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

February 28, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

February 28, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 183.1%

 

                                                 
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       $ 229,242   
     

 

 

  
      $ 229,242   
     

 

 

  

Education — 8.4%

      

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

    $ 5,580       $ 7,056,189   

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

      2,490         2,759,343   

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

      10,500         12,056,625   

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

      4,000         4,610,760   
     

 

 

  
      $ 26,482,917   
     

 

 

  

Electric Utilities — 4.5%

      

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

    $ 1,685       $ 1,816,110   

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

      2,540         2,952,852   

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

      1,000         1,170,760   

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

      7,000         8,141,000   
     

 

 

  
      $ 14,080,722   
     

 

 

  

General Obligations — 18.7%

      

California, 5.00%, 12/1/43

    $ 6,090       $ 6,991,686   

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

      460         463,372   

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

      9,000         10,440,000   

Illinois, 5.00%, 5/1/33

      5,000         5,368,750   

Illinois, 5.25%, 7/1/30

      935         1,024,124   

Illinois, 5.25%, 7/1/31

      130         142,100   

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

      3,250         3,675,880   

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

      20,000         6,963,600   

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

      2,500         2,880,175   

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

      2,340         2,649,488   

Tomball Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28(3)

      3,000         3,646,950   

Washington, 5.00%, 7/1/31

      5,000         5,940,550   

Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/36(3)

      5,500         2,383,315   

Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/37(3)

      5,000         2,054,850   

Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/38(3)

      5,000         1,971,500   

Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/39(3)

      6,035         2,276,945   
     

 

 

  
      $ 58,873,285   
     

 

 

  

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)

    $ 95       $ 95,513   

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

      252         256,157   

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

      96       $ 95,703   
     

 

 

  
      $ 447,373   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 23.7%

      

California Health Facilities Financing Authority, (Providence Health System),
5.50%, 10/1/39(2)(5)

    $ 10,000       $ 11,628,000   

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

      440         500,689   

California Health Facilities Financing Authority, (Sutter Health Obligation Group),
5.00%, 8/15/52(2)(5)

      10,000         11,341,500   

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

      3,255         3,439,591   

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

      1,335         1,539,736   

Hawaii Department of Budget and Finance, (Hawaii Pacific Co.), 5.50%, 7/1/40

      1,870         2,116,952   

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

      3,280         4,088,389   

Massachusetts Development Finance Agency, (Childrens Hospital), 5.00%, 10/1/46(2)(5)

      10,000         11,333,600   

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

      1,535         1,825,545   

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

      2,715         2,831,175   

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

      1,465         1,624,128   

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

      2,930         3,228,274   

North Carolina Medical Care Commission, (North Carolina Baptist Hospital),
5.25%, 6/1/29(2)(5)

      11,400         12,984,258   

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

      1,675         1,725,736   

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

      1,570         1,763,565   

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

      1,500         1,569,870   

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

      1,000         1,142,310   
     

 

 

  
      $ 74,683,318   
     

 

 

  

Housing — 3.6%

      

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

    $ 4,000       $ 4,590,240   

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

      1,465         1,453,968   

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

      180         157,358   

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

      5,000         5,024,650   
     

 

 

  
      $ 11,226,216   
     

 

 

  

Industrial Development Revenue — 5.1%

      

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

    $ 400       $ 504,684   

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

      2,205         2,241,581   

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

      1,370         1,466,859   

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

      1,600         1,790,480   

Maine Finance Authority, Solid Waste Disposal, (Casella Waste Systems, Inc.), (AMT), 6.25% to 2/1/17 (Put Date), 1/1/25(4)

      1,660         1,708,671   

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

      4,680         5,127,923   

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

      1,005         1,145,348   

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

      1,715         1,944,673   
     

 

 

  
      $ 15,930,219   
     

 

 

  

Insured-Electric Utilities — 0.7%

      

Puerto Rico Electric Power Authority, (AGM), 0.691%, 7/1/29(6)

    $ 3,000       $ 2,259,690   
     

 

 

  
      $ 2,259,690   
     

 

 

  

Insured-General Obligations — 1.0%

      

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

    $ 10,000       $ 3,282,600   
     

 

 

  
      $ 3,282,600   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Hospital — 6.4%

      

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

    $ 3,250       $ 3,506,815   

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

      2,625         3,015,443   

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

      2,500         2,543,750   

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

      9,615         10,352,467   

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

      700         753,690   
     

 

 

  
      $ 20,172,165   
     

 

 

  

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       $ 3,331,230   
     

 

 

  
      $ 3,331,230   
     

 

 

  

Insured-Other Revenue — 0.6%

      

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

    $ 4,210       $ 1,715,912   
     

 

 

  
      $ 1,715,912   
     

 

 

  

Insured-Special Tax Revenue — 6.2%

      

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

    $ 34,950       $ 13,504,680   

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

      29,510         4,501,456   

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

      10,510         1,404,556   
     

 

 

  
      $ 19,410,692   
     

 

 

  

Insured-Student Loan — 2.4%

      

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

    $ 2,015       $ 2,259,379   

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

      435         459,490   

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

      2,915         2,968,053   

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

      1,810         1,965,588   
     

 

 

  
      $ 7,652,510   
     

 

 

  

Insured-Transportation — 14.6%

      

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

    $ 12,425       $ 5,933,062   

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

      935         1,072,623   

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

      3,850         4,365,823   

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

      1,990         2,195,905   

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

      15,000         7,468,500   

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

      9,820         10,302,358   

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

      2,370         2,571,711   

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

      2,425         2,600,061   

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

      8,805         9,518,557   
     

 

 

  
      $ 46,028,600   
     

 

 

  

Insured-Water and Sewer — 11.8%

      

DeKalb, GA, Water and Sewer, (AGM), 5.00%, 10/1/35(2)(5)

    $ 17,985       $ 20,948,029   

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

      6,000         2,056,440   

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

      6,680         2,145,015   

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

      7,000         2,105,950   

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

      3,750         4,114,013   

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

      3,640         3,678,256   

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

      2,000         2,001,620   
     

 

 

  
      $ 37,049,323   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Lease Revenue/Certificates of Participation — 3.1%

      

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

    $ 2,135       $ 2,485,461   

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

      4,400         5,190,240   

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

      1,735         1,996,152   
     

 

 

  
      $ 9,671,853   
     

 

 

  

Other Revenue — 6.1%

      

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

    $ 785       $ 924,769   

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

      880         1,045,484   

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

      800         953,008   

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)

      1,925         482,097   

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

      1,500         1,500,150   

New Mexico Municipal Energy Acquisition Authority,
0.865%, variable to 8/1/19 (Put Date), 11/1/39(6)

      1,000         1,004,700   

New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(4)

      5,600         5,908,280   

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

      215         210,150   

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

      5,000         5,783,150   

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

      1,225         1,250,676   
     

 

 

  
      $ 19,062,464   
     

 

 

  

Senior Living/Life Care — 6.4%

      

Cliff House Trust, (AMT), 6.625%, 6/1/27(9)

    $ 3,210       $ 1,227,761   

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

      535         597,039   

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

      1,075         1,195,927   

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

      3,109         761,373   

Multnomah County, OR, Hospital Facilities Authority, (Mirabella at South Waterfront), 5.40%, 10/1/44

      1,480         1,606,096   

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

      740         842,815   

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

      3,650         4,185,455   

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

      4,960         5,761,387   

Tarrant County, TX, Cultural Education Facilities Finance Corp., (Trinity Terrace),
5.00%, 10/1/49

      2,500         2,636,425   

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

      335         365,619   

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

      985         1,078,437   
     

 

 

  
      $ 20,258,334   
     

 

 

  

Special Tax Revenue — 15.9%

      

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

    $ 500       $ 501,265   

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

      315         301,795   

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

      260         261,490   

New River Community Development District, FL, (Capital Improvements),
5.00%, 5/1/13(9)

      90         0   

New River Community Development District, FL, (Capital Improvements),
5.35%, 5/1/38(9)

      35         0   

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

      65         65,209   

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 165       $ 159,395   

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

      75         74,858   

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

      130         125,034   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34(2)(5)

      10,000         11,709,900   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/39(2)(5)

      12,400         14,318,528   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(5)

      1,500         1,801,800   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(2)(5)

      5,000         6,006,000   

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

      268         264,033   

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

      195         174,724   

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

      600         469,260   

Texas Transportation Commission, 5.00%, 4/1/33(2)(5)

      10,000         11,799,300   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37(7)

      1,780         2,043,013   
     

 

 

  
      $ 50,075,604   
     

 

 

  

Transportation — 35.3%

      

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

    $ 435       $ 504,739   

Chicago, IL, Midway International Airport, (AMT), 5.00%, 1/1/41

      9,200         10,051,184   

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

      1,030         1,211,888   

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

      1,735         2,037,029   

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

      3,200         3,469,088   

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

      1,000         1,114,610   

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

      400         463,128   

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

      1,715         1,826,286   

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

      3,715         4,286,070   

New Jersey Transportation Trust Fund Authority, (Transportation Program),
1.22%, variable 12/15/21 (Put Date), 6/15/34(6)

      7,250         7,254,495   

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

      7,880         8,946,322   

Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport),
(AMT), 5.00%, 4/1/24

      2,000         2,311,540   

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

      1,515         1,677,938   

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

      3,910         4,244,110   

Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17), 12/1/38

      2,500         2,707,750   

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

      5,370         5,976,810   

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

      10         10,393   

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

      7,200         7,483,176   

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

      8,500         9,051,650   

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

      7,290         8,162,467   

San Joaquin Hills, CA, Transportation Corridor Agency, 5.00%, 1/15/50

      12,500         13,490,500   

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

      1,885         2,291,349   

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

      1,725         2,054,906   

Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(2)(5)

      9,300         10,284,870   
     

 

 

  
      $ 110,912,298   
     

 

 

  

Water and Sewer — 7.3%

      

Atlanta, GA, Water and Wastewater, 5.00%, 11/1/40(2)

    $ 10,000       $ 11,440,500   

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

      1,860         2,002,922   

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 4,730       $ 5,047,241   

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34

      4,130         4,486,089   
     

 

 

  
      $ 22,976,752   
     

 

 

  

Total Tax-Exempt Municipal Securities — 183.1%
(identified cost $527,222,539)

       $ 575,813,319   
     

 

 

  

Taxable Municipal Securities — 3.3%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 2.0%

      

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

    $ 6,000       $ 6,351,480   
     

 

 

  
      $ 6,351,480   
     

 

 

  

Insured-Transportation — 0.2%

      

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

    $ 1,285       $ 455,211   

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

      1,000         330,960   
     

 

 

  
      $ 786,171   
     

 

 

  

Special Tax Revenue — 1.1%

      

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

    $ 5,000       $ 3,337,400   
     

 

 

  
      $ 3,337,400   
     

 

 

  

Total Taxable Municipal Securities — 3.3%
(identified cost $10,355,526)

       $ 10,475,051   
     

 

 

  

Corporate Bonds & Notes — 0.7%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 0.7%

      

Partners Healthcare System Co., 4.117%, 7/1/55

    $ 2,300       $ 2,254,347   
     

 

 

  

Total Corporate Bonds & Notes — 0.7%
(identified cost $2,300,000)

       $ 2,254,347   
     

 

 

  

Total Investments — 187.1%
(identified cost $539,878,065)

       $ 588,542,717   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (38.2)%

       $ (120,151,023 ) 
     

 

 

  

Other Assets, Less Liabilities — (48.9)%

       $ (153,802,781 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 314,588,913   
     

 

 

  

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.

 

6

 

 

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.

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 February 28, 2015, 24.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 9.9% of total investments.

At February 28, 2015, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

                        

New York

      20.0 % 

California

      13.7 % 

Texas

      11.4 % 

Others, representing less than 10% individually

      54.9 % 

 

(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) When-issued security.
(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 February 28, 2015, the aggregate value of these securities is $15,405,390 or 4.9% of the Trust’s net assets applicable to common shares.
(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $43,118,985.
(6) Variable rate security. The stated interest rate represents the rate in effect at February 28, 2015.
(7) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(8) Security is in default and making only partial interest payments.
(9) Defaulted bond.

The Trust did not have any open financial instruments at February 28, 2015.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 28, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     376,398,251   
  

 

 

  

Gross unrealized appreciation

    $ 66,424,370   

Gross unrealized depreciation

      (7,304,904 ) 
  

 

 

  

Net unrealized appreciation

    $ 59,119,466   
  

 

 

  

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.

 

7

 

 

At February 28, 2015, 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

    $ —       $ 575,813,319       $ —       $ 575,813,319   

Taxable Municipal Securities

      —         10,475,051         —         10,475,051   

Corporate Bonds & Notes

      —         2,254,347         —         2,254,347   

Total Investments

    $     —       $     588,542,717       $     —       $     588,542,717   

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 February 28, 2015 is not presented.

At February 28, 2015, 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:   April 20, 2015

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:   April 20, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 20, 2015