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: 811-09153
Eaton Vance Pennsylvania 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, 2009
Date of Reporting Period
Item 1. Reports to Stockholders
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
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| • | Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
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| • | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. |
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| • | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
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| • | We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.
Eaton Vance Municipal Income Trusts as of May 31, 2009
TABLE OF CONTENTS
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Financial Statements | | | 11 | |
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Annual Meeting of Shareholders | | | 65 | |
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Dividend Reinvestment Plan | | | 66 | |
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Board of Trustees’ Annual Approval of the Investment Advisory Agreements | | | 68 | |
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Officers and Trustees | | | 71 | |
1
Eaton Vance Municipal Income Trusts as of May 31, 2009
INVESTMENT UPDATE
Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the NYSE Amex, which are designed to provide current income exempt from regular federal income tax and state personal income taxes. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
During the six-month period ending May 31, 2009, investors began to see signs of hope as the capital markets generally rallied and began to stabilize. Despite continued economic weakness — the U.S. economy contracted by 6.3% (annualized) in the fourth quarter of 2008 and 5.5% (annualized) in the first quarter of 2009 — the Obama administration’s massive spending proposals served as a catalyst for optimism. February was a particularly strong month for economic data: factory orders increased 1.8%; new home sales rose 4.7%; and existing home sales surged 5.1%. The upturn in the housing market was bolstered by historically low mortgage rates, an $8,000 tax credit for first-time home buyers that was part of President Obama’s stimulus legislation, and a plethora of distressed properties on the market. Unemployment, on the other hand, rose to 9.4% in May 2009 from 7.2% in December 2008.
On February 17, 2009, President Obama signed a historic $787 billion stimulus program into law and outlined a $50 billion foreclosure rescue plan. These programs followed the $700 billion financial institution rescue legislation passed last fall. Additionally, the U.S. Federal Reserve kept the federal funds rate at a range of 0.0% to 0.25%.
During the period, municipals rallied strongly from extremely oversold levels reached in December 2008. As a result, returns for municipals were impressive for the six-month period, helping to make up for the losses incurred in the fall of 2008. The Barclays Capital Municipal Bond Index (the Index) — a broad-based, unmanaged index of municipal bonds — gained 9.0%, while many of the state Lipper categories average returns ranged from 20% to 30% for the six-month period.1
Management Discussion
Relative to the Index, the Trusts outperformed for the six-month period ending May 31, 2009. The six-month results reflect several factors, including strong demand for longer-maturity municipal bonds and the ebbing of negative technical factors that had plagued the municipal market throughout 2008. The period included December, an important demarcation point for the municipal market, as municipal spreads reached all-time peaks during the month amid especially high uncertainty in the markets. In the period following December, the municipal market witnessed five months of dramatic rebound as headline risk abated, demand returned from investors who had sought the relative safety of Treasury bonds in 2008 and cautious optimism spread on signs of a mildly improving economy. The renewed appetite for municipal bonds was buoyed by legislative efforts aimed at supporting the municipal market, much of which focused on reducing tax-exempt municipal supply through the Build America Bonds program and the federal stimulus provided to states through the American Recovery & Reinvestment Act of 2009. The result of these events during the period was a dramatic rally for the sector as yields fell and prices rose across the yield curve.
The Trusts invest primarily in bonds with stated maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds. While the price declines experienced by municipals in 2008 were most pronounced on the long end of the yield curve, longer-maturity bonds outperformed shorter maturities during the period, thus providing the basis for much of the Trusts’ outperformance relative to the Index. Higher allocations to revenue bonds also contributed positively as general obligation bonds trailed revenue issues during the period.
The employment of leverage and leveraged investments in the Trusts, through which additional exposure to the municipal market is achieved, was yet another positive factor during the period. Leverage has the impact
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1 | | It is not possible to invest directly in an Index or a Lipper Classification. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. |
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| | Past performance is no guarantee of future results. |
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Eaton Vance Municipal Income Trusts as of May 31, 2009
INVESTMENT UPDATE
of enhancing returns during up markets while exacerbating performance on the downside. Given the broad rally in the municipal sector during the period, the use of leverage was a contributor to performance.
As we move ahead, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage municipals in this environment — like in all others — with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on careful credit research and our decades of experience in the municipal market, has served municipal investors well over the long term. In addition, many state governments, particularly California, face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to monitor any new developments as state legislatures formulate solutions to address these fiscal problems.
A Note Regarding The Use Of Leverage
The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and the use of tender option bond (TOB) financing.1 Each Trust’s APS and TOB percentage leverage as of May 31, 2009 is reflected on the Trust-specific pages following this letter. The leverage created by APS and TOB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and share price of the common shares).
During the period, certain of the Trusts redeemed a portion of their outstanding APS to reduce the amount of the Trusts’ financial leverage. Information relating to these redemptions is contained in Note 2 to the Financial Statements.
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1 | | See Note 1H to the Financial Statements for more information on TOB investments. |
Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Trusts’ current or future investments and may change due to active management.
3
Eaton Vance California Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
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NYSE Amex Symbol | | CEV | |
Average Annual Total Returns (by share price) |
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Six Months | | | 25.27 | % |
One Year | | | -13.84 | |
Five Years | | | 0.83 | |
Ten Years | | | 4.10 | |
Life of Trust (1/29/99) | | | 3.00 | |
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Average Annual Total Returns (by net asset value) | | | | |
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Six Months | | | 23.52 | % |
One Year | | | -13.00 | |
Five Years | | | 1.32 | |
Ten Years | | | 4.17 | |
Life of Trust (1/29/99) | | | 3.64 | |
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Premium/(Discount) to NAV | | | -6.21 | % |
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Market Yields | | | | |
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Market Yield2 | | | 7.03 | % |
Taxable-Equivalent Market Yield3 | | | 11.93 | |
Index Performance4 (Average Annual Total Returns)
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| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
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Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
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Lipper California Municipal Debt Funds Classification (by net asset value) |
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Six Months | | | 14.99 | % |
One Year | | | -6.65 | |
Five Years | | | 2.94 | |
Ten Years | | | 4.36 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*6
By total investments
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* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
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AAA | | 27.1% |
AA | | 30.7% |
A | | 24.7% |
BBB | | 10.4% |
Not Rated | | 7.1% |
Trust Statistics7
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• | | Number of Issues: | | 96 | |
• | | Average Maturity: | | 22.1 years | |
• | | Average Effective Maturity: | | 18.4 years | |
• | | Average Call Protection: | | 7.9 years | |
• | | Average Dollar Price: | $ | 84.11 | |
• | | APS Leverage**: | | 32.6 | % |
• | | TOB Leverage**: | | 12.4 | % |
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** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
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1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
4
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
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NYSE Amex Symbol | | MMV |
Average Annual Total Returns (by share price) | | | | |
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Six Months | | | 45.98 | % |
One Year | | | -3.53 | |
Five Years | | | 2.51 | |
Ten Years | | | 4.91 | |
Life of Trust (1/29/99) | | | 4.09 | |
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Average Annual Total Returns (by net asset value) | | | | |
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Six Months | | | 28.43 | % |
One Year | | | -5.96 | |
Five Years | | | 2.38 | |
Ten Years | | | 4.67 | |
Life of Trust (1/29/99) | | | 4.09 | |
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Premium/(Discount) to NAV | | | 0.00 | % |
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Market Yields | | | | |
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Market Yield2 | | | 6.66 | % |
Taxable-Equivalent Market Yield3 | | | 10.82 | |
Index Performance4 (Average Annual Total Returns)
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| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
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Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
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Lipper Other States Municipal Debt Funds Classification (by net asset value) |
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Six Months | | | 15.92 | % |
One Year | | | -0.60 | |
Five Years | | | 3.80 | |
Ten Years | | | 4.66 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
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* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
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AAA | | 8.5% |
AA | | 39.4% |
A | | 33.0% |
BBB | | 11.4% |
BB | | 1.0% |
Not Rated | | 6.7% |
Trust Statistics7
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• | | Number of Issues: | | 62 | |
• | | Average Maturity: | | 26.9 years | |
• | | Average Effective Maturity: | | 23.1 years | |
• | | Average Call Protection: | | 9.4 years | |
• | | Average Dollar Price: | $ | 89.83 | |
• | | APS Leverage**: | | 34.5 | % |
• | | TOB Leverage**: | | 6.7 | % |
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** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
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1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
5
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
| | | | |
NYSE Amex Symbol | | EMI | |
Average Annual Total Returns (by share price) | | | | |
|
Six Months | | | 43.51 | % |
One Year | | | -5.07 | |
Five Years | | | -1.01 | |
Ten Years | | | 3.07 | |
Life of Trust (1/29/99) | | | 2.85 | |
|
Average Annual Total Returns (by net asset value) |
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Six Months | | | 17.84 | % |
One Year | | | -5.12 | |
Five Years | | | 2.35 | |
Ten Years | | | 4.55 | |
Life of Trust (1/29/99) | | | 4.03 | |
| | | | |
Premium/(Discount) to NAV | | | -11.18 | % |
| | | | |
Market Yields | | | | |
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Market Yield2 | | | 7.13 | % |
Taxable-Equivalent Market Yield3 | | | 11.47 | |
Index Performance4 (Average Annual Total Returns)
| | | | | | | | |
| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
|
Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
| | | | |
Lipper Michigan Municipal Debt Funds Classification (by net asset value) |
|
Six Months | | | 14.20 | % |
One Year | | | -1.19 | |
Five Years | | | 3.49 | |
Ten Years | | | 4.81 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
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AAA | | 26.0% |
AA | | 38.4% |
A | | 18.2% |
BBB | | 12.8% |
BB | | 1.1% |
CCC | | 0.7% |
Not Rated | | 2.8% |
Trust Statistics7
| | | | | |
• | | Number of Issues: | | 66 | |
• | | Average Maturity: | | 21.5 years | |
• | | Average Effective Maturity: | | 15.3 years | |
• | | Average Call Protection: | | 5.6 years | |
• | | Average Dollar Price: | $ | 92.20 | |
• | | APS Leverage**: | | 39.1 | % |
• | | TOB Leverage**: | | 2.5 | % |
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** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
|
1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4, 4 and 3 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
6
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
| | | | |
NYSE Amex Symbol | | EVJ | |
Average Annual Total Returns (by share price) | | | | |
|
Six Months | | | 46.46 | % |
One Year | | | -0.65 | |
Five Years | | | 2.20 | |
Ten Years | | | 4.32 | |
Life of Trust (1/29/99) | | | 3.84 | |
| | | | |
Average Annual Total Returns (by net asset value) | | | | |
|
Six Months | | | 37.74 | % |
One Year | | | -6.38 | |
Five Years | | | 2.99 | |
Ten Years | | | 4.70 | |
Life of Trust (1/29/99) | | | 4.23 | |
| | | | |
Premium/(Discount) to NAV | | | -3.85 | % |
| | | | |
Market Yields | | | | |
|
Market Yield2 | | | 7.01 | % |
Taxable-Equivalent Market Yield3 | | | 11.85 | |
Index Performance4 (Average Annual Total Returns)
| | | | | | | | |
| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
|
Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
| | | | |
Lipper New Jersey Municipal Debt Funds Classification (by net asset value) |
|
Six Months | | | 18.45 | % |
One Year | | | -2.76 | |
Five Years | | | 3.55 | |
Ten Years | | | 4.51 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
| | |
* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
| | |
AAA | | 22.7% |
AA | | 29.2% |
A | | 24.4% |
BBB | | 20.2% |
B | | 1.5% |
Not Rated | | 2.0% |
Trust Statistics7
| | | | | |
• | | Number of Issues: | | 76 | |
• | | Average Maturity: | | 25.4 years | |
• | | Average Effective Maturity: | | 19.8 years | |
• | | Average Call Protection: | | 8.4 years | |
• | | Average Dollar Price: | $ | 87.87 | |
• | | APS Leverage**: | | 32.4 | % |
• | | TOB Leverage**: | | 11.8 | % |
| | |
** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
|
1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10, 10 and 6 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
7
Eaton Vance New York Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
| | | | |
NYSE Amex Symbol | | EVY |
Average Annual Total Returns (by share price) | | | | |
|
Six Months | | | 65.31 | % |
One Year | | | -6.45 | |
Five Years | | | 3.73 | |
Ten Years | | | 5.26 | |
Life of Trust (1/29/99) | | | 4.39 | |
| | | | |
Average Annual Total Returns (by net asset value) |
|
Six Months | | | 32.65 | % |
One Year | | | -12.66 | |
Five Years | | | 1.35 | |
Ten Years | | | 4.37 | |
Life of Trust (1/29/99) | | | 3.87 | |
| | | | |
Premium/(Discount) to NAV | | | 5.29 | % |
| | | | |
Market Yields | | | | |
|
Market Yield2 | | | 6.81 | % |
Taxable-Equivalent Market Yield3 | | | 11.25 | |
Index Performance4 (Average Annual Total Returns)
| | | | | | | | |
| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
|
Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
| | | | |
Lipper New York Municipal Debt Funds Classification (by net asset value) |
|
Six Months | | | 15.56 | % |
One Year | | | -6.05 | |
Five Years | | | 3.00 | |
Ten Years | | | 4.68 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*6
By total investments
| | |
* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is A+: |
| | |
AAA | | 15.5% |
AA | | 39.0% |
A | | 17.9% |
BBB | | 11.8% |
BB | | 4.5% |
B | | 3.1% |
Not Rated | | 8.2% |
Trust Statistics7
| | | | | |
• | | Number of Issues: | | 82 | |
• | | Average Maturity: | | 24.6 years | |
• | | Average Effective Maturity: | | 19.6 years | |
• | | Average Call Protection: | | 8.9 years | |
• | | Average Dollar Price: | $ | 87.69 | |
• | | APS Leverage**: | | 29.8 | % |
• | | TOB Leverage**: | | 13.4 | % |
| | |
** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) out standing at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
|
1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 17, 17, 17 and 8 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
8
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Turst Performance1
| | | | |
NYSE Amex Symbol | | EVO |
Average Annual Total Returns (by share price) | | | | |
|
Six Months | | | 49.63 | % |
One Year | | | 3.02 | |
Five Years | | | 2.50 | |
Ten Years | | | 4.14 | |
Life of Trust (1/29/99) | | | 3.96 | |
| | | | |
Average Annual Total Returns (by net asset value) |
|
Six Months | | | 24.41 | % |
One Year | | | -5.24 | |
Five Years | | | 2.82 | |
Ten Years | | | 4.58 | |
Life of Trust (1/29/99) | | | 4.13 | |
| | | | |
Premium/(Discount) to NAV | | | -1.59 | % |
| | | | |
Market Yields | | | | |
|
Market Yield2 | | | 6.41 | % |
Taxable-Equivalent Market Yield3 | | | 10.55 | |
Index Performance4 (Average Annual Total Returns)
| | | | | | | | |
| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
|
Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
| | | | |
Lipper Other States Municipal Debt Funds Classification (by net asset value) |
|
Six Months | | | 15.92 | % |
One Year | | | -0.60 | |
Five Years | | | 3.80 | |
Ten Years | | | 4.66 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
| | |
* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
| | |
AAA | | 27.4% |
AA | | 41.1% |
A | | 16.2% |
BBB | | 7.8% |
B | | 1.6% |
Not Rated | | 5.9% |
Trust Statistics7
| | | | | |
• | | Number of Issues: | | 77 | |
• | | Average Maturity: | | 22.5 years | |
• | | Average Effective Maturity: | | 16.3 years | |
• | | Average Call Protection: | | 7.4 years | |
• | | Average Dollar Price: | $ | 90.44 | |
• | | APS Leverage**: | | 37.6 | % |
• | | TOB Leverage**: | | 3.8 | % |
| | |
** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions. |
|
1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43, 43 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
9
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
Trust Performance1
| | | | |
NYSE Amex Symbol | | EVP |
Average Annual Total Returns (by share price) | | | | |
|
Six Months | | | 29.18 | % |
One Year | | | -0.80 | |
Five Years | | | 2.57 | |
Ten Years | | | 4.47 | |
Life of Trust (1/29/99) | | | 3.72 | |
| | | | |
Average Annual Total Returns (by net asset value) |
|
Six Months | | | 26.90 | % |
One Year | | | -6.30 | |
Five Years | | | 2.93 | |
Ten Years | | | 4.77 | |
Life of Trust (1/29/99) | | | 4.27 | |
| | | | |
Premium/(Discount) to NAV | | | -5.31 | % |
| | | | |
Market Yields | | | | |
|
Market Yield2 | | | 6.61 | % |
Taxable-Equivalent Market Yield3 | | | 10.49 | |
Index Performance4 (Average Annual Total Returns)
| | | | | | | | |
| | Barclays Capital Municipal Bond Index | | | Barclays Capital Long (22+) Municipal Bond Index | |
|
Six Months | | | 9.00 | % | | | 14.40 | % |
One Year | | | 3.57 | | | | -2.50 | |
Five Years | | | 4.41 | | | | 3.81 | |
Ten Years | | | 4.95 | | | | 4.69 | |
Lipper Averages5 (Average Annual Total Returns)
| | | | |
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value) |
|
Six Months | | | 17.05 | % |
One Year | | | -3.39 | |
Five Years | | | 2.65 | |
Ten Years | | | 4.37 | |
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*6
By total investments
| | |
* | | The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at May 31, 2009, is as follows, and the average rating is AA-: |
| | |
AAA | | 17.9% |
AA | | 43.6% |
A | | 22.8% |
BBB | | 4.6% |
BB | | 1.7% |
B | | 1.4% |
CCC | | 1.3% |
Not Rated | | 6.7% |
Trust Statistics7
| | | | | |
• | | Number of Issues: | | 79 | |
• | | Average Maturity: | | 21.6 years | |
• | | Average Effective Maturity: | | 16.1 years | |
• | | Average Call Protection: | | 7.2 years | |
• | | Average Dollar Price: | $ | 93.18 | |
• | | APS Leverage**: | | 35.7 | % |
• | | TOB Leverage**: | | 6.8 | % |
| | |
** | | APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Tender Option Bond (TOB) Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 5/31/09 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. |
|
1 | | Six-month returns are cumulative. Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7, 7 and 4 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. |
10
Eaton Vance California Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 177.9% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Education — 14.9% |
|
$ | 2,000 | | | California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39 | | $ | 1,966,520 | | | |
| 2,770 | | | California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29 | | | 2,304,557 | | | |
| 500 | | | California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 | | | 502,240 | | | |
| 1,350 | | | California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 | | | 1,429,137 | | | |
| 4,000 | | | California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1) | | | 4,000,400 | | | |
| 2,500 | | | San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41 | | | 2,382,875 | | | |
|
|
| | | | | | $ | 12,585,729 | | | |
|
|
|
|
Electric Utilities — 4.0% |
|
$ | 2,275 | | | Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27 | | $ | 2,067,725 | | | |
| 1,300 | | | Vernon, Electric System Revenue, 5.125%, 8/1/21 | | | 1,278,316 | | | |
|
|
| | | | | | $ | 3,346,041 | | | |
|
|
|
|
General Obligations — 11.9% |
|
$ | 750 | | | California, 6.00%, 4/1/38 | | $ | 772,388 | | | |
| 1,610 | | | California, (AMT), 5.05%, 12/1/36 | | | 1,380,237 | | | |
| 4,770 | | | San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2) | | | 4,661,077 | | | |
| 3,180 | | | Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2) | | | 3,225,394 | | | |
|
|
| | | | | | $ | 10,039,096 | | | |
|
|
|
|
Health Care-Miscellaneous — 0.3% |
|
$ | 300 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | $ | 226,770 | | | |
|
|
| | | | | | $ | 226,770 | | | |
|
|
|
|
Hospital — 32.8% |
|
$ | 1,000 | | | California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32 | | $ | 984,070 | | | |
| 2,935 | | | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34 | | | 2,660,666 | | | |
| 1,500 | | | California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38 | | | 1,607,145 | | | |
| 3,480 | | | California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2) | | | 3,213,734 | | | |
| 750 | | | California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31 | | | 720,255 | | | |
| 3,900 | | | California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 | | | 3,468,543 | | | |
| 1,750 | | | California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 | | | 1,579,270 | | | |
| 1,650 | | | California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 | | | 1,580,832 | | | |
| 1,750 | | | California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 | | | 1,570,905 | | | |
| 1,500 | | | California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 | | | 1,511,700 | | | |
| 1,500 | | | Duarte, (Hope National Medical Center), 5.25%, 4/1/24 | | | 1,453,320 | | | |
| 410 | | | Tahoe Forest Hospital District, 5.85%, 7/1/22 | | | 378,565 | | | |
| 2,000 | | | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 | | | 1,928,340 | | | |
| 1,250 | | | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | | | 838,787 | | | |
| 2,000 | | | Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29 | | | 1,834,860 | | | |
| 2,780 | | | Washington Township Health Care District, 5.00%, 7/1/32 | | | 2,388,381 | | | |
|
|
| | | | | | $ | 27,719,373 | | | |
|
|
|
|
Housing — 2.6% |
|
$ | 1,750 | | | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | | $ | 1,267,263 | | | |
| 722 | | | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | | | 578,357 | | | |
| 421 | | | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | | | 334,331 | | | |
|
|
| | | | | | $ | 2,179,951 | | | |
|
|
|
|
Industrial Development Revenue — 3.9% |
|
$ | 800 | | | California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | | $ | 800,248 | | | |
| 1,235 | | | California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23 | | | 1,120,577 | | | |
| 2,000 | | | California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | | | 1,394,280 | | | |
|
|
| | | | | | $ | 3,315,105 | | | |
|
|
|
See notes to financial statements11
Eaton Vance California Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Education — 7.8% |
|
$ | 400 | | | California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35 | | $ | 388,000 | | | |
| 3,270 | | | California Educational Facilities Authority, (Pooled College and University), (NPFG), 5.10%, 4/1/23 | | | 3,273,761 | | | |
| 3,000 | | | California State University, (AMBAC), 5.00%, 11/1/33 | | | 2,962,380 | | | |
|
|
| | | | | | $ | 6,624,141 | | | |
|
|
|
|
Insured-Electric Utilities — 10.2% |
|
$ | 2,500 | | | California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | | $ | 2,491,000 | | | |
| 3,250 | | | California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | | | 2,875,145 | | | |
| 3,510 | | | Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37 | | | 3,208,666 | | | |
|
|
| | | | | | $ | 8,574,811 | | | |
|
|
|
|
Insured-Escrowed / Prerefunded — 2.9% |
|
$ | 5,130 | | | Foothill/Eastern Transportation Corridor Agency, (FSA), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | | $ | 2,416,384 | | | |
|
|
| | | | | | $ | 2,416,384 | | | |
|
|
|
|
Insured-General Obligations — 6.7% |
|
$ | 7,000 | | | Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34 | | $ | 1,503,040 | | | |
| 4,825 | | | Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35 | | | 967,943 | | | |
| 7,995 | | | Sweetwater Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25 | | | 3,226,702 | | | |
|
|
| | | | | | $ | 5,697,685 | | | |
|
|
|
|
Insured-Hospital — 18.5% |
|
$ | 3,100 | | | California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | | $ | 3,112,276 | | | |
| 3,200 | | | California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29 | | | 2,973,824 | | | |
| 750 | | | California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2) | | | 744,038 | | | |
| 5,000 | | | California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2) | | | 5,016,200 | | | |
| 3,735 | | | California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(2) | | | 3,781,899 | | | |
|
|
| | | | | | $ | 15,628,237 | | | |
|
|
|
|
Insured-Lease Revenue / Certificates of Participation — 11.9% |
|
$ | 6,475 | | | Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17 | | $ | 4,384,028 | | | |
| 2,000 | | | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | | | 2,258,340 | | | |
| 3,500 | | | San Diego County Water Authority, (FSA), 5.00%, 5/1/38(2) | | | 3,416,210 | | | |
|
|
| | | | | | $ | 10,058,578 | | | |
|
|
|
|
Insured-Other Revenue — 2.0% |
|
$ | 1,855 | | | Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38 | | $ | 1,711,238 | | | |
|
|
| | | | | | $ | 1,711,238 | | | |
|
|
|
|
Insured-Special Tax Revenue — 4.4% |
|
$ | 24,800 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | $ | 1,371,192 | | | |
| 4,225 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 470,665 | | | |
| 8,380 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 874,621 | | | |
| 5,270 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 513,720 | | | |
| 480 | | | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | | | 521,198 | | | |
|
|
| | | | | | $ | 3,751,396 | | | |
|
|
|
|
Insured-Transportation — 8.6% |
|
$ | 5,000 | | | Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29 | | $ | 1,374,750 | | | |
| 8,000 | | | Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31 | | | 2,058,480 | | | |
| 740 | | | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2) | | | 724,242 | | | |
See notes to financial statements12
Eaton Vance California Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
Insured-Transportation (continued) |
|
| | | | | | | | | | |
$ | 10,000 | | | San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32 | | $ | 1,736,400 | | | |
| 1,350 | | | San Jose Airport Revenue, (AMBAC), (BHAC), (FSA), (AMT), 6.00%, 3/1/47 | | | 1,349,851 | | | |
|
|
| | | | | | $ | 7,243,723 | | | |
|
|
|
|
Insured-Water and Sewer — 3.7% |
|
$ | 4,400 | | | Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30 | | $ | 3,110,756 | | | |
|
|
| | | | | | $ | 3,110,756 | | | |
|
|
|
|
Other Revenue — 2.2% |
|
$ | 385 | | | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | | $ | 373,099 | | | |
| 580 | | | California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | | | 549,666 | | | |
| 1,420 | | | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | | | 946,487 | | | |
|
|
| | | | | | $ | 1,869,252 | | | |
|
|
|
|
Senior Living / Life Care — 0.7% |
|
$ | 175 | | | California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26 | | $ | 133,049 | | | |
| 700 | | | California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36 | | | 483,161 | | | |
|
|
| | | | | | $ | 616,210 | | | |
|
|
|
|
Special Tax Revenue — 17.3% |
|
$ | 1,000 | | | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | | $ | 751,750 | | | |
| 285 | | | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | | | 206,856 | | | |
| 460 | | | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | | | 301,369 | | | |
| 1,000 | | | Corona Public Financing Authority, 5.80%, 9/1/20 | | | 889,950 | | | |
| 200 | | | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | | | 141,470 | | | |
| 500 | | | Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | | | 318,110 | | | |
| 1,590 | | | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | | | 1,599,445 | | | |
| 900 | | | Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25 | | | 792,144 | | | |
| 420 | | | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24 | | | 355,337 | | | |
| 750 | | | Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29 | | | 601,147 | | | |
| 2,340 | | | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | | | 2,395,458 | | | |
| 960 | | | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | | | 980,899 | | | |
| 1,325 | | | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | | | 1,332,725 | | | |
| 1,095 | | | Santa Margarita Water District, 6.20%, 9/1/20 | | | 1,100,344 | | | |
| 250 | | | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | | | 225,095 | | | |
| 500 | | | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | | | 419,565 | | | |
| 250 | | | Temecula Unified School District, 5.00%, 9/1/27 | | | 180,217 | | | |
| 400 | | | Temecula Unified School District, 5.00%, 9/1/37 | | | 258,268 | | | |
| 500 | | | Turlock Public Financing Authority, 5.45%, 9/1/24 | | | 461,900 | | | |
| 500 | | | Tustin Community Facilities District, 6.00%, 9/1/37 | | | 414,180 | | | |
| 1,000 | | | Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 | | | 878,300 | | | |
|
|
| | | | | | $ | 14,604,529 | | | |
|
|
|
|
Transportation — 5.3% |
|
$ | 2,000 | | | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31(3) | | $ | 2,005,600 | | | |
| 1,500 | | | Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30 | | | 1,459,170 | | | |
| 1,170 | | | Port of Redwood City, (AMT), 5.125%, 6/1/30 | | | 984,707 | | | |
|
|
| | | | | | $ | 4,449,477 | | | |
|
|
|
|
Water and Sewer — 5.3% |
|
$ | 1,840 | | | California Department of Water Resources, 5.00%, 12/1/29 | | $ | 1,922,745 | | | |
| 2,500 | | | Metropolitan Water District of Southern California, 5.00%, 1/1/34 | | | 2,568,925 | | | |
|
|
| | | | | | $ | 4,491,670 | | | |
|
|
|
Total Tax-Exempt Investments — 177.9% |
(identified cost $160,807,471) | | $ | 150,260,152 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (59.2)% | | $ | (49,976,933 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — (18.7)% | | $ | (15,805,786 | ) | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 84,477,433 | | | |
|
|
See notes to financial statements13
Eaton Vance California Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
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.
BHAC - Berkshire Hathaway Assurance Corp.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
RADIAN - Radian Group, Inc.
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, 2009, 43.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 16.1% of total investments.
| | |
(1) | | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
|
(2) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
|
(3) | | Security (or a portion thereof) has been pledged as collateral for open swap contracts. |
See notes to financial statements14
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 165.4% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Education — 33.8% |
|
$ | 2,440 | | | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 | | $ | 2,382,709 | | | |
| 600 | | | Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 | | | 577,914 | | | |
| 1,000 | | | Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38 | | | 820,810 | | | |
| 1,500 | | | Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 | | | 1,455,435 | | | |
| 1,000 | | | Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 | | | 863,200 | | | |
| 1,500 | | | Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32 | | | 1,481,580 | | | |
| 1,250 | | | Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | | | 1,391,150 | | | |
| 1,500 | | | Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1) | | | 1,550,520 | | | |
| 1,000 | | | Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38 | | | 1,050,680 | | | |
|
|
| | | | | | $ | 11,573,998 | | | |
|
|
|
|
Electric Utilities — 9.1% |
|
$ | 1,000 | | | Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30 | | $ | 1,015,510 | | | |
| 1,870 | | | Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36 | | | 1,564,049 | | | |
| 570 | | | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | | | 532,865 | | | |
|
|
| | | | | | $ | 3,112,424 | | | |
|
|
|
|
Escrowed / Prerefunded — 6.6% |
|
$ | 400 | | | Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32 | | $ | 467,268 | | | |
| 235 | | | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31 | | | 264,814 | | | |
| 960 | | | Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | | | 1,023,178 | | | |
| 1,000 | | | Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20 | | | 502,730 | | | |
|
|
| | | | | | $ | 2,257,990 | | | |
|
|
|
General Obligations — 2.3% |
|
$ | 750 | | | Newton, 5.00%, 4/1/36 | | $ | 780,105 | | | |
|
|
| | | | | | $ | 780,105 | | | |
|
|
|
|
Health Care-Miscellaneous — 2.9% |
|
$ | 510 | | | Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 | | $ | 377,171 | | | |
| 700 | | | Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29 | | | 532,077 | | | |
| 100 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | | 75,590 | | | |
|
|
| | | | | | $ | 984,838 | | | |
|
|
|
|
Hospital — 22.6% |
|
$ | 1,000 | | | Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 | | $ | 1,024,910 | | | |
| 1,000 | | | Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center), 5.75%, 7/1/33 | | | 962,150 | | | |
| 400 | | | Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31 | | | 353,616 | | | |
| 850 | | | Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38 | | | 746,087 | | | |
| 105 | | | Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18 | | | 104,994 | | | |
| 1,135 | | | Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37 | | | 1,069,329 | | | |
| 865 | | | Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31 | | | 867,344 | | | |
| 2,000 | | | Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1) | | | 1,970,320 | | | |
| 675 | | | Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29 | | | 634,439 | | | |
|
|
| | | | | | $ | 7,733,189 | | | |
|
|
|
|
Housing — 14.9% |
|
$ | 2,100 | | | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | | $ | 1,767,990 | | | |
| 1,000 | | | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | | | 875,670 | | | |
See notes to financial statements15
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
Housing (continued) |
|
| | | | | | | | | | |
$ | 650 | | | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | | $ | 615,875 | | | |
| 2,000 | | | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | | | 1,853,060 | | | |
|
|
| | | | | | $ | 5,112,595 | | | |
|
|
|
|
Industrial Development Revenue — 2.0% |
|
$ | 695 | | | Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 | | $ | 695,083 | | | |
|
|
| | | | | | $ | 695,083 | | | |
|
|
|
|
Insured-Education — 12.0% |
|
$ | 1,000 | | | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | | $ | 1,075,510 | | | |
| 1,365 | | | Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1) | | | 1,488,759 | | | |
| 1,600 | | | Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 | | | 1,559,376 | | | |
|
|
| | | | | | $ | 4,123,645 | | | |
|
|
|
|
Insured-General Obligations — 9.3% |
|
$ | 1,000 | | | Massachusetts, (AMBAC), 5.50%, 8/1/30 | | $ | 1,148,950 | | | |
| 2,255 | | | Milford, (FSA), 4.25%, 12/15/46 | | | 2,029,297 | | | |
|
|
| | | | | | $ | 3,178,247 | | | |
|
|
|
|
Insured-Other Revenue — 3.7% |
|
$ | 1,225 | | | Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | | $ | 1,251,387 | | | |
|
|
| | | | | | $ | 1,251,387 | | | |
|
|
|
|
Insured-Special Tax Revenue — 14.7% |
|
$ | 1,450 | | | Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | | $ | 1,455,568 | | | |
| 1,250 | | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37 | | | 1,266,712 | | | |
| 1,000 | | | Massachusetts Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29 | | | 1,032,800 | | | |
| 8,945 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | | 494,569 | | | |
| 2,530 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 281,842 | | | |
| 3,015 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 314,676 | | | |
| 1,905 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 185,699 | | | |
|
|
| | | | | | $ | 5,031,866 | | | |
|
|
|
|
Insured-Student Loan — 6.3% |
|
$ | 600 | | | Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 | | $ | 607,476 | | | |
| 1,985 | | | Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | | | 1,559,158 | | | |
|
|
| | | | | | $ | 2,166,634 | | | |
|
|
|
|
Insured-Transportation — 5.4% |
|
$ | 410 | | | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32 | | $ | 350,001 | | | |
| 1,820 | | | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38 | | | 1,499,898 | | | |
|
|
| | | | | | $ | 1,849,899 | | | |
|
|
|
|
Nursing Home — 2.8% |
|
$ | 500 | | | Boston Industrial Development Authority, (Alzheimer’s Center), (FHA), 6.00%, 2/1/37 | | $ | 500,175 | | | |
| 565 | | | Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29 | | | 475,024 | | | |
|
|
| | | | | | $ | 975,199 | | | |
|
|
|
|
Senior Living / Life Care — 6.7% |
|
$ | 250 | | | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.15%, 7/1/31 | | $ | 182,898 | | | |
| 1,500 | | | Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 | | | 1,188,765 | | | |
| 140 | | | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27 | | | 95,658 | | | |
| 475 | | | Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41 | | | 282,349 | | | |
| 910 | | | Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42 | | | 554,090 | | | |
|
|
| | | | | | $ | 2,303,760 | | | |
|
|
|
See notes to financial statements16
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Special Tax Revenue — 5.1% |
|
$ | 1,665 | | | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31 | | $ | 489,460 | | | |
| 5,195 | | | Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34 | | | 1,254,073 | | | |
|
|
| | | | | | $ | 1,743,533 | | | |
|
|
|
|
Water and Sewer — 5.2% |
|
$ | 215 | | | Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 | | $ | 217,612 | | | |
| 2,000 | | | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | | | 1,566,640 | | | |
|
|
| | | | | | $ | 1,784,252 | | | |
|
|
| | |
Total Tax-Exempt Investments — 165.4% | | |
(identified cost $60,775,600) | | $ | 56,658,644 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (58.5)% | | $ | (20,051,912 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — (6.9)% | | $ | (2,351,223 | ) | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 34,255,509 | | | |
|
|
ACA - ACA Financial Guaranty Corporation
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.
FGIC - Financial Guaranty Insurance Company
FHA - Federal Housing Administration
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 31.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 15.3% of total investments.
| | |
(1) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
See notes to financial statements17
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 166.9% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Education — 11.4% |
|
$ | 525 | | | Grand Valley State University, 5.625%, 12/1/29 | | $ | 541,348 | | | |
| 525 | | | Grand Valley State University, 5.75%, 12/1/34 | | | 534,917 | | | |
| 1,250 | | | Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27 | | | 1,406,525 | | | |
| 540 | | | Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 | | | 483,214 | | | |
|
|
| | | | | | $ | 2,966,004 | | | |
|
|
|
|
Electric Utilities — 2.9% |
|
$ | 360 | | | Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 | | $ | 342,187 | | | |
| 435 | | | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | | | 406,660 | | | |
|
|
| | | | | | $ | 748,847 | | | |
|
|
|
|
Escrowed / Prerefunded — 17.5% |
|
$ | 500 | | | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31 | | $ | 549,900 | | | |
| 560 | | | Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | | | 656,611 | | | |
| 750 | | | Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26 | | | 776,903 | | | |
| 750 | | | Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 | | | 838,987 | | | |
| 600 | | | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31 | | | 677,382 | | | |
| 1,000 | | | White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 | | | 1,078,630 | | | |
|
|
| | | | | | $ | 4,578,413 | | | |
|
|
|
|
General Obligations — 15.1% |
|
$ | 500 | | | East Grand Rapids Public School District, 5.00%, 5/1/25 | | $ | 517,775 | | | |
| 1,500 | | | Kent County, 5.00%, 1/1/25 | | | 1,578,120 | | | |
| 750 | | | Manistee Area Public Schools, 5.00%, 5/1/24 | | | 758,182 | | | |
| 270 | | | Michigan, 5.50%, 11/1/25 | | | 283,900 | | | |
| 345 | | | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | | | 304,376 | | | |
| 500 | | | Wayne Charter County, 5.70%, 8/1/38 | | | 509,610 | | | |
|
|
| | | | | | $ | 3,951,963 | | | |
|
|
|
| | | | | | | | | | |
Health Care-Miscellaneous — 0.3% |
|
$ | 100 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | $ | 75,590 | | | |
|
|
| | | | | | $ | 75,590 | | | |
|
|
|
|
Hospital — 25.4% |
|
$ | 500 | | | Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 | | $ | 463,400 | | | |
| 185 | | | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 | | | 152,965 | | | |
| 125 | | | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 | | | 94,483 | | | |
| 275 | | | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47 | | | 285,890 | | | |
| 500 | | | Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 | | | 436,725 | | | |
| 1,000 | | | Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 | | | 889,130 | | | |
| 750 | | | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38 | | | 581,468 | | | |
| 1,000 | | | Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 | | | 789,650 | | | |
| 1,080 | | | Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35 | | | 924,318 | | | |
| 750 | | | Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 | | | 709,132 | | | |
| 1,000 | | | Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 | | | 1,023,040 | | | |
| 425 | | | Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26 | | | 289,748 | | | |
|
|
| | | | | | $ | 6,639,949 | | | |
|
|
|
|
Housing — 3.7% |
|
$ | 1,000 | | | Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48 | | $ | 969,550 | | | |
|
|
| | | | | | $ | 969,550 | | | |
|
|
|
|
Industrial Development Revenue — 5.8% |
|
$ | 1,000 | | | Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 | | $ | 462,880 | | | |
| 800 | | | Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16 | | | 764,280 | | | |
| 625 | | | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | | | 289,087 | | | |
|
|
| | | | | | $ | 1,516,247 | | | |
|
|
|
See notes to financial statements18
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Education — 2.2% |
|
$ | 570 | | | Ferris State University, (AGC), 5.125%, 10/1/33 | | $ | 575,227 | | | |
|
|
| | | | | | $ | 575,227 | | | |
|
|
|
|
Insured-Electric Utilities — 7.8% |
|
$ | 1,000 | | | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29 | | $ | 879,450 | | | |
| 500 | | | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 | | | 462,495 | | | |
| 220 | | | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | | | 212,375 | | | |
| 500 | | | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | | | 472,045 | | | |
|
|
| | | | | | $ | 2,026,365 | | | |
|
|
|
|
Insured-Escrowed / Prerefunded — 12.4% |
|
$ | 1,000 | | | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 | | $ | 1,084,940 | | | |
| 2,000 | | | Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25 | | | 2,148,480 | | | |
|
|
| | | | | | $ | 3,233,420 | | | |
|
|
|
|
Insured-General Obligations — 10.9% |
|
$ | 650 | | | Detroit City School District, (FGIC), 4.75%, 5/1/28 | | $ | 601,003 | | | |
| 750 | | | Detroit City School District, (FSA), 5.25%, 5/1/32 | | | 702,532 | | | |
| 200 | | | Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25 | | | 200,158 | | | |
| 100 | | | Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10 | | | 104,078 | | | |
| 1,250 | | | Van Dyke Public Schools, (FSA), 5.00%, 5/1/38 | | | 1,236,750 | | | |
|
|
| | | | | | $ | 2,844,521 | | | |
|
|
|
|
Insured-Hospital — 7.0% |
|
$ | 1,000 | | | Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35 | | $ | 859,870 | | | |
| 1,000 | | | Saginaw Hospital Finance Authority, (Covenant Medical Center), (NPFG), 5.50%, 7/1/24 | | | 967,120 | | | |
|
|
| | | | | | $ | 1,826,990 | | | |
|
|
|
| | | | | | | | | | |
|
Insured-Lease Revenue / Certificates of Participation — 5.3% |
|
$ | 1,000 | | | Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29 | | $ | 277,000 | | | |
| 4,300 | | | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | | | 1,103,165 | | | |
|
|
| | | | | | $ | 1,380,165 | | | |
|
|
|
| | | | | | | | | | |
Insured-Special Tax Revenue — 11.6% |
|
$ | 5,160 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | $ | 285,296 | | | |
| 2,030 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 226,142 | | | |
| 2,430 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 253,619 | | | |
| 1,470 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 143,296 | | | |
| 2,250 | | | Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (NPFG), 5.00%, 12/1/30 | | | 2,122,673 | | | |
|
|
| | | | | | $ | 3,031,026 | | | |
|
|
|
|
Insured-Student Loan — 6.7% |
|
$ | 1,000 | | | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31 | | $ | 823,490 | | | |
| 1,000 | | | Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25 | | | 919,120 | | | |
|
|
| | | | | | $ | 1,742,610 | | | |
|
|
|
|
Insured-Transportation — 4.2% |
|
$ | 1,000 | | | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | | $ | 865,400 | | | |
| 300 | | | Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28 | | | 245,493 | | | |
|
|
| | | | | | $ | 1,110,893 | | | |
|
|
|
|
Insured-Water and Sewer — 7.6% |
|
$ | 1,650 | | | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | | $ | 1,479,390 | | | |
| 500 | | | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | | | 494,700 | | | |
|
|
| | | | | | $ | 1,974,090 | | | |
|
|
|
|
Lease Revenue / Certificates of Participation — 1.0% |
|
$ | 250 | | | Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 | | $ | 250,083 | | | |
|
|
| | | | | | $ | 250,083 | | | |
|
|
|
|
Other Revenue — 1.3% |
|
$ | 500 | | | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | | $ | 347,625 | | | |
|
|
| | | | | | $ | 347,625 | | | |
|
|
|
See notes to financial statements19
Eaton Vance Michigan Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Transportation — 5.8% |
|
$ | 1,500 | | | Kent County Airport Facility, 5.00%, 1/1/25(1) | | $ | 1,517,445 | | | |
|
|
| | | | | | $ | 1,517,445 | | | |
|
|
|
|
Water and Sewer — 1.0% |
|
$ | 250 | | | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(2) | | $ | 273,218 | | | |
|
|
| | | | | | $ | 273,218 | | | |
|
|
| | |
Total Tax-Exempt Investments — 166.9% | | |
(identified cost $46,421,911) | | $ | 43,580,241 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (67.0)% | | $ | (17,500,993 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — 0.1% | | $ | 30,589 | | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 26,109,837 | | | |
|
|
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.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
XLCA - XL Capital Assurance, Inc.
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, 2009, 45.3% 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 ranged from 1.1% to 21.0% of total investments.
| | |
(1) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
|
(2) | | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
See notes to financial statements20
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 177.9% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Education — 16.1% |
|
$ | 250 | | | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27 | | $ | 220,483 | | | |
| 250 | | | New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33 | | | 203,610 | | | |
| 220 | | | New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37 | | | 181,524 | | | |
| 3,500 | | | New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1) | | | 3,449,635 | | | |
| 1,105 | | | New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27 | | | 974,533 | | | |
| 965 | | | New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32 | | | 1,007,759 | | | |
| 3,150 | | | Rutgers State University, 5.00%, 5/1/39(1) | | | 3,231,700 | | | |
|
|
| | | | | | $ | 9,269,244 | | | |
|
|
|
|
Electric Utilities — 2.9% |
|
$ | 270 | | | Puerto Rico Electric Power Authority, 5.00%, 7/1/37 | | $ | 234,522 | | | |
| 1,500 | | | Salem County Pollution Control Financing, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | | | 1,426,560 | | | |
|
|
| | | | | | $ | 1,661,082 | | | |
|
|
|
|
General Obligations — 4.5% |
|
$ | 1,210 | | | Gloucester County Improvement Authority, (Landfill Project), 4.50%, 3/1/30 | | $ | 1,185,921 | | | |
| 1,595 | | | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | | | 1,407,189 | | | |
|
|
| | | | | | $ | 2,593,110 | | | |
|
|
|
|
Health Care-Miscellaneous — 0.4% |
|
$ | 300 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | $ | 226,770 | | | |
|
|
| | | | | | $ | 226,770 | | | |
|
|
|
|
Hospital — 27.2% |
|
$ | 90 | | | Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | | $ | 62,237 | | | |
| 100 | | | Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 | | | 77,683 | | | |
| 2,750 | | | Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 | | | 2,081,585 | | | |
| 2,060 | | | New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | | | 1,940,561 | | | |
| 3,000 | | | New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37 | | | 2,703,540 | | | |
| 2,000 | | | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34 | | | 1,989,700 | | | |
| 1,525 | | | New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31 | | | 1,482,666 | | | |
| 1,750 | | | New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 | | | 1,747,725 | | | |
| 2,930 | | | New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46 | | | 2,513,266 | | | |
| 1,075 | | | New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33 | | | 1,079,838 | | | |
|
|
| | | | | | $ | 15,678,801 | | | |
|
|
|
|
Housing — 8.2% |
|
$ | 715 | | | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37 | | $ | 615,736 | | | |
| 4,490 | | | New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37 | | | 4,115,085 | | | |
|
|
| | | | | | $ | 4,730,821 | | | |
|
|
|
|
Industrial Development Revenue — 13.3% |
|
$ | 1,000 | | | Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00% to 12/1/09 (Put Date), 12/1/29 | | $ | 1,013,980 | | | |
| 500 | | | Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32 | | | 488,355 | | | |
| 800 | | | Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34 | | | 809,904 | | | |
| 3,220 | | | New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 | | | 2,315,534 | | | |
| 750 | | | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | | | 592,538 | | | |
| 750 | | | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33 | | | 756,352 | | | |
| 2,080 | | | Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22 | | | 1,706,016 | | | |
|
|
| | | | | | $ | 7,682,679 | | | |
|
|
|
See notes to financial statements21
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Education — 6.0% |
|
$ | 3,365 | | | New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1) | | $ | 3,446,332 | | | |
|
|
| | | | | | $ | 3,446,332 | | | |
|
|
|
|
Insured-Electric Utilities — 2.1% |
|
$ | 1,250 | | | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | | $ | 1,215,787 | | | |
|
|
| | | | | | $ | 1,215,787 | | | |
|
|
|
|
Insured-Gas Utilities — 8.4% |
|
$ | 5,000 | | | New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40 | | $ | 4,857,300 | | | |
|
|
| | | | | | $ | 4,857,300 | | | |
|
|
|
|
Insured-General Obligations — 5.4% |
|
$ | 760 | | | Egg Harbor Township School District, (FSA), 3.50%, 4/1/28 | | $ | 643,994 | | | |
| 1,240 | | | Lakewood Township, (AGC), 5.75%, 11/1/31 | | | 1,358,916 | | | |
| 1,100 | | | Woodbridge Township, (FSA), 4.10%, 2/1/20 | | | 1,137,763 | | | |
|
|
| | | | | | $ | 3,140,673 | | | |
|
|
|
|
Insured-Hospital — 7.8% |
|
$ | 750 | | | New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1) | | $ | 754,598 | | | |
| 1,905 | | | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38 | | | 1,870,519 | | | |
| 500 | | | New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1) | | | 490,950 | | | |
| 1,380 | | | New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38 | | | 1,377,930 | | | |
|
|
| | | | | | $ | 4,493,997 | | | |
|
|
|
|
Insured-Housing — 5.5% |
|
$ | 3,390 | | | New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), (AMT), 5.05%, 5/1/34 | | $ | 3,162,497 | | | |
|
|
| | | | | | $ | 3,162,497 | | | |
|
|
|
| | | | | | | | | | |
Insured-Industrial Development Revenue — 1.3% |
|
$ | 885 | | | New Jersey Economic Development Authority, (New Jersey American Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38 | | $ | 736,240 | | | |
|
|
| | | | | | $ | 736,240 | | | |
|
|
|
|
Insured-Lease Revenue / Certificates of Participation — 2.8% |
|
$ | 1,500 | | | New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34 | | $ | 1,598,775 | | | |
|
|
| | | | | | $ | 1,598,775 | | | |
|
|
|
|
Insured-Other Revenue — 1.8% |
|
$ | 1,015 | | | Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39 | | $ | 1,039,533 | | | |
|
|
| | | | | | $ | 1,039,533 | | | |
|
|
|
|
Insured-Special Tax Revenue — 13.3% |
|
$ | 6,000 | | | Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 | | $ | 2,771,040 | | | |
| 4,315 | | | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26 | | | 1,621,534 | | | |
| 2,020 | | | New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27 | | | 701,404 | | | |
| 1,000 | | | Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23 | | | 953,750 | | | |
| 7,185 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | | 397,259 | | | |
| 2,745 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 305,793 | | | |
| 5,445 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 568,295 | | | |
| 3,425 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 333,869 | | | |
|
|
| | | | | | $ | 7,652,944 | | | |
|
|
|
|
Insured-Student Loan — 3.6% |
|
$ | 2,000 | | | New Jersey Higher Education Assistance Authority, (AGC), 6.125%, 6/1/30 | | $ | 2,067,760 | | | |
|
|
| | | | | | $ | 2,067,760 | | | |
|
|
|
|
Insured-Transportation — 2.7% |
|
$ | 5,570 | | | New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | | $ | 1,552,415 | | | |
|
|
| | | | | | $ | 1,552,415 | | | |
|
|
|
See notes to financial statements22
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Water and Sewer — 5.0% |
|
$ | 3,195 | | | New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25(2) | | $ | 2,906,651 | | | |
|
|
| | | | | | $ | 2,906,651 | | | |
|
|
|
|
Lease Revenue / Certificates of Participation — 7.0% |
|
$ | 1,500 | | | New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33(3) | | $ | 1,500,000 | | | |
| 2,500 | | | New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38 | | | 2,516,325 | | | |
|
|
| | | | | | $ | 4,016,325 | | | |
|
|
|
|
Other Revenue — 9.0% |
|
$ | 7,200 | | | Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50 | | $ | 230,760 | | | |
| 13,280 | | | Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55 | | | 218,456 | | | |
| 2,700 | | | New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1) | | | 2,757,415 | | | |
| 4,270 | | | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | | | 199,196 | | | |
| 2,925 | | | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | | | 1,770,766 | | | |
|
|
| | | | | | $ | 5,176,593 | | | |
|
|
|
|
Senior Living / Life Care — 2.7% |
|
$ | 465 | | | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28 | | $ | 395,594 | | | |
| 770 | | | New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38 | | | 626,341 | | | |
| 815 | | | New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36 | | | 528,634 | | | |
|
|
| | | | | | $ | 1,550,569 | | | |
|
|
|
|
Special Tax Revenue — 1.4% |
|
$ | 750 | | | New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31 | | $ | 588,082 | | | |
| 100 | | | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27 | | | 80,426 | | | |
| 175 | | | New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37 | | | 129,670 | | | |
|
|
| | | | | | $ | 798,178 | | | |
|
|
|
| | | | | | | | | | |
Transportation — 19.5% |
|
$ | 1,000 | | | New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38 | | $ | 1,077,550 | | | |
| 815 | | | New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38 | | | 885,913 | | | |
| 2,600 | | | New Jersey Turnpike Authority, 5.25%, 1/1/40 | | | 2,646,930 | | | |
| 2,500 | | | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | | | 2,392,725 | | | |
| 1,070 | | | Port Authority of New York and New Jersey, 5.00%, 9/1/38 | | | 1,075,050 | | | |
| 1,995 | | | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1) | | | 2,017,863 | | | |
| 1,175 | | | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | | | 1,178,760 | | | |
|
|
| | | | | | $ | 11,274,791 | | | |
|
|
| | |
Total Tax-Exempt Investments — 177.9% | | |
(identified cost $109,009,960) | | $ | 102,529,867 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (58.0)% | | $ | (33,426,095 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — (19.9)% | | $ | (11,480,376 | ) | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 57,623,396 | | | |
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 36.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.5% to 10.9% of total investments.
| | |
(1) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
|
(2) | | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
|
(3) | | When-issued security. |
See notes to financial statements23
Eaton Vance New York Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 171.2% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Cogeneration — 1.3% |
|
$ | 1,150 | | | Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | | $ | 823,423 | | | |
|
|
| | | | | | $ | 823,423 | | | |
|
|
|
|
Education — 11.4% |
|
$ | 315 | | | Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33 | | $ | 315,129 | | | |
| 975 | | | New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34 | | | 995,066 | | | |
| 1,000 | | | New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1) | | | 1,036,920 | | | |
| 510 | | | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34 | | | 527,131 | | | |
| 2,000 | | | New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39 | | | 2,054,160 | | | |
| 2,250 | | | New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33 | | | 2,378,947 | | | |
|
|
| | | | | | $ | 7,307,353 | | | |
|
|
|
|
Electric Utilities — 5.3% |
|
$ | 1,420 | | | Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33 | | $ | 1,561,446 | | | |
| 2,100 | | | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | | | 1,854,237 | | | |
|
|
| | | | | | $ | 3,415,683 | | | |
|
|
|
|
Escrowed / Prerefunded — 0.3% |
|
$ | 200 | | | New York City Industrial Development Agency, (Ohel Children’s Home), Escrowed to Maturity, 6.25%, 8/15/22 | | $ | 205,884 | | | |
|
|
| | | | | | $ | 205,884 | | | |
|
|
|
|
General Obligations — 12.1% |
|
$ | 6,000 | | | New York City, 5.25%, 9/15/33(2) | | $ | 6,058,260 | | | |
| 1,000 | | | New York City, 6.25%, 10/15/28 | | | 1,115,600 | | | |
| 680 | | | Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29 | | | 599,930 | | | |
|
|
| | | | | | $ | 7,773,790 | | | |
|
|
|
| | | | | | | | | | |
Health Care-Miscellaneous — 6.4% |
|
$ | 1,115 | | | New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29 | | $ | 824,297 | | | |
| 1,200 | | | New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22 | | | 863,640 | | | |
| 200 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | | 151,180 | | | |
| 50 | | | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15 | | | 49,446 | | | |
| 100 | | | Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15 | | | 98,892 | | | |
| 2,600 | | | Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19 | | | 2,132,234 | | | |
|
|
| | | | | | $ | 4,119,689 | | | |
|
|
|
|
Hospital — 28.1% |
|
$ | 190 | | | Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17 | | $ | 169,172 | | | |
| 485 | | | Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29 | | | 367,227 | | | |
| 1,250 | | | Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18 | | | 1,053,288 | | | |
| 2,500 | | | Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25 | | | 2,097,000 | | | |
| 400 | | | Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21 | | | 410,156 | | | |
| 1,500 | | | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30 | | | 1,137,480 | | | |
| 4,000 | | | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2) | | | 3,924,160 | | | |
| 2,000 | | | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | | | 1,490,140 | | | |
| 845 | | | New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34 | | | 775,592 | | | |
| 1,250 | | | New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 | | | 1,102,275 | | | |
| 415 | | | New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 | | | 330,020 | | | |
| 835 | | | New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 | | | 623,695 | | | |
| 950 | | | New York Dormitory Authority, (St. Lukes Roosevelt Hospital), 4.90%, 8/15/31 | | | 894,748 | | | |
| 1,250 | | | Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19 | | | 1,021,775 | | | |
| 650 | | | Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32 | | | 544,583 | | | |
| 2,105 | | | Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22 | | | 2,104,874 | | | |
|
|
| | | | | | $ | 18,046,185 | | | |
|
|
|
See notes to financial statements24
Eaton Vance New York Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Housing — 18.1% |
|
$ | 1,500 | | | New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.05%, 11/1/39 | | $ | 1,386,225 | | | |
| 2,620 | | | New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.20%, 11/1/40 | | | 2,462,066 | | | |
| 1,000 | | | New York Housing Finance Agency, 5.25%, 11/1/41 | | | 989,200 | | | |
| 2,625 | | | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | | | 2,651,565 | | | |
| 1,500 | | | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | | | 1,386,540 | | | |
| 2,000 | | | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | | | 1,778,800 | | | |
| 1,000 | | | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | | | 936,870 | | | |
|
|
| | | | | | $ | 11,591,266 | | | |
|
|
|
|
Industrial Development Revenue — 13.9% |
|
$ | 1,000 | | | Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32 | | $ | 833,540 | | | |
| 2,525 | | | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2) | | | 2,366,098 | | | |
| 1,500 | | | New York Industrial Development Agency, (American Airlines, Inc. — JFK International Airport), (AMT), 8.00%, 8/1/12 | | | 1,462,095 | | | |
| 1,000 | | | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41 | | | 885,730 | | | |
| 2,500 | | | Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34 | | | 2,323,125 | | | |
| 775 | | | Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32 | | | 571,818 | | | |
| 495 | | | Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 | | | 495,446 | | | |
|
|
| | | | | | $ | 8,937,852 | | | |
|
|
|
|
Insured-Education — 6.3% |
|
$ | 1,250 | | | New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35 | | $ | 1,134,500 | | | |
| 1,500 | | | New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38 | | | 1,516,320 | | | |
| 5,460 | | | Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33 | | | 1,357,520 | | | |
|
|
| | | | | | $ | 4,008,340 | | | |
|
|
|
| | | | | | | | | | |
Insured-Electric Utilities — 2.3% |
|
$ | 1,365 | | | Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33 | | $ | 1,502,769 | | | |
|
|
| | | | | | $ | 1,502,769 | | | |
|
|
|
|
Insured-General Obligations — 1.5% |
|
$ | 910 | | | New Rochelle City School District, (AGC), 4.00%, 11/15/21 | | $ | 935,799 | | | |
|
|
| | | | | | $ | 935,799 | | | |
|
|
|
|
Insured-Lease Revenue / Certificates of Participation — 4.5% |
|
$ | 3,600 | | | Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47 | | $ | 2,914,524 | | | |
|
|
| | | | | | $ | 2,914,524 | | | |
|
|
|
|
Insured-Other Revenue — 2.6% |
|
$ | 2,645 | | | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31 | | $ | 724,756 | | | |
| 3,625 | | | New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32 | | | 931,770 | | | |
|
|
| | | | | | $ | 1,656,526 | | | |
|
|
|
|
Insured-Special Tax Revenue — 7.8% |
|
$ | 1,000 | | | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 | | $ | 835,040 | | | |
| 1,000 | | | New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 | | | 891,280 | | | |
| 4,500 | | | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34 | | | 686,565 | | | |
| 19,745 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | | 1,091,701 | | | |
| 3,380 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 376,532 | | | |
| 6,705 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 699,801 | | | |
| 4,225 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 411,853 | | | |
|
|
| | | | | | $ | 4,992,772 | | | |
|
|
|
|
Insured-Transportation — 9.0% |
|
$ | 6,235 | | | Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | | $ | 5,761,514 | | | |
|
|
| | | | | | $ | 5,761,514 | | | |
|
|
|
See notes to financial statements25
Eaton Vance New York Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Water and Sewer — 1.3% |
|
$ | 1,000 | | | Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | | $ | 849,400 | | | |
|
|
| | | | | | $ | 849,400 | | | |
|
|
|
|
Lease Revenue / Certificates of Participation — 5.0% |
|
$ | 2,500 | | | New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38 | | $ | 2,170,550 | | | |
| 1,000 | | | New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31 | | | 1,029,570 | | | |
|
|
| | | | | | $ | 3,200,120 | | | |
|
|
|
|
Other Revenue — 1.5% |
|
$ | 1,285 | | | Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 | | $ | 990,298 | | | |
|
|
| | | | | | $ | 990,298 | | | |
|
|
|
|
Senior Living / Life Care — 2.9% |
|
$ | 1,450 | | | Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | | $ | 1,128,970 | | | |
| 900 | | | Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28 | | | 696,123 | | | |
|
|
| | | | | | $ | 1,825,093 | | | |
|
|
|
|
Special Tax Revenue — 1.6% |
|
$ | 1,000 | | | New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38 | | $ | 1,024,550 | | | |
|
|
| | | | | | $ | 1,024,550 | | | |
|
|
|
|
Transportation — 17.3% |
|
$ | 1,700 | | | Metropolitan Transportation Authority, 4.50%, 11/15/37 | | $ | 1,472,183 | | | |
| 3,200 | | | Metropolitan Transportation Authority, 4.50%, 11/15/38 | | | 2,786,048 | | | |
| 1,900 | | | Port Authority of New York and New Jersey, 5.00%, 11/15/37(2) | | | 1,924,814 | | | |
| 1,190 | | | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | | | 1,058,648 | | | |
| 990 | | | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) | | | 1,001,345 | | | |
| 2,750 | | | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | | | 2,836,818 | | | |
|
|
| | | | | | $ | 11,079,856 | | | |
|
|
|
| | | | | | | | | | |
Water and Sewer — 10.7% |
|
$ | 3,105 | | | New York City Municipal Water Finance Authority, 5.75%, 6/15/40 | | $ | 3,336,975 | | | |
| 2,535 | | | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(2) | | | 2,584,838 | | | |
| 5 | | | New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37 | | | 5,098 | | | |
| 1,000 | | | Saratoga County Water Authority, 5.00%, 9/1/48 | | | 959,650 | | | |
|
|
| | | | | | $ | 6,886,561 | | | |
|
|
| | |
Total Tax-Exempt Investments — 171.2% | | |
(identified cost $118,524,977) | | $ | 109,849,247 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (52.6)% | | $ | (33,726,431 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — (18.6)% | | $ | (11,940,830 | ) | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 64,181,986 | | | |
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
FNMA - Federal National Mortgage Association
NPFG - National Public Finance Guaranty Corp.
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, 2009, 20.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 10.5% of total investments.
| | |
(1) | | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
|
(2) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
See notes to financial statements26
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 163.1% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Cogeneration — 1.4% |
|
$ | 385 | | | Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20 | | $ | 310,830 | | | |
| 200 | | | Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20 | | | 172,160 | | | |
|
|
| | | | | | $ | 482,990 | | | |
|
|
|
|
Electric Utilities — 1.0% |
|
$ | 360 | | | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | | $ | 350,939 | | | |
|
|
| | | | | | $ | 350,939 | | | |
|
|
|
|
Escrowed / Prerefunded — 8.0% |
|
$ | 1,000 | | | Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 | | $ | 1,088,940 | | | |
| 1,000 | | | Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24 | | | 1,036,500 | | | |
| 670 | | | Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | | | 729,121 | | | |
|
|
| | | | | | $ | 2,854,561 | | | |
|
|
|
|
General Obligations — 7.4% |
|
$ | 1,000 | | | Barberton City School District, 4.50%, 12/1/33 | | $ | 944,650 | | | |
| 1,090 | | | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | | | 1,146,930 | | | |
| 500 | | | Columbus, 5.00%, 7/1/23(1) | | | 531,435 | | | |
|
|
| | | | | | $ | 2,623,015 | | | |
|
|
|
|
Health Care-Miscellaneous — 0.2% |
|
$ | 100 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | $ | 75,590 | | | |
|
|
| | | | | | $ | 75,590 | | | |
|
|
|
|
Hospital — 10.8% |
|
$ | 600 | | | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46 | | $ | 457,992 | | | |
| 1,500 | | | Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32 | | | 1,280,055 | | | |
| 500 | | | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | | | 420,015 | | | |
| 750 | | | Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/36 | | | 591,915 | | | |
| 1,000 | | | Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46 | | | 758,780 | | | |
| 330 | | | Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 | | | 336,854 | | | |
|
|
| | | | | | $ | 3,845,611 | | | |
|
|
|
|
Housing — 13.2% |
|
$ | 1,000 | | | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.625%, 9/1/27 | | $ | 903,120 | | | |
| 1,000 | | | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 4.75%, 3/1/37 | | | 869,530 | | | |
| 600 | | | Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/31 | | | 559,524 | | | |
| 2,500 | | | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48 | | | 2,362,575 | | | |
|
|
| | | | | | $ | 4,694,749 | | | |
|
|
|
|
Industrial Development Revenue — 12.5% |
|
$ | 1,385 | | | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | | $ | 936,080 | | | |
| 1,300 | | | Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 | | | 1,309,321 | | | |
| 2,250 | | | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38 | | | 1,991,722 | | | |
| 225 | | | Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | | | 214,466 | | | |
|
|
| | | | | | $ | 4,451,589 | | | |
|
|
|
|
Insured-Education — 7.3% |
|
$ | 730 | | | Miami University, (AMBAC), 3.25%, 9/1/26 | | $ | 570,371 | | | |
| 1,500 | | | University of Akron, Series A, (FSA), 5.00%, 1/1/38 | | | 1,505,130 | | | |
| 500 | | | University of Akron, Series B, (FSA), 5.00%, 1/1/38 | | | 501,710 | | | |
|
|
| | | | | | $ | 2,577,211 | | | |
|
|
|
|
Insured-Electric Utilities — 17.0% |
|
$ | 1,000 | | | American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39 | | $ | 1,036,720 | | | |
| 710 | | | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | | | 268,132 | | | |
| 2,000 | | | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | | | 372,800 | | | |
See notes to financial statements27
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
Insured-Electric Utilities (continued) |
|
| | | | | | | | | | |
$ | 830 | | | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25 | | $ | 337,005 | | | |
| 3,000 | | | Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26 | | | 1,129,800 | | | |
| 2,225 | | | Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34 | | | 1,960,714 | | | |
| 210 | | | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30 | | | 202,721 | | | |
| 250 | | | Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34 | | | 236,023 | | | |
| 500 | | | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | | | 491,675 | | | |
|
|
| | | | | | $ | 6,035,590 | | | |
|
|
|
|
Insured-Escrowed / Prerefunded — 5.3% |
|
$ | 245 | | | Cuyahoga County Hospital, (Cleveland Clinic), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29 | | $ | 248,199 | | | |
| 1,000 | | | Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | | | 1,075,010 | | | |
| 500 | | | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24 | | | 546,515 | | | |
|
|
| | | | | | $ | 1,869,724 | | | |
|
|
|
|
Insured-General Obligations — 16.9% |
|
$ | 280 | | | Bowling Green City School District, (FSA), 5.00%, 12/1/34 | | $ | 280,549 | | | |
| 200 | | | Brookfield Local School District, (FSA), 5.00%, 1/15/30 | | | 204,632 | | | |
| 500 | | | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | | | 501,875 | | | |
| 2,455 | | | Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30 | | | 722,236 | | | |
| 1,500 | | | Madeira City School District, (FSA), 3.50%, 12/1/27 | | | 1,264,260 | | | |
| 1,750 | | | Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 | | | 1,796,095 | | | |
| 500 | | | Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35 | | | 482,910 | | | |
| 750 | | | St. Mary’s School District, (FSA), 5.00%, 12/1/35 | | | 742,388 | | | |
|
|
| | | | | | $ | 5,994,945 | | | |
|
|
|
|
Insured-Hospital — 8.9% |
|
$ | 255 | | | Cuyahoga County, (Cleveland Clinic), (NPFG), 5.125%, 1/1/29 | | $ | 255,054 | | | |
| 980 | | | Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32 | | | 917,731 | | | |
| 1,500 | | | Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28 | | | 1,460,055 | | | |
| 485 | | | Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 17.408%, 2/1/29(2)(3)(4) | | | 507,261 | | | |
|
|
| | | | | | $ | 3,140,101 | | | |
|
|
|
|
Insured-Lease Revenue / Certificates of Participation — 1.3% |
|
$ | 500 | | | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | | $ | 471,700 | | | |
|
|
| | | | | | $ | 471,700 | | | |
|
|
|
|
Insured-Special Tax Revenue — 4.7% |
|
$ | 405 | | | Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 | | $ | 393,814 | | | |
| 9,905 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | | 547,647 | | | |
| 1,690 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 188,266 | | | |
| 3,350 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 349,640 | | | |
| 2,100 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 204,708 | | | |
|
|
| | | | | | $ | 1,684,075 | | | |
|
|
|
|
Insured-Transportation — 7.6% |
|
$ | 385 | | | Cleveland Airport System, (FSA), 5.00%, 1/1/31 | | $ | 385,100 | | | |
| 1,000 | | | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | | | 1,166,740 | | | |
| 1,000 | | | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | | | 1,158,850 | | | |
|
|
| | | | | | $ | 2,710,690 | | | |
|
|
|
|
Insured-Water and Sewer — 2.6% |
|
$ | 270 | | | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46 | | $ | 239,857 | | | |
| 750 | | | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47 | | | 665,273 | | | |
|
|
| | | | | | $ | 905,130 | | | |
|
|
|
See notes to financial statements28
Eaton Vance Ohio Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Lease Revenue / Certificates of Participation — 7.3% |
|
$ | 500 | | | Franklin County Convention Facilities Authority, 5.00%, 12/1/27 | | $ | 526,170 | | | |
| 1,000 | | | Mahoning County, (Career and Technical Center), 6.25%, 12/1/36 | | | 1,005,730 | | | |
| 1,155 | | | Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 | | | 1,049,918 | | | |
|
|
| | | | | | $ | 2,581,818 | | | |
|
|
|
|
Other Revenue — 11.6% |
|
$ | 7,345 | | | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | | $ | 182,670 | | | |
| 710 | | | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | | | 463,836 | | | |
| 2,530 | | | Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 | | | 2,657,841 | | | |
| 1,000 | | | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | | | 818,220 | | | |
|
|
| | | | | | $ | 4,122,567 | | | |
|
|
|
|
Pooled Loans — 12.5% |
|
$ | 550 | | | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25 | | $ | 538,021 | | | |
| 1,020 | | | Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 | | | 1,035,014 | | | |
| 1,245 | | | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5) | | | 1,263,758 | | | |
| 310 | | | Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25 | | | 224,440 | | | |
| 750 | | | Toledo-Lucas County Port Authority, 4.80%, 11/15/35 | | | 458,243 | | | |
| 1,100 | | | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | | | 924,495 | | | |
|
|
| | | | | | $ | 4,443,971 | | | |
|
|
|
|
Special Tax Revenue — 5.6% |
|
$ | 560 | | | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | | $ | 542,494 | | | |
| 1,385 | | | Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30 | | | 1,436,231 | | | |
|
|
| | | | | | $ | 1,978,725 | | | |
|
|
|
Total Tax-Exempt Investments — 163.1% | | |
(identified cost $60,501,547) | | $ | 57,895,291 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (64.0)% | | $ | (22,726,757 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — 0.9% | | $ | 334,658 | | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 35,503,192 | | | |
|
|
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.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2009, 43.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 16.8% of total investments.
| | |
(1) | | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
|
(2) | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2009, the aggregate value of these securities is $507,261 or 1.4% of the Trust’s net assets applicable to common shares. |
|
(3) | | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2009. |
|
(4) | | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. |
|
(5) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
See notes to financial statements29
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited)
| | | | | | | | | | |
Tax-Exempt Investments — 172.4% |
|
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Bond Bank — 3.2% |
|
$ | 1,000 | | | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | | $ | 1,084,700 | | | |
|
|
| | | | | | $ | 1,084,700 | | | |
|
|
|
|
Cogeneration — 4.3% |
|
$ | 160 | | | Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 | | $ | 160,760 | | | |
| 500 | | | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 | | | 408,835 | | | |
| 500 | | | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 | | | 377,390 | | | |
| 625 | | | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 | | | 509,944 | | | |
|
|
| | | | | | $ | 1,456,929 | | | |
|
|
|
|
Education — 1.5% |
|
$ | 500 | | | Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39 | | $ | 502,325 | | | |
|
|
| | | | | | $ | 502,325 | | | |
|
|
|
|
Electric Utilities — 3.3% |
|
$ | 600 | | | Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 | | $ | 570,810 | | | |
| 600 | | | York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 | | | 547,416 | | | |
|
|
| | | | | | $ | 1,118,226 | | | |
|
|
|
|
Escrowed / Prerefunded — 4.0% |
|
$ | 600 | | | Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 | | $ | 671,472 | | | |
| 600 | | | Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27 | | | 692,346 | | | |
|
|
| | | | | | $ | 1,363,818 | | | |
|
|
|
| | | | | | | | | | |
General Obligations — 7.6% |
|
$ | 500 | | | Chester County, 5.00%, 7/15/27(1) | | $ | 540,845 | | | |
| 1,000 | | | Daniel Boone Area School District, 5.00%, 8/15/32 | | | 1,010,220 | | | |
| 1,000 | | | Philadelphia School District, 6.00%, 9/1/38 | | | 1,061,110 | | | |
|
|
| | | | | | $ | 2,612,175 | | | |
|
|
|
|
Health Care-Miscellaneous — 0.2% |
|
$ | 100 | | | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 | | $ | 75,590 | | | |
|
|
| | | | | | $ | 75,590 | | | |
|
|
|
|
Hospital — 15.7% |
|
$ | 500 | | | Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34(2) | | $ | 495,245 | | | |
| 1,250 | | | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 | | | 1,122,087 | | | |
| 1,500 | | | Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 | | | 1,294,005 | | | |
| 1,000 | | | Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(3) | | | 1,089,970 | | | |
| 850 | | | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 | | | 870,417 | | | |
| 500 | | | Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 | | | 512,190 | | | |
|
|
| | | | | | $ | 5,383,914 | | | |
|
|
|
|
Housing — 15.8% |
|
$ | 515 | | | Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 4.95%, 11/1/37 | | $ | 462,660 | | | |
| 1,170 | | | Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35 | | | 1,130,384 | | | |
| 985 | | | Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 | | | 844,559 | | | |
| 1,200 | | | Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 | | | 1,135,512 | | | |
| 1,000 | | | Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 | | | 908,960 | | | |
| 1,000 | | | Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 | | | 933,680 | | | |
|
|
| | | | | | $ | 5,415,755 | | | |
|
|
|
|
Industrial Development Revenue — 10.3% |
|
$ | 750 | | | Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | | $ | 638,363 | | | |
| 500 | | | New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 | | | 500,000 | | | |
See notes to financial statements30
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
Industrial Development Revenue (continued) |
|
| | | | | | | | | | |
$ | 250 | | | Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39 | | $ | 262,170 | | | |
| 1,000 | | | Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | | | 953,690 | | | |
| 500 | | | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 | | | 438,955 | | | |
| 1,550 | | | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26 | | | 716,937 | | | |
|
|
| | | | | | $ | 3,510,115 | | | |
|
|
|
|
Insured-Education — 23.5% |
|
$ | 500 | | | Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 | | $ | 509,065 | | | |
| 1,900 | | | Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 | | | 1,624,861 | | | |
| 1,115 | | | Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37 | | | 1,098,453 | | | |
| 2,000 | | | Pennsylvania Higher Educational Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24 | | | 2,000,680 | | | |
| 1,000 | | | Pennsylvania Higher Educational Facilities Authority, (Temple University), (NPFG), 5.00%, 4/1/33 | | | 993,050 | | | |
| 500 | | | State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/27 | | | 523,610 | | | |
| 375 | | | State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/29 | | | 386,869 | | | |
| 875 | | | State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/32 | | | 887,425 | | | |
|
|
| | | | | | $ | 8,024,013 | | | |
|
|
|
|
Insured-Electric Utilities — 1.7% |
|
$ | 630 | | | Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), (NPFG), 4.75%, 2/15/27 | | $ | 567,655 | | | |
|
|
| | | | | | $ | 567,655 | | | |
|
|
|
|
Insured-Escrowed / Prerefunded — 18.4% |
|
$ | 650 | | | Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 | | $ | 676,838 | | | |
| 1,600 | | | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27(4) | | | 1,600,496 | | | |
| 2,500 | | | Puerto Rico Electric Power Authority, Prerefunded to 7/1/10, 5.25%, 7/1/29(3) | | | 2,650,392 | | | |
| 2,000 | | | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 | | | 1,365,560 | | | |
|
|
| | | | | | $ | 6,293,286 | | | |
|
|
|
|
Insured-General Obligations — 2.4% |
|
$ | 500 | | | Beaver County, (FSA), 5.55%, 11/15/31 | | $ | 525,815 | | | |
| 300 | | | West Mifflin Area School District, (FSA), 5.125%, 4/1/31 | | | 306,342 | | | |
|
|
| | | | | | $ | 832,157 | | | |
|
|
|
|
Insured-Hospital — 15.0% |
|
$ | 250 | | | Allegheny County Hospital Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | | $ | 271,815 | | | |
| 500 | | | Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 | | | 443,095 | | | |
| 1,440 | | | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (FSA), 5.00%, 7/1/35(3) | | | 1,344,607 | | | |
| 1,500 | | | Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (NPFG), 5.25%, 7/1/29 | | | 1,321,815 | | | |
| 2,000 | | | Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | | | 1,760,580 | | | |
|
|
| | | | | | $ | 5,141,912 | | | |
|
|
|
|
Insured-Lease Revenue / Certificates of Participation — 7.5% |
|
$ | 500 | | | Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 | | $ | 503,130 | | | |
| 1,195 | | | Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (FSA), 4.75%, 2/15/27 | | | 1,199,147 | | | |
| 750 | | | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27 | | | 846,877 | | | |
|
|
| | | | | | $ | 2,549,154 | | | |
|
|
|
|
Insured-Special Tax Revenue — 6.6% |
|
$ | 1,000 | | | Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 | | $ | 985,630 | | | |
| 9,870 | | | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | | | 545,712 | | | |
| 1,690 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44 | | | 188,266 | | | |
| 3,350 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45 | | | 349,640 | | | |
| 2,100 | | | Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46 | | | 204,708 | | | |
|
|
| | | | | | $ | 2,273,956 | | | |
|
|
|
See notes to financial statements31
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2009
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Principal Amount
| | | | | | | | |
(000’s omitted) | | | Security | | Value | | | |
|
|
|
Insured-Transportation — 12.4% |
|
$ | 1,000 | | | Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/38 | | $ | 1,013,020 | | | |
| 500 | | | Philadelphia Airport Commission, (FSA), (AMT), 5.00%, 6/15/27 | | | 474,350 | | | |
| 1,005 | | | Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 | | | 992,769 | | | |
| 1,800 | | | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3) | | | 1,761,669 | | | |
|
|
| | | | | | $ | 4,241,808 | | | |
|
|
|
|
Insured-Water and Sewer — 6.9% |
|
$ | 275 | | | Allegheny County Sanitation Authority, (BHAC), (NPFG), 5.00%, 12/1/22 | | $ | 293,128 | | | |
| 585 | | | Chester County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 2/1/40 | | | 495,378 | | | |
| 875 | | | Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36 | | | 738,351 | | | |
| 500 | | | Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (NPFG), (AMT), 6.00%, 6/1/29 | | | 500,525 | | | |
| 360 | | | Philadelphia Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31 | | | 348,667 | | | |
|
|
| | | | | | $ | 2,376,049 | | | |
|
|
|
|
Senior Living / Life Care — 5.4% |
|
$ | 1,000 | | | Cliff House Trust, (AMT), 6.625%, 6/1/27(5) | | $ | 544,220 | | | |
| 500 | | | Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 | | | 388,405 | | | |
| 500 | | | Lancaster County Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31 | | | 489,430 | | | |
| 200 | | | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 | | | 175,042 | | | |
| 300 | | | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 | | | 247,059 | | | |
|
|
| | | | | | $ | 1,844,156 | | | |
|
|
|
|
Transportation — 4.4% |
|
$ | 40 | | | Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 | | $ | 39,976 | | | |
| 485 | | | Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 | | | 433,027 | | | |
| 270 | | | Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 | | | 222,658 | | | |
| 750 | | | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | | | 795,938 | | | |
|
|
| | | | | | $ | 1,491,599 | | | |
|
|
|
| | | | | | | | | | |
Water and Sewer — 2.3% |
|
$ | 750 | | | Harrisburg Water Authority, 5.25%, 7/15/31 | | $ | 770,198 | | | |
|
|
| | | | | | $ | 770,198 | | | |
|
|
| | |
Total Tax-Exempt Investments — 172.4% | | |
(identified cost $61,986,630) | | $ | 58,929,490 | | | |
|
|
| | |
Auction Preferred Shares Plus Cumulative | | |
Unpaid Dividends — (62.0)% | | $ | (21,176,240 | ) | | |
|
|
| | | | | | |
Other Assets, Less Liabilities — (10.4)% | | $ | (3,573,962 | ) | | |
|
|
| | | | | | |
Net Assets Applicable to Common Shares — 100.0% | | $ | 34,179,288 | | | |
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
NPFG - National Public Finance Guaranty Corp.
The Trust invests primarily in debt securities issued by Pennsylvania municipalities. In addition, 12.5% of the Trust’s total investments at May 31, 2009 were invested in municipal obligations issued by Puerto Rico. 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, 2009, 54.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.9% of total investments.
| | |
(1) | | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
|
(2) | | When-issued security. |
|
(3) | | Security represents the underlying municipal bond of a tender option bond trust (see Note 1H). |
|
(4) | | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
|
(5) | | Security is in default with respect to scheduled principal payments. |
See notes to financial statements32
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited)
Statements of Assets and Liabilities
| | | | | | | | | | | | | | | | | | |
As of May 31, 2009 | | California Trust | | | Massachusetts Trust | | | Michigan Trust | | | New Jersey Trust | | | |
|
|
|
Assets |
|
Investments — | | | | | | | | | | | | | | | | | | |
Identified cost | | $ | 160,807,471 | | | $ | 60,775,600 | | | $ | 46,421,911 | | | $ | 109,009,960 | | | |
Unrealized depreciation | | | (10,547,319 | ) | | | (4,116,956 | ) | | | (2,841,670 | ) | | | (6,480,093 | ) | | |
|
|
Investments, at value | | $ | 150,260,152 | | | $ | 56,658,644 | | | $ | 43,580,241 | | | $ | 102,529,867 | | | |
|
|
Cash | | $ | 3,844,834 | | | $ | 463,119 | | | $ | 576,268 | | | $ | 2,196,729 | | | |
Interest receivable | | | 1,917,670 | | | | 1,077,663 | | | | 606,843 | | | | 1,562,247 | | | |
Receivable for investments sold | | | 9,500 | | | | — | | | | — | | | | — | | | |
Receivable for open swap contracts | | | 401,481 | | | | 147,063 | | | | 47,060 | | | | 257,360 | | | |
Deferred debt issuance costs | | | 34,830 | | | | 5,131 | | | | — | | | | 4,566 | | | |
|
|
Total assets | | $ | 156,468,467 | | | $ | 58,351,620 | | | $ | 44,810,412 | | | $ | 106,550,769 | | | |
|
|
|
Liabilities |
|
Payable for floating rate notes issued | | $ | 18,945,000 | | | $ | 3,880,000 | | | $ | 1,125,000 | | | $ | 12,172,000 | | | |
Payable for investments purchased | | | 2,505,441 | | | | — | | | | — | | | | 1,509,496 | | | |
Payable for when-issued securities | | | — | | | | — | | | | — | | | | 1,500,000 | | | |
Payable for variation margin on open financial futures contracts | | | 140,625 | | | | — | | | | 12,953 | | | | — | | | |
Payable for open swap contracts | | | 250,019 | | | | 92,654 | | | | — | | | | 160,307 | | | |
Payable to affiliates: | | | | | | | | | | | | | | | | | | |
Investment adviser fee | | | 84,602 | | | | 31,089 | | | | 25,694 | | | | 50,391 | | | |
Administration fee | | | 22,706 | | | | 9,396 | | | | 7,341 | | | | 14,479 | | | |
Trustees’ fees | | | 1,023 | | | | 450 | | | | 383 | | | | 677 | | | |
Interest expense and fees payable | | | 29,991 | | | | 8,741 | | | | 8,725 | | | | 63,921 | | | |
Accrued expenses | | | 34,694 | | | | 21,869 | | | | 19,486 | | | | 30,007 | | | |
|
|
Total liabilities | | $ | 22,014,101 | | | $ | 4,044,199 | | | $ | 1,199,582 | | | $ | 15,501,278 | | | |
|
|
Auction preferred shares at liquidation value plus cumulative unpaid dividends | | $ | 49,976,933 | | | $ | 20,051,912 | | | $ | 17,500,993 | | | $ | 33,426,095 | | | |
|
|
Net assets applicable to common shares | | $ | 84,477,433 | | | $ | 34,255,509 | | | $ | 26,109,837 | | | $ | 57,623,396 | | | |
|
|
|
Sources of Net Assets |
|
Common shares, $0.01 par value, unlimited number of shares authorized | | $ | 71,855 | | | $ | 27,195 | | | $ | 21,163 | | | $ | 46,242 | | | |
Additional paid-in capital | | | 104,250,556 | | | | 39,662,611 | | | | 31,113,305 | | | | 66,724,505 | | | |
Accumulated net realized loss | | | (10,270,902 | ) | | | (1,872,334 | ) | | | (2,552,656 | ) | | | (3,629,072 | ) | | |
Accumulated undistributed net investment income | | | 887,845 | | | | 500,584 | | | | 322,628 | | | | 864,761 | | | |
Net unrealized depreciation | | | (10,461,921 | ) | | | (4,062,547 | ) | | | (2,794,603 | ) | | | (6,383,040 | ) | | |
|
|
Net assets applicable to common shares | | $ | 84,477,433 | | | $ | 34,255,509 | | | $ | 26,109,837 | | | $ | 57,623,396 | | | |
|
|
|
Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
|
| | | 1,999 | | | | 802 | | | | 700 | | | | 1,337 | | | |
|
|
|
Common Shares Outstanding |
|
| | | 7,185,509 | | | | 2,719,495 | | | | 2,116,294 | | | | 4,624,183 | | | |
|
|
|
Net Asset Value Per Common Share |
|
Net assets applicable to common shares ¸ common shares issued and outstanding | | $ | 11.76 | | | $ | 12.60 | | | $ | 12.34 | | | $ | 12.46 | | | |
|
|
See notes to financial statements33
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Assets and Liabilities
| | | | | | | | | | | | | | |
As of May 31, 2009 | | New York Trust | | | Ohio Trust | | | Pennsylvania Trust | | | |
|
|
|
Assets |
|
Investments — | | | | | | | | | | | | | | |
Identified cost | | $ | 118,524,977 | | | $ | 60,501,547 | | | $ | 61,986,630 | | | |
Unrealized depreciation | | | (8,675,730 | ) | | | (2,606,256 | ) | | | (3,057,140 | ) | | |
|
|
Investments, at value | | $ | 109,849,247 | | | $ | 57,895,291 | | | $ | 58,929,490 | | | |
|
|
Cash | | $ | 851,236 | | | $ | 212,414 | | | $ | 240,372 | | | |
Interest receivable | | | 1,591,367 | | | | 1,053,601 | | | | 1,007,575 | | | |
Receivable for investments sold | | | — | | | | 5,000 | | | | — | | | |
Receivable for open swap contracts | | | 1,196,829 | | | | 88,238 | | | | — | | | |
Deferred debt issuance costs | | | 31,895 | | | | — | | | | — | | | |
|
|
Total assets | | $ | 113,520,574 | | | $ | 59,254,544 | | | $ | 60,177,437 | | | |
|
|
|
Liabilities |
|
Payable for floating rate notes issued | | $ | 15,150,000 | | | $ | 830,000 | | | $ | 4,035,000 | | | |
Payable for when-issued securities | | | — | | | | — | | | | 491,585 | | | |
Payable for variation margin on open financial futures contracts | | | 117,187 | | | | 26,695 | | | | 97,656 | | | |
Payable for open swap contracts | | | 188,250 | | | | 95,596 | | | | 107,361 | | | |
Payable to affiliates: | | | | | | | | | | | | | | |
Investment adviser fee | | | 63,752 | | | | 34,696 | | | | 32,525 | | | |
Administration fee | | | 14,559 | | | | 9,913 | | | | 9,532 | | | |
Trustees’ fees | | | 761 | | | | 470 | | | | 448 | | | |
Interest expense and fees payable | | | 40,602 | | | | 4,553 | | | | 25,179 | | | |
Accrued expenses | | | 37,046 | | | | 22,672 | | | | 22,623 | | | |
|
|
Total liabilities | | $ | 15,612,157 | | | $ | 1,024,595 | | | $ | 4,821,909 | | | |
|
|
Auction preferred shares at liquidation value plus cumulative unpaid dividends | | $ | 33,726,431 | | | $ | 22,726,757 | | | $ | 21,176,240 | | | |
|
|
Net assets applicable to common shares | | $ | 64,181,986 | | | $ | 35,503,192 | | | $ | 34,179,288 | | | |
|
|
|
Sources of Net Assets |
|
Common shares, $0.01 par value, unlimited number of shares authorized | | $ | 53,886 | | | $ | 28,293 | | | $ | 27,085 | | | |
Additional paid-in capital | | | 78,302,391 | | | | 41,408,825 | | | | 38,995,386 | | | |
Accumulated net realized loss | | | (7,120,436 | ) | | | (3,811,039 | ) | | | (1,987,094 | ) | | |
Accumulated undistributed net investment income | | | 635,998 | | | | 490,713 | | | | 426,554 | | | |
Net unrealized depreciation | | | (7,689,853 | ) | | | (2,613,600 | ) | | | (3,282,643 | ) | | |
|
|
Net assets applicable to common shares | | $ | 64,181,986 | | | $ | 35,503,192 | | | $ | 34,179,288 | | | |
|
|
|
Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) |
|
| | | 1,349 | | | | 909 | | | | 847 | | | |
|
|
|
Common Shares Outstanding |
|
| | | 5,388,551 | | | | 2,829,304 | | | | 2,708,462 | | | |
|
|
|
Net Asset Value Per Common Share |
|
Net assets applicable to common shares ¸ common shares issued and outstanding | | $ | 11.91 | | | $ | 12.55 | | | $ | 12.62 | | | |
|
|
See notes to financial statements34
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Operations
| | | | | | | | | | | | | | | | | | |
For the Six Months Ended May 31, 2009 | | California Trust | | | Massachusetts Trust | | | Michigan Trust | | | New Jersey Trust | | | |
|
|
|
Investment Income |
|
Interest | | $ | 4,211,463 | | | $ | 1,659,283 | | | $ | 1,278,784 | | | $ | 2,803,083 | | | |
|
|
Total investment income | | $ | 4,211,463 | | | $ | 1,659,283 | | | $ | 1,278,784 | | | $ | 2,803,083 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Expenses |
|
Investment adviser fee | | $ | 470,520 | | | $ | 180,925 | | | $ | 144,944 | | | $ | 298,959 | | | |
Administration fee | | | 133,701 | | | | 51,693 | | | | 41,412 | | | | 85,417 | | | |
Trustees’ fees and expenses | | | 3,256 | | | | 1,780 | | | | 1,519 | | | | 2,713 | | | |
Custodian fee | | | 27,326 | | | | 14,653 | | | | 15,760 | | | | 25,629 | | | |
Transfer and dividend disbursing agent fees | | | 10,362 | | | | 11,934 | | | | 9,332 | | | | 12,247 | | | |
Legal and accounting services | | | 36,953 | | | | 26,622 | | | | 24,741 | | | | 40,273 | | | |
Printing and postage | | | 5,125 | | | | 2,280 | | | | 2,145 | | | | 1,500 | | | |
Interest expense and fees | | | 101,048 | | | | 29,683 | | | | 15,080 | | | | 51,406 | | | |
Preferred shares service fee | | | 49,975 | | | | 19,968 | | | | 17,500 | | | | 33,397 | | | |
Miscellaneous | | | 11,505 | | | | 579 | | | | 7,396 | | | | 12,555 | | | |
|
|
Total expenses | | $ | 849,771 | | | $ | 340,117 | | | $ | 279,829 | | | $ | 564,096 | | | |
|
|
Deduct — | | | | | | | | | | | | | | | | | | |
Reduction of custodian fee | | $ | 4,534 | | | $ | 841 | | | $ | 978 | | | $ | 1,013 | | | |
|
|
Total expense reductions | | $ | 4,534 | | | $ | 841 | | | $ | 978 | | | $ | 1,013 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net expenses | | $ | 845,237 | | | $ | 339,276 | | | $ | 278,851 | | | $ | 563,083 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,366,226 | | | $ | 1,320,007 | | | $ | 999,933 | | | $ | 2,240,000 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) — | | | | | | | | | | | | | | | | | | |
Investment transactions | | $ | (480,446 | ) | | $ | 146,136 | | | $ | 113,073 | | | $ | (1,342,062 | ) | | |
Financial futures contracts | | | (132,526 | ) | | | — | | | | (26,868 | ) | | | — | | | |
Swap contracts | | | (2,962,593 | ) | | | (1,080,073 | ) | | | (180,662 | ) | | | (1,898,918 | ) | | |
|
|
Net realized loss | | $ | (3,575,565 | ) | | $ | (933,937 | ) | | $ | (94,457 | ) | | $ | (3,240,980 | ) | | |
|
|
Change in unrealized appreciation (depreciation) — | | | | | | | | | | | | | | | | | | |
Investments | | $ | 12,347,016 | | | $ | 5,977,497 | | | $ | 2,752,590 | | | $ | 14,656,507 | | | |
Financial futures contracts | | | 283,185 | | | | — | | | | 42,789 | | | | — | | | |
Swap contracts | | | 3,819,439 | | | | 1,395,159 | | | | 261,295 | | | | 2,448,221 | | | |
|
|
Net change in unrealized appreciation (depreciation) | | $ | 16,449,640 | | | $ | 7,372,656 | | | $ | 3,056,674 | | | $ | 17,104,728 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain | | $ | 12,874,075 | | | $ | 6,438,719 | | | $ | 2,962,217 | | | $ | 13,863,748 | | | |
|
|
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | |
From net investment income | | $ | (219,188 | ) | | $ | (85,802 | ) | | $ | (77,148 | ) | | $ | (143,964 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net increase in net assets from operations | | $ | 16,021,113 | | | $ | 7,672,924 | | | $ | 3,885,002 | | | $ | 15,959,784 | | | |
|
|
See notes to financial statements35
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Operations
| | | | | | | | | | | | | | |
For the Six Months Ended May 31, 2009 | | New York Trust | | | Ohio Trust | | | Pennsylvania Trust | | | |
|
|
|
Investment Income |
|
Interest | | $ | 3,354,917 | | | $ | 1,706,651 | | | $ | 1,665,244 | | | |
|
|
Total investment income | | $ | 3,354,917 | | | $ | 1,706,651 | | | $ | 1,665,244 | | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Expenses |
|
Investment adviser fee | | $ | 347,496 | | | $ | 192,189 | | | $ | 183,373 | | | |
Administration fee | | | 95,565 | | | | 54,911 | | | | 52,392 | | | |
Trustees’ fees and expenses | | | 3,044 | | | | 1,506 | | | | 1,792 | | | |
Custodian fee | | | 20,103 | | | | 18,259 | | | | 18,742 | | | |
Transfer and dividend disbursing agent fees | | | 9,831 | | | | 9,701 | | | | 11,559 | | | |
Legal and accounting services | | | 50,440 | | | | 27,835 | | | | 28,788 | | | |
Printing and postage | | | 2,755 | | | | 1,228 | | | | 1,950 | | | |
Interest expense and fees | | | 186,157 | | | | 5,661 | | | | 50,769 | | | |
Preferred shares service fee | | | 33,725 | | | | 22,762 | | | | 21,340 | | | |
Miscellaneous | | | 11,115 | | | | 10,337 | | | | 10,842 | | | |
|
|
Total expenses | | $ | 760,231 | | | $ | 344,389 | | | $ | 381,547 | | | |
|
|
Deduct — | | | | | | | | | | | | | | |
Reduction of custodian fee | | $ | 4,783 | | | $ | 936 | | | $ | 1,878 | | | |
|
|
Total expense reductions | | $ | 4,783 | | | $ | 936 | | | $ | 1,878 | | | |
|
|
| | | | | | | | | | | | | | |
Net expenses | | $ | 755,448 | | | $ | 343,453 | | | $ | 379,669 | | | |
|
|
| | | | | | | | | | | | | | |
Net investment income | | $ | 2,599,469 | | | $ | 1,363,198 | | | $ | 1,285,575 | | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Realized and Unrealized Gain (Loss) |
|
Net realized gain (loss) — | | | | | | | | | | | | | | |
Investment transactions | | $ | (1,967,612 | ) | | $ | (118,817 | ) | | $ | 340,490 | | | |
Financial futures contracts | | | 484,648 | | | | (51,366 | ) | | | 257,377 | | | |
Swap contracts | | | (2,676,715 | ) | | | (673,793 | ) | | | (260,162 | ) | | |
|
|
Net realized gain (loss) | | $ | (4,159,679 | ) | | $ | (843,976 | ) | | $ | 337,705 | | | |
|
|
Change in unrealized appreciation (depreciation) — | | | | | | | | | | | | | | |
Investments | | $ | 13,523,757 | | | $ | 5,514,106 | | | $ | 5,067,330 | | | |
Financial futures contracts | | | 343,865 | | | | 75,059 | | | | 156,062 | | | |
Swap contracts | | | 3,785,482 | | | | 966,746 | | | | 476,789 | | | |
|
|
Net change in unrealized appreciation (depreciation) | | $ | 17,653,104 | | | $ | 6,555,911 | | | $ | 5,700,181 | | | |
|
|
| | | | | | | | | | | | | | |
Net realized and unrealized gain | | $ | 13,493,425 | | | $ | 5,711,935 | | | $ | 6,037,886 | | | |
|
|
Distributions to preferred shareholders | | | | | | | | | | | | | | |
From net investment income | | $ | (147,469 | ) | | $ | (100,751 | ) | | $ | (92,522 | ) | | |
|
|
| | | | | | | | | | | | | | |
Net increase in net assets from operations | | $ | 15,945,425 | | | $ | 6,974,382 | | | $ | 7,230,939 | | | |
|
|
See notes to financial statements36
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | |
For the Six Months Ended May 31, 2009 | | | | | | | | | | | | | | |
Increase (Decrease) in Net Assets | | California Trust | | | Massachusetts Trust | | | Michigan Trust | | | New Jersey Trust | | | |
|
From operations — | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,366,226 | | | $ | 1,320,007 | | | $ | 999,933 | | | $ | 2,240,000 | | | |
Net realized loss from investment transactions, financial futures contracts and swap contracts | | | (3,575,565 | ) | | | (933,937 | ) | | | (94,457 | ) | | | (3,240,980 | ) | | |
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts | | | 16,449,640 | | | | 7,372,656 | | | | 3,056,674 | | | | 17,104,728 | | | |
Distributions to preferred shareholders — | | | | | | | | | | | | | | | | | | |
From net investment income | | | (219,188 | ) | | | (85,802 | ) | | | (77,148 | ) | | | (143,964 | ) | | |
|
|
Net increase in net assets from operations | | $ | 16,021,113 | | | $ | 7,672,924 | | | $ | 3,885,002 | | | $ | 15,959,784 | | | |
|
|
Distributions to common shareholders — | | | | | | | | | | | | | | | | | | |
From net investment income | | $ | (2,608,483 | ) | | $ | (1,040,231 | ) | | $ | (752,346 | ) | | $ | (1,795,746 | ) | | |
|
|
Total distributions to common shareholders | | $ | (2,608,483 | ) | | $ | (1,040,231 | ) | | $ | (752,346 | ) | | $ | (1,795,746 | ) | | |
|
|
Capital share transactions | | | | | | | | | | | | | | | | | | |
Reinvestment of distributions to common shareholders | | $ | — | | | $ | 46,856 | | | $ | — | | | $ | — | | | |
|
|
Net increase in net assets from capital share transactions | | $ | — | | | $ | 46,856 | | | $ | — | | | $ | — | | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net increase in net assets | | $ | 13,412,630 | | | $ | 6,679,549 | | | $ | 3,132,656 | | | $ | 14,164,038 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Net Assets Applicable to Common Shares |
|
At beginning of period | | $ | 71,064,803 | | | $ | 27,575,960 | | | $ | 22,977,181 | | | $ | 43,459,358 | | | |
|
|
At end of period | | $ | 84,477,433 | | | $ | 34,255,509 | | | $ | 26,109,837 | | | $ | 57,623,396 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Accumulated undistributed net investment income included in net assets applicable to common shares |
|
At end of period | | $ | 887,845 | | | $ | 500,584 | | | $ | 322,628 | | | $ | 864,761 | | | |
|
|
See notes to financial statements37
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Changes in Net Assets
| | | | | | | | | | | | | | |
For the Six Months Ended May 31, 2009 | | | | | | | | | | | |
Increase (Decrease) in Net Assets | | New York Trust | | | Ohio Trust | | | Pennsylvania Trust | | | |
|
From operations — | | | | | | | | | | | | | | |
Net investment income | | $ | 2,599,469 | | | $ | 1,363,198 | | | $ | 1,285,575 | | | |
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts | | | (4,159,679 | ) | | | (843,976 | ) | | | 337,705 | | | |
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts | | | 17,653,104 | | | | 6,555,911 | | | | 5,700,181 | | | |
Distributions to preferred shareholders — | | | | | | | | | | | | | | |
From net investment income | | | (147,469 | ) | | | (100,751 | ) | | | (92,522 | ) | | |
|
|
Net increase in net assets from operations | | $ | 15,945,425 | | | $ | 6,974,382 | | | $ | 7,230,939 | | | |
|
|
Distributions to common shareholders — | | | | | | | | | | | | | | |
From net investment income | | $ | (2,181,186 | ) | | $ | (1,034,145 | ) | | $ | (995,354 | ) | | |
|
|
Total distributions to common shareholders | | $ | (2,181,186 | ) | | $ | (1,034,145 | ) | | $ | (995,354 | ) | | |
|
|
Capital share transactions | | | | | | | | | | | | | | |
Reinvestment of distributions to common shareholders | | $ | 92,719 | | | $ | — | | | $ | — | | | |
|
|
Net increase in net assets from capital share transactions | | $ | 92,719 | | | $ | — | | | $ | — | | | |
|
|
| | | | | | | | | | | | | | |
Net increase in net assets | | $ | 13,856,958 | | | $ | 5,940,237 | | | $ | 6,235,585 | | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Net Assets Applicable to Common Shares |
|
At beginning of period | | $ | 50,325,028 | | | $ | 29,562,955 | | | $ | 27,943,703 | | | |
|
|
At end of period | | $ | 64,181,986 | | | $ | 35,503,192 | | | $ | 34,179,288 | | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Accumulated undistributed net investment income included in net assets applicable to common shares |
|
At end of period | | $ | 635,998 | | | $ | 490,713 | | | $ | 426,554 | | | |
|
|
See notes to financial statements38
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | |
For the Year Ended November 30, 2008 | | | | | | | | | | | | | | |
Increase (Decrease) in Net Assets | | California Trust | | | Massachusetts Trust | | | Michigan Trust | | | New Jersey Trust | | | |
|
From operations — | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 6,768,884 | | | $ | 2,569,040 | | | $ | 1,969,595 | | | $ | 4,475,055 | | | |
Net realized loss from investment transactions, financial futures contracts and swap contracts | | | (6,124,422 | ) | | | (612,600 | ) | | | (495,940 | ) | | | (54,943 | ) | | |
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts | | | (31,366,590 | ) | | | (12,219,153 | ) | | | (7,276,840 | ) | | | (25,737,490 | ) | | |
Distributions to preferred shareholders — | | | | | | | | | | | | | | | | | | |
From net investment income | | | (1,988,268 | ) | | | (754,703 | ) | | | (636,924 | ) | | | (1,337,294 | ) | | |
|
|
Net decrease in net assets from operations | | $ | (32,710,396 | ) | | $ | (11,017,416 | ) | | $ | (6,440,109 | ) | | $ | (22,654,672 | ) | | |
|
|
Distributions to common shareholders — | | | | | | | | | | | | | | | | | | |
From net investment income | | $ | (4,831,246 | ) | | $ | (1,761,505 | ) | | $ | (1,293,055 | ) | | $ | (2,911,723 | ) | | |
|
|
Total distributions to common shareholders | | $ | (4,831,246 | ) | | $ | (1,761,505 | ) | | $ | (1,293,055 | ) | | $ | (2,911,723 | ) | | |
|
|
Capital share transactions | | | | | | | | | | | | | | | | | | |
Reinvestment of distributions to common shareholders | | $ | 39,205 | | | $ | 13,438 | | | $ | — | | | $ | 24,930 | | | |
|
|
Net increase in net assets from capital share transactions | | $ | 39,205 | | | $ | 13,438 | | | $ | — | | | $ | 24,930 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
Net decrease in net assets | | $ | (37,502,437 | ) | | $ | (12,765,483 | ) | | $ | (7,733,164 | ) | | $ | (25,541,465 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Net Assets Applicable to Common Shares |
|
At beginning of year | | $ | 108,567,240 | | | $ | 40,341,443 | | | $ | 30,710,345 | | | $ | 69,000,823 | | | |
|
|
At end of year | | $ | 71,064,803 | | | $ | 27,575,960 | | | $ | 22,977,181 | | | $ | 43,459,358 | | | |
|
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
|
Accumulated undistributed net investment income included in net assets applicable to common shares |
|
At end of year | | $ | 349,290 | | | $ | 306,610 | | | $ | 152,189 | | | $ | 564,471 | | | |
|
|
See notes to financial statements39
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Statements of Changes in Net Assets
| | | | | | | | | | | | | | |
For the Year Ended November 30, 2008 | | | | | | | | | | | |
Increase (Decrease) in Net Assets | | New York Trust | | | Ohio Trust | | | Pennsylvania Trust | | | |
|
From operations — | | | | | | | | | | | | | | |
Net investment income | | $ | 5,305,250 | | | $ | 2,719,400 | | | $ | 2,671,240 | | | |
Net realized loss from investment transactions, financial futures contracts and swap contracts | | | (2,198,429 | ) | | | (705,775 | ) | | | (568,083 | ) | | |
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts | | | (29,443,679 | ) | | | (11,769,463 | ) | | | (11,766,420 | ) | | |
Distributions to preferred shareholders — | | | | | | | | | | | | | | |
From net investment income | | | (1,443,622 | ) | | | (858,575 | ) | | | (809,974 | ) | | |
|
|
Net decrease in net assets from operations | | $ | (27,780,480 | ) | | $ | (10,614,413 | ) | | $ | (10,473,237 | ) | | |
|
|
Distributions to common shareholders — | | | | | | | | | | | | | | |
From net investment income | | $ | (3,874,132 | ) | | $ | (1,775,906 | ) | | $ | (1,764,997 | ) | | |
|
|
Total distributions to common shareholders | | $ | (3,874,132 | ) | | $ | (1,775,906 | ) | | $ | (1,764,997 | ) | | |
|
|
Capital share transactions | | | | | | | | | | | | | | |
Reinvestment of distributions to common shareholders | | $ | 48,143 | | | $ | — | | | $ | — | | | |
|
|
Net increase in net assets from capital share transactions | | $ | 48,143 | | | $ | — | | | $ | — | | | |
|
|
| | | | | | | | | | | | | | |
Net decrease in net assets | | $ | (31,606,469 | ) | | $ | (12,390,319 | ) | | $ | (12,238,234 | ) | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Net Assets Applicable to Common Shares |
|
At beginning of year | | $ | 81,931,497 | | | $ | 41,953,274 | | | $ | 40,181,937 | | | |
|
|
At end of year | | $ | 50,325,028 | | | $ | 29,562,955 | | | $ | 27,943,703 | | | |
|
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
Accumulated undistributed net investment income included in net assets applicable to common shares |
|
At end of year | | $ | 365,184 | | | $ | 262,411 | | | $ | 228,855 | | | |
|
|
See notes to financial statements40
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS (Unaudited) CONT’D
Statements of Cash Flows
| | | | | | | | | | |
For the Six Months Ended May 31, 2009 | | | | | | | | |
Cash flows from operating activities | | California Trust | | | New York Trust | | | |
|
Net increase in net assets from operations | | $ | 16,021,113 | | | $ | 15,945,425 | | | |
Distributions to preferred shareholders | | | 219,188 | | | | 147,469 | | | |
|
|
Net increase in net assets from operations excluding distributions to preferred shareholders | | $ | 16,240,301 | | | $ | 16,092,894 | | | |
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: | | | | | | | | | | |
Investments purchased | | | (25,572,571 | ) | | | (19,015,261 | ) | | |
Investments sold | | | 20,085,362 | | | | 20,871,091 | | | |
Net accretion/amortization of premium (discount) | | | (716,303 | ) | | | (240,972 | ) | | |
Amortization of deferred debt issuance costs | | | 6,247 | | | | 13,025 | | | |
Decrease in interest receivable | | | 8,758 | | | | 71,253 | | | |
Decrease (increase) in receivable for investments sold | | | (1,000 | ) | | | 30,000 | | | |
Increase in receivable for open swap contracts | | | (401,481 | ) | | | (1,196,829 | ) | | |
Increase in payable for investments purchased | | | 2,505,441 | | | | — | | | |
Increase in payable for variation margin on open financial futures contracts | | | 89,578 | | | | 63,609 | | | |
Decrease in payable for open swap contracts | | | (3,417,958 | ) | | | (2,588,653 | ) | | |
Increase in payable to affiliate for investment adviser fee | | | 6,095 | | | | 6,112 | | | |
Increase (decrease) in payable to affiliate for administration fee | | | 1,142 | | | | (1,910 | ) | | |
Increase in payable to affiliate for Trustees’ fees | | | 187 | | | | 115 | | | |
Decrease in interest expense and fees payable | | | (64,907 | ) | | | (76,676 | ) | | |
Decrease in accrued expenses | | | (68,280 | ) | | | (59,508 | ) | | |
Net change in unrealized (appreciation) depreciation from investments | | | (12,347,016 | ) | | | (13,523,757 | ) | | |
Net realized loss from investments | | | 480,446 | | | | 1,967,612 | | | |
|
|
Net cash provided by (used in) operating activities | | $ | (3,165,959 | ) | | $ | 2,412,145 | | | |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
|
Cash flows from financing activities |
|
Cash distributions paid to common shareholders, net of reinvestments | | $ | (2,608,483 | ) | | $ | (2,088,467 | ) | | |
Distributions to preferred shareholders | | | (221,209 | ) | | | (150,467 | ) | | |
Proceeds from secured borrowings | | | 4,705,000 | | | | — | | | |
Repayment of secured borrowings | | | (1,330,000 | ) | | | — | | | |
|
|
Net cash provided by (used in) financing activities | | $ | 545,308 | | | $ | (2,238,934 | ) | | |
|
|
| | | | | | | | | | |
Net increase (decrease) in cash | | $ | (2,620,651 | ) | | $ | 173,211 | | | |
|
|
Cash at beginning of period | | $ | 6,465,485 | | | $ | 678,025 | | | |
|
|
Cash at end of period | | $ | 3,844,834 | | | $ | 851,236 | | | |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
|
Supplemental disclosure of cash flow information: |
|
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of: | | $ | — | | | $ | 92,719 | | | |
|
|
See notes to financial statements41
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | California Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 9.890 | | | $ | 15.120 | | | $ | 16.430 | | | $ | 15.420 | | | $ | 15.070 | | | $ | 15.320 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.468 | | | $ | 0.943 | | | $ | 0.936 | | | $ | 0.962 | | | $ | 1.013 | | | $ | 1.079 | | | |
Net realized and unrealized gain (loss) | | | 1.796 | | | | (5.223 | ) | | | (1.294 | ) | | | 1.028 | | | | 0.383 | | | | (0.227 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.031 | ) | | | (0.277 | ) | | | (0.280 | ) | | | (0.239 | ) | | | (0.154 | ) | | | (0.079 | ) | | |
|
|
Total income (loss) from operations | | $ | 2.233 | | | $ | (4.557 | ) | | $ | (0.638 | ) | | $ | 1.751 | | | $ | 1.242 | | | $ | 0.773 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.363 | ) | | $ | (0.673 | ) | | $ | (0.672 | ) | | $ | (0.741 | ) | | $ | (0.892 | ) | | $ | (1.023 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.363 | ) | | $ | (0.673 | ) | | $ | (0.672 | ) | | $ | (0.741 | ) | | $ | (0.892 | ) | | $ | (1.023 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 11.760 | | | $ | 9.890 | | | $ | 15.120 | | | $ | 16.430 | | | $ | 15.420 | | | $ | 15.070 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 11.030 | | | $ | 9.150 | | | $ | 13.160 | | | $ | 15.050 | | | $ | 13.650 | | | $ | 15.160 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 23.52 | %(9) | | | (30.70 | )% | | | (3.65 | )% | | | 12.10 | % | | | 8.72 | % | | | 5.35 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 25.27 | %(9) | | | (26.34 | )% | | | (8.44 | )% | | | 15.99 | % | | | (4.34 | )% | | | 8.60 | % | | |
|
|
See notes to financial statements42
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | California Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 84,477 | | | $ | 71,065 | | | $ | 108,567 | | | $ | 117,966 | | | $ | 110,760 | | | $ | 108,193 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees | | | 1.97 | %(4) | | | 1.87 | % | | | 1.78 | %(5) | | | 1.79 | % | | | 1.78 | % | | | 1.78 | % | | |
Interest and fee expense(6) | | | 0.27 | %(4) | | | 0.37 | % | | | 0.34 | % | | | 0.49 | % | | | 0.33 | % | | | 0.20 | % | | |
Total expenses before custodian fee reduction | | | 2.24 | %(4) | | | 2.24 | % | | | 2.12 | %(5) | | | 2.28 | % | | | 2.11 | % | | | 1.98 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.96 | %(4) | | | 1.85 | % | | | 1.76 | %(5) | | | 1.77 | % | | | 1.76 | % | | | 1.77 | % | | |
Net investment income | | | 8.88 | %(4) | | | 6.91 | % | | | 5.94 | % | | | 6.12 | % | | | 6.52 | % | | | 7.10 | % | | |
Portfolio Turnover | | | 14 | %(9) | | | 31 | % | | | 40 | % | | | 26 | % | | | 31 | % | | | 17 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.19 | %(4) | | | 1.18 | % | | | 1.17 | %(5) | | | 1.18 | % | | | 1.16 | % | | | 1.15 | % | | |
Interest and fee expense(6) | | | 0.16 | %(4) | | | 0.24 | % | | | 0.22 | % | | | 0.32 | % | | | 0.22 | % | | | 0.13 | % | | |
Total expenses before custodian fee reduction | | | 1.35 | %(4) | | | 1.42 | % | | | 1.39 | %(5) | | | 1.50 | % | | | 1.38 | % | | | 1.28 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.18 | %(4) | | | 1.17 | % | | | 1.16 | %(5) | | | 1.16 | % | | | 1.15 | % | | | 1.15 | % | | |
Net investment income | | | 5.36 | %(4) | | | 4.39 | % | | | 3.90 | % | | | 4.03 | % | | | 4.26 | % | | | 4.61 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 1,999 | | | | 1,999 | | | | 2,360 | | | | 2,360 | | | | 2,360 | | | | 2,360 | | | |
Asset coverage per preferred share(7) | | $ | 67,261 | | | $ | 60,552 | | | $ | 71,003 | | | $ | 74,997 | | | $ | 71,942 | | | $ | 70,849 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements43
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Massachusetts Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value – Beginning of period (Common shares) | | $ | 10.160 | | | $ | 14.860 | | | $ | 16.170 | | | $ | 15.270 | | | $ | 15.090 | | | $ | 15.380 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.486 | | | $ | 0.947 | | | $ | 0.914 | | | $ | 0.931 | | | $ | 0.973 | | | $ | 1.054 | | | |
Net realized and unrealized gain (loss) | | | 2.369 | | | | (4.720 | ) | | | (1.314 | ) | | | 0.926 | | | | 0.234 | | | | (0.251 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.032 | ) | | | (0.278 | ) | | | (0.271 | ) | | | (0.243 | ) | | | (0.145 | ) | | | (0.070 | ) | | |
|
|
Total income (loss) from operations | | $ | 2.823 | | | $ | (4.051 | ) | | $ | (0.671 | ) | | $ | 1.614 | | | $ | 1.062 | | | $ | 0.733 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.383 | ) | | $ | (0.649 | ) | | $ | (0.639 | ) | | $ | (0.714 | ) | | $ | (0.882 | ) | | $ | (1.023 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.383 | ) | | $ | (0.649 | ) | | $ | (0.639 | ) | | $ | (0.714 | ) | | $ | (0.882 | ) | | $ | (1.023 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 12.600 | | | $ | 10.160 | | | $ | 14.860 | | | $ | 16.170 | | | $ | 15.270 | | | $ | 15.090 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 12.600 | | | $ | 8.930 | | | $ | 13.050 | | | $ | 14.920 | | | $ | 14.800 | | | $ | 16.810 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 28.43 | %(9) | | | (28.02 | )% | | | (3.94 | )% | | | 11.05 | % | | | 7.02 | % | | | 4.90 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 45.98 | %(9) | | | (27.89 | )% | | | (8.57 | )% | | | 5.72 | % | | | (6.89 | )% | | | 16.71 | % | | |
|
|
See notes to financial statements44
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Massachusetts Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 34,256 | | | $ | 27,576 | | | $ | 40,341 | | | $ | 43,875 | | | $ | 41,395 | | | $ | 40,662 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) |
Expenses excluding interest and fees | | | 2.04 | %(4) | | | 2.06 | % | | | 1.91 | %(5) | | | 1.88 | % | | | 1.88 | % | | | 1.87 | % | | |
Interest and fee expense(6) | | | 0.20 | %(4) | | | 0.26 | % | | | 0.61 | % | | | 0.77 | % | | | 0.52 | % | | | 0.30 | % | | |
Total expenses before custodian fee reduction | | | 2.24 | %(4) | | | 2.32 | % | | | 2.52 | %(5) | | | 2.65 | % | | | 2.40 | % | | | 2.17 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.04 | %(4) | | | 2.04 | % | | | 1.89 | %(5) | | | 1.87 | % | | | 1.87 | % | | | 1.86 | % | | |
Net investment income | | | 8.70 | %(4) | | | 7.03 | % | | | 5.90 | % | | | 6.01 | % | | | 6.29 | % | | | 6.97 | % | | |
Portfolio Turnover | | | 12 | %(9) | | | 40 | % | | | 42 | % | | | 22 | % | | | 13 | % | | | 39 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.23 | %(4) | | | 1.31 | % | | | 1.26 | %(5) | | | 1.24 | % | | | 1.24 | % | | | 1.22 | % | | |
Interest and fee expense(6) | | | 0.12 | %(4) | | | 0.16 | % | | | 0.40 | % | | | 0.51 | % | | | 0.34 | % | | | 0.19 | % | | |
Total expenses before custodian fee reduction | | | 1.35 | %(4) | | | 1.47 | % | | | 1.66 | %(5) | | | 1.75 | % | | | 1.58 | % | | | 1.41 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.23 | %(4) | | | 1.30 | % | | | 1.25 | %(5) | | | 1.24 | % | | | 1.24 | % | | | 1.22 | % | | |
Net investment income | | | 5.24 | %(4) | | | 4.47 | % | | | 3.91 | % | | | 3.98 | % | | | 4.15 | % | | | 4.55 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 802 | | | | 802 | | | | 860 | | | | 860 | | | | 860 | | | | 860 | | | |
Asset coverage per preferred share(7) | | $ | 67,715 | | | $ | 59,391 | | | $ | 71,920 | | | $ | 76,024 | | | $ | 73,138 | | | $ | 72,281 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements45
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Michigan Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 10.860 | | | $ | 14.510 | | | $ | 15.420 | | | $ | 14.820 | | | $ | 14.860 | | | $ | 15.240 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.472 | | | $ | 0.931 | | | $ | 0.913 | | | $ | 0.950 | | | $ | 0.995 | | | $ | 1.072 | | | |
Net realized and unrealized gain (loss) | | | 1.400 | | | | (3.669 | ) | | | (0.881 | ) | | | 0.608 | | | | 0.010 | | | | (0.334 | ) | | |
Distributions to preferred shareholders From net investment income | | | (0.036 | ) | | | (0.301 | ) | | | (0.296 | ) | | | (0.256 | ) | | | (0.172 | ) | | | (0.086 | ) | | |
|
|
Total income (loss) from operations | | $ | 1.836 | | | $ | (3.039 | ) | | $ | (0.264 | ) | | $ | 1.302 | | | $ | 0.833 | | | $ | 0.652 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.356 | ) | | $ | (0.611 | ) | | $ | (0.646 | ) | | $ | (0.702 | ) | | $ | (0.873 | ) | | $ | (1.032 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.356 | ) | | $ | (0.611 | ) | | $ | (0.646 | ) | | $ | (0.702 | ) | | $ | (0.873 | ) | | $ | (1.032 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 12.340 | | | $ | 10.860 | | | $ | 14.510 | | | $ | 15.420 | | | $ | 14.820 | | | $ | 14.860 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 10.960 | | | $ | 7.920 | | | $ | 12.430 | | | $ | 14.110 | | | $ | 13.500 | | | $ | 16.600 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 17.84 | %(9) | | | (21.02 | )% | | | (1.37 | )% | | | 9.38 | % | | | 5.62 | % | | | 4.36 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 43.51 | %(9) | | | (32.76 | )% | | | (7.66 | )% | | | 9.88 | % | | | (13.87 | )% | | | 13.63 | % | | |
|
|
See notes to financial statements46
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Michigan Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 26,110 | | | $ | 22,977 | | | $ | 30,710 | | | $ | 32,643 | | | $ | 31,357 | | | $ | 31,363 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) |
Expenses excluding interest and fees | | | 2.21 | %(4) | | | 2.15 | % | | | 2.03 | %(5) | | | 1.97 | % | | | 2.00 | % | | | 1.96 | % | | |
Interest and fee expense(6) | | | 0.13 | %(4) | | | 0.16 | % | | | 0.32 | % | | | 0.46 | % | | | 0.40 | % | | | 0.42 | % | | |
Total expenses before custodian fee reduction | | | 2.34 | %(4) | | | 2.31 | % | | | 2.35 | %(5) | | | 2.43 | % | | | 2.40 | % | | | 2.38 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.20 | %(4) | | | 2.13 | % | | | 2.01 | %(5) | | | 1.96 | % | | | 1.99 | % | | | 1.96 | % | | |
Net investment income | | | 8.33 | %(4) | | | 6.96 | % | | | 6.12 | % | | | 6.35 | % | | | 6.60 | % | | | 7.16 | % | | |
Portfolio Turnover | | | 17 | %(9) | | | 24 | % | | | 22 | % | | | 22 | % | | | 14 | % | | | 5 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.28 | %(4) | | | 1.33 | % | | | 1.31 | %(5) | | | 1.27 | % | | | 1.29 | % | | | 1.26 | % | | |
Interest and fee expense(6) | | | 0.07 | %(4) | | | 0.10 | % | | | 0.21 | % | | | 0.29 | % | | | 0.26 | % | | | 0.27 | % | | |
Total expenses before custodian fee reduction | | | 1.35 | %(4) | | | 1.43 | % | | | 1.52 | %(5) | | | 1.56 | % | | | 1.55 | % | | | 1.53 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.27 | %(4) | | | 1.31 | % | | | 1.29 | %(5) | | | 1.26 | % | | | 1.28 | % | | | 1.26 | % | | |
Net investment income | | | 4.82 | %(4) | | | 4.30 | % | | | 3.94 | % | | | 4.09 | % | | | 4.26 | % | | | 4.60 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 700 | | | | 700 | | | | 700 | | | | 700 | | | | 700 | | | | 700 | | | |
Asset coverage per preferred share(7) | | $ | 62,301 | | | $ | 57,828 | | | $ | 68,878 | | | $ | 71,635 | | | $ | 69,796 | | | $ | 69,810 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements47
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New Jersey Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 9.400 | | | $ | 14.930 | | | $ | 16.200 | | | $ | 15.020 | | | $ | 14.810 | | | $ | 15.190 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.484 | | | $ | 0.968 | | | $ | 0.926 | | | $ | 0.953 | | | $ | 1.014 | | | $ | 1.082 | | | |
Net realized and unrealized gain (loss) | | | 2.995 | | | | (5.579 | ) | | | (1.275 | ) | | | 1.205 | | | | 0.238 | | | | (0.313 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.031 | ) | | | (0.289 | ) | | | (0.273 | ) | | | (0.253 | ) | | | (0.169 | ) | | | (0.081 | ) | | |
|
|
Total income (loss) from operations | | $ | 3.448 | | | $ | (4.900 | ) | | $ | (0.622 | ) | | $ | 1.905 | | | $ | 1.083 | | | $ | 0.688 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.388 | ) | | $ | (0.630 | ) | | $ | (0.648 | ) | | $ | (0.725 | ) | | $ | (0.873 | ) | | $ | (1.068 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.388 | ) | | $ | (0.630 | ) | | $ | (0.648 | ) | | $ | (0.725 | ) | | $ | (0.873 | ) | | $ | (1.068 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 12.460 | | | $ | 9.400 | | | $ | 14.930 | | | $ | 16.200 | | | $ | 15.020 | | | $ | 14.810 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 11.980 | | | $ | 8.500 | | | $ | 12.790 | | | $ | 15.080 | | | $ | 14.030 | | | $ | 15.540 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 37.74 | %(9) | | | (33.57 | )% | | | (3.59 | )% | | | 13.28 | % | | | 7.59 | % | | | 4.76 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 46.46 | %(9) | | | (29.88 | )% | | | (11.28 | )% | | | 12.89 | % | | | (4.22 | )% | | | 8.31 | % | | |
|
|
See notes to financial statements48
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New Jersey Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 57,623 | | | $ | 43,459 | | | $ | 69,001 | | | $ | 74,846 | | | $ | 69,375 | | | $ | 68,298 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees | | | 2.08 | %(4) | | | 1.96 | % | | | 1.84 | %(5) | | | 1.85 | % | | | 1.86 | % | | | 1.85 | % | | |
Interest and fee expense(6) | | | 0.21 | %(4) | | | 0.45 | % | | | 0.89 | % | | | 0.93 | % | | | 0.58 | % | | | 0.50 | % | | |
Total expenses before custodian fee reduction | | | 2.29 | %(4) | | | 2.41 | % | | | 2.73 | %(5) | | | 2.78 | % | | | 2.44 | % | | | 2.35 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.07 | %(4) | | | 1.94 | % | | | 1.81 | %(5) | | | 1.83 | % | | | 1.84 | % | | | 1.84 | % | | |
Net investment income | | | 9.08 | %(4) | | | 7.22 | % | | | 5.94 | % | | | 6.20 | % | | | 6.66 | % | | | 7.28 | % | | |
Portfolio Turnover | | | 30 | %(9) | | | 54 | % | | | 42 | % | | | 23 | % | | | 46 | % | | | 52 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.24 | %(4) | | | 1.23 | % | | | 1.21 | %(5) | | | 1.20 | % | | | 1.21 | % | | | 1.19 | % | | |
Interest and fee expense(6) | | | 0.12 | %(4) | | | 0.28 | % | | | 0.58 | % | | | 0.61 | % | | | 0.38 | % | | | 0.32 | % | | |
Total expenses before custodian fee reduction | | | 1.36 | %(4) | | | 1.51 | % | | | 1.79 | %(5) | | | 1.81 | % | | | 1.59 | % | | | 1.51 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.24 | %(4) | | | 1.21 | % | | | 1.19 | %(5) | | | 1.19 | % | | | 1.19 | % | | | 1.18 | % | | |
Net investment income | | | 5.41 | %(4) | | | 4.51 | % | | | 3.89 | % | | | 4.04 | % | | | 4.33 | % | | | 4.68 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 1,337 | | | | 1,366 | | | | 1,520 | | | | 1,520 | | | | 1,520 | | | | 1,520 | | | |
Asset coverage per preferred share(7) | | $ | 68,100 | | | $ | 56,817 | | | $ | 70,395 | | | $ | 74,250 | | | $ | 70,651 | | | $ | 69,935 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements49
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New York Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 9.350 | | | $ | 15.240 | | | $ | 16.550 | | | $ | 15.660 | | | $ | 15.490 | | | $ | 15.810 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.483 | | | $ | 0.987 | | | $ | 0.991 | | | $ | 0.987 | | | $ | 1.070 | | | $ | 1.126 | | | |
Net realized and unrealized gain (loss) | | | 2.509 | | | | (5.887 | ) | | | (1.293 | ) | | | 0.932 | | | | 0.243 | | | | (0.332 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.027 | ) | | | (0.269 | ) | | | (0.287 | ) | | | (0.247 | ) | | | (0.163 | ) | | | (0.074 | ) | | |
|
|
Total income (loss) from operations | | $ | 2.965 | | | $ | (5.169 | ) | | $ | (0.589 | ) | | $ | 1.672 | | | $ | 1.150 | | | $ | 0.720 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.405 | ) | | $ | (0.721 | ) | | $ | (0.721 | ) | | $ | (0.782 | ) | | $ | (0.980 | ) | | $ | (1.040 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.405 | ) | | $ | (0.721 | ) | | $ | (0.721 | ) | | $ | (0.782 | ) | | $ | (0.980 | ) | | $ | (1.040 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 11.910 | | | $ | 9.350 | | | $ | 15.240 | | | $ | 16.550 | | | $ | 15.660 | | | $ | 15.490 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 12.540 | | | $ | 7.900 | | | $ | 14.100 | | | $ | 15.700 | | | $ | 14.990 | | | $ | 15.370 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 32.65 | %(9) | | | (35.07 | )% | | | (3.42 | )% | | | 11.28 | % | | | 7.61 | % | | | 4.91 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 65.31 | %(9) | | | (40.71 | )% | | | (5.81 | )% | | | 10.28 | % | | | 3.81 | % | | | 6.46 | % | | |
|
|
See notes to financial statements50
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New York Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 64,182 | | | $ | 50,325 | | | $ | 81,931 | | | $ | 88,970 | | | $ | 84,194 | | | $ | 83,044 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses excluding interest and fees | | | 2.08 | %(4) | | | 1.92 | % | | | 1.80 | %(5) | | | 1.82 | % | | | 1.81 | % | | | 1.78 | % | | |
Interest and fee expense(6) | | | 0.68 | %(4) | | | 0.55 | % | | | 0.98 | % | | | 1.03 | % | | | 0.57 | % | | | 0.32 | % | | |
Total expenses before custodian fee reduction | | | 2.76 | %(4) | | | 2.47 | % | | | 2.78 | %(5) | | | 2.85 | % | | | 2.38 | % | | | 2.10 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.07 | %(4) | | | 1.89 | % | | | 1.78 | %(5) | | | 1.80 | % | | | 1.80 | % | | | 1.78 | % | | |
Net investment income | | | 9.44 | %(4) | | | 7.21 | % | | | 6.23 | % | | | 6.22 | % | | | 6.72 | % | | | 7.23 | % | | |
Portfolio Turnover | | | 18 | %(9) | | | 48 | % | | | 29 | % | | | 27 | % | | | 40 | % | | | 31 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.29 | %(4) | | | 1.23 | % | | | 1.18 | %(5) | | | 1.19 | % | | | 1.19 | % | | | 1.16 | % | | |
Interest and fee expense(6) | | | 0.42 | %(4) | | | 0.35 | % | | | 0.65 | % | | | 0.68 | % | | | 0.37 | % | | | 0.21 | % | | |
Total expenses before custodian fee reduction | | | 1.71 | %(4) | | | 1.58 | % | | | 1.83 | %(5) | | | 1.87 | % | | | 1.56 | % | | | 1.37 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.28 | %(4) | | | 1.21 | % | | | 1.17 | %(5) | | | 1.19 | % | | | 1.19 | % | | | 1.16 | % | | |
Net investment income | | | 5.86 | %(4) | | | 4.63 | % | | | 4.10 | % | | | 4.09 | % | | | 4.42 | % | | | 4.71 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 1,349 | | | | 1,349 | | | | 1,780 | | | | 1,780 | | | | 1,780 | | | | 1,780 | | | |
Asset coverage per preferred share(7) | | $ | 72,579 | | | $ | 62,309 | | | $ | 71,032 | | | $ | 74,983 | | | $ | 72,311 | | | $ | 71,659 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements51
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Ohio Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 10.450 | | | $ | 14.830 | | | $ | 15.690 | | | $ | 14.910 | | | $ | 15.040 | | | $ | 15.070 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.482 | | | $ | 0.961 | | | $ | 0.938 | | | $ | 0.958 | | | $ | 1.003 | | | $ | 1.081 | | | |
Net realized and unrealized gain (loss) | | | 2.020 | | | | (4.410 | ) | | | (0.845 | ) | | | 0.800 | | | | (0.055 | ) | | | (0.011 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.036 | ) | | | (0.303 | ) | | | (0.297 | ) | | | (0.264 | ) | | | (0.175 | ) | | | (0.091 | ) | | |
|
|
Total income (loss) from operations | | $ | 2.466 | | | $ | (3.752 | ) | | $ | (0.204 | ) | | $ | 1.494 | | | $ | 0.773 | | | $ | 0.979 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.366 | ) | | $ | (0.628 | ) | | $ | (0.656 | ) | | $ | (0.714 | ) | | $ | (0.903 | ) | | $ | (1.009 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.366 | ) | | $ | (0.628 | ) | | $ | (0.656 | ) | | $ | (0.714 | ) | | $ | (0.903 | ) | | $ | (1.009 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 12.550 | | | $ | 10.450 | | | $ | 14.830 | | | $ | 15.690 | | | $ | 14.910 | | | $ | 15.040 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 12.350 | | | $ | 8.550 | | | $ | 12.850 | | | $ | 14.610 | | | $ | 14.170 | | | $ | 16.750 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 24.41 | %(9) | | | (25.69 | )% | | | (1.06 | )% | | | 10.50 | % | | | 5.10 | % | | | 6.71 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 49.63 | %(9) | | | (29.83 | )% | | | (7.93 | )% | | | 8.27 | % | | | (10.31 | )% | | | 13.96 | % | | |
|
|
See notes to financial statements52
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Ohio Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 35,503 | | | $ | 29,563 | | | $ | 41,953 | | | $ | 44,385 | | | $ | 42,193 | | | $ | 42,444 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) |
Expenses excluding interest and fees | | | 2.12 | %(4) | | | 2.08 | % | | | 1.93 | %(5) | | | 1.92 | % | | | 1.91 | % | | | 1.91 | % | | |
Interest and fee expense(6) | | | 0.04 | %(4) | | | 0.26 | % | | | 0.72 | % | | | 0.74 | % | | | 0.54 | % | | | 0.29 | % | | |
Total expenses before custodian fee reduction | | | 2.16 | %(4) | | | 2.34 | % | | | 2.65 | %(5) | | | 2.66 | % | | | 2.45 | % | | | 2.20 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.12 | %(4) | | | 2.06 | % | | | 1.91 | %(5) | | | 1.92 | % | | | 1.90 | % | | | 1.90 | % | | |
Net investment income | | | 8.56 | %(4) | | | 7.12 | % | | | 6.17 | % | | | 6.31 | % | | | 6.57 | % | | | 7.23 | % | | |
Portfolio Turnover | | | 10 | %(9) | | | 27 | % | | | 24 | % | | | 16 | % | | | 13 | % | | | 12 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.24 | %(4) | | | 1.29 | % | | | 1.25 | %(5) | | | 1.25 | % | | | 1.24 | % | | | 1.23 | % | | |
Interest and fee expense(6) | | | 0.02 | %(4) | | | 0.16 | % | | | 0.46 | % | | | 0.48 | % | | | 0.35 | % | | | 0.19 | % | | |
Total expenses before custodian fee reduction | | | 1.26 | %(4) | | | 1.45 | % | | | 1.71 | %(5) | | | 1.73 | % | | | 1.59 | % | | | 1.42 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.24 | %(4) | | | 1.28 | % | | | 1.23 | %(5) | | | 1.24 | % | | | 1.23 | % | | | 1.22 | % | | |
Net investment income | | | 5.00 | %(4) | | | 4.41 | % | | | 3.99 | % | | | 4.08 | % | | | 4.25 | % | | | 4.64 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 909 | | | | 918 | | | | 940 | | | | 940 | | | | 940 | | | | 940 | | | |
Asset coverage per preferred share(7) | | $ | 64,059 | | | $ | 57,209 | | | $ | 69,640 | | | $ | 72,223 | | | $ | 69,888 | | | $ | 70,153 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements53
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pennsylvania Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
Net asset value — Beginning of period (Common shares) | | $ | 10.320 | | | $ | 14.840 | | | $ | 15.510 | | | $ | 14.870 | | | $ | 14.890 | | | $ | 15.210 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Income (loss) from operations |
|
Net investment income(1) | | $ | 0.475 | | | $ | 0.986 | | | $ | 0.953 | | | $ | 0.983 | | | $ | 1.008 | | | $ | 1.076 | | | |
Net realized and unrealized gain (loss) | | | 2.226 | | | | (4.555 | ) | | | (0.661 | ) | | | 0.664 | | | | 0.103 | | | | (0.301 | ) | | |
Distributions to preferred shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.034 | ) | | | (0.299 | ) | | | (0.300 | ) | | | (0.274 | ) | | | (0.181 | ) | | | (0.092 | ) | | |
|
|
Total income (loss) from operations | | $ | 2.667 | | | $ | (3.868 | ) | | $ | (0.008 | ) | | $ | 1.373 | | | $ | 0.930 | | | $ | 0.683 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Less distributions to common shareholders |
|
From net investment income | | $ | (0.367 | ) | | $ | (0.652 | ) | | $ | (0.662 | ) | | $ | (0.733 | ) | | $ | (0.950 | ) | | $ | (1.003 | ) | | |
|
|
Total distributions to common shareholders | | $ | (0.367 | ) | | $ | (0.652 | ) | | $ | (0.662 | ) | | $ | (0.733 | ) | | $ | (0.950 | ) | | $ | (1.003 | ) | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value — End of period (Common shares) | | $ | 12.620 | | | $ | 10.320 | | | $ | 14.840 | | | $ | 15.510 | | | $ | 14.870 | | | $ | 14.890 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market value — End of period (Common shares) | | $ | 11.950 | | | $ | 9.600 | | | $ | 12.790 | | | $ | 14.560 | | | $ | 14.660 | | | $ | 15.540 | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Net Asset Value(2) | | | 26.90 | %(9) | | | (26.57 | )% | | | 0.27 | % | | | 9.68 | % | | | 6.27 | % | | | 4.77 | % | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Return on Market Value(2) | | | 29.18 | %(9) | | | (20.75 | )% | | | (7.95 | )% | | | 4.44 | % | | | 0.39 | % | | | 4.07 | % | | |
|
|
See notes to financial statements54
Eaton Vance Municipal Income Trusts as of May 31, 2009
FINANCIAL STATEMENTS CONT’D
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pennsylvania Trust |
| | Six Months Ended
| | | Year Ended November 30, |
| | May 31, 2009
| | | |
| | (Unaudited) | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | | | |
|
|
|
Ratios/Supplemental Data |
|
Net assets applicable to common shares, end of period (000’s omitted) | | $ | 34,179 | | | $ | 27,944 | | | $ | 40,182 | | | $ | 41,998 | | | $ | 40,233 | | | $ | 40,023 | | | |
Ratios (As a percentage of average daily net assets applicable to common shares):(3) |
Expenses excluding interest and fees | | | 2.17 | %(4) | | | 2.06 | % | | | 1.95 | %(5) | | | 1.94 | % | | | 1.97 | % | | | 1.91 | % | | |
Interest and fee expense(6) | | | 0.33 | %(4) | | | 0.37 | % | | | 0.70 | % | | | 0.93 | % | | | 0.44 | % | | | 0.24 | % | | |
Total expenses before custodian fee reduction | | | 2.50 | %(4) | | | 2.43 | % | | | 2.65 | %(5) | | | 2.87 | % | | | 2.41 | % | | | 2.15 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 2.16 | %(4) | | | 2.04 | % | | | 1.94 | %(5) | | | 1.93 | % | | | 1.95 | % | | | 1.91 | % | | |
Net investment income | | | 8.43 | %(4) | | | 7.23 | % | | | 6.28 | % | | | 6.53 | % | | | 6.69 | % | | | 7.18 | % | | |
Portfolio Turnover | | | 15 | %(9) | | | 25 | % | | | 23 | % | | | 18 | % | | | 28 | % | | | 8 | % | | |
|
|
The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: |
Ratios (As a percentage of average daily net assets applicable to common shares and preferred shares):(3) |
Expenses excluding interest and fees | | | 1.27 | %(4) | | | 1.28 | % | | | 1.27 | %(5) | | | 1.25 | % | | | 1.27 | % | | | 1.23 | % | | |
Interest and fee expense(6) | | | 0.20 | %(4) | | | 0.23 | % | | | 0.45 | % | | | 0.60 | % | | | 0.28 | % | | | 0.15 | % | | |
Total expenses before custodian fee reduction | | | 1.47 | %(4) | | | 1.51 | % | | | 1.72 | %(5) | | | 1.85 | % | | | 1.55 | % | | | 1.38 | % | | |
Expenses after custodian fee reduction excluding interest and fees | | | 1.27 | %(4) | | | 1.27 | % | | | 1.26 | %(5) | | | 1.24 | % | | | 1.26 | % | | | 1.22 | % | | |
Net investment income | | | 4.97 | %(4) | | | 4.50 | % | | | 4.06 | % | | | 4.21 | % | | | 4.30 | % | | | 4.61 | % | | |
|
|
Senior Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total preferred shares outstanding | | | 847 | | | | 889 | | | | 900 | | | | 900 | | | | 900 | | | | 900 | | | |
Asset coverage per preferred share(7) | | $ | 65,355 | | | $ | 56,439 | | | $ | 69,658 | | | $ | 71,672 | | | $ | 69,708 | | | $ | 69,471 | | | |
Involuntary liquidation preference per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
Approximate market value per preferred share(8) | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | $ | 25,000 | | | |
|
|
| | |
(1) | | Computed using average common shares outstanding. |
|
(2) | | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. |
|
(3) | | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
|
(4) | | Annualized. |
|
(5) | | The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower. |
|
(6) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H). |
|
(7) | | Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
|
(8) | | Plus accumulated and unpaid dividends. |
|
(9) | | Not annualized. |
See notes to financial statements55
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. Each Trust seeks to provide current income exempt from regular federal income tax and taxes in its specified state.
The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America.
A Investment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on one or more exchanges are valued based on the last sale price on any exchange on which such contract is listed. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
At November 30, 2008, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:
| | | | | | | | | | |
Trust | | Amount | | | Expiration Date | | | |
|
California | | $ | 995,999 | | | | November 30, 2012 | | | |
| | | 6,689,345 | | | | November 30, 2016 | | | |
| | | | | | | | | | |
Massachusetts | | $ | 39,627 | | | | November 30, 2009 | | | |
| | | 343,176 | | | | November 30, 2010 | | | |
| | | 692,532 | | | | November 30, 2016 | | | |
56
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
| | | | | | | | | | |
Trust | | Amount | | | Expiration Date | | | |
|
| | | | | | | | | | |
Michigan | | $ | 165,469 | | | | November 30, 2009 | | | |
| | | 475,985 | | | | November 30, 2010 | | | |
| | | 443,883 | | | | November 30, 2011 | | | |
| | | 697,198 | | | | November 30, 2012 | | | |
| | | 224,050 | | | | November 30, 2013 | | | |
| | | 517,712 | | | | November 30, 2016 | | | |
| | | | | | | | | | |
New Jersey | | $ | 262,308 | | | | November 30, 2009 | | | |
| | | 177,350 | | | | November 30, 2011 | | | |
| | | | | | | | | | |
New York | | $ | 70,059 | | | | November 30, 2009 | | | |
| | | 2,354,581 | | | | November 30, 2016 | | | |
| | | | | | | | | | |
Ohio | | $ | 850,745 | | | | November 30, 2009 | | | |
| | | 764,355 | | | | November 30, 2012 | | | |
| | | 588,403 | | | | November 30, 2013 | | | |
| | | 736,482 | | | | November 30, 2016 | | | |
| | | | | | | | | | |
Pennsylvania | | $ | 844,973 | | | | November 30, 2009 | | | |
| | | 41,331 | | | | November 30, 2010 | | | |
| | | 502,868 | | | | November 30, 2012 | | | |
| | | 389,289 | | | | November 30, 2013 | | | |
| | | 800,874 | | | | November 30, 2016 | | | |
As of May 31, 2009, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trusts’ federal tax returns filed in the 3-year period ended November 30, 2008 remains subject to examination by the Internal Revenue Service.
D Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.
E Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
F Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust, and shareholders are indemnified against personal liability for the obligations of each Trust. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.
H Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby a Trust may sell a fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Trust, and which may have been, but is not required to be, the fixed rate bond purchased from the Trust (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” (FAS 140), the Trusts account for the transaction described above as a secured borrowing by including the Fixed Rate Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Trusts’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying bond, bankruptcy of or payment failure by the issuer of the underlying bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the
57
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity date of the related trust. At May 31, 2009, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:
| | | | | | | | | | | | |
| | | | | | | Collateral
| | | |
| | Floating
| | | Interest Rate
| | for Floating
| | | |
| | Rate
| | | or Range of
| | Rate
| | | |
| | Notes
| | | Interest
| | Notes
| | | |
Trust | | Outstanding | | | Rates (%) | | Outstanding | | | |
|
California | | $ | 18,945,000 | | | 0.27 – 1.04 | | $ | 24,782,794 | | | |
Massachusetts | | | 3,880,000 | | | 0.29 – 0.38 | | | 5,009,599 | | | |
Michigan | | | 1,125,000 | | | 0.37 | | | 1,517,445 | | | |
New Jersey | | | 12,172,000 | | | 0.30 – 0.47 | | | 16,148,493 | | | |
New York | | | 15,150,000 | | | 0.29 – 0.45 | | | 17,859,515 | | | |
Ohio | | | 830,000 | | | 0.59 – 0.64 | | | 1,263,758 | | | |
Pennsylvania | | | 4,035,000 | | | 0.32 – 1.54 | | | 6,846,638 | | | |
The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no exposure under shortfalls and forbearance agreements as of May 31, 2009.
The Trusts may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Trusts’ investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money for purposes of making investments. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statements of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Inverse Floaters held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.
I Financial Futures Contracts — The Trusts may enter into financial futures contracts. The Trusts’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Trust bears the risk if the counterparties do not perform under the contracts’ terms.
J Interest Rate Swaps — The Trusts may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, a Trust makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Trust is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.
K When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
58
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
L Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.
M Interim Financial Statements — The interim financial statements relating to May 31, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts’ management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares
Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction.
During the six months ended May 31, 2009, certain Trusts made a partial redemption of their APS at a liquidation price of $25,000 per share. The number of APS redeemed and redemption amount (excluding the final dividend payment) during the six months ended May 31, 2009 and the number of APS issued and outstanding as of May 31, 2009 are as follows:
| | | | | | | | | | | | | | |
| | APS
| | | | | | | | | |
| | Redeemed
| | | Redemption
| | | APS Issued and
| | | |
Trust | | During the Period | | | Amount | | | Outstanding | | | |
|
California | | | — | | | $ | — | | | | 1,999 | | | |
Massachusetts | | | — | | | | — | | | | 802 | | | |
Michigan | | | — | | | | — | | | | 700 | | | |
New Jersey | | | 29 | | | | 725,000 | | | | 1,337 | | | |
New York | | | — | | | | — | | | | 1,349 | | | |
Ohio | | | 9 | | | | 225,000 | | | | 909 | | | |
Pennsylvania | | | 42 | | | | 1,050,000 | | | | 847 | | | |
The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts’ By-Laws and the 1940 Act. Each Trust pays an annual fee equivalent to 0.15% (0.25% prior to March 2009) of the liquidation value of the APS to broker-dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
3 Distributions to Shareholders
Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at May 31, 2009, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:
| | | | | | | | | | | | | | | | |
| | APS
| | | Dividends
| | | Average APS
| | | Dividend
| | |
| | Dividend Rates at
| | | Paid to APS
| | | Dividend
| | | Rate
| | |
Trust | | May 31, 2009 | | | Shareholders | | | Rates | | | Ranges (%) | | |
|
California | | | 0.58 | % | | $ | 219,188 | | | | 0.88 | % | | 0.58–1.72 | | |
Massachusetts | | | 0.58 | | | | 85,802 | | | | 0.86 | | | 0.58–1.68 | | |
Michigan | | | 0.52 | | | | 77,148 | | | | 0.88 | | | 0.52–1.72 | | |
New Jersey | | | 0.58 | | | | 143,964 | | | | 0.86 | | | 0.47–1.72 | | |
New York | | | 0.52 | | | | 147,469 | | | | 0.88 | | | 0.52–1.72 | | |
Ohio | | | 0.56 | | | | 100,751 | | | | 0.89 | | | 0.56–1.76 | | |
Pennsylvania | | | 0.58 | | | | 92,522 | | | | 0.87 | | | 0.58–1.68 | | |
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each Trust as of May 31, 2009.
The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles
59
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.70% of each Trust’s average weekly gross assets and is payable monthly. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the six months ended May 31, 2009, the investment adviser fee and administration fee were as follows:
| | | | | | | | | | |
| | Investment
| | | Administration
| | | |
Trust | | Adviser Fee | | | Fee | | | |
|
California | | $ | 470,520 | | | $ | 133,701 | | | |
Massachusetts | | | 180,925 | | | | 51,693 | | | |
Michigan | | | 144,944 | | | | 41,412 | | | |
New Jersey | | | 298,959 | | | | 85,417 | | | |
New York | | | 347,496 | | | | 95,565 | | | |
Ohio | | | 192,189 | | | | 54,911 | | | |
Pennsylvania | | | 183,373 | | | | 52,392 | | | |
Except for Trustees of the Trusts who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2009 were as follows:
| | | | | | | | | | |
Trust | | Purchases | | | Sales | | | |
|
California | | $ | 25,572,571 | | | $ | 20,085,362 | | | |
Massachusetts | | | 7,144,868 | | | | 6,260,025 | | | |
Michigan | | | 7,060,378 | | | | 7,892,168 | | | |
New Jersey | | | 30,211,207 | | | | 28,344,010 | | | |
New York | | | 19,015,261 | | | | 20,871,091 | | | |
Ohio | | | 5,767,291 | | | | 7,254,211 | | | |
Pennsylvania | | | 8,244,415 | | | | 9,437,172 | | | |
6 Common Shares of Beneficial Interest
Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the six months ended May 31, 2009 and the year ended November 30, 2008 were as follows:
| | | | | | | | | | |
| | Six Months Ended
| | | Year Ended
| | | |
Trust | | May 31, 2009 | | | November 30, 2008 | | | |
|
California | | | — | | | | 4,021 | | | |
Massachusetts | | | 4,038 | | | | 1,394 | | | |
Michigan | | | — | | | | — | | | |
New Jersey | | | — | | | | 2,698 | | | |
New York | | | 8,132 | | | | 5,073 | | | |
Ohio | | | — | | | | — | | | |
Pennsylvania | | | — | | | | — | | | |
7 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2009, as determined on a federal income tax basis, were as follows:
| | | | | | |
California Trust | | | | | | |
|
|
Aggregate cost | | $ | 141,193,912 | | | |
|
|
Gross unrealized appreciation | | $ | 2,898,989 | | | |
Gross unrealized depreciation | | | (12,777,749 | ) | | |
|
|
Net unrealized depreciation | | $ | (9,878,760 | ) | | |
|
|
| | | | | | |
| | | | | | |
Massachusetts Trust | | | | | | |
|
|
Aggregate cost | | $ | 56,752,243 | | | |
|
|
Gross unrealized appreciation | | $ | 921,731 | | | |
Gross unrealized depreciation | | | (4,895,330 | ) | | |
|
|
Net unrealized depreciation | | $ | (3,973,599 | ) | | |
|
|
| | | | | | |
| | | | | | |
60
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
| | | | | | |
Michigan Trust | | | | | | |
|
|
Aggregate cost | | $ | 45,269,543 | | | |
|
|
Gross unrealized appreciation | | $ | 1,266,931 | | | |
Gross unrealized depreciation | | | (4,081,233 | ) | | |
|
|
Net unrealized depreciation | | $ | (2,814,302 | ) | | |
|
|
| | | | | | |
| | | | | | |
New Jersey Trust | | | | | | |
|
|
Aggregate cost | | $ | 96,850,783 | | | |
|
|
Gross unrealized appreciation | | $ | 1,599,248 | | | |
Gross unrealized depreciation | | | (8,092,164 | ) | | |
|
|
Net unrealized depreciation | | $ | (6,492,916 | ) | | |
|
|
| | | | | | |
| | | | | | |
New York Trust | | | | | | |
|
|
Aggregate cost | | $ | 104,414,992 | | | |
|
|
Gross unrealized appreciation | | $ | 940,283 | | | |
Gross unrealized depreciation | | | (10,656,029 | ) | | |
|
|
Net unrealized depreciation | | $ | (9,715,746 | ) | | |
|
|
| | | | | | |
| | | | | | |
Ohio Trust | | | | | | |
|
|
Aggregate cost | | $ | 59,806,736 | | | |
|
|
Gross unrealized appreciation | | $ | 1,760,215 | | | |
Gross unrealized depreciation | | | (4,501,660 | ) | | |
|
|
Net unrealized depreciation | | $ | (2,741,445 | ) | | |
|
|
| | | | | | |
| | | | | | |
Pennsylvania Trust | | | | | | |
|
|
Aggregate cost | | $ | 57,951,137 | | | |
|
|
Gross unrealized appreciation | | $ | 1,183,321 | | | |
Gross unrealized depreciation | | | (4,239,968 | ) | | |
|
|
Net unrealized depreciation | | $ | (3,056,647 | ) | | |
|
|
8 Financial Instruments
The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at May 31, 2009 is as follows:
| | | | | | | | | | | | | | | | | | | | |
Futures Contracts |
|
| | | | | | | | | | | | | | Net
| | | |
| | | | | | | | | | | | | | Unrealized
| | | |
| | Expiration
| | | | | | Aggregate
| | | | | | Appreciation
| | | |
Trust | | Date | | Contracts | | Position | | Cost | | | Value | | | (Depreciation) | | | |
|
California | | 9/09 | | 72 U.S. Treasury Bond | | Short | | $ | (8,405,186 | ) | | $ | (8,471,250 | ) | | $ | (66,064 | ) | | |
|
|
Michigan | | 9/09 | | 3 U.S. Treasury Note | | Short | | $ | (352,939 | ) | | $ | (351,000 | ) | | $ | 1,939 | | | |
| | 9/09 | | 5 U.S. Treasury Bond | | Short | | $ | (586,349 | ) | | $ | (588,281 | ) | | $ | (1,932 | ) | | |
|
|
New York | | 9/09 | | 60 U.S. Treasury Bond | | Short | | $ | (7,036,673 | ) | | $ | (7,059,375 | ) | | $ | (22,702 | ) | | |
|
|
Ohio | | 9/09 | | 6 U.S. Treasury Note | | Short | | $ | (705,877 | ) | | $ | (702,000 | ) | | $ | 3,877 | | | |
| | 9/09 | | 10 U.S. Treasury Bond | | Short | | $ | (1,172,699 | ) | | $ | (1,176,562 | ) | | $ | (3,863 | ) | | |
|
|
Pennsylvania | | 9/09 | | 50 U.S. Treasury Bond | | Short | | $ | (5,764,671 | ) | | $ | (5,882,813 | ) | | $ | (118,142 | ) | | |
|
|
| | | | | | | | | | | | | | | | |
Interest Rate Swaps |
California Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | Net Unrealized
| | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Appreciation
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | (Depreciation) | | | |
|
JPMorgan Chase Co. | | $ | 2,125,000 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (250,019 | ) | | |
|
|
Merrill Lynch Capital Services, Inc. | | $ | 3,412,500 | | | 3.394% | | 3-month USD-LIBOR-BBA | | September 24, 2009/ September 24, 2039 | | $ | 401,481 | | | |
|
|
| | | | | | | | | | | | $ | 151,462 | | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Massachusetts Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | Net Unrealized
| | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Appreciation
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | (Depreciation) | | | |
|
JPMorgan Chase Co. | | $ | 787,500 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (92,654 | ) | | |
|
|
Merrill Lynch Capital Services, Inc. | | $ | 1,250,000 | | | 3.394% | | 3-month USD-LIBOR-BBA | | September 24, 2009/ September 24, 2039 | | $ | 147,063 | | | |
|
|
| | | | | | | | | | | | $ | 54,409 | | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
61
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
| | | | | | | | | | | | | | | | |
Michigan Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | | | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Net Unrealized
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | Appreciation | | | |
|
Merrill Lynch Capital Services, Inc. | | $ | 400,000 | | | 3.394% | | 3-month USD-LIBOR-BBA | | September 24, 2009/ September 24, 2039 | | $ | 47,060 | | | |
|
|
| | | | | | | | | | | | $ | 47,060 | | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
New Jersey Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | Net Unrealized
| | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Appreciation
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | (Depreciation) | | | |
|
JPMorgan Chase Co. | | $ | 1,362,500 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (160,307 | ) | | |
|
|
Merrill Lynch Capital Services, Inc. | | $ | 2,187,500 | | | 3.394% | | 3-month USD-LIBOR-BBA | | September 24, 2009/ September 24, 2039 | | $ | 257,360 | | | |
|
|
| | | | | | | | | | | | $ | 97,053 | | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
New York Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | Net Unrealized
| | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Appreciation
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | (Depreciation) | | | |
|
JPMorgan Chase Co. | | $ | 1,600,000 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (188,250 | ) | | |
|
|
Merrill Lynch Capital Services, Inc. | | $ | 5,200,000 | | | 2.721% | | 3-month USD-LIBOR-BBA | | July 15, 2009/ July 15, 2039 | | $ | 1,196,829 | | | |
|
|
| | | | | | | | | | | | $ | 1,008,579 | | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Ohio Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | Net Unrealized
| | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Appreciation
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | (Depreciation) | | | |
|
JPMorgan Chase Co. | | $ | 812,500 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (95,596 | ) | | |
|
|
Merrill Lynch Capital Services, Inc. | | $ | 750,000 | | | 3.394% | | 3-month USD-LIBOR-BBA | | September 24, 2009/ September 24, 2039 | | $ | 88,238 | | | |
|
|
| | | | | | | | | | | | $ | (7,358 | ) | | |
|
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Pennsylvania Trust |
|
| | | | | Annual
| | Floating
| | Effective Date/
| | | | | |
| | Notional
| | | Fixed Rate
| | Rate
| | Termination
| | Net Unrealized
| | | |
Counterparty | | Amount | | | Paid By Trust | | Paid To Trust | | Date | | Depreciation | | | |
|
JPMorgan Chase Co. | | $ | 912,500 | | | 4.743% | | 3-month USD-LIBOR-BBA | | September 14, 2009/ September 14, 2039 | | $ | (107,361 | ) | | |
|
|
| | | | | | | | | | | | $ | (107,361 | ) | | |
|
|
The effective date represents the date on which a Trust and the counterparty to the interest rate swap contract begin interest payment accruals.
At May 31, 2009, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.
The Trusts adopted FASB Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”, effective December 1, 2008. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. The disclosure below includes additional information as a result of implementing FAS 161.
Each Trust is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Trusts may enter into interest rate swap contracts. The Trusts may also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.
The fair values of derivative instruments (not accounted for as hedging instruments under FASB Statement of Financial Accounting Standards No. 133 (FAS 133)) and whose primary underlying risk exposure is interest rate risk at May 31, 2009 were as follows:
| | | | | | | | | | |
Trust | | Asset Derivatives(1) | | | Liability Derivatives(2) | | | |
|
California | | $ | 401,481 | | | $ | (316,083 | ) | | |
Massachusetts | | | 147,063 | | | | (92,654 | ) | | |
Michigan | | | 48,999 | | | | (1,932 | ) | | |
New Jersey | | | 257,360 | | | | (160,307 | ) | | |
New York | | | 1,196,829 | | | | (210,952 | ) | | |
Ohio | | | 92,115 | | | | (99,459 | ) | | |
Pennsylvania | | | — | | | | (225,503 | ) | | |
| | |
(1) | | Statement of Assets and Liabilities location: Receivable for open swap contracts; Net unrealized depreciation. Amount includes cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable. |
|
(2) | | Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized depreciation. Amount includes cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable. |
The effect of derivative instruments (not accounted for as hedging instruments under FAS 133) on the Statement of
62
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2009 was as follows:
| | | | | | | | | | |
| | | | | Change in Unrealized
| | | |
| | Realized Gain (Loss)
| | | Appreciation (Depreciation)
| | | |
| | on Derivatives
| | | on Derivatives Recognized
| | | |
Trust | | Recognized in Income(1) | | | in Income(2) | | | |
|
California | | $ | (3,095,119 | ) | | $ | 4,102,624 | | | |
Massachusetts | | | (1,080,073 | ) | | | 1,395,159 | | | |
Michigan | | | (207,530 | ) | | | 304,084 | | | |
New Jersey | | | (1,898,918 | ) | | | 2,448,221 | | | |
New York | | | (2,192,067 | ) | | | 4,129,347 | | | |
Ohio | | | (725,159 | ) | | | 1,041,805 | | | |
Pennsylvania | | | (2,785 | ) | | | 632,851 | | | |
| | |
(1) | | Statement of Operations location: Net realized gain (loss) - financial futures contracts and swap contracts. |
|
(2) | | Statement of Operations location: Change in unrealized appreciation (depreciation) - financial futures contracts and swap contracts. |
The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended May 31, 2009 were approximately as follows:
| | | | | | | | | | |
| | Futures Contracts –
| | | Interest Rate Swaps –
| | | |
Trust | | Average Notional Amount | | | Average Notional Amount | | | |
|
California | | $ | 8,286,000 | | | $ | 7,129,000 | | | |
Massachusetts | | | — | | | | 2,613,000 | | | |
Michigan | | | 871,000 | | | | 518,000 | | | |
New Jersey | | | — | | | | 4,570,000 | | | |
New York | | | 11,743,000 | | | | 7,625,000 | | | |
Ohio | | | 2,171,000 | | | | 2,063,000 | | | |
Pennsylvania | | | 8,214,000 | | | | 1,309,000 | | | |
9 Fair Value Measurements
FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| | |
| • | Level 1 – quoted prices in active markets for identical investments |
|
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
|
| • | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
| | | | | | | | | | | | |
California Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | (66,064 | ) | | |
Level 2 | | Other Significant Observable Inputs | | | 150,260,152 | | | | 151,462 | | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 150,260,152 | | | $ | 85,398 | | | |
|
|
| | | | | | | | | | | | |
Massachusetts Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | — | | | |
Level 2 | | Other Significant Observable Inputs | | | 56,658,644 | | | | 54,409 | | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 56,658,644 | | | $ | 54,409 | | | |
|
|
| | | | | | | | | | | | |
Michigan Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | 7 | | | |
Level 2 | | Other Significant Observable Inputs | | | 43,580,241 | | | | 47,060 | | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 43,580,241 | | | $ | 47,067 | | | |
|
|
| | | | | | | | | | | | |
New Jersey Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | — | | | |
Level 2 | | Other Significant Observable Inputs | | | 102,529,867 | | | | 97,053 | | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 102,529,867 | | | $ | 97,053 | | | |
|
|
| | | | | | | | | | | | |
New York Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | (22,702 | ) | | |
Level 2 | | Other Significant Observable Inputs | | | 109,849,247 | | | | 1,008,579 | | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 109,849,247 | | | $ | 985,877 | | | |
|
|
63
Eaton Vance Municipal Income Trusts as of May 31, 2009
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
| | | | | | | | | | | | |
Ohio Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | 14 | | | |
Level 2 | | Other Significant Observable Inputs | | | 57,895,291 | | | | (7,358 | ) | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 57,895,291 | | | $ | (7,344 | ) | | |
|
|
| | | | | | | | | | | | |
Pennsylvania Trust |
|
| | | | Investments in
| | | Other Financial
| | | |
| | Valuation Inputs | | Securities | | | Instruments* | | | |
|
Level 1 | | Quoted Prices | | $ | — | | | $ | (118,142 | ) | | |
Level 2 | | Other Significant Observable Inputs | | | 58,929,490 | | | | (107,361 | ) | | |
Level 3 | | Significant Unobservable Inputs | | | — | | | | — | | | |
|
|
Total | | | | $ | 58,929,490 | | | $ | (225,503 | ) | | |
|
|
| | |
* | | Other financial instruments are futures and swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trusts held no investments or other financial instruments as of November 30, 2008 whose fair value was determined using Level 3 inputs.
64
Eaton Vance Municipal Income Trusts
ANNUAL MEETING OF SHAREHOLDERS (Unaudited)
Each Trust held its Annual Meeting of Shareholders on March 27, 2009. The following action was taken by the shareholders of each Trust:
Item 1: The election of Benjamin C. Esty, Ronald A. Pearlman and Lynn A. Stout as Class I Trustees of each Trust for a three-year term expiring in 2012 and Helen Frame Peters as Class III Trustee of each Trust for a term expiring in 2011. Mr. Esty was elected solely by APS shareholders.
| | | | | | | | | | | | | | | | |
| | Nominee for Class I
| | | Nominee for Class I
| | | Nominee for Class I
| | | Nominee for Class III
| |
| | Trustee Elected by
| | | Trustee Elected by
| | | Trustee Elected by
| | | Trustee Elected by
| |
| | APS Shareholders:
| | | All Shareholders:
| | | All Shareholders:
| | | All Shareholders:
| |
Trust | | Benjamin C. Esty | | | Ronald A. Pearlman | | | Lynn A. Stout | | | Helen Frame Peters | |
| |
|
California | | | | | | | | | | | | | | | | |
For | | | 1,140 | | | | 6,644,191 | | | | 6,665,936 | | | | 6,659,062 | |
Withheld | | | 53 | | | | 262,806 | | | | 241,061 | | | | 247,935 | |
Massachusetts | | | | | | | | | | | | | | | | |
For | | | 499 | | | | 2,513,602 | | | | 2,517,716 | | | | 2,506,072 | |
Withheld | | | 0 | | | | 106,218 | | | | 102,104 | | | | 113,748 | |
Michigan | | | | | | | | | | | | | | | | |
For | | | 496 | | | | 1,943,076 | | | | 1,948,153 | | | | 1,948,153 | |
Withheld | | | 0 | | | | 107,136 | | | | 102,059 | | | | 102,059 | |
New Jersey | | | | | | | | | | | | | | | | |
For | | | 748 | | | | 4,198,722 | | | | 4,201,788 | | | | 4,197,963 | |
Withheld | | | 0 | | | | 236,213 | | | | 233,147 | | | | 236,972 | |
New York | | | | | | | | | | | | | | | | |
For | | | 826 | | | | 4,919,619 | | | | 4,834,788 | | | | 4,881,350 | |
Withheld | | | 0 | | | | 211,977 | | | | 296,808 | | | | 250,246 | |
Ohio | | | | | | | | | | | | | | | | |
For | | | 801 | | | | 2,506,820 | | | | 2,508,581 | | | | 2,497,788 | |
Withheld | | | 0 | | | | 209,668 | | | | 207,907 | | | | 218,700 | |
Pennsylvania | | | | | | | | | | | | | | | | |
For | | | 535 | | | | 2,537,691 | | | | 2,539,323 | | | | 2,534,925 | |
Withheld | | | 0 | | | | 77,995 | | | | 76,363 | | | | 80,761 | |
65
Eaton Vance Municipal Income Trusts
DIVIDEND REINVESTMENT PLAN
Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with each Trust’s transfer agent, American Stock Transfer & Trust Company, or you will not be able to participate.
The Plan Agent’s service fee for handling distributions will be paid by each Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer & Trust Company, at 1-866-439-6787.
66
Eaton Vance Municipal Income Trusts
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Municipal Income Trusts
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Number of Employees
Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees.
Number of Shareholders
As of May 31, 2009, our records indicate that there are 97, 82, 56, 110, 93, 83 and 101 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,739, 1,163, 1,105, 1,960, 2,333, 1,413 and 1,376 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.
If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
| | |
NYSE Amex symbols |
California Municipal Income Trust | | CEV |
Massachusetts Municipal Income Trust | | MMV |
Michigan Municipal Income Trust | | EMI |
New Jersey Municipal Income Trust | | EVJ |
New York Municipal Income Trust | | EVY |
Ohio Municipal Income Trust | | EVO |
Pennsylvania Municipal Income Trust | | EVP |
67
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2009. Such information included, among other things, the following:
Information about Fees, Performance and Expenses
| | |
| • | An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
| • | An independent report comparing each fund’s total expense ratio and its components to comparable funds; |
| • | An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
| • | Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices; |
| • | Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund; |
| • | Profitability analyses for each adviser with respect to each fund; |
Information about Portfolio Management
| | |
| • | Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; |
| • | Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds; |
| • | Data relating to portfolio turnover rates of each fund; |
| • | The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; |
Information about each Adviser
| | |
| • | Reports detailing the financial results and condition of each adviser; |
| • | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
| • | Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; |
| • | Copies of or descriptions of each adviser’s proxy voting policies and procedures; |
| • | Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; |
| • | Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; |
Other Relevant Information
| | |
| • | Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; |
| • | Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and |
| • | The terms of each advisory agreement. |
68
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:
| | |
| • | Eaton Vance California Municipal Income Trust |
| • | Eaton Vance Massachusetts Municipal Income Trust |
| • | Eaton Vance Michigan Municipal Income Trust |
| • | Eaton Vance National Municipal Income Trust (formerly, Eaton Vance Florida Plus Municipal Income Trust) |
| • | Eaton Vance New Jersey Municipal Income Trust |
| • | Eaton Vance New York Municipal Income Trust |
| • | Eaton Vance Ohio Municipal Income Trust |
| • | Eaton Vance Pennsylvania Municipal Income Trust |
(the “Funds”), each with Eaton Vance Management (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.
The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel with respect to certain Funds. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.
The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio
69
Eaton Vance Municipal Income Trusts
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D
holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.
The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Funds and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls. In addition, the Board considered the Adviser’s actions with respect to the Auction Preferred Shares (“APS”) issued by the Funds, including the Adviser’s efforts to seek alternative forms of debt and other leverage that may over time reduce financing costs associated with APS and enable the Funds to restore liquidity for APS holders.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.
Fund Performance
The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2008 for each Fund in operation over such periods. The Board considered the impact of extraordinary market conditions during 2008 on each Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that, under the circumstances, the performance of each Fund was satisfactory.
Management Fees and Expenses
The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to collectively as “management fees”). The Board considered the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering. As part of its review, the Board considered each Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Funds.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Funds are not continuously offered and concluded that, in light of the level of the Adviser’s profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund.
70
Eaton Vance Municipal Income Trusts
OFFICERS AND TRUSTEES
| | |
Officers Cynthia J. Clemson President of CEV, EMI, EVY, EVO and EVP; Vice President of MMV and EVJ
Robert B. MacIntosh President of MMV and EVJ; Vice President of CEV, EMI, EVY, EVO and EVP
William H. Ahern, Jr. Vice President of EMI and EVO
Craig R. Brandon Vice President of EVY
Thomas M. Metzold Vice President of EVP
Adam A. Weigold Vice President of EVP
Barbara E. Campbell Treasurer
Maureen A. Gemma Secretary and Chief Legal Officer
Paul M. O’Neil Chief Compliance Officer | | Trustees Ralph F. Verni Chairman
Benjamin C. Esty
Thomas E. Faust Jr.
Allen R. Freedman
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Heidi L. Steiger
Lynn A. Stout |
| | |
NYSE Amex symbols |
California Municipal Income Trust | | CEV |
Massachusetts Municipal Income Trust | | MMV |
Michigan Municipal Income Trust | | EMI |
New Jersey Municipal Income Trust | | EVJ |
New York Municipal Income Trust | | EVY |
Ohio Municipal Income Trust | | EVO |
Pennsylvania Municipal Income Trust | | EVP |
71
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Investment Adviser and Administrator of
Eaton Vance Municipal Income Trusts
Eaton Vance Management
Two International Place
Boston, MA 02110
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Eaton Vance Municipal Income TrustsTwo International Place
Boston, MA 02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from
exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
| | |
(a)(1) | | Registrant’s Code of Ethics – Not applicable (please see Item 2). |
| | |
(a)(2)(i) | | Treasurer’s Section 302 certification. |
| | |
(a)(2)(ii) | | President’s Section 302 certification. |
| | |
(b) | | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Pennsylvania Municipal Income Trust
| | | | |
| | |
| By: | /s/ Cynthia J. Clemson | |
| | Cynthia J. Clemson | |
| | President | |
|
Date: July 13, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | |
| By: | /s/ Barbara E. Campbell | |
| | Barbara E. Campbell | |
| | Treasurer | |
|
Date: July 13, 2009
| | | | |
| | |
| By: | /s/ Cynthia J. Clemson | |
| | Cynthia J. Clemson | |
| | President | |
|
Date: July 13, 2009