Eaton Vance California Municipal Income Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09157

 

 

Eaton Vance California Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2017

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2017

 

 

 

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

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

 

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

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


Semiannual Report May 31, 2017

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Performance and Fund Profile

  
  

California Municipal Income Trust

     2  

Massachusetts Municipal Income Trust

     3  

Michigan Municipal Income Trust

     4  

New Jersey Municipal Income Trust

     5  

New York Municipal Income Trust

     6  

Ohio Municipal Income Trust

     7  

Pennsylvania Municipal Income Trust

     8  
  

Endnotes and Additional Disclosures

     9  

Financial Statements

     10  

Annual Meeting of Shareholders

     70  

Board of Trustees’ Contract Approval

     71  

Officers and Trustees

     75  

Important Notices

     76  


Eaton Vance

California Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999        5.64      0.29      5.97      4.91

Fund at Market Price

            4.95        –4.98        3.54        4.00  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –10.45
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.260  

Distribution Rate at NAV

                 3.52

Taxable-Equivalent Distribution Rate at NAV

                 7.17

Distribution Rate at Market Price

                 3.93

Taxable-Equivalent Distribution Rate at Market Price

                 8.01
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 1.88

Institutional MuniFund Term Preferred (iMTP) Shares

                 29.47  

Residual Interest Bond (RIB) Financing

                 4.60  

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

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See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999        6.18      –0.45      4.85      5.27

Fund at Market Price

            3.89        –7.12        2.95        4.68  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –10.42
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.263  

Distribution Rate at NAV

                 3.47

Taxable-Equivalent Distribution Rate at NAV

                 6.46

Distribution Rate at Market Price

                 3.87

Taxable-Equivalent Distribution Rate at Market Price

                 7.21
              
% Total Leverage5                                        

APS

                 5.20

iMTP Shares

                 26.90  

RIB Financing

                 1.46  

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999        5.79      1.12      6.21      6.06

Fund at Market Price

            4.68        –2.67        4.98        5.17  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –11.89
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.251  

Distribution Rate at NAV

                 3.12

Taxable-Equivalent Distribution Rate at NAV

                 5.76

Distribution Rate at Market Price

                 3.54

Taxable-Equivalent Distribution Rate at Market Price

                 6.53
              
% Total Leverage5                                        

APS

                 1.36

iMTP Shares

                 35.25  

Fund Profile

 

 

Credit Quality (% of total investments)6

 

 

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* Amount is less than 0.05%.

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999        5.08      0.50      5.36      4.75

Fund at Market Price

            4.88        –7.25        2.33        3.93  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –11.19
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.281  

Distribution Rate at NAV

                 3.98

Taxable-Equivalent Distribution Rate at NAV

                 7.73

Distribution Rate at Market Price

                 4.48

Taxable-Equivalent Distribution Rate at Market Price

                 8.70
              
% Total Leverage5                                        

APS

                 4.33

iMTP Shares

                 28.39  

RIB Financing

                 5.22  

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999        5.42      0.01      5.77      5.29

Fund at Market Price

            3.23        –4.98        3.44        4.38  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –9.44
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.305  

Distribution Rate at NAV

                 4.13

Taxable-Equivalent Distribution Rate at NAV

                 8.00

Distribution Rate at Market Price

                 4.56

Taxable-Equivalent Distribution Rate at Market Price

                 8.84
              
% Total Leverage5                                        

APS

                 3.19

iMTP Shares

                 22.87  

RIB Financing

                 12.52  

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999        5.04      0.24      5.88      5.81

Fund at Market Price

            3.73        –5.56        3.53        5.02  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –9.69
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.305  

Distribution Rate at NAV

                 4.00

Taxable-Equivalent Distribution Rate at NAV

                 7.44

Distribution Rate at Market Price

                 4.43

Taxable-Equivalent Distribution Rate at Market Price

                 8.24
              
% Total Leverage5                                        

APS

                 6.38

iMTP Shares

                 27.15  

RIB Financing

                 2.15  

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2017

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999        3.98      1.05      5.53      5.17

Fund at Market Price

            2.03        –1.63        3.01        4.36  

Bloomberg Barclays Long (22+) Year Municipal Bond Index

            6.46      1.45      4.57      5.01
              
% Premium/Discount to NAV3                                        
                 –11.99
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.265  

Distribution Rate at NAV

                 3.63

Taxable-Equivalent Distribution Rate at NAV

                 6.62

Distribution Rate at Market Price

                 4.12

Taxable-Equivalent Distribution Rate at Market Price

                 7.51
              
% Total Leverage5                                        

APS

                 7.31

iMTP Shares

                 29.56  

Fund Profile

 

 

Credit Quality (% of total investments)6

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Endnotes and Additional Disclosures

 

 

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

 

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

 

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

 

4  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for California Municipal Income Trust and Ohio Municipal Income Trust.
5  Fund employs RIB financing and/or APS and iMTP Shares leverage. The leverage created by RIB investments, APS and iMTP Shares provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares and Floating Rate Notes. iMTP Shares leverage represents the liquidation value of the Fund’s iMTP Shares outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares and Floating Rate Notes. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

 

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

 

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

 

   Fund profile subject to change due to active management.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 147.1%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 8.8%

 

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

  $ 195     $ 225,393  

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

    330       376,966  

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

    745       804,108  

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

    1,600       1,899,552  

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

    235       278,068  

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

    630       708,788  

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

    415       468,124  

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

    285       321,862  

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

    810       936,214  

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

    850       977,823  

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

    895       1,023,137  

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

    895       970,162  
                 
    $ 8,990,197  
                 

Electric Utilities — 8.3%

 

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

  $ 270     $ 293,512  

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

    2,170       2,274,551  

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

    1,500       1,661,505  

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

    995       1,149,384  

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

    1,335       1,541,551  

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

    680       750,360  

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

    775       835,690  
                 
    $ 8,506,553  
                 

Escrowed / Prerefunded — 12.4%

 

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

  $ 715     $ 745,194  

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

    3,135       3,338,649  
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

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

  $ 2,490     $ 2,638,006  

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

    1,475       1,586,879  

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

    340       394,842  

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

    460       534,198  

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

    665       810,588  

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

    1,130       1,377,391  

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

    500       506,460  

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

    355       384,813  

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

    335       355,921  
                 
    $ 12,672,941  
                 

General Obligations — 34.6%

 

Alta Loma School District, (Election of 2016), 5.00%, 8/1/42

  $ 1,500     $ 1,772,685  

California, 5.00%, 10/1/31

    1,885       2,240,586  

California, 5.50%, 11/1/35

    1,600       1,822,672  

California, 6.00%, 4/1/38

    750       819,855  

Castro Valley Unified School District, (Election of 2016), 5.00%, 8/1/41

    1,000       1,169,690  

Escondido, 5.00%, 9/1/36

    1,000       1,169,040  

Glendale Community College District, (Election of 2016), 5.00%, 8/1/37

    2,000       2,394,720  

Montebello Unified School District, (Election of 2016), 5.00%, 8/1/41

    2,000       2,339,380  

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

    3,655       4,053,907  

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

    1,000       1,054,140  

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

    2,890       3,152,210  

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

    1,545       1,686,105  

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

    860       986,635  

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

    650       777,510  

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

    1,100       1,309,066  

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

    3,180       3,442,096  
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations (continued)

 

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

  $ 2,500     $ 2,637,375  

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

    2,150       2,497,999  
                 
    $ 35,325,671  
                 

Hospital — 11.0%

 

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

  $ 1,000     $ 1,130,640  

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

    190       215,067  

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

    635       724,173  

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

    910       1,037,291  

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

    2,000       2,312,180  

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

    1,000       1,140,690  

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

    1,145       1,315,342  

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

    535       609,065  

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

    2,780       2,785,893  
                 
    $ 11,270,341  
                 

Insured – Education — 1.4%

 

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

  $ 1,250     $ 1,478,413  
                 
    $ 1,478,413  
                 

Insured – Escrowed / Prerefunded — 12.6%

 

       

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

  $ 5,130     $ 4,328,181  

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

    2,790       2,868,176  

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

    2,005       2,019,336  

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

    3,500       3,635,695  
                 
    $ 12,851,388  
                 

Insured – General Obligations — 5.0%

 

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

  $ 1,000     $ 1,149,340  

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

    4,720       3,912,266  
                 
    $ 5,061,606  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Lease Revenue / Certificates of Participation — 4.3%

 

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

  $ 4,410     $ 4,399,989  
                 
    $ 4,399,989  
                 

Insured – Special Tax Revenue — 5.5%

 

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

  $ 4,850     $ 982,416  

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

    370       436,434  

Successor Agency to Rosemead Community Development Commission, (BAM), 5.00%, 10/1/27

    1,440       1,746,331  

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

    2,100       2,432,514  
                 
    $ 5,597,695  
                 

Insured – Transportation — 6.5%

 

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

  $ 5,000     $ 3,127,800  

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

    4,500       2,738,610  

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

    740       803,892  
                 
    $ 6,670,302  
                 

Lease Revenue / Certificates of Participation — 1.0%

 

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

  $ 915     $ 1,044,573  
                 
    $ 1,044,573  
                 

Other Revenue — 0.4%

 

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

  $ 385     $ 391,718  
                 
    $ 391,718  
                 

Senior Living / Life Care — 1.6%

 

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

  $ 290     $ 323,547  

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(2)

    600       666,852  

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

    535       623,789  
                 
    $ 1,614,188  
                 
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 18.1%

 

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

  $ 770     $ 871,825  

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

    285       291,256  

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

    460       469,821  

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

    1,590       1,613,564  

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

    240       274,774  

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

    480       550,824  

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

    240       275,412  

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

    335       384,131  

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

    240       275,198  

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

    2,400       2,683,752  

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

    1,000       1,175,260  

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

    1,250       1,460,362  

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

    485       546,634  

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

    725       813,776  

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

    1,600       1,877,568  

Successor Agency to San Diego Redevelopment Agency, 5.00%, 9/1/31

    2,000       2,388,680  

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

    1,360       1,595,307  

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

    800       924,184  
                 
    $ 18,472,328  
                 

Transportation — 13.7%

 

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

  $ 1,000     $ 1,079,380  

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

    2,120       2,343,808  

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

    1,500       1,697,295  

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

    1,500       1,556,340  

Sacramento County, Airport System Revenue, 5.00%, 7/1/41

    1,500       1,716,420  
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

 

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

  $ 2,760     $ 3,021,400  

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

    2,265       2,519,314  
                 
    $ 13,933,957  
                 

Water and Sewer — 1.9%

 

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

  $ 1,700     $ 1,900,532  
                 
    $ 1,900,532  
                 

Total Tax-Exempt Municipal Securities — 147.1%
(identified cost $138,679,665)

 

  $ 150,182,392  
                 
Taxable Municipal Securities — 6.8%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 1.8%

 

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

  $ 1,750     $ 1,857,222  
                 
    $ 1,857,222  
                 

Insured – Special Tax Revenue — 3.9%

 

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

  $ 4,000     $ 3,923,800  
                 
    $ 3,923,800  
                 
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 1.1%

 

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

  $ 1,200     $ 1,127,328  
                 
    $ 1,127,328  
                 

Total Taxable Municipal Securities — 6.8%
(identified cost $6,950,000)

 

  $ 6,908,350  
                 

Total Investments — 153.9%
(identified cost $145,629,665)

 

  $ 157,090,742  
                 

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

 

  $ (3,000,099
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (45.8)%

 

  $ (46,745,186
                 

Other Assets, Less Liabilities — (5.2)%

 

  $ (5,272,640
                 

Net Assets Applicable to Common
Shares — 100.0%

 

  $ 102,072,817  
                 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 25.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 11.6% of total investments.

 

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

 

(2)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2017, the aggregate value of these securities is $666,852 or 0.7% of the Trust’s net assets applicable to common shares.
 

 

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

Interest Rate Futures

                
U.S. 10-Year Treasury Note     38        Short        Sep-17      $ (4,771,916    $ (4,799,281    $ (27,365
U.S. Long Treasury Bond     29        Short        Sep-17        (4,409,780      (4,460,563      (50,783
                                                 $ (78,148

Abbreviations:

 

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

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 146.2%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 6.0%

 

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

  $ 910     $ 1,185,775  

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

    990       1,293,366  
                 
    $ 2,479,141  
                 

Education — 27.6%

 

Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/46

  $ 1,525     $ 1,756,876  

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

    1,665       1,858,290  

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

    1,080       1,192,914  

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

    770       874,004  

Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/37

    1,000       1,123,590  

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

    105       106,389  

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

    1,640       2,193,402  

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

    1,350       1,485,891  

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

    750       858,862  
                 
    $ 11,450,218  
                 

Escrowed / Prerefunded — 24.7%

 

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

  $ 40     $ 41,912  

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

    100       104,779  

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

    1,665       856,476  

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

    5,195       2,314,009  

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

    625       654,656  

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

    1,055       1,058,724  

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

    1,395       1,414,655  

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

    500       538,570  
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

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

  $ 505     $ 543,956  

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

    415       416,465  

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

    1,420       1,497,291  

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

    750       805,777  
                 
    $ 10,247,270  
                 

General Obligations — 9.8%

 

Boston, 4.00%, 4/1/24

  $ 300     $ 330,990  

Danvers, 5.25%, 7/1/36

    885       1,008,617  

Lexington, 4.00%, 2/1/23

    255       293,227  

Plymouth, 5.00%, 5/1/31

    345       388,380  

Plymouth, 5.00%, 5/1/32

    315       352,954  

Wayland, 5.00%, 2/1/33

    510       569,038  

Wayland, 5.00%, 2/1/36

    770       857,680  

Winchester, 5.00%, 4/15/36

    245       274,723  
                 
    $ 4,075,609  
                 

Hospital — 27.0%

 

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

  $ 1,000     $ 1,095,570  

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

    180       205,389  

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

    525       619,752  

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

    1,250       1,414,075  

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

    1,000       1,115,830  

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

    600       705,204  

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

    555       617,415  

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

    1,210       1,328,725  

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

    500       543,810  

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

    1,135       1,198,231  

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

    970       1,036,445  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

 

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

  $ 945     $ 948,119  

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

    350       370,027  
                 
    $ 11,198,592  
                 

Housing — 2.4%

 

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

  $ 1,000     $ 977,070  
                 
    $ 977,070  
                 

Industrial Development Revenue — 1.9%

 

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

  $ 800     $ 801,824  
                 
    $ 801,824  
                 

Insured – Education — 7.6%

 

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

  $ 1,000     $ 1,381,250  

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

    1,365       1,759,976  
                 
    $ 3,141,226  
                 

Insured – Electric Utilities — 1.4%

 

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

  $ 550     $ 600,446  
                 
    $ 600,446  
                 

Insured – Escrowed / Prerefunded — 0.9%

 

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/25

  $ 335     $ 367,529  
                 
    $ 367,529  
                 

Insured – General Obligations — 3.2%

 

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000     $ 1,326,600  
                 
    $ 1,326,600  
                 

Insured – Other Revenue — 2.0%

 

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

  $ 590     $ 815,392  
                 
    $ 815,392  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 9.3%

 

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

  $ 775     $ 939,292  

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

    1,195       1,410,865  

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

    1,000       1,296,560  

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

    1,105       223,829  
                 
    $ 3,870,546  
                 

Insured – Student Loan — 0.4%

 

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

  $ 165     $ 172,783  
                 
    $ 172,783  
                 

Insured – Transportation — 0.8%

 

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

  $ 315     $ 315,816  
                 
    $ 315,816  
                 

Senior Living / Life Care — 1.8%

 

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

  $ 125     $ 135,396  

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

    140       140,545  

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

    475       475,940  
                 
    $ 751,881  
                 

Special Tax Revenue — 4.2%

 

Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46

  $ 1,500     $ 1,758,855  
                 
    $ 1,758,855  
                 

Student Loan — 3.4%

 

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

  $ 1,500     $ 1,428,780  
                 
    $ 1,428,780  
                 

Transportation — 10.5%

 

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

  $ 1,500     $ 1,623,375  

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

    500       558,305  

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

    670       736,565  

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

    1,250       1,446,687  
                 
    $ 4,364,932  
                 
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 1.3%

 

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

  $ 495     $ 542,362  
                 
    $ 542,362  
                 

Total Tax-Exempt Municipal Securities — 146.2%
(identified cost $55,883,147)

 

  $ 60,686,872  
                 
Taxable Municipal Securities — 2.0%    
   
Security   Principal
Amount
(000’s omitted)
    Value  

Student Loan — 2.0%

 

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

  $ 750     $ 820,635  
                 

Total Taxable Municipal Securities — 2.0%
(identified cost $736,146)

 

  $ 820,635  
                 

Total Investments — 148.2%
(identified cost $56,619,293)

 

  $ 61,507,507  
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.8)%

 

  $ (3,250,072
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (40.3)%

 

  $ (16,701,614
                 

Other Assets, Less Liabilities — (0.1)%

 

  $ (57,137
                 

Net Assets Applicable to Common
Shares — 100.0%

 

  $ 41,498,684  
                 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 17.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 6.3% of total investments.

 

(1)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2017, the aggregate value of these securities is $1,418,309 or 3.4% of the Trust’s net assets applicable to common shares.

 

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

 

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

Interest Rate Futures

                
U.S. Long Treasury Bond     23        Short        Sep-17      $ (3,497,411    $ (3,537,687    $ (40,276
                                                 $ (40,276

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Abbreviations:

 

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

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.7%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 2.2%

 

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

  $ 600     $ 655,278  
                 
    $ 655,278  
                 

Education — 12.7%

 

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

  $ 1,000     $ 1,083,420  

Oakland University, 5.00%, 3/1/42

    500       553,985  

University of Michigan, 5.00%, 4/1/35

    1,500       1,810,545  

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

    370       413,360  
                 
    $ 3,861,310  
                 

Electric Utilities — 8.9%

 

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

  $ 1,135     $ 1,279,508  

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

    500       571,135  

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

    800       850,736  
                 
    $ 2,701,379  
                 

Escrowed / Prerefunded — 4.9%

 

Ann Arbor Public Schools, Prerefunded to 5/1/18, 4.50%, 5/1/24

  $ 350     $ 361,770  

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

    115       128,155  

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

    125       139,684  

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

    270       293,296  

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

    500       551,370  
                 
    $ 1,474,275  
                 

General Obligations — 45.3%

 

Battle Creek, 5.00%, 12/1/41

  $ 1,000     $ 1,154,430  

Byron Center Public Schools, 5.00%, 5/1/43(1)

    1,500       1,730,460  

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

    275       305,902  

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

    220       247,337  

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

    435       490,706  

Jenison Public Schools, 5.00%, 5/1/28

    500       557,500  

Jenison Public Schools, 5.00%, 5/1/30

    500       561,455  

Kent County, 5.00%, 1/1/25

    1,500       1,591,320  

Kent County, (AMT), 5.00%, 1/1/28

    1,000       1,121,650  

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

    1,050       1,196,454  

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

    1,005       1,141,630  

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

    1,065       1,223,344  
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations (continued)

 

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

  $ 750     $ 851,497  

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

    365       416,458  

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

    1,000       1,128,730  
                 
    $ 13,718,873  
                 

Hospital — 21.9%

 

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

  $ 1,000     $ 1,102,590  

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

    1,000       1,128,440  

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

    250       274,395  

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

    500       556,515  

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

    990       1,095,960  

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

    10       11,355  

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

    1,250       1,392,787  

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

    1,000       1,084,570  
                 
    $ 6,646,612  
                 

Industrial Development Revenue — 2.5%

 

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

  $ 750     $ 746,752  
                 
    $ 746,752  
                 

Insured – Education — 0.6%

 

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

  $ 165     $ 173,531  
                 
    $ 173,531  
                 

Insured – Electric Utilities — 3.7%

 

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

  $ 630     $ 687,784  

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

    250       272,657  

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

    155       168,361  
                 
    $ 1,128,802  
                 

Insured – Escrowed / Prerefunded — 12.0%

 

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

  $ 570     $ 602,114  

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

    500       528,995  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

 

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

  $ 1,000     $ 1,066,040  

Van Dyke Public Schools, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38

    1,250       1,297,725  

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

    135       143,092  
                 
    $ 3,637,966  
                 

Insured – General Obligations — 19.6%

 

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

  $ 500     $ 569,400  

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

    150       156,504  

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

    240       250,613  

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

    300       366,084  

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

    1,000       1,128,420  

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

    910       1,006,414  

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

    500       564,355  

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

    1,200       1,348,872  

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

    500       563,765  
                 
    $ 5,954,427  
                 

Insured – Special Tax Revenue — 0.6%

 

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

  $ 895     $ 181,291  
                 
    $ 181,291  
                 

Insured – Transportation — 3.5%

 

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

  $ 1,000     $ 1,050,960  
                 
    $ 1,050,960  
                 

Insured – Water and Sewer — 5.0%

 

Coldwater, Water Supply and Wastewater System Revenue, (AGM), 4.00%, 8/1/41

  $ 1,000     $ 1,038,880  

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

    475       486,680  
                 
    $ 1,525,560  
                 

Lease Revenue / Certificates of Participation — 3.5%

 

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

  $ 1,000     $ 1,064,860  
                 
    $ 1,064,860  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 3.7%

 

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

  $ 1,000     $ 1,130,060  
                 
    $ 1,130,060  
                 

Water and Sewer — 11.1%

 

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

  $ 750     $ 819,203  

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

    735       925,975  

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

    1,250       1,340,200  

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

    250       278,195  
                 
    $ 3,363,573  
                 

Total Tax-Exempt Investments — 161.7%
(identified cost $45,915,352)

 

  $ 49,015,509  
                 

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

 

  $ (650,114
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (55.3)%

 

  $ (16,754,309
                 

Other Assets, Less Liabilities — (4.3)%

 

  $ (1,305,363
                 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 30,305,723  
                 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 27.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.7% to 12.5% of total investments.

 

(1)  When-issued security.

Abbreviations:

 

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

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 156.9%  
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 16.5%

 

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

  $ 1,270     $ 1,443,076  

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

    1,730       1,872,465  

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

    620       710,935  

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

    380       434,154  

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

    640       707,866  

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

    1,230       1,384,697  

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

    1,650       1,655,825  

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

    965       1,090,720  

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

    1,000       1,140,820  
                 
  $ 10,440,558  
                 

Escrowed / Prerefunded — 23.6%

 

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

  $ 1,510     $ 1,723,423  

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

    1,455       1,660,650  

New Jersey Economic Development Authority, (Duke Farms Foundation), Prerefunded to 7/1/19, 5.00%, 7/1/48

    2,040       2,213,114  

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

    105       114,239  

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

    2,190       2,287,061  

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

    2,090       2,097,461  

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

    915       1,005,182  

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

    380       402,272  

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31

    205       250,406  

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

    1,000       1,103,640  
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

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

  $ 55     $ 64,885  

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

    1,900       2,049,074  
                 
  $ 14,971,407  
                 

General Obligations — 1.2%

 

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

  $ 340     $ 381,728  

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

    340       379,331  
                 
  $ 761,059  
                 

Hospital — 13.8%

 

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

  $ 650     $ 732,888  

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

    100       104,110  

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

    750       788,850  

New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 4.00%, 7/1/34

    500       521,940  

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

    265       303,107  

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31

    45       54,909  

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

    990       1,148,944  

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

    120       138,234  

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

    2,305       2,606,448  

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

    1,000       1,143,430  

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

    1,075       1,172,062  
                 
  $ 8,714,922  
                 

Housing — 1.0%

 

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

  $ 335     $ 335,271  

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

    325       327,672  
                 
  $ 662,943  
                 
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Industrial Development Revenue — 7.6%

 

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

  $ 1,085     $ 1,092,302  

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

    50       54,235  

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

    135       147,388  

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

    750       832,477  

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

    220       241,151  

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

    2,235       2,423,567  
                 
  $ 4,791,120  
                 

Insured – Education — 0.7%

 

New Jersey Educational Facilities Authority, (Ramapo College), (AGM), 5.00%, 7/1/31

  $ 350     $ 416,213  
                 
  $ 416,213  
                 

Insured – Electric Utilities — 2.1%

 

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

  $ 135     $ 147,382  

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

    490       532,238  

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

    595       644,861  
                 
  $ 1,324,481  
                 

Insured – Escrowed / Prerefunded — 5.2%

 

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

  $ 1,240     $ 1,325,672  

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

    970       1,038,996  

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

    520       556,988  

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38

    370       386,561  
                 
  $ 3,308,217  
                 

Insured – General Obligations — 6.6%

 

Atlantic City, (BAM), 5.00%, 3/1/37(2)

  $ 500     $ 556,140  

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

    1,015       1,074,976  

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

    1,000       1,141,820  

Paterson, (BAM), 5.00%, 1/15/26

    1,240       1,388,304  
                 
    $ 4,161,240  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Hospital — 2.4%

 

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

  $ 1,380     $ 1,491,007  
                 
  $ 1,491,007  
                 

Insured – Industrial Development Revenue — 3.1%

 

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

  $ 1,940     $ 1,989,858  
                 
  $ 1,989,858  
                 

Insured – Lease Revenue / Certificates of Participation — 2.9%

 

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

  $ 575     $ 639,377  

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

    1,000       1,211,930  
                 
  $ 1,851,307  
                 

Insured – Special Tax Revenue — 14.4%

 

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

  $ 5,250     $ 4,150,388  

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

    4,300       3,167,208  

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

    2,020       1,422,989  

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

    2,020       409,171  
                 
  $ 9,149,756  
                 

Insured – Student Loan — 2.2%

 

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

  $ 1,340     $ 1,386,887  
                 
  $ 1,386,887  
                 

Insured – Transportation — 7.9%

 

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

  $ 850     $ 937,235  

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

    2,000       2,225,220  

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

    2,400       1,507,248  

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

    315       341,564  
                 
  $ 5,011,267  
                 

Lease Revenue / Certificates of Participation — 4.4%

 

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

  $ 995     $ 1,016,183  

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

    400       435,196  
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Lease Revenue / Certificates of Participation (continued)

 

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

  $ 1,320     $ 1,342,691  
                 
  $ 2,794,070  
                 

Other Revenue — 0.4%

 

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

  $ 250     $ 282,340  
                 
  $ 282,340  
                 

Senior Living / Life Care — 3.5%

 

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

  $ 465     $ 475,081  

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

    770       784,168  

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

    700       719,474  

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

    215       235,711  
                 
  $ 2,214,434  
                 

Special Tax Revenue — 1.3%

 

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

  $ 100     $ 100,192  

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

    175       175,245  

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

    750       426,240  

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

    500       128,750  
                 
  $ 830,427  
                 

Student Loan — 2.2%

 

New Jersey Higher Education Student Assistance Authority, (AMT), 2.005%, 6/1/36(3)

  $ 625     $ 617,312  

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

    740       763,473  
                 
  $ 1,380,785  
                 

Transportation — 30.8%

 

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

  $ 1,060     $ 1,151,679  

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

    1,080       1,172,545  

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

    750       769,567  

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

    1,100       1,164,317  
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

 

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

  $ 250     $ 264,058  

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

    530       563,549  

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

    3,600       3,802,248  

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

    5,000       5,819,800  

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

    2,000       2,318,200  

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

    1,995       2,061,394  

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

    400       439,156  
                 
  $ 19,526,513  
                 

Water and Sewer — 3.1%

 

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

  $ 1,220     $ 1,355,749  

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

    1,250       624,563  
                 
    $ 1,980,312  
                 

Total Tax-Exempt Municipal Securities — 156.9%
(identified cost $93,806,613)

 

  $ 99,441,123  
                 
Taxable Municipal Securities — 3.1%    
   
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations — 1.8%

 

Atlantic City, 7.50%, 3/1/40

  $ 1,000     $ 1,156,560  
                 
  $ 1,156,560  
                 
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Transportation — 1.3%

 

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

  $ 750     $ 802,763  
                 
    $ 802,763  
                 

Total Taxable Municipal Securities — 3.1%
(identified cost $1,792,725)

 

  $ 1,959,323  
                 

Total Investments — 160.0%
(identified cost $95,599,338)

 

  $ 101,400,446  
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.0)%

 

  $ (4,425,010
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (45.5)%

 

  $ (28,848,035
                 

Other Assets, Less Liabilities — (7.5)%

 

  $ (4,738,883
                 

Net Assets Applicable to Common
Shares — 100.0%

 

  $ 63,388,518  
                 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 29.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 9.4% of total investments.

 

(1)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2017, the aggregate value of these securities is $1,092,302 or 1.7% of the Trust’s net assets applicable to common shares.

 

(2)  When-issued security.

 

(3)  Variable rate security. The stated interest rate represents the rate in effect at May 31, 2017.

 

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

 

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

 

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

Interest Rate Futures

                
U.S. Long Treasury Bond     30        Short        Sep-17      $ (4,561,841    $ (4,614,375    $ (52,534
                                                 $ (52,534

Abbreviations:

 

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

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 156.4%  
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 5.7%

 

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

  $ 1,730     $ 1,896,253  

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

    2,535       2,642,205  
                 
  $ 4,538,458  
                 

Cogeneration — 1.0%

 

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

  $ 805     $ 805,073  
                 
  $ 805,073  
                 

Education — 27.0%

 

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

  $ 1,490     $ 1,579,013  

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

    325       344,256  

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

    510       548,122  

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

    1,000       1,045,600  

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

    725       815,639  

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

    510       551,902  

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

    2,000       2,159,140  

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

    220       250,763  

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

    1,000       1,149,070  

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

    2,250       2,375,932  

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

    2,500       2,698,925  

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

    325       372,808  

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

    400       461,940  

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

    1,695       1,862,161  

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

    500       515,260  

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

    2,000       2,266,700  

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

    280       301,000  
Security   Principal
Amount
(000’s omitted)
    Value  

Education (continued)

 

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

  $ 735     $ 787,817  

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

    1,205       1,401,969  
                 
  $ 21,488,017  
                 

Electric Utilities — 4.5%

 

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

  $ 1,420     $ 1,556,817  

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

    1,735       2,040,898  
                 
  $ 3,597,715  
                 

Escrowed / Prerefunded — 13.9%

 

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

  $ 380     $ 431,475  

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

    135       137,576  

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

    655       667,497  

Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34

    1,500       1,649,310  

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

    955       1,025,756  

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

    625       659,869  

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

    750       752,647  

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

    1,250       1,255,062  

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

    395       456,987  

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

    1,000       1,183,070  

Saratoga County Industrial Development Agency, (Saratoga Hospital), Prerefunded to 12/1/17, 5.25%, 12/1/32

    650       664,450  

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

    1,000       1,052,030  

Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.25%, 11/15/34(1)

    1,025       1,090,289  
                 
  $ 11,026,018  
                 

General Obligations — 5.7%

 

New York, 5.00%, 2/15/34(1)

  $ 4,000     $ 4,517,960  

New York City, 6.25%, 10/15/28

    45       48,296  
                 
  $ 4,566,256  
                 
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 11.2%

 

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

  $ 130     $ 145,519  

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

    960       1,069,248  

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

    1,000       1,089,680  

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

    1,000       1,103,480  

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

    1,000       1,114,460  

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

    525       602,002  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(2)

    800       898,360  

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

    100       110,314  

New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.125%, 12/1/29

    415       447,171  

New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.25%, 12/1/37

    835       902,167  

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

    1,065       1,173,385  

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

    185       214,212  
                 
  $ 8,869,998  
                 

Housing — 9.5%

 

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

  $ 500     $ 512,035  

New York City Housing Development Corp., MFMR, 3.95%, 11/1/36

    750       788,708  

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

    650       674,856  

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

    1,000       1,034,900  

New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46

    1,500       1,433,685  

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

    2,625       2,644,346  

New York Mortgage Agency, 3.90%, 10/1/36

    480       498,403  
                 
  $ 7,586,933  
                 

Industrial Development Revenue — 7.5%

 

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

  $ 1,000     $ 1,047,180  

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

    500       433,345  
Security   Principal
Amount
(000’s omitted)
    Value  

Industrial Development Revenue (continued)

 

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

  $ 1,000     $ 991,640  

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

    1,000       1,263,410  

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37

    300       392,967  

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

    1,800       1,809,468  
                 
  $ 5,938,010  
                 

Insured – Education — 5.3%

 

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

  $ 1,250     $ 1,656,688  

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

    5,365       2,578,526  
                 
  $ 4,235,214  
                 

Insured – Electric Utilities — 1.9%

 

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

  $ 1,365     $ 1,484,697  
                 
  $ 1,484,697  
                 

Insured – General Obligations — 2.3%

 

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680     $ 1,805,177  
                 
  $ 1,805,177  
                 

Insured – Other Revenue — 4.8%

 

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

  $ 2,645     $ 1,670,767  

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

    3,625       2,184,860  
                 
  $ 3,855,627  
                 

Insured – Special Tax Revenue — 0.6%

 

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

  $ 2,475     $ 501,336  
                 
  $ 501,336  
                 

Insured – Transportation — 2.9%

 

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37

  $ 1,000     $ 1,031,740  

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

    1,250       1,278,625  
                 
  $ 2,310,365  
                 
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 8.1%

 

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

  $ 3,120     $ 1,818,305  

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

    1,000       1,051,600  

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

    1,300       1,397,812  

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

    2,000       2,185,520  
                 
  $ 6,453,237  
                 

Senior Living / Life Care — 8.9%

 

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

  $ 80     $ 92,930  

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

    205       243,491  

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

    225       267,813  

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

    530       594,803  

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

    830       919,076  

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

    855       939,867  

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

    280       293,392  

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

    120       124,489  

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

    905       988,903  

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34

    100       101,656  

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

    230       239,269  

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

    230       238,018  

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

    1,830       2,002,057  
                 
  $ 7,045,764  
                 

Special Tax Revenue — 17.9%

 

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

  $ 1,185     $ 1,349,490  

New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1)

    915       1,052,290  

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

    1,000       1,125,740  
Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue (continued)

 

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

  $ 1,000     $ 1,072,740  

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

    2,380       2,737,500  

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

    6,000       6,886,320  
                 
  $ 14,224,080  
                 

Transportation — 14.1%

 

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

  $ 1,500     $ 1,685,100  

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

    695       787,498  

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

    1,000       1,128,870  

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

    1,665       1,924,540  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/44

    500       561,465  

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

    990       1,022,947  

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

    1,930       2,263,562  

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

    1,715       1,822,153  
                 
  $ 11,196,135  
                 

Water and Sewer — 3.6%

 

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

  $ 585     $ 346,174  

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

    2,385       2,507,112  
                 
    $ 2,853,286  
                 

Total Tax-Exempt Municipal Securities — 156.4%
(identified cost $113,196,733)

 

  $ 124,381,396  
                 
Taxable Municipal Securities — 1.9%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 1.9%

 

New York Dormitory Authority, (New York University), 3.998%, 7/1/39(3)

  $ 1,500     $ 1,525,845  
                 

Total Taxable Municipal Securities — 1.9%
(identified cost $1,523,250)

 

  $ 1,525,845  
                 
 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Corporate Bonds & Notes — 2.3%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 2.3%

 

NYU Hospitals Center, 4.168%, 7/1/37

  $ 1,500     $ 1,528,371  

NYU Hospitals Center, 4.368%, 7/1/47

    315       323,990  
                 

Total Corporate Bonds & Notes — 2.3%
(identified cost $1,836,193)

 

  $ 1,852,361  
                 
Miscellaneous — 0.9%  
   
Security   Units     Value  

Real Estate — 0.9%

 

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

    257     $ 691,928  
                 

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

 

  $ 691,928  
                 

Total Investments — 161.5%
(identified cost $117,378,576)

 

  $ 128,451,530  
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.2)%

 

  $ (4,125,901
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (37.0)%

 

  $ (29,445,804
                 

Other Assets, Less Liabilities — (19.3)%

 

  $ (15,360,771
                 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 79,519,054  
                 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 11.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 3.2% of total investments.

 

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

 

(2)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2017, the aggregate value of these securities is $6,332,867 or 8.0% of the Trust’s net assets applicable to common shares.

 

(3)  When-issued security.

 

(4)  Non-income producing.

 

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

 

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

Interest Rate Futures

                
U.S. Long Treasury Bond     29        Short        Sep-17      $ (4,409,780    $ (4,460,563    $ (50,783
                                                 $ (50,783

Abbreviations:

 

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

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 153.9%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 1.9%

 

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

  $ 715     $ 833,604  
                 
    $ 833,604  
                 

Education — 18.9%

 

Kent State University, 5.00%, 5/1/30

  $ 450     $ 539,546  

Miami University, 4.00%, 9/1/39

    500       528,000  

Miami University, 5.00%, 9/1/33

    1,000       1,124,660  

Ohio Higher Educational Facility Commission, (Denison University), 5.00%, 11/1/42

    1,050       1,226,012  

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

    285       310,439  

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

    400       438,304  

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

    500       575,625  

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/42

    500       581,815  

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

    1,000       1,059,070  

Ohio State University, 5.00%, 12/1/28

    480       610,022  

Ohio State University, 5.00%, 12/1/30

    545       691,098  

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

    500       554,395  
                 
    $ 8,238,986  
                 

Electric Utilities — 5.0%

 

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

  $ 470     $ 528,059  

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

    765       806,386  

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

    225       260,177  

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

    500       574,590  
                 
    $ 2,169,212  
                 

Escrowed / Prerefunded — 19.6%

 

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

  $ 900     $ 932,967  

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

    1,750       1,891,172  

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

    1,025       1,079,530  
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

 

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

  $ 445     $ 454,367  

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

    155       172,730  

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

    170       189,970  

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

    595       650,234  

Montgomery County, (Catholic Health Initiatives), Prerefunded to 5/1/19, 5.50%, 5/1/34

    175       190,157  

Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.00%, 7/1/44

    155       173,426  

Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.25%, 7/1/44

    850       957,474  

Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40

    350       397,065  

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

    20       25,934  

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

    250       275,010  

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

    1,000       1,145,450  
                 
    $ 8,535,486  
                 

General Obligations — 5.0%

 

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

  $ 335     $ 382,366  

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

    400       459,092  

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

    1,250       1,347,850  
                 
    $ 2,189,308  
                 

Hospital — 20.1%

 

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

  $ 1,075     $ 1,188,423  

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

    560       614,891  

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

    500       548,985  

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

    800       876,544  

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

    250       288,465  

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

    750       855,202  
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

 

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

  $ 315     $ 324,576  

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

    500       544,760  

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

    800       866,384  

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

    325       342,254  

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

    1,000       1,068,870  

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

    205       222,038  

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

    565       645,868  

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

    165       186,574  

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

    90       92,435  

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

    80       86,686  
                 
    $ 8,752,955  
                 

Housing — 5.8%

 

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

  $ 2,500     $ 2,531,325  
                 
    $ 2,531,325  
                 

Industrial Development Revenue — 1.3%

 

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

  $ 555     $ 556,565  
                 
    $ 556,565  
                 

Insured – Education — 4.0%

 

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

  $ 750     $ 820,110  

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

    85       91,096  

Wright State University, (BAM), 5.00%, 5/1/31

    750       828,383  
                 
    $ 1,739,589  
                 

Insured – Electric Utilities — 11.9%

 

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

  $ 710     $ 524,094  

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

    2,000       855,940  

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

    815       677,510  
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities (continued)

 

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

  $ 3,000     $ 2,398,440  

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

    305       330,885  

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

    200       218,344  

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

    155       168,361  
                 
    $ 5,173,574  
                 

Insured – Escrowed / Prerefunded — 18.9%

 

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

  $ 1,000     $ 1,082,160  

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

    500       530,925  

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

    915       987,157  

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

    425       458,516  

Miami University, (AMBAC), Prerefunded to 9/1/17, 3.25%, 9/1/26

    580       583,445  

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

    1,750       1,864,467  

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

    510       531,267  

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

    150       156,240  

University of Akron, Series 2008A, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    1,500       1,536,495  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    180       184,412  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    320       327,786  
                 
    $ 8,242,870  
                 

Insured – General Obligations — 8.2%

 

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

  $ 555     $ 612,198  

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

    2,455       1,685,898  

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

    1,000       1,270,180  
                 
    $ 3,568,276  
                 

Insured – Hospital — 4.6%

 

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

  $ 1,940     $ 1,994,883  
                 
    $ 1,994,883  
                 
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 0.2%

 

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

  $ 540     $ 109,382  
                 
    $ 109,382  
                 

Insured – Transportation — 9.0%

 

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

  $ 600     $ 667,866  

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

    140       155,816  

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

    1,000       1,220,070  

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

    1,000       1,274,700  

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

    590       627,370  
                 
    $ 3,945,822  
                 

Insured – Water and Sewer — 1.5%

 

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

  $ 665     $ 681,352  
                 
    $ 681,352  
                 

Other Revenue — 3.5%

 

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

  $ 1,000     $ 1,014,360  

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

    445       505,262  
                 
    $ 1,519,622  
                 

Senior Living / Life Care — 3.9%

 

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

  $ 650     $ 707,258  

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

    375       405,863  

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

    230       256,135  

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

    275       318,912  
                 
    $ 1,688,168  
                 

Special Tax Revenue — 7.4%

 

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

  $ 250     $ 285,578  

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

    500       571,155  
Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue (continued)

 

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

  $ 180     $ 214,450  

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

    290       345,065  

Hamilton County, Sales Tax Revenue, 5.00%, 12/1/29

    1,500       1,820,415  
                 
    $ 3,236,663  
                 

Transportation — 0.6%

 

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

  $ 690     $ 250,235  
                 
    $ 250,235  
                 

Water and Sewer — 2.6%

 

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

  $ 500     $ 576,185  

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

    500       568,170  
                 
    $ 1,144,355  
                 

Total Tax-Exempt Investments — 153.9%
(identified cost $61,104,464)

 

  $ 67,102,232  
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (9.9)%

 

  $ (4,325,155
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (42.0)%

 

  $ (18,293,556
                 

Other Assets, Less Liabilities — (2.0)%

 

  $ (883,543
                 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 43,599,978  
                 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 37.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 16.0% of total investments.

 

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

 

Abbreviations:

 

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

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 156.2%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.4%

 

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

  $ 378     $ 150,652  
                 
    $ 150,652  
                 

Education — 29.4%

 

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

  $ 500     $ 535,010  

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

    1,200       1,276,884  

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

    1,000       1,040,260  

Lehigh County General Purpose Authority, (Muhlenberg College), 5.00%, 2/1/32

    830       975,217  

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

    750       876,975  

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

    45       52,256  

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

    65       75,982  

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

    140       164,384  

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

    90       104,873  

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

    130       148,493  

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

    110       124,912  

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

    205       226,543  

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

    625       715,731  

Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/34

    470       541,069  

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

    440       483,525  

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

    600       665,550  

Pennsylvania State University, 5.00%, 9/1/34

    750       894,397  

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

    750       843,938  

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

    250       294,915  

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

    575       628,768  
                 
    $ 10,669,682  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded — 20.7%

 

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

  $ 1,050     $ 1,221,234  

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

    395       428,670  

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

    315       330,633  

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

    220       230,919  

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

    435       456,698  

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

    360       395,932  

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

    500       539,500  

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), Prerefunded to 3/1/20, 5.00%, 3/1/40

    625       692,281  

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

    750       785,775  

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

    420       456,380  

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

    65       70,630  

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

    495       568,354  

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

    15       15,948  

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

    985       1,047,282  

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

    235       265,644  
                 
    $ 7,505,880  
                 

General Obligations — 8.7%

 

Chester County, 4.00%, 7/15/29

  $ 750     $ 857,850  

Chester County, 5.00%, 7/15/27

    105       113,743  

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

    30       31,310  

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

    1,000       1,280,960  

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

    750       855,097  
                 
    $ 3,138,960  
                 

Hospital — 21.1%

 

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

  $ 500     $ 541,740  

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

    750       808,875  

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

    390       427,545  
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

 

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

  $ 500     $ 515,300  

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

    235       243,885  

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

    750       817,230  

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

    1,095       1,214,760  

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

    500       566,160  

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

    250       274,333  

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

    675       730,201  

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

    250       283,500  

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

    1,085       1,218,911  
                 
    $ 7,642,440  
                 

Housing — 1.3%

 

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

  $ 175     $ 184,798  

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

    265       265,536  
                 
    $ 450,334  
                 

Industrial Development Revenue — 9.5%

 

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

  $ 750     $ 756,120  

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

    200       217,702  

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

    750       778,162  

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

    250       270,845  

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

    1,115       1,405,759  
                 
    $ 3,428,588  
                 

Insured – Education — 3.6%

 

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

  $ 375     $ 387,941  
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Education (continued)

 

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

  $ 875     $ 905,197  
                 
    $ 1,293,138  
                 

Insured – Electric Utilities — 3.2%

 

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

  $ 1,080     $ 1,173,096  
                 
    $ 1,173,096  
                 

Insured – Escrowed / Prerefunded — 17.8%

 

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

  $ 475     $ 485,303  

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

    750       832,237  

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

    1,440       1,517,429  

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

    500       519,495  

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

    1,105       1,124,271  

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

    2,000       1,951,340  
                 
    $ 6,430,075  
                 

Insured – General Obligations — 3.2%

 

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

  $ 25     $ 25,542  

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

    750       852,383  

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

    250       283,475  
                 
    $ 1,161,400  
                 

Insured – Hospital — 0.9%

 

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

  $ 250     $ 317,345  
                 
    $ 317,345  
                 

Insured – Lease Revenue / Certificates of Participation — 4.8%

 

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

  $ 500     $ 532,295  

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

    1,195       1,217,370  
                 
    $ 1,749,665  
                 
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue — 2.5%

 

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

  $ 610     $ 669,725  

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

    1,235       250,162  
                 
    $ 919,887  
                 

Insured – Transportation — 9.6%

 

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

  $ 525     $ 526,738  

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

    1,005       1,008,578  

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

    1,800       1,955,412  
                 
    $ 3,490,728  
                 

Insured – Water and Sewer — 1.5%

 

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

  $ 500     $ 553,315  
                 
    $ 553,315  
                 

Senior Living / Life Care — 0.3%

 

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

  $ 100     $ 110,559  
                 
    $ 110,559  
                 

Transportation — 12.2%

 

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

  $ 465     $ 505,218  

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

    285       309,422  

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

    450       490,680  

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

    515       550,777  

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

    935       1,035,662  

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

    410       461,504  

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

    970       1,072,674  
                 
    $ 4,425,937  
                 

Utilities — 1.1%

 

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

  $ 365     $ 400,741  
                 
    $ 400,741  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 4.4%

 

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

  $ 750     $ 762,052  

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

    750       827,145  
                 
    $ 1,589,197  
                 

Total Tax-Exempt Municipal Securities — 156.2%
(identified cost $52,904,734)

 

  $ 56,601,619  
                 
Taxable Municipal Securities — 0.0%(3)  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.0%(3)

 

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

  $ 37     $ 14,699  
                 

Total Taxable Municipal Securities — 0.0%(3)
(identified cost $36,894)

 

  $ 14,699  
                 

Total Investments — 156.2%
(identified cost $52,941,628)

 

  $ 56,616,318  
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (11.6)%

 

  $ (4,200,094
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (46.6)%

 

  $ (16,874,800
                 

Other Assets, Less Liabilities — 2.0%

 

  $ 702,497  
                 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 36,243,921  
                 

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

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2017, 30.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 14.6% of total investments.

 

(1)  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

(2)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2017, the aggregate value of
  these securities is $756,120 or 2.1% of the Trust’s net assets applicable to common shares.

 

(3)  Amount is less than 0.05%.
 

 

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

Interest Rate Futures

                
U.S. Long Treasury Bond     10        Short        Sep-17      $ (1,520,614    $ (1,538,125    $ (17,511
                                                 $ (17,511

Abbreviations:

 

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

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Assets and Liabilities (Unaudited)

 

 

    May 31, 2017  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 145,629,665     $ 56,619,293     $ 45,915,352     $ 95,599,338  

Unrealized appreciation

    11,461,077       4,888,214       3,100,157       5,801,108  

Investments, at value

  $ 157,090,742     $ 61,507,507     $ 49,015,509     $ 101,400,446  

Cash

  $     $ 92,452     $     $  

Restricted cash*

    150,900       80,500             105,000  

Interest receivable

    1,589,874       751,322       527,638       1,465,629  

Receivable for investments sold

    591,959                    

Total assets

  $ 159,423,475     $ 62,431,781     $ 49,543,147     $ 102,971,075  
Liabilities                                

Payable for floating rate notes issued (net of unamortized deferred debt issuance costs of $19,831, $0, $0 and $0, respectively)

  $ 7,315,169     $ 910,000     $     $ 5,330,000  

Institutional MuniFund Term Preferred Shares, at liquidation value (net of unamortized deferred offering costs of $229,814, $98,386, $95,691 and $151,965, respectively)

    46,745,186       16,701,614       16,754,309       28,848,035  

Payable for when-issued securities

                1,715,445       544,995  

Payable for variation margin on open financial futures contracts

    19,844       11,500             15,000  

Due to custodian

    108,021             63,711       306,774  

Payable to affiliates:

       

Investment adviser fee

    78,745       21,013       23,320       49,535  

Administration fee

    27,153       10,507       8,041       17,081  

Trustees’ fees

    1,653       697       550       1,077  

Interest expense and fees payable

    16,846       3,498             12,202  

Accrued expenses

    37,942       24,196       21,934       32,848  

Total liabilities

  $ 54,350,559     $ 17,683,025     $ 18,587,310     $ 35,157,547  

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 3,000,099     $ 3,250,072     $ 650,114     $ 4,425,010  

Net assets applicable to common shares

  $ 102,072,817     $ 41,498,684     $ 30,305,723     $ 63,388,518  
Sources of Net Assets                                

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

  $ 72,546     $ 27,370     $ 20,130     $ 45,982  

Additional paid-in capital

    100,138,078       39,551,836       27,977,497       67,282,715  

Accumulated net realized loss

    (9,589,859     (3,068,220     (858,197     (9,806,150

Accumulated undistributed net investment income

    69,123       139,760       66,136       117,397  

Net unrealized appreciation

    11,382,929       4,847,938       3,100,157       5,748,574  

Net assets applicable to common shares

  $ 102,072,817     $ 41,498,684     $ 30,305,723     $ 63,388,518  
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    120       130       26       177  
Institutional MuniFund Term Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,879       672       674       1,160  
Common Shares Outstanding     7,254,575       2,737,021       2,012,994       4,598,158  
Net Asset Value Per Common Share                                

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

  $ 14.07     $ 15.16     $ 15.06     $ 13.79  

 

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

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    May 31, 2017  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 117,378,576     $ 61,104,464     $ 52,941,628  

Unrealized appreciation

    11,072,954       5,997,768       3,674,690  

Investments, at value

  $ 128,451,530     $ 67,102,232     $ 56,616,318  

Cash

  $ 28,170     $     $  

Restricted cash*

    101,500             35,000  

Interest receivable

    1,463,711       938,237       799,419  

Receivable for investments sold

    2,559,021              

Total assets

  $ 132,603,932     $ 68,040,469     $ 57,450,737  
Liabilities                        

Payable for floating rate notes issued

  $ 16,210,000     $ 1,455,000     $  

Institutional MuniFund Term Preferred Shares, at liquidation value (net of unamortized deferred offering costs of $154,196, $106,444 and $100,200, respectively)

    29,445,804       18,293,556       16,874,800  

Payable for when-issued securities

    3,114,137              

Payable for variation margin on open financial futures contracts

    14,500             5,000  

Due to custodian

          290,541       63,540  

Payable to affiliates:

     

Investment adviser fee

    60,685       32,793       28,113  

Administration fee

    20,926       11,308       9,694  

Trustees’ fees

    1,297       740       647  

Interest expense and fees payable

    56,898       7,840        

Accrued expenses

    34,730       23,558       24,928  

Total liabilities

  $ 48,958,977     $ 20,115,336     $ 17,006,722  

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 4,125,901     $ 4,325,155     $ 4,200,094  

Net assets applicable to common shares

  $ 79,519,054     $ 43,599,978     $ 36,243,921  
Sources of Net Assets                        

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

  $ 54,758     $ 28,572     $ 26,010  

Additional paid-in capital

    78,289,682       39,603,459       36,158,296  

Accumulated net realized loss

    (9,940,714     (2,194,838     (3,668,130

Accumulated undistributed net investment income

    93,157       165,017       70,566  

Net unrealized appreciation

    11,022,171       5,997,768       3,657,179  

Net assets applicable to common shares

  $ 79,519,054     $ 43,599,978     $ 36,243,921  
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    165       173       168  
Institutional MuniFund Term Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,184       736       679  
Common Shares Outstanding     5,475,751       2,857,157       2,601,014  
Net Asset Value Per Common Share                        

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

  $ 14.52     $ 15.26     $ 13.93  

 

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

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended May 31, 2017  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 3,297,526     $ 1,273,674     $ 976,463     $ 2,217,831  

Total investment income

  $ 3,297,526     $ 1,273,674     $ 976,463     $ 2,217,831  
Expenses                                

Investment adviser fee

  $ 469,493     $ 123,078     $ 139,034     $ 295,750  

Administration fee

    158,497       61,539       46,937       99,843  

Trustees’ fees and expenses

    5,085       2,135       1,688       3,328  

Custodian fee

    28,155       15,206       13,224       19,679  

Transfer and dividend disbursing agent fees

    9,033       9,033       9,033       9,028  

Legal and accounting services

    28,312       20,444       18,481       23,540  

Printing and postage

    6,824       4,173       4,235       5,124  

Interest expense and fees

    667,621       219,904       210,409       399,217  

Auction preferred shares service fee

    1,185       1,285       257       1,749  

Miscellaneous

    37,863       32,722       32,044       34,440  

Total expenses

  $ 1,412,068     $ 489,519     $ 475,342     $ 891,698  

Net investment income

  $ 1,885,458     $ 784,155     $ 501,121     $ 1,326,133  
Realized and Unrealized Gain (Loss)                                

Net realized gain (loss) —

       

Investment transactions

  $ (19,752   $ (196,462   $ (10,781   $ 34,346  

Financial futures contracts

    (131,017     (57,508           (75,011

Net realized loss

  $ (150,769   $ (253,970   $ (10,781   $ (40,665

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 3,728,345     $ 1,905,138     $ 1,116,192     $ 1,732,841  

Financial futures contracts

    (115,731     (59,092           (77,076

Net change in unrealized appreciation (depreciation)

  $ 3,612,614     $ 1,846,046     $ 1,116,192     $ 1,655,765  

Net realized and unrealized gain

  $ 3,461,845     $ 1,592,076     $ 1,105,411     $ 1,615,100  

Distributions to auction preferred shareholders

                               

From net investment income

  $ (18,969   $ (20,160   $ (4,086   $ (27,146

Net increase in net assets from operations

  $ 5,328,334     $ 2,356,071     $ 1,602,446     $ 2,914,087  

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended May 31, 2017  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 2,766,309     $ 1,416,664     $ 1,252,296  

Total investment income

  $ 2,766,309     $ 1,416,664     $ 1,252,296  
Expenses                        

Investment adviser fee

  $ 361,864     $ 195,912     $ 167,994  

Administration fee

    122,162       66,138       56,713  

Trustees’ fees and expenses

    3,985       2,280       1,985  

Custodian fee

    23,259       15,197       13,980  

Transfer and dividend disbursing agent fees

    9,033       9,033       9,028  

Legal and accounting services

    25,485       19,026       19,704  

Printing and postage

    5,914       4,477       4,046  

Interest expense and fees

    478,059       244,115       210,625  

Auction preferred shares service fee

    1,631       1,709       1,660  

Miscellaneous

    35,631       34,565       33,830  

Total expenses

  $ 1,067,023     $ 592,452     $ 519,565  

Net investment income

  $ 1,699,286     $ 824,212     $ 732,731  
Realized and Unrealized Gain (Loss)                        

Net realized gain (loss) —

     

Investment transactions

  $ (136,738   $ 58,110     $ (37,435

Financial futures contracts

    (72,511           (25,004

Net realized gain (loss)

  $ (209,249   $ 58,110     $ (62,439

Change in unrealized appreciation (depreciation) —

     

Investments

  $ 2,610,032     $ 1,178,507     $ 696,906  

Financial futures contracts

    (74,507           (25,692

Net change in unrealized appreciation (depreciation)

  $ 2,535,525     $ 1,178,507     $ 671,214  

Net realized and unrealized gain

  $ 2,326,276     $ 1,236,617     $ 608,775  

Distributions to auction preferred shareholders

                       

From net investment income

  $ (25,537   $ (26,855   $ (26,053

Net increase in net assets from operations

  $ 4,000,025     $ 2,033,974     $ 1,315,453  

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Changes in Net Assets

 

 

    Six Months Ended May 31, 2017 (Unaudited)  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 1,885,458     $ 784,155     $ 501,121     $ 1,326,133  

Net realized loss from investment transactions and financial futures contracts

    (150,769     (253,970     (10,781     (40,665

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    3,612,614       1,846,046       1,116,192       1,655,765  

Distributions to auction preferred shareholders —

       

From net investment income

    (18,969     (20,160     (4,086     (27,146

Net increase in net assets from operations

  $ 5,328,334     $ 2,356,071     $ 1,602,446     $ 2,914,087  

Distributions to common shareholders —

       

From net investment income

  $ (1,888,366   $ (719,289   $ (505,463   $ (1,291,163

Total distributions to common shareholders

  $ (1,888,366   $ (719,289   $ (505,463   $ (1,291,163

Net increase in net assets

  $ 3,439,968     $ 1,636,782     $ 1,096,983     $ 1,622,924  
Net Assets Applicable to Common Shares                                

At beginning of period

  $ 98,632,849     $ 39,861,902     $ 29,208,740     $ 61,765,594  

At end of period

  $ 102,072,817     $ 41,498,684     $ 30,305,723     $ 63,388,518  
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of period

  $ 69,123     $ 139,760     $ 66,136     $ 117,397  

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended May 31, 2017 (Unaudited)  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 1,699,286     $ 824,212     $ 732,731  

Net realized gain (loss) from investment transactions and financial futures contracts

    (209,249     58,110       (62,439

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    2,535,525       1,178,507       671,214  

Distributions to auction preferred shareholders —

     

From net investment income

    (25,537     (26,855     (26,053

Net increase in net assets from operations

  $ 4,000,025     $ 2,033,974     $ 1,315,453  

Distributions to common shareholders —

     

From net investment income

  $ (1,670,652   $ (872,576   $ (687,968

Total distributions to common shareholders

  $ (1,670,652   $ (872,576   $ (687,968

Net increase in net assets

  $ 2,329,373     $ 1,161,398     $ 627,485  
Net Assets Applicable to Common Shares                        

At beginning of period

  $ 77,189,681     $ 42,438,580     $ 35,616,436  

At end of period

  $ 79,519,054     $ 43,599,978     $ 36,243,921  
Accumulated undistributed net investment income
included in net assets applicable to common shares
                       

At end of period

  $ 93,157     $ 165,017     $ 70,566  

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2016  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 4,253,334     $ 1,565,863     $ 1,167,069     $ 2,921,349  

Net realized gain from investment transactions, extinguishment of debt and financial futures contracts

    481,808       65,132       133,431       191,541  

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (5,485,413     (2,354,034     (1,258,353     (3,100,358

Distributions to auction preferred shareholders —

       

From net investment income

    (61,878     (36,943     (19,799     (55,468

Discount on redemption and repurchase of auction preferred shares

    2,113,875       756,000       758,250       1,305,000  

Net increase (decrease) in net assets from operations

  $ 1,301,726     $ (3,982   $ 780,598     $ 1,262,064  

Distributions to common shareholders —

       

From net investment income

  $ (4,400,974   $ (1,612,281   $ (1,249,135   $ (2,941,295

Total distributions to common shareholders

  $ (4,400,974   $ (1,612,281   $ (1,249,135   $ (2,941,295

Net decrease in net assets

  $ (3,099,248   $ (1,616,263   $ (468,537   $ (1,679,231
Net Assets Applicable to Common Shares                                

At beginning of year

  $ 101,732,097     $ 41,478,165     $ 29,677,277     $ 63,444,825  

At end of year

  $ 98,632,849     $ 39,861,902     $ 29,208,740     $ 61,765,594  
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of year

  $ 91,000     $ 95,054     $ 74,564     $ 109,573  

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2016  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 3,642,755     $ 1,856,911     $ 1,614,407  

Net realized gain from investment transactions and financial futures contracts

    70,655       352,619       122,890  

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (3,672,486     (2,023,226     (1,346,307

Distributions to auction preferred shareholders —

     

From net investment income

    (54,888     (46,115     (43,467

Discount on redemption and repurchase of auction preferred shares

    1,332,000       828,000       763,875  

Net increase in net assets from operations

  $ 1,318,036     $ 968,189     $ 1,111,398  

Distributions to common shareholders —

     

From net investment income

  $ (3,651,943   $ (1,974,158   $ (1,621,035

Total distributions to common shareholders

  $ (3,651,943   $ (1,974,158   $ (1,621,035

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 6,051     $     $  

Net increase in net assets from capital share transactions

  $ 6,051     $     $  

Net decrease in net assets

  $ (2,327,856   $ (1,005,969   $ (509,637
Net Assets Applicable to Common Shares                        

At beginning of year

  $ 79,517,537     $ 43,444,549     $ 36,126,073  

At end of year

  $ 77,189,681     $ 42,438,580     $ 35,616,436  
Accumulated undistributed net investment income
included in net assets applicable to common shares
                       

At end of year

  $ 90,060     $ 240,236     $ 51,856  

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Cash Flows (Unaudited)

 

 

    Six Months Ended May 31, 2017  
Cash Flows From Operating Activities   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Net increase in net assets from operations

  $ 5,328,334     $ 2,356,071     $ 1,602,446     $ 2,914,087  

Distributions to auction preferred shareholders

    18,969       20,160       4,086       27,146  

Net increase in net assets from operations excluding distributions to auction preferred shareholders

  $ 5,347,303     $ 2,376,231     $ 1,606,532     $ 2,941,233  

Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:

       

Investments purchased

    (14,990,223     (4,984,643     (4,922,498     (6,110,426

Investments sold

    18,144,206       5,844,234       3,806,210       5,275,980  

Net amortization/accretion of premium (discount)

    (91,657     36,304       82,079       (77,236

Amortization of deferred debt issuance costs

    661                    

Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares

    50,771       21,736       21,139       33,571  

Decrease in restricted cash

    32,100       21,500             27,000  

Decrease (increase) in interest receivable

    139,749       34,167       (10,259     62  

Decrease in receivable for variation margin on open financial futures contracts

    66,053       34,500             45,000  

Increase in payable for variation margin on open financial futures contracts

    19,844       11,500             15,000  

Increase (decrease) in payable to affiliate for investment adviser fee

    (164     313       13       (317

Increase in payable to affiliate for administration fee

    629       157       207       324  

Increase in payable to affiliate for Trustees’ fees

    123       45       40       100  

Increase (decrease) in interest expense and fees payable

    (1,162     (3,620     (135     1,317  

Decrease in accrued expenses

    (47,543     (33,588     (31,601     (39,921

Net change in unrealized (appreciation) depreciation from investments

    (3,728,345     (1,905,138     (1,116,192     (1,732,841

Net realized (gain) loss from investments

    19,752       196,462       10,781       (34,346

Net cash provided by (used in) operating activities

  $ 4,962,097     $ 1,650,160     $ (553,684   $ 344,500  
Cash Flows From Financing Activities                                

Distributions paid to common shareholders, net of reinvestments

  $ (1,888,366   $ (719,289   $ (505,463   $ (1,291,163

Cash distributions paid to auction preferred shareholders

    (18,988     (20,096     (4,021     (27,309

Repayment of secured borrowings

    (4,500,000     (1,005,000            

Increase in due to custodian

    108,021             63,711       306,774  

Net cash used in financing activities

  $ (6,299,333   $ (1,744,385   $ (445,773   $ (1,011,698

Net decrease in cash

  $ (1,337,236   $ (94,225   $ (999,457   $ (667,198

Cash at beginning of period

  $ 1,337,236     $ 186,677     $ 999,457     $ 667,198  

Cash at end of period

  $     $ 92,452     $     $  
Supplemental disclosure of cash flow information:                                

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 617,351     $ 201,788     $ 189,405     $ 364,329  

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Statements of Cash Flows (Unaudited) — continued

 

 

    Six Months Ended May 31, 2017  
Cash Flows From Operating Activities   New York Trust     Ohio Trust     Pennsylvania Trust  

Net increase in net assets from operations

  $ 4,000,025     $ 2,033,974     $ 1,315,453  

Distributions to auction preferred shareholders

    25,537       26,855       26,053  

Net increase in net assets from operations excluding distributions to auction preferred shareholders

  $ 4,025,562     $ 2,060,829     $ 1,341,506  

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

     

Investments purchased

    (9,656,269     (4,378,413     (2,361,459

Investments sold

    9,540,133       3,822,658       2,308,014  

Net amortization/accretion of premium (discount)

    (9,938     (47,496     23,242  

Amortization of deferred offering costs on Institutional MuniFund Term Preferred Shares

    34,067       23,516       22,137  

Decrease in restricted cash

    26,750             9,000  

Decrease in interest receivable

    27,152       15,788       13,399  

Decrease in receivable for variation margin on open financial futures contracts

    43,500             15,000  

Increase in payable for variation margin on open financial futures contracts

    14,500             5,000  

Decrease in payable to affiliate for investment adviser fee

    (100     (120     (129

Increase in payable to affiliate for administration fee

    494       245       201  

Increase in payable to affiliate for Trustees’ fees

    97       58       45  

Increase (decrease) in interest expense and fees payable

    7,947       290       (136

Decrease in accrued expenses

    (41,869     (33,379     (34,937

Net change in unrealized (appreciation) depreciation from investments

    (2,610,032     (1,178,507     (696,906

Net realized (gain) loss from investments

    136,738       (58,110     37,435  

Net cash provided by operating activities

  $ 1,538,732     $ 227,359     $ 681,412  
Cash Flows From Financing Activities                        

Distributions paid to common shareholders, net of reinvestments

  $ (1,670,652   $ (872,576   $ (687,968

Cash distributions paid to auction preferred shareholders

    (25,280     (26,812     (25,969

Increase in due to custodian

          290,541       32,525  

Net cash used in financing activities

  $ (1,695,932   $ (608,847   $ (681,412

Net decrease in cash

  $ (157,200   $ (381,488   $  

Cash at beginning of period

  $ 185,370     $ 381,488     $  

Cash at end of period

  $ 28,170     $     $  
Supplemental disclosure of cash flow information:                        

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 436,045     $ 220,309     $ 188,624  

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 13.600     $ 14.020     $ 14.080     $ 12.580     $ 14.660     $ 12.410  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.260     $ 0.586     $ 0.737     $ 0.756     $ 0.756     $ 0.791  

Net realized and unrealized gain (loss)

    0.473       (0.681     (0.057     1.507       (2.028     2.316  

Distributions to APS shareholders

           

From net investment income(1)

    (0.003     (0.009     (0.009     (0.007     (0.012     (0.018

Discount on redemption and repurchase of APS(1)

          0.291                          

Total income (loss) from operations

  $ 0.730     $ 0.187     $ 0.671     $ 2.256     $ (1.284   $ 3.089  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.260   $ (0.607   $ (0.731   $ (0.757   $ (0.796   $ (0.839

Total distributions to common shareholders

  $ (0.260   $ (0.607   $ (0.731   $ (0.757   $ (0.796   $ (0.839

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $     $     $     $ 0.001     $     $  

Net asset value — End of period (Common shares)

  $ 14.070     $ 13.600     $ 14.020     $ 14.080     $ 12.580     $ 14.660  

Market value — End of period (Common shares)

  $ 12.600     $ 12.260     $ 12.900     $ 12.670     $ 11.060     $ 14.680  

Total Investment Return on Net Asset Value(2)

    5.64 %(3)      1.38 %(4)      5.28     19.06     (8.69 )%      25.59

Total Investment Return on Market Value(2)

    4.95 %(3)      (0.68 )%      7.65     21.86     (19.84 )%      22.22

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 102,073     $ 98,633     $ 101,732     $ 102,129     $ 91,333     $ 106,367  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.49 %(7)      1.50     1.54     1.60     1.66     1.66

Interest and fee expense(8)

    1.34 %(7)      0.87     0.08     0.09     0.10     0.11

Total expenses(6)

    2.83 %(7)      2.37     1.62     1.69     1.76     1.77

Net investment income

    3.78 %(7)      4.05     5.26     5.64     5.64     5.77

Portfolio Turnover

    9 %(3)      12     9     11     8     17

Senior Securities:

           

Total preferred shares outstanding(9)

    1,999       1,999       1,999       1,999       1,999       1,999  

Asset coverage per preferred share(10)

  $ 76,062     $ 74,341     $ 75,892     $ 76,091     $ 70,690     $ 78,210  

Involuntary liquidation preference per preferred
share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred
share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.80)%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.00     1.01     1.04     1.06     1.09     1.11

Interest and fee expense

    0.89     0.59     0.05     0.06     0.07     0.07

Total expenses

    1.89     1.60     1.09     1.12     1.16     1.18

Net investment income

    2.52     2.74     3.53     3.73     3.73     3.84

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 14.560     $ 15.150     $ 15.140     $ 13.730     $ 16.200     $ 13.970  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.286     $ 0.572     $ 0.710     $ 0.726     $ 0.750     $ 0.771  

Net realized and unrealized gain (loss)

    0.584       (0.836     (0.008     1.390       (2.432     2.283  

Distributions to APS shareholders

           

From net investment income(1)

    (0.007     (0.013     (0.010     (0.008     (0.012     (0.019

Discount on redemption and repurchase of APS(1)

          0.276                          

Total income (loss) from operations

  $ 0.863     $ (0.001   $ 0.692     $ 2.108     $ (1.694   $ 3.035  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.263   $ (0.589   $ (0.686   $ (0.703   $ (0.776   $ (0.805

Total distributions to common shareholders

  $ (0.263   $ (0.589   $ (0.686   $ (0.703   $ (0.776   $ (0.805

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $     $     $ 0.004     $ 0.005     $     $  

Net asset value — End of period (Common shares)

  $ 15.160     $ 14.560     $ 15.150     $ 15.140     $ 13.730     $ 16.200  

Market value — End of period (Common shares)

  $ 13.580     $ 13.330     $ 14.020     $ 13.310     $ 11.970     $ 16.350  

Total Investment Return on Net Asset Value(2)

    6.18 %(3)      0.05 %(4)      5.21     16.30     (10.34 )%      22.28

Total Investment Return on Market Value(2)

    3.89 %(3)      (1.02 )%      10.75     17.27     (22.55 )%      16.41

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 41,499     $ 39,862     $ 41,478     $ 41,527     $ 37,774     $ 44,549  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.33 %(7)      1.59     1.62     1.68     1.73     1.73

Interest and fee expense(8)

    1.09 %(7)      0.72     0.05     0.05     0.08     0.09

Total expenses(6)

    2.42 %(7)      2.31     1.67     1.73     1.81     1.82

Net investment income

    3.88 %(7)      3.66     4.70     4.96     5.12     5.06

Portfolio Turnover

    8 %(3)      12     10     2     1     11

Senior Securities:

           

Total preferred shares outstanding(9)

    802       802       802       802       802       802  

Asset coverage per preferred share(10)

  $ 76,744     $ 74,703     $ 76,719     $ 76,780     $ 72,100     $ 80,548  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (1.85)%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    0.89     1.09     1.10     1.12     1.16     1.17

Interest and fee expense

    0.73     0.49     0.03     0.04     0.05     0.06

Total expenses

    1.62     1.58     1.13     1.16     1.21     1.23

Net investment income

    2.60     2.49     3.17     3.31     3.42     3.42

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 14.510     $ 14.740     $ 14.640     $ 12.910     $ 15.310     $ 13.400  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.249     $ 0.580     $ 0.752     $ 0.730     $ 0.728     $ 0.760  

Net realized and unrealized gain (loss)

    0.554       (0.556     0.002       1.685       (2.365     1.944  

Distributions to APS shareholders

           

From net investment income(1)

    (0.002     (0.010     (0.012     (0.009     (0.014     (0.021

Discount on redemption and repurchase of APS(1)

          0.377                          

Total income (loss) from operations

  $ 0.801     $ 0.391     $ 0.742     $ 2.406     $ (1.651   $ 2.683  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.251   $ (0.621   $ (0.709   $ (0.709   $ (0.749   $ (0.773

Total distributions to common shareholders

  $ (0.251   $ (0.621   $ (0.709   $ (0.709   $ (0.749   $ (0.773

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $     $     $ 0.067     $ 0.033     $     $  

Net asset value — End of period (Common shares)

  $ 15.060     $ 14.510     $ 14.740     $ 14.640     $ 12.910     $ 15.310  

Market value — End of period (Common shares)

  $ 13.270     $ 12.920     $ 12.730     $ 12.550     $ 11.000     $ 14.690  

Total Investment Return on Net Asset Value(2)

    5.79 %(3)      2.98 %(4)      6.44     20.18     (10.49 )%      20.92

Total Investment Return on Market Value(2)

    4.68 %(3)      6.21     7.19     20.91     (20.51 )%      24.67

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 30,306     $ 29,209     $ 29,677     $ 30,496     $ 27,328     $ 32,391  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.79 %(7)      1.81     1.77     1.87     1.91     1.89

Interest and fee expense

    1.43 %(7)(8)      0.94 %(8)                         

Total expenses(6)

    3.22 %(7)      2.75     1.77     1.87     1.91     1.89

Net investment income

    3.40 %(7)      3.78     5.12     5.24     5.26     5.26

Portfolio Turnover

    6 %(3)      12     4     26     11     14

Senior Securities:

           

Total preferred shares outstanding(9)

    700       700       700       700       700       700  

Asset coverage per preferred share(10)

  $ 68,294     $ 66,727     $ 67,396     $ 68,566     $ 64,040     $ 71,273  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 0.31%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.12     1.16     1.11     1.17     1.20     1.20

Interest and fee expense

    0.90     0.60                        

Total expenses

    2.02     1.76     1.11     1.17     1.20     1.20

Net investment income

    2.13     2.41     3.23     3.29     3.29     3.35

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 13.430     $ 13.800     $ 14.060     $ 12.960     $ 14.790     $ 13.020  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.288     $ 0.635     $ 0.745     $ 0.748     $ 0.762     $ 0.802  

Net realized and unrealized gain (loss)

    0.359       (0.637     (0.293     1.098       (1.792     1.783  

Distributions to APS shareholders

           

From net investment income(1)

    (0.006     (0.012     (0.010     (0.008     (0.012     (0.018

Discount on redemption and repurchase of APS(1)

          0.284                          

Total income (loss) from operations

  $ 0.641     $ 0.270     $ 0.442     $ 1.838     $ (1.042   $ 2.567  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.281   $ (0.640   $ (0.728   $ (0.743   $ (0.788   $ (0.797

Total distributions to common shareholders

  $ (0.281   $ (0.640   $ (0.728   $ (0.743   $ (0.788   $ (0.797

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $     $     $ 0.026     $ 0.005     $     $  

Net asset value — End of period (Common shares)

  $ 13.790     $ 13.430     $ 13.800     $ 14.060     $ 12.960     $ 14.790  

Market value — End of period (Common shares)

  $ 12.250     $ 11.950     $ 12.320     $ 12.300     $ 11.440     $ 16.380  

Total Investment Return on Net Asset Value(2)

    5.08 %(3)      2.13 %(4)      4.08     15.20     (6.96 )%      20.18

Total Investment Return on Market Value(2)

    4.88 %(3)      1.79     6.21     14.17     (25.85 )%      29.62

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 63,389     $ 61,766     $ 63,445     $ 65,624     $ 60,653     $ 69,135  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.59 %(7)      1.60     1.60     1.64     1.70     1.71

Interest and fee expense(8)

    1.29 %(7)      0.82     0.04     0.04     0.08     0.11

Total expenses(6)

    2.88 %(7)      2.42     1.64     1.68     1.78     1.82

Net investment income

    4.28 %(7)      4.46     5.36     5.47     5.55     5.70

Portfolio Turnover

    5 %(3)      9     8     6     16     14

Senior Securities:

           

Total preferred shares outstanding(9)

    1,337       1,337       1,337       1,337       1,337       1,337  

Asset coverage per preferred share(10)

  $ 72,411     $ 71,197     $ 72,453     $ 74,083     $ 70,365     $ 76,709  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.03)%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.03     1.06     1.06     1.07     1.12     1.14

Interest and fee expense

    0.84     0.54     0.02     0.03     0.05     0.07

Total expenses

    1.87     1.60     1.08     1.10     1.17     1.21

Net investment income

    2.78     2.95     3.53     3.59     3.65     3.78

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 14.100     $ 14.520     $ 14.590     $ 13.260     $ 15.540     $ 13.310  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.310     $ 0.665     $ 0.814     $ 0.840     $ 0.845     $ 0.856  

Net realized and unrealized gain (loss)

    0.420       (0.651     (0.063     1.359       (2.232     2.300  

Distributions to APS shareholders

           

From net investment income(1)

    (0.005     (0.010     (0.008     (0.007     (0.010     (0.016

Discount on redemption and repurchase of APS(1)

          0.243                          

Total income (loss) from operations

  $ 0.725     $ 0.247     $ 0.743     $ 2.192     $ (1.397   $ 3.140  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.305   $ (0.667   $ (0.813   $ (0.862   $ (0.883   $ (0.910

Total distributions to common shareholders

  $ (0.305   $ (0.667   $ (0.813   $ (0.862   $ (0.883   $ (0.910

Net asset value — End of period (Common shares)

  $ 14.520     $ 14.100     $ 14.520     $ 14.590     $ 13.260     $ 15.540  

Market value — End of period (Common shares)

  $ 13.150     $ 13.040     $ 13.730     $ 13.730     $ 12.100     $ 16.150  

Total Investment Return on Net Asset Value(2)

    5.42 %(3)      1.69 %(4)      5.63     17.25     (8.99 )%      24.30

Total Investment Return on Market Value(2)

    3.23 %(3)      (0.53 )%      6.13     20.92     (20.09 )%      27.89

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 79,519     $ 77,190     $ 79,518     $ 79,860     $ 72,611     $ 85,001  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.51 %(7)      1.52     1.53     1.60     1.65     1.66

Interest and fee expense(8)

    1.23 %(7)      0.82     0.14     0.15     0.16     0.18

Total expenses(6)

    2.74 %(7)      2.34     1.67     1.75     1.81     1.84

Net investment income

    4.37 %(7)      4.43     5.60     5.96     5.97     5.90

Portfolio Turnover

    8 %(3)      15     7     4     10     17

Senior Securities:

           

Total preferred shares outstanding(9)

    1,349       1,349       1,349       1,349       1,349       1,349  

Asset coverage per preferred share(10)

 

  $ 83,947     $ 82,220     $ 83,946     $ 84,200     $ 78,826     $ 88,010  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.06)%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.05     1.08     1.08     1.11     1.15     1.16

Interest and fee expense

    0.86     0.58     0.10     0.11     0.11     0.13

Total expenses

    1.91     1.66     1.18     1.22     1.26     1.29

Net investment income

    3.05     3.14     3.93     4.15     4.16     4.14

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 14.850     $ 15.210     $ 15.150     $ 13.510     $ 15.850     $ 13.440  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.288     $ 0.650     $ 0.771     $ 0.775     $ 0.764     $ 0.786  

Net realized and unrealized gain (loss)

    0.436       (0.593     0.031       1.605       (2.352     2.475  

Distributions to APS shareholders

           

From net investment income(1)

    (0.009     (0.016     (0.011     (0.009     (0.013     (0.020

Discount on redemption and repurchase of APS(1)

          0.290                          

Total income (loss) from operations

  $ 0.715     $ 0.331     $ 0.791     $ 2.371     $ (1.601   $ 3.241  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.305   $ (0.691   $ (0.731   $ (0.731   $ (0.739   $ (0.831

Total distributions to common shareholders

  $ (0.305   $ (0.691   $ (0.731   $ (0.731   $ (0.739   $ (0.831

Net asset value — End of period (Common shares)

  $ 15.260     $ 14.850     $ 15.210     $ 15.150     $ 13.510     $ 15.850  

Market value — End of period (Common shares)

  $ 13.780     $ 13.580     $ 13.700     $ 13.620     $ 11.840     $ 16.800  

Total Investment Return on Net Asset Value(2)

    5.04 %(3)      2.26 %(4)      5.91     18.49     (10.01 )%      24.71

Total Investment Return on Market Value(2)

    3.73 %(3)      3.83     6.11     21.55     (25.59 )%      33.34

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 43,600     $ 42,439     $ 43,445     $ 43,287     $ 38,588     $ 45,284  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.63 %(7)      1.63     1.61     1.70     1.76     1.76

Interest and fee expense

    1.14 %(7)(8)      0.73 %(8)                         

Total expenses(6)

    2.77 %(7)      2.36     1.61     1.70     1.76     1.76

Net investment income

    3.86 %(7)      4.12     5.09     5.36     5.33     5.31

Portfolio Turnover

    4 %(3)      5     1     9     10     11

Senior Securities:

           

Total preferred shares outstanding(9)

    909       909       909       909       909       909  

Asset coverage per preferred share(10)

  $ 72,965     $ 71,687     $ 72,795     $ 72,621     $ 67,451     $ 74,818  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 0.27%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.06     1.09     1.06     1.10     1.13     1.15

Interest and fee expense

    0.75     0.48                        

Total expenses

    1.81     1.57     1.06     1.10     1.13     1.15

Net investment income

    2.52     2.74     3.34     3.46     3.43     3.45

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period (Common shares)

  $ 13.690     $ 13.890     $ 13.910     $ 12.770     $ 14.780     $ 13.250  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.282     $ 0.621     $ 0.752     $ 0.755     $ 0.750     $ 0.786  

Net realized and unrealized gain (loss)

    0.233       (0.475     (0.099     1.143       (1.960     1.591  

Distributions to APS shareholders

           

From net investment income(1)

    (0.010     (0.017     (0.011     (0.008     (0.013     (0.020

Discount on redemption and repurchase of APS(1)

          0.294                          

Total income (loss) from operations

  $ 0.505     $ 0.423     $ 0.642     $ 1.890     $ (1.223   $ 2.357  
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.265   $ (0.623   $ (0.727   $ (0.764   $ (0.787   $ (0.827

Total distributions to common shareholders

  $ (0.265   $ (0.623   $ (0.727   $ (0.764   $ (0.787   $ (0.827

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $     $     $ 0.065     $ 0.014     $     $  

Net asset value — End of period (Common shares)

  $ 13.930     $ 13.690     $ 13.890     $ 13.910     $ 12.770     $ 14.780  

Market value — End of period (Common shares)

  $ 12.260     $ 12.280     $ 12.040     $ 12.050     $ 10.950     $ 15.100  

Total Investment Return on Net Asset Value(2)

    3.98 %(3)      3.46 %(4)      6.02     16.07     (8.07 )%      18.20

Total Investment Return on Market Value(2)

    2.03 %(3)      7.06     6.08     17.26     (22.84 )%      17.23

 

  57   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
   

Six Months Ended

May 31, 2017
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2016     2015     2014     2013     2012  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 36,244     $ 35,616     $ 36,126     $ 37,532     $ 34,736     $ 40,188  

Ratios (as a percentage of average daily net assets applicable to common shares):(5)

           

Expenses excluding interest and fees(6)

    1.74 %(7)      1.77     1.76     1.79     1.85     1.85

Interest and fee expense(8)

    1.18 %(7)      0.80     0.01     0.04     0.05     0.04

Total expenses(6)

    2.92 %(7)      2.57     1.77     1.83     1.90     1.89

Net investment income

    4.12 %(7)      4.34     5.42     5.61     5.53     5.57

Portfolio Turnover

    4 %(3)      9     3     4     11     15

Senior Securities:

           

Total preferred shares outstanding(9)

    847       847       847       847       847       847  

Asset coverage per preferred share(10)

  $ 67,791     $ 67,050     $ 67,653     $ 69,312     $ 66,011     $ 72,448  

Involuntary liquidation preference per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

Approximate market value per preferred share(11)

  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000  

 

  (1) Computed using average common shares outstanding.

 

  (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

  (3) Not annualized.

 

  (4) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 1.24%.

 

  (5) Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

  (7) Annualized.

 

  (8) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and iMTP Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9) Preferred shares represent iMTP Shares and APS as of May 31, 2017 and November 30, 2016 and APS as of November 30, 2015, 2014, 2013 and 2012.

 

(10)  Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11)  Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares (iMTP Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2017
(Unaudited)
    Year Ended November 30,  
      2016     2015     2014     2013     2012  

Expenses excluding interest and fees

    1.09     1.13     1.11     1.14     1.18     1.20

Interest and fee expense

    0.74     0.51     0.01     0.02     0.03     0.02

Total expenses

    1.83     1.64     1.12     1.16     1.21     1.22

Net investment income

    2.58     2.77     3.44     3.55     3.51     3.59

 

APS     Auction Preferred Shares
iMTP Shares     Institutional MuniFund Term Preferred Shares

 

  58   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. The Trusts’ investment objective is to provide current income exempt from regular federal income tax and taxes in its specified state.

The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that a Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of May 31, 2017, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust

 

  59  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

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.

G  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes (net of unamortized deferred debt issuance costs) as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2017. Interest expense related to a Trust’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At May 31, 2017, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

 

     California
Trust
    Massachusetts
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

 

Floating Rate Notes Outstanding

  $ 7,335,000     $ 910,000     $ 5,330,000     $ 16,210,000     $ 1,455,000  

Interest Rate or Range of Interest Rates (%)

    0.80 - 0.82       0.91       0.81       0.80 - 0.86       1.02  

Collateral for Floating Rate Notes Outstanding

  $ 9,421,599     $ 1,759,976     $ 7,881,194     $ 22,890,766     $ 1,994,883  

For the six months ended May 31, 2017, the Trusts’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

 

      California
Trust
    Massachusetts
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

 

Average Floating Rate Notes Outstanding

   $ 16,240,495     $ 1,257,885     $ 5,330,000     $ 16,210,000     $ 1,455,000  

Average Interest Rate

     0.97     1.45     1.41     1.42     1.57

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of May 31, 2017.

The Trusts may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

 

  60  


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Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, covered funds (such as SPVs), as defined in the rules. The compliance date for the Volcker Rule for certain covered funds was July 21, 2015 while for other covered funds the compliance date is July 21, 2017, as announced on July 7, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs and (ii) continuing relationships with or services for existing residual interest bond programs. All residual interest bonds held by the Trusts during the six months ended May 31, 2017 were Volcker Rule compliant. The effects of the Volcker Rule may make it more difficult for the Trusts to maintain current or desired levels of leverage and may cause the Trusts to incur additional expenses to maintain their leverage.

H  Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

J  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

K  Interim Financial Statements — The interim financial statements relating to May 31, 2017 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

L  New Accounting Pronouncement — During the six months ended May 31, 2017, the Trusts adopted the FASB’s Accounting Standards Update No. 2015-03, which provides guidance to simplify the presentation of debt issuance costs and became effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Pursuant to the new standard, the Trusts are required to present debt issuance costs in their Statement of Assets and Liabilities as a direct deduction from the carrying value of the related debt liability. Prior to the change, such costs were presented by the Trusts as a deferred asset. This change in accounting had no impact on the Trusts’ net assets.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS, with a Trust’s other preferred shares (see Note 3), are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements, as defined in the Trusts’ By-laws and the 1940 Act, with respect to the preferred shares. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

 

  61  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

On December 21, 2015, each Trust announced a tender offer to purchase up to 100% of its outstanding APS at a price per share equal to 95.5% of the APS liquidation preference of $25,000 per share (or $23,875 per share), plus any accrued but unpaid APS dividends. The tender offer expired on February 23, 2016. The number of APS accepted for repurchase pursuant to the tender offer and their liquidation preference were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

APS Tendered and Redeemed

    1,879        672        674        1,160  

Redemption Amount

  $ 44,861,125      $ 16,044,000      $ 16,091,750      $ 27,695,000  

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

APS Tendered and Redeemed

    1,184        736        679  

Redemption Amount

  $ 28,268,000      $ 17,572,000      $ 16,211,125  

There were no transactions in APS during the six months ended May 31, 2017.

3  Institutional MuniFund Term Preferred Shares

On February 26, 2016, each Trust issued Institutional MuniFund Term Preferred Shares (iMTP Shares) in a private offering to finance the tender offer for its outstanding APS (see Note 2). The number of new iMTP Shares issued was equal to the APS accepted for payment pursuant to the tender offer. The number of iMTP Shares issued and outstanding at May 31, 2017 was as follows:

 

Trust   iMTP Shares
Issued and
Outstanding
 

California Trust

    1,879  

Massachusetts Trust

    672  

Michigan Trust

    674  

New Jersey Trust

    1,160  

New York Trust

    1,184  

Ohio Trust

    736  

Pennsylvania Trust

    679  

The iMTP Shares are a form of preferred shares that represent stock of the Trusts. The iMTP Shares have a par value of $0.01 per share, a liquidation preference of $25,000 per share, and a mandatory redemption date of September 1, 2019, unless earlier redeemed or repurchased by a Trust. Dividends on the iMTP Shares are determined weekly based upon the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index Rate plus a spread. Such spread to the SIFMA Municipal Swap Index Rate is determined based on the current credit rating of the iMTP Shares. At May 31, 2017, the spread to the SIFMA Municipal Swap Index Rate was 1.50% for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust.

The iMTP Shares are subject to optional and mandatory redemption in certain circumstances. After February 28, 2017, the iMTP Shares are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, plus an optional redemption premium. The iMTP Shares are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends (mandatory redemption price), if a Trust is in default for an extended period on its asset maintenance requirements with respect to its preferred shares. For so long as the iMTP Shares are outstanding, a Trust’s effective leverage ratio is not permitted to exceed 45%. In order to comply with this requirement, a Trust may have to redeem all or a portion of its iMTP Shares and APS at the mandatory redemption price.

The holders of the iMTP Shares, APS and common shares have equal voting rights of one vote per share except that the holders of the iMTP Shares and APS, voting as a class, are entitled to elect two Trustees of each Trust. If the dividends on the iMTP Shares and APS remain unpaid in an amount equal to two full years’ dividends, the holders of the iMTP Shares and APS voting as a class have the right to elect a majority of each Trust’s Trustees.

 

  62  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

For financial reporting purposes, the liquidation value of the iMTP Shares (net of unamortized deferred offering costs) is presented as a liability on the Statements of Assets and Liabilities and unpaid dividends are included in interest expense and fees payable. Dividends accrued on iMTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statements of Operations. Costs incurred by each Trust in connection with its offering of iMTP Shares were capitalized as deferred offering costs and are being amortized to the mandatory redemption date of September 1, 2019.

The carrying amount of the iMTP Shares at May 31, 2017 represents its liquidation value, which approximates fair value. If measured at fair value, the iMTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2017.

The average liquidation preference of the iMTP Shares during the six months ended May 31, 2017 was as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Average Liquidation Preference of iMTP Shares

  $ 46,975,000      $ 16,800,000      $ 16,850,000      $ 29,000,000  

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Average Liquidation Preference of iMTP Shares

  $ 29,600,000      $ 18,400,000      $ 16,975,000  

4  Distributions to Shareholders and Income Tax Information

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS and iMTP Shares. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to APS and iMTP shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at May 31, 2017, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

 

    

California

Trust

    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

APS Dividend Rates at May 31, 2017

    1.31     1.31     1.33     1.31     1.33     1.31     1.31

Dividends Accrued to APS Shareholders

  $ 18,969     $ 20,160     $ 4,086     $ 27,146     $ 25,537     $ 26,855     $ 26,053  

Average APS Dividend Rates

    1.27     1.24     1.26     1.23     1.24     1.25     1.24

Dividend Rate Ranges (%)

    0.95 - 1.70       0.95 - 1.61       0.95 - 1.72       0.95 - 1.54       0.95 - 1.61       0.95 - 1.61       0.95 - 1.61  

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates as of May 31, 2017.

 

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Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

The dividend rates for iMTP Shares at May 31, 2017, and the amount of dividends accrued to iMTP shareholders and average iMTP dividend rates (annualized) for the six months then ended were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

iMTP Dividend Rates at May 31, 2017

    2.28      2.28      2.28      2.28

Dividends Accrued to iMTP Shareholders

  $ 537,894      $ 189,052      $ 189,270      $ 328,297  

Average iMTP Dividend Rates

    2.30      2.26      2.25      2.27
          
             New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

iMTP Dividend Rates at May 31, 2017

       2.28      2.28      2.28

Dividends Accrued to iMTP Shareholders

     $ 329,484      $ 209,187      $ 188,488  

Average iMTP Dividend Rates

             2.23      2.28      2.23

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At November 30, 2016, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date   California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

November 30, 2017

  $ 4,084,290      $ 991,790      $ 337,540      $ 2,795,679      $ 3,171,310      $ 840,450      $  

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527  

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760  

Total capital loss carryforwards

  $ 9,739,909      $ 2,771,871      $ 716,926      $ 8,446,139      $ 7,450,727      $ 2,051,124      $ 2,054,287  

Deferred capital losses:

                   

Short-term

  $      $ 150,876      $ 32,669      $ 790,636      $ 896,781      $ 239,067      $ 286,035  

Long-term

  $      $      $ 131,678      $ 823,876      $ 1,672,604      $      $ 1,351,121  

 

  64  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2017, as determined on a federal income tax basis, were as follows:

 

    

California

Trust

     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Aggregate cost

  $ 137,965,546      $ 55,479,090      $ 45,882,021      $ 89,936,802  

Gross unrealized appreciation

  $ 12,273,454      $ 5,253,775      $ 3,202,842      $ 7,261,907  

Gross unrealized depreciation

    (483,258      (135,358      (69,354      (1,128,263

Net unrealized appreciation

  $ 11,790,196      $ 5,118,417      $ 3,133,488      $ 6,133,644  
          
             New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Aggregate cost

           $ 100,848,081      $ 59,608,076      $ 52,841,214  

Gross unrealized appreciation

     $ 11,706,805      $ 6,116,714      $ 4,176,026  

Gross unrealized depreciation

             (313,356      (77,558      (400,922

Net unrealized appreciation

           $ 11,393,449      $ 6,039,156      $ 3,775,104  

5  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.580% (0.595% prior to May 1, 2017) of each Trust’s average weekly gross assets, except for Massachusetts Trust, whose annual rate is 0.40%, and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee is reduced by 0.015% every May 1 thereafter for the next nineteen years. This annual fee reduction was accelerated to provide for an annual fee rate of 0.40% of Massachusetts Trust’s average weekly gross assets. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding preferred shares issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS and iMTP Shares then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the six months ended May 31, 2017, the investment adviser fees and administration fees were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Investment Adviser Fee

  $ 469,493      $ 123,078      $ 139,034      $ 295,750  

Administration Fee

  $ 158,497      $ 61,539      $ 46,937      $ 99,843  

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Investment Adviser Fee

  $ 361,864      $ 195,912      $ 167,994  

Administration Fee

  $ 122,162      $ 66,138      $ 56,713  

Trustees and officers of the Trusts who are members of EVM’s organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

 

  65  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2017 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Purchases

  $ 14,990,223      $ 4,984,643      $ 5,574,885      $ 5,508,101  

Sales

  $ 18,736,165      $ 5,844,234      $ 2,756,210      $ 5,275,980  
          
             New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Purchases

     $ 11,075,488      $ 4,378,413      $ 2,361,459  

Sales

           $ 10,535,148      $ 2,322,658      $ 2,308,014  

7  Common Shares of Beneficial Interest

The Trusts may issue common shares pursuant to their dividend reinvestment plans. For the six months ended May 31, 2017, there were no common shares issued by the Trusts. For the year ended November 30, 2016, the New York Trust issued 395 common shares pursuant to its dividend reinvestment plan and there were no common shares issued by the other Trusts.

On November 11, 2013, the Boards of Trustees of the Trusts authorized the repurchase by each Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Trusts to purchase a specific amount of shares. There were no repurchases of common shares by the Trusts for the six months ended May 31, 2017 and the year ended November 30, 2016.

8  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Trust’s assets to the extent of any overdraft. At May 31, 2017, the California Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust had a payment due to SSBT pursuant to the foregoing arrangement of $108,021, $63,711, $306,774, $290,541 and $63,540, respectively. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at May 31, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2017. The Trusts’ average overdraft advances during the six months ended May 31, 2017 were not significant.

9  Financial Instruments

The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at May 31, 2017 is included in the Portfolio of Investments. At May 31, 2017, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

Each Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trusts enter into U.S. Treasury futures contracts to hedge against changes in interest rates.

 

  66  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at May 31, 2017 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Liability Derivative:

       

Futures Contracts

  $ (78,148 )(1)     $ (40,276 )(1)     $ (52,534 )(1)     $ (50,783 )(1)     $ (17,511 )(1) 

Total

  $ (78,148    $ (40,276    $ (52,534    $ (50,783    $ (17,511

 

(1)  Amount represents cumulative unrealized depreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin on open financial futures contracts.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2017 was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (131,017 )(1)     $ (57,508 )(1)     $ (75,011 )(1)     $ (72,511 )(1)     $ (25,004 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ (115,731 )(2)     $ (59,092 )(2)     $ (77,076 )(2)     $ (74,507 )(2)     $ (25,692 )(2) 

 

(1)  Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

 

(2)  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the six months ended May 31, 2017, which is indicative of the volume of this derivative type, was approximately as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Average Notional Cost:

       

Futures Contracts — Short

  $ 9,147,000      $ 3,497,000      $ 4,561,000      $ 4,409,000      $ 1,520,000  

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

  Level 1 – quoted prices in active markets for identical investments

 

  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

  67  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

At May 31, 2017, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:

 

California Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $     $ 150,182,392     $         —     $ 150,182,392  

Taxable Municipal Securities

          6,908,350             6,908,350  

Total Investments

  $     $ 157,090,742     $     $ 157,090,742  

Liability Description

                               

Futures Contracts

  $ (78,148   $     $     $ (78,148

Total

  $ (78,148   $     $     $ (78,148
       

Massachusetts Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $     $ 60,686,872     $         —     $ 60,686,872  

Taxable Municipal Securities

          820,635             820,635  

Total Investments

  $     $ 61,507,507     $     $ 61,507,507  

Liability Description

                               

Futures Contracts

  $ (40,276   $     $     $ (40,276

Total

  $ (40,276   $     $     $ (40,276
       

Michigan Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Investments

  $     $ 49,015,509     $     $ 49,015,509  

Total Investments

  $     $ 49,015,509     $     $ 49,015,509  
       

New Jersey Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $     $ 99,441,123     $     $ 99,441,123  

Taxable Municipal Securities

          1,959,323             1,959,323  

Total Investments

  $     $ 101,400,446     $     $ 101,400,446  

Liability Description

                               

Futures Contracts

  $ (52,534   $     $     $ (52,534

Total

  $ (52,534   $     $     $ (52,534
       

 

  68  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

New York Trust

                       
Asset Description   Level 1     Level 2     Level 3*     Total  

Tax-Exempt Municipal Securities

  $     $ 124,381,396     $     $ 124,381,396  

Taxable Municipal Securities

          1,525,845             1,525,845  

Corporate Bonds & Notes

          1,852,361             1,852,361  

Miscellaneous

                691,928       691,928  

Total Investments

  $     $ 127,759,602     $ 691,928     $ 128,451,530  

Liability Description

                               

Futures Contracts

  $ (50,783   $     $     $ (50,783

Total

  $ (50,783   $     $     $ (50,783
       

Ohio Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Investments

  $     $ 67,102,232     $     $ 67,102,232  

Total Investments

  $     $ 67,102,232     $     $ 67,102,232  
       

Pennsylvania Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $     $ 56,601,619     $     $ 56,601,619  

Taxable Municipal Securities

          14,699             14,699  

Total Investments

  $     $ 56,616,318     $     $ 56,616,318  

Liability Description

                               

Futures Contracts

  $ (17,511   $     $     $ (17,511

Total

  $ (17,511   $     $     $ (17,511

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Trust.

The California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust held no investments or other financial instruments as of November 30, 2016 whose fair value was determined using Level 3 inputs.

Level 3 investments held by the New York Trust at the beginning and/or end of the period in relation to net assets applicable to common shares were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended May 31, 2017 is not presented.

At May 31, 2017, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  69  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Annual Meeting of Shareholders (Unaudited)

 

 

Each Trust held its Annual Meeting of Shareholders on March 23, 2017. The following action was taken by the shareholders:

Item 1.  The election of Mark R. Fetting, William H. Park, Helen Frame Peters and Harriett Tee Taggart as Class III Trustees of each Trust for a three-year term expiring in 2020. Mr. Park was elected solely by APS and iMTP shareholders, referred to as Preferred Shareholders.

 

Trust  

Nominee for Class III Trustee

Elected by Preferred Shareholders:

William H. Park

   

Nominee for Class III Trustee

Elected by All Shareholders:

Mark R. Fetting

   

Nominee for Class III Trustee

Elected by All Shareholders:

Helen Frame Peters

   

Nominee for Class III Trustee

Elected by All Shareholders:

Harriett Tee Taggart

 

California Trust

       

For

    1,981       6,243,872       6,281,280       6,241,671  

Withheld

    0       212,471       175,063       214,672  

Massachusetts Trust

       

For

    791       2,493,968       2,498,842       2,498,842  

Withheld

    0       66,567       61,693       61,693  

Michigan Trust

       

For

    699       1,842,517       1,812,503       1,816,332  

Withheld

    0       30,487       60,501       56,672  

New Jersey Trust

       

For

    1,333       3,921,152       3,921,243       3,924,255  

Withheld

    0       168,821       168,730       165,718  

New York Trust

       

For

    1,348       4,661,655       4,677,819       4,676,794  

Withheld

    0       171,244       155,080       156,105  

Ohio Trust

       

For

    870       2,520,980       2,517,616       2,520,980  

Withheld

    0       89,878       93,242       89,878  

Pennsylvania Trust

       

For

    846       2,235,130       2,192,044       2,192,044  

Withheld

    0       49,249       92,335       92,335  

 

  70  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Board of Trustees’ Contract Approval

 

 

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 continuation 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 registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment 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 its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

 

  A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

 

  A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

 

  A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

  Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

 

  For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

  Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

 

  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’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

  Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

  Data relating to portfolio turnover rates of each fund;

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;

 

  The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

  Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

  Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

 

  A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  71  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

  Information concerning the nature, cost and character of the administrative and other non-investment advisory 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 investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment 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 Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment 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 Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

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 Contract Review Committee concluded that the continuation of the investment advisory agreements of the following funds:

 

  Eaton Vance California Municipal Income Trust

 

  Eaton Vance Massachusetts Municipal Income Trust

 

  Eaton Vance Michigan Municipal Income Trust

 

  Eaton Vance New Jersey Municipal Income Trust

 

  Eaton Vance New York Municipal Income Trust

 

  Eaton Vance Ohio Municipal Income Trust

 

  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 Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment 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. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s municipal bond

 

  72  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing each Fund.

The Board considered 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 professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

The Board 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 fund complex offering exposure to a variety of asset classes and investment disciplines.

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 investment advisory agreements.

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices and, where relevant, a customized peer group of similarly managed funds, and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2016 for each Fund. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that focus on higher quality municipal bonds that often have longer maturities. In considering Eaton Vance Pennsylvania Municipal Income Trust, on the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory. In considering the performance of Eaton Vance New Jersey Municipal Income Trust, the Board noted the adverse impact of, among other things, the Fund’s security selection and its shortened duration relative to its benchmark. With respect to each other Fund, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. Additionally, the Board took into account the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of each Fund’s life. The Board also considered that, at the request of the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which include a further fee reduction effective May 1, 2017.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof 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 marketing support 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 fall-out

 

  73  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

benefits received by the Adviser and its affiliates in connection with their relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

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 deemed not to be excessive.

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 each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that each Fund currently shares in any benefits from economies of scale. The Board also considered the fact that the Funds are not continuously offered and that the Funds’ assets are not expected to increase materially in the foreseeable future. The Board 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 schedules is not warranted at this time.

 

  74  


Eaton Vance

Municipal Income Trusts

May 31, 2017

 

Officers and Trustees

 

 

Officers of Eaton Vance Municipal Income Trusts

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Eaton Vance Municipal Income Trusts

 

 

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm**

 

 

* Interested Trustee

 

** Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

 

 

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of May 31, 2017, Trust records indicate that there are 14, 26, 11, 31, 20, 22 and 22 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,296, 1,137, 1,344, 1,644, 2,073, 1,487 and 1,463 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbols

 

California Municipal Income Trust    CEV
Massachusetts Municipal Income Trust    MMV
Michigan Municipal Income Trust    EMI
New Jersey Municipal Income Trust    EVJ
New York Municipal Income Trust    EVY
Ohio Municipal Income Trust    EVO
Pennsylvania Municipal Income Trust    EVP
  
 

 

  75  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

7694    5.31.17


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

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

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance California Municipal Income Trust

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 21, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   July 21, 2017
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 21, 2017