Eaton Vance Massachusetts 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: 811-09147
Eaton Vance
Massachusetts Municipal Income Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A.
Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617)
482-8260
(Registrant’s Telephone Number)
November 30
Date
of Fiscal Year End
May 31, 2016
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Municipal Income Trusts
Semiannual Report
May 31, 2016
California (CEV) • Massachusetts (MMV) • Michigan (EMI)
• New Jersey (EVJ)
New
York (EVY) • Ohio (EVO) • Pennsylvania (EVP)
Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity
Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain
CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool
operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is
registered with the CFTC as a commodity pool operator and a commodity trading advisor.
Fund shares are not insured by the FDIC and
are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semiannual Report May 31, 2016
Eaton Vance
Municipal Income Trusts
Table of Contents
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| Performance and Fund Profile |
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|
| California Municipal Income Trust |
|
|
2 |
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| Massachusetts Municipal Income Trust |
|
|
3 |
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| Michigan Municipal Income Trust |
|
|
4 |
|
| New Jersey Municipal Income Trust |
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|
5 |
|
| New York Municipal Income Trust |
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|
6 |
|
| Ohio Municipal Income Trust |
|
|
7 |
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| Pennsylvania Municipal Income Trust |
|
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8 |
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| Endnotes and Additional Disclosures |
|
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9 |
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| Financial Statements |
|
|
10 |
|
|
|
| Annual Meeting of Shareholders |
|
|
71 |
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|
|
| Board of Trustees’ Contract Approval |
|
|
72 |
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|
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| Officers and Trustees |
|
|
76 |
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|
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| Important Notices |
|
|
77 |
|
Eaton Vance
California Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
6.78 |
% |
|
|
10.78 |
% |
|
|
10.57 |
% |
|
|
5.58 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
9.70 |
|
|
|
10.94 |
|
|
|
9.43 |
|
|
|
5.38 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–5.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.336 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.15 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.46 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.39 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auction Preferred Shares (APS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.79 |
% |
| Institutional MuniFund Term Preferred (iMTP) Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28.00 |
|
| Residual Interest Bond (RIB) Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.05 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
Massachusetts Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
6.72 |
% |
|
|
10.60 |
% |
|
|
9.12 |
% |
|
|
5.98 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
10.72 |
|
|
|
17.83 |
|
|
|
8.37 |
|
|
|
5.46 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–3.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.326 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.70 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.89 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.86 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.98 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.76 |
|
| RIB Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.94 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
Michigan Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Cynthia J. Clemson
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
7.73 |
% |
|
|
12.25 |
% |
|
|
10.10 |
% |
|
|
6.55 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
14.24 |
|
|
|
17.58 |
|
|
|
9.43 |
|
|
|
6.50 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–8.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.336 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.87 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.14 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.22 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.34 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34.61 |
|
Fund Profile
Credit Quality (% of total investments)6
| * |
Amount is less than 0.05%.
|
See Endnotes and Additional
Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the
percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as
changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less
than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as
of the most recent month-end, please refer to eatonvance.com.
Eaton Vance
New Jersey Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Adam A. Weigold, CFA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
6.78 |
% |
|
|
10.08 |
% |
|
|
8.31 |
% |
|
|
5.60 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
15.11 |
|
|
|
20.14 |
|
|
|
7.37 |
|
|
|
5.22 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–3.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.346 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.31 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.37 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.48 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.33 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28.37 |
|
| RIB Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.73 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
New York Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Craig R. Brandon, CFA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
7.20 |
% |
|
|
10.98 |
% |
|
|
9.90 |
% |
|
|
6.01 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
8.07 |
|
|
|
13.15 |
|
|
|
8.92 |
|
|
|
5.86 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–4.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.357 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.15 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.04 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.35 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.06 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.97 |
|
| RIB Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.28 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
Ohio Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Cynthia J. Clemson
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
7.16 |
% |
|
|
11.28 |
% |
|
|
10.30 |
% |
|
|
6.37 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
14.04 |
|
|
|
19.79 |
|
|
|
9.32 |
|
|
|
6.40 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–4.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.366 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.60 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.55 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.80 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.21 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26.43 |
|
| RIB Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.09 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
Pennsylvania Municipal Income Trust
May 31, 2016
Performance1,2
Portfolio Manager Adam A. Weigold, CFA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Average Annual Total Returns |
|
Inception Date |
|
|
Six Months |
|
|
One Year |
|
|
Five Years |
|
|
Ten Years |
|
| Fund at NAV |
|
|
01/29/1999 |
|
|
|
6.46 |
% |
|
|
10.31 |
% |
|
|
8.19 |
% |
|
|
5.77 |
% |
| Fund at Market Price |
|
|
— |
|
|
|
11.04 |
|
|
|
13.53 |
|
|
|
6.33 |
|
|
|
5.07 |
|
| Barclays Long (22+) Year Municipal Bond Index |
|
|
— |
|
|
|
5.35 |
% |
|
|
8.60 |
% |
|
|
7.51 |
% |
|
|
5.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Premium/Discount to NAV3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–9.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Distributions per share for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.345 |
|
| Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.29 |
% |
| Taxable-Equivalent Distribution Rate at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.82 |
% |
| Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.74 |
% |
| Taxable-Equivalent Distribution Rate at Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % Total Leverage5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| APS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.07 |
% |
| iMTP Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28.59 |
|
| RIB Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.26 |
|
Fund Profile
Credit Quality (% of total investments)6,7
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.
Eaton Vance
Municipal Income Trusts
May 31, 2016
Endnotes and Additional Disclosures
| 1 |
Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless
otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 |
Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest
share class’ inception, as applicable. Included in the average annual total return at NAV is the impact of the tender and repurchase of a portion of the Fund’s APS at 95.5% of the Fund’s APS per share liquidation preference. Had this
transaction not occurred, the total return at NAV would be lower for the Fund. |
| 3 |
The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher
or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend. |
| 4 |
The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price
at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also
known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after
each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions
are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds
that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest
combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.
Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for California Municipal Income Trust, Massachusetts Municipal Income Trust, New Jersey Municipal Income Trust, New York
Municipal Income Trust and Pennsylvania Municipal Income Trust.
|
| 5 |
Fund employs RIB financing and/or APS and iMTP Shares leverage. The leverage created by RIB investments, APS and iMTP Shares provides an opportunity for
increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction
with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common
shares plus APS, iMTP Shares and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares and Floating
Rate Notes. iMTP Shares leverage represents the liquidation value of the Fund’s iMTP Shares outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares and Floating Rate Notes. The Fund may be
required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
| 6 |
Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied.
Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings
ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based
largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of
the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above. |
| 7 |
The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.
|
| |
Fund profile subject to change due to active management.
|
Eaton Vance
California Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
| Tax-Exempt Municipal Securities — 155.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Education — 11.3% |
|
| California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31 |
|
$ |
195 |
|
|
$ |
230,488 |
|
| California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36 |
|
|
330 |
|
|
|
390,057 |
|
| California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30 |
|
|
745 |
|
|
|
833,521 |
|
| California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 |
|
|
1,600 |
|
|
|
1,928,752 |
|
| California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36 |
|
|
235 |
|
|
|
288,608 |
|
| California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39 |
|
|
2,490 |
|
|
|
2,744,080 |
|
| California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30 |
|
|
630 |
|
|
|
729,471 |
|
| California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31 |
|
|
415 |
|
|
|
482,462 |
|
| California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35 |
|
|
285 |
|
|
|
331,806 |
|
| California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26 |
|
|
810 |
|
|
|
967,180 |
|
| California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27 |
|
|
850 |
|
|
|
1,008,100 |
|
| California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28 |
|
|
895 |
|
|
|
1,054,444 |
|
| University of California, 5.25%, 5/15/39 |
|
|
690 |
|
|
|
775,180 |
|
| University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
|
|
205 |
|
|
|
231,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,995,469 |
|
| |
|
|
|
|
|
|
|
|
|
| Electric Utilities — 9.3% |
|
| Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34 |
|
$ |
270 |
|
|
$ |
307,465 |
|
| Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32 |
|
|
2,170 |
|
|
|
2,372,418 |
|
| Northern California Power Agency, 5.25%, 8/1/24 |
|
|
1,500 |
|
|
|
1,698,390 |
|
| Sacramento Municipal Utility District, 5.00%, 8/15/27 |
|
|
1,335 |
|
|
|
1,585,606 |
|
| Sacramento Municipal Utility District, 5.00%, 8/15/28 |
|
|
1,795 |
|
|
|
2,128,475 |
|
| Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35 |
|
|
680 |
|
|
|
777,118 |
|
| Vernon, Electric System Revenue, 5.125%, 8/1/21 |
|
|
900 |
|
|
|
1,003,662 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,873,134 |
|
| |
|
|
|
|
|
|
|
|
|
|
Escrowed / Prerefunded — 7.7% |
|
| California Department of Water Resources, Prerefunded to 6/1/18, 5.00%, 12/1/29 |
|
$ |
715 |
|
|
$ |
776,554 |
|
| California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39 |
|
|
3,135 |
|
|
|
3,466,275 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$
|
1,671,337 |
|
| California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16,
4.75%, 11/15/26(1) |
|
|
175 |
|
|
|
178,392 |
|
| California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16,
4.875%, 11/15/36(1) |
|
|
700 |
|
|
|
713,965 |
|
| Tustin Community Facilities District, Prerefunded to 9/1/17, 6.00%, 9/1/37 |
|
|
500 |
|
|
|
532,730 |
|
| University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39 |
|
|
355 |
|
|
|
400,689 |
|
| Vernon Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21 |
|
|
400 |
|
|
|
436,384 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,176,326 |
|
| |
|
|
|
|
|
|
|
|
|
| General Obligations — 29.2% |
|
| California, 5.00%, 10/1/31 |
|
$ |
1,885 |
|
|
$ |
2,331,707 |
|
| California, 5.50%, 11/1/35 |
|
|
1,600 |
|
|
|
1,914,896 |
|
| California, 6.00%, 4/1/38 |
|
|
750 |
|
|
|
856,530 |
|
| Escondido, 5.00%, 9/1/36 |
|
|
1,000 |
|
|
|
1,213,570 |
|
| Palo Alto, (Election of 2008), 5.00%, 8/1/40 |
|
|
3,655 |
|
|
|
4,201,423 |
|
| Redondo Beach Unified School District, (Election of 2012), 4.00%, 8/1/40 |
|
|
1,000 |
|
|
|
1,101,780 |
|
| San Bernardino Community College District, 4.00%, 8/1/30 |
|
|
2,890 |
|
|
|
3,224,980 |
|
| San Dieguito Union High School District, (Election of 2012), 4.00%, 8/1/30 |
|
|
1,545 |
|
|
|
1,736,055 |
|
| San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35 |
|
|
860 |
|
|
|
1,027,691 |
|
| San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27 |
|
|
1,315 |
|
|
|
1,630,021 |
|
| San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28 |
|
|
2,230 |
|
|
|
2,746,423 |
|
| Santa Clara County, (Election of 2008),
5.00%, 8/1/39(2)(3) |
|
|
3,180 |
|
|
|
3,577,150 |
|
| Santa Clarita Community College District,
4.00%, 8/1/46(4) |
|
|
2,500 |
|
|
|
2,768,050 |
|
| Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35 |
|
|
2,150 |
|
|
|
2,610,595 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,940,871 |
|
| |
|
|
|
|
|
|
|
|
|
| Hospital — 13.3% |
|
| California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27 |
|
$ |
1,000 |
|
|
$ |
1,174,130 |
|
| California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28 |
|
|
190 |
|
|
|
220,917 |
|
| California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32 |
|
|
635 |
|
|
|
745,833 |
|
|
|
|
|
|
|
|
10 |
|
See Notes to Financial Statements. |
Eaton Vance
California Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Hospital (continued) |
|
| California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35 |
|
$
|
910 |
|
|
$
|
1,063,444 |
|
| California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27 |
|
|
2,000 |
|
|
|
2,362,700 |
|
| California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33 |
|
|
1,000 |
|
|
|
1,165,950 |
|
| California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33 |
|
|
1,145 |
|
|
|
1,359,974 |
|
| California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37 |
|
|
535 |
|
|
|
628,149 |
|
| California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34 |
|
|
600 |
|
|
|
605,814 |
|
| Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31 |
|
|
1,900 |
|
|
|
1,930,799 |
|
| Washington Township Health Care District, 5.00%, 7/1/32 |
|
|
2,780 |
|
|
|
2,862,677 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,120,387 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Education — 1.4% |
|
| California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23 |
|
$ |
1,250 |
|
|
$ |
1,506,838 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,506,838 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded — 12.8% |
|
| Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/34 |
|
$ |
6,485 |
|
|
$ |
2,448,606 |
|
| Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/35 |
|
|
4,825 |
|
|
|
1,722,766 |
|
| Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26 |
|
|
5,130 |
|
|
|
4,273,598 |
|
| Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31 |
|
|
2,790 |
|
|
|
2,990,350 |
|
| Riverside Community College District, (Election of 2004), (AGM), (NPFG), Prerefunded to 8/1/17, 5.00%, 8/1/32 |
|
|
2,005 |
|
|
|
2,108,157 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,543,477 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – General
Obligations — 4.7% |
|
| Cotati-Rohnert Park Unified School District, (BAM), 5.00%, 8/1/39 |
|
$ |
1,000 |
|
|
$ |
1,181,180 |
|
| Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25 |
|
|
4,720 |
|
|
|
3,742,582 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,923,762 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Hospital — 4.9% |
|
| California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2) |
|
$ |
5,000 |
|
|
$ |
5,167,800 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,167,800 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured – Lease Revenue / Certificates of
Participation — 7.7% |
|
| Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17(5) |
|
$ |
4,410 |
|
|
$ |
4,360,476 |
|
| San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2) |
|
|
3,500 |
|
|
|
3,775,555 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,136,031 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Special Tax
Revenue — 5.1% |
|
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
|
$ |
4,850 |
|
|
$ |
753,932 |
|
| Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28 |
|
|
370 |
|
|
|
448,899 |
|
| Successor Agency to Hawthorne Community Redevelopment Agency, (AGM), 5.00%, 9/1/32 |
|
|
1,385 |
|
|
|
1,682,069 |
|
| Successor Agency to San Francisco City and County Redevelopment Agency, (NPFG), 5.00%, 8/1/41 |
|
|
2,100 |
|
|
|
2,547,657 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,432,557 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Transportation — 8.7% |
|
| Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 |
|
$ |
5,000 |
|
|
$ |
3,063,700 |
|
| Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31 |
|
|
4,500 |
|
|
|
2,701,800 |
|
| Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41 |
|
|
740 |
|
|
|
762,489 |
|
| San Jose, Airport Revenue, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37 |
|
|
1,275 |
|
|
|
1,312,893 |
|
| San Jose, Airport Revenue, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47 |
|
|
1,350 |
|
|
|
1,401,435 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,242,317 |
|
| |
|
|
|
|
|
|
|
|
|
| Lease Revenue / Certificates of
Participation — 1.0% |
|
| California Public Works Board, 5.00%, 11/1/38 |
|
$ |
915 |
|
|
$ |
1,097,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,097,735 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Revenue — 0.4% |
|
| California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 |
|
$ |
385 |
|
|
$ |
405,944 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
405,944 |
|
| |
|
|
|
|
|
|
|
|
|
| Senior Living / Life
Care — 1.6% |
|
| ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31 |
|
$ |
290 |
|
|
$ |
334,941 |
|
| California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(1) |
|
|
600 |
|
|
|
699,300 |
|
|
|
|
|
|
|
|
11 |
|
See Notes to Financial Statements. |
Eaton Vance
California Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Senior Living / Life Care (continued) |
|
| California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35 |
|
$
|
535 |
|
|
$
|
642,059 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,676,300 |
|
| |
|
|
|
|
|
|
|
|
|
| Special Tax Revenue — 16.2% |
|
| Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo),
5.00%, 9/1/30 |
|
$ |
770 |
|
|
$ |
886,786 |
|
| Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 |
|
|
285 |
|
|
|
294,020 |
|
| Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 |
|
|
460 |
|
|
|
474,333 |
|
| Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 |
|
|
1,590 |
|
|
|
1,615,631 |
|
| Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22 |
|
|
240 |
|
|
|
284,604 |
|
| Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23 |
|
|
480 |
|
|
|
569,299 |
|
| Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24 |
|
|
240 |
|
|
|
284,650 |
|
| Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25 |
|
|
335 |
|
|
|
396,888 |
|
| Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26 |
|
|
240 |
|
|
|
284,338 |
|
| San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28 |
|
|
2,400 |
|
|
|
2,745,840 |
|
| Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/34 |
|
|
1,500 |
|
|
|
1,835,460 |
|
| Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/36 |
|
|
1,250 |
|
|
|
1,521,712 |
|
| South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27 |
|
|
485 |
|
|
|
563,594 |
|
| South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28 |
|
|
725 |
|
|
|
840,565 |
|
| Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/28 |
|
|
1,600 |
|
|
|
1,938,480 |
|
| Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/32 |
|
|
1,360 |
|
|
|
1,661,689 |
|
| Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/36 |
|
|
800 |
|
|
|
961,856 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,159,745 |
|
| |
|
|
|
|
|
|
|
|
|
| Transportation — 11.9% |
|
| Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29 |
|
$ |
1,000 |
|
|
$ |
1,120,510 |
|
| Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)(3) |
|
|
2,120 |
|
|
|
2,419,535 |
|
| Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41 |
|
|
1,500 |
|
|
|
1,754,595 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Transportation (continued) |
|
| Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30 |
|
$
|
1,500 |
|
|
$
|
1,617,765 |
|
| San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35 |
|
|
2,760 |
|
|
|
3,126,500 |
|
| San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34 |
|
|
2,265 |
|
|
|
2,574,943 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,613,848 |
|
| |
|
|
|
|
|
|
|
|
|
| Water and Sewer — 8.1% |
|
| Los Angeles, Wastewater System Revenue, 5.00%, 6/1/45 |
|
$ |
1,925 |
|
|
$ |
2,312,425 |
|
| Metropolitan Water District of Southern California, 5.00%, 7/1/40 |
|
|
2,000 |
|
|
|
2,425,720 |
|
| San Mateo, Sewer Revenue, 5.00%, 8/1/36 |
|
|
1,700 |
|
|
|
1,955,731 |
|
| Upper Santa Clara Joint Powers Financing Authority, 5.00%, 8/1/41 |
|
|
1,500 |
|
|
|
1,836,285 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,530,161 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Tax-Exempt Municipal Securities — 155.3%
(identified cost
$149,210,715) |
|
|
$ |
164,542,702 |
|
| |
|
|
|
|
|
|
|
|
|
| Taxable Municipal Securities — 1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
| Hospital — 1.8% |
|
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 |
|
$ |
1,750 |
|
|
$ |
1,949,938 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Taxable Municipal Securities — 1.8%
(identified cost $1,750,000) |
|
|
$ |
1,949,938 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 157.1%
(identified cost $150,960,715) |
|
|
$ |
166,492,640 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.9)% |
|
|
$ |
(3,000,117 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.3)% |
|
|
$ |
(46,975,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Other Assets, Less Liabilities — (9.9)% |
|
|
$ |
(10,540,942 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
105,976,581 |
|
| |
|
|
|
|
|
|
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common
shares.
|
|
|
|
|
|
|
12 |
|
See Notes to Financial Statements. |
Eaton Vance
California Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 28.8% of total investments are
backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 16.1%
of total investments.
| (1) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in
reliance on an exemption from registration (normally
|
| |
to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,591,657 or 1.5% 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 1H). |
| (3) |
Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,021,685.
|
| (4) |
When-issued security. |
| (5) |
Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
| Description |
|
Contracts |
|
|
Position |
|
Expiration Month/Year |
|
Aggregate Cost |
|
|
Value |
|
|
Net Unrealized Depreciation |
|
|
|
|
|
|
|
|
| Interest Rate Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. 10-Year Treasury Note |
|
|
38 |
|
|
Short |
|
Sep-16 |
|
$ |
(4,919,449 |
) |
|
$ |
(4,928,125 |
) |
|
$ |
(8,676 |
) |
| U.S. Long Treasury Bond |
|
|
29 |
|
|
Short |
|
Sep-16 |
|
|
(4,717,503 |
) |
|
|
(4,736,063 |
) |
|
|
(18,560 |
) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(27,236 |
) |
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. |
| CIFG |
|
– |
|
CIFG Assurance North America, Inc. |
| NPFG |
|
– |
|
National Public Finance Guaranty Corp. |
|
|
|
|
|
|
|
13 |
|
See Notes to Financial Statements. |
Eaton Vance
Massachusetts Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
| Tax-Exempt Municipal Securities — 144.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Bond Bank — 6.1% |
|
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33 |
|
$ |
910 |
|
|
$ |
1,255,982 |
|
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34 |
|
|
990 |
|
|
|
1,376,674 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,632,656 |
|
| |
|
|
|
|
|
|
|
|
|
| Education — 24.0% |
|
| Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/34 |
|
$ |
1,665 |
|
|
$ |
1,915,366 |
|
| Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35 |
|
|
1,080 |
|
|
|
1,234,872 |
|
| Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33 |
|
|
770 |
|
|
|
902,463 |
|
| Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32 |
|
|
1,500 |
|
|
|
1,581,615 |
|
| Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 |
|
|
1,640 |
|
|
|
2,334,196 |
|
| Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35 |
|
|
1,350 |
|
|
|
1,535,611 |
|
| University of Massachusetts Building Authority, 5.00%, 11/1/39 |
|
|
750 |
|
|
|
889,305 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,393,428 |
|
| |
|
|
|
|
|
|
|
|
|
|
Escrowed / Prerefunded — 8.9% |
|
| Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34 |
|
$ |
40 |
|
|
$ |
43,674 |
|
| Massachusetts Development Finance Agency, (New England Conservatory of Music), Prerefunded to 7/1/18, 5.25%, 7/1/38 |
|
|
625 |
|
|
|
682,413 |
|
| Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/17, 5.00%, 7/1/32 |
|
|
1,055 |
|
|
|
1,104,279 |
|
| Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/17,
5.00%, 7/1/38 |
|
|
415 |
|
|
|
434,571 |
|
| Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18,
5.375%, 8/15/38 |
|
|
1,420 |
|
|
|
1,562,810 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,827,747 |
|
| |
|
|
|
|
|
|
|
|
|
| General Obligations — 11.9% |
|
| Boston, 4.00%, 4/1/24 |
|
$ |
300 |
|
|
$ |
339,327 |
|
| Danvers, 5.25%, 7/1/36 |
|
|
885 |
|
|
|
1,050,185 |
|
| Lexington, 4.00%, 2/1/23 |
|
|
355 |
|
|
|
416,053 |
|
| Newton, 5.00%, 4/1/36 |
|
|
750 |
|
|
|
837,900 |
|
| Plymouth, 5.00%, 5/1/31 |
|
|
345 |
|
|
|
398,541 |
|
| Plymouth, 5.00%, 5/1/32 |
|
|
315 |
|
|
|
363,885 |
|
| Wayland, 5.00%, 2/1/33 |
|
|
510 |
|
|
|
589,483 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| General Obligations (continued) |
|
| Wayland, 5.00%, 2/1/36 |
|
$
|
770 |
|
|
$
|
888,126 |
|
| Winchester, 5.00%, 4/15/36 |
|
|
245 |
|
|
|
284,604 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,168,104 |
|
| |
|
|
|
|
|
|
|
|
|
| Hospital — 27.4% |
|
| Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31 |
|
$ |
1,000 |
|
|
$ |
1,123,270 |
|
| Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/25 |
|
|
600 |
|
|
|
745,452 |
|
| Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33 |
|
|
180 |
|
|
|
214,026 |
|
| Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31 |
|
|
525 |
|
|
|
639,928 |
|
| Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40 |
|
|
1,250 |
|
|
|
1,464,550 |
|
| Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32 |
|
|
600 |
|
|
|
728,334 |
|
| Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31 |
|
|
555 |
|
|
|
631,873 |
|
| Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36 |
|
|
1,210 |
|
|
|
1,364,953 |
|
| Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39 |
|
|
500 |
|
|
|
563,500 |
|
| Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 |
|
|
1,135 |
|
|
|
1,235,629 |
|
| Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35 |
|
|
970 |
|
|
|
1,076,399 |
|
| Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), 5.00%, 7/1/32 |
|
|
945 |
|
|
|
986,986 |
|
| Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 |
|
|
675 |
|
|
|
676,856 |
|
| Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29 |
|
|
350 |
|
|
|
381,185 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,832,941 |
|
| |
|
|
|
|
|
|
|
|
|
| Housing — 3.2% |
|
| Massachusetts Housing Finance Agency, (AMT),
4.75%, 12/1/48(1) |
|
$ |
1,385 |
|
|
$ |
1,385,983 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,385,983 |
|
| |
|
|
|
|
|
|
|
|
|
| Industrial Development Revenue — 1.9% |
|
| Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27(2) |
|
$ |
800 |
|
|
$ |
804,744 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
804,744 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
See Notes to Financial Statements. |
Eaton Vance
Massachusetts Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured – Education — 7.4% |
|
| Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 |
|
$ |
1,000 |
|
|
$ |
1,362,540 |
|
| Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)(4) |
|
|
1,365 |
|
|
|
1,851,295 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,213,835 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Electric
Utilities — 1.3% |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 |
|
$ |
550 |
|
|
$ |
567,600 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
567,600 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded — 3.2% |
|
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), Prerefunded to 8/15/17, 5.00%, 8/15/37(3) |
|
$ |
1,335 |
|
|
$ |
1,404,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,404,213 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – General
Obligations — 3.2% |
|
| Massachusetts, (AMBAC), 5.50%, 8/1/30 |
|
$ |
1,000 |
|
|
$ |
1,383,520 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,383,520 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Hospital — 0.9% |
|
| Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25 |
|
$ |
335 |
|
|
$ |
379,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
379,227 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Other Revenue — 1.8% |
|
| Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 |
|
$ |
590 |
|
|
$ |
783,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
783,331 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Special Tax
Revenue — 9.5% |
|
| Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25 |
|
$ |
900 |
|
|
$ |
1,120,041 |
|
| Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28 |
|
|
1,195 |
|
|
|
1,451,137 |
|
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(3) |
|
|
5 |
|
|
|
5,259 |
|
| Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 |
|
|
1,000 |
|
|
|
1,340,110 |
|
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
|
|
1,105 |
|
|
|
171,772 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,088,319 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Student Loan — 1.9% |
|
| Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 |
|
$ |
210 |
|
|
$ |
220,431 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured – Student Loan (continued) |
|
| Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33(1) |
|
$
|
615 |
|
|
$
|
616,008 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
836,439 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Transportation — 0.8% |
|
| Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32 |
|
$ |
315 |
|
|
$ |
326,107 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
326,107 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Revenue — 2.6% |
|
| Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19,
5.00%, 5/1/22 |
|
$ |
500 |
|
|
$ |
558,320 |
|
| Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19,
5.00%, 5/1/25 |
|
|
505 |
|
|
|
563,131 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,121,451 |
|
| |
|
|
|
|
|
|
|
|
|
| Senior Living / Life
Care — 1.8% |
|
| Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30 |
|
$ |
125 |
|
|
$ |
140,789 |
|
| Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27(2) |
|
|
140 |
|
|
|
141,230 |
|
| Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41(2) |
|
|
475 |
|
|
|
476,791 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
758,810 |
|
| |
|
|
|
|
|
|
|
|
|
| Special Tax Revenue — 8.3% |
|
| Massachusetts Bay Transportation Authority, 5.25%, 7/1/34 |
|
$ |
100 |
|
|
$ |
108,806 |
|
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 |
|
|
1,665 |
|
|
|
844,122 |
|
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 |
|
|
5,195 |
|
|
|
2,279,358 |
|
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
|
|
335 |
|
|
|
377,900 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,610,186 |
|
| |
|
|
|
|
|
|
|
|
|
| Student Loan — 3.4% |
|
| Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33(5) |
|
$ |
1,500 |
|
|
$ |
1,486,665 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,486,665 |
|
| |
|
|
|
|
|
|
|
|
|
| Transportation — 10.4% |
|
| Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37 |
|
$ |
1,500 |
|
|
$ |
1,680,240 |
|
|
|
|
|
|
|
|
15 |
|
See Notes to Financial Statements. |
Eaton Vance
Massachusetts Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Transportation (continued) |
|
| Massachusetts Port Authority, 5.00%, 7/1/28 |
|
$
|
500 |
|
|
$
|
577,975 |
|
| Massachusetts Port Authority, 5.00%, 7/1/34 |
|
|
670 |
|
|
|
762,540 |
|
| Massachusetts Port Authority, 5.00%, 7/1/45 |
|
|
1,250 |
|
|
|
1,493,525 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,514,280 |
|
| |
|
|
|
|
|
|
|
|
|
| Water and Sewer — 4.5% |
|
| Boston Water and Sewer Commission, 5.00%, 11/1/29 |
|
$ |
495 |
|
|
$ |
560,325 |
|
| Boston Water and Sewer Commission, 5.00%, 11/1/31 |
|
|
225 |
|
|
|
254,923 |
|
| Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/26 |
|
|
1,005 |
|
|
|
1,143,007 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,958,255 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Tax-Exempt Municipal Securities — 144.4%
(identified cost $55,914,559) |
|
|
$ |
62,477,841 |
|
| |
|
|
|
|
|
|
|
|
|
| Taxable Municipal Securities — 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
| Student Loan — 1.9% |
|
| Massachusetts Educational Financing Authority, 4.70%, 1/1/30 |
|
$ |
750 |
|
|
$ |
812,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Taxable Municipal Securities — 1.9%
(identified cost $735,366) |
|
|
$ |
812,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 146.3%
(identified cost $56,649,925) |
|
|
$ |
63,290,766 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
Value |
|
|
|
|
|
|
|
|
|
|
| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.5)% |
|
$ |
(3,250,042 |
) |
| |
|
|
|
|
|
|
|
|
| Institutional MuniFund Term Preferred Shares, at Liquidation Value — (38.9)% |
|
$ |
(16,800,000 |
) |
| |
|
|
|
|
|
|
|
|
| Other Assets, Less Liabilities — 0.1% |
|
$ |
22,503 |
|
| |
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
$ |
43,263,227 |
|
| |
|
|
|
|
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common
shares.
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 20.5% of total investments are backed by bond insurance
of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 9.5% of total investments.
| (1) |
Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
| (2) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in
reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,422,765 or 3.3% of the Trust’s net assets applicable to common shares.
|
| (3) |
Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| (4) |
Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $941,295.
|
| (5) |
When-issued security.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
| Description |
|
Contracts |
|
|
Position |
|
Expiration Month/Year |
|
Aggregate Cost |
|
|
Value |
|
|
Net Unrealized Depreciation |
|
|
|
|
|
|
|
|
| Interest Rate Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Long Treasury Bond |
|
|
23 |
|
|
Short |
|
Sep-16 |
|
$ |
(3,741,468 |
) |
|
$ |
(3,756,188 |
) |
|
$ |
(14,720 |
) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(14,720 |
) |
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. |
|
|
|
|
|
|
|
16 |
|
See Notes to Financial Statements. |
Eaton Vance
Michigan Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
| Tax-Exempt Investments — 151.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Bond Bank — 2.1% |
|
| Michigan Municipal Bond Authority, 5.00%, 10/1/29 |
|
$ |
600 |
|
|
$ |
668,694 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
668,694 |
|
| |
|
|
|
|
|
|
|
|
|
| Education — 6.8% |
|
| Michigan State University, 5.00%, 2/15/40 |
|
$ |
1,000 |
|
|
$ |
1,120,400 |
|
| Oakland University, 5.00%, 3/1/42 |
|
|
500 |
|
|
|
566,540 |
|
| Wayne State University, 5.00%, 11/15/40 |
|
|
370 |
|
|
|
427,117 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,114,057 |
|
| |
|
|
|
|
|
|
|
|
|
| Electric Utilities — 8.9% |
|
| Holland, Electric Utility System, 5.00%, 7/1/39 |
|
$ |
1,135 |
|
|
$ |
1,307,100 |
|
| Lansing Board of Water and Light, 5.50%, 7/1/41 |
|
|
500 |
|
|
|
591,080 |
|
| Michigan Public Power Agency, 5.00%, 1/1/43 |
|
|
800 |
|
|
|
871,792 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,769,972 |
|
| |
|
|
|
|
|
|
|
|
|
|
Escrowed / Prerefunded — 5.3% |
|
| Grand Valley State University, Prerefunded to 12/1/16, 5.625%, 12/1/29 |
|
$ |
525 |
|
|
$ |
538,246 |
|
| Grand Valley State University, Prerefunded to 12/1/16, 5.75%, 12/1/34 |
|
|
525 |
|
|
|
538,571 |
|
| Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39 |
|
|
500 |
|
|
|
576,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,652,982 |
|
| |
|
|
|
|
|
|
|
|
|
| General Obligations — 31.2% |
|
| Ann Arbor Public Schools, 4.50%, 5/1/24 |
|
$ |
350 |
|
|
$ |
370,468 |
|
| Comstock Park Public Schools, 5.125%, 5/1/31 |
|
|
275 |
|
|
|
315,098 |
|
| Comstock Park Public Schools, 5.25%, 5/1/33 |
|
|
220 |
|
|
|
255,823 |
|
| East Grand Rapids Public Schools, 5.00%, 5/1/39 |
|
|
435 |
|
|
|
503,525 |
|
| Jenison Public Schools, 5.00%, 5/1/28 |
|
|
500 |
|
|
|
571,580 |
|
| Jenison Public Schools, 5.00%, 5/1/30 |
|
|
500 |
|
|
|
568,985 |
|
| Kent County, 5.00%, 1/1/25 |
|
|
1,500 |
|
|
|
1,644,945 |
|
| Kent County, (AMT), 5.00%, 1/1/28 |
|
|
1,000 |
|
|
|
1,154,770 |
|
| Lansing Community College, 5.00%, 5/1/30 |
|
|
1,005 |
|
|
|
1,184,744 |
|
| Marysville Public Schools District, 5.00%, 5/1/37 |
|
|
1,065 |
|
|
|
1,270,705 |
|
| Michigan, 5.50%, 11/1/25 |
|
|
270 |
|
|
|
302,435 |
|
| Walled Lake Consolidated School District, 5.00%, 5/1/34 |
|
|
365 |
|
|
|
426,955 |
|
| Watervliet Public Schools, 5.00%, 5/1/38 |
|
|
1,000 |
|
|
|
1,159,070 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,729,103 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Hospital — 22.3% |
|
| Grand Traverse County Hospital Finance Authority, (Munson Healthcare), 5.00%, 7/1/47 |
|
$ |
1,000 |
|
|
$ |
1,126,910 |
|
| Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35 |
|
|
250 |
|
|
|
284,025 |
|
| Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32 |
|
|
500 |
|
|
|
569,065 |
|
| Michigan Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27 |
|
|
990 |
|
|
|
1,131,689 |
|
| Michigan Finance Authority, (Trinity Health Corp.), Prerefunded to 12/1/20, 5.00%, 12/1/27 |
|
|
10 |
|
|
|
11,692 |
|
| Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 |
|
|
250 |
|
|
|
254,545 |
|
| Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 |
|
|
1,000 |
|
|
|
1,020,330 |
|
| Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39 |
|
|
1,250 |
|
|
|
1,427,712 |
|
| Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30 |
|
|
1,000 |
|
|
|
1,121,860 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,947,828 |
|
| |
|
|
|
|
|
|
|
|
|
| Housing — 0.2% |
|
| Michigan Housing Development Authority, 4.60%, 12/1/26 |
|
$ |
45 |
|
|
$ |
46,604 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
46,604 |
|
| |
|
|
|
|
|
|
|
|
|
| Industrial Development Revenue — 2.4% |
|
| Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 |
|
$ |
750 |
|
|
$ |
750,090 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
750,090 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Education — 4.8% |
|
| Ferris State University, (AGC), 5.125%, 10/1/33 |
|
$ |
570 |
|
|
$ |
618,906 |
|
| Ferris State University, (AGC), 5.25%, 10/1/38 |
|
|
500 |
|
|
|
544,330 |
|
| Wayne State University, (AGM), 5.00%, 11/15/35 |
|
|
300 |
|
|
|
326,568 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,489,804 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Electric
Utilities — 3.4% |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 |
|
$ |
630 |
|
|
$ |
650,160 |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 |
|
|
250 |
|
|
|
257,538 |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 |
|
|
155 |
|
|
|
158,548 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,066,246 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded — 6.5% |
|
| Battle Creek School District, (AGM), Prerefunded to 5/1/17, 5.00%, 5/1/37 |
|
$ |
1,105 |
|
|
$ |
1,149,123 |
|
|
|
|
|
|
|
|
17 |
|
See Notes to Financial Statements. |
Eaton Vance
Michigan Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded (continued) |
|
| Michigan Building Authority, (AGM), (FGIC), Prerefunded to 10/15/16, 0.00%, 10/15/29 |
|
$
|
555 |
|
|
$
|
291,458 |
|
| Michigan Building Authority, (NPFG), Prerefunded to 10/15/16, 0.00%, 10/15/30 |
|
|
1,190 |
|
|
|
594,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,034,581 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – General
Obligations — 24.0% |
|
| Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38 |
|
$ |
500 |
|
|
$ |
589,520 |
|
| Byron Center Public Schools, (AGM), 3.75%, 5/1/26 |
|
|
150 |
|
|
|
158,853 |
|
| Byron Center Public Schools, (AGM), 4.00%, 5/1/28 |
|
|
240 |
|
|
|
254,527 |
|
| Detroit School District, (AGM), 5.25%, 5/1/32 |
|
|
300 |
|
|
|
374,094 |
|
| Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29 |
|
|
1,000 |
|
|
|
1,157,880 |
|
| Livonia Public Schools, (AGM), 5.00%, 5/1/43 |
|
|
910 |
|
|
|
1,038,765 |
|
| South Haven Public Schools, (AGM), 5.00%, 5/1/40 |
|
|
500 |
|
|
|
584,105 |
|
| South Haven Public Schools, (BAM), 5.00%, 5/1/41 |
|
|
1,200 |
|
|
|
1,394,592 |
|
| Van Dyke Public Schools, (AGM), 5.00%, 5/1/38 |
|
|
1,250 |
|
|
|
1,336,525 |
|
| Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34 |
|
|
500 |
|
|
|
584,495 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,473,356 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Lease Revenue / Certificates of
Participation — 3.3% |
|
| Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29 |
|
$ |
445 |
|
|
$ |
233,496 |
|
| Michigan Building Authority, (NPFG), 0.00%, 10/15/30 |
|
|
1,610 |
|
|
|
800,428 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,033,924 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Special Tax
Revenue — 0.4% |
|
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
|
$ |
895 |
|
|
$ |
139,128 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
139,128 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Transportation — 3.5% |
|
| Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32 |
|
$ |
1,000 |
|
|
$ |
1,095,120 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,095,120 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Water and Sewer — 6.9% |
|
| Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36 |
|
$ |
560 |
|
|
$ |
561,926 |
|
| Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39 |
|
|
1,000 |
|
|
|
1,094,880 |
|
| Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 |
|
|
475 |
|
|
|
490,514 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,147,320 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
| Lease Revenue / Certificates of
Participation — 3.5% |
|
| Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30 |
|
$ |
1,000 |
|
|
$ |
1,098,280 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,098,280 |
|
| |
|
|
|
|
|
|
|
|
|
| Special Tax Revenue — 5.0% |
|
| Guam, Limited Obligation Bonds, 5.625%, 12/1/29 |
|
$ |
115 |
|
|
$ |
129,412 |
|
| Guam, Limited Obligation Bonds, 5.75%, 12/1/34 |
|
|
125 |
|
|
|
139,960 |
|
| Michigan Trunk Line Fund, 5.00%, 11/15/36 |
|
|
1,000 |
|
|
|
1,162,180 |
|
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
|
|
110 |
|
|
|
124,086 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,555,638 |
|
| |
|
|
|
|
|
|
|
|
|
| Water and Sewer — 10.9% |
|
| Detroit, Water Supply System, 5.25%, 7/1/41 |
|
$ |
750 |
|
|
$ |
830,483 |
|
| Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28 |
|
|
735 |
|
|
|
954,015 |
|
| Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44 |
|
|
1,250 |
|
|
|
1,346,225 |
|
| Port Huron, Water Supply System, 5.25%, 10/1/31 |
|
|
250 |
|
|
|
278,565 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,409,288 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Tax-Exempt Investments — 151.4%
(identified cost $43,233,228) |
|
|
$ |
47,222,015 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.1)% |
|
|
$ |
(650,045 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Institutional MuniFund Term Preferred Shares, at Liquidation Value — (54.0)% |
|
|
$ |
(16,850,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Other Assets, Less Liabilities — 4.7% |
|
|
$ |
1,461,266 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
31,183,236 |
|
| |
|
|
|
|
|
|
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common
shares.
The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 34.9% of total investments are backed by bond insurance
of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 14.6% of total investments.
|
|
|
|
|
|
|
18 |
|
See Notes to Financial Statements. |
Eaton Vance
Michigan Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
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. |
| FGIC |
|
– |
|
Financial Guaranty Insurance Company |
| NPFG |
|
– |
|
National Public Finance Guaranty Corp. |
|
|
|
|
|
|
|
19 |
|
See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
| Tax-Exempt Municipal Securities — 149.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Education — 16.3% |
|
| Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32 |
|
$ |
1,270 |
|
|
$ |
1,492,555 |
|
| New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36 |
|
|
1,730 |
|
|
|
1,944,935 |
|
| New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33 |
|
|
620 |
|
|
|
733,788 |
|
| New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34 |
|
|
380 |
|
|
|
448,522 |
|
| New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37 |
|
|
640 |
|
|
|
727,053 |
|
| New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40 |
|
|
1,230 |
|
|
|
1,408,510 |
|
| New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27 |
|
|
1,650 |
|
|
|
1,703,938 |
|
| New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19,
7.50%, 12/1/32 |
|
|
965 |
|
|
|
1,149,238 |
|
| Rutgers State University, 5.00%, 5/1/33 |
|
|
1,000 |
|
|
|
1,186,480 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,795,019 |
|
| |
|
|
|
|
|
|
|
|
|
|
Escrowed / Prerefunded — 9.4% |
|
| New Jersey Economic Development Authority, (Seabrook Village), Prerefunded to 11/15/16, 5.25%, 11/15/36 |
|
$ |
815 |
|
|
$ |
832,278 |
|
| New Jersey Health Care Facilities Financing Authority, (AtlantiCare Regional Medical Center), Prerefunded to 7/1/17,
5.00%, 7/1/37 |
|
|
2,090 |
|
|
|
2,186,223 |
|
| New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19,
5.75%, 7/1/39 |
|
|
915 |
|
|
|
1,044,381 |
|
| Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39 |
|
|
1,900 |
|
|
|
2,122,091 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,184,973 |
|
| |
|
|
|
|
|
|
|
|
|
| General Obligations — 6.4% |
|
| Monmouth County Improvement Authority, 5.00%, 1/15/28 |
|
$ |
1,850 |
|
|
$ |
2,138,933 |
|
| Monmouth County Improvement Authority, 5.00%, 1/15/30 |
|
|
1,795 |
|
|
|
2,072,507 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,211,440 |
|
| |
|
|
|
|
|
|
|
|
|
| Hospital — 15.8% |
|
| Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42 |
|
$ |
650 |
|
|
$ |
770,659 |
|
| New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 |
|
|
2,290 |
|
|
|
2,471,460 |
|
| New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44 |
|
|
750 |
|
|
|
799,897 |
|
| New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26 |
|
|
265 |
|
|
|
311,818 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Hospital (continued) |
|
| New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31 |
|
$
|
250 |
|
|
$
|
284,368 |
|
| New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32 |
|
|
815 |
|
|
|
986,289 |
|
| New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31 |
|
|
1,000 |
|
|
|
1,116,080 |
|
| New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 |
|
|
2,380 |
|
|
|
2,388,806 |
|
| New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16,
5.00%, 7/1/46 |
|
|
60 |
|
|
|
60,217 |
|
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33 |
|
|
1,075 |
|
|
|
1,214,223 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,403,817 |
|
| |
|
|
|
|
|
|
|
|
|
| Housing — 1.3% |
|
| New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 |
|
$ |
365 |
|
|
$ |
368,865 |
|
| New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 |
|
|
480 |
|
|
|
485,189 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
854,054 |
|
| |
|
|
|
|
|
|
|
|
|
| Industrial Development Revenue — 7.5% |
|
| Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45(1) |
|
$ |
1,085 |
|
|
$ |
1,110,780 |
|
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23 |
|
|
50 |
|
|
|
56,008 |
|
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29 |
|
|
135 |
|
|
|
150,143 |
|
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33 |
|
|
750 |
|
|
|
848,887 |
|
| New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23 |
|
|
220 |
|
|
|
246,402 |
|
| New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39 |
|
|
2,235 |
|
|
|
2,529,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,941,346 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Electric
Utilities — 1.9% |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 |
|
$ |
135 |
|
|
$ |
139,320 |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 |
|
|
490 |
|
|
|
501,216 |
|
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35 |
|
|
595 |
|
|
|
604,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,245,223 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded — 3.7% |
|
| Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31 |
|
$ |
1,240 |
|
|
$ |
1,385,700 |
|
|
|
|
|
|
|
|
20 |
|
See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured –
Escrowed / Prerefunded (continued) |
|
| New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18,
5.50%, 12/15/34 |
|
$
|
970 |
|
|
$
|
1,083,296 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,468,996 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Gas Utilities — 5.4% |
|
| 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 |
|
|
$ |
3,553,416 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,553,416 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – General
Obligations — 4.8% |
|
| Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 |
|
$ |
1,015 |
|
|
$ |
1,115,150 |
|
| Irvington Township, (AGM), 5.00%, 7/15/31 |
|
|
1,000 |
|
|
|
1,185,130 |
|
| Paterson, (BAM), 5.00%, 1/15/26 |
|
|
750 |
|
|
|
850,440 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,150,720 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Hospital — 3.0% |
|
| New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38 |
|
$ |
375 |
|
|
$ |
402,296 |
|
| New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 |
|
|
1,380 |
|
|
|
1,550,140 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,952,436 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Industrial Development
Revenue — 3.1% |
|
| New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 |
|
$ |
1,940 |
|
|
$ |
2,048,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,048,485 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Lease Revenue / Certificates of
Participation — 3.8% |
|
| New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 |
|
$ |
530 |
|
|
$ |
579,873 |
|
| New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33 |
|
|
640 |
|
|
|
721,082 |
|
| New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 |
|
|
1,000 |
|
|
|
1,236,090 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,537,045 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Special Tax
Revenue — 13.7% |
|
| Garden State Preservation Trust, (AGM), 0.00%, 11/1/25 |
|
$ |
5,250 |
|
|
$ |
4,187,768 |
|
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 |
|
|
4,300 |
|
|
|
3,115,952 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured – Special Tax Revenue (continued) |
|
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 |
|
$
|
2,020 |
|
|
$
|
1,403,920 |
|
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
|
|
2,020 |
|
|
|
314,009 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,021,649 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Student Loan — 2.5% |
|
| New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30 |
|
$ |
1,560 |
|
|
$ |
1,676,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,676,033 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Transportation — 6.9% |
|
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31 |
|
$ |
850 |
|
|
$ |
985,125 |
|
| New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39 |
|
|
1,500 |
|
|
|
1,729,005 |
|
| New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 |
|
|
2,400 |
|
|
|
1,474,224 |
|
| South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 |
|
|
315 |
|
|
|
353,540 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,541,894 |
|
| |
|
|
|
|
|
|
|
|
|
| Lease Revenue / Certificates of
Participation — 5.2% |
|
| New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33 |
|
$ |
1,100 |
|
|
$ |
1,178,309 |
|
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19,
5.25%, 12/15/33 |
|
|
400 |
|
|
|
451,100 |
|
| New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38 |
|
|
1,700 |
|
|
|
1,819,663 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,449,072 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Revenue — 3.9% |
|
| New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48 |
|
$ |
2,040 |
|
|
$ |
2,267,725 |
|
| New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32 |
|
|
250 |
|
|
|
289,603 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,557,328 |
|
| |
|
|
|
|
|
|
|
|
|
| Senior Living / Life
Care — 3.4% |
|
| New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 |
|
$ |
465 |
|
|
$ |
485,558 |
|
| New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38(2) |
|
|
770 |
|
|
|
802,571 |
|
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38 |
|
|
700 |
|
|
|
737,940 |
|
|
|
|
|
|
|
|
21 |
|
See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Senior Living / Life Care (continued) |
|
| New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29 |
|
$
|
215 |
|
|
$
|
241,795 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,267,864 |
|
| |
|
|
|
|
|
|
|
|
|
| Special Tax Revenue — 2.3% |
|
| New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 |
|
$ |
100 |
|
|
$ |
102,510 |
|
| New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 |
|
|
175 |
|
|
|
178,558 |
|
| Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40 |
|
|
750 |
|
|
|
457,987 |
|
| Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37 |
|
|
500 |
|
|
|
201,710 |
|
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
|
|
500 |
|
|
|
564,030 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,504,795 |
|
| |
|
|
|
|
|
|
|
|
|
| Student Loan — 3.9% |
|
| New Jersey Higher Education Student Assistance Authority, (AMT), 1.585%, 6/1/36(3)(4)(5) |
|
$ |
1,825 |
|
|
$ |
1,813,484 |
|
| New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43 |
|
|
740 |
|
|
|
774,514 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,587,998 |
|
| |
|
|
|
|
|
|
|
|
|
| Transportation — 21.6% |
|
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 |
|
$ |
1,060 |
|
|
$ |
1,193,698 |
|
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 |
|
|
1,080 |
|
|
|
1,215,000 |
|
| New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31 |
|
|
1,850 |
|
|
|
2,062,028 |
|
| New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38 |
|
|
250 |
|
|
|
275,235 |
|
| New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 |
|
|
530 |
|
|
|
585,136 |
|
| New Jersey Turnpike Authority, 5.25%, 1/1/40 |
|
|
3,600 |
|
|
|
3,938,868 |
|
| Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34 |
|
|
2,000 |
|
|
|
2,404,280 |
|
| Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(3) |
|
|
1,995 |
|
|
|
2,148,775 |
|
| South Jersey Transportation Authority, 5.00%, 11/1/39 |
|
|
400 |
|
|
|
445,872 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,268,892 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Water and Sewer — 3.2% |
|
| North Hudson Sewerage Authority, 5.00%, 6/1/29 |
|
$ |
1,275 |
|
|
$ |
1,452,862 |
|
| Sussex County Municipal Utilities Authority,
0.00%, 12/1/36(6) |
|
|
1,250 |
|
|
|
651,913 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,104,775 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Tax-Exempt Municipal Securities — 149.0%
(identified cost $89,667,468) |
|
|
$ |
98,327,270 |
|
| |
|
|
|
|
|
|
|
|
|
| Taxable Municipal Securities — 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
| General Obligations — 1.6% |
|
| Atlantic City, 7.50%, 3/1/40 |
|
$ |
1,000 |
|
|
$ |
1,063,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Taxable Municipal Securities — 1.6%
(identified cost $972,861) |
|
|
$ |
1,063,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 150.6%
(identified cost $90,640,329) |
|
|
$ |
99,390,670 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (6.7)% |
|
|
$ |
(4,425,173 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.0)% |
|
|
$ |
(29,000,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Other Assets, Less Liabilities — 0.1% |
|
|
$ |
39,650 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
66,005,147 |
|
| |
|
|
|
|
|
|
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common
shares.
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 32.4% of total investments are backed by bond insurance
of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 8.9% of total investments.
| (1) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in
reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,110,780 or 1.7% of the Trust’s net assets applicable to common shares.
|
|
|
|
|
|
|
|
22 |
|
See Notes to Financial Statements. |
Eaton Vance
New Jersey Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
| (2) |
Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
| (3) |
Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| (4) |
Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $353,484.
|
| (5) |
Variable rate security. The stated interest rate represents the rate in effect at May 31, 2016. |
| (6) |
When-issued security.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
| Description |
|
Contracts |
|
|
Position |
|
Expiration Month/Year |
|
Aggregate Cost |
|
|
Value |
|
|
Net Unrealized Depreciation |
|
|
|
|
|
|
|
|
| Interest Rate Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Long Treasury Bond |
|
|
30 |
|
|
Short |
|
Sep-16 |
|
$ |
(4,880,175 |
) |
|
$ |
(4,899,375 |
) |
|
$ |
(19,200 |
) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(19,200 |
) |
Abbreviations:
|
|
|
|
|
| AGC |
|
– |
|
Assured Guaranty Corp. |
| AGM |
|
– |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
– |
|
AMBAC Financial Group, Inc. |
| AMT |
|
– |
|
Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum
Tax. |
|
|
|
|
|
| BAM |
|
– |
|
Build America Mutual Assurance Co. |
| NPFG |
|
– |
|
National Public Finance Guaranty Corp. |
| XLCA |
|
– |
|
XL Capital Assurance, Inc. |
|
|
|
|
|
|
|
23 |
|
See Notes to Financial Statements. |
Eaton Vance
New York Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
| Tax-Exempt Investments — 161.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Bond Bank — 5.7% |
|
| New York Environmental Facilities Corp., 5.00%, 10/15/39 |
|
$ |
1,730 |
|
|
$ |
1,965,297 |
|
| New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37(1) |
|
|
2,535 |
|
|
|
2,749,487 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,714,784 |
|
| |
|
|
|
|
|
|
|
|
|
| Cogeneration — 1.1% |
|
| Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 |
|
$ |
900 |
|
|
$ |
900,387 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
900,387 |
|
| |
|
|
|
|
|
|
|
|
|
| Education — 26.5% |
|
| Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31 |
|
$ |
310 |
|
|
$ |
354,150 |
|
| New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34 |
|
|
1,490 |
|
|
|
1,641,607 |
|
| New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39 |
|
|
325 |
|
|
|
357,806 |
|
| New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33 |
|
|
510 |
|
|
|
569,420 |
|
| New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38 |
|
|
1,000 |
|
|
|
1,085,730 |
|
| New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41 |
|
|
725 |
|
|
|
848,040 |
|
| New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34 |
|
|
510 |
|
|
|
575,193 |
|
| New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39 |
|
|
2,000 |
|
|
|
2,238,740 |
|
| New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33 |
|
|
220 |
|
|
|
260,091 |
|
| New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36 |
|
|
1,000 |
|
|
|
1,196,690 |
|
| New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33 |
|
|
2,250 |
|
|
|
2,491,965 |
|
| New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40 |
|
|
2,500 |
|
|
|
2,804,100 |
|
| New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27 |
|
|
325 |
|
|
|
375,726 |
|
| New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29 |
|
|
400 |
|
|
|
468,972 |
|
| New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40 |
|
|
1,695 |
|
|
|
1,894,552 |
|
| New York Dormitory Authority, (The New School), 5.50%, 7/1/40 |
|
|
2,000 |
|
|
|
2,323,460 |
|
| Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29 |
|
|
280 |
|
|
|
305,074 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Education (continued) |
|
| Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40 |
|
$
|
735 |
|
|
$
|
802,186 |
|
| Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38 |
|
|
1,205 |
|
|
|
1,443,554 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,037,056 |
|
| |
|
|
|
|
|
|
|
|
|
| Electric Utilities — 4.5% |
|
| Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33 |
|
$ |
1,420 |
|
|
$ |
1,627,334 |
|
| Utility Debt Securitization Authority, 5.00%, 12/15/33 |
|
|
1,735 |
|
|
|
2,122,009 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,749,343 |
|
| |
|
|
|
|
|
|
|
|
|
|
Escrowed / Prerefunded — 8.2% |
|
| New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28 |
|
$ |
955 |
|
|
$ |
1,076,571 |
|
| New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 11/1/16,
5.00%, 11/1/34 |
|
|
845 |
|
|
|
860,548 |
|
| New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.00%, 7/1/36 |
|
|
750 |
|
|
|
784,867 |
|
| New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37 |
|
|
1,250 |
|
|
|
1,316,525 |
|
| Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 4.50%, 7/1/32 |
|
|
395 |
|
|
|
467,562 |
|
| Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42 |
|
|
1,000 |
|
|
|
1,212,810 |
|
| Saratoga County Water Authority, Prerefunded to 9/1/18, 5.00%, 9/1/48 |
|
|
1,000 |
|
|
|
1,093,800 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,812,683 |
|
| |
|
|
|
|
|
|
|
|
|
| General Obligations — 7.9% |
|
| New York, 5.00%, 2/15/34(1) |
|
$ |
4,000 |
|
|
$ |
4,663,400 |
|
| New York City, 5.00%, 8/1/29 |
|
|
1,475 |
|
|
|
1,838,174 |
|
| New York City, 6.25%, 10/15/28 |
|
|
45 |
|
|
|
50,724 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,552,298 |
|
| |
|
|
|
|
|
|
|
|
|
| Hospital — 11.4% |
|
| Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30 |
|
$ |
130 |
|
|
$ |
149,794 |
|
| Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40 |
|
|
960 |
|
|
|
1,100,669 |
|
| Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37 |
|
|
1,000 |
|
|
|
1,115,440 |
|
| New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26 |
|
|
1,000 |
|
|
|
1,140,260 |
|
| New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/32 |
|
|
1,000 |
|
|
|
1,155,260 |
|
|
|
|
|
|
|
|
24 |
|
See Notes to Financial Statements. |
Eaton Vance
New York Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Hospital (continued) |
|
| New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/36 |
|
$
|
525 |
|
|
$
|
619,458 |
|
| New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 |
|
|
415 |
|
|
|
453,458 |
|
| New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 |
|
|
835 |
|
|
|
912,763 |
|
| Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19 |
|
|
710 |
|
|
|
711,967 |
|
| Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 |
|
|
650 |
|
|
|
684,827 |
|
| Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28 |
|
|
1,065 |
|
|
|
1,201,096 |
|
| Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21,
5.00%, 7/1/28 |
|
|
185 |
|
|
|
219,416 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,464,408 |
|
| |
|
|
|
|
|
|
|
|
|
| Housing — 9.1% |
|
| New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40 |
|
$ |
2,620 |
|
|
$ |
2,658,462 |
|
| New York City Housing Development Corp., MFMR, 3.75%, 11/1/40 |
|
|
500 |
|
|
|
518,270 |
|
| New York Housing Finance Agency, 3.80%, 11/1/35 |
|
|
650 |
|
|
|
687,915 |
|
| New York Housing Finance Agency, 5.25%, 11/1/41 |
|
|
1,000 |
|
|
|
1,053,020 |
|
| New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 |
|
|
2,625 |
|
|
|
2,694,877 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,612,544 |
|
| |
|
|
|
|
|
|
|
|
|
| Industrial Development Revenue — 6.9% |
|
| Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32 |
|
$ |
1,000 |
|
|
$ |
1,093,570 |
|
| New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(2)(3) |
|
|
500 |
|
|
|
502,135 |
|
| New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(2) |
|
|
1,000 |
|
|
|
1,046,640 |
|
| New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
|
|
980 |
|
|
|
1,258,026 |
|
| Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42(2) |
|
|
1,800 |
|
|
|
1,827,774 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,728,145 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Education — 7.1% |
|
| New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35 |
|
$ |
1,250 |
|
|
$ |
1,721,475 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Insured – Education (continued) |
|
| New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(1) |
|
$
|
1,500 |
|
|
$
|
1,619,835 |
|
| Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33 |
|
|
5,365 |
|
|
|
2,530,295 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,871,605 |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
1,549,152 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,549,152 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – General
Obligations — 2.2% |
|
| Oyster Bay, (AGM), 4.00%, 8/1/28 |
|
$ |
1,680 |
|
|
$ |
1,819,642 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,819,642 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Other Revenue — 4.8% |
|
| New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31 |
|
$ |
2,645 |
|
|
$ |
1,720,996 |
|
| New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32(4) |
|
|
3,625 |
|
|
|
2,243,911 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,964,907 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Special Tax
Revenue — 0.4% |
|
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
|
$ |
2,475 |
|
|
$ |
384,739 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
384,739 |
|
| |
|
|
|
|
|
|
|
|
|
| Insured – Transportation — 3.1% |
|
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 1/1/51(3) |
|
$ |
2,500 |
|
|
$ |
2,605,175 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,605,175 |
|
| |
|
|
|
|
|
|
|
|
|
| Other Revenue — 9.2% |
|
| Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31 |
|
$ |
3,120 |
|
|
$ |
1,681,431 |
|
| Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40 |
|
|
380 |
|
|
|
437,372 |
|
| New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31 |
|
|
625 |
|
|
|
680,500 |
|
| New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 |
|
|
1,000 |
|
|
|
1,097,860 |
|
| New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(2) |
|
|
1,300 |
|
|
|
1,464,957 |
|
| New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44 |
|
|
2,000 |
|
|
|
2,254,060 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,616,180 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
See Notes to Financial Statements. |
Eaton Vance
New York Municipal Income Trust
May 31, 2016
Portfolio of Investments (Unaudited) — continued
|
|
|
|
|
|
|
|
|
| Security |
|
Principal
Amount
(000’s omitted) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
| Senior Living / Life
Care — 7.1% |
|
| Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29 |
|
$ |
830 |
|
|
$ |
958,750 |
|
| Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30 |
|
|
855 |
|
|
|
983,181 |
|
| New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29 |
|
|
280 |
|
|
|
300,426 |
|
| New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42 |
|
|
120 |
|
|
|
127,616 |
|
| Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40 |
|
|
905 |
|
|
|
1,023,175 |
|
| Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32 |
|
|
230 |
|
|
|
243,315 |
|
| Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42 |
|
|
230 |
|
|
|
243,338 |
|
| Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34 |
|
|
1,830 |
|
|
|
2,041,914 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,921,715 |
|
| |
|
|
|
|
|
|
|
|
|
| Special Tax Revenue — 20.5% |
|
| Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34 |
|
$ |
1,500 |
|
|
$ |
1,712,295 |
|
| New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(5) |
|
|
2,100 |
|
|
|
2,499,567 |
|
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33 |
|
|
1,000 |
|
|
|
1,158,820 |
|
| New York Dormitory Authority, Personal Income Tax Revenue, 5.25%, 3/15/38 |
|
|
1,000 |
|
|
|
1,115,940 |
|
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34 |
|
|
2,380 |
|
|
|
2,809,542 |
|
| New York Thruway Authority, Fuel Tax Revenue,
5.00%, 4/1/30(1) |
|
|
6,000 |
|
|
|
7,160,280 |
|
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
|
|
545 |
|
|
|
614,793 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,071,237 |
|
| |
|
|
|
|
|
|
|
|
|
| Transportation — 19.5% |
|
| Metropolitan Transportation Authority, 5.00%, 11/15/27 |
|
$ |
500 |
|
|
$ |
627,990 |
|
| Metropolitan Transportation Authority, 5.00%, 11/15/37 |
|
|
790 |
|
|
|
836,468 |
|
| Metropolitan Transportation Authority, 5.00%, 11/15/38 |
|
|
1,500 |
|
|
|
1,771,620 |
|
| New York Thruway Authority, 5.00%, 1/1/37 |
|
|
700 |
|
|
|
813,624 |
|
| New York Thruway Authority, 5.00%, 1/1/42 |
|
|
1,000 |
|
|
|
1,162,320 |
|
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT),
4.00%, 7/1/46(3) |
|
|
1,250 |
|
|
|
1,290,088 |
|
| Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35 |
|
|
1,665 |
|
|
|
1,998,499 |
|
| Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(1) |
|
|
990 |
|
|
|
1,066,309 |
|
| Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38(4) |
|
|
2,000 |
|
|