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 |
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Eaton Vance Ohio Municipal Income Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Maureen A. Gemma |
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
November 30 |
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Date of reporting period: |
November 30, 2007 |
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Item 1. Reports to Stockholders
Annual Report November 30, 2007
EATON VANCE
MUNICIPAL
INCOME
TRUSTS
CLOSED-END FUNDS:
California
Florida
Massachusetts
Michigan
New Jersey
New York
Ohio
Pennsylvania
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:
Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our 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, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies 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 adviser/broker-dealer, it is likely that only such adviser'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 (the "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 adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, 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 adviser.
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 adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its 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 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. This description is also available on the SEC's website at www.sec.gov.
Eaton Vance Municipal Income Trusts as of November 30, 2007
Table Of Contents
Managements Discussion of Fund Performance |
2 |
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Performance Information and Portfolio Composition |
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California Municipal Income Trust |
3 |
Florida 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 |
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Financial Statements |
11 |
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Federal Tax Information |
71 |
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Dividend Reinvestment Plan |
72 |
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Board of Trustees Annual Approval of the Investment Advisory Agreements |
74 |
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Management and Organization |
77 |
1
Eaton Vance Municipal Income Trusts as of November 30, 2007
managements discussion of fund performance
Eaton Vance Municipal Income Trusts (the Trusts) are closed-end Trusts, traded on the American Stock Exchange, which are designed to provide current income exempt from regular federal income tax and state personal income taxes, as applicable. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
Economic growth in the third quarter of 2007 rose 4.9%, following the 3.8% growth rate achieved in the second quarter of 2007, according to preliminary Commerce Department data. At the end of November 2007, the housing sector continued to struggle due to market concerns related to subprime mortgages. However, the weaker dollar is having a stimulative effect on economic growth in export-related industries, tourism, and on U.S.-based multinational companies whose foreign profits are translated into more dollars. Overall, we believe the economy appears to be slowing, but in a somewhat controlled manner.
According to the Federal Reserve (the Fed), core inflation (which excludes the food and energy sectors) was still fairly well contained within the upper end of the Feds comfort zone. However, more volatile oil and food costs posed a potential threat for overall inflation longer-term. On September 18, 2007, the Fed lowered its Federal Funds rate by 50 basis points to 4.75% from 5.25% its first rate cut since the Fed stopped raising rates in June 2006 and simultaneously lowered the Discount Rate by 50 basis points to 5.25% from 5.75%. On October 31, 2007, the Fed further cut the Fed Funds rate by 0.25% to 4.50% and the Discount Rate by 0.25% to 5.00%. (Shortly after this reporting period, the Fed once again cut the Fed Funds rate on December 11, 2007 by 25 basis points to 4.25% and the Discount Rate by 25 basis points to 4.75%.) Management believes that these moves were aimed at providing liquidity during a period of increased uncertainty and tighter credit conditions that surfaced rapidly in mid-August and intensified in November.
For the year ended November 30, 2007, the Lehman Brothers Municipal Bond Index(1) (the Index), an unmanaged index of municipal bonds, posted a gain of 2.71%. For more information about each Trusts performance and that of funds in the same Lipper Classification,(1) see the Performance Information and Portfolio Composition pages that follow.
Management Discussion
The Trusts invest primarily in bonds with stated maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds.
The Trusts underperformed their benchmark Index for the year ended November 30, 2007. Management believes that much of the underperformance can be attributed to the broader-based credit scare that took hold of the fixed-income markets in August and November of 2007 that lead to a flight-to-quality bid in the Treasury market, particularly in shorter-maturity bonds. This move was driven by the continuing fear that financial companies may experience further write-downs as a result of their exposure to mortgage-backed collateralized debt obligations (CDOs), coupled with the disclosure by some of the major municipal bond insurers of their exposure to mortgage related CDO debt. As a result of our active management style that focuses on income and longer call protection, the Trusts generally hold longer-duration bonds. The flight to shorter-maturity (duration) bonds during September and November 2007 resulted in the Trusts relative underperformance for the period.
In November 2007, yield ratios for many municipal bonds exceeded those seen in late August 2007, when they were in the low 90%s. Management believes that this was the result of dislocation in the fixed-income marketplace caused by the sub-prime contagion fears, insurance companies mark-to-market risks, and the decentralized nature of the municipal marketplace.
The ratio of yields on current coupon AAA-rated insured bonds to the yield on the 30-year Treasury bond was 104% as of November 30, 2007, with many individual bonds trading higher than 104%.(2) Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly undervalued compared to Treasuries.
With this backdrop, we continue to manage all of our municipal funds and trusts with the same relative value approach that we have traditionally employed maintaining a long-term perspective when markets exhibit extreme short-term volatility. The Eaton Vance culture and philosophy have not changed, and we believe they have provided excellent long-term benefits to our investors over time.
(1) |
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It is not possible to invest directly in an Index or a Lipper Classification. The Indexs total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. |
(2) |
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Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Trusts yield. |
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Past performance is no guarantee of future results. |
Trust 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.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.
2
Eaton Vance California Municipal Income Trust as of November 30, 2007
Performance information and portfolio composition
Trust Performance as of 11/30/07(1)
AMEX Symbol |
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CEV |
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Average Annual Total Returns (by share price, American Stock Exchange) |
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One Year |
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-8.44 |
% |
Five Years |
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5.25 |
|
Life of Trust (1/29/99) |
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4.46 |
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|
|
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|
Average Annual Total Returns (by net asset value) |
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|
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One Year |
|
-3.65 |
% |
Five Years |
|
6.79 |
|
Life of Trust (1/29/99) |
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6.12 |
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Market Yields |
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Market Yield(2) |
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5.06 |
% |
Taxable Equivalent Market Yield(3) |
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8.58 |
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Index Performance(4) |
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Lehman Brothers Municipal Bond Index Average Annual Total Returns |
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|
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One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
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Lipper Averages(5) |
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Lipper California Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-0.23 |
% |
Five Years |
|
6.17 |
|
Life of Trust (1/31/99) |
|
5.30 |
|
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA-:
AAA |
|
50.9 |
% |
|
|
|
|
AA |
|
4.9 |
% |
|
|
|
|
A |
|
25.3 |
% |
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|
|
|
BBB |
|
9.6 |
% |
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Not Rated |
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9.3 |
% |
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Trust Statistics(7),(8)
· Number of Issues: |
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95 |
· Average Maturity: |
|
23.1 years |
· Average Effective Maturity: |
|
13.0 years |
· Average Call Protection: |
|
8.2 years |
· Average Dollar Price: |
|
$90.87 |
· Leverage:** |
|
35.2% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24 and 13 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
3
Eaton Vance Florida Municipal Income Trust* as of November 30, 2007
performance information and portfolio composition
* As of January 1, 2008, Eaton Vance Florida Municipal Income Trust changed its name to Eaton Vance Florida Plus Municipal Income Trust.
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
FEV |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-6.02 |
% |
Five Years |
|
3.46 |
|
Life of Trust (1/29/99) |
|
4.12 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-2.26 |
% |
Five Years |
|
6.07 |
|
Life of Trust (1/29/99) |
|
5.87 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
5.00 |
% |
Taxable Equivalent Market Yield(3) |
|
7.69 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper averages(5) |
|
|
|
|
|
|
|
Lipper Florida Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
0.38 |
% |
Five Years |
|
5.49 |
|
Life of Trust (1/31/99) |
|
4.94 |
|
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA:
AAA |
|
62.3 |
% |
|
|
|
|
AA |
|
10.0 |
% |
|
|
|
|
A |
|
10.6 |
% |
|
|
|
|
BBB |
|
2.1 |
% |
|
|
|
|
CCC |
|
0.7 |
% |
|
|
|
|
Not Rated |
|
14.3 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
92 |
· Average Maturity: |
|
25.3 years |
· Average Effective Maturity: |
|
12.3 years |
· Average Call Protection: |
|
8.1 years |
· Average Dollar Price: |
|
$96.30 |
· Leverage:** |
|
36.1% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Florida Municipal Debt Funds Classification (closed-end) contained 15, 14 and 9 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
4
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007
performance information and portfolio composition
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
MMV |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-8.57 |
% |
Five Years |
|
2.14 |
|
Life of Trust (1/29/99) |
|
4.19 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-3.94 |
% |
Five Years |
|
6.48 |
|
Life of Trust (1/29/99) |
|
5.74 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
4.90 |
% |
Taxable Equivalent Market Yield(3) |
|
7.96 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper averages(5) |
|
|
|
|
|
|
|
Lipper Other States Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
0.46 |
% |
Five Years |
|
5.91 |
|
Life of Trust (1/31/99) |
|
5.37 |
|
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA-:
AAA |
|
42.0 |
% |
|
|
|
|
AA |
|
18.8 |
% |
|
|
|
|
A |
|
17.0 |
% |
|
|
|
|
BBB |
|
10.5 |
% |
|
|
|
|
BB |
|
1.2 |
% |
|
|
|
|
Not Rated |
|
10.5 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
64 |
· Average Maturity: |
|
28.1 years |
· Average Effective Maturity: |
|
15.8 years |
· Average Call Protection: |
|
9.0 years |
· Average Dollar Price: |
|
$96.8 |
· Leverage:** |
|
34.8% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
5
Eaton Vance Michigan Municipal Income Trust as of November 30, 2007
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
EMI |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-7.66 |
% |
Five Years |
|
3.54 |
|
Life of Trust (1/29/99) |
|
3.76 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-1.37 |
% |
Five Years |
|
6.10 |
|
Life of Trust (1/29/99) |
|
5.59 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
4.88 |
% |
Taxable Equivalent Market Yield(3) |
|
7.81 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper averages(5) |
|
|
|
|
|
|
|
Lipper Michigan Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
0.34 |
% |
Five Years |
|
5.72 |
|
Life of Trust (1/31/99) |
|
5.33 |
|
Portfolio Manager: William H. Ahern, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA-:
AAA |
|
50.8 |
% |
|
|
|
|
AA |
|
11.8 |
% |
|
|
|
|
A |
|
13.4 |
% |
|
|
|
|
BBB |
|
12.5 |
% |
|
|
|
|
BB |
|
3.1 |
% |
|
|
|
|
CCC |
|
1.3 |
% |
|
|
|
|
Not Rated |
|
7.1 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
57 |
· Average Maturity: |
|
22.8 years |
· Average Effective Maturity: |
|
9.1 years |
· Average Call Protection: |
|
5.5 years |
· Average Dollar Price: |
|
$97.39 |
· Leverage:** |
|
36.3% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 37.54% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 7, 7 and 5 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
6
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
EVJ |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-11.28 |
% |
Five Years |
|
3.58 |
|
Life of Trust (1/29/99) |
|
4.19 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-3.59 |
% |
Five Years |
|
7.34 |
|
Life of Trust (1/29/99) |
|
6.03 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
4.77 |
% |
Taxable Equivalent Market Yield(3) |
|
8.06 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper Averages(5) |
|
|
|
|
|
|
|
Lipper New Jersey Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-0.33 |
% |
Five Years |
|
6.38 |
|
Life of Trust (1/31/99) |
|
5.35 |
|
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA-:
AAA |
|
46.1 |
% |
|
|
|
|
AA |
|
3.6 |
% |
|
|
|
|
A |
|
17.4 |
% |
|
|
|
|
BBB |
|
26.1 |
% |
|
|
|
|
BB |
|
0.3 |
% |
|
|
|
|
B |
|
1.5 |
% |
|
|
|
|
Not Rated |
|
5.0 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
70 |
· Average Maturity: |
|
24.8 years |
· Average Effective Maturity: |
|
13.8 years |
· Average Call Protection: |
|
8.5 years |
· Average Dollar Price: |
|
$92.49 |
· Leverage:** |
|
35.5% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 13, 13 and 8 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
7
Eaton Vance New York Municipal Income Trust as of November 30, 2007
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
EVY |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-5.81 |
% |
Five Years |
|
6.32 |
|
Life of Trust (1/29/99) |
|
5.39 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-3.42 |
% |
Five Years |
|
6.69 |
|
Life of Trust (1/29/99) |
|
6.32 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
5.03 |
% |
Taxable Equivalent Market Yield(3) |
|
8.31 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper Averages(5) |
|
|
|
|
|
|
|
Lipper New York Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-0.10 |
% |
Five Years |
|
6.09 |
|
Life of Trust (1/31/99) |
|
5.29 |
|
Portfolio manager: Craig R. Brandon, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA-:
AAA |
|
37. |
% |
|
|
|
|
AA |
|
24.3 |
% |
|
|
|
|
A |
|
13.7 |
% |
|
|
|
|
BBB |
|
10.5 |
% |
|
|
|
|
BB |
|
1.0 |
% |
|
|
|
|
B |
|
1.7 |
% |
|
|
|
|
Not Rated |
|
11.5 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
71 |
· Average Maturity: |
|
24.5 years |
· Average Effective Maturity: |
|
13.1 years |
· Average Call Protection: |
|
8.6 years |
· Average Dollar Price: |
|
$99.76 |
· Leverage:** |
|
35.2% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 17, 17 and 7 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
8
Eaton Vance Ohio Municipal Income Trust as of November 30, 2007
Performance information and portfolio composition
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
EVO |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-7.93 |
% |
Five Years |
|
3.06 |
|
Life of Trust (1/29/99) |
|
4.08 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-1.06 |
% |
Five Years |
|
6.91 |
|
Life of Trust (1/29/99) |
|
5.78 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
4.75 |
% |
Taxable Equivalent Market Yield(3) |
|
7.82 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper Averages(5) |
|
|
|
|
|
|
|
Lipper Other States Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
0.46 |
% |
Five Years |
|
5.91 |
|
Life of Trust (1/31/99) |
|
5.37 |
|
Portfolio Manager: William H. Ahern, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA:
AAA |
|
55.2 |
% |
|
|
|
|
AA |
|
11.7 |
% |
|
|
|
|
A |
|
15.6 |
% |
|
|
|
|
BBB |
|
5.5 |
% |
|
|
|
|
B |
|
2.2 |
% |
|
|
|
|
Not Rated |
|
9.8 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
72 |
· Average Maturity: |
|
23.0 years |
· Average Effective Maturity: |
|
12.1 years |
· Average Call Protection: |
|
7.6 years |
· Average Dollar Price: |
|
$98.30 |
· Leverage:** |
|
35.9% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
9
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007
Performance information and portfolio composition
Trust Performance as of 11/30/07(1)
AMEX Symbol |
|
EVP |
|
|
|
|
|
Average Annual Total Returns (by share price, American Stock Exchange) |
|
|
|
One Year |
|
-7.95 |
% |
Five Years |
|
4.16 |
|
Life of Trust (1/29/99) |
|
4.09 |
|
|
|
|
|
Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
0.27 |
% |
Five Years |
|
6.84 |
|
Life of Trust (1/29/99) |
|
5.85 |
|
|
|
|
|
Market Yields |
|
|
|
|
|
|
|
Market Yield(2) |
|
4.96 |
% |
Taxable Equivalent Market Yield(3) |
|
7.87 |
|
|
|
|
|
Index Performance(4) |
|
|
|
|
|
|
|
Lehman Brothers Municipal Bond Index Average Annual Total Returns |
|
|
|
One Year |
|
2.71 |
% |
Five Years |
|
4.68 |
|
Life of Trust (1/31/99) |
|
4.96 |
|
|
|
|
|
Lipper Averages(5) |
|
|
|
|
|
|
|
Lipper Pennsylvania Municipal Debt Funds Classification Average Annual Total Returns (by net asset value) |
|
|
|
One Year |
|
-0.09 |
% |
Five Years |
|
5.85 |
|
Life of Trust (1/31/99) |
|
5.40 |
|
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*(6),(7)
By total investments
* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2007, is as follows, and the average rating is AA:
AAA |
|
58.0 |
% |
|
|
|
|
AA |
|
12.1 |
% |
|
|
|
|
A |
|
11.1 |
% |
|
|
|
|
BBB |
|
8.3 |
% |
|
|
|
|
B |
|
1.8 |
% |
|
|
|
|
CCC |
|
2.4 |
% |
|
|
|
|
Not Rated |
|
6.3 |
% |
|
|
|
|
Trust Statistics(7),(8)
· Number of Issues: |
|
71 |
· Average Maturity: |
|
21.8 years |
· Average Effective Maturity: |
|
9.2 years |
· Average Call Protection: |
|
5.9 years |
· Average Dollar Price: |
|
$99.19 |
· Leverage:** |
|
35.9% |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
** The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trusts net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).
(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trusts issuance of Auction Preferred Shares.
(2) The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.
(3) Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.
(4) It is not possible to invest directly in an Index. The Indexs total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only.
(5) The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 9, 9 and 5 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.
(7) As of 11/30/07. Portfolio information may not be representative of the Trusts current or future investments and may change due to active management.
(8) Portfolio holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest.
See Note 1H to the Trusts financial statements.
10
Eaton Vance California Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 160.7% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Education 10.9% | |||||||||||
$ | 2,770 |
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 |
$ | 2,697,980 | |||||||
500 |
California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 |
513,770 | |||||||||
1,850 |
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 |
2,004,697 | |||||||||
4,000 |
California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31 |
4,043,680 | |||||||||
2,500 |
San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 |
2,557,125 | |||||||||
$ | 11,817,252 | ||||||||||
Electric Utilities 3.4% | |||||||||||
$ | 2,500 | Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27 | $ | 2,519,575 | |||||||
300 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/25(1)(2) |
310,557 | |||||||||
900 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/37(1)(2) |
893,682 | |||||||||
$ | 3,723,814 | ||||||||||
Escrowed / Prerefunded 2.9% | |||||||||||
$ | 1,000 |
California Educational Facilities Authority, (Dominican University), Prerefunded to 12/1/08, 5.75%, 12/1/30 |
$ | 1,031,860 | |||||||
405 |
Santa Margarita Water District, Prerefunded to 9/1/09, 6.20%, 9/1/20 |
432,358 | |||||||||
1,590 |
Tahoe Forest Hospital District, Prerefunded to 7/1/09, 5.85%, 7/1/22 |
1,679,612 | |||||||||
$ | 3,143,830 | ||||||||||
General Obligations 9.5% | |||||||||||
$ | 3,500 | California, 5.50%, 11/1/33 | $ | 3,720,150 | |||||||
1,700 | California, (AMT), 5.05%, 12/1/36 | 1,664,266 | |||||||||
4,790 |
San Francisco Bay Area Rapid Transit District, (Election of 2004), Series B, 4.75%, 8/1/37 |
4,899,739 | |||||||||
$ | 10,284,155 | ||||||||||
Health Care-Miscellaneous 0.3% | |||||||||||
$ | 300 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 303,441 | |||||||
$ | 303,441 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Hospital 28.0% | |||||||||||
$ | 2,435 |
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34 |
$ | 2,433,149 | |||||||
750 |
California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 |
769,935 | |||||||||
3,900 |
California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 |
3,865,251 | |||||||||
1,750 |
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 |
1,731,450 | |||||||||
765 |
California Statewide Communities Development Authority, (John Muir Health), Series A, 5.00%, 8/15/34 |
759,370 | |||||||||
850 |
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41 |
831,062 | |||||||||
3,100 |
California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45 |
3,120,367 | |||||||||
1,650 |
California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 |
1,684,798 | |||||||||
1,750 |
California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 |
1,813,840 | |||||||||
1,500 |
California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 |
1,558,710 | |||||||||
1,500 |
Duarte, Hope National Medical Center, (City of Hope), 5.25%, 4/1/24 |
1,519,560 | |||||||||
1,000 |
Stockton Health Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 |
1,020,940 | |||||||||
410 | Tahoe Forest Hospital District, 5.85%, 7/1/22 | 419,282 | |||||||||
2,000 |
Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 |
2,043,500 | |||||||||
2,000 |
Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 |
1,999,860 | |||||||||
2,780 |
Washington Township Health Care District, 5.00%, 7/1/32 |
2,756,565 | |||||||||
2,000 |
Washington Township Health Care District, 5.25%, 7/1/29 |
2,013,520 | |||||||||
$ | 30,341,159 | ||||||||||
Housing 1.1% | |||||||||||
$ | 741 |
Commerce (Hermitage III Senior Apartments), 6.50%, 12/1/29 |
$ | 771,811 | |||||||
429 |
Commerce (Hermitage III Senior Apartments), 6.85%, 12/1/29 |
442,533 | |||||||||
$ | 1,214,344 | ||||||||||
Industrial Development Revenue 1.6% | |||||||||||
$ | 2,000 |
California Statewide Communities Development Authority, (Anheuser Busch Project), 4.80%, 9/1/46 |
$ | 1,766,560 | |||||||
$ | 1,766,560 |
See notes to financial statements
11
Eaton Vance California Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Insured-Education 5.9% | |||||||||||
$ | 3,270 |
California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 |
$ | 3,351,488 | |||||||
3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 3,086,490 | |||||||||
$ | 6,437,978 | ||||||||||
Insured-Electric Utilities 14.3% | |||||||||||
$ | 2,500 |
California Pollution Control Financing Authority, (Pacific Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16 |
$ | 2,639,325 | |||||||
3,250 |
California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 |
3,350,197 | |||||||||
5,000 |
Los Angeles Department of Water and Power, Power System Revenues, (AMBAC), 5.00%, 7/1/37 |
5,250,350 | |||||||||
3,625 |
Los Angeles Department of Water and Power, Power System Revenues, (FSA), 4.625%, 7/1/37 |
3,634,062 | |||||||||
500 |
Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 8.775%, 7/1/16(1)(2) |
695,245 | |||||||||
$ | 15,569,179 | ||||||||||
Insured-Escrowed / Prerefunded 6.5% | |||||||||||
$ | 5,130 |
Foothill/Eastern Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/26 |
$ | 2,249,710 | |||||||
2,500 |
Los Angeles County Metropolitan Transportation Authority, (FGIC), Prerefunded to 7/1/10, 5.25%, 7/1/30 |
2,650,150 | |||||||||
1,995 |
Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(3) |
2,114,833 | |||||||||
$ | 7,014,693 | ||||||||||
Insured-General Obligations 13.7% | |||||||||||
$ | 7,000 |
Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34 |
$ | 1,722,490 | |||||||
4,825 |
Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35 |
1,121,764 | |||||||||
2,500 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2) | 2,947,450 | |||||||||
4,800 |
San Diego Unified School District, (MBIA), 5.50%, 7/1/24(3) |
5,536,752 | |||||||||
7,995 |
Sweetwater Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25 |
3,512,203 | |||||||||
$ | 14,840,659 | ||||||||||
Insured-Hospital 6.6% | |||||||||||
$ | 3,200 |
California Statewide Communities Development Authority, (Children's Hospital Los Angeles), (MBIA), 5.25%, 8/15/29(4) |
$ | 3,296,192 | |||||||
3,735 |
California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(3) |
3,883,466 | |||||||||
$ | 7,179,658 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Insured-Lease Revenue / Certificates of Participation 8.3% |
|||||||||||
$ | 6,500 |
Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17 |
$ | 4,329,585 | |||||||
10,750 |
Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/25 |
4,647,333 | |||||||||
$ | 8,976,918 | ||||||||||
Insured-Special Tax Revenue 5.6% | |||||||||||
$ | 1,185 |
Palm Springs Community Redevelopment Agency Tax Allocation (Merged Project No.1), Series A, (AMBAC), 5.00%, 9/1/30 |
$ | 1,225,124 | |||||||
24,800 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 2,259,280 | |||||||||
4,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 650,059 | |||||||||
8,380 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 1,223,815 | |||||||||
5,270 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 729,684 | |||||||||
$ | 6,087,962 | ||||||||||
Insured-Transportation 8.9% | |||||||||||
$ | 5,000 |
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 |
$ | 1,744,800 | |||||||
8,000 |
Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31 |
2,558,720 | |||||||||
740 |
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3) |
803,215 | |||||||||
1,500 |
San Francisco City and County Airport Commission, International Airport Revenue, (FGIC), (AMT), Variable Rate, 7.356%, 5/1/30(1)(2) |
1,520,160 | |||||||||
10,000 |
San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32 |
2,995,300 | |||||||||
$ | 9,622,195 | ||||||||||
Insured-Water and Sewer 1.7% | |||||||||||
$ | 1,950 |
Calleguas Las Virgenes Public Financing Authority, (Municipal Water District), (MBIA), 4.25%, 7/1/32 |
$ | 1,841,015 | |||||||
$ | 1,841,015 | ||||||||||
Insured-Water Revenue 5.5% | |||||||||||
$ | 4,400 |
Los Angeles, Department of Water and Power, (MBIA), 3.00%, 7/1/30 |
$ | 3,419,988 | |||||||
2,710 |
San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33 |
2,570,679 | |||||||||
$ | 5,990,667 | ||||||||||
Lease Revenue / Certificates of Participation 4.1% | |||||||||||
$ | 4,000 | Sacramento City Financing Authority, 5.40%, 11/1/20 | $ | 4,471,320 | |||||||
$ | 4,471,320 |
See notes to financial statements
12
Eaton Vance California Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Other Revenue 3.5% | |||||||||||
$ | 385 |
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 |
$ | 392,161 | |||||||
580 |
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 |
589,819 | |||||||||
3,045 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 2,867,172 | |||||||||
$ | 3,849,152 | ||||||||||
Senior Living / Life Care 0.7% | |||||||||||
$ | 175 |
California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.75%, 11/15/26 |
$ | 164,469 | |||||||
700 |
California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 |
645,995 | |||||||||
$ | 810,464 | ||||||||||
Special Tax Revenue 16.6% | |||||||||||
$ | 1,500 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ | 1,468,650 | |||||||
285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 267,638 | |||||||||
460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 417,487 | |||||||||
1,665 | Corona Public Financing Authority, 5.80%, 9/1/20 | 1,666,648 | |||||||||
200 |
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 |
184,740 | |||||||||
500 |
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 |
444,635 | |||||||||
1,590 |
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 |
1,633,502 | |||||||||
1,305 |
Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 |
1,344,620 | |||||||||
420 |
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 |
422,701 | |||||||||
750 |
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 |
753,795 | |||||||||
2,450 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,530,336 | |||||||||
995 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 1,026,313 | |||||||||
1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,375,960 | |||||||||
1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,133,938 | |||||||||
250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 250,535 | |||||||||
500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 500,750 | |||||||||
250 | Temecula Unified School District, 5.00%, 9/1/27 | 236,618 | |||||||||
400 | Temecula Unified School District, 5.00%, 9/1/37 | 365,664 | |||||||||
500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 504,590 | |||||||||
500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 508,245 | |||||||||
1,000 |
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 |
1,012,610 | |||||||||
$ | 18,049,975 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Transportation 1.1% | |||||||||||
$ | 1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | $ | 1,152,333 | |||||||
$ | 1,152,333 | ||||||||||
Total Tax-Exempt Investments 160.7% (identified cost $169,282,645) |
$ | 174,488,723 | |||||||||
Other Assets, Less Liabilities (6.4)% | $ | (6,921,483 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (54.3)% |
$ | (59,000,000 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 108,567,240 |
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.
DRIVERS - Derivative Inverse Tax-Exempt Receipts
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2007, 47.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 18.8% of total investments.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $6,367,094 or 5.9% of the Trust's net assets applicable to common shares.
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(3) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
See notes to financial statements
13
Eaton Vance Florida Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 175.0% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Education 1.6% | |||||||||||
$ | 1,000 |
Volusia County Educational Facilities Authority, (Embry Riddle Aeronautical), 5.75%, 10/15/29 |
$ | 1,011,120 | |||||||
$ | 1,011,120 | ||||||||||
Escrowed / Prerefunded 8.8% | |||||||||||
$ | 500 |
Capital Trust Agency, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33(1) |
$ | 628,350 | |||||||
1,805 |
Lakeland Hospital System, (Lakeland Regional Health System), Prerefunded to 11/15/12, 5.50%, 11/15/32 |
1,998,388 | |||||||||
1,200 |
Lee County Industrial Development Authority, (Shell Point Village), Prerefunded to 11/15/09, 5.50%, 11/15/29 |
1,260,792 | |||||||||
1,075 |
South Miami Health Facility Authority, Hospital Revenue, (Baptist Health), Prerefunded to 2/1/13, 5.25%, 11/15/33 |
1,168,127 | |||||||||
440 |
Vista Lakes Community Development District, Prerefunded to 5/1/10, 7.20%, 5/1/32 |
479,613 | |||||||||
$ | 5,535,270 | ||||||||||
Health Care-Miscellaneous 0.6% | |||||||||||
$ | 147 |
Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17 |
$ | 147,096 | |||||||
200 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
202,294 | |||||||||
$ | 349,390 | ||||||||||
Hospital 17.9% | |||||||||||
$ | 850 |
Brevard County Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36 |
$ | 827,339 | |||||||
500 |
Highlands County Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36 |
505,685 | |||||||||
1,030 |
Jacksonville Economic Development Authority, (Mayo Clinic), 5.00%, 11/15/36 |
1,036,685 | |||||||||
1,250 |
Jacksonville Economic Development Authority, (Mayo Clinic), 5.50%, 11/15/36 |
1,306,612 | |||||||||
1,000 |
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36 |
927,370 | |||||||||
2,050 |
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39 |
2,055,535 | |||||||||
3,135 |
South Miami Health Facility Authority, Hospital Revenue, (Baptist Health), 5.00%, 8/15/42 |
3,127,068 | |||||||||
1,400 | West Orange Health Care District, 5.80%, 2/1/31 | 1,443,694 | |||||||||
$ | 11,229,988 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Housing 5.6% | |||||||||||
$ | 650 |
Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35 |
$ | 601,724 | |||||||
505 |
Escambia County Housing Finance Authority, Single Family Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31 |
509,373 | |||||||||
475 |
Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20 |
531,306 | |||||||||
2,000 |
Maryland Community Development Authority, Multifamily Housing, (AMT), 4.85%, 9/1/47 |
1,852,180 | |||||||||
$ | 3,494,583 | ||||||||||
Industrial Development Revenue 7.6% | |||||||||||
$ | 754 |
Broward County, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 |
$ | 758,953 | |||||||
1,000 |
Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32 |
988,640 | |||||||||
2,250 |
Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
2,391,885 | |||||||||
650 |
Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23 |
633,399 | |||||||||
$ | 4,772,877 | ||||||||||
Insured-Education 12.4% | |||||||||||
$ | 3,500 |
Broward County Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36 |
$ | 3,601,920 | |||||||
2,820 |
Florida Gulf Coast University Financing Corporation, (MBIA), 4.75%, 8/1/32 |
2,834,608 | |||||||||
645 |
Orange County Educational Facilities Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/32 |
685,596 | |||||||||
650 |
Orange County Educational Facilities Authority, (Rollins College Project), (AMBAC), 5.25%, 12/1/37 |
689,189 | |||||||||
$ | 7,811,313 | ||||||||||
Insured-Electric Utilities 7.1% | |||||||||||
$ | 1,600 |
Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 |
$ | 1,601,568 | |||||||
1,100 | Guam Power Authority, (MBIA), 5.125%, 10/1/29 | 1,132,857 | |||||||||
1,700 |
Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28 |
1,724,089 | |||||||||
$ | 4,458,514 |
See notes to financial statements
14
Eaton Vance Florida Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Insured-Escrowed / Prerefunded 6.6% | |||||||||||
$ | 650 |
Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30 |
$ | 730,561 | |||||||
1,050 |
Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), Prerefunded to 10/1/08, 5.00%, 10/1/28 |
1,074,549 | |||||||||
1,470 |
Miami Beach, Resort Tax, (AMBAC), Escrowed to Maturity, 6.25%, 10/1/22 |
1,795,914 | |||||||||
500 |
Orange County Tourist Development Tax, (AMBAC), Prerefunded to 4/1/12, 5.125%, 10/1/30 |
536,670 | |||||||||
$ | 4,137,694 | ||||||||||
Insured-General Obligations 2.8% | |||||||||||
$ | 1,500 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2) | $ | 1,768,470 | |||||||
$ | 1,768,470 | ||||||||||
Insured-Hospital 1.6% | |||||||||||
$ | 1,000 |
Maricopa County Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37 |
$ | 1,015,410 | |||||||
$ | 1,015,410 | ||||||||||
Insured-Housing 1.8% | |||||||||||
$ | 1,100 |
Broward County Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32 |
$ | 1,107,546 | |||||||
$ | 1,107,546 | ||||||||||
Insured-Other Revenue 1.9% | |||||||||||
$ | 1,150 |
Pembroke Pines Capital Improvement Revenue, (Forman Project), (AMBAC), 5.00%, 12/1/31 |
$ | 1,183,166 | |||||||
$ | 1,183,166 | ||||||||||
Insured-Special Tax Revenue 24.9% | |||||||||||
$ | 985 | Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36 | $ | 951,746 | |||||||
4,410 |
Dade County, Special Obligation, (AMBAC), 5.00%, 10/1/35(3) |
4,429,316 | |||||||||
2,100 | Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30 | 2,136,855 | |||||||||
3,040 |
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35 |
729,843 | |||||||||
5,000 |
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38 |
1,019,200 | |||||||||
5,610 |
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40 |
1,026,911 | |||||||||
1,395 |
Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37 |
1,409,759 | |||||||||
14,850 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 1,352,835 | |||||||||
2,535 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 390,035 |
Principal Amount (000's omitted) |
Security | Value | |||||||||
Insured-Special Tax Revenue (continued) | |||||||||||
$ | 5,030 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | $ | 734,581 | |||||||
3,165 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 438,226 | |||||||||
1,000 |
Sumter Landing Community Development District, (Recreational Revenue), (MBIA), 4.75%, 10/1/35 |
1,004,940 | |||||||||
$ | 15,624,247 | ||||||||||
Insured-Transportation 33.4% | |||||||||||
$ | 2,995 |
Florida Mid-Bay Bridge Authority, (AMBAC), 4.625%, 10/1/32 |
$ | 2,957,772 | |||||||
2,250 |
Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29 |
2,313,630 | |||||||||
4,500 |
Greater Orlando Aviation Authority, (FGIC), (AMT), 5.25%, 10/1/18(3) |
4,607,280 | |||||||||
2,000 |
Hillsborough County Port District, (Tampa Port Authority Project), (MBIA), (AMT), 5.00%, 6/1/36 |
2,009,080 | |||||||||
500 | Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25 | 524,725 | |||||||||
650 | Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29 | 687,876 | |||||||||
120 |
Miami-Dade County, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38 |
118,505 | |||||||||
3,975 |
Miami-Dade County, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38(3) |
3,990,066 | |||||||||
750 |
Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34 |
751,808 | |||||||||
3,000 |
Palm Beach County Airport System, (MBIA), (AMT), 5.00%, 10/1/34(3) |
3,007,230 | |||||||||
$ | 20,967,972 | ||||||||||
Insured-Water and Sewer 22.7% | |||||||||||
$ | 1,000 |
Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31 |
$ | 1,008,310 | |||||||
2,000 | Marco Island, Utility System, (MBIA), 5.00%, 10/1/33(4) | 2,054,320 | |||||||||
1,500 | Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30 | 1,567,695 | |||||||||
1,000 | Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25 | 1,028,570 | |||||||||
2,500 |
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32 |
699,900 | |||||||||
2,415 |
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/33 |
642,849 | |||||||||
4,000 | Sunrise Utility System, (AMBAC), 5.00%, 10/1/28 | 4,192,560 | |||||||||
1,156 |
Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27(3) |
1,162,440 | |||||||||
1,844 |
Tampa Bay Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27(3) |
1,882,784 | |||||||||
$ | 14,239,428 |
See notes to financial statements
15
Eaton Vance Florida Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security | Value | |||||||||
Nursing Home 1.6% | |||||||||||
$ | 265 |
Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24 |
$ | 270,732 | |||||||
735 |
Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 |
752,206 | |||||||||
$ | 1,022,938 | ||||||||||
Special Tax Revenue 16.1% | |||||||||||
$ | 90 |
Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21 |
$ | 91,502 | |||||||
500 |
Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31 |
492,515 | |||||||||
265 |
Dupree Lakes Community Development District, 5.00%, 11/1/10 |
264,576 | |||||||||
205 |
Dupree Lakes Community Development District, 5.00%, 5/1/12 |
193,678 | |||||||||
360 |
Dupree Lakes Community Development District, 5.375%, 5/1/37 |
304,891 | |||||||||
315 |
Heritage Harbor South Community Development District, (Capital Improvements), 6.20%, 5/1/35 |
330,318 | |||||||||
240 |
Heritage Springs Community Development District, 5.25%, 5/1/26 |
231,079 | |||||||||
720 |
Heritage Springs Community Development District, 6.75%, 5/1/21 |
725,472 | |||||||||
340 |
New River Community Development District, (Capital Improvements), 5.00%, 5/1/13 |
314,728 | |||||||||
140 |
New River Community Development District, (Capital Improvements), 5.35%, 5/1/38 |
114,731 | |||||||||
350 |
North Springs Improvement District, (Heron Bay), 5.20%, 5/1/27 |
269,073 | |||||||||
625 |
North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19 |
629,969 | |||||||||
985 |
River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36 |
823,450 | |||||||||
485 |
Southern Hills Plantation I Community Development District, 5.80%, 5/1/35 |
449,644 | |||||||||
600 |
Sterling Hill Community Development District, 6.20%, 5/1/35 |
615,744 | |||||||||
500 |
Stoneybrook West Community Development District, 7.00%, 5/1/32 |
520,725 | |||||||||
1,000 |
Tisons Landing Community Development District, 5.625%, 5/1/37 |
845,210 | |||||||||
780 |
University Square Community Development District, 6.75%, 5/1/20 |
804,219 | |||||||||
700 |
Waterlefe Community Development District, 6.95%, 5/1/31 |
742,518 | |||||||||
175 |
West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29 |
165,883 | |||||||||
1,270 |
West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35 |
1,183,297 | |||||||||
$ | 10,113,222 |
Value | |||||||
Total Tax-Exempt Investments 175.0% (identified cost $107,463,895) |
$ | 109,843,148 | |||||
Other Assets, Less Liabilities (18.4)% | $ | (11,577,861 | ) | ||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (56.6)% |
$ | (35,508,272 | ) | ||||
Net Assets Applicable to Common Shares 100.0% |
$ | 62,757,015 |
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.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
The Trust invests primarily in debt securities issued by Florida 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, 2007, 65.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.3% to 23.6% of total investments.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,396,820 or 3.8% of the Trust's net assets applicable to common shares.
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(3) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
See notes to financial statements
16
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 157.8% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Education 18.7% | |||||||||||
$ | 2,790 |
Massachusetts Development Finance Agency, (Boston University), Series P, 5.45%, 5/15/59 |
$ | 2,813,380 | |||||||
600 |
Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 |
607,278 | |||||||||
500 |
Massachusetts Development Finance Agency, (Mount Holyoke College), 5.25%, 7/1/31 |
520,670 | |||||||||
1,500 |
Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 |
1,546,845 | |||||||||
1,000 |
Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 |
1,009,910 | |||||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.125%, 6/1/33 |
1,034,940 | |||||||||
$ | 7,533,023 | ||||||||||
Electric Utilities 9.8% | |||||||||||
$ | 1,000 |
Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 |
$ | 1,054,160 | |||||||
1,870 |
Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36 |
1,783,008 | |||||||||
275 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/25(1)(2) |
284,677 | |||||||||
825 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/37(1)(2) |
819,208 | |||||||||
$ | 3,941,053 | ||||||||||
Escrowed / Prerefunded 7.0% | |||||||||||
$ | 500 |
Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), Prerefunded to 7/1/13, 5.75%, 7/1/33 |
$ | 564,130 | |||||||
400 |
Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32 |
454,024 | |||||||||
235 |
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31 |
260,878 | |||||||||
980 |
Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 |
1,061,536 | |||||||||
1,000 |
Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 6.53%, 7/1/20 |
476,580 | |||||||||
$ | 2,817,148 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Health Care-Miscellaneous 3.2% | |||||||||||
$ | 510 |
Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 |
$ | 499,861 | |||||||
700 |
Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29 |
708,358 | |||||||||
100 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
101,147 | |||||||||
$ | 1,309,366 | ||||||||||
Hospital 17.6% | |||||||||||
$ | 1,000 |
Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 |
$ | 1,064,440 | |||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/33 |
1,031,800 | |||||||||
400 |
Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31 |
418,184 | |||||||||
105 |
Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18 |
105,188 | |||||||||
865 |
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 |
906,252 | |||||||||
680 |
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.00%, 7/1/29 |
690,064 | |||||||||
820 |
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.00%, 7/1/32 |
826,486 | |||||||||
2,000 |
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 |
2,043,140 | |||||||||
$ | 7,085,554 | ||||||||||
Housing 13.6% | |||||||||||
$ | 2,100 | Massachusetts Housing Finance Agency, 4.75%, 12/1/48 | $ | 1,920,618 | |||||||
1,000 |
Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 |
944,030 | |||||||||
650 |
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 |
646,236 | |||||||||
2,000 |
Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 |
1,983,300 | |||||||||
$ | 5,494,184 | ||||||||||
Industrial Development Revenue 1.7% | |||||||||||
$ | 695 |
Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 |
$ | 696,390 | |||||||
$ | 696,390 | ||||||||||
Insured-Education 16.1% | |||||||||||
$ | 1,000 |
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 |
$ | 1,151,490 | |||||||
1,000 |
Massachusetts Development Finance Agency, (Boston University), (XLCA), 5.375%, 5/15/39 |
1,091,170 |
See notes to financial statements
17
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Education (continued) | |||||||||||
$ | 1,365 |
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3) |
$ | 1,544,379 | |||||||
1,600 |
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 |
1,664,640 | |||||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, (Northeastern University), (MBIA), 5.00%, 10/1/29 |
1,026,420 | |||||||||
$ | 6,478,099 | ||||||||||
Insured-Escrowed / Prerefunded 3.3% | |||||||||||
$ | 500 |
Massachusetts Health and Educational Facilities Authority, (UMass-Worcester Campus), (FGIC), Prerefunded to 10/1/11, 5.25%, 10/1/31 |
$ | 535,305 | |||||||
750 |
Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29 |
795,045 | |||||||||
$ | 1,330,350 | ||||||||||
Insured-General Obligations 9.3% | |||||||||||
$ | 2,390 | Milford, (FSA), 4.25%, 12/15/46 | $ | 2,179,800 | |||||||
500 | Plymouth, (MBIA), 5.25%, 10/15/20 | 526,905 | |||||||||
900 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2) | 1,061,082 | |||||||||
$ | 3,767,787 | ||||||||||
Insured-Miscellaneous 5.1% | |||||||||||
$ | 2,000 | Boston Convention Center, (AMBAC), 5.00%, 5/1/27 | $ | 2,046,440 | |||||||
$ | 2,046,440 | ||||||||||
Insured-Other Revenue 3.7% | |||||||||||
$ | 1,250 |
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 |
$ | 1,503,525 | |||||||
$ | 1,503,525 | ||||||||||
Insured-Special Tax Revenue 8.2% | |||||||||||
$ | 1,500 | Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ | 1,539,870 | |||||||
8,945 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 814,890 | |||||||||
1,520 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 233,867 | |||||||||
3,015 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 440,311 | |||||||||
1,905 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 263,766 | |||||||||
$ | 3,292,704 | ||||||||||
Insured-Student Loan 2.8% | |||||||||||
$ | 1,175 |
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 |
$ | 1,125,204 | |||||||
$ | 1,125,204 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Transportation 15.0% | |||||||||||
$ | 800 |
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (AMT), 5.00%, 7/1/32 |
$ | 806,640 | |||||||
2,000 |
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (AMT), 5.00%, 7/1/38 |
2,008,980 | |||||||||
3,200 |
Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37(3) |
3,219,861 | |||||||||
33 |
Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 7.026%, 1/1/37(1)(2) |
33,954 | |||||||||
$ | 6,069,435 | ||||||||||
Nursing Home 2.8% | |||||||||||
$ | 500 |
Boston Industrial Development Authority, (Alzheimer's Center), (FHA), 6.00%, 2/1/37 |
$ | 510,725 | |||||||
600 |
Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 |
607,164 | |||||||||
$ | 1,117,889 | ||||||||||
Senior Living / Life Care 5.6% | |||||||||||
$ | 1,500 |
Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 |
$ | 1,504,260 | |||||||
100 |
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 |
90,658 | |||||||||
100 |
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 |
87,035 | |||||||||
300 |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/35 |
288,705 | |||||||||
310 |
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42 |
296,100 | |||||||||
$ | 2,266,758 | ||||||||||
Special Tax Revenue 7.3% | |||||||||||
$ | 7,195 | Massachusetts Bay Transportation Authority, 0.00%, 7/1/34 | $ | 1,917,611 | |||||||
1,000 | Puerto Rico Sales Tax Financing, 5.25%, 8/1/57 | 1,013,170 | |||||||||
$ | 2,930,781 | ||||||||||
Water and Sewer 7.0% | |||||||||||
$ | 100 |
Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/32 |
$ | 102,953 | |||||||
965 |
Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 |
996,305 | |||||||||
2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,746,640 | |||||||||
$ | 2,845,898 |
See notes to financial statements
18
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Value | |||||||
Total Tax-Exempt Investments 157.8% (identified cost $62,536,249) |
$ | 63,651,588 | |||||
Other Assets, Less Liabilities (4.5)% | $ | (1,800,128 | ) | ||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (53.3)% |
$ | (21,510,017 | ) | ||||
Net Assets Applicable to Common Shares 100.0% |
$ | 40,341,443 |
ACA - ACA Financial Guaranty Corporation
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.
DRIVERS - Derivative Inverse Tax-Exempt Receipts
FGIC - Financial Guaranty Insurance Company
FHA - Federal Housing Administration
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2007, 40.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 5.3% to 13.5% of total investments.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,198,921 or 5.5% of the Trust's net assets applicable to common shares.
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(3) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
See notes to financial statements
19
Eaton Vance Michigan Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 160.5% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Education 6.0% | |||||||||||
$ | 1,250 |
Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27 |
$ | 1,294,912 | |||||||
540 |
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 |
541,107 | |||||||||
$ | 1,836,019 | ||||||||||
Electric Utilities 9.1% | |||||||||||
$ | 1,250 |
Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 |
$ | 1,276,387 | |||||||
375 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/25(1)(2) |
388,196 | |||||||||
1,125 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/37(1)(2) |
1,117,102 | |||||||||
$ | 2,781,685 | ||||||||||
Escrowed / Prerefunded 10.6% | |||||||||||
$ | 500 |
Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31 |
$ | 541,625 | |||||||
750 |
Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26 |
796,665 | |||||||||
750 |
Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 |
818,010 | |||||||||
1,000 |
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 |
1,095,190 | |||||||||
$ | 3,251,490 | ||||||||||
General Obligations 10.8% | |||||||||||
$ | 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | $ | 516,945 | |||||||
1,000 | Manistee Area Public Schools, 5.00%, 5/1/24 | 1,033,890 | |||||||||
750 |
Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29 |
758,490 | |||||||||
1,000 |
White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 |
1,024,250 | |||||||||
$ | 3,333,575 | ||||||||||
Health Care-Miscellaneous 0.3% | |||||||||||
$ | 100 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 101,147 | |||||||
$ | 101,147 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Hospital 28.4% | |||||||||||
$ | 500 |
Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 |
$ | 520,945 | |||||||
185 |
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 |
187,418 | |||||||||
125 |
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 |
127,905 | |||||||||
560 |
Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), 5.875%, 11/15/34 |
545,580 | |||||||||
500 |
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 |
509,400 | |||||||||
1,000 |
Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 |
1,007,780 | |||||||||
750 |
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 |
738,487 | |||||||||
1,000 |
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 |
1,006,940 | |||||||||
1,430 |
Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 |
1,412,997 | |||||||||
750 |
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 |
770,227 | |||||||||
1,000 |
Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 |
1,060,420 | |||||||||
800 |
Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30 |
850,680 | |||||||||
$ | 8,738,779 | ||||||||||
Housing 3.1% | |||||||||||
$ | 1,000 |
Michigan State Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 |
$ | 944,690 | |||||||
$ | 944,690 | ||||||||||
Industrial Development Revenue 7.7% | |||||||||||
$ | 1,000 |
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 |
$ | 934,590 | |||||||
800 |
Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16 |
827,992 | |||||||||
625 |
Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 |
604,088 | |||||||||
$ | 2,366,670 | ||||||||||
Insured-Electric Utilities 9.0% | |||||||||||
$ | 1,000 |
Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 |
$ | 1,028,960 | |||||||
500 |
Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 |
512,545 | |||||||||
1,200 |
Puerto Rico Electric Power Authority, (MBIA), 4.75%, 7/1/33(3) |
1,212,564 | |||||||||
$ | 2,754,069 |
See notes to financial statements
20
Eaton Vance Michigan Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Escrowed / Prerefunded 20.4% | |||||||||||
$ | 1,000 |
Central Montcalm Public Schools, (MBIA), Prerefunded to 5/1/09, 6.00%, 5/1/29 |
$ | 1,037,750 | |||||||
1,000 |
Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 |
1,062,780 | |||||||||
2,000 |
Fenton Area Public Schools, (FGIC), Prerefunded to 5/1/08, 5.00%, 5/1/24 |
2,013,660 | |||||||||
2,000 |
Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25 |
2,139,420 | |||||||||
$ | 6,253,610 | ||||||||||
Insured-General Obligations 8.2% | |||||||||||
$ | 650 | Detroit, School District, (FGIC), 4.75%, 5/1/28 | $ | 653,543 | |||||||
750 | Detroit, School District, (FSA), 5.25%, 5/1/32 | 847,838 | |||||||||
200 | Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 | 201,042 | |||||||||
700 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2) | 825,286 | |||||||||
$ | 2,527,709 | ||||||||||
Insured-Hospital 6.7% | |||||||||||
$ | 1,000 |
Royal Oak Hospital Finance Authority Revenue, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 |
$ | 1,018,010 | |||||||
1,000 |
Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24 |
1,032,180 | |||||||||
$ | 2,050,190 | ||||||||||
Insured-Lease Revenue / Certificates of Participation 4.3% |
|||||||||||
$ | 4,300 |
Michigan State Building Authority, (FGIC), 0.00%, 10/15/30 |
$ | 1,320,014 | |||||||
$ | 1,320,014 | ||||||||||
Insured-Special Tax Revenue 11.5% | |||||||||||
$ | 5,160 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | $ | 470,076 | |||||||
1,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 188,479 | |||||||||
2,430 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 354,877 | |||||||||
1,470 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 203,536 | |||||||||
2,250 |
Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30 |
2,317,455 | |||||||||
$ | 3,534,423 | ||||||||||
Insured-Student Loan 6.6% | |||||||||||
$ | 1,000 |
Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 |
$ | 1,006,270 | |||||||
1,000 |
Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 |
1,022,720 | |||||||||
$ | 2,028,990 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Transportation 3.3% | |||||||||||
$ | 1,000 |
Wayne Charter County Airport, (MBIA), (AMT), 5.00%, 12/1/28 |
$ | 1,003,590 | |||||||
$ | 1,003,590 | ||||||||||
Insured-Water and Sewer 5.5% | |||||||||||
$ | 1,650 | Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 | $ | 1,678,347 | |||||||
$ | 1,678,347 | ||||||||||
Lease Revenue / Certificates of Participation 0.8% | |||||||||||
$ | 250 |
Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 |
$ | 251,203 | |||||||
$ | 251,203 | ||||||||||
Other Revenue 3.3% | |||||||||||
$ | 12,500 |
Michigan Tobacco Settlement Finance Authority, 0.00%, 6/1/52 |
$ | 536,750 | |||||||
500 |
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 |
487,035 | |||||||||
$ | 1,023,785 | ||||||||||
Transportation 4.9% | |||||||||||
$ | 1,500 | Kent County Airport Facility, 5.00%, 1/1/25(3) | $ | 1,513,673 | |||||||
$ | 1,513,673 | ||||||||||
Total Tax-Exempt Investments 160.5% (identified cost $47,817,304) |
$ | 49,293,658 | |||||||||
Other Assets, Less Liabilities (3.5)% | $ | (1,079,283 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (57.0)% |
$ | (17,504,030 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 30,710,345 |
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.
DRIVERS - Derivative Inverse Tax-Exempt Receipts
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
See notes to financial statements
21
Eaton Vance Michigan Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
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, 2007, 47.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 19.5% of total investments.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,330,584 or 7.6% of the Trust's net assets applicable to common shares.
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(3) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
See notes to financial statements
22
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 172.2% | |||||||||||
Principal Amount (000's omitted) |
Security | Value | |||||||||
Education 5.5% | |||||||||||
$ | 250 |
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 |
$ | 247,372 | |||||||
250 |
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 |
240,225 | |||||||||
220 |
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 |
218,354 | |||||||||
3,055 |
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/30 |
3,058,422 | |||||||||
$ | 3,764,373 | ||||||||||
Electric Utilities 2.2% | |||||||||||
$ | 1,500 |
Salem County Pollution Control Financing, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 |
$ | 1,508,160 | |||||||
$ | 1,508,160 | ||||||||||
Escrowed / Prerefunded 12.5% | |||||||||||
$ | 3,935 |
New Jersey Educational Facilities Authority, (Princeton University), Prerefunded to 7/1/10, 5.00%, 7/1/20 |
$ | 4,059,425 | |||||||
460 |
New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), Prerefunded to 7/1/12, 5.75%, 7/1/25 |
507,688 | |||||||||
950 |
Tobacco Settlement Financing Corp., Prerefunded to 6/1/13, 6.75%, 6/1/39 |
1,109,381 | |||||||||
2,500 |
Tobacco Settlement Financing Corp., Prerefunded to 6/1/13, 6.75%, 6/1/39(1) |
2,919,425 | |||||||||
$ | 8,595,919 | ||||||||||
General Obligations 5.1% | |||||||||||
$ | 3,500 |
Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29 |
$ | 3,539,620 | |||||||
$ | 3,539,620 | ||||||||||
Health Care-Miscellaneous 0.4% | |||||||||||
$ | 300 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 303,441 | |||||||
$ | 303,441 | ||||||||||
Hospital 28.4% | |||||||||||
$ | 100 |
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 |
$ | 97,903 | |||||||
90 |
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 |
84,951 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Hospital (continued) | |||||||||||
$ | 100 |
Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 |
$ | 99,812 | |||||||
2,750 |
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 |
2,813,387 | |||||||||
575 |
New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), 5.75%, 7/1/25 |
599,742 | |||||||||
4,400 |
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37 |
4,401,452 | |||||||||
2,140 |
New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27 |
2,141,027 | |||||||||
1,765 |
New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33 |
1,750,368 | |||||||||
2,000 |
New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34 |
2,060,900 | |||||||||
450 |
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.125%, 7/1/35 |
452,619 | |||||||||
2,000 |
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 |
2,069,940 | |||||||||
1,100 |
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/36 |
1,104,147 | |||||||||
1,930 |
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 |
1,921,392 | |||||||||
$ | 19,597,640 | ||||||||||
Housing 5.5% | |||||||||||
$ | 715 |
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), Series T, (AMT), 4.70%, 10/1/37 |
$ | 662,590 | |||||||
3,220 |
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), Series T, (AMT), 5.00%, 10/1/37 |
3,158,595 | |||||||||
$ | 3,821,185 | ||||||||||
Industrial Development Revenue 15.3% | |||||||||||
$ | 1,000 |
Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29 |
$ | 1,047,660 | |||||||
3,000 |
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 |
3,081,900 | |||||||||
3,220 |
New Jersey Economic Development Authority, (Anheuser Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 |
2,957,699 | |||||||||
750 |
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 |
720,217 | |||||||||
750 |
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 |
841,050 | |||||||||
2,080 |
Virgin Islands Public Financing Authority, (Hovensa LLC), (AMT), 4.70%, 7/1/22 |
1,926,496 | |||||||||
$ | 10,575,022 |
See notes to financial statements
23
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Education 7.1% | |||||||||||
$ | 4,800 |
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Authority, (University Plaza), (MBIA), 5.00%, 7/1/33(1) |
$ | 4,914,288 | |||||||
$ | 4,914,288 | ||||||||||
Insured-Electric Utilities 1.9% | |||||||||||
$ | 1,250 |
Vineland, (Electric Utility), (MBIA), (AMT), 5.25%, 5/15/26 |
$ | 1,284,325 | |||||||
$ | 1,284,325 | ||||||||||
Insured-Escrowed / Prerefunded 6.8% | |||||||||||
$ | 4,500 |
New Jersey Turnpike Authority, (MBIA), Prerefunded to 1/1/10, 5.50%, 1/1/30(1) |
$ | 4,703,895 | |||||||
$ | 4,703,895 | ||||||||||
Insured-Gas Utilities 7.3% | |||||||||||
$ | 5,000 |
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (AMT), 4.90%, 10/1/40 |
$ | 5,049,250 | |||||||
$ | 5,049,250 | ||||||||||
Insured-General Obligations 3.7% | |||||||||||
$ | 475 | Nutley School District (MBIA), 4.50%, 7/15/29 | $ | 478,116 | |||||||
550 | Nutley School District (MBIA), 4.75%, 7/15/30 | 567,341 | |||||||||
725 | Nutley School District (MBIA), 4.75%, 7/15/31 | 747,287 | |||||||||
755 | Nutley School District (MBIA), 4.75%, 7/15/32 | 777,552 | |||||||||
$ | 2,570,296 | ||||||||||
Insured-Housing 5.2% | |||||||||||
$ | 3,390 |
New Jersey Housing and Mortgage Finance Agency, (FSA), (AMT), 5.05%, 5/1/34 |
$ | 3,367,829 | |||||||
205 |
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing, (FSA), 5.75%, 5/1/25 |
211,025 | |||||||||
$ | 3,578,854 | ||||||||||
Insured-Lease Revenue / Certificates of Participation 1.5% |
|||||||||||
$ | 1,075 |
Hudson County Improvements Authority, (FSA), 4.50%, 4/1/35 |
$ | 1,062,433 | |||||||
$ | 1,062,433 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Special Tax Revenue 20.2% | |||||||||||
$ | 12,030 |
Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/24 |
$ | 5,517,920 | |||||||
6,000 |
Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 |
2,628,180 | |||||||||
4,315 |
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 |
1,796,680 | |||||||||
2,020 |
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 |
797,779 | |||||||||
16,115 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 1,468,077 | |||||||||
2,745 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 422,346 | |||||||||
5,445 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 795,188 | |||||||||
3,425 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 474,226 | |||||||||
$ | 13,900,396 | ||||||||||
Insured-Transportation 9.5% | |||||||||||
$ | 1,295 |
Delaware River Joint Toll Bridge Commission, (MBIA), Series A, 4.50%, 7/1/37 |
$ | 1,277,220 | |||||||
1,000 | Delaware River Port Authority, (FSA), 5.625%, 1/1/26 | 1,034,810 | |||||||||
3,250 | Delaware River Port Authority, (FSA), 5.75%, 1/1/26 | 3,372,525 | |||||||||
875 | Morristown Parking Authority, (MBIA), 4.50%, 8/1/37 | 862,951 | |||||||||
$ | 6,547,506 | ||||||||||
Insured-Water and Sewer 4.7% | |||||||||||
$ | 3,195 |
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 |
$ | 3,241,711 | |||||||
$ | 3,241,711 | ||||||||||
Nursing Home 2.9% | |||||||||||
$ | 1,000 |
New Jersey Economic Development Authority, (Masonic Charity Foundation), 5.50%, 6/1/31 |
$ | 1,040,360 | |||||||
945 |
New Jersey Economic Development Authority, (Victoria Health), 5.20%, 12/20/36(2) |
973,350 | |||||||||
$ | 2,013,710 | ||||||||||
Other Revenue 5.2% | |||||||||||
$ | 7,200 |
Children's Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 |
$ | 413,280 | |||||||
9,265 |
Children's Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 |
317,604 | |||||||||
4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 429,391 | |||||||||
2,925 | Tobacco Settlement Financing Corp., 4.75%, 6/1/34 | 2,391,217 | |||||||||
$ | 3,551,492 |
See notes to financial statements
24
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Senior Living / Life Care 4.0% | |||||||||||
$ | 1,700 |
New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25 |
$ | 1,706,375 | |||||||
1,175 |
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 |
1,062,788 | |||||||||
$ | 2,769,163 | ||||||||||
Special Tax Revenue 7.7% | |||||||||||
$ | 750 |
New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31 |
$ | 740,715 | |||||||
1,310 |
New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29 |
1,317,402 | |||||||||
3,000 |
New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34(1) |
3,008,820 | |||||||||
100 |
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 |
99,266 | |||||||||
175 |
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 |
166,814 | |||||||||
$ | 5,333,017 | ||||||||||
Transportation 9.6% | |||||||||||
$ | 4,800 |
Port Authority of New York and New Jersey, 5.375%, 3/1/28(1) |
$ | 5,396,448 | |||||||
1,175 |
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 |
1,196,796 | |||||||||
$ | 6,593,244 | ||||||||||
Total Tax-Exempt Investments 172.2% (identified cost $115,985,410) |
$ | 118,818,940 | |||||||||
Other Assets, Less Liabilities (17.1)% | $ | (11,818,117 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (55.1)% |
$ | (38,000,000 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 69,000,823 |
AMBAC - AMBAC Financial Group, Inc.
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2007, 39.4% 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 ranged from 2.2% to 14.6% of total investments.
(1) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $973,350 or 1.4% of the Trust's net assets applicable to common shares.
See notes to financial statements
25
Eaton Vance New York Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 177.4% | |||||||||||
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Cogeneration 1.3% | |||||||||||
$ | 1,150 |
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23(1) |
$ | 1,071,995 | |||||||
$ | 1,071,995 | ||||||||||
Education 7.9% | |||||||||||
$ | 1,000 |
Dutchess County Industrial Development Agency, (Marist College), 5.00%, 7/1/20 |
$ | 1,034,400 | |||||||
450 |
Hempstead Industrial Development Agency, (Adelphi University), 5.00%, 10/1/35 |
451,125 | |||||||||
4,980 |
Hempstead Industrial Development Agency, (Hofstra University Civic Facilities), 5.00%, 7/1/33 |
5,015,956 | |||||||||
$ | 6,501,481 | ||||||||||
Electric Utilities 7.8% | |||||||||||
$ | 4,100 | New York Power Authority, 5.25%, 11/15/40 | $ | 4,252,356 | |||||||
2,100 |
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 |
2,119,950 | |||||||||
$ | 6,372,306 | ||||||||||
Escrowed / Prerefunded 13.4% | |||||||||||
$ | 4,500 |
Metropolitan Transportation Authority, Prerefunded to 11/15/13, 5.25%, 11/15/32 |
$ | 4,974,930 | |||||||
200 |
New York City Industrial Development Agency, (Ohel Children's Home), Class A, Escrowed to Maturity, 6.25%, 8/15/22 |
210,170 | |||||||||
4,385 |
New York Dormitory Authority, (Court Facility), Prerefunded to 5/15/10, 6.00%, 5/15/39 |
4,717,339 | |||||||||
955 |
Suffolk County Industrial Development Agency, (Jefferson's Ferry Project), Prerefunded to 11/1/09, 7.20%, 11/1/19 |
1,036,977 | |||||||||
$ | 10,939,416 | ||||||||||
General Obligations 9.5% | |||||||||||
$ | 6,000 | New York City, 5.25%, 9/15/33 | $ | 6,222,120 | |||||||
1,500 |
Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29 |
1,516,980 | |||||||||
$ | 7,739,100 | ||||||||||
Health Care-Miscellaneous 6.3% | |||||||||||
$ | 1,185 |
New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 |
$ | 1,136,901 | |||||||
1,200 |
New York City Industrial Development Agency, (Ohel Children's Home), 6.25%, 8/15/22 |
1,101,948 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Health Care-Miscellaneous (continued) | |||||||||||
$ | 200 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 202,294 | |||||||
50 |
Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15 |
52,425 | |||||||||
100 |
Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15 |
104,850 | |||||||||
2,600 |
Westchester County Industrial Development Agency, (Children's Village), 5.375%, 3/15/19 |
2,588,040 | |||||||||
$ | 5,186,458 | ||||||||||
Hospital 19.7% | |||||||||||
$ | 205 |
Chautauqua County Industrial Development Agency, (Women's Christian Association), 6.35%, 11/15/17 |
$ | 210,676 | |||||||
485 |
Chautauqua County Industrial Development Agency, (Women's Christian Association), 6.40%, 11/15/29 |
496,863 | |||||||||
1,250 |
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 |
1,255,975 | |||||||||
2,500 |
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 |
2,502,200 | |||||||||
400 |
Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 |
423,552 | |||||||||
2,700 |
New York City Health and Hospital Corp., (Health Systems), 5.25%, 2/15/17 |
2,749,599 | |||||||||
300 |
New York City Health and Hospital Corp., (Health Systems), 5.375%, 2/15/26 |
305,964 | |||||||||
1,500 |
New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 |
1,494,150 | |||||||||
2,000 |
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 |
2,007,080 | |||||||||
1,250 |
New York Dormitory Authority, (NYU Hospital Center), Series B, 5.625%, 7/1/37(2) |
1,229,575 | |||||||||
1,250 |
Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19 |
1,252,200 | |||||||||
2,105 |
Suffolk County Industrial Development Agency, Civic Facility, (Huntington Hospital), 6.00%, 11/1/22 |
2,198,020 | |||||||||
$ | 16,125,854 | ||||||||||
Housing 21.5% | |||||||||||
$ | 2,750 |
New York City Housing Development Corp., (Multi-Family Housing), 4.95%, 11/1/33 |
$ | 2,813,745 | |||||||
1,250 |
New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.00%, 11/1/24 |
1,251,037 | |||||||||
2,620 |
New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.20%, 11/1/40 |
2,626,655 | |||||||||
3,555 |
New York City Housing Development Corp., (Multi-Family Housing), (FNMA), 4.60%, 1/15/26 |
3,395,167 | |||||||||
3,125 |
New York Housing Finance Agency, Series A, (FNMA), (AMT), 5.40%, 11/15/42 |
3,127,937 |
See notes to financial statements
26
Eaton Vance New York Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Housing (continued) | |||||||||||
$ | 1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | $ | 1,459,605 | |||||||
2,000 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,919,660 | |||||||||
1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 990,870 | |||||||||
$ | 17,584,676 | ||||||||||
Industrial Development Revenue 15.0% | |||||||||||
$ | 1,250 |
Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
$ | 1,328,825 | |||||||
4,200 |
Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(3) |
4,464,866 | |||||||||
1,500 |
New York City Industrial Development Agency, (American, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12 |
1,611,270 | |||||||||
1,000 |
Onondaga County Industrial Development Agency, (Anheuser-Busch), 4.875%, 7/1/41 |
979,720 | |||||||||
2,500 |
Onondaga County Industrial Development Agency, (Anheuser-Busch), (AMT), 6.25%, 12/1/34 |
2,589,925 | |||||||||
775 |
Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32 |
790,345 | |||||||||
525 |
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 |
544,215 | |||||||||
$ | 12,309,166 | ||||||||||
Insured-Education 9.5% | |||||||||||
$ | 4,500 |
New York Dormitory Authority, (New York University), (MBIA), 5.75%, 7/1/27(3) |
$ | 5,314,770 | |||||||
2,895 |
Oneida County Industrial Development Agency, (Hamilton College), (MBIA), 0.00%, 7/1/31 |
917,860 | |||||||||
5,460 |
Oneida County Industrial Development Agency, (Hamilton College), (MBIA), 0.00%, 7/1/33 |
1,573,190 | |||||||||
$ | 7,805,820 | ||||||||||
Insured-Electric Utilities 5.9% | |||||||||||
$ | 2,465 |
New York Power Authority, Series A, (MBIA), 4.50%, 11/15/47 |
$ | 2,379,884 | |||||||
2,400 |
Puerto Rico Electric Power Authority, (MBIA), 4.75%, 7/1/33(3) |
2,425,128 | |||||||||
$ | 4,805,012 | ||||||||||
Insured-Escrowed / Prerefunded 3.8% | |||||||||||
$ | 3,000 |
New York City Cultural Resource Trust, (Museum of History), (AMBAC), Prerefunded to 7/1/09, 5.75%, 7/1/29(3) |
$ | 3,143,670 | |||||||
$ | 3,143,670 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-General Obligations 2.5% | |||||||||||
$ | 1,750 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(4)(5) | $ | 2,063,215 | |||||||
$ | 2,063,215 | ||||||||||
Insured-Hospital 6.9% | |||||||||||
$ | 5,000 |
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (MBIA), 5.50%, 7/1/23(6) |
$ | 5,618,500 | |||||||
$ | 5,618,500 | ||||||||||
Insured-Lease Revenue / Certificates of Participation 6.4% |
|||||||||||
$ | 5,460 |
Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47(7) |
$ | 5,240,399 | |||||||
$ | 5,240,399 | ||||||||||
Insured-Other Revenue 3.3% | |||||||||||
$ | 2,720 |
New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42 |
$ | 2,728,867 | |||||||
$ | 2,728,867 | ||||||||||
Insured-Special Tax Revenue 7.4% | |||||||||||
$ | 1,000 |
New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 |
$ | 1,006,240 | |||||||
4,500 |
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 |
1,195,020 | |||||||||
19,745 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 1,798,769 | |||||||||
3,380 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 520,047 | |||||||||
6,705 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 979,198 | |||||||||
4,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 584,994 | |||||||||
$ | 6,084,268 | ||||||||||
Insured-Transportation 9.1% | |||||||||||
$ | 1,070 |
Metropolitan Transportation Authority, (FGIC), 4.75%, 11/15/37 |
$ | 1,079,705 | |||||||
2,735 |
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), 5.625%, 4/1/29 |
2,810,295 | |||||||||
3,500 |
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), 5.625%, 4/1/29(3) |
3,596,355 | |||||||||
$ | 7,486,355 | ||||||||||
Insured-Water and Sewer 1.2% | |||||||||||
$ | 1,000 |
Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 |
$ | 1,006,550 | |||||||
$ | 1,006,550 |
See notes to financial statements
27
Eaton Vance New York Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Other Revenue 6.4% | |||||||||||
$ | 1,285 |
Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 |
$ | 1,276,956 | |||||||
3,750 |
Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32(3) |
3,971,575 | |||||||||
$ | 5,248,531 | ||||||||||
Senior Living / Life Care 2.1% | |||||||||||
$ | 1,450 |
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 |
$ | 1,459,266 | |||||||
250 |
Suffolk County Industrial Development Agency, (Jefferson's Ferry Project), 5.00%, 11/1/28 |
234,715 | |||||||||
$ | 1,693,981 | ||||||||||
Transportation 10.5% | |||||||||||
$ | 5,400 |
Port Authority of New York and New Jersey, 5.375%, 3/1/28(3) |
$ | 6,071,004 | |||||||
2,600 |
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33(3) |
2,521,376 | |||||||||
$ | 8,592,380 | ||||||||||
Total Tax-Exempt Investments 177.4% (identified cost $140,723,683) |
$ | 145,348,000 | |||||||||
Other Assets, Less Liabilities (23.1)% | $ | (18,911,316 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (54.3)% |
$ | (44,505,187 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 81,931,497 |
AMBAC - AMBAC Financial Group, Inc.
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC - Financial Guaranty Insurance Company
FNMA - Federal National Mortgage Association (Fannie Mae)
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2007, 31.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.7% to 22.0% of total investments.
(1) Security is in bankruptcy but continues to make full interest payments.
(2) When-issued security.
(3) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(4) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,063,215 or 2.5% of the Trust's net assets applicable to common shares.
(5) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(6) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(7) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
See notes to financial statements
28
Eaton Vance Ohio Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 169.1% | |||||||||||
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Cogeneration 1.4% | |||||||||||
$ | 385 |
Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20 |
$ | 386,363 | |||||||
200 |
Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20 |
205,484 | |||||||||
$ | 591,847 | ||||||||||
Electric Utilities 2.2% | |||||||||||
$ | 410 |
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 |
$ | 422,206 | |||||||
125 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/25(1)(2) |
129,399 | |||||||||
375 |
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.36%, 7/1/37(1)(2) |
372,367 | |||||||||
$ | 923,972 | ||||||||||
Escrowed / Prerefunded 19.5% | |||||||||||
$ | 1,000 |
Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 |
$ | 1,088,800 | |||||||
1,000 |
Franklin County, (Cincinnati Children's Hospital), Prerefunded to 5/1/09, 5.20%, 5/1/29 |
1,044,560 | |||||||||
1,530 |
Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24 |
1,614,808 | |||||||||
575 |
Highland County, (Joint Township Hospital District), Prerefunded to 12/1/09, 6.75%, 12/1/29 |
620,264 | |||||||||
1,250 |
Parma, (Parma Community General Hospital Association), Prerefunded to 11/1/08, 5.35%, 11/1/18 |
1,284,050 | |||||||||
1,750 |
Parma, (Parma Community General Hospital Association), Prerefunded to 11/1/08, 5.375%, 11/1/29 |
1,798,072 | |||||||||
670 |
Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 |
734,581 | |||||||||
$ | 8,185,135 | ||||||||||
Health Care-Miscellaneous 0.2% | |||||||||||
$ | 100 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 101,147 | |||||||
$ | 101,147 | ||||||||||
Hospital 10.8% | |||||||||||
$ | 550 |
Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29 |
$ | 572,330 | |||||||
600 |
Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46 |
608,874 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Hospital (continued) | |||||||||||
$ | 1,500 |
Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32 |
$ | 1,554,600 | |||||||
500 |
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 |
497,940 | |||||||||
1,000 |
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), Series A, 4.75%, 1/15/46 |
934,240 | |||||||||
330 |
Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 |
348,906 | |||||||||
$ | 4,516,890 | ||||||||||
Housing 12.0% | |||||||||||
$ | 1,000 |
Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27 |
$ | 950,190 | |||||||
1,000 |
Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/36 |
976,810 | |||||||||
600 |
Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), Series H, 5.00%, 9/1/31 |
590,526 | |||||||||
2,500 |
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 |
2,496,925 | |||||||||
$ | 5,014,451 | ||||||||||
Industrial Development Revenue 12.1% | |||||||||||
$ | 1,385 |
Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 |
$ | 1,214,825 | |||||||
1,300 |
Dayton, Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 |
1,328,795 | |||||||||
2,250 |
Ohio Water Development Authority, (Anheuser-Busch), (AMT), 6.00%, 8/1/38 |
2,315,407 | |||||||||
225 |
Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 |
220,203 | |||||||||
$ | 5,079,230 | ||||||||||
Insured-Education 1.5% | |||||||||||
$ | 775 | Miami University, (AMBAC), 3.25%, 9/1/26 | $ | 640,940 | |||||||
$ | 640,940 | ||||||||||
Insured-Electric Utilities 11.1% | |||||||||||
$ | 2,000 |
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 |
$ | 897,660 | |||||||
3,000 |
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 |
1,278,390 | |||||||||
2,500 |
Ohio Water Development Authority, Fresh Water Improvement, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 |
2,494,350 | |||||||||
$ | 4,670,400 |
See notes to financial statements
29
Eaton Vance Ohio Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Escrowed / Prerefunded 19.9% | |||||||||||
$ | 245 |
Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed to Maturity, 5.125%, 1/1/29(3) |
$ | 250,214 | |||||||
1,595 |
Hamilton County, Sales Tax Revenue, (AMBAC), Prerefunded to 12/1/10, 5.25%, 12/1/32 |
1,688,148 | |||||||||
1,000 |
Lima City School District, (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/22 |
1,084,890 | |||||||||
495 |
Lima City School District, (AMBAC), Prerefunded to 12/1/10, 6.00%, 12/1/22 |
544,055 | |||||||||
1,000 |
Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 |
1,074,590 | |||||||||
3,000 |
University of Akron, (FGIC), Prerefunded to 1/1/10, 5.75%, 1/1/29(4) |
3,181,485 | |||||||||
500 |
University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 |
537,285 | |||||||||
$ | 8,360,667 | ||||||||||
Insured-General Obligations 16.7% | |||||||||||
$ | 2,455 |
Canal Winchester Local School District, (MBIA), 0.00%, 12/1/30 |
$ | 820,805 | |||||||
3,000 | Elyria City School District, (XLCA), 5.00%, 12/1/35 | 3,116,130 | |||||||||
500 | Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35 | 522,105 | |||||||||
1,000 | Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2) | 1,178,980 | |||||||||
1,200 | Puerto Rico, Series A, (MBIA), 5.50%, 7/1/20(4) | 1,354,392 | |||||||||
$ | 6,992,412 | ||||||||||
Insured-Hospital 6.7% | |||||||||||
$ | 255 |
Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29 |
$ | 260,426 | |||||||
1,000 |
Hamilton County, (Cincinnati Children's Hospital), (FGIC), 5.00%, 5/15/32 |
1,013,470 | |||||||||
1,500 |
Hamilton County, (Cincinnati Children's Hospital), (FGIC), 5.125%, 5/15/28 |
1,538,070 | |||||||||
$ | 2,811,966 | ||||||||||
Insured-Lease Revenue / Certificates of Participation 6.0% |
|||||||||||
$ | 1,800 |
Puerto Rico Public Finance Corp., (Commonwealth Appropriation), (AMBAC), 5.125%, 6/1/24(4) |
$ | 1,997,256 | |||||||
500 |
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 |
511,380 | |||||||||
$ | 2,508,636 | ||||||||||
Insured-Special Tax Revenue 5.6% | |||||||||||
$ | 405 |
Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 |
$ | 419,216 | |||||||
9,905 |
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
902,346 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Special Tax Revenue (continued) | |||||||||||
$ | 1,690 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
$ | 260,023 | |||||||
3,350 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
489,234 | |||||||||
2,100 |
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
290,766 | |||||||||
$ | 2,361,585 | ||||||||||
Insured-Transportation 6.6% | |||||||||||
$ | 450 | Cleveland Airport System, (FSA), 5.00%, 1/1/31 | $ | 456,332 | |||||||
1,000 | Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24 | 1,143,380 | |||||||||
1,000 | Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26 | 1,148,330 | |||||||||
$ | 2,748,042 | ||||||||||
Insured-Water and Sewer 3.0% | |||||||||||
$ | 500 |
Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/46 |
$ | 499,560 | |||||||
750 |
Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/47 |
751,478 | |||||||||
$ | 1,251,038 | ||||||||||
Lease Revenue / Certificates of Participation 3.0% | |||||||||||
$ | 1,230 |
Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 |
$ | 1,267,958 | |||||||
$ | 1,267,958 | ||||||||||
Other Revenue 12.2% | |||||||||||
$ | 4,620 |
Buckeye, Tobacco Settlement Financing Authority, 0.00%, 6/1/47 |
$ | 275,675 | |||||||
710 |
Buckeye, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/47 |
676,616 | |||||||||
3,000 |
Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32(4) |
3,177,260 | |||||||||
1,000 |
Riversouth Authority, (Lazarus Building Redevelopment), Series A, 5.75%, 12/1/27 |
1,003,390 | |||||||||
$ | 5,132,941 | ||||||||||
Pooled Loans 13.4% | |||||||||||
$ | 530 |
Cleveland-Cuyahoga County Port Authority, (Myers University), 5.60%, 5/15/25 |
$ | 543,006 | |||||||
550 |
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 |
563,866 | |||||||||
1,020 |
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 |
1,081,067 | |||||||||
1,245 |
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/27(4) |
1,334,453 |
See notes to financial statements
30
Eaton Vance Ohio Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Pooled Loans (continued) | |||||||||||
$ | 325 |
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 |
$ | 312,835 | |||||||
750 | Toledo-Lucas County Port Authority, 4.80%, 11/15/35 | 668,910 | |||||||||
1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 1,103,234 | |||||||||
$ | 5,607,371 | ||||||||||
Special Tax Revenue 5.2% | |||||||||||
$ | 600 |
Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 |
$ | 645,300 | |||||||
1,400 |
Cuyahoga County, Economic Development, (Shaker Square), 6.75%, 12/1/30 |
1,531,320 | |||||||||
$ | 2,176,620 | ||||||||||
Total Tax-Exempt Investments 169.1% (identified cost $68,167,879) |
$ | 70,943,248 | |||||||||
Other Assets, Less Liabilities (13.1)% | $ | (5,481,859 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (56.0)% |
$ | (23,508,115 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 41,953,274 |
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.
DRIVERS - Derivative Inverse Tax-Exempt Receipts
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
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, 2007, 45.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.3% to 15.6% of total investments.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $1,680,746 or 4.0% of the Trust's net assets applicable to common shares.
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(3) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(4) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
See notes to financial statements
31
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments 171.0% | |||||||||||
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Cogeneration 5.3% | |||||||||||
$ | 440 |
Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 |
$ | 450,212 | |||||||
500 |
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 |
504,205 | |||||||||
500 |
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 |
502,410 | |||||||||
675 |
Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 |
662,425 | |||||||||
$ | 2,119,252 | ||||||||||
Education 1.6% | |||||||||||
$ | 600 |
Philadelphia Higher Education Facilities Authority, (Chestnut Hill College), Prerefunded to 10/01/09, 6.00%, 10/1/29 |
$ | 637,398 | |||||||
$ | 637,398 | ||||||||||
Electric Utilities 3.1% | |||||||||||
$ | 600 |
Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
$ | 638,388 | |||||||
600 |
York County Industrial Development Authority, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 |
598,746 | |||||||||
$ | 1,237,134 | ||||||||||
Escrowed / Prerefunded 15.7% | |||||||||||
$ | 600 |
Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 |
$ | 666,426 | |||||||
600 |
Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27 |
673,662 | |||||||||
1,500 |
Chester County Health and Educational Facility Authority, (Devereux Foundation), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
1,588,335 | |||||||||
750 |
Lancaster County Hospital Authority, Prerefunded to 9/15/13, 5.50%, 3/15/26 |
831,502 | |||||||||
925 |
Montgomery County Higher Education and Health Authority, (Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30 |
993,968 | |||||||||
1,500 |
Pennsylvania Higher Educational Facilities Authority, (Drexel University), Prerefunded to 5/1/09, 6.00%, 5/1/29 |
1,555,980 | |||||||||
$ | 6,309,873 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Health Care-Miscellaneous 0.2% | |||||||||||
$ | 100 |
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), Series A, 6.50%, 10/1/37 |
$ | 101,147 | |||||||
$ | 101,147 | ||||||||||
Hospital 12.1% | |||||||||||
$ | 695 |
Lancaster County Hospital Authority, (Lancaster General Hospital), 4.50%, 3/15/36 |
$ | 650,520 | |||||||
1,250 |
Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
1,265,537 | |||||||||
1,000 |
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 |
956,490 | |||||||||
500 |
Monroe County Hospital Authority, (Pocono Medical Center), Prerefunded to 1/1/14, 6.00%, 1/1/43 |
567,530 | |||||||||
850 |
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 |
907,460 | |||||||||
500 |
Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 |
524,165 | |||||||||
$ | 4,871,702 | ||||||||||
Housing 14.4% | |||||||||||
$ | 525 |
Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 4.95%, 11/1/37 |
$ | 508,652 | |||||||
1,260 |
Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35 |
1,235,065 | |||||||||
1,000 |
Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 |
922,440 | |||||||||
1,200 |
Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 |
1,184,172 | |||||||||
1,000 |
Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 |
958,360 | |||||||||
1,000 |
Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 |
999,170 | |||||||||
$ | 5,807,859 | ||||||||||
Industrial Development Revenue 8.9% | |||||||||||
$ | 500 |
New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 |
$ | 501,195 | |||||||
1,000 |
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 |
1,094,030 | |||||||||
500 |
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 |
479,080 | |||||||||
1,550 |
Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 |
1,498,137 | |||||||||
$ | 3,572,442 |
See notes to financial statements
32
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Education 19.7% | |||||||||||
$ | 1,900 |
Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32(1) |
$ | 1,992,834 | |||||||
1,000 |
Northampton County Higher Education Facilities Authority, (Lafayette College), (MBIA), 5.00%, 11/1/27 |
1,004,060 | |||||||||
1,000 |
Pennsylvania Higher Education Facilities Authority, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 |
1,031,270 | |||||||||
2,000 |
Pennsylvania Higher Education Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24 |
2,030,780 | |||||||||
1,800 |
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Authority, (University Plaza), (MBIA), 5.00%, 7/1/33(2) |
1,842,858 | |||||||||
$ | 7,901,802 | ||||||||||
Insured-Electric Utilities 3.5% | |||||||||||
$ | 1,380 |
Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27(2) |
$ | 1,393,754 | |||||||
$ | 1,393,754 | ||||||||||
Insured-Escrowed / Prerefunded 25.3% | |||||||||||
$ | 1,000 |
Allegheny County, Sanitation and Sewer Authority, (MBIA), Prerefunded to 12/1/10, 5.50%, 12/1/24 |
$ | 1,071,320 | |||||||
650 |
Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
695,136 | |||||||||
2,600 |
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27(3) |
2,609,594 | |||||||||
1,801 |
Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
1,908,900 | |||||||||
2,500 |
Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
2,650,467 | |||||||||
2,000 |
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 |
1,215,340 | |||||||||
$ | 10,150,757 | ||||||||||
Insured-General Obligations 10.5% | |||||||||||
$ | 1,000 |
Hollidaysburg School District, Series C, (FSA), 4.75%, 3/15/30(4) |
$ | 1,019,890 | |||||||
2,000 | Philadelphia, (FSA), 5.00%, 3/15/28 | 2,036,580 | |||||||||
1,000 |
Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(5)(6) |
1,178,980 | |||||||||
$ | 4,235,450 | ||||||||||
Insured-Hospital 12.7% | |||||||||||
$ | 500 |
Delaware County, General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 |
$ | 502,310 | |||||||
1,500 |
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 |
1,541,640 |
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Insured-Hospital (continued) | |||||||||||
$ | 3,000 |
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 |
$ | 3,042,390 | |||||||
$ | 5,086,340 | ||||||||||
Insured-Lease Revenue 3.0% | |||||||||||
$ | 1,195 |
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (FSA), 4.75%, 2/15/27(4) |
$ | 1,200,198 | |||||||
$ | 1,200,198 | ||||||||||
Insured-Special Tax Revenue 7.4% | |||||||||||
$ | 1,000 |
Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 |
$ | 1,026,120 | |||||||
9,870 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 899,157 | |||||||||
1,690 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 260,023 | |||||||||
3,350 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 489,234 | |||||||||
2,100 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 290,766 | |||||||||
$ | 2,965,300 | ||||||||||
Insured-Transportation 11.2% | |||||||||||
$ | 1,000 | Allegheny County, Port Authority, (FGIC), 5.00%, 3/1/29 | $ | 1,027,190 | |||||||
500 |
Philadelphia, Airport Commission, (FSA), (AMT), 5.00%, 6/15/27 |
508,720 | |||||||||
1,005 | Philadelphia, Parking Authority, (AMBAC), 5.25%, 2/15/29 | 1,029,190 | |||||||||
1,800 |
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) |
1,953,765 | |||||||||
$ | 4,518,865 | ||||||||||
Insured-Water and Sewer 5.8% | |||||||||||
$ | 585 |
Chester County Industrial Development Authority, (Aqua Pennsylvania, Inc.), Series A, (FGIC), (AMT), 5.00%, 2/1/40 |
$ | 585,386 | |||||||
875 |
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), Series B, (FGIC), (AMT), 5.00%, 11/1/36 |
878,483 | |||||||||
500 |
Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 |
518,745 | |||||||||
360 |
Philadelphia Water and Wastewater Revenue, (FGIC), 5.00%, 11/1/31 |
369,961 | |||||||||
$ | 2,352,575 | ||||||||||
Senior Living / Life Care 5.4% | |||||||||||
$ | 1,000 | Cliff House Trust, (AMT), 6.625%, 6/1/27(7) | $ | 679,390 | |||||||
500 |
Crawford County, Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 |
503,220 | |||||||||
500 |
Lancaster County, Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31 |
514,600 |
See notes to financial statements
33
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007
PORTFOLIO OF INVESTMENTS CONT'D
Principal Amount (000's omitted) |
Security |
Value |
|||||||||
Senior Living / Life Care (continued) | |||||||||||
$ | 200 |
Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 |
$ | 192,788 | |||||||
300 |
Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 |
277,062 | |||||||||
$ | 2,167,060 | ||||||||||
Transportation 5.2% | |||||||||||
$ | 1,200 |
Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28 |
$ | 1,218,936 | |||||||
105 |
Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 |
104,704 | |||||||||
485 |
Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 |
485,553 | |||||||||
270 |
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 |
279,491 | |||||||||
$ | 2,088,684 | ||||||||||
Total Tax-Exempt Investments 171.0% (identified cost $65,871,365) |
$ | 68,717,592 | |||||||||
Other Assets, Less Liabilities (15.0)% | $ | (6,025,173 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (56.0)% |
$ | (22,510,482 | ) | ||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 40,181,937 |
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
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2007, 57.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.8% to 19.3% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.
(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(4) When-issued security.
(5) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $1,178,980 or 2.9% of the Trust's net assets applicable to common shares.
(6) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.
(7) Security is in default with respect to scheduled principal payments.
See notes to financial statements
34
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS
Statements of Assets and Liabilities
As of November 30, 2007
California Trust | Florida Trust | Massachusetts Trust | Michigan Trust | ||||||||||||||||
Assets | |||||||||||||||||||
Investments | |||||||||||||||||||
Identified cost | $ | 169,282,645 | $ | 107,463,895 | $ | 62,536,249 | $ | 47,817,304 | |||||||||||
Unrealized appreciation | 5,206,078 | 2,379,253 | 1,115,339 | 1,476,354 | |||||||||||||||
Investments, at value | $ | 174,488,723 | $ | 109,843,148 | $ | 63,651,588 | $ | 49,293,658 | |||||||||||
Cash | $ | 1,089,452 | $ | 650,366 | $ | 563,755 | $ | 340,977 | |||||||||||
Receivable for investments sold | 8,500 | | | | |||||||||||||||
Interest receivable | 2,197,444 | 1,020,793 | 1,143,623 | 683,431 | |||||||||||||||
Receivable for daily variation margin on open financial futures contracts | 44,375 | 15,625 | | | |||||||||||||||
Prepaid expenses | 3,472 | 3,471 | 3,474 | 6,859 | |||||||||||||||
Total assets | $ | 177,831,966 | $ | 111,533,403 | $ | 65,362,440 | $ | 50,324,925 | |||||||||||
Liabilities | |||||||||||||||||||
Payable for floating rate notes issued | $ | 7,575,000 | $ | 12,090,000 | $ | 3,043,333 | $ | 1,925,000 | |||||||||||
Interest expense and fees payable | 102,738 | 83,360 | 17,296 | 31,153 | |||||||||||||||
Payable for investments purchased | 1,626,477 | | | | |||||||||||||||
Payable for open interest rate swap contracts | 735,824 | 428,576 | 331,389 | 50,791 | |||||||||||||||
Payable to affiliate for inverse floaters | | 506,570 | | | |||||||||||||||
Payable to affiliate for investment advisory fee | 96,323 | 56,649 | 35,584 | 27,747 | |||||||||||||||
Payable to affiliate for administration fee | 27,521 | 16,185 | 10,167 | 7,928 | |||||||||||||||
Payable to affiliate for Trustees' fees | 1,670 | 1,270 | 334 | 335 | |||||||||||||||
Accrued expenses | 99,173 | 85,506 | 72,877 | 67,596 | |||||||||||||||
Total liabilities | $ | 10,264,726 | $ | 13,268,116 | $ | 3,510,980 | $ | 2,110,550 | |||||||||||
Auction preferred shares at liquidation value plus cumulative unpaid dividends | $ | 59,000,000 | $ | 35,508,272 | $ | 21,510,017 | $ | 17,504,030 | |||||||||||
Net assets applicable to common shares | $ | 108,567,240 | $ | 62,757,015 | $ | 40,341,443 | $ | 30,710,345 | |||||||||||
Sources of Net Assets | |||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares authorized | $ | 71,815 | $ | 42,574 | $ | 27,141 | $ | 21,163 | |||||||||||
Additional paid-in capital | 106,450,842 | 63,254,539 | 40,196,540 | 31,450,960 | |||||||||||||||
Accumulated net realized loss (computed on the basis of identified cost) | (2,880,574 | ) | (2,706,809 | ) | (925,109 | ) | (2,306,776 | ) | |||||||||||
Accumulated undistributed net investment income | 470,128 | 221,395 | 258,921 | 119,435 | |||||||||||||||
Net unrealized appreciation (computed on the basis of identified cost) | 4,455,029 | 1,945,316 | 783,950 | 1,425,563 | |||||||||||||||
Net assets applicable to common shares | $ | 108,567,240 | $ | 62,757,015 | $ | 40,341,443 | $ | 30,710,345 | |||||||||||
Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
|||||||||||||||||||
2,360 | 1,420 | 860 | 700 | ||||||||||||||||
Common Shares Outstanding | |||||||||||||||||||
7,181,488 | 4,257,408 | 2,714,063 | 2,116,294 | ||||||||||||||||
Net Asset Value Per Common Share | |||||||||||||||||||
Net assets applicable to common shares ÷ common shares issued and outstanding | $ | 15.12 | $ | 14.74 | $ | 14.86 | $ | 14.51 |
See notes to financial statements
35
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Assets and Liabilities
As of November 30, 2007
New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||||
Assets | |||||||||||||||||||
Investments | |||||||||||||||||||
Identified cost | $ | 115,985,410 | $ | 140,723,683 | $ | 68,167,879 | $ | 65,871,365 | |||||||||||
Unrealized appreciation | 2,833,530 | 4,624,317 | 2,775,369 | 2,846,227 | |||||||||||||||
Investments, at value | $ | 118,818,940 | $ | 145,348,000 | $ | 70,943,248 | $ | 68,717,592 | |||||||||||
Cash | $ | | $ | 466,100 | $ | 651,081 | $ | 1,125,678 | |||||||||||
Receivable for investments sold | 10,000 | 25,000 | 85,000 | 550,510 | |||||||||||||||
Interest receivable | 1,927,807 | 1,882,541 | 1,076,782 | 1,062,144 | |||||||||||||||
Receivable for daily variation margin on open financial futures contracts | | 45,000 | 6,806 | 15,625 | |||||||||||||||
Prepaid expenses | 3,472 | 3,811 | 3,473 | 6,859 | |||||||||||||||
Total assets | $ | 120,760,219 | $ | 147,770,452 | $ | 72,766,390 | $ | 71,478,408 | |||||||||||
Liabilities | |||||||||||||||||||
Payable for floating rate notes issued | $ | 12,150,000 | $ | 19,150,000 | $ | 6,330,000 | $ | 6,335,780 | |||||||||||
Interest expense and fees payable | 199,334 | 222,638 | 87,654 | 78,511 | |||||||||||||||
Payable for investments purchased | | | 591,525 | | |||||||||||||||
Payable for open interest rate swap contracts | 583,808 | 557,655 | 179,202 | 79,910 | |||||||||||||||
Payable for when-issued securities | | 1,214,013 | | 2,172,975 | |||||||||||||||
Due to custodian | 667,305 | | | | |||||||||||||||
Payable to affiliate for investment advisory fee | 61,763 | 72,727 | 37,587 | 36,048 | |||||||||||||||
Payable to affiliate for administration fee | 17,647 | 20,779 | 10,739 | 10,300 | |||||||||||||||
Payable to affiliate for Trustees' fees | 1,270 | 1,271 | 333 | 334 | |||||||||||||||
Accrued expenses | 78,269 | 94,685 | 67,961 | 72,131 | |||||||||||||||
Total liabilities | $ | 13,759,396 | $ | 21,333,768 | $ | 7,305,001 | $ | 8,785,989 | |||||||||||
Auction preferred shares at liquidation value plus cumulative unpaid dividends | $ | 38,000,000 | $ | 44,505,187 | $ | 23,508,115 | $ | 22,510,482 | |||||||||||
Net assets applicable to common shares | $ | 69,000,823 | $ | 81,931,497 | $ | 41,953,274 | $ | 40,181,937 | |||||||||||
Sources of Net Assets | |||||||||||||||||||
Common shares, $0.01 par value, unlimited number of shares authorized | $ | 46,215 | $ | 53,753 | $ | 28,293 | $ | 27,085 | |||||||||||
Additional paid-in capital | 68,598,222 | 79,783,608 | 42,034,341 | 39,802,504 | |||||||||||||||
Accumulated net realized loss (computed on the basis of identified cost) | (2,262,643 | ) | (2,398,060 | ) | (2,900,461 | ) | (2,586,057 | ) | |||||||||||
Accumulated undistributed net investment income | 369,307 | 391,474 | 191,149 | 154,809 | |||||||||||||||
Net unrealized appreciation (computed on the basis of identified cost) | 2,249,722 | 4,100,722 | 2,599,952 | 2,783,596 | |||||||||||||||
Net assets applicable to common shares | $ | 69,000,823 | $ | 81,931,497 | $ | 41,953,274 | $ | 40,181,937 | |||||||||||
Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
|||||||||||||||||||
1,520 | 1,780 | 940 | 900 | ||||||||||||||||
Common Shares Outstanding | |||||||||||||||||||
4,621,485 | 5,375,346 | 2,829,304 | 2,708,462 | ||||||||||||||||
Net Asset Value Per Common Share | |||||||||||||||||||
Net assets applicable to common shares ÷ common shares issued and outstanding | $ | 14.93 | $ | 15.24 | $ | 14.83 | $ | 14.84 |
See notes to financial statements
36
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Operations
For the Year Ended November 30, 2007
California Trust | Florida Trust | Massachusetts Trust | Michigan Trust | ||||||||||||||||
Investment Income | |||||||||||||||||||
Interest | $ | 9,104,351 | $ | 5,717,883 | $ | 3,533,207 | $ | 2,668,111 | |||||||||||
Total investment income | $ | 9,104,351 | $ | 5,717,883 | $ | 3,533,207 | $ | 2,668,111 | |||||||||||
Expenses | |||||||||||||||||||
Investment adviser fee | $ | 1,205,401 | $ | 705,323 | $ | 444,954 | $ | 343,465 | |||||||||||
Administration fee | 344,400 | 201,521 | 127,130 | 98,133 | |||||||||||||||
Trustees' fees and expenses | 9,602 | 7,325 | 1,898 | 1,903 | |||||||||||||||
Legal and accounting services | 52,768 | 44,201 | 40,928 | 39,343 | |||||||||||||||
Printing and postage | 18,842 | 16,850 | 10,579 | 16,270 | |||||||||||||||
Custodian fee | 99,099 | 56,714 | 49,162 | 37,997 | |||||||||||||||
Interest expense and fees | 386,961 | 487,269 | 255,623 | 100,964 | |||||||||||||||
Transfer and dividend disbursing agent fees | 90,501 | 64,512 | 43,172 | 34,300 | |||||||||||||||
Preferred shares remarketing agent fee | 147,500 | 88,750 | 53,750 | 43,750 | |||||||||||||||
Miscellaneous | 49,664 | 36,469 | 32,593 | 28,923 | |||||||||||||||
Total expenses | $ | 2,404,738 | $ | 1,708,934 | $ | 1,059,789 | $ | 745,048 | |||||||||||
Deduct | |||||||||||||||||||
Reduction of custodian fee | $ | 17,790 | $ | 6,880 | $ | 5,994 | $ | 7,170 | |||||||||||
Allocation of expenses to the investment adviser | 4,176 | 2,505 | 2,505 | 2,088 | |||||||||||||||
Total expense reductions | $ | 21,966 | $ | 9,385 | $ | 8,499 | $ | 9,258 | |||||||||||
Net expenses | $ | 2,382,772 | $ | 1,699,549 | $ | 1,051,290 | $ | 735,790 | |||||||||||
Net investment income | $ | 6,721,579 | $ | 4,018,334 | $ | 2,481,917 | $ | 1,932,321 | |||||||||||
Realized and Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||
Investment transactions (identified cost basis) | $ | 1,496,968 | $ | 919,141 | $ | 1,508,885 | $ | 626,392 | |||||||||||
Financial futures contracts | 311,238 | 234,237 | 192,956 | (14,749 | ) | ||||||||||||||
Interest rate swap contracts | (595,901 | ) | (347,208 | ) | (219,836 | ) | 913 | ||||||||||||
Net realized gain | $ | 1,212,305 | $ | 806,170 | $ | 1,482,005 | $ | 612,556 | |||||||||||
Change in unrealized appreciation (depreciation) | |||||||||||||||||||
Investments (identified cost basis) | $ | (9,942,051 | ) | $ | (4,934,766 | ) | $ | (4,771,875 | ) | $ | (2,453,574 | ) | |||||||
Financial futures contracts | 25,089 | 14,796 | 17,057 | 1,502 | |||||||||||||||
Interest rate swap contracts | (576,287 | ) | (336,117 | ) | (273,376 | ) | (32,391 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | $ | (10,493,249 | ) | $ | (5,256,087 | ) | $ | (5,028,194 | ) | $ | (2,484,463 | ) | |||||||
Net realized and unrealized loss | $ | (9,280,944 | ) | $ | (4,449,917 | ) | $ | (3,546,189 | ) | $ | (1,871,907 | ) | |||||||
Distributions to preferred shareholders From net investment income |
$ | (2,014,092 | ) | $ | (1,305,923 | ) | $ | (734,875 | ) | $ | (625,544 | ) | |||||||
Net decrease in net assets from operations | $ | (4,573,457 | ) | $ | (1,737,506 | ) | $ | (1,799,147 | ) | $ | (565,130 | ) |
See notes to financial statements
37
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Operations
For the Year Ended November 30, 2007
New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | ||||||||||||||||
Investment Income | |||||||||||||||||||
Interest | $ | 6,230,768 | $ | 7,683,688 | $ | 3,781,418 | $ | 3,666,248 | |||||||||||
Total investment income | $ | 6,230,768 | $ | 7,683,688 | $ | 3,781,418 | $ | 3,666,248 | |||||||||||
Expenses | |||||||||||||||||||
Investment adviser fee | $ | 770,702 | $ | 909,875 | $ | 465,356 | $ | 445,271 | |||||||||||
Administration fee | 220,200 | 259,964 | 132,959 | 127,221 | |||||||||||||||
Trustees' fees and expenses | 7,325 | 7,326 | 1,897 | 1,898 | |||||||||||||||
Legal and accounting services | 44,468 | 52,726 | 40,577 | 43,181 | |||||||||||||||
Printing and postage | 17,965 | 20,137 | 15,035 | 20,312 | |||||||||||||||
Custodian fee | 68,398 | 69,493 | 39,632 | 44,280 | |||||||||||||||
Interest expense and fees | 642,097 | 838,954 | 308,529 | 285,876 | |||||||||||||||
Transfer and dividend disbursing agent fees | 69,248 | 76,115 | 43,371 | 39,780 | |||||||||||||||
Preferred shares remarketing agent fee | 95,000 | 111,250 | 58,750 | 56,250 | |||||||||||||||
Miscellaneous | 34,014 | 35,460 | 33,387 | 30,251 | |||||||||||||||
Total expenses | $ | 1,969,417 | $ | 2,381,300 | $ | 1,139,493 | $ | 1,094,320 | |||||||||||
Deduct | |||||||||||||||||||
Reduction of custodian fee | $ | 16,886 | $ | 16,849 | $ | 8,185 | $ | 6,061 | |||||||||||
Allocation of expenses to the investment adviser | 2,923 | 5,846 | 2,505 | 3,758 | |||||||||||||||
Total expense reductions | $ | 19,809 | $ | 22,695 | $ | 10,690 | $ | 9,819 | |||||||||||
Net expenses | $ | 1,949,608 | $ | 2,358,605 | $ | 1,128,803 | $ | 1,084,501 | |||||||||||
Net investment income | $ | 4,281,160 | $ | 5,325,083 | $ | 2,652,615 | $ | 2,581,747 | |||||||||||
Realized and Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||
Investment transactions (identified cost basis) | $ | 2,292,410 | $ | 1,290,749 | $ | 1,029,135 | $ | 170,526 | |||||||||||
Financial futures contracts | 336,106 | 146,143 | 123,934 | 60,974 | |||||||||||||||
Interest rate swap contracts | (383,158 | ) | (451,697 | ) | (144,990 | ) | (310,973 | ) | |||||||||||
Net realized gain (loss) | $ | 2,245,358 | $ | 985,195 | $ | 1,008,079 | $ | (79,473 | ) | ||||||||||
Change in unrealized appreciation (depreciation) | |||||||||||||||||||
Investments (identified cost basis) | $ | (7,661,239 | ) | $ | (7,541,850 | ) | $ | (3,289,253 | ) | $ | (2,249,346 | ) | |||||||
Financial futures contracts | 28,847 | 49,717 | 9,523 | 20,281 | |||||||||||||||
Interest rate swap contracts | (482,285 | ) | (438,003 | ) | (117,563 | ) | 517,178 | ||||||||||||
Net change in unrealized appreciation (depreciation) | $ | (8,114,677 | ) | $ | (7,930,136 | ) | $ | (3,397,293 | ) | $ | (1,711,887 | ) | |||||||
Net realized and unrealized loss | $ | (5,869,319 | ) | $ | (6,944,941 | ) | $ | (2,389,214 | ) | $ | (1,791,360 | ) | |||||||
Distributions to preferred shareholders From net investment income |
$ | (1,262,219 | ) | $ | (1,544,549 | ) | $ | (839,516 | ) | $ | (813,684 | ) | |||||||
Net decrease in net assets from operations | $ | (2,850,378 | ) | $ | (3,164,407 | ) | $ | (576,115 | ) | $ | (23,297 | ) |
See notes to financial statements
38
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended November 30, 2007
Increase (Decrease) in Net Assets | California Trust | Florida Trust | Massachusetts Trust | Michigan Trust | |||||||||||||||
From operations | |||||||||||||||||||
Net investment income | $ | 6,721,579 | $ | 4,018,334 | $ | 2,481,917 | $ | 1,932,321 | |||||||||||
Net realized gain from investment transactions, financial futures contracts and interest rate swap contracts |
1,212,305 | 806,170 | 1,482,005 | 612,556 | |||||||||||||||
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts |
(10,493,249 | ) | (5,256,087 | ) | (5,028,194 | ) | (2,484,463 | ) | |||||||||||
Distributions to preferred shareholders From net investment income |
(2,014,092 | ) | (1,305,923 | ) | (734,875 | ) | (625,544 | ) | |||||||||||
Net decrease in net assets from operations | $ | (4,573,457 | ) | $ | (1,737,506 | ) | $ | (1,799,147 | ) | $ | (565,130 | ) | |||||||
Distributions to common shareholders From net investment income |
$ | (4,825,005 | ) | $ | (2,757,391 | ) | $ | (1,734,298 | ) | $ | (1,367,125 | ) | |||||||
Total distributions to common shareholders | $ | (4,825,005 | ) | $ | (2,757,391 | ) | $ | (1,734,298 | ) | $ | (1,367,125 | ) | |||||||
Net decrease in net assets | $ | (9,398,462 | ) | $ | (4,494,897 | ) | $ | (3,533,445 | ) | $ | (1,932,255 | ) | |||||||
Net Assets Applicable to Common Shares | |||||||||||||||||||
At beginning of year | $ | 117,965,702 | $ | 67,251,912 | $ | 43,874,888 | $ | 32,642,600 | |||||||||||
At end of year | $ | 108,567,240 | $ | 62,757,015 | $ | 40,341,443 | $ | 30,710,345 | |||||||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||||||||||
At end of year | $ | 470,128 | $ | 221,395 | $ | 258,921 | $ | 119,435 |
See notes to financial statements
39
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended November 30, 2007
Increase (Decrease) in Net Assets | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||||||
From operations | |||||||||||||||||||
Net investment income | $ | 4,281,160 | $ | 5,325,083 | $ | 2,652,615 | $ | 2,581,747 | |||||||||||
Net realized gain (loss) from investment transactions, financial futures contracts and interest rate swap contracts |
2,245,358 | 985,195 | 1,008,079 | (79,473 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts |
(8,114,677 | ) | (7,930,136 | ) | (3,397,293 | ) | (1,711,887 | ) | |||||||||||
Distributions to preferred shareholders From net investment income |
(1,262,219 | ) | (1,544,549 | ) | (839,516 | ) | (813,684 | ) | |||||||||||
Net decrease in net assets from operations | $ | (2,850,378 | ) | $ | (3,164,407 | ) | $ | (576,115 | ) | $ | (23,297 | ) | |||||||
Distributions to common shareholders From net investment income |
$ | (2,994,385 | ) | $ | (3,873,823 | ) | $ | (1,856,075 | ) | $ | (1,793,216 | ) | |||||||
Total distributions to common shareholders | $ | (2,994,385 | ) | $ | (3,873,823 | ) | $ | (1,856,075 | ) | $ | (1,793,216 | ) | |||||||
Net decrease in net assets | $ | (5,844,763 | ) | $ | (7,038,230 | ) | $ | (2,432,190 | ) | $ | (1,816,513 | ) | |||||||
Net Assets Applicable to Common Shares | |||||||||||||||||||
At beginning of year | $ | 74,845,586 | $ | 88,969,727 | $ | 44,385,464 | $ | 41,998,450 | |||||||||||
At end of year | $ | 69,000,823 | $ | 81,931,497 | $ | 41,953,274 | $ | 40,181,937 | |||||||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||||||||||
At end of year | $ | 369,307 | $ | 391,474 | $ | 191,149 | $ | 154,809 |
See notes to financial statements
40
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended November 30, 2006
Increase (Decrease) in Net Assets | California Trust | Florida Trust | Massachusetts Trust | Michigan Trust | |||||||||||||||
From operations | |||||||||||||||||||
Net investment income | $ | 6,910,281 | $ | 4,128,613 | $ | 2,526,842 | $ | 2,010,222 | |||||||||||
Net realized gain from investment transactions and financial futures contracts | 2,330,426 | 1,282,448 | 387,278 | 877,759 | |||||||||||||||
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts |
5,001,113 | 1,588,622 | 2,113,346 | 423,888 | |||||||||||||||
Distributions to preferred shareholders From net investment income |
(1,714,344 | ) | (1,151,096 | ) | (659,654 | ) | (541,318 | ) | |||||||||||
Net increase in net assets from operations | $ | 12,527,476 | $ | 5,848,587 | $ | 4,367,812 | $ | 2,770,551 | |||||||||||
Distributions to common shareholders From net investment income |
$ | (5,321,698 | ) | $ | (3,097,975 | ) | $ | (1,937,120 | ) | $ | (1,485,284 | ) | |||||||
Total distributions to common shareholders | $ | (5,321,698 | ) | $ | (3,097,975 | ) | $ | (1,937,120 | ) | $ | (1,485,284 | ) | |||||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | | $ | | $ | 48,702 | $ | | |||||||||||
Net increase in net assets from capital share transactions | $ | | $ | | $ | 48,702 | $ | | |||||||||||
Net increase in net assets | $ | 7,205,778 | $ | 2,750,612 | $ | 2,479,394 | $ | 1,285,267 | |||||||||||
Net Assets Applicable to Common Shares | |||||||||||||||||||
At beginning of year | $ | 110,759,924 | $ | 64,501,300 | $ | 41,395,494 | $ | 31,357,333 | |||||||||||
At end of year | $ | 117,965,702 | $ | 67,251,912 | $ | 43,874,888 | $ | 32,642,600 | |||||||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||||||||||
At end of year | $ | 658,568 | $ | 280,602 | $ | 235,564 | $ | 169,957 |
See notes to financial statements
41
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended November 30, 2006
Increase (Decrease) in Net Assets | New Jersey Trust | New York Trust | Ohio Trust | Pennsylvania Trust | |||||||||||||||
From operations | |||||||||||||||||||
Net investment income | $ | 4,401,682 | $ | 5,306,069 | $ | 2,710,338 | $ | 2,661,873 | |||||||||||
Net realized gain from investment transactions and financial futures contracts | 1,466,210 | (330,711 | ) | 466,481 | 953,353 | ||||||||||||||
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts |
4,085,557 | 5,328,579 | 1,780,461 | 836,762 | |||||||||||||||
Distributions to preferred shareholders From net investment income |
(1,168,488 | ) | (1,327,665 | ) | (746,150 | ) | (741,184 | ) | |||||||||||
Net increase in net assets from operations | $ | 8,784,961 | $ | 8,976,272 | $ | 4,211,130 | $ | 3,710,804 | |||||||||||
Distributions to common shareholders From net investment income |
$ | (3,349,864 | ) | $ | (4,200,833 | ) | $ | (2,018,766 | ) | $ | (1,983,473 | ) | |||||||
Total distributions to common shareholders | $ | (3,349,864 | ) | $ | (4,200,833 | ) | $ | (2,018,766 | ) | $ | (1,983,473 | ) | |||||||
Capital share transactions Reinvestment of distributions to common shareholders |
$ | 35,506 | $ | | $ | | $ | 37,735 | |||||||||||
Net increase in net assets from capital share transactions | $ | 35,506 | $ | | $ | | $ | 37,735 | |||||||||||
Net increase in net assets | $ | 5,470,603 | $ | 4,775,439 | $ | 2,192,364 | $ | 1,765,066 | |||||||||||
Net Assets Applicable to Common Shares | |||||||||||||||||||
At beginning of year | $ | 69,374,983 | $ | 84,194,288 | $ | 42,193,100 | $ | 40,233,384 | |||||||||||
At end of year | $ | 74,845,586 | $ | 88,969,727 | $ | 44,385,464 | $ | 41,998,450 | |||||||||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
|||||||||||||||||||
At end of year | $ | 358,330 | $ | 491,116 | $ | 212,592 | $ | 196,012 |
See notes to financial statements
42
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Cash Flows
For the Year Ended November 30, 2007
Florida Trust | New Jersey Trust | New York Trust | |||||||||||||
Cash flows from operating activities | |||||||||||||||
Net decrease in net assets from operations | $ | (1,737,506 | ) | $ | (2,850,378 | ) | $ | (3,164,407 | ) | ||||||
Distributions to preferred shareholders | 1,305,923 | 1,262,219 | 1,544,549 | ||||||||||||
Net increase (decrease) in net assets from operations excluding distributions to preferred shareholders from net investment income |
$ | (431,583 | ) | $ | (1,588,159 | ) | $ | (1,619,858 | ) | ||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: |
|||||||||||||||
Investments purchased | (29,664,133 | ) | (52,957,822 | ) | (43,268,528 | ) | |||||||||
Investments sold | 29,139,258 | 59,475,513 | 47,202,547 | ||||||||||||
Net amortization of premium (discount) | (319,282 | ) | (525,571 | ) | (382,619 | ) | |||||||||
Decrease (increase) in interest receivable | (33,779 | ) | (6,944 | ) | 235,739 | ||||||||||
Decrease in payable for investments purchased | (530,259 | ) | | | |||||||||||
Increase in receivable for investments sold | | (5,000 | ) | 40,000 | |||||||||||
Increase in receivable for daily variation margin on open financial futures contracts | (15,625 | ) | | (45,000 | ) | ||||||||||
Increase in prepaid expenses | (3,471 | ) | (3,472 | ) | (3,811 | ) | |||||||||
Decrease in payable for daily variation margin on open financial futures contracts | (64,549 | ) | (78,857 | ) | (110,557 | ) | |||||||||
Increase in payable for open interest rate swap contracts | 336,117 | 482,285 | 438,003 | ||||||||||||
Decrease in payable to affiliate for investment advisory fee | (2,112 | ) | (2,598 | ) | (3,375 | ) | |||||||||
Increase in payable to affiliate for Trustees' fee | 155 | 155 | 156 | ||||||||||||
Decrease in payable to affiliate for administration fee | (604 | ) | (742 | ) | (965 | ) | |||||||||
Increase (decrease) in payable for when-issued securities | | (687,008 | ) | 1,214,013 | |||||||||||
Increase in accrued expenses | 11,166 | 2,219 | 7,778 | ||||||||||||
Increase (decrease) in interest expense and fees payable | 38,184 | (30,060 | ) | (60,089 | ) | ||||||||||
Net change in unrealized (appreciation) depreciation on investments | 4,934,766 | 7,661,239 | 7,541,850 | ||||||||||||
Net realized (gain) loss on investments | (919,141 | ) | (2,292,410 | ) | (1,290,749 | ) | |||||||||
Net cash provided by operating activities | $ | 2,475,108 | $ | 9,442,768 | $ | 9,894,535 | |||||||||
Cash flows from financing activities | |||||||||||||||
Cash distributions paid to common shareholders | $ | (2,757,391 | ) | $ | (2,994,385 | ) | $ | (3,873,823 | ) | ||||||
Distributions to preferred shareholders from net investment income | (1,301,103 | ) | (1,276,167 | ) | (1,539,362 | ) | |||||||||
Decrease in due to custodian | (86,248 | ) | (172,216 | ) | | ||||||||||
Proceeds from secured borrowings | 2,320,000 | 2,000,000 | | ||||||||||||
Repayment of secured borrowings | | (7,000,000 | ) | (4,530,000 | ) | ||||||||||
Net cash used in financing activities | $ | (1,824,742 | ) | $ | (9,442,768 | ) | $ | (9,943,185 | ) | ||||||
Net increase (decrease) in cash | $ | 650,366 | $ | | $ | (48,650 | ) | ||||||||
Cash at beginning of year | $ | | $ | | $ | 514,750 | |||||||||
Cash at end of year | $ | 650,366 | $ | | $ | 466,100 |
See notes to financial statements
43
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Statements of Cash Flows
For the Year Ended November 30, 2007
Ohio Trust | Pennsylvania Trust | ||||||||||
Cash flows from operating activities | |||||||||||
Net decrease in net assets from operations | $ | (576,115 | ) | $ | (23,297 | ) | |||||
Distributions to preferred shareholders | 839,516 | 813,684 | |||||||||
Net increase (decrease) in net assets from operations excluding distributions to preferred shareholders from net investment income |
$ | 263,401 | $ | 790,387 | |||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: |
|||||||||||
Investments purchased | (17,668,587 | ) | (16,338,521 | ) | |||||||
Investments sold | 20,723,538 | 18,291,945 | |||||||||
Net amortization of premium (discount) | (194,634 | ) | (184,283 | ) | |||||||
Decrease in interest receivable | 87,144 | 91,095 | |||||||||
Increase in payable for investments purchased | 591,525 | | |||||||||
Decrease (increase) in receivable for investments sold | (75,000 | ) | 430,540 | ||||||||
Increase in receivable for daily variation margin on open financial futures contracts | (6,806 | ) | (15,625 | ) | |||||||
Increase in prepaid expenses | (3,473 | ) | (6,859 | ) | |||||||
Decrease in payable for daily variation margin on open financial futures contracts | (40,515 | ) | (3,002 | ) | |||||||
Decrease (increase) in payable for open interest rate swap contracts | 117,563 | (517,178 | ) | ||||||||
Decrease in payable to affiliate for investment advisory fee | (1,273 | ) | (901 | ) | |||||||
Increase in payable to affiliate for Trustees' fee | 51 | 51 | |||||||||
Decrease in payable to affiliate for administration fee | (364 | ) | (257 | ) | |||||||
Increase in payable for when-issued securities | | 1,192,545 | |||||||||
Increase in accrued expenses | 1,972 | 8,295 | |||||||||
Decrease in interest expense and fees payable | (23,903 | ) | (42,244 | ) | |||||||
Net change in unrealized (appreciation) depreciation on investments | 3,289,253 | 2,249,346 | |||||||||
Net realized (gain) loss on investments | (1,029,135 | ) | (170,526 | ) | |||||||
Net cash provided by operating activities | $ | 6,030,757 | $ | 5,774,808 | |||||||
Cash flows from financing activities | |||||||||||
Cash distributions paid to common shareholders | $ | (1,856,075 | ) | $ | (1,793,216 | ) | |||||
Distributions to preferred shareholders from net investment income | (835,842 | ) | (809,767 | ) | |||||||
Decrease in due to custodian | (17,759 | ) | (296,147 | ) | |||||||
Proceeds from secured borrowings | 830,000 | 2,870,000 | |||||||||
Repayment of secured borrowings | (3,500,000 | ) | (4,620,000 | ) | |||||||
Net cash used in financing activities | $ | (5,379,676 | ) | $ | (4,649,130 | ) | |||||
Net increase (decrease) in cash | $ | 651,081 | $ | 1,125,678 | |||||||
Cash at beginning of year | $ | | $ | | |||||||
Cash at end of year | $ | 651,081 | $ | 1,125,678 |
See notes to financial statements
44
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
California Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 16.430 | $ | 15.420 | $ | 15.070 | $ | 15.320 | $ | 14.590 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.936 | $ | 0.962 | $ | 1.013 | $ | 1.079 | $ | 1.079 | |||||||||||||
Net realized and unrealized gain (loss) | (1.294 | ) | 1.028 | 0.383 | (0.227 | ) | 0.682 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.280 | ) | (0.239 | ) | (0.154 | ) | (0.079 | ) | (0.068 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.638 | ) | $ | 1.751 | $ | 1.242 | $ | 0.773 | $ | 1.693 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.672 | ) | $ | (0.741 | ) | $ | (0.892 | ) | $ | (1.023 | ) | $ | (0.963 | ) | ||||||||
Total distributions to common shareholders | $ | (0.672 | ) | $ | (0.741 | ) | $ | (0.892 | ) | $ | (1.023 | ) | $ | (0.963 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 15.120 | $ | 16.430 | $ | 15.420 | $ | 15.070 | $ | 15.320 | |||||||||||||
Market value End of year (Common shares) | $ | 13.160 | $ | 15.050 | $ | 13.650 | $ | 15.160 | $ | 14.950 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (3.65 | )% | 12.10 | % | 8.72 | % | 5.35 | % | 12.31 | % | |||||||||||||
Total Investment Return on Market Value(2) | (8.44 | )% | 15.99 | % | (4.34 | )% | 8.60 | % | 17.06 | % |
See notes to financial statements
45
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
California Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 108,567 | $ | 117,966 | $ | 110,760 | $ | 108,193 | $ | 109,991 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.78 | %(4) | 1.79 | % | 1.78 | % | 1.78 | % | 1.78 | % | |||||||||||||
Interest and fee expense(5) | 0.34 | % | 0.49 | % | 0.33 | % | 0.20 | % | 0.23 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.12 | %(4) | 2.28 | % | 2.11 | % | 1.98 | % | 2.01 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.76 | %(4) | 1.77 | % | 1.76 | % | 1.77 | % | 1.78 | % | |||||||||||||
Net investment income | 5.94 | % | 6.12 | % | 6.52 | % | 7.10 | % | 7.17 | % | |||||||||||||
Portfolio Turnover | 40 | % | 26 | % | 31 | % | 17 | % | 9 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.17 | %(4) | 1.18 | % | 1.16 | % | 1.15 | % | 1.15 | % | |||||||||||||
Interest and fee expense(5) | 0.22 | % | 0.32 | % | 0.22 | % | 0.13 | % | 0.15 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.39 | %(4) | 1.50 | % | 1.38 | % | 1.28 | % | 1.30 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.16 | %(4) | 1.16 | % | 1.15 | % | 1.15 | % | 1.15 | % | |||||||||||||
Net investment income | 3.90 | % | 4.03 | % | 4.26 | % | 4.61 | % | 4.64 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 2,360 | 2,360 | 2,360 | 2,360 | 2,360 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 71,003 | $ | 74,997 | $ | 71,942 | $ | 70,849 | $ | 71,608 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
46
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Florida Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 15.800 | $ | 15.150 | $ | 15.040 | $ | 15.530 | $ | 14.730 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.944 | $ | 0.970 | $ | 1.013 | $ | 1.082 | $ | 1.096 | |||||||||||||
Net realized and unrealized gain (loss) | (1.049 | ) | 0.678 | 0.179 | (0.450 | ) | 0.775 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.307 | ) | (0.270 | ) | (0.177 | ) | (0.087 | ) | (0.076 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.412 | ) | $ | 1.378 | $ | 1.015 | $ | 0.545 | $ | 1.795 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.648 | ) | $ | (0.728 | ) | $ | (0.905 | ) | $ | (1.035 | ) | $ | (0.995 | ) | ||||||||
Total distributions to common shareholders | $ | (0.648 | ) | $ | (0.728 | ) | $ | (0.905 | ) | $ | (1.035 | ) | $ | (0.995 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.740 | $ | 15.800 | $ | 15.150 | $ | 15.040 | $ | 15.530 | |||||||||||||
Market value End of year (Common shares) | $ | 12.720 | $ | 14.180 | $ | 14.180 | $ | 15.250 | $ | 15.455 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (2.26 | )% | 9.84 | % | 6.98 | % | 3.80 | % | 12.65 | % | |||||||||||||
Total Investment Return on Market Value(2) | (6.02 | )% | 5.32 | % | (1.25 | )% | 5.76 | % | 14.67 | % |
See notes to financial statements
47
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Florida Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 62,757 | $ | 67,252 | $ | 64,501 | $ | 63,911 | $ | 65,902 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.87 | %(4) | 1.87 | % | 1.86 | % | 1.84 | % | 1.83 | % | |||||||||||||
Interest and fee expense(5) | 0.75 | % | 0.54 | % | 0.42 | % | 0.50 | % | 0.58 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.62 | %(4) | 2.41 | % | 2.28 | % | 2.34 | % | 2.41 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.86 | %(4) | 1.86 | % | 1.85 | % | 1.83 | % | 1.82 | % | |||||||||||||
Net investment income | 6.16 | % | 6.33 | % | 6.65 | % | 7.09 | % | 7.20 | % | |||||||||||||
Portfolio Turnover | 26 | % | 33 | % | 15 | % | 4 | % | 15 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.21 | %(4) | 1.21 | % | 1.20 | % | 1.18 | % | 1.18 | % | |||||||||||||
Interest and fee expense(5) | 0.48 | % | 0.35 | % | 0.27 | % | 0.32 | % | 0.37 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.69 | %(4) | 1.56 | % | 1.47 | % | 1.50 | % | 1.55 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.20 | %(4) | 1.20 | % | 1.19 | % | 1.18 | % | 1.18 | % | |||||||||||||
Net investment income | 3.99 | % | 4.10 | % | 4.30 | % | 4.58 | % | 4.64 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 1,420 | 1,420 | 1,420 | 1,420 | 1,420 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 69,201 | $ | 72,363 | $ | 70,423 | $ | 70,011 | $ | 71,412 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
48
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Massachusetts Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 16.170 | $ | 15.270 | $ | 15.090 | $ | 15.380 | $ | 14.350 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.914 | $ | 0.931 | $ | 0.973 | $ | 1.054 | $ | 1.091 | |||||||||||||
Net realized and unrealized gain (loss) | (1.314 | ) | 0.926 | 0.234 | (0.251 | ) | 0.982 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.271 | ) | (0.243 | ) | (0.145 | ) | (0.070 | ) | (0.070 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.671 | ) | $ | 1.614 | $ | 1.062 | $ | 0.733 | $ | 2.003 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.639 | ) | $ | (0.714 | ) | $ | (0.882 | ) | $ | (1.023 | ) | $ | (0.973 | ) | ||||||||
Total distributions to common shareholders | $ | (0.639 | ) | $ | (0.714 | ) | $ | (0.882 | ) | $ | (1.023 | ) | $ | (0.973 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.860 | $ | 16.170 | $ | 15.270 | $ | 15.090 | $ | 15.380 | |||||||||||||
Market value End of year (Common shares) | $ | 13.050 | $ | 14.920 | $ | 14.800 | $ | 16.810 | $ | 15.400 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (3.94 | )% | 11.05 | % | 7.02 | % | 4.90 | % | 14.33 | % | |||||||||||||
Total Investment Return on Market Value(2) | (8.57 | )% | 5.72 | % | (6.89 | )% | 16.71 | % | 5.91 | % |
See notes to financial statements
49
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Massachusetts Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 40,341 | $ | 43,875 | $ | 41,395 | $ | 40,662 | $ | 41,035 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.91 | %(4) | 1.88 | % | 1.88 | % | 1.87 | % | 1.86 | % | |||||||||||||
Interest and fee expense(5) | 0.61 | % | 0.77 | % | 0.52 | % | 0.30 | % | 0.34 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.52 | %(4) | 2.65 | % | 2.40 | % | 2.17 | % | 2.20 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.89 | %(4) | 1.87 | % | 1.87 | % | 1.86 | % | 1.86 | % | |||||||||||||
Net investment income | 5.90 | % | 6.01 | % | 6.29 | % | 6.97 | % | 7.27 | % | |||||||||||||
Portfolio Turnover | 42 | % | 22 | % | 13 | % | 39 | % | 26 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.26 | %(4) | 1.24 | % | 1.24 | % | 1.22 | % | 1.21 | % | |||||||||||||
Interest and fee expense(5) | 0.40 | % | 0.51 | % | 0.34 | % | 0.19 | % | 0.22 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.66 | %(4) | 1.75 | % | 1.58 | % | 1.41 | % | 1.43 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.25 | %(4) | 1.24 | % | 1.24 | % | 1.22 | % | 1.21 | % | |||||||||||||
Net investment income | 3.91 | % | 3.98 | % | 4.15 | % | 4.55 | % | 4.72 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 860 | 860 | 860 | 860 | 860 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 71,920 | $ | 76,024 | $ | 73,138 | $ | 72,281 | $ | 72,719 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
50
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Michigan Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 15.420 | $ | 14.820 | $ | 14.860 | $ | 15.240 | $ | 14.400 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.913 | $ | 0.950 | $ | 0.995 | $ | 1.072 | $ | 1.092 | |||||||||||||
Net realized and unrealized gain (loss) | (0.881 | ) | 0.608 | 0.010 | (0.334 | ) | 0.802 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.296 | ) | (0.256 | ) | (0.172 | ) | (0.086 | ) | (0.072 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.264 | ) | $ | 1.302 | $ | 0.833 | $ | 0.652 | $ | 1.822 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.646 | ) | $ | (0.702 | ) | $ | (0.873 | ) | $ | (1.032 | ) | $ | (0.982 | ) | ||||||||
Total distributions to common shareholders | $ | (0.646 | ) | $ | (0.702 | ) | $ | (0.873 | ) | $ | (1.032 | ) | $ | (0.982 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.510 | $ | 15.420 | $ | 14.820 | $ | 14.860 | $ | 15.240 | |||||||||||||
Market value End of year (Common shares) | $ | 12.430 | $ | 14.110 | $ | 13.500 | $ | 16.600 | $ | 15.635 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (1.37 | )% | 9.38 | % | 5.62 | % | 4.36 | % | 13.07 | % | |||||||||||||
Total Investment Return on Market Value(2) | (7.66 | )% | 9.88 | % | (13.87 | )% | 13.63 | % | 19.82 | % |
See notes to financial statements
51
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Michigan Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 30,710 | $ | 32,643 | $ | 31,357 | $ | 31,363 | $ | 31,963 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 2.03 | %(4) | 1.97 | % | 2.00 | % | 1.96 | % | 1.97 | % | |||||||||||||
Interest and fee expense(5) | 0.32 | % | 0.46 | % | 0.40 | % | 0.42 | % | 0.43 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.35 | %(4) | 2.43 | % | 2.40 | % | 2.38 | % | 2.40 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 2.01 | %(4) | 1.96 | % | 1.99 | % | 1.96 | % | 1.97 | % | |||||||||||||
Net investment income | 6.12 | % | 6.35 | % | 6.60 | % | 7.16 | % | 7.31 | % | |||||||||||||
Portfolio Turnover | 22 | % | 22 | % | 14 | % | 5 | % | 8 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.31 | %(4) | 1.27 | % | 1.29 | % | 1.26 | % | 1.26 | % | |||||||||||||
Interest and fee expense(5) | 0.21 | %(4) | 0.29 | % | 0.26 | % | 0.27 | % | 0.27 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.52 | % | 1.56 | % | 1.55 | % | 1.53 | % | 1.53 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.29 | %(4) | 1.26 | % | 1.28 | % | 1.26 | % | 1.26 | % | |||||||||||||
Net investment income | 3.94 | % | 4.09 | % | 4.26 | % | 4.60 | % | 4.69 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 700 | 700 | 700 | 700 | 700 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 68,878 | $ | 71,635 | $ | 69,796 | $ | 69,810 | $ | 70,664 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
52
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
New Jersey Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 16.200 | $ | 15.020 | $ | 14.810 | $ | 15.190 | $ | 14.060 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.926 | $ | 0.953 | $ | 1.014 | $ | 1.082 | $ | 1.120 | |||||||||||||
Net realized and unrealized gain (loss) | (1.275 | ) | 1.205 | 0.238 | (0.313 | ) | 1.099 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.273 | ) | (0.253 | ) | (0.169 | ) | (0.081 | ) | (0.071 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.622 | ) | $ | 1.905 | $ | 1.083 | $ | 0.688 | $ | 2.148 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.648 | ) | $ | (0.725 | ) | $ | (0.873 | ) | $ | (1.068 | ) | $ | (1.018 | ) | ||||||||
Total distributions to common shareholders | $ | (0.648 | ) | $ | (0.725 | ) | $ | (0.873 | ) | $ | (1.068 | ) | $ | (1.018 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.930 | $ | 16.200 | $ | 15.020 | $ | 14.810 | $ | 15.190 | |||||||||||||
Market value End of year (Common shares) | $ | 12.790 | $ | 15.080 | $ | 14.030 | $ | 15.540 | $ | 15.415 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (3.59 | )% | 13.28 | % | 7.59 | % | 4.76 | % | 15.81 | % | |||||||||||||
Total Investment Return on Market Value(2) | (11.28 | )% | 12.89 | % | (4.22 | )% | 8.31 | % | 14.75 | % |
See notes to financial statements
53
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
New Jersey Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 69,001 | $ | 74,846 | $ | 69,375 | $ | 68,298 | $ | 69,500 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.84 | %(4) | 1.85 | % | 1.86 | % | 1.85 | % | 1.84 | % | |||||||||||||
Interest and fee expense(5) | 0.89 | % | 0.93 | % | 0.58 | % | 0.50 | % | 0.43 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.73 | %(4) | 2.78 | % | 2.44 | % | 2.35 | % | 2.27 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.81 | %(4) | 1.83 | % | 1.84 | % | 1.84 | % | 1.84 | % | |||||||||||||
Net investment income | 5.94 | % | 6.20 | % | 6.66 | % | 7.28 | % | 7.64 | % | |||||||||||||
Portfolio Turnover | 42 | % | 23 | % | 46 | % | 52 | % | 28 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.21 | %(4) | 1.20 | % | 1.21 | % | 1.19 | % | 1.18 | % | |||||||||||||
Interest and fee expense(5) | 0.58 | % | 0.61 | % | 0.38 | % | 0.32 | % | 0.27 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.79 | %(4) | 1.81 | % | 1.59 | % | 1.51 | % | 1.45 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.19 | %(4) | 1.19 | % | 1.19 | % | 1.18 | % | 1.18 | % | |||||||||||||
Net investment income | 3.89 | % | 4.04 | % | 4.33 | % | 4.68 | % | 4.87 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 1,520 | 1,520 | 1,520 | 1,520 | 1,520 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 70,395 | $ | 74,250 | $ | 70,651 | $ | 69,935 | $ | 70,724 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).
(6) Calculated by subtracting the Trust's liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
54
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
New York Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 16.550 | $ | 15.660 | $ | 15.490 | $ | 15.810 | $ | 14.860 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.991 | $ | 0.987 | $ | 1.070 | $ | 1.126 | $ | 1.108 | |||||||||||||
Net realized and unrealized gain (loss) | (1.293 | ) | 0.932 | 0.243 | (0.332 | ) | 0.936 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.287 | ) | (0.247 | ) | (0.163 | ) | (0.074 | ) | (0.068 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.589 | ) | $ | 1.672 | $ | 1.150 | $ | 0.720 | $ | 1.976 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.721 | ) | $ | (0.782 | ) | $ | (0.980 | ) | $ | (1.040 | ) | $ | (1.026 | ) | ||||||||
Total distributions to common shareholders | $ | (0.721 | ) | $ | (0.782 | ) | $ | (0.980 | ) | $ | (1.040 | ) | $ | (1.026 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 15.240 | $ | 16.550 | $ | 15.660 | $ | 15.490 | $ | 15.810 | |||||||||||||
Market value End of year (Common shares) | $ | 14.100 | $ | 15.700 | $ | 14.990 | $ | 15.370 | $ | 15.460 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (3.42 | )% | 11.28 | % | 7.61 | % | 4.91 | % | 13.94 | % | |||||||||||||
Total Investment Return on Market Value(2) | (5.81 | )% | 10.28 | % | 3.81 | % | 6.46 | % | 18.34 | % |
See notes to financial statements
55
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
New York Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 81,931 | $ | 88,970 | $ | 84,194 | $ | 83,044 | $ | 84,744 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.80 | %(4) | 1.82 | % | 1.81 | % | 1.78 | % | 1.77 | % | |||||||||||||
Interest and fee expense(5) | 0.98 | % | 1.03 | % | 0.57 | % | 0.32 | % | 0.40 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.78 | %(4) | 2.85 | % | 2.38 | % | 2.10 | % | 2.17 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.78 | %(4) | 1.80 | % | 1.80 | % | 1.78 | % | 1.77 | % | |||||||||||||
Net investment income | 6.23 | % | 6.22 | % | 6.72 | % | 7.23 | % | 7.21 | % | |||||||||||||
Portfolio Turnover | 29 | % | 27 | % | 40 | % | 31 | % | 19 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.18 | %(4) | 1.19 | % | 1.19 | % | 1.16 | % | 1.15 | % | |||||||||||||
Interest and fee expense(5) | 0.65 | % | 0.68 | % | 0.37 | % | 0.21 | % | 0.26 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.83 | %(4) | 1.87 | % | 1.56 | % | 1.37 | % | 1.41 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.17 | %(4) | 1.19 | % | 1.19 | % | 1.16 | % | 1.15 | % | |||||||||||||
Net investment income | 4.10 | % | 4.09 | % | 4.42 | % | 4.71 | % | 4.68 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 1,780 | 1,780 | 1,780 | 1,780 | 1,780 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 71,032 | $ | 74,983 | $ | 72,311 | $ | 71,659 | $ | 72,603 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
56
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Ohio Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 15.690 | $ | 14.910 | $ | 15.040 | $ | 15.070 | $ | 14.150 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.938 | $ | 0.958 | $ | 1.003 | $ | 1.081 | $ | 1.083 | |||||||||||||
Net realized and unrealized gain (loss) | (0.845 | ) | 0.800 | (0.055 | ) | (0.011 | ) | 0.913 | |||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.297 | ) | (0.264 | ) | (0.175 | ) | (0.091 | ) | (0.077 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.204 | ) | $ | 1.494 | $ | 0.773 | $ | 0.979 | $ | 1.919 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.656 | ) | $ | (0.714 | ) | $ | (0.903 | ) | $ | (1.009 | ) | $ | (0.999 | ) | ||||||||
Total distributions to common shareholders | $ | (0.656 | ) | $ | (0.714 | ) | $ | (0.903 | ) | $ | (1.009 | ) | $ | (0.999 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.830 | $ | 15.690 | $ | 14.910 | $ | 15.040 | $ | 15.070 | |||||||||||||
Market value End of year (Common shares) | $ | 12.850 | $ | 14.610 | $ | 14.170 | $ | 16.750 | $ | 15.715 | |||||||||||||
Total Investment Return on Net Asset Value(2) | (1.06 | )% | 10.50 | % | 5.10 | % | 6.71 | % | 13.92 | % | |||||||||||||
Total Investment Return on Market Value(2) | (7.93 | )% | 8.27 | % | (10.31 | )% | 13.96 | % | 14.12 | % |
See notes to financial statements
57
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Ohio Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 41,953 | $ | 44,385 | $ | 42,193 | $ | 42,444 | $ | 42,304 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.93 | %(4) | 1.92 | % | 1.91 | % | 1.91 | % | 1.90 | % | |||||||||||||
Interest and fee expense(5) | 0.72 | % | 0.74 | % | 0.54 | % | 0.29 | % | 0.29 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.65 | %(4) | 2.66 | % | 2.45 | % | 2.20 | % | 2.19 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.91 | %(4) | 1.92 | % | 1.90 | % | 1.90 | % | 1.88 | % | |||||||||||||
Net investment income | 6.17 | % | 6.31 | % | 6.57 | % | 7.23 | % | 7.37 | % | |||||||||||||
Portfolio Turnover | 24 | % | 16 | % | 13 | % | 12 | % | 23 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.25 | %(4) | 1.25 | % | 1.24 | % | 1.23 | % | 1.21 | % | |||||||||||||
Interest and fee expense(5) | 0.46 | % | 0.48 | % | 0.35 | % | 0.19 | % | 0.19 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.71 | %(4) | 1.73 | % | 1.59 | % | 1.42 | % | 1.40 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.23 | %(4) | 1.24 | % | 1.23 | % | 1.22 | % | 1.20 | % | |||||||||||||
Net investment income | 3.99 | % | 4.08 | % | 4.25 | % | 4.64 | % | 4.69 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 940 | 940 | 940 | 940 | 940 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 69,640 | $ | 72,223 | $ | 69,888 | $ | 70,153 | $ | 70,007 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
58
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Pennsylvania Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Net asset value Beginning of year (Common shares) | $ | 15.510 | $ | 14.870 | $ | 14.890 | $ | 15.210 | $ | 14.260 | |||||||||||||
Income (loss) from operations | |||||||||||||||||||||||
Net investment income | $ | 0.953 | $ | 0.983 | $ | 1.008 | $ | 1.076 | $ | 1.089 | |||||||||||||
Net realized and unrealized gain (loss) | (0.661 | ) | 0.664 | 0.103 | (0.301 | ) | 0.884 | ||||||||||||||||
Distributions to preferred shareholders From net investment income |
(0.300 | ) | (0.274 | ) | (0.181 | ) | (0.092 | ) | (0.080 | ) | |||||||||||||
Total income (loss) from operations | $ | (0.008 | ) | $ | 1.373 | $ | 0.930 | $ | 0.683 | $ | 1.893 | ||||||||||||
Less distributions to common shareholders | |||||||||||||||||||||||
From net investment income | $ | (0.662 | ) | $ | (0.733 | ) | $ | (0.950 | ) | $ | (1.003 | ) | $ | (0.943 | ) | ||||||||
Total distributions to common shareholders | $ | (0.662 | ) | $ | (0.733 | ) | $ | (0.950 | ) | $ | (1.003 | ) | $ | (0.943 | ) | ||||||||
Net asset value End of year (Common shares) | $ | 14.840 | $ | 15.510 | $ | 14.870 | $ | 14.890 | $ | 15.210 | |||||||||||||
Market value End of year (Common shares) | $ | 12.790 | $ | 14.560 | $ | 14.660 | $ | 15.540 | $ | 15.980 | |||||||||||||
Total Investment Return on Net Asset Value(2) | 0.27 | % | 9.68 | % | 6.27 | % | 4.77 | % | 13.73 | % | |||||||||||||
Total Investment Return on Market Value(2) | (7.95 | )% | 4.44 | % | 0.39 | % | 4.07 | % | 22.05 | % |
See notes to financial statements
59
Eaton Vance Municipal Income Trusts as of November 30, 2007
FINANCIAL STATEMENTS CONT'D
Financial Highlights
Selected data for a common share outstanding during the periods stated
Pennsylvania Trust | |||||||||||||||||||||||
Year Ended November 30, | |||||||||||||||||||||||
2007(1) | 2006(1) | 2005(1) | 2004(1) | 2003(1) | |||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||
Net assets applicable to common shares, end of year (000's omitted) | $ | 40,182 | $ | 41,998 | $ | 40,233 | $ | 40,023 | $ | 40,670 | |||||||||||||
Ratios (As a percentage of average net assets applicable to common shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.95 | %(4) | 1.94 | % | 1.97 | % | 1.91 | % | 1.92 | % | |||||||||||||
Interest and fee expense(5) | 0.70 | % | 0.93 | % | 0.44 | % | 0.24 | % | 0.19 | % | |||||||||||||
Total expenses before custodian fee reduction | 2.65 | %(4) | 2.87 | % | 2.41 | % | 2.15 | % | 2.11 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.94 | %(4) | 1.93 | % | 1.95 | % | 1.91 | % | 1.92 | % | |||||||||||||
Net investment income | 6.28 | % | 6.53 | % | 6.69 | % | 7.18 | % | 7.35 | % | |||||||||||||
Portfolio Turnover | 23 | % | 18 | % | 28 | % | 8 | % | 6 | % |
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3) | |||||||||||||||||||||||
Expenses excluding interest and fees | 1.27 | %(4) | 1.25 | % | 1.27 | % | 1.23 | % | 1.23 | % | |||||||||||||
Interest and fee expense(5) | 0.45 | % | 0.60 | % | 0.28 | % | 0.15 | % | 0.12 | % | |||||||||||||
Total expenses before custodian fee reduction | 1.72 | %(4) | 1.85 | % | 1.55 | % | 1.38 | % | 1.35 | % | |||||||||||||
Expenses after custodian fee reduction excluding interest and fees | 1.26 | %(4) | 1.24 | % | 1.26 | % | 1.22 | % | 1.23 | % | |||||||||||||
Net investment income | 4.06 | % | 4.21 | % | 4.30 | % | 4.61 | % | 4.69 | % | |||||||||||||
Senior Securities: | |||||||||||||||||||||||
Total preferred shares outstanding | 900 | 900 | 900 | 900 | 900 | ||||||||||||||||||
Asset coverage per preferred share(6) | $ | 69,658 | $ | 71,672 | $ | 69,708 | $ | 69,471 | $ | 70,193 | |||||||||||||
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) Per share net investment income was 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.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities 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 this by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.
See notes to financial statements
60
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida 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. Each Trust seeks to provide current income exempt from regular federal income taxes and taxes in its specified state, as applicable.
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 Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing service. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued at closing settlement prices. Interest rate swaps are generally valued on the basis of valuations furnished by a pricing service. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
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 municipal obligations, which are exempt from regular federal income taxes 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, 2007, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce each 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 amounts and expiration dates of the capital loss carryforwards are as follows:
Trust | Amount | Expiration Date | |||||||||
California | $ | 2,239,451 | November 30, 2008 | ||||||||
995,999 | November 30, 2012 | ||||||||||
Florida | 936,795 | November 30, 2008 | |||||||||
160,909 | November 30, 2009 | ||||||||||
1,495,013 | November 30, 2012 | ||||||||||
114,338 | November 30, 2013 | ||||||||||
Massachusetts | 594,169 | November 30, 2008 | |||||||||
39,627 | November 30, 2009 | ||||||||||
343,176 | November 30, 2010 | ||||||||||
Michigan | 337,655 | November 30, 2008 | |||||||||
165,469 | November 30, 2009 | ||||||||||
475,985 | November 30, 2010 | ||||||||||
443,883 | November 30, 2011 | ||||||||||
697,198 | November 30, 2012 | ||||||||||
224,050 | November 30, 2013 | ||||||||||
New Jersey | 1,990,715 | November 30, 2008 | |||||||||
262,308 | November 30, 2009 | ||||||||||
177,350 | November 30, 2011 | ||||||||||
New York | 1,621,946 | November 30, 2008 | |||||||||
70,059 | November 30, 2009 | ||||||||||
Ohio | 625,515 | November 30, 2008 | |||||||||
850,745 | November 30, 2009 | ||||||||||
764,355 | November 30, 2012 | ||||||||||
588,403 | November 30, 2013 | ||||||||||
Pennsylvania | 807,118 | November 30, 2008 | |||||||||
844,973 | November 30, 2009 | ||||||||||
41,331 | November 30, 2010 | ||||||||||
502,868 | November 30, 2012 | ||||||||||
389,289 | November 30, 2013 | ||||||||||
During the year ended November 30, 2007, capital loss carryforwards of $1,313,851, $935,908, $1,499,708, $625,488, $2,220,908, $1,041,781, $1,209,159 and $123,551 were utilized to offset net realized gains by
61
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.
D Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, 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, and shareholders are indemnified against personal liability for the obligations of each Trust. 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 inverse floating rate securities, whereby a Trust may sell a 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, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Trust, and which may have been, but is not required to be, the fixed rate bond purchased from the Trust (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. 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 Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Inverse Floater held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Trust, thereby collapsing the SPV. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities" (FAS 140), the Trusts account for the transaction described above as a secured borrowing by including the Fixed Rate 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. Interest expense related to the Trusts' liability with respect to Floating Rate Notes is recorded as incurred. At November 30, 2007, the amounts of the Trusts' Floating Rate Notes and related interest rates and collateral were as follows:
Trust |
Floating Rate Notes Outstanding |
Interest Rate or Range of Interest Rates |
Collateral for Floating Rate Notes Outstanding |
||||||||||||
California | $ | 7,575,000 | 3.64% 3.68% | $ | 12,338,266 | ||||||||||
Florida | 12,090,000 | 3.59% 3.78% | 19,079,116 | ||||||||||||
Massachusetts | 3,043,333 | 3.54% 3.82% | 4,764,240 | ||||||||||||
Michigan | 1,925,000 | 3.59% 3.68% | 2,726,237 | ||||||||||||
New Jersey | 12,150,000 | 3.64% 3.98% | 20,942,876 | ||||||||||||
New York | 19,150,000 | 3.59% 3.82% | 31,508,744 | ||||||||||||
Ohio | 6,330,000 | 3.59% 3.71% | 11,044,846 | ||||||||||||
Pennsylvania | 6,335,780 | 3.59% 3.71% | 9,749,744 |
The Trusts' investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. The Trusts'
62
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
investment policies do not allow the Trusts to borrow money for purposes of making investments. Management believes that the Trusts' restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FAS 140, which is distinct from a legal borrowing of the Trusts to which the policies apply. Inverse Floaters held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.
I Financial Futures Contracts The Trusts may enter into financial futures contracts. The Trusts' investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. 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 purchase price (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. In entering such contracts, the Trust bears the risk if the counterparties do not perform under the contracts' terms.
J Interest Rate Swaps A Trust may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, a Trust makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Trust is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.
K 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.
L 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 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.
The number of APS issued and outstanding as of November 30, 2007 was as follows:
Trust |
APS Issued and Outstanding |
||||||
California | 2,360 | ||||||
Florida | 1,420 | ||||||
Massachusetts | 860 | ||||||
Michigan | 700 | ||||||
New Jersey | 1,520 | ||||||
New York | 1,780 | ||||||
Ohio | 940 | ||||||
Pennsylvania | 900 |
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
63
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
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 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 equivalent to 0.25% of the liquidation value of the APS for the remarketing efforts associated with the APS auctions.
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, the Trusts intend to distribute all or substantially all of their net realized capital gains, if any. 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, 2007, and the amount of dividends (including capital gains, if any) paid to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:
Trust |
APS Dividend Rates at November 30, 2007 |
Dividends Paid to APS Shareholders |
Average APS Dividend Rates |
Dividend Rate Ranges |
|||||||||||||||
California | 4.15 | % | $ | 2,014,092 | 3.41 | % | 2.88% 4.15% | ||||||||||||
Florida | 4.25 | % | 1,305,923 | 3.68 | % | 3.45% 4.25% | |||||||||||||
Massachusetts | 4.25 | % | 734,875 | 3.42 | % | 1.90% 4.25% | |||||||||||||
Michigan | 4.20 | % | 625,544 | 3.57 | % | 3.20% 5.00% | |||||||||||||
New Jersey | 4.10 | % | 1,262,219 | 3.32 | % | 2.50% 4.10% | |||||||||||||
New York | 4.25 | % | 1,544,549 | 3.47 | % | 2.39% 4.25% | |||||||||||||
Ohio | 4.20 | % | 839,516 | 3.57 | % | 3.20% 4.20% | |||||||||||||
Pennsylvania | 4.25 | % | 813,684 | 3.62 | % | 3.00% 4.25% |
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.
The tax character of distributions paid for the years ended November 30, 2007 and November 30, 2006 was as follows:
Year Ended November 30, 2007 |
California Trust |
Florida Trust |
Massachusetts Trust |
Michigan Trust |
|||||||||||||||
Distributions declared from: |
|||||||||||||||||||
Tax-exempt income |
$ | 6,839,097 | $ | 4,063,314 | $ | 2,460,878 | $ | 1,979,161 | |||||||||||
Ordinary income | $ | | $ | | $ | 8,295 | $ | 13,508 | |||||||||||
Year Ended November 30, 2007 |
New Jersey Trust |
New York Trust |
Ohio Trust |
Pennsylvania Trust |
|||||||||||||||
Distributions declared from: |
|||||||||||||||||||
Tax-exempt income |
$ | 4,256,604 | $ | 5,417,963 | $ | 2,683,661 | $ | 2,606,900 | |||||||||||
Ordinary income | $ | | $ | 409 | $ | 11,930 | $ | | |||||||||||
Year Ended November 30, 2006 |
California Trust |
Florida Trust |
Massachusetts Trust |
Michigan Trust |
|||||||||||||||
Distributions declared from: |
|||||||||||||||||||
Tax-exempt income |
$ | 7,036,042 | $ | 4,238,803 | $ | 2,596,774 | $ | 2,024,327 | |||||||||||
Ordinary income | $ | | $ | 10,268 | $ | | $ | 2,275 | |||||||||||
Year Ended November 30, 2006 |
New Jersey Trust |
New York Trust |
Ohio Trust |
Pennsylvania Trust |
|||||||||||||||
Distributions declared from: |
|||||||||||||||||||
Tax-exempt income |
$ | 4,518,352 | $ | 5,528,109 | $ | 2,764,739 | $ | 2,721,593 | |||||||||||
Ordinary income | $ | | $ | 389 | $ | 177 | $ | 3,064 |
64
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
During the year ended November 30, 2007, the following amounts were reclassified due to differences between book and tax accounting, primarily for accretion of market discount and expired capital loss carryforwards:
California Trust |
Florida Trust |
Massachusetts Trust |
Michigan Trust |
||||||||||||||||
Increase (decrease): | |||||||||||||||||||
Paid-in capital | $ | (11,946 | ) | $ | | $ | | $ | | ||||||||||
Accumulated net realized gain (loss) |
$ | 82,868 | $ | 14,227 | $ | (10,613 | ) | $ | (9,826 | ) | |||||||||
Accumulated undistributed net investment income |
$ | (70,922 | ) | $ | (14,227 | ) | $ | 10,613 | $ | 9,826 | |||||||||
New Jersey Trust |
New York Trust |
Ohio Trust |
Pennsylvania Trust |
||||||||||||||||
Increase (decrease): | |||||||||||||||||||
Paid-in capital | $ | | $ | | $ | | $ | (446,327 | ) | ||||||||||
Accumulated net realized gain (loss) |
$ | 13,579 | $ | 6,353 | $ | (21,533 | ) | $ | 462,377 | ||||||||||
Accumulated undistributed net investment income |
$ | (13,579 | ) | $ | (6,353 | ) | $ | 21,533 | $ | (16,050 | ) |
These reclassifications had no effect on the net assets or net asset value per share of the Trusts.
As of November 30, 2007, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
California Trust |
Florida Trust |
Massachusetts Trust |
Michigan Trust |
||||||||||||||||
Undistributed income |
$ | 470,128 | $ | 229,667 | $ | 268,938 | $ | 123,465 | |||||||||||
Capital loss carryforward |
$ | (3,235,450 | ) | $ | (2,707,055 | ) | $ | (976,972 | ) | $ | (2,344,240 | ) | |||||||
Unrealized appreciation (depreciation) |
$ | 4,809,905 | $ | 1,945,562 | $ | 835,813 | $ | 1,463,027 | |||||||||||
Other temporary differences |
$ | | $ | (8,272 | ) | $ | (10,017 | ) | $ | (4,030 | ) |
New Jersey Trust |
New York Trust |
Ohio Trust |
Pennsylvania Trust |
||||||||||||||||
Undistributed income |
$ | 369,307 | $ | 396,661 | $ | 199,264 | $ | 165,291 | |||||||||||
Capital loss carryforward |
$ | (2,430,373 | ) | $ | (1,692,005 | ) | $ | (2,829,018 | ) | $ | (2,585,579 | ) | |||||||
Unrealized appreciation (depreciation) |
$ | 2,417,452 | $ | 3,394,667 | $ | 2,528,509 | $ | 2,783,118 | |||||||||||
Other temporary differences |
$ | | $ | (5,187 | ) | $ | (8,115 | ) | $ | (10,482 | ) |
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, dividends payable and differences between book and tax accounting for futures contracts, accretion of market discount and inverse floaters.
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 0.70% of each Trust's average weekly gross assets and is payable monthly. Average weekly gross assets as referred to herein exclude assets deemed held pursuant to FAS 140 (see Note 1H). 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. In addition, pursuant to a voluntary expense reimbursement, EVM was allocated certain operating expenses of the Trusts. For the year ended November 30, 2007, the investment adviser fee, administration fee and expenses allocated to EVM were as follows:
Trust |
Investment Adviser Fee |
Administration Fee |
Expenses Allocated to EVM |
||||||||||||
California | $ | 1,205,401 | $ | 344,400 | $ | 4,176 | |||||||||
Florida | 705,323 | 201,521 | 2,505 | ||||||||||||
Massachusetts | 444,954 | 127,130 | 2,505 | ||||||||||||
Michigan | 343,465 | 98,133 | 2,088 | ||||||||||||
New Jersey | 770,702 | 220,200 | 2,923 | ||||||||||||
New York | 909,875 | 259,964 | 5,846 | ||||||||||||
Ohio | 465,356 | 132,959 | 2,505 | ||||||||||||
Pennsylvania | 445,271 | 127,221 | 3,758 |
65
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
Except for Trustees of the Trusts who are not members of EVM's organization, officers and Trustees 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 Trustee Deferred Compensation Plan. For the year ended November 30, 2007, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.
Pursuant to FAS 140, an Inverse Floater sold by the Florida Trust to an affiliated fund was deemed to be held by the Florida Trust at November 30, 2007. Interest income of $35,674 paid by the SPV to the affiliated fund for the year ended November 30, 2007 was deemed paid by the Florida Trust and is included in interest expense.
5 Purchase and Sales of Investments
Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2007 were as follows:
Trust | Purchases | Sales | |||||||||
California | $ | 72,818,516 | $ | 81,498,827 | |||||||
Florida | 29,664,133 | 29,139,258 | |||||||||
Massachusetts | 29,189,261 | 38,447,442 | |||||||||
Michigan | 11,132,995 | 13,586,638 | |||||||||
New Jersey | 52,957,822 | 59,475,513 | |||||||||
New York | 43,268,528 | 47,202,547 | |||||||||
Ohio | 17,668,587 | 20,723,538 | |||||||||
Pennsylvania | 16,338,521 | 18,291,945 |
6 Common Shares of Beneficial Interest
For the year ended November 30, 2007, there were no transactions in common shares by the Trusts. For the year ended November 30, 2006, the Massachusetts Trust, New Jersey Trust and Pennsylvania Trust issued 3,132, 2,349 and 2,527 common shares, respectively, pursuant to the Trust's dividend reinvestment plan, and there were no transactions in common shares by the other Trusts.
7 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
The cost and unrealized appreciation of investments of each Trust at November 30, 2007, as determined on a federal income tax basis, were as follows:
California Trust | |||||||
Aggregate cost | $ | 161,367,994 | |||||
Gross unrealized appreciation | $ | 7,295,276 | |||||
Gross unrealized depreciation | (1,749,547 | ) | |||||
Net unrealized appreciation | $ | 5,545,729 |
Florida Trust | |||||||
Aggregate cost | $ | 94,872,440 | |||||
Gross unrealized appreciation | $ | 3,833,342 | |||||
Gross unrealized depreciation | (1,459,204 | ) | |||||
Net unrealized appreciation | $ | 2,374,138 | |||||
Massachusetts Trust | |||||||
Aggregate cost | $ | 59,441,053 | |||||
Gross unrealized appreciation | $ | 2,191,412 | |||||
Gross unrealized depreciation | (1,024,210 | ) | |||||
Net unrealized appreciation | $ | 1,167,202 | |||||
Michigan Trust | |||||||
Aggregate cost | $ | 45,854,840 | |||||
Gross unrealized appreciation | $ | 2,095,245 | |||||
Gross unrealized depreciation | (581,427 | ) | |||||
Net unrealized appreciation | $ | 1,513,818 | |||||
New Jersey Trust | |||||||
Aggregate cost | $ | 103,667,679 | |||||
Gross unrealized appreciation | $ | 4,565,214 | |||||
Gross unrealized depreciation | (1,563,953 | ) | |||||
Net unrealized appreciation | $ | 3,001,261 | |||||
New York Trust | |||||||
Aggregate cost | $ | 122,245,678 | |||||
Gross unrealized appreciation | $ | 4,282,302 | |||||
Gross unrealized depreciation | (329,980 | ) | |||||
Net unrealized appreciation | $ | 3,952,322 | |||||
Ohio Trust | |||||||
Aggregate cost | $ | 61,905,538 | |||||
Gross unrealized appreciation | $ | 3,146,135 | |||||
Gross unrealized depreciation | (438,425 | ) | |||||
Net unrealized appreciation | $ | 2,707,710 | |||||
Pennsylvania Trust | |||||||
Aggregate cost | $ | 59,518,784 | |||||
Gross unrealized appreciation | $ | 3,360,030 | |||||
Gross unrealized depreciation | (497,002 | ) | |||||
Net unrealized appreciation | $ | 2,863,028 |
66
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
8 Overdraft Advances
Pursuant to the respective custodian agreements, 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, a rate above the Federal Funds rate). 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, 2007, the New Jersey Trust had a payment due to SSBT pursuant to the foregoing arrangement of $667,305.
9 Financial Instruments
The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities to assist in managing exposure to various market risks. These financial instruments may include financial futures contracts and interest rate swaps 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 does 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, 2007 is as follows:
Futures Contracts
Trust |
Expiration Date |
Contracts |
Position |
Aggregate Cost |
Value |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
California | 3/08 |
71 U.S. Treasury Bond |
Short | $ | (8,305,088 | ) | $ | (8,320,313 | ) | $ | (15,225 | ) | |||||||||||||||
Florida | 3/08 |
25 U.S. Treasury Bond |
Short | $ | (2,924,327 | ) | $ | (2,929,688 | ) | $ | (5,361 | ) | |||||||||||||||
New York | 3/08 |
72 U.S. Treasury Bond |
Short | $ | (8,471,560 | ) | $ | (8,437,500 | ) | $ | 34,060 | ||||||||||||||||
Ohio | 3/08 |
8 U.S. Treasury Bond |
Short | $ | (941,285 | ) | $ | (937,500 | ) | $ | 3,785 | ||||||||||||||||
Pennsylvania | 3/08 |
25 U.S. Treasury Bond |
Short | $ | (2,946,967 | ) | $ | (2,929,688 | ) | $ | 17,279 |
Interest Rate Swaps
California Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 4,250,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (26,280 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 6,825,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (518,506 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 2,575,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (191,038 | ) | ||||||||||||||
$ | (735,824 | ) |
Florida Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 2,475,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (15,304 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 3,975,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (301,988 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 1,500,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (111,284 | ) | ||||||||||||||
$ | (428,576 | ) |
Massachusetts Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 1,800,000 | 4.003 | % |
3-month USD-BMA Municipal Swap Index |
July 24, 2008/ July 24, 2038 |
$ | (63,096 | ) | ||||||||||||||
Lehman Brothers, Inc. |
$ | 1,575,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (9,739 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 2,500,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (189,929 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 925,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (68,625 | ) | ||||||||||||||
$ | (331,389 | ) |
67
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
Michigan Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 400,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (30,389 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 275,000 |
5.428% |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (20,402 | ) | |||||||||||||||
$ | (50,791 | ) |
New Jersey Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 3,200,000 | 4.003 | % |
3-month USD-BMA- Municipal Swap Index |
July 24, 2008/ July 24, 2038 |
$ | (112,169 | ) | ||||||||||||||
Lehman Brothers, Inc. |
$ | 2,725,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (16,850 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 4,375,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (332,376 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 1,650,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (122,413 | ) | ||||||||||||||
$ | (583,808 | ) |
New York Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 3,200,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (19,787 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc. |
$ | 5,200,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (395,052 | ) | ||||||||||||||
Morgan Stanley Capital Services Inc. |
$ | 1,925,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (142,816 | ) | ||||||||||||||
$ | (557,655 | ) |
Ohio Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 1,625,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (10,048 | ) | ||||||||||||||
Merrill Lynch Capital Services, Inc |
$ | 1,250,000 | 5.426 | % |
3-month USD-LIBOR-BBA |
July 9, 2008/ July 9, 2038 |
$ | (94,964 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc. |
$ | 1,000,000 | 5.428 | % |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (74,190 | ) | ||||||||||||||
$ | (179,202 | ) |
Pennsylvania Trust
Counterparty |
Notional Amount |
Annual Fixed Rate Paid By Fund |
Floating Rate Paid To Fund |
Effective Date/ Termination Date |
Net Unrealized Depreciation |
||||||||||||||||||
Lehman Brothers, Inc. |
$ | 1,825,000 | 4.985 | % |
3-month USD-LIBOR-BBA |
September 28, 2008/ September 28, 2038 |
$ | (11,285 | ) | ||||||||||||||
Morgan Stanley Capital Services, Inc |
$ | 925,000 |
5.428% |
3-month USD-LIBOR-BBA |
September 10, 2008/ September 10, 2038 |
$ | (68,625 | ) | |||||||||||||||
$ | (79,910 | ) |
The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.
At November 30, 2007, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.
10 Recently Issued Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of November 30, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.
68
Eaton Vance Municipal Income Trusts as of November 30, 2007
NOTES TO FINANCIAL STATEMENTS CONT'D
11 Subsequent Event
Effective January 1, 2008, the name of the Florida Trust was changed to Eaton Vance Florida Plus Municipal Income Trust. In connection with this change, the Florida Trust's investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities was eliminated.
69
Eaton Vance Municipal Income Trusts as of November 30, 2007
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Florida 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, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Florida 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 (individually, the "Trust," collectively, the "Trusts"), as of November 30, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statements of cash flows of Eaton Vance Florida 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 for the year then ended. These financial statements and financial highlights are the responsibility of each Trust's 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 audit 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, 2007, 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 position of Eaton Vance California Municipal Income Trust, Eaton Vance Florida 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, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, their financial highlights for each of the five years in the period then ended, and the cash flows of Eaton Vance Florida 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 for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 15, 2008
70
Eaton Vance Municipal Income Trusts as of November 30, 2007
FEDERAL TAX INFORMATION (Unaudited)
The Form 1099-DIV you receive in January 2008 will show the tax status of all distributions paid to your account in calendar 2007. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Trust. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Trust's fiscal year-end regarding exempt-interest dividends.
Exempt-Interest Dividends The Trusts designate the following percentages of dividends from net investment income as an exempt-interest dividend.
Eaton Vance California Municipal Income Trust | 100 | % | |||||
Eaton Vance Florida Municipal Income Trust | 100 | % | |||||
Eaton Vance Massachusetts Municipal Income Trust | 99.66 | % | |||||
Eaton Vance Michigan Municipal Income Trust | 99.32 | % | |||||
Eaton Vance New Jersey Municipal Income Trust | 100 | % | |||||
Eaton Vance New York Municipal Income Trust | 99.99 | % | |||||
Eaton Vance Ohio Municipal Income Trust | 99.56 | % | |||||
Eaton Vance Pennsylvania Municipal Income Trust | 100 | % |
71
Eaton Vance Municipal Income Trusts
DIVIDEND REINVESTMENT PLAN
Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value 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 net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan 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 your shares be re-registered in your name with each Trust's transfer agent, PFPC Inc., or you will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by each Trust. Each participant 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 Plan 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 Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan 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 Plan Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at 1-866-439-6787.
72
Eaton Vance Municipal Income Trusts
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 DIVIDENDS AND 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 PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
866-439-6787
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, nondiversified, management investment company and has no employees.
Number of Shareholders
As of November 30, 2007, our records indicate that there are 50, 34, 51, 24, 63, 46, 44 and 61 registered shareholders for California Municipal Income Trust, Florida Plus 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 2,898, 2,210, 1,337, 1,381, 2,454, 2,609, 1,637 and 1,604 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Florida Plus 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.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
American Stock Exchange symbols
California Municipal Income Trust CEV
Florida Plus Municipal Income Trust FEV
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
73
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
An independent report comparing each fund's total expense ratio and its components to comparable funds;
An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
Profitability analyses for each adviser with respect to each fund;
Information about Portfolio Management
Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;
Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
Data relating to portfolio turnover rates of each fund;
The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
Information about each Adviser
Reports detailing the financial results and condition of each adviser;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
Copies of or descriptions of each adviser's proxy voting policies and procedures;
Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and
The terms of each advisory agreement.
In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007,
74
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D
the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreements of the following funds:
Eaton Vance California Municipal Income Trust
Eaton Vance Florida 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
Eaton Vance Pennsylvania Municipal Income Trust
(the "Funds"), each with Eaton Vance Management (the "Adviser"), including their fee structures, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for each Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.
The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser's 30-person municipal bond team, which includes six portfolio managers and nine credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.
The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.
75
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D
The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.
Fund Performance
The Board compared each Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2006 for each Fund in operation over such periods. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to collectively as "management fees"). The Board considered the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering. As part of its review, the Board considered each Fund's management fees and total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Funds.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Funds are not continuously offered and concluded that, in light of the level of the Adviser's profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund.
76
Eaton Vance Municipal Income Trusts
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Florida Municipal Income Trust (FEV), 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 Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. 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. 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.
Name and Date of Birth |
Position(s) with the Trusts |
Term of Office and Length of Service |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex Overseen By Trustee(1) |
Other Directorships Held | ||||||||||||||||||
Interested Trustee | |||||||||||||||||||||||
Thomas E. Faust Jr. 5/31/58 |
Trustee | Until 2010. 3 years. Trustee since 2007 | Chairman, Chief Executive Officer and President of EVC, President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 175 registered investment companies and 5 private investment companies in the Eaton Vance Fund Complex. Mr. Faust is an interested person because of his positions with EVM, BMR, EVC and EV which are affiliates of the Trusts. | 175 | Director of EVC | ||||||||||||||||||
Noninterested Trustee(s) | |||||||||||||||||||||||
Benjamin C. Esty 1/26/63 |
Trustee | Until 2009. 3 years. Trustee since 2006 | Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration (since 2003). Formerly, Associate Professor, Harvard University Graduate School of Business Administration (2000-2003). | 175 | None | ||||||||||||||||||
Allen R. Freedman 4/3/40 |
Trustee | Until 2010. 3 years. Trustee since 2007 | Former Chairman and Chief Executive Officer of Assurant, Inc. (insurance provider) (1978-2000). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). | 175 | Director of Assurant, Inc. and Stonemor Partners L.P. (owner and operator of cemeteries) | ||||||||||||||||||
William H. Park 9/19/47 |
Trustee | Until 2008. 3 years. Trustee since 2003 | Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). | 175 | None | ||||||||||||||||||
Ronald A. Pearlman 7/10/40 |
Trustee | Until 2009. 3 years. Trustee since 2003 | Professor of Law, Georgetown University Law Center. | 175 | None | ||||||||||||||||||
Norton H. Reamer (A) 9/21/35 |
Trustee | Until 2008. 3 years. Trustee since 1998 | President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman and Chief Operating Officer, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003). | 175 | None | ||||||||||||||||||
77
Eaton Vance Municipal Income Trusts
MANAGEMENT AND ORGANIZATION CONT'D
Name and Date of Birth |
Position(s) with the Trusts |
Term of Office and Length of Service |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex Overseen By Trustee(1) |
Other Directorships Held | ||||||||||||||||||
Noninterested Trustee(s) (continued) | |||||||||||||||||||||||
Heidi L. Steiger 7/8/53 |
Trustee | Until 2008. 1 year. Trustee since 2007 | President, Lowenhaupt Global Advisors, LLC (global wealth management firm) (since 2005); Formerly, President and Contributing Editor, Worth Magazine (2004); Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004). | 173 | Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider) | ||||||||||||||||||
Lynn A. Stout 9/14/57 |
Trustee | Until 2009. 3 years. Trustee since 1998 | Paul Hastings Professor of Corporate and Securities Law, University of California at Los Angeles School of Law. | 175 | None | ||||||||||||||||||
Ralph F. Verni (A) 1/26/43 |
Chairman of the Board and Trustee | Chairman of the Board since 2007. Trustee Until 2010. 3 years. Trustee since 2006 | Consultant and private investor. | 175 | None | ||||||||||||||||||
Principal Officers who are not Trustees | |||||||||||||||
Name and Date of Birth |
Position(s) with the Trusts |
Term of Office and Length of Service |
Principal Occupation(s) During Past Five Years |
||||||||||||
Cynthia J. Clemson 3/2/63 |
President and Vice President | President of CEV, FEV, EMI, EVY, EVO and EVP since 2005; Vice President of MMV and EVJ since 2004 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | ||||||||||||
Robert B. MacIntosh 1/22/57 |
President and Vice President | President of MMV and EVJ since 2005; Vice President of CEV, FEV, EMI, EVY, EVO and EVP since 1998 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM and BMR. | ||||||||||||
William H. Ahern, Jr. 7/28/59 |
Vice President of EMI and EVO | Vice President of EMI since 2000 and EVO since 2005 | Vice President of EVM and BMR. Officer of 75 registered investment companies managed by EVM or BMR. | ||||||||||||
Craig R. Brandon 12/21/66 |
Vice President of EVY | Since 2005 | Vice President of EVM and BMR. Officer of 44 registered investment companies managed by EVM or BMR. | ||||||||||||
Thomas M. Metzold 8/3/58 |
Vice President of EVP | Since 2005 | Vice President of EVM and BMR. Officer of 43 registered investment companies managed by EVM or BMR. | ||||||||||||
Adam A. Weigold 3/22/75 |
Vice President of EVP | Since 2007 | Vice President of EVM and BMR. Officer of 70 registered investment companies managed by EVM or BMR. | ||||||||||||
Barbara E. Campbell 6/19/57 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | ||||||||||||
Maureen A. Gemma 5/24/60 |
Secretary | Since 2007 | Deputy Chief Legal Officer and Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | ||||||||||||
Paul M. O'Neil 7/11/53 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | ||||||||||||
(1) Includes both master and feeder funds in a master-feeder structure.
(A) APS Trustee.
78
Eaton Vance Florida Municipal Income Trust
NOTICE TO SHAREHOLDERS
The Florida state intangibles tax was repealed effective January 1, 2007. Accordingly, the Board of Trustees of Eaton Vance Florida Municipal Income Trust approved a revision of the Fund's investment objective. Prior to January 1, 2007, the Fund's objective was "to provide current income exempt from federal income tax in the form of an investment exempt from Florida intangibles tax." As of January 1, 2007, the Fund's objective is "to provide current income exempt from federal income tax."
As part of this objective, the Fund has an investment policy to invest substantially all of its assets (at least 80%) in municipal obligations, the interest on which is exempt from regular federal income tax. The Fund will continue to invest pursuant to this policy and seek income exempt from regular federal income tax, but will increase its exposure to municipal obligations of issuers outside the State of Florida, transforming the Fund in an orderly manner over time into a diversified, national municipal bond fund. In connection with this change, the Fund eliminated its investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities. The Fund's other investment policies remain unchanged. In connection with this, the Fund changed its name to "Eaton Vance Florida Plus Municipal Income Trust." These changes went into effect on January 1, 2008.
79
Eaton Vance Michigan Municipal Income Trust
NOTICE TO SHAREHOLDERS
The Michigan single business tax was repealed effective December 31, 2007 and replaced with the Michigan business tax effective January 1, 2008, and, accordingly, the investment objective of Eaton Vance Michigan Municipal Income Trust was revised to reflect this change. Prior to January 1, 2008, the objective of Eaton Vance Michigan Municipal Income Trust was "to provide current income exempt from regular federal income tax and Michigan state and city income and single business taxes." As of January 1, 2008, the Fund's objective is "to provide current income exempt from regular federal income tax and Michigan state and city income taxes and the net income tax portion of the Michigan business tax."
The new Michigan business tax has two components consisting of a tax (4.95%) on business income and a tax (0.8%) on gross receipts. In general, an additional surcharge of 21.99% of a taxpayer's liability under the Michigan business tax will also be imposed on those taxpayers subject to the tax. Fund dividends that are exempt-interest dividends attributable to Michigan tax-exempt obligations will be exempt from the tax on business income. These dividends should also be exempt from the tax on gross receipts for individuals, estates, and partnerships and trusts organized for estate or gift planning purposes (but not for other entities). Based on legislation enacted in early December 2007, it appears that individuals, estates, and partnerships and trusts organized for estate or gift planning purposes will generally not be subject to either component of the Michigan business tax with respect to interest, dividends, and gains from stocks and securities. Other distributions with respect to shares of the Michigan Fund including, but not limited to, long or short-term capital gains, will be subject to the Michigan income tax or single business tax or business tax and may be subject to the city income taxes imposed by certain Michigan cities. While it is contemplated that there may be additional legislation to make technical corrections to the Michigan business tax, the applicability of the tax on gross receipts is currently the most asked question of the Michigan Department of Treasury. Shareholders should consult their tax advisers concerning the applicability of Michigan state and city taxes to their investment in the Fund.
80
Investment Adviser and Administrator of Eaton Vance Municipal Income Trusts
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
PFPC Inc.
Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
(866) 439-6787
Overnight Mail:
PFPC Inc.
Attn: Eaton Vance Funds
250 Royall Street
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Eaton Vance Municipal Income Trusts
The Eaton Vance Building
255 State Street
Boston, MA 02109
147-1/08 CE-MUNISRC
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 registrants Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).
Item 4. Principal Accountant Fees and Services
(a) (d)
The following table presents the aggregate fees billed to the registrant for the fiscal years ended November 30, 2006 and November 30, 2007 by the registrants principal accountant for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by the principal accountant during those periods.
Fiscal Years Ended |
|
11/30/2006 |
|
11/30/2007 |
|
||
|
|
|
|
|
|
||
Audit Fees |
|
$ |
27,350 |
|
$ |
24,090 |
|
|
|
|
|
|
|
||
Audit-Related Fees(1) |
|
$ |
3,675 |
|
$ |
3,785 |
|
|
|
|
|
|
|
||
Tax Fees(2) |
|
$ |
6,650 |
|
$ |
6,883 |
|
|
|
|
|
|
|
||
All Other Fees(3) |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
||
Total |
|
$ |
37,675 |
|
$ |
34,758 |
|
(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 registrants 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.
(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 registrants audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrants 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 registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants 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 the registrants principal accountant for the registrants fiscal years ended November 30, 2006 and November 30, 2007; and (ii) the aggregate non-audit fees (i.e., fees for audit related, tax, and other services) billed to the Eaton Vance organization by the registrants principal accountant for the same time periods, respectively.
Fiscal Years Ended |
|
11/30/2006 |
|
11/30/2007 |
|
||
|
|
|
|
|
|
||
Registrant |
|
$ |
10,325 |
|
$ |
10,668 |
|
|
|
|
|
|
|
||
Eaton Vance(1) |
|
$ |
66,100 |
|
$ |
286,446 |
|
(1)Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrants investment adviser and administrator.
(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants 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 accountants 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. Norton H. Reamer (Chair), William H. Park, Lynn A. Stout, Heidi L. Steiger and Ralph E. Verni are the members of the registrants 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 Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds 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 Funds 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 Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a companys 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 then 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 Funds 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 advisers 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 personal 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 Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
California, Florida Plus, Massachusetts, Michigan, New York, New Jersey, Ohio and Pennsylvania Municipal Income Trusts
Portfolio Management
Cynthia J. Clemson, portfolio manager of Eaton Vance California Municipal Income Trust and Eaton Vance Florida Plus Municipal Income Trust, Robert B. MacIntosh, portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New Jersey Municipal Income Trust, William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Insured Ohio Municipal Income Trust, Craig R. Brandon, portfolio manager of Eaton Vance New York Municipal Income Trust and Adam A. Weigold, portfolio manager of Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Funds investments.
Ms. Clemson has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (BMR). Mr. MacIntosh has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and BMR. Mr. Ahern has been an Eaton Vance portfolio manager since 1993 and is a Vice President of EVM and BMR. Mr. Brandon has been an Eaton Vance analyst since 1998 and a portfolio manager since 2004, and is a Vice President of EVM and BMR. Mr. Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007. He is a Vice President of EVM and BMR. This information is provided as of the date of filing of this report.
The following tables show, as of each Funds most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets 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 those accounts.
|
|
Number |
|
Total Assets of |
|
Number of |
|
Total Assets of |
|
||
California Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Florida Plus Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Cynthia J. Clemson |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
10 |
|
$ |
3,589.0 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
||
Massachusetts Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
New Jersey Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Robert B. MacIntosh |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
10 |
|
$ |
2,602.6 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
238 |
|
$ |
190.6 |
|
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
||
Michigan Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Ohio Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
William H. Ahern |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
14 |
|
$ |
1,896.3 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
||
New York Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Craig R. Brandon |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
12 |
|
$ |
1,474.6 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
||
Pennsylvania Municipal Income Trust |
|
|
|
|
|
|
|
|
|
||
Adam A. Weigold |
|
|
|
|
|
|
|
|
|
||
Registered Investment Companies |
|
12 |
|
$ |
1,021.8 |
|
0 |
|
$ |
0 |
|
Other Pooled Investment Vehicles |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
Other Accounts |
|
0 |
|
$ |
0 |
|
0 |
|
$ |
0 |
|
*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of each Funds most recent fiscal year end.
|
|
Dollar Range of |
|
|
|
|
|
California Municipal Income Trust |
|
None |
|
Florida Municipal Income Trust |
|
None |
|
Cynthia J. Clemson |
|
|
|
|
|
|
|
Massachusetts Municipal Income Trust |
|
$10,001 - $50,000 |
|
New Jersey Municipal Income Trust |
|
None |
|
Robert B. MacIntosh |
|
|
|
|
|
|
|
Michigan Municipal Income Trust |
|
None |
|
Ohio Municipal Income Trust |
|
None |
|
William H. Ahern, Jr. |
|
|
|
|
|
|
|
New York Municipal Income Trust |
|
None |
|
Craig R. Brandon |
|
|
|
|
|
|
|
Pennsylvania Municipal Income Trust |
|
None |
|
Adam A. Weigold |
|
|
|
Potential for Conflicts of Interest. The portfolio managers manage multiple investment portfolios. Conflicts of interest may arise between a portfolio managers management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio managers time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information. In addition, some investment portfolios may compensate the investment adviser or sub-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 and investment opportunities. EVM has adopted policies and procedures that it believes are reasonably designed to address these conflicts. There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.
Portfolio Manager Compensation Structure
Compensation of EVMs 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 EVCs nonvoting common stock and/or restricted shares of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVMs employees. Compensation of EVMs 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 appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. 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. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds 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 EVMs 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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Item 12. Exhibits
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Registrants Code of Ethics Not applicable (please see Item 2). |
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Treasurers Section 302 certification. |
(a)(2)(ii) |
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Presidents Section 302 certification. |
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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
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/s/Cynthia J. Clemson |
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Cynthia J. Clemson |
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President |
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Date: |
January 15, 2008 |
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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/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer |
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Date: |
January 15, 2008 |
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By: |
/s/Cynthia J. Clemson |
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Cynthia J. Clemson |
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President |
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Date: |
January 15, 2008 |
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