Eaton Vance Ohio Municipal Income Fund

 

 

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, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2013

 

 

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

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

 

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Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator 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, 2013

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

     60   

Federal Tax Information

     61   

Dividend Reinvestment Plan

     62   

Management and Organization

     64   

Important Notices

     67   


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

During the first five months of the fiscal year ended November 30, 2013, interest rates declined to historic lows, driven by highly accommodative monetary policies instituted by central banks around the world. In December 2012, the U.S. Federal Reserve (the Fed) replaced Operation Twist, the central bank’s swapping of its short-term holdings for long-term Treasury bonds, with outright purchases of $45 billion of Treasurys each month. This was in addition to the monthly purchase of approximately $40 billion of agency mortgage-backed securities that it had begun in September 2012. These actions combined to put continuing downward pressure on long-term bond yields, driving investors to look for other sources of income. One beneficiary was the municipal bond market, which rallied during the first five months of the period in response to strong investor demand.

In late May 2013, however, Fed Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases, known collectively as quantitative easing (QE), could be tapered sooner than most investors had expected. The negative effect on the bond market was swift and dramatic. Investors rushed to sell fixed-income assets in anticipation of rising interest rates, causing nearly every fixed-income asset class to decline in value.

Outflows had a particularly significant effect on the municipal bond market because, unlike other domestic fixed-income asset classes, the municipal market is primarily retail-based and is generally impacted more by the actions of small individual investors than other
fixed-income asset classes. Even after the Fed tried to temper its comments and calm the markets, moderating the outflows in other fixed-income classes, heavy selling in municipals continued through August 2013, causing a significant increase in municipal bond yields. The selling abated somewhat in September 2013, after the Fed surprised the markets again by postponing its tapering of QE that many investors had thought was imminent. Municipal markets, however, continued to experience net outflows through the end of the period on November 30, 2013. The Barclays Municipal Bond Index
2 — an unmanaged broad index of municipal bonds traded in the United States — declined 3.51% for the one-year period.

During the period, additional pressure on the municipal market came from the City of Detroit’s bankruptcy filing on July 18, 2013 and heightened attention to Puerto

Rico’s fiscal woes throughout September 2013. Although Detroit’s bankruptcy was not a surprise, because the city’s fiscal problems had been well documented for many years, the bankruptcy’s negative headlines injected additional fear into the municipal bond market. That fear, combined with Puerto Rico’s well-publicized fiscal challenges, drove both institutional and retail investors to sell Puerto Rico bonds, exerting additional downward pressure on the market value of the bonds in late August and September 2013. Prices of Puerto Rico bonds remained at depressed levels through the end of the period on November 30, 2013.

Fund Performance

For the fiscal year ending November 30, 2013, Eaton Vance New Jersey Municipal Income Trust shares at net asset value (NAV) outperformed the -7.18% return of the Barclays Long (22+) Year Municipal Bond Index (the Index). All of the other Funds’ shares at NAV underperformed the Index.

The Funds’ overall strategy is to invest primarily in bonds with maturities of 10 years or more in order to capture their generally higher yields and a greater income stream. Management hedges to various degrees against the greater potential risk of volatility at the long end of the yield curve by using Treasury futures in seeking to provide downside protection.

In managing the Funds, management employs leverage6 to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market. While increasing the Funds’ distributions to shareholders, leverage magnifies the Funds’ exposure to their underlying investments in both up and down markets. For all of the Funds, leverage was the most significant detractor from the Funds’ performance relative to the unleveraged Index during this period of negative performance by municipal bonds.

In contrast, the Funds’ hedging strategy aided the Funds’ performance versus the Index for all Funds during the period. As a risk management tactic within the overall Fund strategy mentioned above, interest-rate hedging is intended to moderate the Funds’ performance on both the upside and the downside of the market. Although municipal bonds underperformed Treasurys during the period, the Funds’ Treasury hedges moderated a portion of the Funds’ negative performance.

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Management’s Discussion of Fund Performance — continued

 

 

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned -8.69%, underperforming the -7.18% return of the Index. Leverage was the major detractor from the Fund’s performance versus the Index. Contributors to the Fund’s performance relative to the Index included the Fund’s hedging strategy, security selection in BBB-rated7 bonds, and an underweighting and security selection in Puerto Rico bonds.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned -10.34%, trailing the -7.18% return of the Index. Detractors from the Fund’s performance versus the Index included leverage, security selection in AA-rated issues, and an overweight and security selection in education sector bonds. The Fund’s hedging strategy was a key contributor to the Fund’s performance versus the Index, along with an underweight in Puerto Rico bonds and security selection in BBB-rated issues.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned -10.49%, underperforming the -7.18% return of the Index. Leverage was a key detractor from the Fund’s performance relative to the Index. An overweight in Michigan local government general obligation (GO) bonds — relative to the Index, which, unlike the Fund, is not Michigan-centric — hurt relative results versus the Index as well because bonds of many Michigan municipalities sold off in the wake of Detroit’s bankruptcy filing. In contrast, the Fund’s performance versus the Index was helped by the Fund’s hedging strategy, security selection in BBB-rated bonds and an underweight in Puerto Rico bonds.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned -6.96%, outperforming the -7.18% return of the Index. The Fund’s relative outperformance versus the Index was driven by the Fund’s hedging strategy, an underweight in Puerto Rico bonds and security selection in BBB-rated issues. Primary detractors from the Fund’s performance versus the Index included leverage, security selection in AAA-rated bonds and an overweight in zero-coupon
bonds — which were among the worst-performing issues during the period due to their high sensitivity to rising interest rates.

Eaton Vance New York Municipal Income Trust shares at NAV returned -8.99%, lagging the -7.18% return of the Index. Leverage hurt the Fund’s performance relative to the

Index, as did an overweight in zero-coupon bonds and security selection in bonds with 30 or more years remaining to maturity. Contributors to the Fund’s performance versus the Index included the Fund’s hedging strategy, an underweight in Puerto Rico bonds, and security selection in A-rated and BBB-rated bonds.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned -10.01%, underperforming the -7.18% return of the Index. Detractors from the Fund’s performance results versus the Index included leverage, an overweight in zero-coupon bonds and an overweight in GO bonds. The Fund’s performance versus the Index was helped by the Fund’s hedging strategy, an underweight in Puerto Rico bonds and security selection in BBB-rated bonds.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned -8.07%, trailing the -7.18% return of the Index. Leverage, security selection in
BBB-rated bonds and security selection in the special tax sector detracted from the Fund’s performance versus the Index. Contributors to the Fund’s performance relative to the Index included the Fund’s hedging strategy and an overweight in prerefunded bonds. And while selection in BBB bonds hurt the Fund’s performance versus the Index, a relative underweight in the same area, BBB-rated bonds, aided relative results versus the Index.

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

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         –8.69      12.35      4.34

Fund at Market Price

             –19.84         11.21         3.26   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.08
           
Distributions5                                

Total Distributions per share for the period

            $ 0.796   

Distribution Rate at NAV

              6.25

Taxable-Equivalent Distribution Rate at NAV

              12.74

Distribution Rate at Market Price

              7.11

Taxable-Equivalent Distribution Rate at Market Price

              14.49
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              32.04

Residual Interest Bond (RIB)

              9.41   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    5.7   

BBB

    10.4

AA

    57.6      

BB

    0.7   

A

    22.5      

Not Rated

    3.1   

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

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         –10.34      13.00      4.74

Fund at Market Price

             –22.55         12.80         3.30   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.82
           
Distributions5                                

Total Distributions per share for the period

            $ 0.776   

Distribution Rate at NAV

              5.36

Taxable-Equivalent Distribution Rate at NAV

              9.99

Distribution Rate at Market Price

              6.15

Taxable-Equivalent Distribution Rate at Market Price

              11.47
           
% Total Leverage6                                

APS

              32.76

RIB

              5.53   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    18.7   

BB

    1.3

AA

    44.2      

B

    1.4   

A

    23.6      

Not Rated

    0.9   

BBB

    9.9        

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –10.49      10.52      4.47

Fund at Market Price

             –20.51         14.01         2.55   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –14.79
           
Distributions5                                

Total Distributions per share for the period

            $ 0.749   

Distribution Rate at NAV

              5.49

Taxable-Equivalent Distribution Rate at NAV

              10.13

Distribution Rate at Market Price

              6.45

Taxable-Equivalent Distribution Rate at Market Price

              11.90
           
% Total Leverage6                                

APS

              39.04

Fund Profile

 

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –6.96      13.93      4.62

Fund at Market Price

             –25.85         13.39         3.17   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –11.73
Distributions5                                

Total Distributions per share for the period

            $ 0.788   

Distribution Rate at NAV

              6.08

Taxable-Equivalent Distribution Rate at NAV

              11.80

Distribution Rate at Market Price

              6.89

Taxable-Equivalent Distribution Rate at Market Price

              13.37
           
% Total Leverage6                                

APS

              34.16

RIB

              3.86   

Fund Profile

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    11.5   

BBB

    10.4

AA

    25.8      

B

    2.1   

A

    48.0      

Not Rated

    2.2   

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

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         –8.99      14.80      4.63

Fund at Market Price

             –20.09         16.58         3.91   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –8.75
           
Distributions5                                

Total Distributions per share for the period

            $ 0.883   

Distribution Rate at NAV

              6.56

Taxable-Equivalent Distribution Rate at NAV

              12.71

Distribution Rate at Market Price

              7.19

Taxable-Equivalent Distribution Rate at Market Price

              13.93
           
% Total Leverage6                                

APS

              26.84

RIB

              15.37   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    11.9   

BBB

    13.9

AA

    32.8      

BB

    3.5   

A

    28.6      

Not Rated

    9.3   

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –10.01      12.04      4.87

Fund at Market Price

             –25.59         13.59         3.06   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.36
           
Distributions5                                

Total Distributions per share for the period

            $ 0.739   

Distribution Rate at NAV

              5.41

Taxable-Equivalent Distribution Rate at NAV

              10.11

Distribution Rate at Market Price

              6.17

Taxable-Equivalent Distribution Rate at Market Price

              11.53
           
% Total Leverage6                                

APS

              36.20

RIB

              2.32   

Fund Profile

 

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –8.07      11.32      4.39

Fund at Market Price

             –22.84         9.52         2.30   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –14.25
           
Distributions5                                

Total Distributions per share for the period

            $ 0.787   

Distribution Rate at NAV

              6.08

Taxable-Equivalent Distribution Rate at NAV

              11.08

Distribution Rate at Market Price

              7.10

Taxable-Equivalent Distribution Rate at Market Price

              12.94
           
% Total Leverage6                                

APS

              36.79

RIB

              2.87   

Fund Profile

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    3.6   

BBB

    3.5

AA

    41.1      

Not Rated

    2.8   

A

    49.0        

 

See Endnotes and Additional Disclosures in this report.

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

 

  10  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

 

5 

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

6 

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

 

7 

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

 

   Fund profile subject to change due to active management.

 

   Important Notices to Shareholders
   Effective January 1, 2014, the California Municipal Income Trust is managed by Craig R. Brandon, CFA.
 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 163.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 21.6%

  

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

  $ 3,135      $ 3,270,620   

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

    195        208,662   

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

    330        347,615   

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

    745        770,859   

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

    2,440        2,441,732   

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

    1,600        1,884,128   

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

    2,100        2,419,809   

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

    235        268,156   

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

    2,490        2,658,175   

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

    630        662,344   

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

    415        430,218   

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

    285        289,227   

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

    810        884,633   

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

    850        919,360   

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

    895        960,872   

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

    1,250        1,334,038   
                 
    $ 19,750,448   
                 

Electric Utilities — 15.1%

  

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

  $ 270      $ 300,278   

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

    2,275        2,371,733   

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

    1,500        1,589,565   

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

    2,170        2,344,924   

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

    1,500        1,642,035   

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

    1,335        1,459,569   

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

    1,795        1,947,700   

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

    680        698,353   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Electric Utilities (continued)

  

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

  $ 1,300      $ 1,407,822   
                 
    $ 13,761,979   
                 

General Obligations — 22.2%

  

California, 5.50%, 11/1/35

  $ 1,600      $ 1,758,016   

California, 6.00%, 4/1/38

    750        851,880   

California, (AMT), 5.05%, 12/1/36

    475        469,267   

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

    1,000        1,063,570   

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

    1,630        1,729,952   

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

    205        199,086   

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

    3,655        3,860,411   

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

    2,890        2,724,894   

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

    2,545        2,502,269   

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

    740        797,113   

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

    860        917,904   

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

    3,180        3,400,183   
                 
    $ 20,274,545   
                 

Hospital — 18.5%

  

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

  $ 1,000      $ 1,063,200   

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

    190        199,986   

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

    1,000        1,019,250   

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

    635        646,233   

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

    910        912,912   

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

    2,000        2,159,940   

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

    1,000        1,020,710   

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

    1,475        1,686,722   

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

    1,145        1,181,938   

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

    535        541,891   

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

    600        601,686   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 535      $ 538,098   

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

    1,900        1,902,033   

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

    2,780        2,686,814   

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

    700        699,993   
                 
    $ 16,861,406   
                 

Industrial Development Revenue — 1.4%

  

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

  $ 1,235      $ 1,275,347   
                 
    $ 1,275,347   
                 

Insured – Education — 1.6%

  

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

  $ 1,250      $ 1,471,975   
                 
    $ 1,471,975   
                 

Insured – Electric Utilities — 3.2%

  

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

  $ 2,790      $ 2,912,425   
                 
    $ 2,912,425   
                 

Insured – Escrowed / Prerefunded — 3.7%

  

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

  $ 5,130      $ 3,416,888   
                 
    $ 3,416,888   
                 

Insured – General Obligations — 9.3%

  

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

  $ 6,485      $ 2,116,769   

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

    4,825        1,482,481   

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

    2,005        2,106,774   

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

    4,720        2,805,615   
                 
    $ 8,511,639   
                 

Insured – Hospital — 9.5%

  

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

  $ 2,900      $ 2,910,585   

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

    750        759,383   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital (continued)

  

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

  $ 5,000      $ 5,007,750   
                 
    $ 8,677,718   
                 

Insured – Lease Revenue / Certificates of Participation — 10.7%

  

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

  $ 4,410      $ 4,099,492   

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

    1,710        2,023,203   

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

    3,500        3,666,180   
                 
    $ 9,788,875   
                 

Insured – Special Tax Revenue — 0.6%

  

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

  $ 4,850      $ 569,245   
                 
    $ 569,245   
                 

Insured – Transportation — 11.3%

  

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

  $ 5,000      $ 2,056,050   

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

    4,500        1,745,460   

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

    740        631,220   

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

    10,000        3,147,300   

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

    1,275        1,285,187   

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

    1,350        1,454,504   
                 
    $ 10,319,721   
                 

Insured – Water and Sewer — 4.1%

  

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

  $ 2,000      $ 2,131,960   

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

    1,830        1,587,397   
                 
    $ 3,719,357   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 916,382   
                 
    $ 916,382   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 0.8%

  

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

  $ 385      $ 388,053   

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

    315        314,562   
                 
    $ 702,615   
                 

Senior Living / Life Care — 1.9%

  

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

  $ 290      $ 307,081   

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

    175        163,714   

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

    700        598,626   

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

    600        649,728   
                 
    $ 1,719,149   
                 

Special Tax Revenue — 12.0%

  

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

  $ 285      $ 277,123   

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

    460        410,775   

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

    925        928,718   

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

    190        188,680   

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

    480        443,746   

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

    1,590        1,593,100   

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

    240        267,530   

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

    480        528,163   

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

    240        259,954   

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

    335        359,050   

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

    240        255,139   

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

    2,400        2,610,864   

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

    250        251,343   

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

    490        491,073   

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

    250        251,417   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 400      $ 383,340   

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

    500        503,110   

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

    1,000        1,000,580   
                 
    $ 11,003,705   
                 

Transportation — 12.1%

  

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

  $ 1,000      $ 1,110,980   

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

    2,000        2,215,940   

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

    2,120        2,202,913   

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

    1,500        1,623,690   

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

    1,170        1,089,761   

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

    2,760        2,820,693   
                 
    $ 11,063,977   
                 

Water and Sewer — 2.9%

  

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

  $ 740      $ 817,670   

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

    1,700        1,789,454   
                 
    $ 2,607,124   
                 

Total Tax-Exempt Investments — 163.5%
(identified cost $146,226,964)

   

  $ 149,324,520   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.7)%

  

  $ (49,976,074
   

Other Assets, Less Liabilities — (8.8)%

  

  $ (8,015,160
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 91,333,286   
   

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

 

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

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 33.1% 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 0.4% to 15.0% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,889,316.

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 156.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 5.8%

  

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

  $ 910      $ 1,046,973   

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

    990        1,137,847   
   
    $ 2,184,820   
   

Education — 29.1%

  

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

  $ 1,080      $ 1,133,536   

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

    625        628,256   

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

    1,500        1,576,635   

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

    1,640        1,892,937   

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

    1,500        1,582,965   

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

    415        437,817   

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

    1,350        1,392,484   

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

    1,420        1,552,316   

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

    750        785,137   
   
    $ 10,982,083   
   

General Obligations — 17.0%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 324,657   

Cambridge, 4.00%, 2/15/21

    595        671,345   

Danvers, 5.25%, 7/1/36

    885        952,561   

Lexington, 4.00%, 2/1/21

    415        467,323   

Lexington, 4.00%, 2/1/22

    430        481,041   

Lexington, 4.00%, 2/1/23

    355        395,974   

Newton, 5.00%, 4/1/36

    750        791,595   

Plymouth, 5.00%, 5/1/31

    345        369,702   

Plymouth, 5.00%, 5/1/32

    315        336,089   

Wayland, 5.00%, 2/1/33

    510        550,407   

Wayland, 5.00%, 2/1/36

    770        822,507   

Winchester, 5.00%, 4/15/36

    245        262,123   
   
    $ 6,425,324   
   

Hospital — 28.2%

  

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

  $ 1,000      $ 1,012,550   

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

    600        691,110   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,150      $ 1,192,872   

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

    1,210        1,281,814   

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

    500        509,790   

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

    1,135        1,147,258   

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

    755        755,400   

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

    970        944,023   

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

    2,000        2,070,780   

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

    675        677,410   

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

    350        356,384   
   
    $ 10,639,391   
   

Housing — 6.8%

  

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

  $ 2,100      $ 1,926,414   

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

    650        654,075   
   
    $ 2,580,489   
   

Industrial Development Revenue — 1.9%

  

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

  $ 800      $ 716,520   
   
    $ 716,520   
   

Insured – Education — 7.1%

  

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

  $ 1,000      $ 1,131,930   

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

    1,365        1,531,639   
   
    $ 2,663,569   
   

Insured – Electric Utilities — 1.2%

  

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

  $ 550      $ 459,508   
   
    $ 459,508   
   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,221,720   
   
    $ 1,221,720   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 352,521   
   
    $ 352,521   
   

Insured – Other Revenue — 1.7%

  

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

  $ 590      $ 645,578   
   
    $ 645,578   
   

Insured – Special Tax Revenue — 10.9%

  

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

  $ 1,450      $ 1,453,929   

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

    1,000        1,139,340   

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

    1,340        1,394,525   

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

    1,105        129,694   
   
    $ 4,117,488   
   

Insured – Student Loan — 4.7%

  

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

  $ 320      $ 337,350   

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

    1,590        1,444,595   
   
    $ 1,781,945   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 316,011   
   
    $ 316,011   
   

Other Revenue — 3.0%

  

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

  $ 500      $ 560,650   

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

    505        560,545   
   
    $ 1,121,195   
   

Senior Living / Life Care — 6.2%

  

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

  $ 250      $ 228,842   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

  

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

  $ 1,500      $ 1,471,710   

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

    125        129,108   

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

    140        125,310   

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

    475        381,582   
   
    $ 2,336,552   
   

Special Tax Revenue — 8.6%

  

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

  $ 140      $ 152,597   

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

    1,665        743,606   

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

    5,195        1,991,503   

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

    335        364,024   
   
    $ 3,251,730   
   

Transportation — 7.4%

  

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

  $ 1,500      $ 1,535,490   

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

    500        551,695   

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

    670        701,095   
   
    $ 2,788,280   
   

Water and Sewer — 11.5%

  

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

  $ 2,005      $ 2,242,512   

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

    495        543,268   

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

    225        244,535   

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

    1,195        1,317,523   
   
    $ 4,347,838   
   

Total Tax-Exempt Investments — 156.0%
(identified cost $57,556,570)

   

  $ 58,932,562   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.1)%

  

  $ (20,050,332
   

Other Assets, Less Liabilities — (2.9)%

  

  $ (1,108,406
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,773,824   
   

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

 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 19.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 13.1% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $621,639.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

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

Bond Bank — 4.4%

  

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

  $ 600      $ 639,618   

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

    500        546,325   
   
    $ 1,185,943   
   

Education — 15.5%

  

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

  $ 525      $ 564,764   

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

    525        565,267   

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

    1,000        1,021,330   

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

    460        467,328   

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

    700        614,824   

Oakland University, 5.00%, 3/1/42

    500        501,305   

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

    500        507,440   
   
    $ 4,242,258   
   

Electric Utilities — 4.8%

  

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

  $ 500      $ 533,810   

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

    800        787,904   
   
    $ 1,321,714   
   

Escrowed / Prerefunded — 1.2%

  

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

  $ 185      $ 196,825   

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

    125        133,398   
   
    $ 330,223   
   

General Obligations — 42.1%

  

Allegan Public Schools, 5.00%, 5/1/31

  $ 1,000      $ 1,035,050   

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

    350        363,877   

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

    750        711,660   

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

    230        243,124   

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

    275        285,205   

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

    220        230,164   

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

    500        489,275   

Howell Public Schools, 4.50%, 5/1/29

    620        635,271   

Jenison Public Schools, 5.00%, 5/1/28

    500        519,445   

Jenison Public Schools, 5.00%, 5/1/30

    500        513,385   

Kent County, 5.00%, 1/1/25

    1,500        1,614,870   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,061,500   

Livingston County, 4.00%, 6/1/30

    305        298,500   

Michigan, 5.00%, 11/1/20

    1,000        1,179,180   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Michigan, 5.50%, 11/1/25

  $ 270      $ 303,885   

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

    725        747,852   

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

    275        278,149   

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

    375        297,469   

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

    750        701,565   
   
    $ 11,509,426   
   

Hospital — 23.2%

  

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

  $ 275      $ 290,408   

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

    250        245,795   

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

    500        494,255   

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

    1,000        1,064,340   

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

    250        240,180   

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

    1,000        956,680   

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

    1,080        1,082,246   

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

    500        525,430   

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

    425        434,550   

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

    1,000        997,160   
   
    $ 6,331,044   
   

Housing — 0.9%

  

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

  $ 235      $ 235,139   
   
    $ 235,139   
   

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 665,775   
   
    $ 665,775   
   

Insured – Education — 5.2%

  

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

  $ 570      $ 592,031   

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

    500        521,210   

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

    300        307,254   
   
    $ 1,420,495   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Electric Utilities — 3.1%

  

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

  $ 630      $ 526,346   

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

    250        204,430   

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

    155        125,350   
   
    $ 856,126   
   

Insured – General Obligations — 18.8%

  

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

  $ 1,105      $ 1,121,288   

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

    500        507,210   

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

    150        148,542   

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

    240        235,860   

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

    300        297,888   

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

    1,000        1,067,860   

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

    1,250        1,259,812   

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

    500        497,490   
   
    $ 5,135,950   
   

Insured – Lease Revenue / Certificates of Participation — 8.2%

  

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

  $ 1,000      $ 457,670   

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

    4,300        1,781,361   
   
    $ 2,239,031   
   

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 105,046   
   
    $ 105,046   
   

Insured – Transportation — 3.9%

  

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

  $ 1,000      $ 1,057,170   
   
    $ 1,057,170   
   

Insured – Water and Sewer — 11.3%

  

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

  $ 560      $ 524,009   

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

    1,650        1,527,042   

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

    1,000        1,046,410   
   
    $ 3,097,461   
   

Special Tax Revenue — 5.2%

  

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

  $ 115      $ 119,353   

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

    125        129,811   

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

    1,000        1,041,280   

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

    110        119,530   
   
    $ 1,409,974   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer — 6.5%

  

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

  $ 750      $ 686,797   

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

    735        842,641   

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

    250        256,603   
   
    $ 1,786,041   
   

Total Tax-Exempt Investments — 157.1%
(identified cost $43,215,104)

   

  $ 42,928,816   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (64.0)%

  

  $ (17,500,093
   

Other Assets, Less Liabilities — 6.9%

  

  $ 1,898,892   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 27,327,615   
   

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

 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 32.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 11.4% of total investments.

 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 154.4%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 21.3%

  

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

  $ 1,270      $ 1,315,530   

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

    250        254,423   

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

    250        249,370   

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

    220        220,559   

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

    1,730        1,829,302   

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

    640        657,510   

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

    1,650        1,679,188   

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

    965        1,268,396   

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

    1,295        1,326,740   

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

    1,000        1,076,200   

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

    2,900        3,032,530   
   
    $ 12,909,748   
   

Electric Utilities — 1.0%

  

Puerto Rico Electric Power Authority, 5.25%, 7/1/27

  $ 865      $ 633,621   
   
    $ 633,621   
   

General Obligations — 8.1%

  

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

  $ 320      $ 339,786   

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

    1,850        2,038,312   

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

    1,795        1,964,663   

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

    500        541,840   
   
    $ 4,884,601   
   

Hospital — 25.2%

  

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

  $ 85      $ 78,957   

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

    1,335        1,339,058   

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

    650        649,487   

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

    2,290        2,378,737   

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

    2,090        2,127,306   

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

    1,415        1,458,823   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 645      $ 725,909   

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

    620        660,728   

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

    250        242,315   

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

    2,055        2,094,312   

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

    2,440        2,365,507   

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

    1,075        1,137,705   
   
    $ 15,258,844   
   

Housing — 2.7%

  

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

  $ 595      $ 583,255   

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

    1,050        1,049,926   
   
    $ 1,633,181   
   

Industrial Development Revenue — 5.7%

  

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

  $ 50      $ 48,115   

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

    135        125,658   

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

    750        699,885   

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

    220        239,789   

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

    2,235        2,359,489   
   
    $ 3,472,936   
   

Insured – Electric Utilities — 1.6%

  

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

  $ 135      $ 112,788   

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

    490        396,268   

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

    595        478,767   
   
    $ 987,823   
   

Insured – Gas Utilities — 6.0%

  

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      $ 3,614,517   
   
    $ 3,614,517   
   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 5.3%

  

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

  $ 1,015      $ 1,056,727   

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

    1,240        1,350,099   

Paterson, (BAM), 5.00%, 1/15/26

    750        811,410   
   
    $ 3,218,236   
   

Insured – Hospital — 5.6%

  

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

  $ 100      $ 80,762   

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

    300        228,303   

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

    750        775,717   

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

    385        390,733   

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

    500        507,445   

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

    1,380        1,423,732   
   
    $ 3,406,692   
   

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      $ 1,991,236   
   
    $ 1,991,236   
   

Insured – Lease Revenue / Certificates of Participation — 4.6%

  

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

  $ 1,500      $ 1,640,280   

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

    1,000        1,141,830   
   
    $ 2,782,110   
   

Insured – Other Revenue — 1.6%

  

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

  $ 1,000      $ 993,670   
   
    $ 993,670   
   

Insured – Special Tax Revenue — 11.6%

  

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

  $ 5,250      $ 3,282,983   

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

    4,300        2,448,162   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue (continued)

  

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

  $ 2,020      $ 1,074,458   

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

    2,020        237,087   
   
    $ 7,042,690   
   

Insured – Student Loan — 3.8%

  

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

  $ 2,215      $ 2,326,237   
   
    $ 2,326,237   
   

Insured – Transportation — 0.6%

  

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

  $ 315      $ 337,286   
   
    $ 337,286   
   

Lease Revenue / Certificates of Participation — 5.9%

  

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

  $ 1,500      $ 1,583,220   

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

    1,700        1,726,333   

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

    250        278,378   
   
    $ 3,587,931   
   

Other Revenue — 5.9%

  

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

  $ 13,280      $ 327,219   

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

    2,040        2,101,506   

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

    500        504,830   

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

    900        647,658   
   
    $ 3,581,213   
   

Senior Living / Life Care — 4.2%

  

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

  $ 465      $ 472,431   

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

    770        772,548   

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

    815        729,531   

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

    700        601,580   
   
    $ 2,576,090   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue — 3.0%

  

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

  $ 100      $ 101,240   

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

    175        172,524   

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

    750        609,900   

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

    500        401,360   

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

    500        543,320   
   
    $ 1,828,344   
   

Student Loan — 5.3%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.211%, 6/1/36(1)(2)(3)

  $ 2,500      $ 2,524,950   

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

    740        658,896   
   
    $ 3,183,846   
   

Transportation — 19.9%

  

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

  $ 1,060      $ 1,099,909   

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

    1,080        1,108,436   

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

    2,000        1,086,060   

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

    1,850        1,996,650   

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

    250        278,728   

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

    530        595,784   

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

    3,600        3,764,736   

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

    1,995        2,145,223   
   
    $ 12,075,526   
   

Water and Sewer — 2.2%

  

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

  $ 1,275      $ 1,340,803   
   
    $ 1,340,803   
   

Total Tax-Exempt Municipal Securities — 154.4%
(identified cost $91,744,836)

   

  $ 93,667,181   
Taxable Municipal Securities — 1.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 1.5%

               

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

  $ 1,000      $ 889,210   
                 

Total Taxable Municipal Securities — 1.5%
(identified cost $989,064)

   

  $ 889,210   
   

Total Investments — 155.9%
(identified cost $92,733.900)

   

  $ 94,556,391   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.1)%

  

  $ (33,425,718
   

Other Assets, Less Liabilities — (0.8)%

  

  $ (478,106
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 60,652,567   
   

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

 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 28.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 10.4% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $524,950.

 

(3) 

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2013.

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 168.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.2%

  

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

  $ 1,730      $ 1,829,458   

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

    2,535        2,690,598   
                 
    $ 4,520,056   
                 

Cogeneration — 1.5%

  

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

  $ 1,150      $ 1,077,171   
                 
    $ 1,077,171   
                 

Education — 28.8%

  

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

  $ 310      $ 320,977   

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

    150        163,435   

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

    1,490        1,579,758   

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

    325        340,704   

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

    510        528,676   

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

    1,000        1,058,270   

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

    725        770,204   

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

    510        541,222   

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

    2,000        2,097,880   

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

    220        226,934   

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

    1,000        1,064,970   

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

    2,250        2,742,097   

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

    2,500        2,632,975   

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

    325        349,606   

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

    400        429,724   

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

    1,695        1,706,594   

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

    2,000        2,095,440   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 280      $ 287,204   

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

    735        742,468   

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

    1,205        1,255,080   
                 
    $ 20,934,218   
                 

Electric Utilities — 5.8%

  

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

  $ 1,420      $ 1,599,389   

Puerto Rico Electric Power Authority, 5.25%, 7/1/31

    1,330        965,873   

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

    1,645        1,657,074   
                 
    $ 4,222,336   
                 

General Obligations — 8.0%

  

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

  $ 585      $ 221,732   

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

    325        116,087   

New York, 5.00%, 2/15/34(1)

    4,000        4,276,640   

New York City, 6.25%, 10/15/28

    1,000        1,167,580   
                 
    $ 5,782,039   
                 

Health Care – Miscellaneous — 0.2%

  

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

  $ 50      $ 50,303   

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

    100        100,606   
                 
    $ 150,909   
                 

Hospital — 24.7%

  

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

  $ 130      $ 139,976   

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

    960        1,014,000   

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

    870        870,853   

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

    2,490        2,567,563   

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

    1,000        954,000   

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

    2,000        2,007,780   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,000      $ 1,068,440   

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

    1,000        1,016,380   

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

    845        849,183   

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

    750        756,457   

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

    1,250        1,282,537   

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

    415        416,502   

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

    835        824,780   

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

    1,085        1,086,335   

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

    395        328,747   

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

    1,000        842,520   

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

    650        657,358   

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

    1,250        1,276,450   
                 
    $ 17,959,861   
                 

Housing — 14.6%

  

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

  $ 1,500      $ 1,501,980   

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

    2,620        2,635,379   

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

    1,000        1,012,180   

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

    2,625        2,666,029   

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

    1,500        1,508,850   

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

    1,325        1,299,348   
                 
    $ 10,623,766   
                 

Industrial Development Revenue — 4.9%

  

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

  $ 1,000      $ 1,104,830   

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

    980        1,029,666   

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

    1,350        1,196,573   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

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

  $ 195      $ 199,130   
                 
    $ 3,530,199   
                 

Insured – Education — 6.9%

  

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

  $ 1,250      $ 1,257,813   

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

    1,500        1,531,725   

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

    5,365        2,208,073   
                 
    $ 4,997,611   
                 

Insured – Electric Utilities — 2.1%

  

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

  $ 1,365      $ 1,527,244   
                 
    $ 1,527,244   
                 

Insured – Other Revenue — 3.5%

  

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

  $ 2,645      $ 1,114,841   

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

    3,625        1,437,856   
                 
    $ 2,552,697   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 290,491   
                 
    $ 290,491   
                 

Insured – Transportation — 2.0%

  

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

  $ 1,475      $ 1,485,959   
                 
    $ 1,485,959   
                 

Insured – Water and Sewer — 1.4%

  

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

  $ 1,000      $ 993,400   
                 
    $ 993,400   
                 

Other Revenue — 7.3%

  

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

  $ 3,120      $ 1,174,461   

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

    380        400,072   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue (continued)

  

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

  $ 625      $ 678,919   

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

    1,000        1,099,210   

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

    2,000        1,924,420   
                 
    $ 5,277,082   
                 

Senior Living / Life Care — 6.8%

  

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

  $ 1,450      $ 1,428,033   

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

    280        286,493   

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

    120        120,721   

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

    905        940,331   

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

    230        201,533   

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

    230        187,257   

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

    1,800        1,754,280   
                 
    $ 4,918,648   
                 

Special Tax Revenue — 22.6%

  

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

  $ 1,500      $ 1,561,065   

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

    2,100        2,303,385   

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

    1,000        1,063,320   

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

    1,000        1,056,120   

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

    2,380        2,547,814   

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

    6,000        6,382,200   

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

    900        931,122   

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

    545        592,219   
                 
    $ 16,437,245   
                 

Transportation — 14.6%

  

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

  $ 790      $ 801,305   

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

    1,500        1,525,995   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

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

  $ 1,200      $ 1,236,156   

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

    1,000        1,020,630   

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

    1,900        1,991,922   

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

    990        1,064,547   

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

    2,740        2,958,679   
                 
    $ 10,599,234   
                 

Water and Sewer — 6.2%

  

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

  $ 3,105      $ 3,445,308   

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

    1,000        1,018,500   
                 
    $ 4,463,808   
                 

Total Tax-Exempt Investments — 168.5%
(identified cost $117,803,472)

   

  $ 122,343,974   
                 
Miscellaneous — 1.2%   
   
Security   Units     Value  

Real Estate — 1.2%

  

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

    257      $ 887,164   
                 

Total Miscellaneous — 1.2%
(identified cost $822,400)

   

  $ 887,164   
                 

Total Investments — 169.7%
(identified cost $118,625,872)

   

  $ 123,231,138   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (46.4)%

  

  $ (33,725,181
                 

Other Assets, Less Liabilities — (23.3)%

  

  $ (16,895,025
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 72,610,932   
                 

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

 

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

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

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, 2013, 9.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 3.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,103,693.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2013, the aggregate value of these securities is $887,164 or 1.2% of the Trust’s net assets applicable to common shares.

 

(4) 

Non-income producing.

 

(5) 

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

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 156.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.6%

  

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

  $ 1,020      $ 1,053,558   

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

    250        283,593   

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

    210        232,489   

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

    1,010        983,750   
                 
    $ 2,553,390   
                 

Education — 20.9%

  

Miami University, 5.00%, 9/1/33

  $ 1,000      $ 1,051,070   

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

    440        441,448   

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

    1,250        1,271,512   

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

    500        522,905   

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

    1,000        1,092,400   

Ohio State University, 5.00%, 12/1/28

    480        551,707   

Ohio State University, 5.00%, 12/1/30

    1,605        1,815,464   

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

    500        524,060   

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

    750        776,287   
                 
    $ 8,046,853   
                 

Electric Utilities — 2.6%

  

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

  $ 470      $ 484,326   

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

    500        528,940   
                 
    $ 1,013,266   
                 

Escrowed / Prerefunded — 2.3%

  

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

  $ 65      $ 76,983   

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

    500        514,315   

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

    180        204,186   

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

    20        23,933   

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

    70        83,023   
                 
    $ 902,440   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 23.6%

  

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

  $ 335      $ 355,663   

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

    900        903,636   

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

    1,750        1,869,560   

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

    1,025        1,119,054   

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

    1,000        1,107,830   

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

    595        643,617   

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

    820        839,967   

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

    1,250        1,208,025   

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

    1,000        1,070,670   
                 
    $ 9,118,022   
                 

Hospital — 19.8%

  

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

  $ 560      $ 560,616   

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

    500        510,490   

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

    800        813,496   

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

    750        807,825   

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

    500        511,795   

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

    500        502,000   

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

    800        799,360   

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

    500        547,355   

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

    155        129,833   

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

    1,000        1,087,500   

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

    555        575,096   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc. Obligated Group), 5.00%, 1/15/27(2)

    565        588,255   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc. Obligated Group), 5.00%, 1/15/29(2)

    185        189,002   
                 
    $ 7,622,623   
                 

Housing — 7.4%

  

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

  $ 300      $ 302,205   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing (continued)

  

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

  $ 2,500      $ 2,540,225   
                 
    $ 2,842,430   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 511,938   
                 
    $ 511,938   
                 

Insured – Education — 12.8%

  

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

  $ 750      $ 783,847   

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

    1,000        1,092,520   

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

    465        491,631   

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

    580        555,530   

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

    1,500        1,518,450   

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

    500        506,150   
                 
    $ 4,948,128   
                 

Insured – Electric Utilities — 12.3%

  

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

  $ 1,000      $ 1,059,800   

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

    710        364,415   

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

    2,000        478,820   

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

    815        509,750   

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

    3,000        1,767,720   

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

    305        263,788   

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

    200        167,094   

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

    155        125,350   
                 
    $ 4,736,737   
                 

Insured – General Obligations — 19.2%

  

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

  $ 555      $ 562,526   

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

    500        530,390   

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

    2,455        1,134,726   

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

    1,000        1,155,160   

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

    1,500        1,416,045   

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

    1,750        1,851,342   

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

    750        767,070   
                 
    $ 7,417,259   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 6.1%

  

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

  $ 280      $ 278,491   

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

    1,500        1,502,640   

Lorain County, (Catholic Healthcare Partners), (AGM),
18.303%, 2/1/29(3)(4)(5)

    485        557,983   
                 
    $ 2,339,114   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 63,380   
                 
    $ 63,380   
                 

Insured – Transportation — 7.8%

  

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

  $ 600      $ 609,546   

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

    1,000        1,208,640   

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

    1,000        1,199,660   
                 
    $ 3,017,846   
                 

Lease Revenue / Certificates of Participation — 1.4%

  

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

  $ 500      $ 548,930   
                 
    $ 548,930   
                 

Other Revenue — 3.7%

  

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

  $ 1,000      $ 952,350   

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

    445        462,328   
                 
    $ 1,414,678   
                 

Senior Living / Life Care — 2.3%

  

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

  $ 375      $ 362,632   

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

    230        234,241   

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

    275        283,674   
                 
    $ 880,547   
                 

Special Tax Revenue — 2.5%

  

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

  $ 180      $ 201,844   

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

    290        320,073   

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

    155        160,867   

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

    170        176,543   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 110      $ 119,530   
                 
    $ 978,857   
                 

Transportation — 0.3%

  

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

  $ 690      $ 124,814   
                 
    $ 124,814   
                 

Water and Sewer — 3.4%

  

Hamilton County, Sewer System, 5.00%, 12/1/32

  $ 750      $ 784,710   

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

    500        526,140   
                 
    $ 1,310,850   
                 

Total Tax-Exempt Investments — 156.5%
(identified cost $58,082,295)

   

  $ 60,392,102   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.9)%

  

  $ (22,725,244
                 

Other Assets, Less Liabilities — 2.4%

  

  $ 921,193   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 38,588,051   
                 

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

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
AMT     Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FNMA     Federal National Mortgage Association
GNMA     Government National Mortgage Association
NPFG     National Public Finance Guaranty Corp.

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, 2013, 37.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 16.9% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain

  transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2013, the aggregate value of these securities is $557,983 or 1.4% of the Trust’s net assets applicable to common shares.

 

(4) 

Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at November 30, 2013.

 

(5) 

Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 162.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Cogeneration — 1.5%

  

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

  $ 420      $ 351,622   

Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15

    175        172,473   
                 
    $ 524,095   
                 

Education — 29.4%

  

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

  $ 1,050      $ 1,131,133   

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

    500        512,340   

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

    1,200        1,230,852   

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

    750        803,917   

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

    500        514,170   

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

    440        440,493   

Pennsylvania Higher Educational Facilities Authority, (Temple University), 5.00%, 4/1/35

    750        772,110   

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

    625        638,756   

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

    600        606,312   

Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/29

    560        579,942   

Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/30

    750        770,370   

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

    750        798,323   

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

    250        263,853   

University of Pittsburgh, 5.25%, 9/15/29

    500        550,020   

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

    575        600,432   
                 
    $ 10,213,023   
                 

General Obligations — 13.0%

  

Chester County, 5.00%, 7/15/27

  $ 500      $ 548,660   

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

    1,000        1,038,310   

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

    1,000        1,053,960   

Philadelphia School District, 6.00%, 9/1/38

    1,000        1,069,670   

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

    750        789,397   
                 
    $ 4,499,997   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 23.8%

  

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

  $ 500      $ 535,445   

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

    750        752,032   

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

    750        812,490   

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

    500        445,755   

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

    750        762,660   

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

    1,500        1,468,170   

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

    1,095        1,122,824   

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

    250        252,560   

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2)

    1,000        1,152,110   

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

    675        688,041   

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

    250        256,158   
                 
    $ 8,248,245   
                 

Housing — 10.2%

  

Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37

  $ 310      $ 309,988   

Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35

    875        876,549   

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

    615        590,258   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25

    500        513,950   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26

    765        770,347   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31

    495        496,262   
                 
    $ 3,557,354   
                 

Industrial Development Revenue — 8.5%

  

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

  $ 200      $ 207,652   

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

    750        761,250   

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

    250        271,112   

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

    1,115        1,216,365   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27

  $ 500      $ 510,705   
                 
    $ 2,967,084   
                 

Insured – Education — 8.4%

  

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

  $ 500      $ 519,875   

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

    1,105        1,112,227   

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

    375        387,968   

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

    875        899,727   
                 
    $ 2,919,797   
                 

Insured – Electric Utilities — 2.5%

  

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

  $ 1,080      $ 873,407   
                 
    $ 873,407   
                 

Insured – Escrowed / Prerefunded — 10.0%

  

Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27

  $ 1,600      $ 1,672,848   

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

    2,000        1,800,940   
                 
    $ 3,473,788   
                 

Insured – General Obligations — 6.1%

  

Beaver County, (AGM), 5.55%, 11/15/31

  $ 500      $ 545,135   

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

    750        812,167   

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

    750        768,450   
                 
    $ 2,125,752   
                 

Insured – Hospital — 5.0%

  

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

  $ 250      $ 301,450   

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

    1,440        1,446,552   
                 
    $ 1,748,002   
                 

Insured – Lease Revenue / Certificates of Participation — 5.0%

  

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

  $ 500      $ 513,540   

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

    1,195        1,216,713   
                 
    $ 1,730,253   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue — 2.2%

  

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

  $ 610      $ 634,504   

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

    1,235        144,952   
                 
    $ 779,456   
                 

Insured – Transportation — 8.9%

  

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

  $ 525      $ 546,509   

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

    1,005        1,007,935   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(2)(3)

    1,800        1,535,400   
                 
    $ 3,089,844   
                 

Insured – Water and Sewer — 3.0%

  

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

  $ 500      $ 517,310   

Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (NPFG), (AMT), 5.00%, 11/1/36

    525        527,699   
                 
    $ 1,045,009   
                 

Senior Living / Life Care — 2.3%

  

Cliff House Trust, (AMT), 6.625%, 6/1/27(4)

  $ 1,000      $ 384,700   

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24

    200        203,244   

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30

    200        198,416   
                 
    $ 786,360   
                 

Special Tax Revenue — 0.4%

  

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

  $ 110      $ 119,530   
                 
    $ 119,530   
                 

Transportation — 16.7%

  

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

  $ 465      $ 482,507   

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

    285        292,504   

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

    450        428,535   

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

    1,000        1,017,190   

Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30

    1,430        1,332,989   

Pennsylvania Turnpike Commission, 5.625%, 6/1/29

    750        818,085   

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

    410        437,970   

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

    970        994,929   
                 
    $ 5,804,709   
                 
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Utilities — 1.7%

  

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 601,962   
                 
    $ 601,962   
                 

Water and Sewer — 4.0%

  

Harrisburg Water Authority, 5.25%, 7/15/31

  $ 750      $ 624,833   

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

    750        764,760   
                 
    $ 1,389,593   
                 

Total Tax-Exempt Municipal Securities — 162.6%
(identified cost $55,934,387)

   

  $ 56,497,260   
                 
Taxable Municipal Securities — 0.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.0%

  

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

  $ 5      $ 0   
                 

Total Taxable Municipal Securities — 0.0%
(identified cost $5,427)

   

  $ 0   
                 

Total Investments — 162.6%
(identified cost $55,939,814)

   

  $ 56,497,260   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (61.0)%

  

  $ (21,175,351
                 

Other Assets, Less Liabilities — (1.6)%

  

  $ (585,882
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 34,736,027   
                 

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

 

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

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, 2013, 31.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.7% to 13.8% of total investments.

 

(1) 

Represents a payment-in-kind security which may pay all or a portion of interest in additional par.

 

(2) 

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

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $635,400.

 

(4) 

Defaulted bond.

 

 

  33   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Assets and Liabilities

 

 

    November 30, 2013  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 146,226,964      $ 57,556,570      $ 43,215,104      $ 92,733,900   

Unrealized appreciation (depreciation)

    3,097,556        1,375,992        (286,288     1,822,491   

Investments, at value

  $ 149,324,520      $ 58,932,562      $ 42,928,816      $ 94,556,391   

Cash

  $ 3,900,248      $ 1,430,093      $ 1,400,060      $ 1,662,906   

Restricted cash*

    195,000        102,000        41,500        275,000   

Interest receivable

    1,689,373        846,499        514,085        1,505,629   

Receivable for investments sold

    1,052,275               30,000          

Receivable for variation margin on open financial futures contracts

    4,156                        

Deferred debt issuance costs

    26,608        1,478               552   

Total assets

  $ 156,192,180      $ 61,312,632      $ 44,914,461      $ 98,000,478   
Liabilities   

Payable for floating rate notes issued

  $ 14,680,000      $ 3,385,000      $      $ 3,780,000   

Payable to affiliates:

       

Investment adviser fee

    79,022        31,148        23,526        51,903   

Administration fee

    24,694        9,734        7,352        16,220   

Trustees’ fees

    1,093        482        387        748   

Interest expense and fees payable

    17,807        5,091               5,502   

Accrued expenses

    80,204        57,021        55,488        67,820   

Total liabilities

  $ 14,882,820      $ 3,488,476      $ 86,753      $ 3,922,193   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,976,074      $ 20,050,332      $ 17,500,093      $ 33,425,718   

Net assets applicable to common shares

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 72,611      $ 27,505      $ 21,163      $ 46,792   

Additional paid-in capital

    104,203,764        39,728,155        29,106,720        67,036,426   

Accumulated net realized loss

    (16,261,487     (3,394,116     (1,550,524     (8,394,394

Accumulated undistributed net investment income

    247,709        46,444        40,726        168,135   

Net unrealized appreciation (depreciation)

    3,070,689        1,365,836        (290,470     1,795,608   

Net assets applicable to common shares

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,999        802        700        1,337   
Common Shares Outstanding     7,261,075        2,750,521        2,116,294        4,679,158   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 12.58      $ 13.73      $ 12.91      $ 12.96   

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Assets and Liabilities — continued

 

 

    November 30, 2013  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 118,625,872      $ 58,082,295      $ 55,939,814   

Unrealized appreciation

    4,605,266        2,309,807        557,446   

Investments, at value

  $ 123,231,138      $ 60,392,102      $ 56,497,260   

Cash

  $ 738,217      $      $ 90,299   

Restricted cash*

    129,250        47,000        150,000   

Interest receivable

    1,652,044        994,592        830,141   

Receivable for investments sold

    85,000        763,313        100,000   

Total assets

  $ 125,835,649      $ 62,197,007      $ 57,667,700   
Liabilities   

Payable for floating rate notes issued

  $ 19,315,000      $      $ 1,650,000   

Payable for when-issued securities

           775,654          

Due to custodian

           9,581          

Payable to affiliates:

     

Investment adviser fee

    61,547        32,223        30,084   

Administration fee

    19,233        10,070        9,401   

Trustees’ fees

    873        495        470   

Interest expense and fees payable

    28,400               7,524   

Accrued expenses

    74,483        55,689        58,843   

Total liabilities

  $ 19,499,536      $ 883,712      $ 1,756,322   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,181      $ 22,725,244      $ 21,175,351   

Net assets applicable to common shares

  $ 72,610,932      $ 38,588,051      $ 34,736,027   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 54,746      $ 28,572      $ 27,204   

Additional paid-in capital

    79,374,935        39,573,731        37,694,604   

Accumulated net realized loss

    (11,688,628     (3,464,741     (3,598,690

Accumulated undistributed net investment income

    277,457        145,461        70,398   

Net unrealized appreciation

    4,592,422        2,305,028        542,511   

Net assets applicable to common shares

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,349        909        847   
Common Shares Outstanding     5,474,636        2,857,157        2,720,414   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 13.26      $ 13.51      $ 12.77   

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Operations

 

 

    Year Ended November 30, 2013  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 7,201,009      $ 2,792,402      $ 2,102,084      $ 4,709,923   

Total investment income

  $ 7,201,009      $ 2,792,402      $ 2,102,084      $ 4,709,923   
Expenses   

Investment adviser fee

  $ 1,012,060      $ 400,091      $ 302,989      $ 661,409   

Administration fee

    313,114        123,778        93,735        204,641   

Trustees’ fees and expenses

    6,659        2,940        2,354        4,540   

Custodian fee

    77,796        40,245        35,815        55,164   

Transfer and dividend disbursing agent fees

    18,275        18,535        18,433        18,339   

Legal and accounting services

    57,512        41,262        42,027        50,397   

Printing and postage

    12,479        8,317        7,384        10,029   

Interest expense and fees

    97,968        30,874               53,126   

Preferred shares service fee

    69,843        29,182        23,554        48,968   

Miscellaneous

    45,689        35,888        34,308        38,338   

Total expenses

  $ 1,711,395      $ 731,112      $ 560,599      $ 1,144,951   

Deduct —

       

Reduction of custodian fee

  $ 825      $ 290      $ 177      $ 693   

Total expense reductions

  $ 825      $ 290      $ 177      $ 693   

Net expenses

  $ 1,710,570      $ 730,822      $ 560,422      $ 1,144,258   

Net investment income

  $ 5,490,439      $ 2,061,580      $ 1,541,662      $ 3,565,665   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ (163,119   $ (105,123   $ (70,827   $ (507,358

Extinguishment of debt

                         (2,352

Financial futures contracts

    779,319        482,226        72,926        2,033,683   

Net realized gain

  $ 616,200      $ 377,103      $ 2,099      $ 1,523,973   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ (15,340,757   $ (7,037,277   $ (4,988,738   $ (9,922,786

Financial futures contracts

    16,546        (7,703     (3,748     47,015   

Net change in unrealized appreciation (depreciation)

  $ (15,324,211   $ (7,044,980   $ (4,992,486   $ (9,875,771

Net realized and unrealized loss

  $ (14,708,011   $ (6,667,877   $ (4,990,387   $ (8,351,798

Distributions to preferred shareholders

                               

From net investment income

  $ (86,193   $ (34,378   $ (29,679   $ (57,651

Net decrease in net assets from operations

  $ (9,303,765   $ (4,640,675   $ (3,478,404   $ (4,843,784

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Operations — continued

 

 

    Year Ended November 30, 2013  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 6,029,410      $ 2,904,071      $ 2,741,107   

Total investment income

  $ 6,029,410      $ 2,904,071      $ 2,741,107   
Expenses   

Investment adviser fee

  $ 789,418      $ 412,494      $ 384,497   

Administration fee

    244,232        127,616        118,962   

Trustees’ fees and expenses

    5,318        3,017        2,847   

Custodian fee

    63,967        41,293        39,508   

Transfer and dividend disbursing agent fees

    18,444        18,554        18,219   

Legal and accounting services

    52,602        39,584        46,324   

Printing and postage

    12,779        8,635        8,350   

Interest expense and fees

    127,173               16,698   

Preferred shares service fee

    48,917        32,624        30,196   

Miscellaneous

    42,500        37,048        36,260   

Total expenses

  $ 1,405,350      $ 720,865      $ 701,861   

Deduct —

     

Reduction of custodian fee

  $ 406      $ 297      $ 229   

Total expense reductions

  $ 406      $ 297      $ 229   

Net expenses

  $ 1,404,944      $ 720,568      $ 701,632   

Net investment income

  $ 4,624,466      $ 2,183,503      $ 2,039,475   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ (1,103,829   $ (339,867   $ (750,512

Financial futures contracts

    609,874        231,608        687,168   

Net realized loss

  $ (493,955   $ (108,259   $ (63,344

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (11,673,826   $ (6,619,957   $ (5,268,177

Financial futures contracts

    (9,742     (3,480     10,547   

Net change in unrealized appreciation (depreciation)

  $ (11,683,568   $ (6,623,437   $ (5,257,630

Net realized and unrealized loss

  $ (12,177,523   $ (6,731,696   $ (5,320,974

Distributions to preferred shareholders

                       

From net investment income

  $ (57,302   $ (38,194   $ (36,307

Net decrease in net assets from operations

  $ (7,610,359   $ (4,586,387   $ (3,317,806

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Changes in Net Assets

 

 

    Year Ended November 30, 2013  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,490,439      $ 2,061,580      $ 1,541,662      $ 3,565,665   

Net realized gain from investment transactions, extinguishment of debt and financial futures contracts

    616,200        377,103        2,099        1,523,973   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (15,324,211     (7,044,980     (4,992,486     (9,875,771

Distributions to preferred shareholders —

       

From net investment income

    (86,193     (34,378     (29,679     (57,651

Net decrease in net assets from operations

  $ (9,303,765   $ (4,640,675   $ (3,478,404   $ (4,843,784

Distributions to common shareholders —

       

From net investment income

  $ (5,779,391   $ (2,134,388   $ (1,585,116   $ (3,686,470

Total distributions to common shareholders

  $ (5,779,391   $ (2,134,388   $ (1,585,116   $ (3,686,470

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $ 49,584      $      $      $ 47,846   

Net increase in net assets from capital share transactions

  $ 49,584      $      $      $ 47,846   

Net decrease in net assets

  $ (15,033,572   $ (6,775,063   $ (5,063,520   $ (8,482,408
Net Assets Applicable to Common Shares   

At beginning of year

  $ 106,366,858      $ 44,548,887      $ 32,391,135      $ 69,134,975   

At end of year

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 247,709      $ 46,444      $ 40,726      $ 168,135   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2013  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,624,466      $ 2,183,503      $ 2,039,475   

Net realized loss from investment transactions and financial futures contracts

    (493,955     (108,259     (63,344

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (11,683,568     (6,623,437     (5,257,630

Distributions to preferred shareholders —

     

From net investment income

    (57,302     (38,194     (36,307

Net decrease in net assets from operations

  $ (7,610,359   $ (4,586,387   $ (3,317,806

Distributions to common shareholders —

     

From net investment income

  $ (4,835,003   $ (2,112,450   $ (2,140,917

Total distributions to common shareholders

  $ (4,835,003   $ (2,112,450   $ (2,140,917

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 55,392      $ 3,154      $ 7,155   

Net increase in net assets from capital share transactions

  $ 55,392      $ 3,154      $ 7,155   

Net decrease in net assets

  $ (12,389,970   $ (6,695,683   $ (5,451,568
Net Assets Applicable to Common Shares   

At beginning of year

  $ 85,000,902      $ 45,283,734      $ 40,187,595   

At end of year

  $ 72,610,932      $ 38,588,051      $ 34,736,027   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 277,457      $ 145,461      $ 70,398   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2012  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,734,651      $ 2,118,603      $ 1,609,283      $ 3,745,238   

Net realized loss from investment transactions and financial futures contracts

    (974,992     (427,235     (347,036     (970,208

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    17,774,223        6,690,665        4,443,394        9,281,456   

Distributions to preferred shareholders —

       

From net investment income

    (127,665     (51,813     (44,571     (84,946

Net increase in net assets from operations

  $ 22,406,217      $ 8,330,220      $ 5,661,070      $ 11,971,540   

Distributions to common shareholders —

       

From net investment income

  $ (6,086,435   $ (2,212,744   $ (1,636,265   $ (3,723,547

Total distributions to common shareholders

  $ (6,086,435   $ (2,212,744   $ (1,636,265   $ (3,723,547

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $ 185,370      $ 59,017      $      $ 152,504   

Net increase in net assets from capital share transactions

  $ 185,370      $ 59,017      $      $ 152,504   

Net increase in net assets

  $ 16,505,152      $ 6,176,493      $ 4,024,805      $ 8,400,497   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 89,861,706      $ 38,372,394      $ 28,366,330      $ 60,734,478   

At end of year

  $ 106,366,858      $ 44,548,887      $ 32,391,135      $ 69,134,975   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 663,177      $ 169,079      $ 117,612      $ 359,123   

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2012  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,678,805      $ 2,244,337      $ 2,137,052   

Net realized loss from investment transactions and financial futures contracts

    (423,975     (546,102     (718,314

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    12,995,092        7,610,893        5,022,434   

Distributions to preferred shareholders —

     

From net investment income

    (86,286     (58,080     (54,721

Net increase in net assets from operations

  $ 17,163,636      $ 9,251,048      $ 6,386,451   

Distributions to common shareholders —

     

From net investment income

  $ (4,974,981   $ (2,373,528   $ (2,248,125

Total distributions to common shareholders

  $ (4,974,981   $ (2,373,528   $ (2,248,125

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 134,042      $ 27,594      $ 38,280   

Net increase in net assets from capital share transactions

  $ 134,042      $ 27,594      $ 38,280   

Net increase in net assets

  $ 12,322,697      $ 6,905,114      $ 4,176,606   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 72,678,205      $ 38,378,620      $ 36,010,989   

At end of year

  $ 85,000,902      $ 45,283,734      $ 40,187,595   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 563,208      $ 129,262      $ 210,754   

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Statement of Cash Flows*

 

 

    Year Ended
November 30, 2013
 
Cash Flows From Operating Activities   New York Trust  

Net decrease in net assets from operations

  $ (7,610,359

Distributions to preferred shareholders

    57,302   

Net decrease in net assets from operations excluding distributions to preferred shareholders

  $ (7,553,057

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (12,852,409

Investments sold

    13,913,328   

Net amortization/accretion of premium (discount)

    (100,297

Decrease in restricted cash

    20,750   

Decrease in interest receivable

    24,332   

Decrease in payable for variation margin on open financial futures contracts

    (6,718

Decrease in payable to affiliate for investment adviser fee

    (6,908

Decrease in payable to affiliate for administration fee

    (1,669

Decrease in payable to affiliate for Trustees’ fees

    (14

Decrease in interest expense and fees payable

    (4,792

Decrease in accrued expenses

    (718

Net change in unrealized (appreciation) depreciation from investments

    11,673,826   

Net realized loss from investments

    1,103,829   

Net cash provided by operating activities

  $ 6,209,483   
Cash Flows From Financing Activities   

Distributions paid to common shareholders, net of reinvestments

  $ (4,779,611

Cash distributions paid to preferred shareholders

    (57,373

Decrease in due to custodian

    (634,282

Net cash used in financing activities

  $ (5,471,266

Net increase in cash

  $ 738,217   

Cash at beginning of year

  $   

Cash at end of year

  $ 738,217   
Supplemental disclosure of cash flow information:   

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 55,392   

Cash paid for interest and fees

    131,965   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 14.660      $ 12.410      $ 12.390      $ 12.330      $ 9.890   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.756      $ 0.791      $ 0.926      $ 0.945      $ 0.947   

Net realized and unrealized gain (loss)

    (2.028     2.316        0.002        0.026        2.321   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.012     (0.018     (0.022     (0.028     (0.047

Total income (loss) from operations

  $ (1.284   $ 3.089      $ 0.906      $ 0.943      $ 3.221   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.796   $ (0.839   $ (0.886   $ (0.883   $ (0.781

Total distributions to common shareholders

  $ (0.796   $ (0.839   $ (0.886   $ (0.883   $ (0.781

Net asset value — End of year (Common shares)

  $ 12.580      $ 14.660      $ 12.410      $ 12.390      $ 12.330   

Market value — End of year (Common shares)

  $ 11.060      $ 14.680      $ 12.770      $ 12.400      $ 12.170   

Total Investment Return on Net Asset Value(2)

    (8.69 )%      25.59     7.99     7.73     34.24

Total Investment Return on Market Value(2)

    (19.84 )%      22.22     11.04     9.25     43.19
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 91,333      $ 106,367      $ 89,862      $ 89,395      $ 88,720   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.66     1.66     1.83     1.78     1.93

Interest and fee expense(5)

    0.10     0.11     0.17     0.18     0.23

Total expenses(4)

    1.76     1.77     2.00     1.96     2.16

Net investment income

    5.64     5.77     7.81     7.34     8.35

Portfolio Turnover

    8     17     22     14     18

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.09     1.11     1.15     1.16     1.19

Interest and fee expense(5)

    0.07     0.07     0.11     0.11     0.15

Total expenses(4)

    1.16     1.18     1.26     1.27     1.34

Net investment income

    3.73     3.84     4.93     4.77     5.18

Senior Securities:

         

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(6)

  $ 70,690      $ 78,210      $ 69,954      $ 69,721      $ 69,383   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 16.200      $ 13.970      $ 13.790      $ 13.590      $ 10.160   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.750      $ 0.771      $ 0.890      $ 0.926      $ 0.948   

Net realized and unrealized gain (loss)

    (2.432     2.283        0.219        0.210        3.356   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.012     (0.019     (0.023     (0.030     (0.049

Total income (loss) from operations

  $ (1.694   $ 3.035      $ 1.086      $ 1.106      $ 4.255   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.776   $ (0.805   $ (0.906   $ (0.906   $ (0.825

Total distributions to common shareholders

  $ (0.776   $ (0.805   $ (0.906   $ (0.906   $ (0.825

Net asset value — End of year (Common shares)

  $ 13.730      $ 16.200      $ 13.970      $ 13.790      $ 13.590   

Market value — End of year (Common shares)

  $ 11.970      $ 16.350      $ 14.810      $ 13.980      $ 13.260   

Total Investment Return on Net Asset Value(2)

    (10.34 )%      22.28     8.49     8.16     43.29

Total Investment Return on Market Value(2)

    (22.55 )%      16.41     13.45     12.38     58.91
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 37,774      $ 44,549      $ 38,372      $ 37,735      $ 37,011   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees

    1.73     1.73     1.87     1.83     2.02

Interest and fee expense(5)

    0.08     0.09     0.11     0.09     0.14

Total expenses before custodian fee reduction

    1.81     1.82     1.98     1.92     2.16

Expenses after custodian fee reduction excluding interest and fees

    1.73     1.73     1.87     1.82     2.02

Net investment income

    5.12     5.06     6.70     6.51     7.77

Portfolio Turnover

    1     11     15     16     24

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.16     1.17     1.21     1.20     1.26

Interest and fee expense(5)

    0.05     0.06     0.07     0.06     0.09

Total expenses(4)

    1.21     1.23     1.28     1.26     1.35

Net investment income

    3.42     3.42     4.32     4.29     4.85

Senior Securities:

         

Total preferred shares outstanding

    802        802        802        802        802   

Asset coverage per preferred share(6)

  $ 72,100      $ 80,548      $ 72,846      $ 72,051      $ 71,150   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 15.310      $ 13.400      $ 12.880      $ 12.940      $ 10.860   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.728      $ 0.760      $ 0.826      $ 0.876      $ 0.918   

Net realized and unrealized gain (loss)

    (2.365     1.944        0.558        (0.044     1.990   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.014     (0.021     (0.025     (0.033     (0.056

Total income (loss) from operations

  $ (1.651   $ 2.683      $ 1.359      $ 0.799      $ 2.852   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.749   $ (0.773   $ (0.839   $ (0.859   $ (0.772

Total distributions to common shareholders

  $ (0.749   $ (0.773   $ (0.839   $ (0.859   $ (0.772

Net asset value — End of year (Common shares)

  $ 12.910      $ 15.310      $ 13.400      $ 12.880      $ 12.940   

Market value — End of year (Common shares)

  $ 11.000      $ 14.690      $ 12.470      $ 12.100      $ 11.530   

Total Investment Return on Net Asset Value(2)

    (10.49 )%      20.92     11.66     6.57     28.08

Total Investment Return on Market Value(2)

    (20.51 )%      24.67     10.60     12.36     56.49
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 27,328      $ 32,391      $ 28,366      $ 27,262      $ 27,392   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.91     1.89     2.04     1.98     2.18

Interest and fee expense(5)

                                0.06

Total expenses(4)

    1.91     1.89     2.04     1.98     2.24

Net investment income

    5.26     5.26     6.49     6.57     7.61

Portfolio Turnover

    11     14     18     14     23

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.20     1.20     1.24     1.22     1.29

Interest and fee expense(5)

                                0.04

Total expenses(4)

    1.20     1.20     1.24     1.22     1.33

Net investment income

    3.29     3.35     3.93     4.06     4.52

Senior Securities:

         

Total preferred shares outstanding

    700        700        700        700        700   

Asset coverage per preferred share(6)

  $ 64,040      $ 71,273      $ 65,524      $ 63,948      $ 64,132   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 14.790      $ 13.020      $ 13.260      $ 13.570      $ 9.400   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.762      $ 0.802      $ 0.890      $ 0.957      $ 0.971   

Net realized and unrealized gain (loss)

    (1.792     1.783        (0.185     (0.290     4.091   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.012     (0.018     (0.022     (0.029     (0.048

Total income (loss) from operations

  $ (1.042   $ 2.567      $ 0.683      $ 0.638      $ 5.014   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.788   $ (0.797   $ (0.923   $ (0.948   $ (0.844

Total distributions to common shareholders

  $ (0.788   $ (0.797   $ (0.923   $ (0.948   $ (0.844

Net asset value — End of year (Common shares)

  $ 12.960      $ 14.790      $ 13.020      $ 13.260      $ 13.570   

Market value — End of year (Common shares)

  $ 11.440      $ 16.380      $ 13.370      $ 13.520      $ 14.040   

Total Investment Return on Net Asset Value(2)

    (6.96 )%      20.18     5.64     4.62     55.43

Total Investment Return on Market Value(2)

    (25.85 )%      29.62     6.39     3.10     77.84
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 60,653      $ 69,135      $ 60,734      $ 61,717      $ 62,792   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.70     1.71     1.81     1.79     1.99

Interest and fee expense(5)

    0.08     0.11     0.15     0.18     0.24

Total expenses(4)

    1.78     1.82     1.96     1.97     2.23

Net investment income

    5.55     5.70     6.96     6.87     8.16

Portfolio Turnover

    16     14     11     9     48

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.12     1.14     1.16     1.18     1.24

Interest and fee expense(5)

    0.05     0.07     0.09     0.12     0.15

Total expenses(4)

    1.17     1.21     1.25     1.30     1.39

Net investment income

    3.65     3.78     4.46     4.53     5.08

Senior Securities:

         

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(6)

  $ 70,365      $ 76,709      $ 70,427      $ 71,162      $ 71,966   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 15.540      $ 13.310      $ 13.110      $ 12.920      $ 9.350   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.845      $ 0.856      $ 0.950      $ 0.954      $ 0.960   

Net realized and unrealized gain (loss)

    (2.232     2.300        0.179        0.166        3.493   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.010     (0.016     (0.019     (0.025     (0.042

Total income (loss) from operations

  $ (1.397   $ 3.140      $ 1.110      $ 1.095      $ 4.411   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.883   $ (0.910   $ (0.910   $ (0.905   $ (0.841

Total distributions to common shareholders

  $ (0.883   $ (0.910   $ (0.910   $ (0.905   $ (0.841

Net asset value — End of year (Common shares)

  $ 13.260      $ 15.540      $ 13.310      $ 13.110      $ 12.920   

Market value — End of year (Common shares)

  $ 12.100      $ 16.150      $ 13.450      $ 13.350      $ 13.200   

Total Investment Return on Net Asset Value(2)

    (8.99 )%      24.30     9.06     8.48     49.00

Total Investment Return on Market Value(2)

    (20.09 )%      27.89     8.18     8.16     80.12
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 72,611      $ 85,001      $ 72,678      $ 71,372      $ 69,857   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.65     1.66     1.78     1.74     1.98

Interest and fee expense(5)

    0.16     0.18     0.22     0.21     0.24

Total expenses(4)

    1.81     1.84     2.00     1.95     2.22

Net investment income

    5.97     5.90     7.40     7.02     8.40

Portfolio Turnover

    10     17     13     13     20

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.15     1.16     1.20     1.18     1.28

Interest and fee expense(5)

    0.11     0.13     0.15     0.15     0.15

Total expenses(4)

    1.26     1.29     1.35     1.33     1.43

Net investment income

    4.16     4.14     5.00     4.82     5.43

Senior Securities:

         

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(6)

  $ 78,826      $ 88,010      $ 78,877      $ 77,909      $ 76,785   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 15.850      $ 13.440      $ 13.170      $ 13.520      $ 10.450   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.764      $ 0.786      $ 0.851      $ 0.899      $ 0.945   

Net realized and unrealized gain (loss)

    (2.352     2.475        0.305        (0.325     2.974   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.013     (0.020     (0.025     (0.033     (0.055

Total income (loss) from operations

  $ (1.601   $ 3.241      $ 1.131      $ 0.541      $ 3.864   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.739   $ (0.831   $ (0.861   $ (0.891   $ (0.794

Total distributions to common shareholders

  $ (0.739   $ (0.831   $ (0.861   $ (0.891   $ (0.794

Net asset value — End of year (Common shares)

  $ 13.510      $ 15.850      $ 13.440      $ 13.170      $ 13.520   

Market value — End of year (Common shares)

  $ 11.840      $ 16.800      $ 13.320      $ 13.420      $ 13.430   

Total Investment Return on Net Asset Value(2)

    (10.01 )%      24.71     9.21     3.96     38.58

Total Investment Return on Market Value(2)

    (25.59 )%      33.34     6.25     6.64     68.25
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 38,588      $ 45,284      $ 38,379      $ 37,463      $ 38,295   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.76     1.76     1.93     1.85     2.08

Interest and fee expense(5)

                  0.01     0.02     0.02

Total expenses(4)

    1.76     1.76     1.94     1.87     2.10

Net investment income

    5.33     5.31     6.64     6.53     7.77

Portfolio Turnover

    10     11     11     17     20

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.13     1.15     1.19     1.17     1.26

Interest and fee expense(5)

                  0.01     0.01     0.01

Total expenses(4)

    1.13     1.15     1.20     1.18     1.27

Net investment income

    3.43     3.45     4.09     4.13     4.68

Senior Securities:

         

Total preferred shares outstanding

    909        909        909        909        909   

Asset coverage per preferred share(6)

  $ 67,451      $ 74,818      $ 67,221      $ 66,215      $ 67,131   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
     2013     2012     2011     2010     2009  

Net asset value — Beginning of year (Common shares)

  $ 14.780      $ 13.250      $ 13.330      $ 13.380      $ 10.320   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.750      $ 0.786      $ 0.873      $ 0.912      $ 0.928   

Net realized and unrealized gain (loss)

    (1.960     1.591        (0.062     (0.063     2.973   

Distributions to preferred shareholders —

         

From net investment income(1)

    (0.013     (0.020     (0.024     (0.032     (0.053

Total income (loss) from operations

  $ (1.223   $ 2.357      $ 0.787      $ 0.817      $ 3.848   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.787   $ (0.827   $ (0.867   $ (0.867   $ (0.788

Total distributions to common shareholders

  $ (0.787   $ (0.827   $ (0.867   $ (0.867   $ (0.788

Net asset value — End of year (Common shares)

  $ 12.770      $ 14.780      $ 13.250      $ 13.330      $ 13.380   

Market value — End of year (Common shares)

  $ 10.950      $ 15.100      $ 13.660      $ 12.930      $ 13.050   

Total Investment Return on Net Asset Value(2)

    (8.07 )%      18.20     6.53     6.13     39.16

Total Investment Return on Market Value(2)

    (22.84 )%      17.23     13.15     5.57     45.88
Ratios/Supplemental Data                                        

Net assets applicable to common shares, end of year (000’s omitted)

  $ 34,736      $ 40,188      $ 36,011      $ 36,210      $ 36,255   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.85     1.85     1.93     1.88     2.11

Interest and fee expense(5)

    0.05     0.04     0.05     0.06     0.21

Total expenses(4)

    1.90     1.89     1.98     1.94     2.32

Net investment income

    5.53     5.57     6.71     6.61     7.61

Portfolio Turnover

    11     15     8     17     23

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)

         

Expenses excluding interest and fees(4)

    1.18     1.20     1.21     1.20     1.28

Interest and fee expense(5)

    0.03     0.02     0.03     0.04     0.13

Total expenses(4)

    1.21     1.22     1.24     1.24     1.41

Net investment income

    3.51     3.59     4.19     4.22     4.63

Senior Securities:

         

Total preferred shares outstanding

    847        847        847        847        847   

Asset coverage per preferred share(6)

  $ 66,011      $ 72,448      $ 67,516      $ 67,752      $ 67,806   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

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.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) 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, 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. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

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 the 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.

At November 30, 2013, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will 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 will 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. The deferred capital losses are treated as arising on the first day of the Trusts’ next taxable year and are treated as realized prior to the utilization of the capital loss carryforward. The amounts and expiration dates of the capital loss carryforwards 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, 2016

  $ 6,689,345      $ 692,532      $ 517,712      $      $ 2,354,581      $ 736,482      $ 800,874   

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 carryforward

  $ 16,429,254      $ 3,464,403      $ 1,234,638      $ 8,446,139      $ 9,805,308      $ 2,787,606      $ 2,855,161   

Deferred capital losses

  $ 271,835      $ 75,959      $ 364,043      $      $ 1,548,393      $ 715,886      $ 851,298   

 

  50  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

During the year ended November 30, 2013, capital loss carryforwards of $389,464 were utilized to offset net realized gains by New Jersey Trust.

As of November 30, 2013, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  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.

F  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

G  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.

H  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 to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker 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 broker transfer the Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the broker 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 broker 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, 2013. Interest expense related to the Trusts’ 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 broker upon 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, 2013, 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
     Pennsylvania
Trust
 

Floating Rate Notes Outstanding

  $ 14,680,000       $ 3,385,000       $ 3,780,000       $ 19,315,000       $ 1,650,000   

Interest Rate or Range of Interest Rates (%)

    0.05 - 1.20         0.05 - 0.07         0.10 - 0.20         0.05 - 0.10         0.06 - 1.20   

Collateral for Floating Rate Notes Outstanding

  $ 17,799,589       $ 4,509,129       $ 5,177,618       $ 26,645,004       $ 2,687,510   

 

  51  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

For the year ended November 30, 2013, 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
     Pennsylvania
Trust
 

Average Floating Rate Notes Outstanding

  $ 14,680,000       $ 4,383,630       $ 7,886,342       $ 19,315,000       $ 1,650,000   

Average Interest Rate

    0.67      0.70      0.67      0.66      1.01

The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, 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, 2013.

The Trusts may also purchase residual interest bonds from brokers 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.

I  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.

J  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 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.

K  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. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. 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 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 with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus

 

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Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts’ By-laws and the 1940 Act. 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%.

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at November 30, 2013, 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, 2013

    0.10     0.12     0.10     0.10     0.10     0.10     0.12

Dividends Accrued to APS Shareholders

  $ 86,193      $ 34,378      $ 29,679      $ 57,651      $ 57,302      $ 38,194      $ 36,307   

Average APS Dividend Rates

    0.17     0.17     0.17     0.17     0.17     0.17     0.17

Dividend Rate Ranges (%)

    0.08 - 0.38        0.08 - 0.38        0.08 - 0.38        0.08 - 0.38        0.08 - 0.38        0.08 - 0.38        0.08 - 0.38   

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 for each Trust as of November 30, 2013.

The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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 for the years ended November 30, 2013 and November 30, 2012 was as follows:

 

    Year Ended November 30, 2013  
    

California

Trust

    Massachusetts
Trust
   

Michigan

Trust

    New Jersey
Trust
   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

Distributions declared from:

             

Tax-exempt income

  $ 5,855,845      $ 2,167,331      $ 1,608,391      $ 3,706,060      $ 4,890,627      $ 2,147,761      $ 2,175,637   

Ordinary income

  $ 9,739      $ 1,435      $ 6,404      $ 38,061      $ 1,678      $ 2,883      $ 1,587   
    Year Ended November 30, 2012  
     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Distributions declared from:

             

Tax-exempt income

  $ 6,213,859      $ 2,262,741      $ 1,680,836      $ 3,783,341      $ 5,057,060      $ 2,428,655      $ 2,302,056   

Ordinary income

  $ 241      $ 1,816      $      $ 25,152      $ 4,207      $ 2,953      $ 790   

 

  53  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

During the year ended November 30, 2013, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount and defaulted bond interest:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Change in:

             

Paid-in capital

  $      $      $ (224,050   $      $      $ (588,403   $ (389,289

Accumulated net realized loss

  $ 40,323      $ 15,449      $ 227,803      $ 12,532      $ 17,912      $ 605,063      $ 391,896   

Accumulated undistributed net investment income

  $ (40,323   $ (15,449   $ (3,753   $ (12,532   $ (17,912   $ (16,660   $ (2,607

These reclassifications had no effect on the net assets or net asset value per share of the Trusts.

As of November 30, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) 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

  $ 248,783      $ 46,776      $ 40,819      $ 168,853      $ 277,638      $ 145,705      $ 113,631   

Capital loss carryforward and deferred capital losses

  $ (16,701,089   $ (3,540,362   $ (1,598,681   $ (8,446,139   $ (11,353,701   $ (3,503,492   $ (3,706,459

Net unrealized appreciation (depreciation)

  $ 3,510,291      $ 1,512,082      $ (242,313   $ 1,847,353      $ 4,257,495      $ 2,343,779      $ 607,398   

Other temporary differences

  $ (1,074   $ (332   $ (93   $ (718   $ (181   $ (244   $ (351

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, defaulted bond interest and the timing of recognizing distributions to shareholders.

4  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 0.640% (0.655% prior to May 1, 2013) of each Trust’s average weekly gross assets 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. The fee reduction 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 the 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 APS 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 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, 2013, 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

  $ 1,012,060       $ 400,091       $ 302,989       $ 661,409       $ 789,418       $ 412,494       $ 384,497   

Administration Fee

  $ 313,114       $ 123,778       $ 93,735       $ 204,641       $ 244,232       $ 127,616       $ 118,962   

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 the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

 

  54  


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Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2013 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Purchases

  $ 13,094,998       $ 950,167       $ 5,283,838       $ 16,670,202       $ 12,852,409       $ 6,497,091       $ 6,588,463   

Sales

  $ 18,675,568       $ 3,223,728       $ 6,193,816       $ 22,236,472       $ 13,206,703       $ 6,597,115       $ 6,202,921   

6  Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the years ended November 30, 2013 and November 30, 2012 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Year Ended November 30, 2013

    3,484                 3,303         3,692         203         496   

Year Ended November 30, 2012

    13,698         3,879         10,907         9,350         1,890         2,720   

On November 11, 2013, the Board 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. The repurchase program does not obligate a Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trusts for the year ended November 30, 2013.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2013, 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

  $ 131,134,229      $ 54,035,480      $ 43,171,129      $ 88,929,038      $ 99,658,643      $ 58,048,323      $ 54,239,862   

Gross unrealized appreciation

  $ 7,221,765      $ 2,556,350      $ 1,177,080      $ 3,998,413      $ 6,252,183      $ 3,062,974      $ 2,148,879   

Gross unrealized depreciation

    (3,711,474     (1,044,268     (1,419,393     (2,151,060     (1,994,688     (719,195     (1,541,481

Net unrealized appreciation (depreciation)

  $ 3,510,291      $ 1,512,082      $ (242,313   $ 1,847,353      $ 4,257,495      $ 2,343,779      $ 607,398   

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, 2013, Ohio Trust had a payment due to SSBT pursuant to the foregoing arrangement of $9,581. 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, 2013. 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, 2013. The Trusts’ average overdraft advances during the year ended November 30, 2013 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

 

  55  


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Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

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, 2013 is as follows:

 

Futures Contracts  
Trust   Expiration
Month/Year
     Contracts    Position    Aggregate
Cost
     Value      Net
Unrealized
Depreciation
 
California     3/14       38 U.S. 10-Year Treasury Note    Short    $ (4,750,227    $ (4,764,250    $ (14,023
      3/14      

43

U.S. Long Treasury Bond

   Short      (5,609,406      (5,622,250      (12,844
Massachusetts     3/14      

34

U.S. Long Treasury Bond

   Short    $ (4,435,344    $ (4,445,500    $ (10,156
Michigan     3/14      

14

U.S. Long Treasury Bond

   Short    $ (1,826,318    $ (1,830,500    $ (4,182
New Jersey     3/14      

90

U.S. Long Treasury Bond

   Short    $ (11,740,617    $ (11,767,500    $ (26,883
New York     3/14      

43

U.S. Long Treasury Bond

   Short    $ (5,609,407    $ (5,622,251    $ (12,844
Ohio     3/14      

16

U.S. Long Treasury Bond

   Short    $ (2,087,221    $ (2,092,000    $ (4,779
Pennsylvania     3/14      

50

U.S. Long Treasury Bond

   Short    $ (6,522,565    $ (6,537,500    $ (14,935

At November 30, 2013, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

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 purchase and sell 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, 2013 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Liability Derivative:

       

Futures Contracts

  $ (26,867 )(1)     $ (10,156 )(1)     $ (4,182 )(1)     $ (26,883 )(1)     $ (12,844 )(1)     $ (4,779 )(1)     $ (14,935 )(1) 

Total

  $ (26,867    $ (10,156    $ (4,182    $ (26,883    $ (12,844    $ (4,779    $ (14,935

 

(1) 

Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. 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.

 

  56  


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Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

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, 2013 was as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ 779,319 (1)    $ 482,226 (1)    $ 72,926 (1)    $ 2,033,683 (1)    $ 609,874 (1)    $ 231,608 (1)    $ 687,168 (1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ 16,546 (2)    $ (7,703 )(2)    $ (3,748 )(2)    $ 47,015 (2)    $ (9,742 )(2)    $ (3,480 )(2)    $ 10,547 (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 amount of futures contracts outstanding during the year ended November 30, 2013, which is indicative of the volume of this derivative type, was approximately as follows:

 

    

California

Trust

    Massachusetts
Trust
    Michigan
Trust
   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

    Pennsylvania
Trust
 

Average Notional Amount:

             

Futures Contracts

  $ 10,254,000      $ 3,400,000      $ 669,000      $ 12,923,000      $ 4,300,000      $ 1,554,000      $ 5,000,000   

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.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

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.

At November 30, 2013, 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 Investments

  $       $ 149,324,520       $       $ 149,324,520   

Total Investments

  $       $ 149,324,520       $       $ 149,324,520   

Liability Description

                                  

Futures Contracts

  $ (26,867    $       $       $ (26,867

Total

  $ (26,867    $       $       $ (26,867

 

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Municipal Income Trusts

November 30, 2013

 

Notes to Financial Statements — continued

 

 

Massachusetts Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 58,932,562       $       $ 58,932,562   

Total Investments

  $       $ 58,932,562       $       $ 58,932,562   

Liability Description

                                  

Futures Contracts

  $ (10,156    $       $       $ (10,156

Total

  $ (10,156    $       $       $ (10,156
          

Michigan Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 42,928,816       $       $ 42,928,816   

Total Investments

  $       $ 42,928,816       $       $ 42,928,816   

Liability Description

                                  

Futures Contracts

  $ (4,182    $       $       $ (4,182

Total

  $ (4,182    $       $       $ (4,182
          

New Jersey Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 93,667,181       $       $ 93,667,181   

Taxable Municipal Securities

            889,210                 889,210   

Total Investments

  $       $ 94,556,391       $       $ 94,556,391   

Liability Description

                                  

Futures Contracts

  $ (26,883    $       $       $ (26,883

Total

  $ (26,883    $       $       $ (26,883
          

New York Trust

 
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 122,343,974       $       $ 122,343,974   

Miscellaneous

                    887,164         887,164   

Total Investments

  $       $ 122,343,974       $ 887,164       $ 123,231,138   

Liability Description

                                  

Futures Contracts

  $ (12,844    $       $       $ (12,844

Total

  $ (12,844    $       $       $ (12,844

 

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November 30, 2013

 

Notes to Financial Statements — continued

 

 

Ohio Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 60,392,102       $       $ 60,392,102   

Total Investments

  $       $ 60,392,102       $       $ 60,392,102   

Liability Description

                                  

Futures Contracts

  $ (4,779    $       $       $ (4,779

Total

  $ (4,779    $       $       $ (4,779
          

Pennsylvania Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 56,497,260       $       $ 56,497,260   

Taxable Municipal Securities

            0                 0   

Total Investments

  $       $ 56,497,260       $       $ 56,497,260   

Liability Description

                                  

Futures Contracts

  $ (14,935    $       $       $ (14,935

Total

  $ (14,935    $       $       $ (14,935

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

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, 2012 whose fair value was determined using Level 3 inputs.

Level 3 investments held by 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, 2013 is not presented.

At November 30, 2013, there were no investments transferred between Level 1 and Level 2 during the year then ended.

11  Subsequent Event

On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds, as defined in the rules. The compliance date for the Volcker Rule is July 21, 2015. The Volcker Rule may preclude banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts may need to be restructured or unwound. There can be no assurances that residual interest bond trusts can be restructured, that new sponsors of residual interest bond programs will develop, or that alternative forms of leverage will be available to the Trusts. The effects of the Volcker Rule may make it more difficult for a Trust to maintain current or desired levels of leverage and may cause the Trusts to incur additional expenses to maintain its leverage.

 

  59  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

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, 2013, and the related statements of operations for the year then ended, the statement of cash flows of Eaton Vance New York Municipal Income Trust 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, 2013, 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, the 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 2013, the results of their operations for the year then ended, the cash flows of Eaton Vance New York Municipal Income Trust 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 14, 2014

 

  60  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in January 2014 will show the tax status of all distributions paid to your account in calendar year 2013. 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.  The Trusts designate the following percentages of distributions as exempt-interest dividends:

 

Eaton Vance California Municipal Income Trust

    99.83

Eaton Vance Massachusetts Municipal Income Trust

    99.93

Eaton Vance Michigan Municipal Income Trust

    99.60

Eaton Vance New Jersey Municipal Income Trust

    98.98

Eaton Vance New York Municipal Income Trust

    99.97

Eaton Vance Ohio Municipal Income Trust

    99.87

Eaton Vance Pennsylvania Municipal Income Trust

    99.93

 

  61  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

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, 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.

 

  62  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

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

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, 2013, Trust records indicate that there are 24, 32, 12, 33, 27, 26 and 29 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 2,195, 1,184, 1,222, 1,769, 2,138, 1,456 and 1,451 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
 

 

  63  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

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 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 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 186 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 of Office;

Length of
Service

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr.

1958

  

Class II

Trustee

    

Until 2016.

3 years.

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. Trustee and/or officer of 186 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts.

Directorships in the Last Five Years.(1) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

Scott E. Eston

1956

  

Class II

Trustee

    

Until 2016.

3 years.

Trustee since 2011.

    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (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 L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years. None.

Allen R. Freedman

1940

  

Class II

Trustee

    

Until 2016.

3 years.

Trustee since 2007.

    

Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000).

Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

Valerie A. Mosley(2)

1960

  

Class I

Trustee

    

Until 2015.

1 year.

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. None.

William H. Park

1947

  

Class III

Trustee

    

Until 2014.

3 years.

Trustee since 2003.

    

Consultant and private investor. 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) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(1) None.

 

  64  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trusts

    

Term of Office;

Length of
Service

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Ronald A. Pearlman

1940

  

Class I

Trustee

    

Until 2015.

3 years.

Trustee since 2003.

    

Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).

Directorships in the Last Five Years.(1) None.

Helen Frame Peters

1948

  

Class III

Trustee

    

Until 2014.

3 years.

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.(1) 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).

Lynn A. Stout

1957

  

Class I

Trustee

    

Until 2015.

3 years.

Trustee since 1998.

    

Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.

Directorships in the Last Five Years.(1) None.

Harriett Tee Taggart

1948

  

Class III

Trustee

    

Until 2014.

3 years.

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. 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(A)

1943

  

Chairman of the Board and

Class II

Trustee

    

Until 2013(3).

3 years.

Chairman of the Board since 2007 and 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. (2002-2006).

Directorships in the Last Five Years.(1) None.

            

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Trusts

    

Length of

Service

    

Principal Occupation(s)

During Past Five Years

Payson F. Swaffield(4)

1956

   President      Since 2014      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008      Vice President of EVM and BMR.

James F. Kirchner(5)

1957

   Treasurer      Since 2005      Vice President of EVM and BMR.

 

  65  


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trusts

    

Length of

Service

    

Principal Occupation(s)

During Past Five Years

Principal Officers who are not Trustees (continued)

Paul M. O’Neil

1953

   Chief Compliance Officer      Since 2004      Vice President of EVM and BMR.

 

(1) 

During their respective tenures, the Trustees (except Mr. Eston and Mmes. Mosley and Taggart) also served as Board members of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

(2) 

Effective January 1, 2014, Ms. Mosley became a Trustee of each Trust.

(3) 

Due to a lack of quorum of APS, each Trust was unable to act on election of Mr. Verni. Accordingly, Mr. Verni will remain in office and continue to serve as Trustee of each Trust.

(4) 

Prior to 2014, Mr. Swaffield served as Vice President to each Trust since 2011.

(5) 

Prior to 2013, Mr. Kirchner served as Assistant Treasurer of each Trust since 2007.

(A) 

APS Trustee.

 

  66  


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:

 

Ÿ  

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.

 

Ÿ  

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.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

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’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. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance 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.  On November 11, 2013, the Funds’ Board of Trustees approved a share repurchase program authorizing each Fund to repurchase up to 10% of its currently outstanding common shares 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, are disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may redeem or purchase its outstanding auction preferred shares (APS) 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. 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”.

 

  67  


 

 

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

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

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    11.30.13    


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.

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 consultant and private investor. Previously, he served 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

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended November 30, 2012 and November 30, 2013 by the Fund’s principal accountant, Deloitte & Touche LLP (“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

   11/30/12      11/30/13  

Audit Fees

   $ 25,310       $ 25,610   

Audit-Related Fees(1)

   $ 3,915       $ 3,915   

Tax Fees(2)

   $ 7,860       $ 7,960   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

   $ 37,085       $ 37,485   
  

 

 

    

 

 

 

 

(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 for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred 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, 2012 and November 30, 2013; 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

   11/30/12      11/30/13  

Registrant

   $ 11,775       $ 11,875   

Eaton Vance(1)

   $ 662,119       $ 526,385   

 

(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. William H. Park (Chair), Scott E. Eston, Ronald A. Pearlman, Helen Frame Peters and Ralph F. Verni 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

William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Ohio Municipal Income Trust, Craig R. Brandon, portfolio manager of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New York Municipal Income Trust and Adam A. Weigold, portfolio manager of Eaton Vance New Jersey Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Fund’s investments.

Mr. Ahern has been an Eaton Vance portfolio manager since 1993 and is a Vice President of Eaton Vance Management (“EVM”). Mr. Brandon has been an Eaton Vance analyst since 1998 and a portfolio manager since 2004, and is co-director of the Boston Municipal Group and a Vice President of EVM. Mr. Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007, and is a Vice President of EVM. This information is provided as of the date of filing of this report.

The following table shows, as of each Fund’s most recent fiscal year end, the number of accounts each 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
 

William H. Ahern, Jr.

           

Registered Investment Companies

   14    $ 3,133.3       0    $ 0   

Other Pooled Investment Vehicles

   0    $ 0       0    $ 0   

Other Accounts

   0    $ 0       0    $ 0   

Craig R. Brandon

           

Registered Investment Companies

   15    $ 6,084.3       0    $ 0   

Other Pooled Investment Vehicles

   0    $ 0       0    $ 0   

Other Accounts

   0    $ 0       0    $ 0   

Adam A. Weigold

           

Registered Investment Companies

   14    $ 1,350.3       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.

 

Portfolio Manager and Fund Name

   Dollar Range of Equity
Securities Owned in the
Fund

William H. Ahern, Jr.

  

Michigan Municipal Income Trust

   None

Ohio Municipal Income Trust

   None

Craig R. Brandon

  

California Municipal Income Trust

   None

Massachusetts Municipal Income Trust

   None

New York Municipal Income Trust

   None

Adam A. Weigold

  

New Jersey Municipal Income Trust

   None

Pennsylvania Municipal Income Trust

   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 Fund’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 Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. 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 a portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her 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 which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, 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 EVC’s nonvoting common stock and/or 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. 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. 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 based on a substantially fixed percentage of pre-bonus 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 8, 2014

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 8, 2014

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   January 8, 2014