Eaton Vance Municipal Income Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-09141

Investment Company Act File Number

Eaton Vance 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, Including Area Code)

November 30

Date of Fiscal Year End

August 31, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

August 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 185.5%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.1%

      

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

    $ 252       $ 222,766   
     

 

 

  
   $ 222,766   
     

 

 

  

Education — 14.4%

      

California Educational Facilities Authority, (Stanford University), 5.00%, 5/1/45(2)(3)

    $ 10,000       $ 13,345,600   

Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59

      5,580         6,933,652   

Massachusetts Health and Educational Facilities Authority, (Harvard University),
5.00%, 10/1/38(2)

      2,490         2,784,716   

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

      3,100         3,558,707   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39(2)

      10,500         11,958,870   

New York Dormitory Authority, (The New School), 5.75%, 7/1/50

      4,000         4,560,840   
     

 

 

  
   $     43,142,385   
     

 

 

  

Electric Utilities — 4.6%

      

Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.),
4.50%, 3/1/30

    $ 1,685       $ 1,765,880   

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39

      2,540         2,957,424   

Indiana Financing Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39

      1,000         1,144,720   

South Carolina Public Service Authority, 5.50%, 12/1/54

      7,000         7,922,390   
     

 

 

  
   $ 13,790,414   
     

 

 

  

Escrowed/Prerefunded — 1.6%

      

Phoenix, AZ, Industrial Development Authority, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19

    $ 4,630       $ 4,700,469   
     

 

 

  
   $ 4,700,469   
     

 

 

  

General Obligations — 15.5%

      

California, 5.00%, 12/1/43

    $ 6,090       $ 6,881,091   

California, (AMT), 5.05%, 12/1/36

      460         463,786   

Chicago Park District, IL, 5.00%, 1/1/26

      1,000         1,164,020   

Frisco, TX, Independent School District, (PSF Guaranteed), 5.00%, 8/15/37(2)

      9,000         10,538,370   

Illinois, 5.00%, 5/1/33

      5,000         5,300,700   

Illinois, 5.25%, 7/1/30

      935         1,016,532   

Illinois, 5.25%, 7/1/31

      130         140,733   

Klein, TX, Independent School District, (PSF Guaranteed), 5.00%, 2/1/36(2)

      3,250         3,699,280   

Leander, TX, Independent School District, 0.00%, 8/15/39

      31,930         10,087,325   

New York, 5.00%, 2/15/34(2)

      2,500         2,872,825   

Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(2)

      2,340         2,625,152   

Santa Clara County, CA, (Election of 2008), 3.375%, 8/1/37

      1,570         1,537,815   
     

 

 

  
   $ 46,327,629   
     

 

 

  

Health Care – Miscellaneous — 0.1%

  

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(4)

    $ 98       $ 98,502   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.25%, 12/1/36(4)

      260         260,086   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.20%, 12/1/36(4)

      99         98,743   
     

 

 

  
   $ 457,331   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 24.6%

      

California Health Facilities Financing Authority, (Providence Health System),
5.50%, 10/1/39(2)(3)

    $ 10,000       $ 11,609,100   

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

      440         487,137   

California Health Facilities Financing Authority, (Sutter Health Obligation Group),
5.00%, 8/15/52(2)(3)

      10,000         10,979,700   

California Statewide Communities Development Authority, (John Muir Health),
5.00%, 8/15/34

      3,255         3,456,517   

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

      1,335         1,473,052   

Hawaii Pacific Health Special Purpose Revenue, 5.50%, 7/1/40

      1,870         2,037,010   

Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34

      3,280         4,091,734   

Massachusetts Development Finance Agency, (Childrens Hospital), 5.00%, 10/1/46(2)(3)

      10,000         11,342,800   

Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36

      1,535         1,820,157   

Monroe County, PA, Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43

      2,715         2,788,088   

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

      1,465         1,558,482   

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

      2,930         3,090,359   

North Carolina Medical Care Commission, (North Carolina Baptist Hospital),
5.25%, 6/1/29(2)(3)

      11,400         12,739,728   

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

      1,675         1,686,775   

South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39

      1,570         1,735,384   

St. Paul, MN, Housing and Redevelopment Authority, (HealthPartners Obligated Group),
5.25%, 5/15/36

      1,500         1,553,355   

West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38

      1,000         1,125,830   
     

 

 

  
   $ 73,575,208   
     

 

 

  

Housing — 4.8%

      

Centerline Equity Issuer Trust, TN, 6.00%, 10/31/52(4)

    $ 4,000       $ 4,647,960   

Oregon Health Authority, (Trillium Affordable Housing), Series A, (AMT),
6.75%, 2/15/29

      2,890         2,891,763   

Texas Student Housing Corp., (University of Northern Texas), 6.75%, 7/1/16

      1,465         1,435,715   

Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31

      180         147,472   

Virginia Housing Development Authority, 3.625%, 1/1/31

      5,000         5,162,900   
     

 

 

  
   $     14,285,810   
     

 

 

  

Industrial Development Revenue — 5.2%

      

Clayton County, GA, Development Authority, (Delta Airlines, Inc.), 8.75%, 6/1/29

    $ 400       $ 500,752   

Clayton County, GA, Development Authority, (Delta Airlines, Inc.), (AMT),
9.00%, 6/1/35

      2,205         2,305,658   

Denver City and County, CO, (United Airlines), (AMT), 5.75%, 10/1/32

      1,370         1,424,814   

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

      1,600         1,787,712   

Maine Finance Authority, Solid Waste Disposal, (Casella Waste Systems, Inc.), (AMT),
6.25% to 2/1/17 (Put Date), 1/1/25

      1,660         1,698,080   

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

      4,680         4,897,714   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
Series 2000 A, 5.625%, 11/15/30

      1,005         1,089,862   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
Series 2000 B, 5.625%, 11/15/30

      1,715         1,852,835   
     

 

 

  
   $ 15,557,427   
     

 

 

  

Insured – Electric Utilities — 0.7%

  

Puerto Rico Electric Power Authority, (AGM), 0.677%, 7/1/29(5)

    $ 3,000       $ 2,159,430   
     

 

 

  
   $ 2,159,430   
     

 

 

  

Insured – General Obligations — 1.0%

      

Arcadia, CA, Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/38

    $ 10,000       $ 3,119,800   
     

 

 

  
   $ 3,119,800   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured – Hospital — 6.6%

      

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(2)

    $ 3,250       $ 3,447,112   

Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC),
5.625%, 8/15/37

      2,625         3,007,673   

Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2)

      2,500         2,537,400   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System),
Series I, (AGC), 5.00%, 7/1/38(2)

      9,615         10,181,611   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System),
Series V, (AGC), 5.00%, 7/1/38(2)

      700         741,251   
     

 

 

  
   $ 19,915,047   
     

 

 

  

Insured – Housing — 0.4%

      

Broward County, FL, Housing Finance Authority, MFMR, (Venice Homes Apartments), (AGM), (AMT), 5.70%, 1/1/32

    $ 1,100       $ 1,105,291   
     

 

 

  
   $ 1,105,291   
     

 

 

  

Insured – Lease Revenue/Certificates of Participation — 1.1%

      

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

    $ 3,000       $ 3,344,340   
     

 

 

  
   $ 3,344,340   
     

 

 

  

Insured – Other Revenue — 3.8%

      

Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/34

    $ 4,210       $ 1,498,549   

New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC),
0.00%, 3/1/36

      7,090         2,904,773   

New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC),
0.00%, 3/1/37

      8,500         3,326,390   

New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC),
7.00%, 3/1/49

      3,050         3,722,403   
     

 

 

  
   $ 11,452,115   
     

 

 

  

Insured – Special Tax Revenue — 10.9%

      

Metropolitan Pier and Exposition Authority, IL, (AGM), (NPFG), 0.00%, 12/15/38

    $ 46,000       $ 14,880,080   

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37

      34,950         11,748,093   

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43

      29,510         4,575,230   

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

      10,510         1,436,717   
     

 

 

  
   $     32,640,120   
     

 

 

  

Insured – Student Loan — 2.8%

      

Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27

    $ 2,170       $ 2,430,725   

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

      465         492,142   

Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33

      3,235         3,298,018   

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

      1,930         2,112,057   
     

 

 

  
   $ 8,332,942   
     

 

 

  

Insured – Transportation — 17.4%

  

Alameda Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33

    $ 12,425       $ 5,413,572   

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43

      935         1,040,225   

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39

      3,850         4,308,728   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40(6)

      5,500         3,576,100   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.625%, 1/1/32(6)

      1,000         650,200   

Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41

      1,990         2,181,279   

North Carolina Turnpike Authority, (AGC), 0.00%, 1/1/34

      15,000         6,907,800   

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

      9,820         9,215,481   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31

    $ 2,370       $ 2,395,809   

San Joaquin Hills, CA, Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32

      10,555         4,174,291   

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

      2,425         2,530,779   

San Jose, CA, Airport, (AMBAC), (AMT), 5.50%, 3/1/32

      8,805         9,608,808   
     

 

 

  
   $     52,003,072   
     

 

 

  

Insured – Water and Sewer — 15.9%

      

Austin, TX, Water and Wastewater, (AGM), (BHAC), 5.00%, 11/15/33(2)

    $ 3,750       $ 4,048,500   

DeKalb, GA, Water and Sewer, (AGM), 5.00%, 10/1/35(2)(3)

      17,985         20,711,346   

Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/32

      1,690         1,692,772   

Detroit, MI, Sewage Disposal System, (AGM), 7.50%, 7/1/33

      5,160         6,145,766   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/34

      6,000         1,902,540   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/35

      6,680         1,973,673   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/36

      7,000         1,927,310   

Jefferson County, AL, Sewer Revenue, (AGM), 5.00%, 10/1/44

      3,750         4,008,487   

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

      3,640         3,454,870   

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.125%, 7/1/47

      2,000         1,827,200   
     

 

 

  
   $ 47,692,464   
     

 

 

  

Lease Revenue/Certificates of Participation — 3.2%

      

Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47

    $ 2,135       $ 2,465,199   

Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC),
8.00%, 5/1/25

      4,400         5,077,644   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

      1,735         1,988,987   
     

 

 

  
   $ 9,531,830   
     

 

 

  

Other Revenue — 4.6%

      

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30

    $ 785       $ 879,388   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40

      880         996,266   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.375%, 7/15/43

      800         906,872   

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)

      1,925         1,161,430   

Mohegan Tribe of Indians Gaming Authority, CT, (Public Improvements),
6.25%, 1/1/21(4)

      1,500         1,502,520   

New Mexico Municipal Energy Acquisition Authority,
0.854%, Variable to 8/1/19 (Put Date), 11/1/39(5)

      1,000         997,130   

Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18

      215         207,737   

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37

      5,000         5,710,900   

White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(4)

      1,290         1,310,240   
     

 

 

  
   $ 13,672,483   
     

 

 

  

Senior Living/Life Care — 5.1%

  

Cliff House Trust, (AMT), 6.625%, 6/1/27(7)

    $ 3,210       $ 1,233,025   

Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group),
5.50%, 1/1/30

      535         594,647   

Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group),
5.625%, 1/1/40

      1,075         1,183,661   

Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(6)

      3,109         761,591   

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton),
7.25%, 6/1/39

      740         824,027   

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton),
7.50%, 6/1/49

      3,525         3,958,681   

Savannah, GA, Economic Development Authority, (Marshes Skidaway), 7.125%, 1/1/38

      4,960         5,232,453   

Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe),
6.00%, 12/1/32

      335         357,033   

Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe),
6.25%, 12/1/42

      985         1,049,813   
     

 

 

  
   $     15,194,931   
     

 

 

  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Special Tax Revenue — 7.9%

      

Covington Park Community Development District, (Capital Improvements), FL,
5.00%, 5/1/31

    $ 500       $ 503,390   

Dupree Lakes Community Development District, FL, 5.375%, 5/1/37

      315         294,443   

Dupree Lakes Community Development District, FL, 6.83%, 11/1/15

      25         25,143   

Heritage Harbor South Community Development District, FL, (Capital
Improvements), 6.20%, 5/1/35

      260         263,247   

New River Community Development District, (Capital Improvements), FL,
5.00%, 5/1/13(7)

      90         0   

New River Community Development District, (Capital Improvements), FL,
5.35%, 5/1/38(7)

      35         0   

New River Community Development District, (Capital Improvements), FL,
Series 2010A-1, 5.75%, 5/1/38

      65         65,100   

New River Community Development District, (Capital Improvements), FL,
Series 2010A-2, 5.75%, (0.00% until 11/1/14), 5/1/38

      165         116,609   

New River Community Development District, (Capital Improvements), FL,
Series 2010B-1, 5.00%, 5/1/15

      80         79,385   

New River Community Development District, (Capital Improvements), FL,
Series 2010B-2, 5.00%, 5/1/18

      130         92,830   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35

      1,500         1,754,115   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(2)(3)

      5,000         5,847,050   

Southern Hills Plantation I, Community Development District, FL, Series A1,
5.80%, 5/1/35

      268         258,116   

Southern Hills Plantation I, Community Development District, FL, Series A2,
5.80%, 5/1/35

      195         155,593   

Sterling Hill Community Development District, FL, 6.20%, 5/1/35

      600         464,214   

Texas Transportation Commission, 5.00%, 4/1/33(2)(3)

      10,000         11,843,300   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

      1,780         2,047,552   
     

 

 

  
   $ 23,810,087   
     

 

 

  

Transportation — 29.0%

      

Augusta, GA, (AMT), 5.35%, 1/1/28

    $ 1,000       $ 1,003,430   

Central Texas Regional Mobility Authority, 5.75%, 1/1/31

      435         492,564   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30

      1,030         1,206,923   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31

      1,735         2,022,455   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT),
5.00%, 11/1/38

      3,200         3,388,576   

Grand Parkway Transportation Corp., TX, 5.25%, 10/1/51

      7,080         7,911,546   

Los Angeles Department of Airports, CA, (Los Angeles International Airport),
(AMT), 5.375%, 5/15/33

      1,000         1,119,230   

Memphis-Shelby County, TN, Airport Authority, (AMT), 5.75%, 7/1/24

      400         463,840   

Metropolitan Washington, D.C., Airports Authority, 5.00%, 10/1/53

      1,715         1,801,453   

Miami-Dade County, FL, (Miami International Airport), 5.50%, 10/1/36

      3,715         4,256,796   

New York Liberty Development Corp., (1 World Trade Center Port Authority
Construction), 5.00%, 12/15/41(2)

      7,880         8,858,617   

North Texas Tollway Authority, 5.75%, 1/1/38

      1,515         1,688,983   

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

      3,910         4,201,217   

Pennsylvania Turnpike Commission, 5.375%, (0.00% until 12/1/17), 12/1/38

      2,500         2,639,425   

Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/26

      505         559,757   

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

      5,370         5,901,898   

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33

      10         10,270   

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(2)

      7,200         7,394,400   

Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(2)

      8,500         9,006,685   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)

      7,290         8,215,247   

Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34

      1,885         2,290,331   

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39

    $     1,725       $ 2,043,090   

Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(2)(3)

      9,300         10,383,729   
     

 

 

  
   $ 86,860,462   
     

 

 

  

Water and Sewer — 4.2%

      

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32

    $ 1,330       $ 1,389,970   

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39

      1,860         1,973,237   

Detroit, MI, Water Supply System, 5.25%, 7/1/41(8)

      4,730         4,980,643   

Michigan Finance Authority, (Local Government Loan Program), 5.00%, 7/1/34(9)

      4,130         4,327,620   
     

 

 

  
   $ 12,671,470   
     

 

 

  

Total Tax-Exempt Municipal Securities — 185.5%
(identified cost $505,558,765)

       $     555,565,323   
     

 

 

  

Taxable Municipal Securities — 1.5%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Insured – Transportation — 0.2%

      

Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/32

    $ 1,285       $ 400,483   

Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/33

      1,000         290,590   
     

 

 

  
   $ 691,073   
     

 

 

  

Special Tax Revenue — 1.3%

      

Puerto Rico Sales Tax Financing Corp., 6.05%, 8/1/37

    $ 5,000       $ 3,790,500   
     

 

 

  
   $ 3,790,500   
     

 

 

  

Total Taxable Municipal Securities — 1.5%
(identified cost $4,173,426)

       $ 4,481,573   
     

 

 

  

Corporate Bonds & Notes — 0.0%(10)

  

Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 0.0%(10)

      

Las Vegas Monorail Co., Jr. Subordinated Notes, 3.00% to 12/31/15, 5.50%, 7/15/55(1)(6)(11)

    $ 39       $ 5,223   

Las Vegas Monorail Co., Sr. Secured Notes, 5.50%, 7/15/19(1)(11)

      143         25,718   
     

 

 

  

Total Corporate Bonds & Notes — 0.0%(10)
(identified cost $12,710)

       $ 30,941   
     

 

 

  

Total Investments — 187.0%
(identified cost $509,744,901)

       $ 560,077,837   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (40.1)%

       $ (120,151,199 ) 
     

 

 

  

Other Assets, Less Liabilities — (46.9)%

       $ (140,362,061 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 299,564,577   
     

 

 

  

 

6

 

 

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

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -
   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC

   -   Berkshire Hathaway Assurance Corp.

CIFG

   -   CIFG Assurance North America, Inc.

MFMR

   -   Multi-Family Mortgage Revenue

NPFG

   -   National Public Finance Guaranty Corp.

PSF

   -   Permanent School Fund

The Trust invests primarily in debt securities issued by 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 August 31, 2014, 32.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.2% to 14.8% of total investments.

At August 31, 2014, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

New York

      17.1 % 

California

      14.1 % 

Texas

      12.0 % 

Others, representing less than 10% individually

      56.8 % 

 

(1) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

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

 

(3) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $39,487,353.

 

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At August 31, 2014, the aggregate value of these securities is $7,918,051 or 2.6% of the Trust’s net assets applicable to common shares.

 

(5) Variable rate security. The stated interest rate represents the rate in effect at August 31, 2014.

 

(6) Security is in default and making only partial interest payments.

 

(7) Defaulted bond.

 

(8) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

(9) When-issued security.

 

(10) Amount is less than 0.05%.

 

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

The Trust did not have any open financial instruments at August 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     370,315,850   
  

 

 

  

Gross unrealized appreciation

    $ 58,288,163   

Gross unrealized depreciation

      (7,806,176 ) 
  

 

 

  

Net unrealized appreciation

    $     50,481,987   
  

 

 

  

 

7

 

 

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•  

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At August 31, 2014, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3*      Total  

Tax-Exempt Municipal Securities

    $ —       $ 555,565,323       $ —       $     555,565,323   

Taxable Municipal Securities

      —         4,481,573         —         4,481,573   

Corporate Bonds & Notes

      —         —         30,941         30,941   

Total Investments

    $ —       $     560,046,896       $     30,941       $     560,077,837   

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended August 31, 2014 is not presented.

At August 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

8

 

 

Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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 Municipal Income Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   October 27, 2014

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   October 27, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 27, 2014