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, 2018

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2018

 

 

 

California (CEV)    •    Massachusetts (MMV)     •    Michigan (EMI)    •    New Jersey (EVJ) New York (EVY)    •    Ohio (EVO)    •    Pennsylvania (EVP)

 

LOGO


 

 

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, 2018

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Performance and Fund Profile

  
  

California Municipal Income Trust

     2  

Massachusetts Municipal Income Trust

     3  

Michigan Municipal Income Trust

     4  

New Jersey Municipal Income Trust

     5  

New York Municipal Income Trust

     6  

Ohio Municipal Income Trust

     7  

Pennsylvania Municipal Income Trust

     8  
  

Endnotes and Additional Disclosures

     9  

Financial Statements

     10  

Annual Meeting of Shareholders

     65  

Board of Trustees’ Contract Approval

     66  

Officers and Trustees

     70  

Important Notices

     71  


Eaton Vance

California Municipal Income Trust

May 31, 2018

 

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        0.74      0.44      4.72      5.45

Fund at Market Price

            –3.06        –5.47        2.92        4.23  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –15.72
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.223  

Distribution Rate at NAV

                 3.27

Taxable-Equivalent Distribution Rate at NAV

                 6.37

Distribution Rate at Market Price

                 3.88

Taxable-Equivalent Distribution Rate at Market Price

                 7.56
              
% Total Leverage5                                        

Institutional MuniFund Term Preferred (iMTP) Shares

                 30.77

Residual Interest Bond (RIB) Financing

                 5.67  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

 

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        0.62      0.71      4.10      5.85

Fund at Market Price

            –3.20        –4.69        2.42        4.39  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –15.23
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.233  

Distribution Rate at NAV

                 3.17

Taxable-Equivalent Distribution Rate at NAV

                 5.64

Distribution Rate at Market Price

                 3.73

Taxable-Equivalent Distribution Rate at Market Price

                 6.64
              
% Total Leverage5                                        

iMTP Shares

                 27.43

RIB Financing

                 6.84  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

 

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        0.99      0.73      5.37      6.42

Fund at Market Price

            1.58        0.64        4.42        6.33  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –11.96
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.235  

Distribution Rate at NAV

                 3.21

Taxable-Equivalent Distribution Rate at NAV

                 5.66

Distribution Rate at Market Price

                 3.64

Taxable-Equivalent Distribution Rate at Market Price

                 6.42
              
% Total Leverage5                                        

iMTP Shares

                 35.48

RIB Financing

                 2.53  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

 

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        1.45      1.87      4.33      5.52

Fund at Market Price

            –1.57        –3.43        1.92        4.75  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –15.81
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.274  

Distribution Rate at NAV

                 4.09

Taxable-Equivalent Distribution Rate at NAV

                 7.59

Distribution Rate at Market Price

                 4.86

Taxable-Equivalent Distribution Rate at Market Price

                 9.02
              
% Total Leverage5                                        

iMTP Shares

                 29.25

RIB Financing

                 8.55  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2018

 

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        0.52      0.93      4.64      5.82

Fund at Market Price

            –1.62        –2.27        2.49        4.62  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –12.30
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.300  

Distribution Rate at NAV

                 4.29

Taxable-Equivalent Distribution Rate at NAV

                 7.95

Distribution Rate at Market Price

                 4.89

Taxable-Equivalent Distribution Rate at Market Price

                 9.06
              
% Total Leverage5                                        

iMTP Shares

                 23.52

RIB Financing

                 15.66  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

 

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        0.36      –0.28      4.76      6.10

Fund at Market Price

            –4.15        –5.54        2.69        5.50  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –14.45
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.271  

Distribution Rate at NAV

                 3.71

Taxable-Equivalent Distribution Rate at NAV

                 6.60

Distribution Rate at Market Price

                 4.33

Taxable-Equivalent Distribution Rate at Market Price

                 7.70
              
% Total Leverage5                                        

iMTP Shares

                 28.17

RIB Financing

                 7.96  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2018

 

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        1.13      0.35      4.62      5.31

Fund at Market Price

            –3.04        –2.48        3.22        4.84  

Bloomberg Barclays Municipal Bond Index

            0.71      1.11      2.92      4.30
              
% Premium/Discount to NAV3                                        
                 –14.47
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.253  

Distribution Rate at NAV

                 3.77

Taxable-Equivalent Distribution Rate at NAV

                 6.57

Distribution Rate at Market Price

                 4.40

Taxable-Equivalent Distribution Rate at Market Price

                 7.67
              
% Total Leverage5                                        

iMTP Shares

                 30.28

RIB Financing

                 7.49  

Fund Profile

 

Credit Quality (% of total investments)6,7

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2018

 

Endnotes and Additional Disclosures

 

 

1 

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

2 

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV for the five and ten year periods is the impact of the tender and repurchase of a portion of the Fund’s Auction Preferred Shares (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.

 

5 

Fund employs RIB financing and iMTP Shares leverage. The leverage created by RIB investments 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 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 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 Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest 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” (if any) 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 profiles subject to change due to active management.

    Important Notice to Shareholders

   On April 26, 2018, the Boards of Trustees of the Eaton Vance Michigan Municipal Income Trust (EMI) (the Acquired Fund) and Eaton Vance Municipal Income Trust (EVN) (the Acquiring Fund) have approved proposals to merge the Funds.

 

   The proposed merger is subject to approval by the Acquired Fund shareholders at a Special Meeting of Shareholders scheduled for Friday, August 24, 2018. Proxy materials containing information about the meeting and the proposed merger will be mailed to the Acquired Fund’s common shareholders of record as of June 15, 2018.

 

   The merger is currently expected to be completed in the third calendar quarter of 2018, subject to required shareholder approvals and the satisfaction of applicable regulatory requirements and customary closing conditions.

 

   If the merger is approved, the Acquired Fund shareholders will be issued common shares of the Acquiring Fund at an exchange ratio based on the Funds’ respective net asset values per share.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 147.4%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 21.2%  

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

  $ 195     $ 216,200  

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

    330       363,416  

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

    745       775,657  

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

    1,600       1,785,248  

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

    120       135,801  

California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36

    115       131,139  

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

    630       682,643  

California Municipal Finance Authority, (Pomona College), 5.00%, 1/1/48

    6,000       7,112,880  

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

    415       452,466  

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

    285       309,584  

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

    810       892,604  

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

    850       935,527  

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

    895       983,847  

University of California, 5.00%, 5/15/36(1)

    4,085       4,879,900  

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

    205       212,181  

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

    690       714,840  
            $ 20,583,933  
Electric Utilities — 8.2%  

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

  $ 270     $ 280,465  

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

    2,170       2,176,488  

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

    1,500       1,583,130  

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

    995       1,090,212  

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

    1,335       1,461,878  

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

    680       721,392  

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

    635       657,289  
            $ 7,970,854  
Security   Principal
Amount
(000’s omitted)
    Value  
Escrowed / Prerefunded — 6.7%  

California, Prerefunded to 4/1/19, 6.00%, 4/1/38

  $ 265     $ 275,004  

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

    3,135       3,200,647  

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

    1,475       1,499,219  

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

    340       373,538  

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

    460       505,374  

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

    355       367,436  

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

    275       283,398  
            $ 6,504,616  
General Obligations — 20.4%  

California, 5.50%, 11/1/35

  $ 1,600     $ 1,738,880  

California, 6.00%, 4/1/38

    485       502,203  

Illinois, 5.00%, 12/1/34

    2,000       2,108,160  

Lake Tahoe Community College District, (Election of 2014), 4.00%, 8/1/48

    2,650       2,766,971  

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

    3,655       3,883,803  

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

    2,890       3,086,953  

Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39(2)

    3,180       3,309,140  

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

    2,150       2,426,318  
            $ 19,822,428  
Hospital — 18.2%  

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

  $ 1,000     $ 1,084,020  

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

    190       206,070  

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

    635       709,359  

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

    910       1,012,475  

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

    1,145       1,289,923  

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

    535       597,825  

California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46

    6,000       6,889,440  

California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37

    500       544,495  
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Hospital (continued)  

California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47

  $ 1,000     $ 1,080,780  

California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47(2)

    3,750       4,283,400  
            $ 17,697,787  
Housing — 3.5%  

California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments), 5.00%, 5/15/50

  $ 3,000     $ 3,374,970  
            $ 3,374,970  
Insured – Education — 1.4%  

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

  $ 1,250     $ 1,394,725  
            $ 1,394,725  
Insured – Escrowed / Prerefunded — 4.4%  

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

  $ 5,130     $ 4,272,264  
            $ 4,272,264  
Insured – General Obligations — 4.1%  

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

  $ 4,720     $ 3,925,907  
            $ 3,925,907  
Insured – Special Tax Revenue — 1.5%  

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

  $ 4,850     $ 1,030,334  

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

    370       419,476  
            $ 1,449,810  
Insured – Transportation — 7.0%  

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

  $ 5,000     $ 3,207,050  

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

    4,500       2,808,270  

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

    740       819,402  
            $ 6,834,722  
Lease Revenue / Certificates of Participation — 1.1%  

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

  $ 915     $ 1,026,090  
            $ 1,026,090  
Security   Principal
Amount
(000’s omitted)
    Value  
Other Revenue — 0.4%  

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

  $ 385     $ 385,966  
            $ 385,966  
Senior Living / Life Care — 1.6%  

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

  $ 290     $ 319,945  

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

    600       642,558  

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

    535       603,769  
            $ 1,566,272  
Special Tax Revenue — 19.6%  

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

  $ 770     $ 853,206  

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

    1,590       1,610,161  

Irvine Community Facilities District No. 2013-3, (Great Park), 4.00%, 9/1/49

    1,500       1,513,575  

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

    240       262,642  

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

    480       524,808  

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

    240       262,166  

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

    335       365,612  

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

    240       261,694  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41

    20       23,592  

Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41(2)

    2,100       2,477,160  

San Diego County Regional Transportation Commission, Sales Tax Revenue, 5.00%, 4/1/48

    6,000       6,926,160  

San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28

    2,400       2,567,904  

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

    485       535,256  

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

    725       794,912  
            $ 18,978,848  
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Transportation — 14.3%  

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

  $ 1,000     $ 1,031,620  

Long Beach, Harbor Revenue, Green Bonds, (AMT), 5.00%, 5/15/43

    1,575       1,803,265  

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

    2,120       2,250,889  

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

    1,500       1,675,875  

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

    1,500       1,722,960  

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

    2,760       2,906,777  

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

    2,265       2,500,537  
            $ 13,891,923  
Water and Sewer — 13.8%  

East Bay Municipal Utility District, Green Bonds, 5.00%, 6/1/42

  $ 5,850     $ 6,907,563  

San Francisco City and County Public Utilities Commission, 5.00%, 11/1/42

    4,075       4,620,480  

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

    1,700       1,844,415  
            $ 13,372,458  

Total Tax-Exempt Municipal Securities — 147.4%
(identified cost $135,795,363)

 

  $ 143,053,573  
Taxable Municipal Securities — 7.4%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 2.0%  

California Educational Facilities Authority, (Santa Clara University), 3.836%, 4/1/47

  $ 2,000     $ 1,958,060  
            $ 1,958,060  
Security   Principal
Amount
(000’s omitted)
    Value  
Hospital — 5.4%  

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

  $ 2,500     $ 2,660,000  

California Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45

    2,500       2,559,450  
            $ 5,219,450  

Total Taxable Municipal Securities — 7.4%
(identified cost $6,981,445)

 

  $ 7,177,510  

Total Investments — 154.8%
(identified cost $142,776,808)

 

  $ 150,231,083  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (48.3)%

 

  $ (46,847,006

Other Assets, Less Liabilities — (6.5)%

 

  $ (6,330,555

Net Assets Applicable to Common Shares — 100.0%

 

  $ 97,053,522  

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 11.9% 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 0.3% to 5.5% of total investments.

 

(1) 

When-issued security.

 

(2) 

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

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $642,558 or 0.7% of the Trust’s net assets applicable to common shares.

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.
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 139.7%  
Security   Principal
Amount
(000’s omitted)
    Value  
Bond Bank — 6.1%  

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

  $ 910     $ 1,183,819  

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

    990       1,282,426  
            $ 2,466,245  
Education — 38.7%  

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

  $ 1,665     $ 1,840,691  

Massachusetts Development Finance Agency, (Emerson College), 5.00%, 1/1/43

    500       553,695  

Massachusetts Development Finance Agency, (Emerson College), 5.00%, 1/1/48

    1,000       1,103,140  

Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/33

    4,500       5,306,985  

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

    1,080       1,147,954  

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

    770       857,510  

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

    1,000       1,099,890  

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

    105       105,285  

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

    1,640       2,129,868  

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

    1,350       1,431,067  
            $ 15,576,085  
Escrowed / Prerefunded — 6.9%  

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32

  $ 360     $ 405,842  

Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31

    525       579,527  

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

    500       514,570  

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

    505       519,716  

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

    750       770,677  
            $ 2,790,332  
General Obligations — 19.8%  

Boston, 5.00%, 5/1/38

  $ 3,000     $ 3,584,760  

Danvers, 5.25%, 7/1/36

    885       967,579  
Security   Principal
Amount
(000’s omitted)
    Value  
General Obligations (continued)  

Illinois, 5.00%, 11/1/23

  $ 1,000     $ 1,064,670  

Plymouth, 5.00%, 5/1/31

    345       372,673  

Plymouth, 5.00%, 5/1/32

    315       340,080  

Wayland, 5.00%, 2/1/33

    510       548,444  

Wayland, 5.00%, 2/1/36

    770       827,419  

Winchester, 5.00%, 4/15/36

    245       264,642  
            $ 7,970,267  
Hospital — 15.8%  

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

  $ 180     $ 200,003  

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

    500       551,240  

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

    240       270,948  

Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 4.00%, 7/1/44

    1,000       1,006,800  

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

    30       32,527  

Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), Prerefunded to 7/1/19, 5.75%, 7/1/36

    1,210       1,262,223  

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

    500       524,895  

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

    1,135       1,155,396  

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

    970       1,020,353  

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

    350       361,298  
            $ 6,385,683  
Industrial Development Revenue — 2.0%  

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

  $ 800     $ 800,624  
            $ 800,624  
Insured – Education — 7.6%  

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

  $ 1,000     $ 1,326,850  

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

    1,365       1,738,846  
            $ 3,065,696  
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Electric Utilities — 1.4%  

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

  $ 550     $ 561,803  
            $ 561,803  
Insured – Escrowed / Prerefunded — 0.9%  

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

  $ 335     $ 350,095  
            $ 350,095  
Insured – General Obligations — 3.2%  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000     $ 1,278,750  
            $ 1,278,750  
Insured – Other Revenue — 2.0%  

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

  $ 590     $ 797,456  
            $ 797,456  
Insured – Special Tax Revenue — 3.6%  

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

  $ 1,000     $ 1,234,280  

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

    1,105       234,746  
            $ 1,469,026  
Insured – Student Loan — 0.4%  

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

  $ 145     $ 146,179  
            $ 146,179  
Insured – Transportation — 0.8%  

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

  $ 315     $ 315,668  
            $ 315,668  
Senior Living / Life Care — 4.5%  

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

  $ 125     $ 130,854  

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(1)

    1,000       1,069,910  

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

    140       140,056  
Security   Principal
Amount
(000’s omitted)
    Value  
Senior Living / Life Care (continued)  

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

  $ 475     $ 475,047  
            $ 1,815,867  
Special Tax Revenue — 20.4%  

Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46(2)

  $ 4,100     $ 4,727,628  

Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47

    3,000       3,472,350  
            $ 8,199,978  
Transportation — 5.6%  

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

  $ 1,500     $ 1,562,025  

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

    670       710,642  
            $ 2,272,667  

Total Tax-Exempt Municipal Securities — 139.7%
(identified cost $53,021,183)

 

  $ 56,262,421  
Taxable Municipal Securities — 4.3%    
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 2.4%  

Massachusetts College Building Authority,
3.609%, 5/1/38

  $ 1,000     $ 957,020  
            $ 957,020  
Student Loan — 1.9%  

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

  $ 740     $ 774,373  
            $ 774,373  

Total Taxable Municipal Securities — 4.3%
(identified cost $1,727,140)

          $ 1,731,393  
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Corporate Bonds & Notes — 2.1%  
Security   Principal
Amount
(000’s omitted)
    Value  
Hospital — 2.1%  

Boston Medical Center Corp., 4.581%, 7/1/47

  $ 835     $ 825,281  

Total Corporate Bonds & Notes — 2.1%
(identified cost $835,000)

 

  $ 825,281  

Total Investments — 146.1%
(identified cost $55,583,323)

 

  $ 58,819,095  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (41.6)%

 

  $ (16,745,206

Other Assets, Less Liabilities — (4.5)%

 

  $ (1,808,854

Net Assets Applicable to Common Shares — 100.0%

 

  $ 40,265,035  

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, 2018, 13.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 6.5% 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, 2018, the aggregate value of these securities is $2,485,637 or 6.2% of the Trust’s net assets applicable to common shares.

 

(2) 

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

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.
NPFG     National Public Finance Guaranty Corp.
XLCA     XL Capital Assurance, Inc.
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 167.9%  
Security   Principal
Amount
(000’s omitted)
    Value  
Bond Bank — 2.1%  

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

  $ 600     $ 625,656  
            $ 625,656  
Education — 15.2%  

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

  $ 1,000     $ 1,044,320  

Oakland University, 5.00%, 3/1/42

    500       540,275  

University of Michigan, 5.00%, 4/1/48(1)

    1,500       1,770,375  

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

    370       414,026  

Wayne State University, 5.00%, 11/15/43

    600       691,224  
            $ 4,460,220  
Electric Utilities — 8.9%  

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

  $ 1,135     $ 1,224,756  

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

    500       548,320  

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

    800       839,704  
            $ 2,612,780  
Escrowed / Prerefunded — 10.5%  

Comstock Park Public Schools, Prerefunded to 5/1/21, 5.25%, 5/1/33

  $ 80     $ 87,333  

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

    115       121,410  

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

    125       132,196  

Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/28

    500       543,795  

Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/30

    500       543,795  

Lansing Community College, Prerefunded to 5/1/22, 5.00%, 5/1/30

    775       861,978  

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

    270       279,205  

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

    500       521,615  
            $ 3,091,327  
General Obligations — 27.0%  

Battle Creek, 5.00%, 12/1/41

  $ 1,000     $ 1,132,120  

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

    275       297,536  

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

    140       151,757  

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

    435       483,516  

Kent County, 5.00%, 1/1/25

    1,500       1,528,185  

Kent County, (AMT), 5.00%, 1/1/28

    1,000       1,087,460  

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

    750       852,060  
Security   Principal
Amount
(000’s omitted)
    Value  
General Obligations (continued)  

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

  $ 230     $ 254,079  

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

    565       638,071  

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

    365       408,530  

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

    1,000       1,111,530  
            $ 7,944,844  
Hospital — 22.1%  

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

  $ 1,000     $ 1,082,560  

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

    1,000       1,120,500  

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

    250       270,438  

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

    500       548,355  

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

    990       1,062,092  

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

    10       10,761  

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

    1,250       1,367,787  

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

    1,000       1,053,340  
            $ 6,515,833  
Housing — 1.5%  

Michigan Housing Development Authority, 3.60%, 12/1/33

  $ 425     $ 430,550  
            $ 430,550  
Industrial Development Revenue — 2.5%  

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

  $ 750     $ 749,985  
            $ 749,985  
Insured – Electric Utilities — 3.6%  

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

  $ 630     $ 643,520  

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

    250       252,245  

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

    155       155,135  
            $ 1,050,900  
Insured – Escrowed / Prerefunded — 6.2%  

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

  $ 500     $ 505,910  

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

    1,000       1,020,110  
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Escrowed / Prerefunded (continued)  

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

  $ 165     $ 167,524  

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

    135       137,066  
            $ 1,830,610  
Insured – General Obligations — 20.0%  

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

  $ 500     $ 556,975  

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

    150       153,330  

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

    240       244,594  

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

    300       365,940  

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

    1,000       1,084,270  

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

    910       1,008,680  

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

    500       558,325  

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

    1,200       1,349,772  

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

    500       550,875  
            $ 5,872,761  
Insured – Special Tax Revenue — 0.6%  

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

  $ 895     $ 190,134  
            $ 190,134  
Insured – Transportation — 3.5%  

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

  $ 1,000     $ 1,015,390  
            $ 1,015,390  
Insured – Water and Sewer — 5.1%  

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

  $ 1,000     $ 1,035,180  

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

    475       475,570  
            $ 1,510,750  
Lease Revenue / Certificates of Participation — 14.4%  

Michigan Building Authority, 5.00%, 10/15/51

  $ 2,850     $ 3,197,073  

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

    1,000       1,045,360  
            $ 4,242,433  
Special Tax Revenue — 3.7%  

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

  $ 1,000     $ 1,085,860  
            $ 1,085,860  
Security   Principal
Amount
(000’s omitted)
    Value  
Water and Sewer — 21.0%  

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

  $ 750     $ 807,203  

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

    735       885,734  

Grand Rapids, Sanitary Sewer System Revenue, 5.00%, 1/1/48(2)

    2,500       2,887,775  

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

    1,250       1,342,712  

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

    250       272,045  
            $ 6,195,469  

Total Tax-Exempt Investments — 167.9%
(identified cost $47,215,943)

          $ 49,425,502  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (57.1)%

 

  $ (16,796,704

Other Assets, Less Liabilities — (10.8)%

          $ (3,187,804

Net Assets Applicable to Common Shares — 100.0%

 

  $ 29,440,994  

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, 2018, 23.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.5% to 9.6% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

Abbreviations:

 

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

 

  17   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 152.8%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 10.9%  

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

  $ 1,270     $ 1,414,729  

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

    620       703,111  

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

    380       429,795  

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

    640       697,722  

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

    1,230       1,363,406  

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

    965       1,019,706  

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

    1,000       1,114,290  
            $ 6,742,759  
Escrowed / Prerefunded — 25.0%  

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

  $ 1,510     $ 1,625,183  

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

    1,455       1,565,987  

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

    2,040       2,111,828  

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

    105       108,780  

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32

    250       278,128  

New Jersey Educational Facilities Authority, (Kean University), Prerefunded to 9/1/19, 5.50%, 9/1/36

    1,730       1,806,881  

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

    915       953,997  

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

    205       235,609  

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

    1,000       1,048,340  

New Jersey Turnpike Authority, Prerefunded to 1/1/19, 5.25%, 1/1/40

    3,600       3,675,492  

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

    55       61,188  

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

    1,900       1,957,114  
            $ 15,428,527  
Security   Principal
Amount
(000’s omitted)
    Value  
General Obligations — 2.1%  

Jersey City, 4.00%, 11/1/35

  $ 500     $ 535,625  

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

    340       366,023  

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

    340       365,575  
            $ 1,267,223  
Hospital — 14.6%  

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

  $ 650     $ 713,395  

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

    100       100,277  

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

    750       775,545  

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

    500       528,450  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47

    1,600       1,625,568  

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

    265       292,568  

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

    45       51,602  

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

    965       1,092,119  

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

    120       135,170  

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

    2,305       2,549,745  

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

    1,075       1,121,290  
            $ 8,985,729  
Housing — 0.6%  

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

  $ 295     $ 295,221  

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

    70       70,094  
            $ 365,315  
Industrial Development Revenue — 7.6%  

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

  $ 1,085     $ 1,098,335  

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

    50       54,336  

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

    135       147,276  
 

 

  18   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Industrial Development Revenue (continued)  

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

  $ 750     $ 835,035  

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

    220       231,748  

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

    2,235       2,329,943  
            $ 4,696,673  
Insured – Electric Utilities — 2.0%  

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

  $ 135     $ 137,897  

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

    490       490,426  

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

    595       592,864  
            $ 1,221,187  
Insured – Escrowed / Prerefunded — 3.5%  

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

  $ 1,240     $ 1,261,092  

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

    520       530,613  

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

    370       370,977  
            $ 2,162,682  
Insured – General Obligations — 4.4%  

Atlantic City, (BAM), 5.00%, 3/1/37

  $ 500     $ 558,430  

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

    1,015       1,034,397  

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

    1,000       1,113,290  
            $ 2,706,117  
Insured – Hospital — 2.3%  

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

  $ 1,380     $ 1,434,248  
            $ 1,434,248  
Insured – Lease Revenue / Certificates of Participation — 1.9%  

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

  $ 1,000     $ 1,180,290  
            $ 1,180,290  
Insured – Special Tax Revenue — 15.1%  

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

  $ 5,250     $ 4,210,710  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Special Tax Revenue (continued)  

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

  $ 4,300     $ 3,205,779  

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

    2,020       1,444,441  

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

    2,020       429,129  
            $ 9,290,059  
Insured – Transportation — 8.1%  

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

  $ 850     $ 942,182  

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

    2,000       2,200,460  

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

    2,400       1,544,448  

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

    315       329,736  
            $ 5,016,826  
Lease Revenue / Certificates of Participation — 2.3%  

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

  $ 995     $ 1,023,377  

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

    400       414,400  
            $ 1,437,777  
Senior Living / Life Care — 3.5%  

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

  $ 465     $ 465,758  

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

    770       771,147  

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

    700       715,911  

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

    215       231,652  
            $ 2,184,468  
Special Tax Revenue — 11.1%  

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

  $ 95     $ 95,059  

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

    175       175,101  

New York State Urban Development Corp., Personal Income Tax Revenue,
4.00%, 3/15/45(2)

    5,600       5,856,200  

Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40(3)

    750       532,500  

Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37(3)

    500       160,000  
            $ 6,818,860  
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Student Loan — 3.6%              

New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/30

  $ 500     $ 487,440  

New Jersey Higher Education Student Assistance Authority, (AMT), 3.75%, 12/1/33

    150       150,978  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/35

    800       819,896  

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

    740       776,882  
            $ 2,235,196  
Transportation — 28.7%              

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47

  $ 2,180     $ 2,494,269  

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

    1,060       1,106,015  

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

    1,080       1,126,375  

New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47

    750       814,545  

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

    1,100       1,168,904  

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

    250       254,750  

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

    530       540,563  

New Jersey Turnpike Authority, 3.25%, 1/1/38

    1,500       1,438,920  

New Jersey Turnpike Authority, 4.00%, 1/1/43

    1,000       1,036,240  

Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37

    1,500       1,588,980  

Port Authority of New York and New Jersey, 5.00%, 10/15/41(2)

    5,000       5,666,750  

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

    400       436,564  
            $ 17,672,875  
Water and Sewer — 5.5%              

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

  $ 1,220     $ 1,325,018  

Passaic County Utilities Authority, 5.00%, 3/1/37

    1,180       1,447,447  

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

    1,250       616,137  
            $ 3,388,602  

Total Tax-Exempt Municipal Securities — 152.8%
(identified cost $91,049,257)

 

  $ 94,235,413  
Taxable Municipal Securities — 4.4%  
Security   Principal
Amount
(000’s omitted)
    Value  
General Obligations — 3.0%  

Atlantic City, 7.50%, 3/1/40

  $ 1,445     $ 1,872,821  
            $ 1,872,821  
Transportation — 1.4%  

New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(4)

  $ 750     $ 835,013  
            $ 835,013  

Total Taxable Municipal Securities — 4.4%
(identified cost $2,291,353)

 

  $ 2,707,834  

Total Investments — 157.2%
(identified cost $93,340,610)

 

  $ 96,943,247  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (46.9)%

 

  $ (28,915,363

Other Assets, Less Liabilities — (10.3)%

 

  $ (6,361,161

Net Assets Applicable to Common Shares — 100.0%

 

  $ 61,666,723  

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

The Trust invests primarily in debt securities issued by 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, 2018, 23.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 8.7% 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, 2018, the aggregate value of these securities is $1,098,335 or 1.8% of the Trust’s net assets applicable to common shares.

 

(2) 

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

 

(3) 

Issuer is in default with respect to interest payments.

 

(4) 

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

 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

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.
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 158.8%  
Security   Principal
Amount
(000’s omitted)
    Value  
Bond Bank — 5.7%  

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

  $ 1,730     $ 1,821,846  

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

    2,535       2,541,616  
      $ 4,363,462  
Cogeneration — 2.2%  

New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28

  $ 500     $ 504,840  

New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36

    500       504,840  

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

    705       705,275  
      $ 1,714,955  
Education — 37.2%  

Monroe County Industrial Development Corp., (Nazareth College of Rochester), 4.00%, 10/1/47

  $ 1,155     $ 1,160,313  

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

    1,490       1,519,293  

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

    325       331,012  

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

    510       527,518  

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

    1,000       1,002,680  

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38

    4,000       4,773,920  

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

    725       782,565  

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

    510       527,345  

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

    2,000       2,065,860  

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

    220       248,915  

New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36

    1,000       1,109,550  

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

    4,000       4,717,760  

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

    2,500       2,585,025  

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

    325       351,809  
Security   Principal
Amount
(000’s omitted)
    Value  
Education (continued)  

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

  $ 400     $ 436,824  

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

    1,695       1,790,073  

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

    2,000       2,146,200  

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

    280       295,596  

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

    735       773,338  

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

    1,205       1,353,420  
      $ 28,499,016  
Electric Utilities — 1.9%  

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

  $ 1,420     $ 1,475,565  
      $ 1,475,565  
Escrowed / Prerefunded — 8.7%  

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

  $ 380     $ 407,337  

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

    1,500       1,571,115  

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

    955       971,121  

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32

    1,000       1,088,480  

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

    395       434,105  

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

    1,000       1,118,490  

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

    1,025       1,042,107  
      $ 6,632,755  
General Obligations — 7.5%  

Illinois, 5.00%, 12/1/34

  $ 1,300     $ 1,370,304  

New York, 5.00%, 2/15/34(1)

    4,000       4,294,880  

New York City, 6.25%, 10/15/28

    45       45,773  
      $ 5,710,957  
Hospital — 8.5%  

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

  $ 130     $ 141,524  

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

    960       1,040,563  
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Hospital (continued)  

Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47

  $ 1,000     $ 988,030  

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

    1,000       1,059,400  

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

    800       882,792  

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

    415       424,242  

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

    835       854,105  

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

    1,065       1,151,851  
      $ 6,542,507  
Housing — 5.4%  

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

  $ 1,000     $ 1,025,800  

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

    2,625       2,628,544  

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

    480       488,870  
      $ 4,143,214  
Industrial Development Revenue — 5.5%  

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

  $ 1,000     $ 1,012,060  

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

    980       1,232,076  

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

    1,940       1,941,319  
      $ 4,185,455  
Insured – Education — 2.1%  

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

  $ 1,250     $ 1,569,488  
      $ 1,569,488  
Insured – Electric Utilities — 1.8%              

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

  $ 1,365     $ 1,411,669  
      $ 1,411,669  
Insured – General Obligations — 2.3%  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680     $ 1,770,048  
      $ 1,770,048  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – Other Revenue — 5.2%  

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

  $ 2,645     $ 1,734,327  

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

    3,625       2,277,805  
      $ 4,012,132  
Insured – Special Tax Revenue — 0.7%  

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

  $ 2,475     $ 525,789  
      $ 525,789  
Insured – Transportation — 3.0%  

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

  $ 1,000     $ 1,026,580  

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

    1,250       1,274,988  
      $ 2,301,568  
Other Revenue — 16.4%  

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

  $ 3,120     $ 1,921,670  

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

    1,000       1,004,280  

New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37(1)

    5,200       6,096,376  

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

    1,300       1,382,316  

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

    2,000       2,155,220  
      $ 12,559,862  
Senior Living / Life Care — 7.7%  

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

  $ 80     $ 91,062  

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

    205       238,835  

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

    130       152,859  

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

    530       605,329  

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

    830       918,437  

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

    855       942,543  

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

    120       123,212  
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Senior Living / Life Care (continued)  

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

  $ 905     $ 974,459  

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

    100       100,746  

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

    230       235,440  

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

    230       235,582  

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

    1,180       1,272,831  
      $ 5,891,335  
Special Tax Revenue — 14.4%  

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

  $ 1,185     $ 1,286,104  

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

    915       991,265  

New York Dormitory Authority, Personal Income Tax Revenue, Series 2011A, 5.00%, 3/15/33

    1,000       1,076,490  

New York Dormitory Authority, Personal Income Tax Revenue, Prerefunded to 3/15/19, 5.25%, 3/15/38

    1,000       1,028,250  

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

    6,000       6,636,120  
      $ 11,018,229  
Transportation — 13.1%  

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

  $ 1,000     $ 1,085,680  

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C & D Redevelopment), (AMT), 4.00%, 1/1/36

    2,500       2,531,725  

Port Authority of New York and New Jersey, 5.00%, 10/15/36

    4,000       4,642,120  

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

    1,715       1,743,469  
      $ 10,002,994  
Water and Sewer — 9.5%  

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

  $ 585     $ 340,107  

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46

    4,000       4,564,040  

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

    2,385       2,392,322  
      $ 7,296,469  

Total Tax-Exempt Municipal Securities — 158.8%
(identified cost $114,153,222)

 

  $ 121,627,469  
Taxable Municipal Securities — 2.0%  
Security   Principal
Amount
(000’s omitted)
    Value  
Education — 2.0%  

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

  $ 1,500     $ 1,512,090  

Total Taxable Municipal Securities — 2.0%
(identified cost $1,521,321)

 

  $ 1,512,090  
Corporate Bonds & Notes — 2.0%  
Security   Principal
Amount
(000’s omitted)
    Value  
Hospital — 2.0%  

NYU Hospitals Center, 4.168%, 7/1/37

  $ 1,500     $ 1,503,301  

Total Corporate Bonds & Notes — 2.0%
(identified cost $1,520,493)

 

  $ 1,503,301  
Miscellaneous — 1.0%    
Security   Units     Value  
Real Estate — 1.0%  

CMS Liquidating Trust(2)(3)(4)

    257     $ 736,351  

Total Miscellaneous — 1.0%
(identified cost $822,400)

 

  $ 736,351  

Total Investments — 163.8%
(identified cost $118,017,436)

 

  $ 125,379,211  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (38.5)%

 

  $ (29,514,124

Other Assets, Less Liabilities — (25.3)%

 

  $ (19,299,417

Net Assets Applicable to Common Shares — 100.0%

 

  $ 76,565,670  

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 9.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.2% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $4,942,778 or 6.5% of the Trust’s net assets applicable to common shares.

 

(3) 

Non-income producing.

 

(4) 

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

Abbreviations:

 

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

 

  25   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 160.0%    
Security   Principal
Amount
(000’s omitted)
    Value  
Bond Bank — 1.8%  

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

  $ 665     $ 747,400  
            $ 747,400  
Education — 13.6%  

Miami University, 4.00%, 9/1/39

  $ 500     $ 520,725  

Miami University, 5.00%, 9/1/33

    1,000       1,083,520  

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

    285       298,195  

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

    400       421,268  

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

    500       557,455  

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

    1,000       1,018,920  

Ohio State University, 5.00%, 12/1/28

    480       586,666  

Ohio State University, 5.00%, 12/1/30

    545       670,650  

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

    500       532,510  
            $ 5,689,909  
Electric Utilities — 2.5%  

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

  $ 470     $ 510,885  

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

    500       546,715  
            $ 1,057,600  
Escrowed / Prerefunded — 19.6%  

Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21, 5.25%, 12/1/33

  $ 335     $ 372,379  

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

    1,750       1,807,242  

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

    155       163,640  

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

    170       179,787  

Hancock County, (Blanchard Valley Regional Health Center), Prerefunded to 6/1/21, 6.25%, 12/1/34

    750       842,348  

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

    595       620,270  

Lakewood City School District, Prerefunded to 11/1/22, 5.00%, 11/1/39

    400       450,568  

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

    175       180,885  
Security   Principal
Amount
(000’s omitted)
    Value  
Escrowed / Prerefunded (continued)  

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), Prerefunded to 1/1/19, 5.50%, 1/1/39

  $ 1,000     $ 1,022,100  

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

    155       164,729  

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

    850       907,655  

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

    350       375,358  

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

    20       24,610  

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

    1,000       1,082,170  
            $ 8,193,741  
General Obligations — 20.0%  

Cuyahoga Community College District, 3.50%, 12/1/39

  $ 575     $ 575,000  

Ohio, 5.00%, 2/1/37

    2,775       3,188,974  

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

    1,250       1,335,225  

Upper Arlington City School District, 5.00%, 12/1/48

    2,775       3,235,456  
            $ 8,334,655  
Hospital — 26.9%  

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

  $ 1,075     $ 1,174,986  

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

    560       617,629  

Allen County, (Mercy Health), 4.00%, 8/1/47(1)

    1,000       1,014,380  

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

    500       535,985  

Butler County, (UC Health), 4.00%, 11/15/37

    315       321,968  

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

    800       835,656  

Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47

    2,800       3,187,632  

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

    250       283,007  

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

    315       318,843  

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

    500       545,630  

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

    800       871,216  

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

    325       333,843  

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

    205       217,181  
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Hospital (continued)  

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

  $ 565     $ 621,263  

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

    165       180,157  

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

    90       93,639  

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

    80       86,279  
            $ 11,239,294  
Industrial Development Revenue — 1.3%  

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

  $ 555     $ 556,676  
            $ 556,676  
Insured – Education — 2.1%  

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

  $ 750     $ 789,803  

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

    85       87,430  
            $ 877,233  
Insured – Electric Utilities — 12.3%  

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

  $ 710     $ 518,257  

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

    2,000       886,500  

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

    815       668,977  

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

    3,000       2,363,910  

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

    305       314,543  

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

    200       204,292  

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

    155       155,135  
            $ 5,111,614  
Insured – Escrowed / Prerefunded — 8.4%  

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

  $ 1,000     $ 1,028,700  

Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38

    555       596,536  

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

    500       508,365  

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

    915       942,084  

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

    425       437,580  
            $ 3,513,265  
Security   Principal
Amount
(000’s omitted)
    Value  
Insured – General Obligations — 6.9%  

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

  $ 2,455     $ 1,633,115  

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

    1,000       1,257,960  
            $ 2,891,075  
Insured – Special Tax Revenue — 0.3%  

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

  $ 540     $ 114,718  
            $ 114,718  
Insured – Transportation — 8.9%  

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

  $ 600     $ 649,698  

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

    140       154,157  

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

    1,000       1,131,660  

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

    1,000       1,181,600  

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

    590       604,355  
            $ 3,721,470  
Insured – Water and Sewer — 1.6%  

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

  $ 665     $ 665,798  
            $ 665,798  
Other Revenue — 3.5%  

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

  $ 940     $ 942,002  

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

    445       494,587  
            $ 1,436,589  
Senior Living / Life Care — 4.0%  

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

  $ 650     $ 690,397  

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

    375       397,928  

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

    230       251,986  

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

    275       314,663  
            $ 1,654,974  
Special Tax Revenue — 10.6%  

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

  $ 500     $ 547,055  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/38(2)

    1,400       1,665,412  
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
Special Tax Revenue (continued)  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/43(2)

  $ 1,400     $ 1,657,376  

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

    180       202,921  

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

    290       326,134  
            $ 4,398,898  
Transportation — 0.6%  

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

  $ 690     $ 267,099  
            $ 267,099  
Water and Sewer — 15.1%  

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

  $ 500     $ 559,955  

Texas Water Development Board, 4.00%, 10/15/47(1)

    5,500       5,740,130  
            $ 6,300,085  

Total Tax-Exempt Investments — 160.0%
(identified cost $62,815,314)

 

  $ 66,772,093  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (44.0)%

 

  $ (18,340,718

Other Assets, Less Liabilities — (16.0)%

 

  $ (6,710,740

Net Assets Applicable to Common Shares — 100.0%

 

  $ 41,720,635  

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 25.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 15.6% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

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.
NPFG     National Public Finance Guaranty Corp.
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2018

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 164.0%  
Security   Principal
Amount
(000’s omitted)
    Value  
Cogeneration — 0.3%  

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

  $ 378     $ 113,438  
      $ 113,438  
Education — 24.0%  

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

  $ 500     $ 518,014  

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

    750       838,245  

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

    45       50,673  

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

    65       73,809  

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

    215       244,087  

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

    90       101,824  

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

    130       144,866  

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

    110       122,074