Transportation — 10.8%

  

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

  $ 1,500      $ 1,615,770   

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

    500        555,685   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

  

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

  $ 670      $ 731,070   

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

    1,250        1,386,025   
                 
    $ 4,288,550   
                 

Water and Sewer — 2.0%

  

Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/29

  $ 495      $ 545,094   

Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/31

    225        247,770   
                 
    $ 792,864   
                 

Total Tax-Exempt Municipal Securities — 150.3%
(identified cost $56,975,900)

   

  $ 59,909,394   
                 
Taxable Municipal Securities — 2.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Student Loan — 2.0%

  

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

  $ 750      $ 785,332   
                 

Total Taxable Municipal Securities — 2.0%
(identified cost $735,750)

   

  $ 785,332   
                 

Total Investments — 152.3%
(identified cost $57,711,650)

   

  $ 60,694,726   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (8.2)%

  

  $ (3,250,008
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (42.1)%

   

  $ (16,800,000
                 

Other Assets, Less Liabilities — (2.0)%

  

  $ (782,816
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 39,861,902   
                 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 19.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 8.3% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the aggregate value of these securities is $1,400,721 or 3.5% 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 1G).

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $744,162.

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value     

Net

Unrealized
Appreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     23         Short         Mar-17       $ (3,498,285    $ (3,479,469    $ 18,816   
                                                 $ 18,816   

 

  18   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

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.
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 154.7%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 2.3%

  

Michigan Municipal Bond Authority, Prerefunded to 10/1/19, 5.00%, 10/1/29

  $ 600      $ 659,310   
                 
    $ 659,310   
                 

Education — 6.9%

  

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

  $ 1,000      $ 1,077,110   

Oakland University, 5.00%, 3/1/42

    500        547,480   

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

    370        400,443   
                 
    $ 2,025,033   
                 

Electric Utilities — 9.1%

  

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

  $ 1,135      $ 1,249,964   

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

    500        563,680   

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

    800        832,728   
                 
    $ 2,646,372   
                 

Escrowed / Prerefunded — 3.8%

  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

  $ 115      $ 129,045   

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

    125        140,724   

Michigan, Prerefunded to 5/1/19, 5.50%, 11/1/25

    270        296,333   

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

    500        554,920   
                 
    $ 1,121,022   
                 

General Obligations — 41.3%

  

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

  $ 350      $ 362,481   

Chippewa Valley Schools, 5.00%, 5/1/29

    1,000        1,134,830   

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

    275        300,762   

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

    220        243,962   

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

    435        473,741   

Jenison Public Schools, 5.00%, 5/1/28

    500        548,770   

Jenison Public Schools, 5.00%, 5/1/30

    500        543,830   

Kent County, 5.00%, 1/1/25

    1,500        1,597,815   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,100,380   

Lakeview School District, 5.00%, 5/1/40

    1,050        1,155,063   

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

    1,005        1,114,032   

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

    1,065        1,177,805   

Rockford Public Schools, 5.00%, 5/1/44

    750        822,548   

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

    365        402,146   
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations (continued)

  

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

  $ 1,000      $ 1,089,740   
                 
    $ 12,067,905   
                 

Hospital — 23.8%

  

Calhoun County Hospital Finance Authority, (Oaklawn Hospital), 5.00%, 2/15/41

  $ 500      $ 504,745   

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

    1,000        1,068,220   

Michigan Finance Authority, (Henry Ford Health System), 5.00%, 11/15/41

    1,000        1,062,870   

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

    250        267,330   

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

    500        536,730   

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

    990        1,084,149   

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

    10        11,290   

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

    1,250        1,343,413   

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

    1,000        1,072,780   
                 
    $ 6,951,527   
                 

Industrial Development Revenue — 2.5%

  

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

  $ 750      $ 737,460   
                 
    $ 737,460   
                 

Insured – Education — 0.6%

  

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

  $ 165      $ 174,280   
                 
    $ 174,280   
                 

Insured – Electric Utilities — 3.9%

  

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

  $ 630      $ 683,594   

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

    250        273,068   

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

    155        168,936   
                 
    $ 1,125,598   
                 

Insured – Escrowed / Prerefunded — 12.0%

  

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

  $ 1,105      $ 1,124,150   

Ferris State University, (AGC), Prerefunded to 10/1/18, 5.125%, 10/1/33

    570        610,766   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

  

Ferris State University, (AGC), Prerefunded to 10/1/18, 5.25%, 10/1/38

  $ 500      $ 536,895   

Grand Rapids, Water Supply System, (AGC), Prerefunded to 1/1/19, 5.10%, 1/1/39

    1,000        1,076,870   

Wayne State University, (AGM), Prerefunded to 11/15/18, 5.00%, 11/15/35

    135        145,070   
                 
    $ 3,493,751   
                 

Insured – General Obligations — 24.2%

  

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

  $ 500      $ 554,290   

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

    150        153,711   

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

    240        246,691   

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

    300        335,115   

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

    1,000        1,113,200   

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

    910        978,095   

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

    500        541,375   

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

    1,200        1,303,620   

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

    1,250        1,301,675   

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

    500        549,315   
                 
    $ 7,077,087   
                 

Insured – Special Tax Revenue — 0.6%

  

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

  $ 895      $ 178,669   
                 
    $ 178,669   
                 

Insured – Transportation — 3.6%

  

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

  $ 1,000      $ 1,062,480   
                 
    $ 1,062,480   
                 

Insured – Water and Sewer — 1.7%

  

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

  $ 475      $ 486,257   
                 
    $ 486,257   
                 

Lease Revenue / Certificates of Participation — 3.5%

  

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

  $ 1,000      $ 1,020,800   
                 
    $ 1,020,800   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 3.8%

  

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

  $ 1,000      $ 1,106,790   
                 
    $ 1,106,790   
                 

Water and Sewer — 11.1%

  

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

  $ 750      $ 798,922   

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

    735        876,576   

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

    1,250        1,298,025   

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

    250        265,638   
                 
    $ 3,239,161   
                 

Total Tax-Exempt Investments — 154.7%
(identified cost $43,189,537)

   

  $ 45,173,502   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.2)%

  

  $ (650,049
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (57.7)%

   

  $ (16,850,000
                 

Other Assets, Less Liabilities — 5.2%

  

  $ 1,535,287   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 29,208,740   
                 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 30.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.9% to 13.5% of total investments.

Abbreviations:

 

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

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 157.8%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 16.7%

  

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

  $ 1,270      $ 1,394,015   

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

    1,730        1,872,119   

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

    620        686,700   

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

    380        419,543   

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

    640        691,002   

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

    1,230        1,327,871   

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

    1,650        1,676,103   

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

    965        1,107,000   

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

    1,000        1,124,040   
                 
    $ 10,298,393   
                 

Escrowed / Prerefunded — 20.0%

  

Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/28

  $ 1,510      $ 1,701,634   

Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/30

    1,455        1,639,654   

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), Prerefunded to 7/1/18, 5.00%, 7/1/27

    2,190        2,317,852   

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

    2,090        2,139,220   

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

    915        1,009,821   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/18, 5.25%, 10/1/38

    380        408,040   

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), Prerefunded to 1/1/20, 5.00%, 7/1/31

    1,000        1,102,600   

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

    1,900        2,062,792   
                 
    $ 12,381,613   
                 

General Obligations — 1.2%

  

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

  $ 340      $ 377,135   

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

    340        374,068   
                 
    $ 751,203   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 11.4%

  

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

  $ 650      $ 718,711   

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

    100        104,667   

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

    750        759,202   

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

    265        295,388   

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

    250        272,610   

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

    990        1,103,197   

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/33

    120        133,206   

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39

    1,315        1,431,917   

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%,
7/1/30(1)

    1,000        1,086,320   

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

    1,075        1,164,752   
                 
    $ 7,069,970   
                 

Housing — 1.3%

  

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

  $ 335      $ 335,429   

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

    465        468,650   
                 
    $ 804,079   
                 

Industrial Development Revenue — 7.7%

  

Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45(2)

  $ 1,085      $ 1,074,638   

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

    50        54,074   

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

    135        143,192   

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

    750        815,325   

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

    220        237,580   

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

    2,235        2,432,797   
                 
    $ 4,757,606   
                 

Insured – Electric Utilities — 2.1%

  

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

  $ 135      $ 146,484   

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

    490        534,056   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities (continued)

  

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

  $ 595      $ 646,533   
                 
    $ 1,327,073   
                 

Insured – Escrowed / Prerefunded — 3.9%

  

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

  $ 1,240      $ 1,347,632   

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

    970        1,054,371   
                 
    $ 2,402,003   
                 

Insured – Gas Utilities — 5.8%

  

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      $ 3,551,470   
                 
    $ 3,551,470   
                 

Insured – General Obligations — 4.0%

  

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

  $ 1,015      $ 1,078,620   

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

    1,000        1,107,340   

Paterson, (BAM), 5.00%, 1/15/26

    245        267,312   
                 
    $ 2,453,272   
                 

Insured – Hospital — 3.0%

  

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

  $ 370      $ 385,525   

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

    1,380        1,492,401   
                 
    $ 1,877,926   
                 

Insured – Industrial Development Revenue — 3.3%

  

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

  $ 1,940      $ 2,014,865   
                 
    $ 2,014,865   
                 

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 562,272   

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

    640        674,483   

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

    1,000        1,138,470   
                 
    $ 2,375,225   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 13.9%

  

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

  $ 5,250      $ 3,854,235   

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

    4,300        2,979,212   

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

    2,020        1,337,927   

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

    2,020        403,252   
                 
    $ 8,574,626   
                 

Insured – Student Loan — 2.4%

  

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

  $ 1,430      $ 1,490,589   
                 
    $ 1,490,589   
                 

Insured – Transportation — 7.0%

  

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

  $ 850      $ 932,730   

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

    1,500        1,637,985   

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

    2,400        1,395,744   

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

    315        340,808   
                 
    $ 4,307,267   
                 

Lease Revenue / Certificates of Participation — 4.7%

  

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

  $ 1,100      $ 1,119,052   

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

    400        437,752   

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

    1,320        1,324,026   
                 
    $ 2,880,830   
                 

Other Revenue — 4.0%

  

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

  $ 2,040      $ 2,187,064   

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

    250        275,990   
                 
    $ 2,463,054   
                 

Senior Living / Life Care — 3.5%

  

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

  $ 465      $ 475,053   

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

    770        784,145   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

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

  $ 700      $ 695,198   

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

    215        227,861   
                 
    $ 2,182,257   
                 

Special Tax Revenue — 1.7%

  

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

  $ 100      $ 100,910   

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

    175        176,089   

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

    750        531,607   

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

    500        255,750   
                 
    $ 1,064,356   
                 

Student Loan — 2.3%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.792%, 6/1/36(3)

  $ 675      $ 664,936   

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

    740        735,538   
                 
    $ 1,400,474   
                 

Transportation — 31.0%

  

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

  $ 1,060      $ 1,147,079   

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

    1,080        1,167,718   

New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/29

    750        772,995   

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

    1,100        1,150,677   

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

    250        266,845   

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

    530        563,422   

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

    3,600        3,812,004   

Port Authority of New York and New Jersey, 5.00%, 10/15/41(4)

    5,000        5,555,650   

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

    2,000        2,206,220   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(4)

    1,995        2,085,832   

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

    400        423,012   
                 
    $ 19,151,454   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 3.1%

  

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

  $ 1,220      $ 1,310,341   

North Hudson Sewerage Authority, Prerefunded to 6/1/22, 5.00%, 6/1/29

    55        63,578   

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

    1,250        538,988   
                 
    $ 1,912,907   
                 

Total Tax-Exempt Municipal Securities — 157.8%
(identified cost $93,460,877)

   

  $ 97,492,512   
                 
Taxable Municipal Securities — 3.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations — 1.7%

  

Atlantic City, 7.50%, 3/1/40

  $ 1,000      $ 1,049,440   
                 
    $ 1,049,440   
                 

Transportation — 1.3%

  

New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(5)

  $ 750      $ 781,950   
                 
    $ 781,950   
                 

Total Taxable Municipal Securities — 3.0%
(identified cost $1,794,758)

   

  $ 1,831,390   
                 

Total Investments — 160.8%
(identified cost $95,255,635)

   

  $ 99,323,902   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.2)%

  

  $ (4,425,173
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (46.9)%

   

  $ (29,000,000
                 

Other Assets, Less Liabilities — (6.7)%

  

  $ (4,133,135
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 61,765,594   
                 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 30.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

individual financial institution or financial guaranty assurance agency ranged from 0.3% to 8.3% of total investments.

 

(1) 

When-issued security.

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the aggregate value of these securities is $1,074,638 or 1.7% of the Trust’s net assets applicable to common shares.

(3) 

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2016.

 

(4) 

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

 

(5) 

Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value     

Net

Unrealized
Appreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     30         Short         Mar-17       $ (4,562,980    $ (4,538,438    $ 24,542   
                                                 $ 24,542   

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.
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Bond Bank — 5.9%

  

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

  $ 1,730      $ 1,882,465   

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

    2,535        2,664,336   
                 
  $ 4,546,801   
                 

Cogeneration — 1.2%

  

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

  $ 900      $ 895,131   
                 
  $ 895,131   
                 

Education — 29.2%

  

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

  $ 310      $ 337,751   

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

    1,490        1,583,691   

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

    325        345,231   

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

    510        547,271   

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

    1,000        1,051,260   

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

    725        803,111   

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

    510        549,709   

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

    2,000        2,150,460   

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

    220        237,743   

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

    1,000        1,136,180   

New York Dormitory Authority, (Pace University), 5.00%, 5/1/27

    835        888,682   

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

    2,250        2,417,310   

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

    2,500        2,692,675   

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

    325        363,360   

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

    400        452,660   

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

    1,695        1,814,362   

New York Dormitory Authority, (The New School), 4.00%, 7/1/43

    500        490,345   

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40

    2,000        2,267,020   
Security   Principal
Amount
(000’s omitted)
    Value  

Education (continued)

  

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

  $ 280      $ 298,138   

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

    735        781,298   

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

    1,205        1,345,720   
                 
  $ 22,553,977   
                 

Electric Utilities — 4.6%

  

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

  $ 1,420      $ 1,573,175   

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

    1,735        1,970,266   
                 
  $ 3,543,441   
                 

Escrowed / Prerefunded — 10.0%

  

Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40

  $ 380      $ 433,481   

Metropolitan Transportation Authority, Prerefunded to 11/15/17, 5.00%, 11/15/37

    135        140,355   

Metropolitan Transportation Authority, Prerefunded to 11/15/17, 5.00%, 11/15/37

    655        680,984   

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

    955        1,045,095   

New York City Cultural Resources Trust, (Museum of Modern Art), Prerefunded to 10/1/18, 5.00%, 4/1/31

    625        668,644   

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

    750        768,375   

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

    1,250        1,284,587   

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

    395        448,736   

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

    1,000        1,162,410   

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

    1,000        1,067,200   
                 
  $ 7,699,867   
                 

General Obligations — 5.8%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,428,160   

New York City, 6.25%, 10/15/28

    45        49,084   
                 
  $ 4,477,244   
                 

Hospital — 11.7%

  

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

  $ 130      $ 142,878   

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

    960        1,051,152   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 1,000      $ 1,070,770   

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

    1,000        1,092,060   

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

    1,000        1,096,060   

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

    525        578,891   

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(2)

    100        106,111   

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

    415        436,493   

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

    835        878,595   

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

    555        556,365   

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

    650        667,329   

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

    1,065        1,152,522   

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

    185        210,508   
                 
  $ 9,039,734   
                 

Housing — 10.3%

  

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

  $ 2,620      $ 2,628,332   

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

    500        482,350   

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

    650        647,374   

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

    1,000        1,032,650   

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

    2,625        2,650,646   

New York Mortgage Agency, 3.90%,
10/1/36(3)

    500        489,830   
                 
  $ 7,931,182   
                 

Industrial Development Revenue — 7.0%

  

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

  $ 1,000      $ 1,059,620   

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

    500        397,430   

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

    1,000        977,400   
Security   Principal
Amount
(000’s omitted)
    Value  

Industrial Development Revenue (continued)

  

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

  $ 980      $ 1,148,099   

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

    1,800        1,815,750   
                 
  $ 5,398,299   
                 

Insured – Education — 5.3%

  

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

  $ 1,250      $ 1,518,212   

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

    5,365        2,540,918   
                 
  $ 4,059,130   
                 

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      $ 1,499,821   
                 
  $ 1,499,821   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,742,345   
                 
  $ 1,742,345   
                 

Insured – Other Revenue — 4.6%

  

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

  $ 2,645      $ 1,560,868   

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

    3,625        2,026,701   
                 
  $ 3,587,569   
                 

Insured – Special Tax Revenue — 0.6%

  

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

  $ 2,475      $ 494,084   
                 
  $ 494,084   
                 

Insured – Transportation — 4.2%

  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/41

  $ 1,000      $ 969,490   

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

    1,250        1,195,587   

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

    1,170        1,121,621   
                 
  $ 3,286,698   
                 
 

 

  27   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 9.5%

  

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

  $ 3,120      $ 1,700,057   

Brooklyn Arena Local Development Corp., (Barclays Center), 5.00%, 7/15/42

    1,000        1,061,570   

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

    1,000        1,063,640   

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

    1,300        1,321,216   

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

    2,000        2,171,840   
                 
  $ 7,318,323   
                 

Senior Living / Life Care — 8.8%

  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24(3)

  $ 125      $ 139,175   

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25(3)

    205        232,308   

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26(3)

    225        254,891   

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36(3)

    530        569,718   

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

    830        887,851   

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

    855        908,318   

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

    280        291,522   

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

    120        123,630   

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

    905        977,237   

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

    230        232,272   

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

    230        232,254   

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

    1,830        1,942,143   
                 
  $ 6,791,319   
                 

Special Tax Revenue — 20.2%

  

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

  $ 1,500      $ 1,630,095   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(4)

    2,100        2,376,402   

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

    1,000        1,108,930   

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

    1,000        1,073,580   
Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue (continued)

  

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

  $ 2,380      $ 2,656,747   

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

    6,000        6,716,100   
                 
  $ 15,561,854   
                 

Transportation — 14.9%

  

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

  $ 1,500      $ 1,650,870   

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

    700        770,770   

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

    1,000        1,080,430   

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

    1,665        1,832,699   

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

    990        1,035,075   

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

    1,930        2,176,268   

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

    2,740        2,928,484   
                 
  $ 11,474,596   
                 

Water and Sewer — 3.7%

  

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

  $ 585      $ 304,206   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(4)

    2,385        2,530,485   
                 
    $ 2,834,691   
                 

Total Tax-Exempt Investments — 161.6%
(identified cost $116,142,636)

   

  $ 124,736,106   
                 
 

 

  28   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Miscellaneous — 0.9%   
   
Security   Units     Value  

Real Estate — 0.9%

  

CMS Liquidating Trust(2)(5)(6)

    257      $ 691,852   
                 

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

   

  $ 691,852   
                 

Total Investments — 162.5%
(identified cost $116,965,036)

   

  $ 125,427,958   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.3)%

  

  $ (4,125,644
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (38.3)%

   

  $ (29,600,000
                 

Other Assets, Less Liabilities — (18.9)%

  

  $ (14,512,633
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 77,189,681   
                 

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

 

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 11.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 4.0% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the aggregate value of these securities is $5,309,759 or 6.9% of the Trust’s net assets applicable to common shares.

 

(3) 

When-issued security.

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,741,887.

 

(5) 

Non-income producing.

 

(6) 

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

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value     

Net

Unrealized
Appreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     29         Short         Mar-17       $ (4,410,880    $ (4,387,156    $ 23,724   
                                                 $ 23,724   

Abbreviations:

 

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

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 150.2%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 2.1%

  

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

  $ 810      $ 875,416   
                 
    $ 875,416   
                 

Education — 19.3%

  

Kent State University, 5.00%, 5/1/30

  $ 450      $ 514,233   

Miami University, 4.00%, 9/1/39

    500        509,220   

Miami University, 5.00%, 9/1/33

    1,000        1,104,880   

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

    440        475,534   

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

    1,250        1,362,475   

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

    500        557,445   

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

    1,000        1,065,120   

Ohio State University, 5.00%, 12/1/28

    480        580,791   

Ohio State University, 5.00%, 12/1/30

    545        655,706   

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

    500        548,710   

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

    750        820,305   
                 
    $ 8,194,419   
                 

Electric Utilities — 4.9%

  

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

  $ 470      $ 517,137   

American Municipal Power, Inc., (Meldahl Hydroelectric), 4.00%, 2/15/34

    765        766,132   

American Municipal Power, Inc., (Meldahl Hydroelectric), 5.00%, 2/15/33

    225        248,006   

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

    500        569,310   
                 
    $ 2,100,585   
                 

Escrowed / Prerefunded — 16.7%

  

Barberton City School District, Prerefunded to 6/1/18, 4.50%, 12/1/33

  $ 900      $ 945,297   

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

    1,750        1,905,382   

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

    65        69,485   

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

    445        463,401   

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

    155        173,930   
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

  $ 170      $ 191,384   

Huber Heights City School District, Prerefunded to 12/1/19, 4.75%, 12/1/25

    595        652,614   

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

    180        180,952   

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

    195        196,032   

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

    625        628,306   

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

    20        24,747   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 12/1/28

    250        275,803   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 6/1/30

    210        231,674   

Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), Prerefunded to 12/1/20, 5.25%, 12/1/37

    1,000        1,140,760   
                 
    $ 7,079,767   
                 

General Obligations — 7.6%

  

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

  $ 335      $ 374,781   

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

    1,025        1,084,491   

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

    400        444,228   

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

    1,250        1,302,138   
                 
    $ 3,205,638   
                 

Hospital — 21.6%

  

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

  $ 1,075      $ 1,161,129   

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

    560        596,176   

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

    500        540,380   

Franklin County, (Nationwide Children’s Hospital), Prerefunded to 11/1/19, 5.00%, 11/1/34

    800        880,960   

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

    250        276,848   

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

    750        845,220   

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

    315        300,434   

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

    500        535,365   
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 800      $ 851,624   

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

    500        539,730   

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

    1,000        1,069,020   

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

    555        596,459   

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

    565        628,020   

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

    165        181,569   

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

    90        91,065   

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

    80        85,659   
                 
    $ 9,179,658   
                 

Housing — 6.0%

  

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

  $ 2,500      $ 2,555,325   
                 
    $ 2,555,325   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 556,404   
                 
    $ 556,404   
                 

Insured – Education — 3.6%

  

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

  $ 750      $ 815,377   

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

    85        91,139   

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

    40        42,889   

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

    580        580,580   
                 
    $ 1,529,985   
                 

Insured – Electric Utilities — 11.3%

  

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

  $ 710      $ 480,755   

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

    2,000        763,340   

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

    815        629,946   

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

    3,000        2,223,630   

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

    305        327,457   

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

    200        217,014   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities (continued)

  

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

  $ 155      $ 168,936   
                 
    $ 4,811,078   
                 

Insured – Escrowed / Prerefunded — 18.5%

  

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39

  $ 1,000      $ 1,095,680   

Buckeye Valley Local School District, (AGC), Prerefunded to 12/1/18, 5.00%, 12/1/36

    500        537,985   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26

    915        992,253   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29

    425        460,883   

Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36

    1,750        1,891,225   

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

    90        95,213   

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

    510        539,539   

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

    150        158,664   

University of Akron, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    180        187,717   

University of Akron, Series A, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    1,500        1,563,810   

University of Akron, Series B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    320        333,613   
                 
    $ 7,856,582   
                 

Insured – General Obligations — 7.9%

  

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

  $ 555      $ 605,527   

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

    2,455        1,528,017   

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

    1,000        1,203,510   
                 
    $ 3,337,054   
                 

Insured – Hospital — 4.7%

  

Lorain County, (Catholic Healthcare Partners), (AGM), 5.00%, 2/1/29(1)(2)

  $ 1,940      $ 2,007,143   
                 
    $ 2,007,143   
                 

Insured – Special Tax Revenue — 0.3%

  

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

  $ 540      $ 107,800   
                 
    $ 107,800   
                 
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Transportation — 9.0%

  

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

  $ 600      $ 651,774   

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39

    140        148,722   

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

    1,000        1,185,410   

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

    1,000        1,213,790   

Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38

    590        624,928   
                 
    $ 3,824,624   
                 

Insured – Water and Sewer — 1.6%

  

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

  $ 665      $ 680,760   
                 
    $ 680,760   
                 

Other Revenue — 3.6%

  

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

  $ 1,000      $ 1,025,440   

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

    445        492,014   
                 
    $ 1,517,454   
                 

Senior Living / Life Care — 3.9%

  

Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44

  $ 650      $ 686,660   

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

    375        395,066   

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

    230        247,607   

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

    275        309,900   
                 
    $ 1,639,233   
                 

Special Tax Revenue — 3.2%

  

Cleveland, Income Tax Revenue, (Bridges and Roadways Improvements), 5.00%, 10/1/32

  $ 250      $ 279,558   

Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35

    500        559,115   

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

    180        205,873   

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

    290        329,759   
                 
    $ 1,374,305   
                 

Transportation — 0.5%

  

Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43

  $ 690      $ 224,809   
                 
    $ 224,809   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 2.6%

  

Hamilton County, Sewer System, 5.00%, 12/1/38

  $ 500      $ 553,420   

Northeast Ohio Regional Sewer District, 5.00%, 11/15/43

    500        550,905   
                 
    $ 1,104,325   
                 

Total Tax-Exempt Investments — 150.2%
(identified cost $58,943,103)

   

  $ 63,762,364   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (10.2)%

  

  $ (4,325,112
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (43.4)%

   

  $ (18,400,000
                 

Other Assets, Less Liabilities — 3.4%

  

  $ 1,401,328   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 42,438,580   
                 

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 Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 37.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 15.8% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $552,143.

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.
GNMA     Government National Mortgage Association
NPFG     National Public Finance Guaranty Corp.
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 157.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.4%

  

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

  $ 378      $ 151,250   
                 
    $ 151,250   
                 

Education — 26.0%

  

Allegheny County Higher Education Building Authority, (Duquesne University), 5.00%, 3/1/29

  $ 470      $ 534,522   

Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39

    500        534,185   

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39

    1,200        1,271,760   

Delaware County Authority, (Villanova University), 4.00%, 8/1/45

    1,000        999,960   

Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32

    750        840,097   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24

    45        50,070   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25

    65        72,418   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26

    140        156,353   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/27

    90        100,020   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30

    130        141,140   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/31

    110        118,589   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/40

    205        216,064   

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/27

    625        680,400   

Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40

    440        478,381   

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40

    625        659,181   

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/42

    600        649,746   

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

    750        835,192   

Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38

    250        282,143   

Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30

    575        626,370   
                 
    $ 9,246,591   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded — 19.2%

  

Allegheny County Higher Education Building Authority, (Duquesne University), Prerefunded to 3/1/21, 5.50%, 3/1/31

  $ 1,050      $ 1,206,187   

Chester County, Prerefunded to 7/15/19, 5.00%, 7/15/27

    395        431,380   

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

    315        335,384   

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

    220        234,236   

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

    435        463,301   

Dauphin County General Authority, (Pinnacle Health System), Prerefunded to 6/1/19, 6.00%, 6/1/29

    360        400,320   

Northampton County General Purpose Authority, (Lehigh University), Prerefunded to 5/15/19, 5.00%, 11/15/39

    500        543,700   

Pennsylvania Turnpike Commission, Prerefunded to 6/1/18, 5.625%, 6/1/29

    750        799,822   

Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39

    420        457,157   

Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39

    65        70,751   

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

    495        561,033   

Philadelphia School District, Prerefunded to 9/1/18, 6.00%, 9/1/38

    15        16,237   

Philadelphia School District, Prerefunded to 9/1/18, 6.00%, 9/1/38

    985        1,066,253   

Philadelphia, Gas Works Revenue, Prerefunded to 8/1/20, 5.25%, 8/1/40

    235        264,683   
                 
    $ 6,850,444   
                 

General Obligations — 8.3%

  

Chester County, 4.00%, 7/15/29

  $ 750      $ 814,095   

Chester County, 5.00%, 7/15/27

    105        114,151   

Daniel Boone Area School District, 5.00%, 8/15/32

    30        31,511   

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32

    1,000        1,180,980   

West York Area School District, 5.00%, 4/1/33

    750        814,290   
                 
    $ 2,955,027   
                 

Hospital — 26.0%

  

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34

  $ 500      $ 541,895   

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40

    750        803,505   

Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29

    390        427,791   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

    500        503,975   
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35

  $ 500      $ 496,745   

Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39

    750        814,387   

Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43

    1,485        1,490,658   

Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital Obligated Group), 5.00%, 6/1/31

    1,095        1,187,396   

Montgomery County Higher Education and Health Authority, (Holy Redeemer Health System), 5.00%, 10/1/27

    500        545,975   

Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33

    250        271,973   

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31

    675        724,768   

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

    250        283,097   

Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/34

    1,085        1,181,869   
                 
    $ 9,274,034   
                 

Housing — 1.3%

  

East Hempfield Township Industrial Development Authority, (Student Services, Inc.), 5.00%, 7/1/39

  $ 175      $ 179,741   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37

    290        290,049   
                 
    $ 469,790   
                 

Industrial Development Revenue — 9.4%

  

Delaware County Industrial Development Authority, (Covanta), 5.00%, 7/1/43(2)

  $ 750      $ 748,215   

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39

    200        217,178   

Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42

    750        783,300   

Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39

    250        272,373   

Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31

    1,115        1,317,640   
                 
    $ 3,338,706   
                 

Insured – Education — 3.7%

  

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/29

  $ 375      $ 394,290   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Education (continued)

  

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/32

  $ 875      $ 920,010   
                 
    $ 1,314,300   
                 

Insured – Electric Utilities — 3.3%

  

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

  $ 1,080      $ 1,177,103   
                 
    $ 1,177,103   
                 

Insured – Escrowed / Prerefunded — 18.1%

  

Beaver County, (AGM), Prerefunded to 11/15/17, 5.55%, 11/15/31

  $ 475      $ 496,237   

Bethlehem Area School District, (AGM), Prerefunded to 1/15/20, 5.25%, 1/15/25

    750        833,513   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), Prerefunded to 7/1/18, 5.00%, 7/1/35

    1,440        1,541,016   

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), Prerefunded to 4/1/18, 5.50%, 10/1/37

    500        529,095   

Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), Prerefunded to 11/1/17, 5.00%, 5/1/37

    1,105        1,146,382   

Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19

    2,000        1,909,620   
                 
    $ 6,455,863   
                 

Insured – General Obligations — 3.1%

  

Beaver County, (AGM), Prerefunded to 11/15/17, 5.55%, 11/15/31

  $ 25      $ 26,118   

Laurel Highlands School District, (AGM), 5.00%, 2/1/37

    750        812,190   

Luzerne County, (AGM), 5.00%, 11/15/29

    250        270,352   
                 
    $ 1,108,660   
                 

Insured – Hospital — 0.9%

  

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

  $ 250      $ 304,522   
                 
    $ 304,522   
                 

Insured – Lease Revenue / Certificates of Participation — 4.9%

  

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31

  $ 500      $ 532,110   

Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27

    1,195        1,225,257   
                 
    $ 1,757,367   
                 
 

 

  34   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 2.6%

  

Pittsburgh and Allegheny County Sports & Exhibition Authority, Sales Tax Revenue, (AGM), 5.00%, 2/1/31

  $ 610      $ 665,388   

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

    1,235        246,543   
                 
    $ 911,931   
                 

Insured – Transportation — 10.2%

  

Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27

  $ 525      $ 534,964   

Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29

    1,005        1,008,578   

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

    1,800        2,069,856   
                 
    $ 3,613,398   
                 

Insured – Water and Sewer — 1.5%

  

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35

  $ 500      $ 547,510   
                 
    $ 547,510   
                 

Senior Living / Life Care — 0.3%

  

Lancaster Industrial Development Authority, (Garden Spot Village), 5.375%, 5/1/28

  $ 100      $ 107,578   
                 
    $ 107,578   
                 

Transportation — 12.2%

  

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

  $ 465      $ 503,200   

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

    285        308,148   

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41

    450        470,358   

Pennsylvania Turnpike Commission, 5.25%, 6/1/39

    515        550,684   

Pennsylvania Turnpike Commission, 5.35%, 12/1/30

    935        1,029,314   

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/23

    410        449,167   

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27

    970        1,039,355   
                 
    $ 4,350,226   
                 

Utilities — 1.1%

  

Philadelphia, Gas Works Revenue, 5.25%, 8/1/40

  $ 365      $ 398,040   
                 
    $ 398,040   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 4.5%

  

Harrisburg Water Authority, 5.25%, 7/15/31

  $ 750      $ 767,903   

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

    750        815,692   
                 
    $ 1,583,595   
                 

Total Tax-Exempt Municipal Securities — 157.0%
(identified cost $52,922,088)

   

  $ 55,915,935   
                 
Taxable Municipal Securities — 0.0%(3)   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.0%(3)

  

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

  $ 27      $ 10,709   
                 

Total Taxable Municipal Securities — 0.0%(3)
(identified cost $26,772)

   

  $ 10,709   
                 

Total Investments — 157.0%
(identified cost $52,948,860)

   

  $ 55,926,644   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (11.8)%

  

  $ (4,200,010
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (47.7)%

   

  $ (16,975,000
                 

Other Assets, Less Liabilities — 2.5%

  

  $ 864,802   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 35,616,436   
                 

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 Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 30.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 14.8% of total investments.

 

(1) 

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the aggregate

 

 

  35   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

  value of these securities is $748,215 or 2.1% of the Trust’s net assets applicable to common shares.

 

(3) 

Amount is less than 0.05%.

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value     

Net

Unrealized
Appreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     10         Short         Mar-17       $ (1,520,994    $ (1,512,813    $ 8,181   
                                                 $ 8,181   

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.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
SFMR     Single Family Mortgage Revenue
 

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Assets and Liabilities

 

 

    November 30, 2016  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 149,303,702      $ 57,711,650      $ 43,189,537      $ 95,255,635   

Unrealized appreciation

    7,732,732        2,983,076        1,983,965        4,068,267   

Investments, at value

  $ 157,036,434      $ 60,694,726      $ 45,173,502      $ 99,323,902   

Cash

  $ 1,337,236      $ 186,677      $ 999,457      $ 667,198   

Restricted cash*

    183,000        102,000               132,000   

Interest receivable

    1,729,623        785,489        517,379        1,465,691   

Receivable for investments sold

                  1,050,000          

Receivable for variation margin on open financial futures contracts

    66,053        34,500               45,000   

Deferred debt issuance costs

    20,492                        

Deferred offering costs

    280,585        120,122        116,830        185,536   

Total assets

  $ 160,653,423      $ 61,923,514      $ 47,857,168      $ 101,819,327   
Liabilities   

Payable for floating rate notes issued

  $ 11,835,000      $ 1,915,000      $      $ 5,330,000   

Institutional MuniFund Term Preferred Shares, at liquidation value

    46,975,000        16,800,000        16,850,000        29,000,000   

Payable for investments purchased

                  1,063,058          

Payable for when-issued securities

                         1,147,320   

Payable to affiliates:

       

Investment adviser fee

    78,909        20,700        23,307        49,852   

Administration fee

    26,524        10,350        7,834        16,757   

Trustees’ fees

    1,530        652        510        977   

Interest expense and fees payable

    18,008        7,118        135        10,885   

Accrued expenses

    85,485        57,784        53,535        72,769   

Total liabilities

  $ 59,020,456      $ 18,811,604      $ 17,998,379      $ 35,628,560   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 3,000,118      $ 3,250,008      $ 650,049      $ 4,425,173   

Net assets applicable to common shares

  $ 98,632,849      $ 39,861,902      $ 29,208,740      $ 61,765,594   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 72,546      $ 27,370      $ 20,130      $ 45,982   

Additional paid-in capital

    100,138,078        39,551,836        27,977,497        67,282,715   

Accumulated net realized loss

    (9,439,090     (2,814,250     (847,416     (9,765,485

Accumulated undistributed net investment income

    91,000        95,054        74,564        109,573   

Net unrealized appreciation

    7,770,315        3,001,892        1,983,965        4,092,809   

Net assets applicable to common shares

  $ 98,632,849      $ 39,861,902      $ 29,208,740      $ 61,765,594   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    120        130        26        177   
Institutional MuniFund Term Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)     1,879        672        674        1,160   
Common Shares Outstanding     7,254,575        2,737,021        2,012,994        4,598,158   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 13.60      $ 14.56      $ 14.51      $ 13.43   

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Assets and Liabilities — continued

 

 

    November 30, 2016  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 116,965,036      $ 58,943,103      $ 52,948,860   

Unrealized appreciation

    8,462,922        4,819,261        2,977,784   

Investments, at value

  $ 125,427,958      $ 63,762,364      $ 55,926,644   

Cash

  $ 185,370      $ 381,488      $   

Restricted cash*

    128,250               44,000   

Interest receivable

    1,490,863        954,025        812,818   

Receivable for investments sold

    1,564,006        1,500,000          

Receivable for variation margin on open financial futures contracts

    43,500               15,000   

Deferred offering costs

    188,263        129,960        122,337   

Total assets

  $ 129,028,210      $ 66,727,837      $ 56,920,799   
Liabilities   

Payable for floating rate notes issued

  $ 16,210,000      $ 1,455,000      $   

Institutional MuniFund Term Preferred Shares, at liquidation value

    29,600,000        18,400,000        16,975,000   

Payable for when-issued securities

    1,694,918                 

Due to custodian

                  31,015   

Payable to affiliates:

     

Investment adviser fee

    60,785        32,913        28,242   

Administration fee

    20,432        11,063        9,493   

Trustees’ fees

    1,200        682        602   

Interest expense and fees payable

    48,951        7,550        136   

Accrued expenses

    76,599        56,937        59,865   

Total liabilities

  $ 47,712,885      $ 19,964,145      $ 17,104,353   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 4,125,644      $ 4,325,112      $ 4,200,010   

Net assets applicable to common shares

  $ 77,189,681      $ 42,438,580      $ 35,616,436   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 54,758      $ 28,572      $ 26,010   

Additional paid-in capital

    78,289,682        39,603,459        36,158,296   

Accumulated net realized loss

    (9,731,465     (2,252,948     (3,605,691

Accumulated undistributed net investment income

    90,060        240,236        51,856   

Net unrealized appreciation

    8,486,646        4,819,261        2,985,965   

Net assets applicable to common shares

  $ 77,189,681      $ 42,438,580      $ 35,616,436   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    165        173        168   

Institutional MuniFund Term Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,184        736        679   
Common Shares Outstanding     5,475,751        2,857,157        2,601,014   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 14.10      $ 14.85      $ 13.69   

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Operations

 

 

    Year Ended November 30, 2016  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 6,741,791      $ 2,556,525      $ 2,015,964      $ 4,506,326   

Total investment income

  $ 6,741,791      $ 2,556,525      $ 2,015,964      $ 4,506,326   
Expenses   

Investment adviser fee

  $ 986,861      $ 365,996      $ 290,792      $ 615,341   

Administration fee

    328,310        128,645        96,743        204,721   

Trustees’ fees and expenses

    9,153        3,899        3,049        5,860   

Custodian fee

    51,659        30,946        25,168        38,797   

Transfer and dividend disbursing agent fees

    17,963        18,019        18,099        18,256   

Legal and accounting services

    76,446        51,448        47,615        68,500   

Printing and postage

    14,288        8,747        8,249        11,134   

Amortization of deferred offering costs

    82,232        35,245        34,289        54,424   

Interest expense and fees

    826,967        274,318        254,398        484,206   

Auction preferred shares service fee

    16,828        6,619        4,934        12,383   

Miscellaneous

    77,750        66,780        65,559        71,355   

Total expenses

  $ 2,488,457      $ 990,662      $ 848,895      $ 1,584,977   

Net investment income

  $ 4,253,334      $ 1,565,863      $ 1,167,069      $ 2,921,349   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 629,835      $ 159,641      $ 133,431      $ 314,835   

Extinguishment of debt

    (1,898                   (21

Financial futures contracts

    (146,129     (94,509            (123,273

Net realized gain

  $ 481,808      $ 65,132      $ 133,431      $ 191,541   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ (5,541,591   $ (2,382,596   $ (1,258,353   $ (3,137,613

Financial futures contracts

    56,178        28,562               37,255   

Net change in unrealized appreciation (depreciation)

  $ (5,485,413   $ (2,354,034   $ (1,258,353   $ (3,100,358

Net realized and unrealized loss

  $ (5,003,605   $ (2,288,902   $ (1,124,922   $ (2,908,817

Distributions to auction preferred shareholders

                               

From net investment income

  $ (61,878   $ (36,943   $ (19,799   $ (55,468
Discount on redemption and repurchase of auction preferred shares   $ 2,113,875      $ 756,000      $ 758,250      $ 1,305,000   

Net increase (decrease) in net assets from operations

  $ 1,301,726      $ (3,982   $ 780,598      $ 1,262,064   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Operations — continued

 

 

    Year Ended November 30, 2016  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 5,567,821      $ 2,921,465      $ 2,570,798   

Total investment income

  $ 5,567,821      $ 2,921,465      $ 2,570,798   
Expenses                        

Investment adviser fee

  $ 761,856      $ 408,982      $ 354,391   

Administration fee

    253,453        136,066        117,895   

Trustees’ fees and expenses

    7,187        4,077        3,605   

Custodian fee

    42,391        29,357        27,935   

Transfer and dividend disbursing agent fees

    18,006        18,050        18,016   

Legal and accounting services

    69,660        52,136        51,084   

Printing and postage

    13,339        10,071        9,939   

Amortization of deferred offering costs

    55,226        38,126        35,890   

Interest expense and fees

    618,810        289,493        260,586   

Auction preferred shares service fee

    11,363        7,401        8,090   

Miscellaneous

    73,775        70,795        68,960   

Total expenses

  $ 1,925,066      $ 1,064,554      $ 956,391   

Net investment income

  $ 3,642,755      $ 1,856,911      $ 1,614,407   
Realized and Unrealized Gain (Loss)                        

Net realized gain (loss) —

     

Investment transactions

  $ 189,819      $ 352,619      $ 163,981   

Financial futures contracts

    (119,164            (41,091

Net realized gain

  $ 70,655      $ 352,619      $ 122,890   

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (3,708,499   $ (2,023,226   $ (1,358,726

Financial futures contracts

    36,013               12,419   

Net change in unrealized appreciation (depreciation)

  $ (3,672,486   $ (2,023,226   $ (1,346,307

Net realized and unrealized loss

  $ (3,601,831   $ (1,670,607   $ (1,223,417

Distributions to auction preferred shareholders

                       

From net investment income

  $ (54,888   $ (46,115   $ (43,467
Discount on redemption and repurchase of auction preferred shares   $ 1,332,000      $ 828,000      $ 763,875   

Net increase in net assets from operations

  $ 1,318,036      $ 968,189      $ 1,111,398   

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Changes in Net Assets

 

 

    Year Ended November 30, 2016  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 4,253,334      $ 1,565,863      $ 1,167,069      $ 2,921,349   

Net realized gain from investment transactions, extinguishment of debt and financial futures contracts

    481,808        65,132        133,431        191,541   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (5,485,413     (2,354,034     (1,258,353     (3,100,358

Distributions to auction preferred shareholders —

       

From net investment income

    (61,878     (36,943     (19,799     (55,468

Discount on redemption and repurchase of auction preferred shares

    2,113,875        756,000        758,250        1,305,000   

Net increase (decrease) in net assets from operations

  $ 1,301,726      $ (3,982   $ 780,598      $ 1,262,064   

Distributions to common shareholders —

       

From net investment income

  $ (4,400,974   $ (1,612,281   $ (1,249,135   $ (2,941,295

Total distributions to common shareholders

  $ (4,400,974   $ (1,612,281   $ (1,249,135   $ (2,941,295

Net decrease in net assets

  $ (3,099,248   $ (1,616,263   $ (468,537   $ (1,679,231
Net Assets Applicable to Common Shares   

At beginning of year

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   

At end of year

  $ 98,632,849      $ 39,861,902      $ 29,208,740      $ 61,765,594   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 91,000      $ 95,054      $ 74,564      $ 109,573   

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2016  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 3,642,755      $ 1,856,911      $ 1,614,407   

Net realized gain from investment transactions and financial futures contracts

    70,655        352,619        122,890   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (3,672,486     (2,023,226     (1,346,307

Distributions to auction preferred shareholders —

     

From net investment income

    (54,888     (46,115     (43,467

Discount on redemption and repurchase of auction preferred shares

    1,332,000        828,000        763,875   

Net increase in net assets from operations

  $ 1,318,036      $ 968,189      $ 1,111,398   

Distributions to common shareholders —

     

From net investment income

  $ (3,651,943   $ (1,974,158   $ (1,621,035

Total distributions to common shareholders

  $ (3,651,943   $ (1,974,158   $ (1,621,035

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 6,051      $      $   

Net increase in net assets from capital share transactions

  $ 6,051      $      $   

Net decrease in net assets

  $ (2,327,856   $ (1,005,969   $ (509,637
Net Assets Applicable to Common Shares   

At beginning of year

  $ 79,517,537      $ 43,444,549      $ 36,126,073   

At end of year

  $ 77,189,681      $ 42,438,580      $ 35,616,436   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 90,060      $ 240,236      $ 51,856   

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,345,448      $ 1,944,665      $ 1,531,085      $ 3,444,543   

Net realized gain from investment transactions and financial futures contracts

    188,186        295,145        57,070        144,056   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (559,309     (309,758     (38,140     (1,537,692

Distributions to auction preferred shareholders —

       

From net investment income

    (67,546     (27,241     (23,794     (45,378

Net increase in net assets from operations

  $ 4,906,779      $ 1,902,811      $ 1,526,221      $ 2,005,529   

Distributions to common shareholders —

       

From net investment income

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Total distributions to common shareholders

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Capital share transactions —

       

Cost of shares repurchased (see Note 7)

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets from capital share transactions

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets

  $ (396,635   $ (48,687   $ (818,666   $ (2,178,863
Net Assets Applicable to Common Shares   

At beginning of year

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   

At end of year

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 139,257      $ 131,517      $ 105,083      $ 130,011   

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,456,385      $ 2,202,284      $ 1,991,294   

Net realized gain (loss) from investment transactions and financial futures contracts

    261,691        72,679        (426,255

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (561,702     1,772        157,406   

Distributions to auction preferred shareholders —

     

From net investment income

    (45,772     (30,228     (28,676

Net increase in net assets from operations

  $ 4,110,602      $ 2,246,507      $ 1,693,769   

Distributions to common shareholders —

     

From net investment income

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Total distributions to common shareholders

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Capital share transactions —

     

Cost of shares repurchased (see Note 7)

  $      $      $ (1,173,348

Net decrease in net assets from capital share transactions

  $      $      $ (1,173,348

Net increase (decrease) in net assets

  $ (342,724   $ 157,845      $ (1,405,801
Net Assets Applicable to Common Shares                        

At beginning of year

  $ 79,860,261      $ 43,286,704      $ 37,531,874   

At end of year

  $ 79,517,537      $ 43,444,549      $ 36,126,073   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 52,149      $ 288,169      $ 17,709   

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Cash Flows

 

 

    Year Ended November 30, 2016  
Cash Flows From Operating Activities   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Net increase (decrease) in net assets from operations

  $ 1,301,726      $ (3,982   $ 780,598      $ 1,262,064   

Distributions to auction preferred shareholders

    61,878        36,943        19,799        55,468   

Discount on redemption and repurchase of auction preferred shares

    (2,113,875     (756,000     (758,250     (1,305,000

Net increase (decrease) in net assets from operations excluding distributions to auction preferred shareholders and discount on redemption and repurchase of auction preferred shares

  $ (750,271   $ (723,039   $ 42,147      $ 12,532   

Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:

       

Investments purchased

    (19,610,104     (8,117,453     (5,003,914     (11,307,056

Investments sold

    20,801,210        7,769,855        4,408,962        9,367,450   

Net amortization/accretion of premium (discount)

    (356,130     89,066        30,254        (232,330

Amortization of deferred debt issuance costs

    1,356                      13   

Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares

    82,232        35,245        34,289        54,424   

Increase in restricted cash

           (8,000            (9,000

Decrease (increase) in interest receivable

    (165,910     616        9,355        50,000   

Increase in receivable for variation margin on open financial futures contracts

    (66,053     (34,500            (45,000

Decrease in payable for variation margin on open financial futures contracts

    (2,157     (3,594            (4,688

Decrease in payable to affiliate for investment adviser fee

    (1,396     (10,722     (245     (246

Increase in payable to affiliate for administration fee

    194        48        112        332   

Decrease in payable to affiliate for Trustees’ fees

    (18     (5     (3     (26

Increase in interest expense and fees payable

    7,651        3,510        135        4,889   

Decrease in accrued expenses

    (62     (4,857     (7,477     (928

Net change in unrealized (appreciation) depreciation from investments

    5,541,591        2,382,596        1,258,353        3,137,613   

Net realized gain from investments

    (629,835     (159,641     (133,431     (314,835

Net realized loss on extinguishment of debt

    1,898                      21   

Net cash provided by operating activities

  $ 4,854,196      $ 1,219,125      $ 638,537      $ 713,165   
Cash Flows From Financing Activities           

Distributions paid to common shareholders, net of reinvestments

  $ (4,400,974   $ (1,612,281   $ (1,249,135   $ (2,941,295

Cash distributions paid to auction preferred shareholders

    (62,308     (37,528     (20,007     (55,662

Liquidation of auction preferred shares

    (44,861,125     (16,044,000     (16,091,750     (27,695,000

Proceeds from Institutional MuniFund Term Preferred Shares issued

    46,975,000        16,800,000        16,850,000        29,000,000   

Payment of offering costs on Institutional MuniFund Term Preferred Shares

    (362,817     (155,367     (151,119     (239,960

Proceeds from secured borrowings

                         4,000,000   

Repayment of secured borrowings

    (675,000                   (2,030,000

Decrease in due to custodian

    (129,736                   (84,050

Net cash used in financing activities

  $ (3,516,960   $ (1,049,176   $ (662,011   $ (45,967

Net increase (decrease) in cash

  $ 1,337,236      $ 169,949      $ (23,474   $ 667,198   

Cash at beginning of year

  $      $ 16,728      $ 1,022,931      $   

Cash at end of year

  $ 1,337,236      $ 186,677      $ 999,457      $ 667,198   
Supplemental disclosure of cash flow information:           

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 817,960      $ 270,808      $ 254,263      $ 479,304   

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Statements of Cash Flows — continued

 

 

    Year Ended November 30, 2016  
Cash Flows From Operating Activities   New York Trust     Ohio Trust     Pennsylvania Trust  

Net increase in net assets from operations

  $ 1,318,036      $ 968,189      $ 1,111,398   

Distributions to auction preferred shareholders

    54,888        46,115        43,467   

Discount on redemption and repurchase of auction preferred shares

    (1,332,000     (828,000     (763,875

Net increase in net assets from operations excluding distributions to auction preferred shareholders and discount on redemption and repurchase of auction preferred shares

  $ 40,924      $ 186,304      $ 390,990   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

     

Investments purchased

    (19,159,638     (3,136,328     (5,215,442

Investments sold

    18,411,106        1,602,338        5,298,976   

Net amortization/accretion of premium (discount)

    (5,608     (135,106     8,490   

Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares

    55,226        38,126        35,889   

Increase in restricted cash

    (7,000            (3,000

Decrease (increase) in interest receivable

    28,709        3,554        (16,820

Increase in receivable for variation margin on open financial futures contracts

    (43,500            (15,000

Decrease in payable for variation margin on open financial futures contracts

    (4,531            (1,563

Decrease in payable to affiliate for investment adviser fee

    (1,181     (102     (753

Increase (decrease) in payable to affiliate for administration fee

    115        238        (13

Decrease in payable to affiliate for Trustees’ fees

    (15     (1     (14

Increase (decrease) in interest expense and fees payable

    22,951        7,550        (1,062

Decrease in accrued expenses

    (2,116     (5,126     (5,448

Net change in unrealized (appreciation) depreciation from investments

    3,708,499        2,023,226        1,358,726   

Net realized gain from investments

    (189,819     (352,619     (163,981

Net cash provided by operating activities

  $ 2,854,122      $ 232,054      $ 1,669,975   
Cash Flows From Financing Activities   

Distributions paid to common shareholders, net of reinvestments

  $ (3,645,892   $ (1,974,158   $ (1,621,035

Cash distributions paid to auction preferred shareholders

    (54,737     (46,665     (44,084

Liquidation of auction preferred shares

    (28,268,000     (17,572,000     (16,211,125

Proceeds from Institutional MuniFund Term Preferred Shares issued

    29,600,000        18,400,000        16,975,000   

Payment of offering costs on Institutional MuniFund Term Preferred Shares

    (243,489     (168,086     (158,226

Proceeds from secured borrowings

           1,455,000          

Repayment of secured borrowings

    (1,680,000            (750,000

Increase in due to custodian

                  31,015   

Net cash provided by (used in) financing activities

  $ (4,292,118   $ 94,091      $ (1,778,455

Net increase (decrease) in cash

  $ (1,437,996   $ 326,145      $ (108,480

Cash at beginning of year

  $ 1,623,366      $ 55,343      $ 108,480   

Cash at end of year

  $ 185,370      $ 381,488      $   
Supplemental disclosure of cash flow information:   

Noncash financing activities not included herein consist of:

     

Reinvestment of dividends and distributions

  $ 6,051      $      $   

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 595,859      $ 281,943      $ 261,648   

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 14.020      $ 14.080      $ 12.580      $ 14.660      $ 12.410   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.586      $ 0.737      $ 0.756      $ 0.756      $ 0.791   

Net realized and unrealized gain (loss)

    (0.681     (0.057     1.507        (2.028     2.316   

Distributions to APS shareholders

         

From net investment income(1)

    (0.009     (0.009     (0.007     (0.012     (0.018

Discount on redemption and repurchase of APS(1)

    0.291                               

Total income (loss) from operations

  $ 0.187      $ 0.671      $ 2.256      $ (1.284   $ 3.089   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.607   $ (0.731   $ (0.757   $ (0.796   $ (0.839

Total distributions to common shareholders

  $ (0.607   $ (0.731   $ (0.757   $ (0.796   $ (0.839

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $      $ 0.001      $      $   

Net asset value — End of year (Common shares)

  $ 13.600      $ 14.020      $ 14.080      $ 12.580      $ 14.660   

Market value — End of year (Common shares)

  $ 12.260      $ 12.900      $ 12.670      $ 11.060      $ 14.680   

Total Investment Return on Net Asset Value(2)

    1.38 %(3)      5.28     19.06     (8.69 )%      25.59

Total Investment Return on Market Value(2)

    (0.68 )%      7.65     21.86     (19.84 )%      22.22

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 98,633      $ 101,732      $ 102,129      $ 91,333      $ 106,367   

Ratios (as a percentage of average daily net assets applicable to common
shares):(4)

         

Expenses excluding interest and fees(5)

    1.50     1.54     1.60     1.66     1.66

Interest and fee expense(6)

    0.87     0.08     0.09     0.10     0.11

Total expenses(5)

    2.37     1.62     1.69     1.76     1.77

Net investment income

    4.05     5.26     5.64     5.64     5.77

Portfolio Turnover

    12     9     11     8     17

Senior Securities:

         

Total preferred shares outstanding(7)

    1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(8)

  $ 74,341      $ 75,892      $ 76,091      $ 70,690      $ 78,210   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.80)%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.01     1.04     1.06     1.09     1.11

Interest and fee expense

    0.59     0.05     0.06     0.07     0.07

Total expenses

    1.60     1.09     1.12     1.16     1.18

Net investment income

    2.74     3.53     3.73     3.73     3.84

 

APS     Auction Preferred Shares

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 15.150      $ 15.140      $ 13.730      $ 16.200      $ 13.970   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.572      $ 0.710      $ 0.726      $ 0.750      $ 0.771   

Net realized and unrealized gain (loss)

    (0.836     (0.008     1.390        (2.432     2.283   

Distributions to APS shareholders

         

From net investment income(1)

    (0.013     (0.010     (0.008     (0.012     (0.019

Discount on redemption and repurchase of APS(1)

    0.276                               

Total income (loss) from operations

  $ (0.001   $ 0.692      $ 2.108      $ (1.694   $ 3.035   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.589   $ (0.686   $ (0.703   $ (0.776   $ (0.805

Total distributions to common shareholders

  $ (0.589   $ (0.686   $ (0.703   $ (0.776   $ (0.805

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $ 0.004      $ 0.005      $      $   

Net asset value — End of year (Common shares)

  $ 14.560      $ 15.150      $ 15.140      $ 13.730      $ 16.200   

Market value — End of year (Common shares)

  $ 13.330      $ 14.020      $ 13.310      $ 11.970      $ 16.350   

Total Investment Return on Net Asset Value(2)

    0.05 %(3)      5.21     16.30     (10.34 )%      22.28

Total Investment Return on Market Value(2)

    (1.02 )%      10.75     17.27     (22.55 )%      16.41

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 39,862      $ 41,478      $ 41,527      $ 37,774      $ 44,549   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.59     1.62     1.68     1.73     1.73

Interest and fee expense(6)

    0.72     0.05     0.05     0.08     0.09

Total expenses(5)

    2.31     1.67     1.73     1.81     1.82

Net investment income

    3.66     4.70     4.96     5.12     5.06

Portfolio Turnover

    12     10     2     1     11

Senior Securities:

         

Total preferred shares outstanding(7)

    802        802        802        802        802   

Asset coverage per preferred share(8)

  $ 74,703      $ 76,719      $ 76,780      $ 72,100      $ 80,548   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (1.85)%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.09     1.10     1.12     1.16     1.17

Interest and fee expense

    0.49     0.03     0.04     0.05     0.06

Total expenses

    1.58     1.13     1.16     1.21     1.23

Net investment income

    2.49     3.17     3.31     3.42     3.42

 

APS     Auction Preferred Shares

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
     2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 14.740      $ 14.640      $ 12.910      $ 15.310      $ 13.400   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.580      $ 0.752      $ 0.730      $ 0.728      $ 0.760   

Net realized and unrealized gain (loss)

    (0.556     0.002        1.685        (2.365     1.944   

Distributions to APS shareholders

         

From net investment income(1)

    (0.010     (0.012     (0.009     (0.014     (0.021

Discount on redemption and repurchase of APS(1)

    0.377                               

Total income (loss) from operations

  $ 0.391      $ 0.742      $ 2.406      $ (1.651   $ 2.683   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.621   $ (0.709   $ (0.709   $ (0.749   $ (0.773

Total distributions to common shareholders

  $ (0.621   $ (0.709   $ (0.709   $ (0.749   $ (0.773

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $ 0.067      $ 0.033      $      $   

Net asset value — End of year (Common shares)

  $ 14.510      $ 14.740      $ 14.640      $ 12.910      $ 15.310   

Market value — End of year (Common shares)

  $ 12.920      $ 12.730      $ 12.550      $ 11.000      $ 14.690   

Total Investment Return on Net Asset Value(2)

    2.98 %(3)      6.44     20.18     (10.49 )%      20.92

Total Investment Return on Market Value(2)

    6.21     7.19     20.91     (20.51 )%      24.67

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 29,209      $ 29,677      $ 30,496      $ 27,328      $ 32,391   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.81     1.77     1.87     1.91     1.89

Interest and fee expense

    0.94 %(6)                             

Total expenses(5)

    2.75     1.77     1.87     1.91     1.89

Net investment income

    3.78     5.12     5.24     5.26     5.26

Portfolio Turnover

    12     4     26     11     14

Senior Securities:

         

Total preferred shares outstanding(7)

    700        700        700        700        700   

Asset coverage per preferred share(8)

  $ 66,727      $ 67,396      $ 68,566      $ 64,040      $ 71,273   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 0.31%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.16     1.11     1.17     1.20     1.20

Interest and fee expense

    0.60                            

Total expenses

    1.76     1.11     1.17     1.20     1.20

Net investment income

    2.41     3.23     3.29     3.29     3.35

 

APS     Auction Preferred Shares

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
     2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 13.800      $ 14.060      $ 12.960      $ 14.790      $ 13.020   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.635      $ 0.745      $ 0.748      $ 0.762      $ 0.802   

Net realized and unrealized gain (loss)

    (0.637     (0.293     1.098        (1.792     1.783   

Distributions to APS shareholders

         

From net investment income(1)

    (0.012     (0.010     (0.008     (0.012     (0.018

Discount on redemption and repurchase of APS(1)

    0.284                               

Total income (loss) from operations

  $ 0.270      $ 0.442      $ 1.838      $ (1.042   $ 2.567   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.640   $ (0.728   $ (0.743   $ (0.788   $ (0.797

Total distributions to common shareholders

  $ (0.640   $ (0.728   $ (0.743   $ (0.788   $ (0.797

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $ 0.026      $ 0.005      $      $   

Net asset value — End of year (Common shares)

  $ 13.430      $ 13.800      $ 14.060      $ 12.960      $ 14.790   

Market value — End of year (Common shares)

  $ 11.950      $ 12.320      $ 12.300      $ 11.440      $ 16.380   

Total Investment Return on Net Asset Value(2)

    2.13 %(3)      4.08     15.20     (6.96 )%      20.18

Total Investment Return on Market Value(2)

    1.79     6.21     14.17     (25.85 )%      29.62

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 61,766      $ 63,445      $ 65,624      $ 60,653      $ 69,135   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.60     1.60     1.64     1.70     1.71

Interest and fee expense(6)

    0.82     0.04     0.04     0.08     0.11

Total expenses(5)

    2.42     1.64     1.68     1.78     1.82

Net investment income

    4.46     5.36     5.47     5.55     5.70

Portfolio Turnover

    9     8     6     16     14

Senior Securities:

         

Total preferred shares outstanding(7)

    1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(8)

  $ 71,197      $ 72,453      $ 74,083      $ 70,365      $ 76,709   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.03)%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.06     1.06     1.07     1.12     1.14

Interest and fee expense

    0.54     0.02     0.03     0.05     0.07

Total expenses

    1.60     1.08     1.10     1.17     1.21

Net investment income

    2.95     3.53     3.59     3.65     3.78

 

APS     Auction Preferred Shares

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
     2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 14.520      $ 14.590      $ 13.260      $ 15.540      $ 13.310   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.665      $ 0.814      $ 0.840      $ 0.845      $ 0.856   

Net realized and unrealized gain (loss)

    (0.651     (0.063     1.359        (2.232     2.300   

Distributions to APS shareholders

         

From net investment income(1)

    (0.010     (0.008     (0.007     (0.010     (0.016

Discount on redemption and repurchase of APS(1)

    0.243                               

Total income (loss) from operations

  $ 0.247      $ 0.743      $ 2.192      $ (1.397   $ 3.140   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.667   $ (0.813   $ (0.862   $ (0.883   $ (0.910

Total distributions to common shareholders

  $ (0.667   $ (0.813   $ (0.862   $ (0.883   $ (0.910

Net asset value — End of year (Common shares)

  $ 14.100      $ 14.520      $ 14.590      $ 13.260      $ 15.540   

Market value — End of year (Common shares)

  $ 13.040      $ 13.730      $ 13.730      $ 12.100      $ 16.150   

Total Investment Return on Net Asset Value(2)

    1.69 %(3)      5.63     17.25     (8.99 )%      24.30

Total Investment Return on Market Value(2)

    (0.53 )%      6.13     20.92     (20.09 )%      27.89

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 77,190      $ 79,518      $ 79,860      $ 72,611      $ 85,001   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.52     1.53     1.60     1.65     1.66

Interest and fee expense(6)

    0.82     0.14     0.15     0.16     0.18

Total expenses(5)

    2.34     1.67     1.75     1.81     1.84

Net investment income

    4.43     5.60     5.96     5.97     5.90

Portfolio Turnover

    15     7     4     10     17

Senior Securities:

         

Total preferred shares outstanding(7)

    1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(8)

  $ 82,220      $ 83,946      $ 84,200      $ 78,826      $ 88,010   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.06)%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.08     1.08     1.11     1.15     1.16

Interest and fee expense

    0.58     0.10     0.11     0.11     0.13

Total expenses

    1.66     1.18     1.22     1.26     1.29

Net investment income

    3.14     3.93     4.15     4.16     4.14

 

APS     Auction Preferred Shares

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
     2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 15.210      $ 15.150      $ 13.510      $ 15.850      $ 13.440   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.650      $ 0.771      $ 0.775      $ 0.764      $ 0.786   

Net realized and unrealized gain (loss)

    (0.593     0.031        1.605        (2.352     2.475   

Distributions to APS shareholders

         

From net investment income(1)

    (0.016     (0.011     (0.009     (0.013     (0.020

Discount on redemption and repurchase of APS(1)

    0.290                               

Total income (loss) from operations

  $ 0.331      $ 0.791      $ 2.371      $ (1.601   $ 3.241   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.691   $ (0.731   $ (0.731   $ (0.739   $ (0.831

Total distributions to common shareholders

  $ (0.691   $ (0.731   $ (0.731   $ (0.739   $ (0.831

Net asset value — End of year (Common shares)

  $ 14.850      $ 15.210      $ 15.150      $ 13.510      $ 15.850   

Market value — End of year (Common shares)

  $ 13.580      $ 13.700      $ 13.620      $ 11.840      $ 16.800   

Total Investment Return on Net Asset Value(2)

    2.26 %(3)      5.91     18.49     (10.01 )%      24.71

Total Investment Return on Market Value(2)

    3.83     6.11     21.55     (25.59 )%      33.34

 

  57   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 42,439      $ 43,445      $ 43,287      $ 38,588      $ 45,284   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.63     1.61     1.70     1.76     1.76

Interest and fee expense

    0.73 %(6)                             

Total expenses(5)

    2.36     1.61     1.70     1.76     1.76

Net investment income

    4.12     5.09     5.36     5.33     5.31

Portfolio Turnover

    5     1     9     10     11

Senior Securities:

         

Total preferred shares outstanding(7)

    909        909        909        909        909   

Asset coverage per preferred share(8)

  $ 71,687      $ 72,795      $ 72,621      $ 67,451      $ 74,818   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 0.27%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.09     1.06     1.10     1.13     1.15

Interest and fee expense

    0.48                            

Total expenses

    1.57     1.06     1.10     1.13     1.15

Net investment income

    2.74     3.34     3.46     3.43     3.45

 

APS     Auction Preferred Shares

 

  58   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
     2016     2015     2014     2013     2012  

Net asset value — Beginning of year (Common shares)

  $ 13.890      $ 13.910      $ 12.770      $ 14.780      $ 13.250   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.621      $ 0.752      $ 0.755      $ 0.750      $ 0.786   

Net realized and unrealized gain (loss)

    (0.475     (0.099     1.143        (1.960     1.591   

Distributions to APS shareholders

         

From net investment income(1)

    (0.017     (0.011     (0.008     (0.013     (0.020

Discount on redemption and repurchase of APS(1)

    0.294                               

Total income (loss) from operations

  $ 0.423      $ 0.642      $ 1.890      $ (1.223   $ 2.357   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.623   $ (0.727   $ (0.764   $ (0.787   $ (0.827

Total distributions to common shareholders

  $ (0.623   $ (0.727   $ (0.764   $ (0.787   $ (0.827

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $ 0.065      $ 0.014      $      $   

Net asset value — End of year (Common shares)

  $ 13.690      $ 13.890      $ 13.910      $ 12.770      $ 14.780   

Market value — End of year (Common shares)

  $ 12.280      $ 12.040      $ 12.050      $ 10.950      $ 15.100   

Total Investment Return on Net Asset Value(2)

    3.46 %(3)      6.02     16.07     (8.07 )%      18.20

Total Investment Return on Market Value(2)

    7.06     6.08     17.26     (22.84 )%      17.23

 

  59   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 35,616      $ 36,126      $ 37,532      $ 34,736      $ 40,188   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

         

Expenses excluding interest and fees(5)

    1.77     1.76     1.79     1.85     1.85

Interest and fee expense(6)

    0.80     0.01     0.04     0.05     0.04

Total expenses(5)

    2.57     1.77     1.83     1.90     1.89

Net investment income

    4.34     5.42     5.61     5.53     5.57

Portfolio Turnover

    9     3     4     11     15

Senior Securities:

         

Total preferred shares outstanding(7)

    847        847        847        847        847   

Asset coverage per preferred share(8)

  $ 67,050      $ 67,653      $ 69,312      $ 66,011      $ 72,448   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 1.24%.

 

(4) 

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(6) 

Interest and fee expense, including amortization of deferred offering costs, relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

(7) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.13     1.11     1.14     1.18     1.20

Interest and fee expense

    0.51     0.01     0.02     0.03     0.02

Total expenses

    1.64     1.12     1.16     1.21     1.22

Net investment income

    2.77     3.44     3.55     3.51     3.59

 

APS     Auction Preferred Shares

 

  60   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements

 

 

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. The Trusts’ investment objective is to provide current income exempt from regular federal income tax and taxes in its specified state.

The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that a Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of November 30, 2016, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

 

  61  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

G  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2016. Interest expense related to a Trust’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At November 30, 2016, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

 

    

California

Trust

     Massachusetts
Trust
     New Jersey
Trust
    

New York

Trust

    

Ohio

Trust

 

Floating Rate Notes Outstanding

  $ 11,835,000       $ 1,915,000       $ 5,330,000       $ 16,210,000       $ 1,455,000   

Interest Rate or Range of Interest Rates (%)

    0.59         0.58 - 0.68         0.59 - 0.63         0.58 - 0.63         0.79   

Collateral for Floating Rate Notes Outstanding

  $ 14,541,841       $ 3,032,969       $ 7,641,482       $ 22,679,042       $ 2,007,143   

For the year ended November 30, 2016, the Trusts’ average Floating Rate Notes outstanding and the average interest rate including fees and amortization of deferred debt issuance costs were as follows:

 

    

California

Trust

    Massachusetts
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Average Floating Rate Notes Outstanding

  $ 12,000,984      $ 1,915,000      $ 4,081,393      $ 17,126,721      $ 787,131      $ 506,148   

Average Interest Rate

    0.98     1.07     1.13     1.00     1.44     0.78

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of November 30, 2016.

The Trusts may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, covered funds (such as SPVs), as

 

  62  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

defined in the rules. The compliance date for the Volcker Rule for certain covered funds was July 21, 2015 while for other covered funds the compliance date is July 21, 2017, as announced on July 7, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts were or will be restructured to comply with the Volcker Rule as of the applicable compliance dates. The effects of the Volcker Rule may make it more difficult for the Trusts to maintain current or desired levels of leverage and may cause the Trusts to incur additional expenses to maintain their leverage.

Legal and restructuring fees incurred in connection with the restructuring of residual interest bond trusts are recorded as interest expense.

H  Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

J  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS, with a Trust’s other preferred shares (see Note 3), are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements, as defined in the Trusts’ By-laws and the 1940 Act, with respect to the preferred shares. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

On December 21, 2015, each Trust announced a tender offer to purchase up to 100% of its outstanding APS at a price per share equal to 95.5% of the APS liquidation preference of $25,000 per share (or $23,875 per share), plus any accrued but unpaid APS dividends. The tender offer expired on February 23, 2016. The number of APS accepted for repurchase pursuant to the tender offer and their liquidation preference were as follows:

 

    

California

Trust

    Massachusetts
Trust
   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

APS Tendered and Redeemed

    1,879        672        674        1,160        1,184        736        679   

Redemption Amount

  $ 44,861,125      $ 16,044,000      $ 16,091,750      $ 27,695,000      $ 28,268,000      $ 17,572,000      $ 16,211,125   

There were no other transactions in APS during the year ended November 30, 2016.

 

  63  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

3  Institutional MuniFund Term Preferred Shares

On February 26, 2016, each Trust issued Institutional MuniFund Term Preferred Shares (iMTP Shares) in a private offering to finance the tender offer for its outstanding APS (see Note 2). The number of new iMTP Shares issued was equal to the APS accepted for payment pursuant to the tender offer. The number of iMTP Shares issued and outstanding at November 30, 2016 was as follows:

 

Trust   iMTP Shares Issued
and Outstanding
 

California Trust

    1,879   

Massachusetts Trust

    672   

Michigan Trust

    674   

New Jersey Trust

    1,160   

New York Trust

    1,184   

Ohio Trust

    736   

Pennsylvania Trust

    679   

The iMTP Shares are a form of preferred shares that represent stock of the Trusts. The iMTP Shares have a par value of $0.01 per share, a liquidation preference of $25,000 per share, and a mandatory redemption date of September 1, 2019, unless earlier redeemed or repurchased by a Trust. Dividends on the iMTP Shares are determined weekly based upon the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index Rate plus a spread. Such spread to the SIFMA Municipal Swap Index Rate is determined based on the current credit rating of the iMTP Shares. At November 30, 2016, the spread to the SIFMA Municipal Swap Index Rate was 1.50% for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust.

The iMTP Shares are subject to optional and mandatory redemption in certain circumstances. After February 28, 2017, the iMTP Shares are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, plus an optional redemption premium. The iMTP Shares are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends (mandatory redemption price), if a Trust is in default for an extended period on its asset maintenance requirements with respect to its preferred shares. For so long as the iMTP Shares are outstanding, a Trust’s effective leverage ratio is not permitted to exceed 45%. In order to comply with this requirement, a Trust may have to redeem all or a portion of its iMTP Shares and APS at the mandatory redemption price.

The holders of the iMTP Shares, APS and common shares have equal voting rights of one vote per share except that the holders of the iMTP Shares and APS, voting as a class, are entitled to elect two Trustees of each Trust. If the dividends on the iMTP Shares and APS remain unpaid in an amount equal to two full years’ dividends, the holders of the iMTP Shares and APS voting as a class have the right to elect a majority of each Trust’s Trustees.

For financial reporting purposes, the liquidation value of the iMTP Shares is presented as a liability on the Statements of Assets and Liabilities and unpaid dividends are included in interest expense and fees payable. Dividends accrued on iMTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statements of Operations. Costs incurred by each Trust in connection with its offering of iMTP Shares were capitalized as deferred offering costs and are being amortized to the mandatory redemption date of September 1, 2019.

The carrying amount of the iMTP Shares at November 30, 2016 represents its liquidation value, which approximates fair value. If measured at fair value, the iMTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2016.

The average liquidation preference of the iMTP Shares during the portion of the year ended November 30, 2016 in which iMTP Shares were outstanding was as follows:

 

    

California

Trust

    Massachusetts
Trust
   

Michigan

Trust

   

New Jersey

Trust

    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Average Liquidation Preference of iMTP Shares

  $ 46,975,000      $ 16,800,000      $ 16,850,000      $ 29,000,000      $ 29,600,000      $ 18,400,000      $ 16,975,000   

4  Distributions to Shareholders and Income Tax Information

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS and iMTP Shares. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by

 

  64  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

available capital loss carryforwards). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to APS and iMTP shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at November 30, 2016, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

 

    

California

Trust

    Massachusetts
Trust
   

Michigan

Trust

    New Jersey
Trust
   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

APS Dividend Rates at November 30, 2016

    0.95     0.95     0.95     0.95     0.95     0.95     0.95

Dividends Accrued to APS Shareholders

  $ 61,878      $ 36,943      $ 19,799      $ 55,468      $ 54,888      $ 46,115      $ 43,467   

Average APS Dividend Rates

    0.43     0.50     0.43     0.48     0.49     0.54     0.52

Dividend Rate Ranges (%)

    0.13 - 1.48        0.17 - 1.48        0.13 - 1.48        0.13 - 1.48        0.13 - 1.48        0.17 - 1.48        0.17 - 1.48   

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates as of November 30, 2016.

The dividend rates for iMTP Shares at November 30, 2016, and the amount of dividends accrued to iMTP shareholders and average iMTP dividend rates for the year then ended were as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

iMTP Dividend Rates at November 30, 2016

    2.06     2.06     2.06     2.06     2.06     2.06     2.06

Dividends Accrued to iMTP Shareholders

  $ 709,339      $ 253,889      $ 254,398      $ 438,149      $ 447,178      $ 278,142      $ 256,621   

Average iMTP Dividend Rates

    1.98     1.98     1.98     1.98     1.98     1.98     1.98

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared, including distributions on iMTP Shares that are treated as interest payments for financial reporting purposes, for the years ended November 30, 2016 and November 30, 2015 was as follows:

 

    Year Ended November 30, 2016  
     California
Trust
    Massachusetts
Trust
   

Michigan

Trust

    New Jersey
Trust
   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

Distributions declared from:

             

Tax-exempt income

  $ 4,976,602      $ 1,875,587      $ 1,504,466      $ 3,362,067      $ 4,140,599      $ 2,240,351      $ 1,920,247   

Ordinary income

  $ 195,589      $ 27,526      $ 18,866      $ 72,845      $ 13,410      $ 58,064      $ 876   

 

  65  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

    Year Ended November 30, 2015  
     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Distributions declared from:

             

Tax-exempt income

  $ 5,240,514      $ 1,888,936      $ 1,468,960      $ 3,360,768      $ 4,483,288      $ 2,118,890      $ 1,949,908   

Ordinary income

  $ 130,446      $ 16,051      $      $ 53,806      $ 15,810      $      $ 4,990   

During the year ended November 30, 2016, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount, non-deductible expenses, investments in partnerships, defaulted bond interest, the treatment of iMTP Shares as equity for tax purposes and premium amortization.

 

    

California

Trust

    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

Change in:

             

Paid-in capital

  $ (6,097,439   $ (751,529   $ (575,752   $ (78,175   $ (2,433,558   $ (798,272   $ (860,516

Accumulated net realized loss

  $ 5,936,178      $ 704,631      $ 504,406      $ 23,199      $ 2,331,571      $ 682,843      $ 776,274   

Accumulated undistributed net investment income

  $ 161,261      $ 46,898      $ 71,346      $ 54,976      $ 101,987      $ 115,429      $ 84,242   

These reclassifications had no effect on the net assets or net asset value per share of the Trusts.

As of November 30, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

 

    

California

Trust

    Massachusetts
Trust
   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

Undistributed tax-exempt income

  $ 91,500      $ 95,196      $ 74,748      $ 109,978      $ 90,941      $ 240,496      $ 52,002   

Capital loss carryforwards and deferred capital losses

  $ (9,739,909   $ (2,922,747   $ (881,273   $ (10,060,651   $ (10,020,112   $ (2,290,191   $ (3,691,443

Net unrealized appreciation

  $ 8,071,134      $ 3,110,389      $ 2,017,822      $ 4,387,975      $ 8,775,293      $ 4,856,504      $ 3,071,717   

Other temporary differences

  $ (500   $ (142   $ (184   $ (405   $ (881   $ (260   $ (146

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, residual interest bonds, futures contracts, accretion of market discount, premium amortization, investments in partnerships and the timing of recognizing distributions to shareholders.

At November 30, 2016, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this

 

  66  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date  

California

Trust

    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

November 30, 2017

  $ 4,084,290      $ 991,790      $ 337,540      $ 2,795,679      $ 3,171,310      $ 840,450      $   

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527   

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760   

Total capital loss carryforwards

  $ 9,739,909      $ 2,771,871      $ 716,926      $ 8,446,139      $ 7,450,727      $ 2,051,124      $ 2,054,287   

Deferred capital losses:

             

Short-term

  $      $ 150,876      $ 32,669      $ 790,636      $ 896,781      $ 239,067      $ 286,035   

Long-term

  $      $      $ 131,678      $ 823,876      $ 1,672,604      $      $ 1,351,121   

During the year ended November 30, 2016, capital loss carryforwards of $ 525,898 were utilized to offset net realized gains by the California Trust.

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2016, as determined on a federal income tax basis, were as follows:

 

    

California

Trust

    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Aggregate cost

  $ 137,130,300      $ 55,669,337      $ 43,155,680      $ 89,605,927      $ 100,442,665      $ 57,450,860      $ 52,854,927   

Gross unrealized appreciation

  $ 9,546,124      $ 3,861,687      $ 2,269,180      $ 6,004,311      $ 9,460,843      $ 5,038,172      $ 3,741,314   

Gross unrealized depreciation

    (1,474,990     (751,298     (251,358     (1,616,336     (685,550     (181,668     (669,597

Net unrealized appreciation

  $ 8,071,134      $ 3,110,389      $ 2,017,822      $ 4,387,975      $ 8,775,293      $ 4,856,504      $ 3,071,717   

5  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.595% (0.610% prior to May 1, 2016) of each Trust’s average weekly gross assets, except for Massachusetts Trust, whose annual rate is 0.40%, and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee is reduced by 0.015% every May 1 thereafter for the next nineteen years. Effective October 1, 2016, this annual fee reduction was accelerated to provide for an annual fee rate of 0.40% of Massachusetts Trust’s average weekly gross assets. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding preferred shares issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS and iMTP Shares then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the year ended November 30, 2016, the investment adviser fees and administration fees were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Investment Adviser Fee

  $ 986,861       $ 365,996       $ 290,792       $ 615,341       $ 761,856       $ 408,982       $ 354,391   

Administration Fee

  $ 328,310       $ 128,645       $ 96,743       $ 204,721       $ 253,453       $ 136,066       $ 117,895   

Trustees and officers of the Trusts who are members of EVM’s organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with

 

  67  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2016 were as follows:

 

     California
Trust
     Massachusetts
Trust
    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

     Pennsylvania
Trust
 

Purchases

  $ 19,610,104       $ 8,117,453       $ 6,066,972       $ 12,454,376       $ 20,854,556       $ 3,136,328       $ 5,215,442   

Sales

  $ 20,661,210       $ 7,769,855       $ 5,458,962       $ 9,367,450       $ 19,845,112       $ 3,102,338       $ 5,288,861   

7  Common Shares of Beneficial Interest

The Trusts may issue common shares pursuant to their dividend reinvestment plans. For the year ended November 30, 2016, the New York Trust issued 395 common shares pursuant to its dividend reinvestment plan and there were no common shares issued by the other Trusts. For the year ended November 30, 2015, there were no common shares issued by the Trusts.

On November 11, 2013, the Boards of Trustees of the Trusts authorized the repurchase by each Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Trusts to purchase a specific amount of shares. There were no repurchases of common shares by the Trusts for the year ended November 30, 2016. During the year ended November 30, 2015, the number, cost (including brokerage commissions), average price per share and weighted average discount per share to NAV of common shares repurchased, were as follows:

 

    Year Ended November 30, 2015  
    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

Pennsylvania

Trust

 

Common shares repurchased

    5,500         70,300         67,600         97,400   

Cost, including brokerage commissions, of common shares repurchased

  $ 73,752       $ 899,721       $ 815,196       $ 1,173,348   

Average price per share

  $ 13.41       $ 12.80       $ 12.06       $ 12.05   

Weighted average discount per share to NAV

    11.78      13.21      12.73      12.85

8  Overdraft Advances

Pursuant to the custodian agreement, SSBT may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Trust’s assets to the extent of any overdraft. At November 30, 2016, the Pennsylvania Trust had a payment due to SSBT pursuant to the foregoing arrangement of $31,015. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at November 30, 2016. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2016. The Trusts’ average overdraft advances during the year ended November 30, 2016 were not significant.

9  Financial Instruments

The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at November 30, 2016 is included in the Portfolio of Investments. At November 30, 2016, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

 

  68  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

Each Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trusts enter into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at November 30, 2016 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Asset Derivative:

       

Futures Contracts

  $ 37,583 (1)     $ 18,816 (1)     $ 24,542 (1)     $ 23,724 (1)     $ 8,181 (1) 

Total

  $ 37,583       $ 18,816       $ 24,542       $ 23,724       $ 8,181   

 

(1) 

Amount represents cumulative unrealized appreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended November 30, 2016 was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (146,129 )(1)     $ (94,509 )(1)     $ (123,273 )(1)     $ (119,164 )(1)     $ (41,091 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ 56,178 (2)     $ 28,562 (2)     $ 37,255 (2)     $ 36,013 (2)     $ 12,419 (2) 

 

(1) 

Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the year ended November 30, 2016, which is indicative of the volume of this derivative type, was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Average Notional Amount:

       

Futures Contracts — Short

  $ 9,616,000       $ 3,733,000       $ 4,869,000       $ 4,706,000       $ 1,623,000   

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

  69  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

At November 30, 2016, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:

 

California Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 150,254,881       $         —       $ 150,254,881   

Taxable Municipal Securities

            6,781,553                 6,781,553   

Total Investments

  $       $ 157,036,434       $       $ 157,036,434   

Futures Contracts

  $ 37,583       $       $       $ 37,583   

Total

  $ 37,583       $ 157,036,434       $       $ 157,074,017   
          

Massachusetts Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 59,909,394       $       $ 59,909,394   

Taxable Municipal Securities

            785,332                 785,332   

Total Investments

  $       $ 60,694,726       $       $ 60,694,726   

Futures Contracts

  $ 18,816       $       $       $ 18,816   

Total

  $ 18,816       $ 60,694,726       $       $ 60,713,542   
          

Michigan Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 45,173,502       $       $ 45,173,502   

Total Investments

  $       $ 45,173,502       $       $ 45,173,502   
          

New Jersey Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 97,492,512       $       $ 97,492,512   

Taxable Municipal Securities

            1,831,390                 1,831,390   

Total Investments

  $       $ 99,323,902       $       $ 99,323,902   

Futures Contracts

  $ 24,542       $       $       $ 24,542   

Total

  $ 24,542       $ 99,323,902       $       $ 99,348,444   

 

  70  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Notes to Financial Statements — continued

 

 

New York Trust

                          
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 124,736,106       $       $ 124,736,106   

Miscellaneous

                    691,852         691,852   

Total Investments

  $       $ 124,736,106       $ 691,852       $ 125,427,958   

Futures Contracts

  $ 23,724       $       $       $ 23,724   

Total

  $ 23,724       $ 124,736,106       $ 691,852       $ 125,451,682   
          

Ohio Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $         —       $ 63,762,364       $         —       $ 63,762,364   

Total Investments

  $       $ 63,762,364       $       $ 63,762,364   
          

Pennsylvania Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 55,915,935       $         —       $ 55,915,935   

Taxable Municipal Securities

            10,709                 10,709   

Total Investments

  $       $ 55,926,644       $       $ 55,926,644   

Futures Contracts

  $ 8,181       $       $       $ 8,181   

Total

  $ 8,181       $ 55,926,644       $       $ 55,934,825   

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Trust.

The California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust held no investments or other financial instruments as of November 30, 2015 whose fair value was determined using Level 3 inputs.

Level 3 investments held by the New York Trust at the beginning and/or end of the period in relation to net assets applicable to common shares were not significant and accordingly, a reconciliation of Level 3 assets for the year ended November 30, 2016 is not presented.

At November 30, 2016, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  71  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:

We have audited the accompanying statements of assets and liabilities of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (collectively, the “Trusts”), including the portfolios of investments, as of November 30, 2016, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2016, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

January 20, 2017

 

  72  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in February 2017 will show the tax status of all distributions paid to your account in calendar year 2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trusts. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended November 30, 2016, the Trusts designate the following percentages of distributions from net investment income as exempt-interest dividends:

 

California Municipal Income Trust

    96.22

Massachusetts Municipal Income Trust

    98.55

Michigan Municipal Income Trust

    98.76

New Jersey Municipal Income Trust

    97.88

New York Municipal Income Trust

    99.68

Ohio Municipal Income Trust

    97.47

Pennsylvania Municipal Income Trust

    99.95

 

  73  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Dividend Reinvestment Plan

 

 

Each Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.

If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 

  74  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Application for Participation in Dividend Reinvestment Plan

 

 

 

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

 

 

Please print exact name on account

 

Shareholder signature                                                           Date

 

Shareholder signature                                                           Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Municipal Income Trusts

c/o American Stock Transfer & Trust Company, LLC

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

 

 

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of November 30, 2016, Trust records indicate that there are 15, 27, 12, 32, 24, 23 and 23 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,239, 1,120, 1,265, 1,555, 2,045, 1,501 and 1,608 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbols

 

California Municipal Income Trust    CEV
Massachusetts Municipal Income Trust    MMV
Michigan Municipal Income Trust    EMI
New Jersey Municipal Income Trust    EVJ
New York Municipal Income Trust    EVY
Ohio Municipal Income Trust    EVO
Pennsylvania Municipal Income Trust    EVP
 

 

  75  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management and Organization

 

 

Fund Management.  The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP) (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary and EVMI is an indirect, wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 176 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the

Trusts

    

Term
Expiring;

Trustee
Since
(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

            

Thomas E. Faust Jr.

1958

  

Class II

Trustee

    

Until 2019.

Trustee since 2007.

    

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 176 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trusts.

Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).

            

Noninterested Trustees

            

Scott E. Eston

1956

  

Class II

Trustee

    

Until 2019.

Trustee since 2011.

    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance funds effective September 30, 2017.

Directorships in the Last Five Years.(2) None.

Mark R. Fetting(3)

1954

  

Class III

Trustee

    

Until 2017.

Trustee since 2016.

    

Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).

Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).

Cynthia E. Frost

1961

  

Class I

Trustee

    

Until 2018.

Trustee since 2014.

    

Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985).

Directorships in the Last Five Years. None.

George J. Gorman

1952

  

Class I

Trustee

    

Until 2018.

Trustee since 2014.

    

Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).

Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

 

  76  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trusts

    

Term
Expiring;

Trustee
Since
(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Valerie A. Mosley

1960

  

Class I

Trustee

    

Until 2018.

Trustee since 2014.

    

Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).

Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

William H. Park

1947

  

Chairperson of

the Board

and Class III

Trustee(5)

    

Until 2017(4).

Chairperson of the Board since 2016 and Trustee since 2003.

    

Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(2) None.

Helen Frame Peters

1948

  

Class III

Trustee

    

Until 2017.

Trustee since 2008.

    

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Susan J. Sutherland

1957

  

Class I

Trustee

    

Until 2018.

Trustee since 2015.

    

Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).

Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Harriett Tee Taggart

1948

  

Class III

Trustee

    

Until 2017.

Trustee since 2011.

    

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni

1943

  

Class II

Trustee(5)

    

Until 2019.

Trustee since 2005.

    

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (financial services cooperative) (2002-2006). Consistent with the Trustee retirement policy, Mr. Verni is currently expected to retire as a Trustee of all Eaton Vance funds effective July 1, 2017.

Directorships in the Last Five Years.(2) None.

Scott E. Wennerholm(3)

1959

  

Class II

Trustee

    

Until 2019.

Trustee since 2016.

    

Consultant at GF Parish Group (executive recruiting firm). Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).

Directorships in the Last Five Years. None.

 

  77  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management and Organization — continued

 

 

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Trusts

     Officer
Since
(6)
    

Principal Occupation(s)

During Past Five Years

Payson F. Swaffield

1956

   President      2003      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      2005      Vice President of EVM and BMR.

James F. Kirchner

1967

   Treasurer      2007      Vice President of EVM and BMR.

Paul M. O’Neil

1953

   Chief Compliance Officer      2004      Vice President of EVM and BMR.

 

(1) 

Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

(2) 

During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

(3) 

Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

(4) 

Due to a lack of quorum of APS, the Trusts were unable to act on election of Mr. Park. Accordingly, Mr. Park will remain in office and continue to serve as Trustee of the Trusts.

(5) 

Preferred Shares Trustee.

(6) 

Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

 

  78  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

 

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

 

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

 

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

 

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer and Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  79  


 

 

This Page Intentionally Left Blank


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

147    11.30.16


Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice


President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee of its conclusion that, in light of the facts surrounding its lending relationships, D&T’s objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements will not be compromised, D&T is in a position to continue as the auditor for the Funds and no actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to the auditor independence issue described above. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. After giving consideration to the guidance provided in the No-Action Letter, D&T affirmed to the Audit Committee that D&T is an independent accountant with respect to the Funds within the meaning of the rules and standards of the PCAOB and the securities laws and regulations administered by the SEC. The SEC has indicated that the no-action relief will expire 18 months from its issuance.


(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended November 30, 2015 and November 30, 2016 by D&T for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

 

Fiscal Years Ended

   11/30/15      11/30/16  

Audit Fees

   $ 27,910       $ 27,610   

Audit-Related Fees(1)

   $ 0       $ 3,500   

Tax Fees(2)

   $ 8,240       $ 8,322   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

   $     36,150       $     39,432   
  

 

 

    

 

 

 

 

(1)  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees incurred to satisfy the requirements of the underwriter in conjunction with the private offering of the registrant’s Institutional MuniFund Term Preferred Shares (iMTP Shares).
(2)  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended November 30, 2015 and November 30, 2016; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

 

Fiscal Years Ended

   11/30/15      11/30/16  

Registrant

   $ 8,240       $ 11,822   

Eaton Vance(1)

   $     53,934       $     48,500   

 

(1)  Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrant’s investment adviser and administrator.


(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. Ralph F. Verni (Chair), Scott E. Eston, George J. Gorman, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or


expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Funds. Craig R. Brandon, portfolio manager of Eaton Vance California Municipal Income Trust (“CEV”), Eaton Vance Massachusetts Municipal Income Trust (“MMV”) and Eaton Vance New York Municipal Income Trust (“EVY”), Cynthia J. Clemson, portfolio manager of Eaton Vance Michigan Municipal Income Trust (“EMI”) and Eaton Vance Ohio Municipal Income Trust (“EVO”), and Adam A. Weigold, portfolio manager of Eaton Vance New Jersey Municipal Income Trust (“EVJ”) and Eaton Vance Pennsylvania Municipal Income Trust (“EVP”), are responsible for the overall and day-to-day management of each Fund’s investments.

Mr. Brandon is a Vice President of EVM, has been a portfolio manager of CEV since January 2014, of MMV since February 2010, of EVY since November 2005, and is Co-Director of the Municipal Investments Group. Ms. Clemson is a Vice President of EVM, has been a portfolio manager of EMI and EVO since July 2015, and is Co-Director of the Municipal Investments Group. Mr. Weigold is a Vice President of EVM, has been a portfolio manager of EVJ since February 2010 and of EVP since October 2007. Messrs. Brandon and Weigold and Ms. Clemson have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.

The following table shows, as of each Fund’s most recent fiscal year end, the number of accounts the portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

 

     Number of
All
Accounts
     Total Assets of
All Accounts
     Number of
Accounts
Paying a
Performance Fee
     Total Assets
of Accounts
Paying
a Performance Fee
 

Craig R. Brandon

           

Registered Investment Companies

     18       $ 6,077.3         0       $ 0   

Other Pooled Investment Vehicles

     1       $ 192.1         0       $ 0   

Other Accounts

     1       $ 1.1         0       $ 0   

Cynthia J. Clemson

           

Registered Investment Companies

     13       $ 4,656.3         0       $ 0   

Other Pooled Investment Vehicles

     1       $ 192.1         0       $ 0   

Other Accounts

     1       $ 1.1         0       $ 0   

Adam A. Weigold

           

Registered Investment Companies

             17       $     3,217.0         0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   


The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of each Fund’s most recent fiscal year end.

 

Fund Name and Portfolio Manager

   Dollar Range of Equity Securities
Beneficially Owned in the Fund

California Municipal Income Trust

  

Craig R. Brandon

   None

Massachusetts Municipal Income Trust

  

Craig R. Brandon

   None

Michigan Municipal Income Trust

  

Cynthia J. Clemson

   None

New Jersey Municipal Income Trust

  

Adam A. Weigold

   None

New York Municipal Income Trust

  

Craig R. Brandon

   None

Ohio Municipal Income

  

Cynthia J. Clemson

   None

Pennsylvania Municipal Income Trust

  

Adam A. Weigold

   None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Trust’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Trust and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Trust and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Trust. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.


Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of Eaton Vance Corp.’s (“EVC’s”) nonvoting common stock and restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe ratio (Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash bonus to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.


Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Ohio Municipal Income Trust

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   January 20, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   January 20, 2017
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   January 20, 2017