Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09149

 

 

Eaton Vance Ohio Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

November 30, 2016

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2016

 

 

 

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

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

 

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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.


Annual Report November 30, 2016

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance and Fund Profile

  
  

California Municipal Income Trust

     4   

Massachusetts Municipal Income Trust

     5   

Michigan Municipal Income Trust

     6   

New Jersey Municipal Income Trust

     7   

New York Municipal Income Trust

     8   

Ohio Municipal Income Trust

     9   

Pennsylvania Municipal Income Trust

     10   
  

Endnotes and Additional Disclosures

     11   

Financial Statements

     12   

Report of Independent Registered Public Accounting Firm

     72   

Federal Tax Information

     73   

Dividend Reinvestment Plan

     74   

Management and Organization

     76   

Important Notices

     79   


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

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

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

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

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

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

 

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

Fund Performance

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

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

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

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

 

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Management’s Discussion of Fund Performance—continued

 

 

State-specific Results

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

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

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

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

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

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

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

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

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         1.38      7.81      4.23

Fund at Market Price

             –0.68         5.00         4.06   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.607   

Distribution Rate at NAV

              3.86

Taxable-Equivalent Distribution Rate at NAV

              7.87

Distribution Rate at Market Price

              4.29

Taxable-Equivalent Distribution Rate at Market Price

              8.74
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              1.87

Institutional MuniFund Term Preferred (iMTP) Shares

              29.28   

Residual Interest Bond (RIB) Financing

              7.38   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

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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.

 

  4  


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         0.05      6.06      4.54

Fund at Market Price

             –1.02         2.99         4.46   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.589   

Distribution Rate at NAV

              3.61

Taxable-Equivalent Distribution Rate at NAV

              6.72

Distribution Rate at Market Price

              3.94

Taxable-Equivalent Distribution Rate at Market Price

              7.34
           
% Total Leverage6                                

APS

              5.26

iMTP Shares

              27.17   

RIB Financing

              3.10   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         2.98      7.34      5.40

Fund at Market Price

             6.21         6.40         5.11   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.621   

Distribution Rate at NAV

              3.71

Taxable-Equivalent Distribution Rate at NAV

              6.85

Distribution Rate at Market Price

              4.17

Taxable-Equivalent Distribution Rate at Market Price

              7.70
           
% Total Leverage6                                

APS

              1.39

iMTP Shares

              36.07   

Fund Profile

 

Credit Quality (% of total investments)7

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         2.13      6.48      4.18

Fund at Market Price

             1.79         3.48         3.71   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.640   

Distribution Rate at NAV

              4.38

Taxable-Equivalent Distribution Rate at NAV

              8.50

Distribution Rate at Market Price

              4.92

Taxable-Equivalent Distribution Rate at Market Price

              9.55
           
% Total Leverage6                                

APS

              4.40

iMTP Shares

              28.85   

RIB Financing

              5.30   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

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

Fund at NAV

     01/29/1999         1.69      7.33      4.66

Fund at Market Price

             –0.53         5.45         4.39   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.667   

Distribution Rate at NAV

              4.40

Taxable-Equivalent Distribution Rate at NAV

              8.53

Distribution Rate at Market Price

              4.76

Taxable-Equivalent Distribution Rate at Market Price

              9.22
           
% Total Leverage6                                

APS

              3.24

iMTP Shares

              23.28   

RIB Financing

              12.75   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         2.26      7.56      5.24

Fund at Market Price

             3.83         5.84         5.05   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.691   

Distribution Rate at NAV

              4.11

Taxable-Equivalent Distribution Rate at NAV

              7.64

Distribution Rate at Market Price

              4.50

Taxable-Equivalent Distribution Rate at Market Price

              8.37
           
% Total Leverage6                                

APS

              6.49

iMTP Shares

              27.62   

RIB Financing

              2.18   

Fund Profile

 

Credit Quality (% of total investments)7,8

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2016

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         3.46      6.70      4.83

Fund at Market Price

             7.06         3.79         4.35   

Bloomberg Barclays Long (22+) Year Municipal Bond Index

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

Total Distributions per share for the period

            $ 0.623   

Distribution Rate at NAV

              3.99

Taxable-Equivalent Distribution Rate at NAV

              7.27

Distribution Rate at Market Price

              4.45

Taxable-Equivalent Distribution Rate at Market Price

              8.11
           
% Total Leverage6                                

APS

              7.40

iMTP Shares

              29.89   

Fund Profile

 

Credit Quality (% of total investments)7

 

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  10  


Eaton Vance

Municipal Income Trusts

November 30, 2016

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

 

5 

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

   As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for Michigan Municipal Income Trust.

 

6 

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

 

7

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

 

8 

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

 

   Fund profile subject to change due to active management.
 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Education — 9.0%

  

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

  $ 195      $ 219,127   

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

    330        370,831   

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

    745        802,879   

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

    1,600        1,851,632   

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

    235        274,386   

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

    630        694,688   

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

    415        459,177   

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

    285        315,749   

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

    810        921,432   

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

    850        959,854   

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

    895        1,005,452   

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

    895        977,483   
                 
  $ 8,852,690   
                 

Electric Utilities — 8.6%

  

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

  $ 270      $ 294,300   

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

    2,170        2,295,643   

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

    1,500        1,656,900   

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

    995        1,122,340   

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

    1,335        1,504,572   

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

    680        742,968   

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

    775        832,280   
                 
  $ 8,449,003   
                 

Escrowed / Prerefunded — 12.9%

  

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

  $ 715      $ 756,413   

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

    3,135        3,368,213   

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

    2,490        2,676,103   
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded (continued)

  

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

  $ 1,475      $ 1,618,075   

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

    340        389,065   

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

    460        526,383   

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

    665        785,338   

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

    1,130        1,334,485   

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

    500        518,975   

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

    355        388,437   

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

    335        358,530   
                 
  $ 12,720,017   
                 

General Obligations — 27.1%

  

California, 5.00%, 10/1/31

  $ 1,885      $ 2,142,227   

California, 5.50%, 11/1/35

    1,600        1,800,928   

California, 6.00%, 4/1/38

    750        820,193   

Escondido, 5.00%, 9/1/36

    1,000        1,117,790   

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

    3,655        4,013,190   

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

    1,000        995,410   

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

    2,890        3,010,108   

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

    1,545        1,632,926   

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

    860        959,631   

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

    650        744,426   

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

    1,100        1,255,892   

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

    3,180        3,435,481   

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

    2,500        2,448,775   

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

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

Hospital — 13.1%

  

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

  $ 1,000      $ 1,124,540   

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

    190        211,780   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 635      $ 697,274   

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

    910        997,169   

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

    2,000        2,247,640   

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

    1,000        1,106,020   

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

    1,145        1,259,340   

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

    535        585,113   

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

    1,900        1,928,842   

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

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

Insured – Education — 1.5%

  

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

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

Insured – Escrowed / Prerefunded — 18.0%

  

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

  $ 5,000      $ 5,094,900   

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

    5,130        3,988,267   

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

    2,790        2,918,145   

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

    2,005        2,061,120   

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

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

Insured – General Obligations — 4.8%

  

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

  $ 1,000      $ 1,090,960   

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

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

Insured – Lease Revenue / Certificates of Participation — 4.4%

  

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

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

Insured – Special Tax Revenue — 5.3%

  

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

  $ 4,850      $ 968,206   

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

    370        418,551   

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

    1,385        1,554,829   

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

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

Insured – Transportation — 8.9%

  

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

  $ 5,000      $ 2,821,500   

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

    4,500        2,455,470   

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

    740        850,941   

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

    1,275        1,285,289   

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

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

Lease Revenue / Certificates of Participation — 1.0%

  

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

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

Other Revenue — 0.4%

  

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

  $ 385      $ 396,023   
                 
  $ 396,023   
                 

Senior Living / Life Care — 1.6%

  

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

  $ 290      $ 318,145   

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

    600        666,090   

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

    535        604,475   
                 
  $ 1,588,710   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 16.5%

  

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

  $ 770      $ 846,661   

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

    285        291,116   

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

    460        469,536   

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

    1,590        1,611,847   

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

    240        270,276   

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

    480        540,936   

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

    240        270,468   

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

    335        377,042   

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

    240        270,120   

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

    2,400        2,637,432   

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

    1,500        1,691,445   

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

    1,250        1,403,712   

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

    485        536,478   

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

    725        799,668   

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

    1,600        1,815,456   

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

    1,360        1,532,557   

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

    800        889,208   
                 
  $ 16,253,958   
                 

Transportation — 12.3%

  

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

  $ 1,000      $ 1,089,010   

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

    2,120        2,318,050   

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

    1,500        1,625,760   

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

    1,500        1,572,600   

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

    2,760        2,993,579   

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

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

Water and Sewer — 6.9%

  

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

  $ 1,925      $ 2,143,256   

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

    1,000        1,128,570   

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

    1,700        1,864,662   

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

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

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

   

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

Hospital — 2.0%

  

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

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

Insured – Special Tax Revenue — 3.8%

  

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

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

Other Revenue — 1.1%

  

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

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

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

   

  $ 6,781,553   
                 

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

   

  $ 157,036,434   
                 

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

  

  $ (3,000,118
                 

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

   

  $ (46,975,000
                 

Other Assets, Less Liabilities — (8.6)%

  

  $ (8,428,467
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 98,632,849   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2016, 29.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.4% to 14.0% of total investments.

(1) 

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

 

(2) 

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

 

(3) 

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

 

 

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

Net

Unrealized
Appreciation

 

Interest Rate Futures

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

Abbreviations:

 

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

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Bond Bank — 5.8%

  

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

  $ 910      $ 1,113,685   

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

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

Education — 29.0%

  

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

  $ 1,000      $ 1,095,630   

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

    1,000        1,090,810   

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

    1,665        1,776,838   

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

    1,080        1,182,859   

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

    770        842,865   

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

    1,000        1,082,530   

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

    105        108,022   

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

    1,640        2,053,182   

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

    1,350        1,471,513   

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

    750        839,033   
                 
    $ 11,543,282   
                 

Escrowed / Prerefunded — 23.2%

  

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

  $ 140      $ 149,064   

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

    1,665        852,164   

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

    5,195        2,302,320   

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

    625        664,544   

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

    1,055        1,080,404   

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

    1,395        1,442,876   

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

    415        425,217   

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

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

Escrowed / Prerefunded (continued)

  

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

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

General Obligations — 10.3%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 324,732   

Danvers, 5.25%, 7/1/36

    885        997,183   

Lexington, 4.00%, 2/1/23

    355        395,331   

Plymouth, 5.00%, 5/1/31

    345        380,211   

Plymouth, 5.00%, 5/1/32

    315        347,149   

Wayland, 5.00%, 2/1/33

    510        561,586   

Wayland, 5.00%, 2/1/36

    770        846,276   

Winchester, 5.00%, 4/15/36

    245        270,855   
                 
    $ 4,123,323   
                 

Hospital — 28.1%

  

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

  $ 1,000      $ 1,072,600   

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

    600        698,382   

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

    180        199,447   

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

    525        600,180   

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

    1,250        1,364,138   

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

    500        541,750   

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

    600        700,374   

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

    555        606,310   

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

    1,210        1,309,123   

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

    500        542,380   

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

    1,135        1,193,963   

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

    970        1,030,392   

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

    945        964,278   

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

    350        368,043   
                 
    $ 11,191,360   
                 
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Housing — 2.2%

  

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

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

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 801,824   
                 
    $ 801,824   
                 

Insured – Education — 7.2%

  

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

  $ 1,000      $ 1,214,960   

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

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

Insured – Electric Utilities — 1.5%

  

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

  $ 550      $ 596,789   
                 
    $ 596,789   
                 

Insured – Escrowed / Prerefunded — 3.5%

  

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

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

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

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

Insured – Hospital — 0.9%

  

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

  $ 335      $ 364,875   
                 
    $ 364,875   
                 

Insured – Other Revenue — 1.9%

  

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

  $ 590      $ 749,365   
                 
    $ 749,365   
                 

Insured – Special Tax Revenue — 9.6%

  

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

  $ 900      $ 1,043,235   

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

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

Insured – Special Tax Revenue (continued)

  

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

  $ 1,000      $ 1,218,900   

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

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

Insured – Student Loan — 0.5%

  

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

  $ 185      $ 193,286   
                 
    $ 193,286   
                 

Insured – Transportation — 0.8%

  

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

  $ 315      $ 319,879   
                 
    $ 319,879   
                 

Other Revenue — 2.7%

  

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

  $ 500      $ 542,840   

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

    505        548,268   
                 
    $ 1,091,108   
                 

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 135,290   

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

    140        140,128   

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

    475        458,769   
                 
    $ 734,187   
                 

Student Loan — 3.3%

  

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

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

Transportation — 10.8%

  

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

  $ 1,500      $ 1,615,770   

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

    500        555,685   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

  

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

  $ 670      $ 731,070   

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

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

Water and Sewer — 2.0%

  

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

  $ 495      $ 545,094   

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

    225        247,770   
                 
    $ 792,864   
                 

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

   

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

Student Loan — 2.0%

  

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

  $ 750      $ 785,332   
                 

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

   

  $ 785,332   
                 

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

   

  $ 60,694,726   
                 

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

  

  $ (3,250,008
                 

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

   

  $ (16,800,000
                 

Other Assets, Less Liabilities — (2.0)%

  

  $ (782,816
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 39,861,902   
                 

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

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

 

(1) 

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

 

(2) 

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

 

(3) 

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

 

 

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

Net

Unrealized
Appreciation

 

Interest Rate Futures

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

 

  18   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Abbreviations:

 

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

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Bond Bank — 2.3%

  

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

  $ 600      $ 659,310   
                 
    $ 659,310   
                 

Education — 6.9%

  

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

  $ 1,000      $ 1,077,110   

Oakland University, 5.00%, 3/1/42

    500        547,480   

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

    370        400,443   
                 
    $ 2,025,033   
                 

Electric Utilities — 9.1%

  

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

  $ 1,135      $ 1,249,964   

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

    500        563,680   

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

    800        832,728   
                 
    $ 2,646,372   
                 

Escrowed / Prerefunded — 3.8%

  

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

  $ 115      $ 129,045   

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

    125        140,724   

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

    270        296,333   

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

    500        554,920   
                 
    $ 1,121,022   
                 

General Obligations — 41.3%

  

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

  $ 350      $ 362,481   

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

    1,000        1,134,830   

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

    275        300,762   

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

    220        243,962   

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

    435        473,741   

Jenison Public Schools, 5.00%, 5/1/28

    500        548,770   

Jenison Public Schools, 5.00%, 5/1/30

    500        543,830   

Kent County, 5.00%, 1/1/25

    1,500        1,597,815   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,100,380   

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

    1,050        1,155,063   

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

    1,005        1,114,032   

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

    1,065        1,177,805   

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

    750        822,548   

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

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

General Obligations (continued)

  

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

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

Hospital — 23.8%

  

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

  $ 500      $ 504,745   

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

    1,000        1,068,220   

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

    1,000        1,062,870   

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

    250        267,330   

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

    500        536,730   

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

    990        1,084,149   

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

    10        11,290   

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

    1,250        1,343,413   

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

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

Industrial Development Revenue — 2.5%

  

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

  $ 750      $ 737,460   
                 
    $ 737,460   
                 

Insured – Education — 0.6%

  

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

  $ 165      $ 174,280   
                 
    $ 174,280   
                 

Insured – Electric Utilities — 3.9%

  

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

  $ 630      $ 683,594   

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

    250        273,068   

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

    155        168,936   
                 
    $ 1,125,598   
                 

Insured – Escrowed / Prerefunded — 12.0%

  

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

  $ 1,105      $ 1,124,150   

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

    570        610,766   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

  

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

  $ 500      $ 536,895   

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

    1,000        1,076,870   

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

    135        145,070   
                 
    $ 3,493,751   
                 

Insured – General Obligations — 24.2%

  

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

  $ 500      $ 554,290   

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

    150        153,711   

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

    240        246,691   

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

    300        335,115   

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

    1,000        1,113,200   

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

    910        978,095   

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

    500        541,375   

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

    1,200        1,303,620   

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

    1,250        1,301,675   

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

    500        549,315   
                 
    $ 7,077,087   
                 

Insured – Special Tax Revenue — 0.6%

  

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

  $ 895      $ 178,669   
                 
    $ 178,669   
                 

Insured – Transportation — 3.6%

  

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

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

Insured – Water and Sewer — 1.7%

  

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

  $ 475      $ 486,257   
                 
    $ 486,257   
                 

Lease Revenue / Certificates of Participation — 3.5%

  

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

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

Special Tax Revenue — 3.8%

  

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

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

Water and Sewer — 11.1%

  

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

  $ 750      $ 798,922   

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

    735        876,576   

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

    1,250        1,298,025   

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

    250        265,638   
                 
    $ 3,239,161   
                 

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

   

  $ 45,173,502   
                 

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

  

  $ (650,049
                 

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

   

  $ (16,850,000
                 

Other Assets, Less Liabilities — 5.2%

  

  $ 1,535,287   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 29,208,740   
                 

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

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

Abbreviations:

 

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

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Education — 16.7%

  

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

  $ 1,270      $ 1,394,015   

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

    1,730        1,872,119   

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

    620        686,700   

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

    380        419,543   

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

    640        691,002   

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

    1,230        1,327,871   

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

    1,650        1,676,103   

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

    965        1,107,000   

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

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

Escrowed / Prerefunded — 20.0%

  

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

  $ 1,510      $ 1,701,634   

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

    1,455        1,639,654   

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

    2,190        2,317,852   

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

    2,090        2,139,220   

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

    915        1,009,821   

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

    380        408,040   

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

    1,000        1,102,600   

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

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

General Obligations — 1.2%

  

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

  $ 340      $ 377,135   

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

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

Hospital — 11.4%

  

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

  $ 650      $ 718,711   

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

    100        104,667   

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

    750        759,202   

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

    265        295,388   

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

    250        272,610   

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

    990        1,103,197   

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

    120        133,206   

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

    1,315        1,431,917   

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

    1,000        1,086,320   

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

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

Housing — 1.3%

  

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

  $ 335      $ 335,429   

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

    465        468,650   
                 
    $ 804,079   
                 

Industrial Development Revenue — 7.7%

  

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

  $ 1,085      $ 1,074,638   

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

    50        54,074   

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

    135        143,192   

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

    750        815,325   

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

    220        237,580   

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

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

Insured – Electric Utilities — 2.1%

  

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

  $ 135      $ 146,484   

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

    490        534,056   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities (continued)

  

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

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

Insured – Escrowed / Prerefunded — 3.9%

  

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

  $ 1,240      $ 1,347,632   

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

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

Insured – Gas Utilities — 5.8%

  

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (NPFG), (AMT),
4.90% to 10/1/25 (Put Date), 10/1/40

  $ 3,540      $ 3,551,470   
                 
    $ 3,551,470   
                 

Insured – General Obligations — 4.0%

  

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

  $ 1,015      $ 1,078,620   

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

    1,000        1,107,340   

Paterson, (BAM), 5.00%, 1/15/26

    245        267,312   
                 
    $ 2,453,272   
                 

Insured – Hospital — 3.0%

  

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

  $ 370      $ 385,525   

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

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

Insured – Industrial Development Revenue — 3.3%

  

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

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

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 562,272   

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

    640        674,483   

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

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

Insured – Special Tax Revenue — 13.9%

  

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

  $ 5,250      $ 3,854,235   

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

    4,300        2,979,212   

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

    2,020        1,337,927   

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

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

Insured – Student Loan — 2.4%

  

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

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

Insured – Transportation — 7.0%

  

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

  $ 850      $ 932,730   

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

    1,500        1,637,985   

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

    2,400        1,395,744   

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

    315        340,808   
                 
    $ 4,307,267   
                 

Lease Revenue / Certificates of Participation — 4.7%

  

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

  $ 1,100      $ 1,119,052   

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

    400        437,752   

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

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

Other Revenue — 4.0%

  

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

  $ 2,040      $ 2,187,064   

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

    250        275,990   
                 
    $ 2,463,054   
                 

Senior Living / Life Care — 3.5%

  

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

  $ 465      $ 475,053   

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

    770        784,145   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

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

  $ 700      $ 695,198   

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

    215        227,861   
                 
    $ 2,182,257   
                 

Special Tax Revenue — 1.7%

  

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

  $ 100      $ 100,910   

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

    175        176,089   

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

    750        531,607   

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

    500        255,750   
                 
    $ 1,064,356   
                 

Student Loan — 2.3%

  

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

  $ 675      $ 664,936   

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

    740        735,538   
                 
    $ 1,400,474   
                 

Transportation — 31.0%

  

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

  $ 1,060      $ 1,147,079   

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

    1,080        1,167,718   

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

    750        772,995   

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

    1,100        1,150,677   

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

    250        266,845   

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

    530        563,422   

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

    3,600        3,812,004   

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

    5,000        5,555,650   

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

    2,000        2,206,220   

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

    1,995        2,085,832   

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

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

Water and Sewer — 3.1%

  

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

  $ 1,220      $ 1,310,341   

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

    55        63,578   

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

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

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

   

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

General Obligations — 1.7%

  

Atlantic City, 7.50%, 3/1/40

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

Transportation — 1.3%

  

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

  $ 750      $ 781,950   
                 
    $ 781,950   
                 

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

   

  $ 1,831,390   
                 

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

   

  $ 99,323,902   
                 

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

  

  $ (4,425,173
                 

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

   

  $ (29,000,000
                 

Other Assets, Less Liabilities — (6.7)%

  

  $ (4,133,135
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 61,765,594   
                 

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

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

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

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

 

(1) 

When-issued security.

 

(2) 

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

(3) 

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

 

(4) 

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

 

(5) 

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

 

 

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

Net

Unrealized
Appreciation

 

Interest Rate Futures

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

Abbreviations:

 

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

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments

 

 

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

Bond Bank — 5.9%

  

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

  $ 1,730      $ 1,882,465   

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

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

Cogeneration — 1.2%

  

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

  $ 900      $ 895,131   
                 
  $ 895,131   
                 

Education — 29.2%

  

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

  $ 310      $ 337,751   

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

    1,490        1,583,691   

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

    325        345,231   

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

    510        547,271   

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

    1,000        1,051,260   

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

    725        803,111   

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

    510        549,709   

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

    2,000        2,150,460   

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

    220        237,743   

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

    1,000        1,136,180   

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

    835        888,682   

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

    2,250        2,417,310   

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

    2,500        2,692,675   

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

    325        363,360   

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

    400        452,660   

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

    1,695        1,814,362   

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

    500        490,345   

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

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

Education (continued)

  

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

  $ 280      $ 298,138   

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

    735        781,298   

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

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

Electric Utilities — 4.6%

  

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

  $ 1,420      $ 1,573,175   

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

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

Escrowed / Prerefunded — 10.0%

  

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

  $ 380      $ 433,481   

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

    135        140,355   

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

    655        680,984   

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

    955        1,045,095   

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

    625        668,644   

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

    750        768,375   

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

    1,250        1,284,587   

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

    395        448,736   

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

    1,000        1,162,410   

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

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

General Obligations — 5.8%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,428,160   

New York City, 6.25%, 10/15/28

    45        49,084   
                 
  $ 4,477,244   
                 

Hospital — 11.7%

  

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

  $ 130      $ 142,878   

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

    960        1,051,152   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 1,000      $ 1,070,770   

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

    1,000        1,092,060   

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

    1,000        1,096,060   

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

    525        578,891   

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

    100        106,111   

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

    415        436,493   

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

    835        878,595   

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

    555        556,365   

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

    650        667,329   

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

    1,065        1,152,522   

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

    185        210,508   
                 
  $ 9,039,734   
                 

Housing — 10.3%

  

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

  $ 2,620      $ 2,628,332   

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

    500        482,350   

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

    650        647,374   

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

    1,000        1,032,650   

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

    2,625        2,650,646   

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

    500        489,830   
                 
  $ 7,931,182   
                 

Industrial Development Revenue — 7.0%

  

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

  $ 1,000      $ 1,059,620   

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

    500        397,430   

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

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

Industrial Development Revenue (continued)

  

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

  $ 980      $ 1,148,099   

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

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

Insured – Education — 5.3%

  

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

  $ 1,250      $ 1,518,212   

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

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

Insured – Electric Utilities — 1.9%

  

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

  $ 1,365      $ 1,499,821   
                 
  $ 1,499,821   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

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

Insured – Other Revenue — 4.6%

  

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

  $ 2,645      $ 1,560,868   

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

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

Insured – Special Tax Revenue — 0.6%

  

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

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

Insured – Transportation — 4.2%

  

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

  $ 1,000      $ 969,490   

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

    1,250        1,195,587   

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

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

 

  27   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue — 9.5%

  

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

  $ 3,120      $ 1,700,057   

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

    1,000        1,061,570   

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

    1,000        1,063,640   

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

    1,300        1,321,216   

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

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

Senior Living / Life Care — 8.8%

  

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

  $ 125      $ 139,175   

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

    205        232,308   

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

    225        254,891   

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

    530        569,718   

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

    830        887,851   

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

    855        908,318   

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

    280        291,522   

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

    120        123,630   

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

    905        977,237   

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

    230        232,272   

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

    230        232,254   

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

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

Special Tax Revenue — 20.2%

  

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

  $ 1,500      $ 1,630,095   

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

    2,100        2,376,402   

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

    1,000        1,108,930   

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

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

Special Tax Revenue (continued)

  

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

  $ 2,380      $ 2,656,747   

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

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

Transportation — 14.9%

  

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

  $ 1,500      $ 1,650,870   

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

    700        770,770   

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

    1,000        1,080,430   

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

    1,665        1,832,699   

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

    990        1,035,075   

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

    1,930        2,176,268   

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

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

Water and Sewer — 3.7%

  

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

  $ 585      $ 304,206   

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

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

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

   

  $ 124,736,106   
                 
 

 

  28   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2016

 

Portfolio of Investments — continued

 

 

Miscellaneous — 0.9%   
   
Security   Units     Value  

Real Estate — 0.9%

  

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

    257      $ 691,852   
                 

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

   

  $ 691,852   
                 

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