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, 2018

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Municipal Income Trust

February 28, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 166.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.9%

     

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

   $ 2,825      $ 2,819,463  

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

     252        75,625  
     

 

 

 
      $ 2,895,088  
     

 

 

 

Education — 7.2%

     

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

   $ 5,580      $ 6,932,982  

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

     10,500        10,955,175  

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.75%, 7/1/50

     4,000        4,380,080  
     

 

 

 
      $ 22,268,237  
     

 

 

 

Electric Utilities — 4.7%

     

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

   $ 1,685      $ 1,811,780  

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

     2,540        2,683,713  

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37

     1,250        1,255,300  

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

     1,000        1,063,430  

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

     7,000        7,684,390  
     

 

 

 
      $ 14,498,613  
     

 

 

 

Escrowed/Prerefunded — 6.8%

     

Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30

   $ 785      $ 848,350  

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

     880        955,046  

Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.375%, 7/15/43

     480        522,038  

Illinois Finance Authority, (Provena Healthcare), Prerefunded to 8/15/19, 7.75%, 8/15/34

     3,250        3,534,863  

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36

     920        1,041,817  

Miami-Dade County, FL, (Miami International Airport), Prerefunded to 10/1/19, 5.50%, 10/1/36

     2,715        2,883,955  

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

     1,675        1,891,326  

Triborough Bridge and Tunnel Authority, NY, Prerefunded to 5/15/18, 5.00%, 11/15/37(2)

     9,300        9,371,517  
     

 

 

 
      $ 21,048,912  
     

 

 

 

General Obligations — 17.1%

     

Chicago, IL, 5.75%, 1/1/33

   $ 1,500      $ 1,671,135  

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

     9,000        9,820,800  

Illinois, 5.00%, 11/1/29

     3,520        3,645,312  

Illinois, 5.00%, 5/1/33

     5,000        5,092,550  

Illinois, 5.00%, 12/1/42

     3,035        3,095,791  

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

     3,250        3,512,112  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 17,900      $ 6,974,735  

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

     2,500        2,713,225  

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

     2,340        2,396,394  

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

     7,980        3,881,711  

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

     7,500        3,487,875  

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

     8,500        3,777,060  

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

     6,035        2,560,832  
     

 

 

 
      $ 52,629,532  
     

 

 

 

Hospital — 21.6%

     

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

   $ 10,000      $ 10,538,500  

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

     440        490,147  

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

     10,000        11,054,400  

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

     1,335        1,459,048  

Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), 5.50%, 7/1/40

     1,870        1,987,642  

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34

     2,545        2,455,874  

Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36

     2,500        2,503,700  

Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/36

     1,000        1,106,310  

Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/35

     1,185        1,198,355  

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/46(2)

     10,000        11,093,400  

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

     615        690,996  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/36(3)

     800        863,208  

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

     1,465        1,515,337  

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

     2,930        3,033,400  

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

     11,400        12,207,234  

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

     1,570        1,630,461  

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

     785        808,479  

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

     670        716,203  

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

     1,000        1,104,000  
     

 

 

 
      $ 66,456,694  
     

 

 

 

Housing — 1.9%

     

Centerline Equity Issuer Trust, TN, 6.00%, 10/31/52(3)

   $ 4,000      $ 4,186,440  

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/47

     555        597,346  

New York City Housing Development Corp., NY, 3.85%, 11/1/42

     1,000        990,520  

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

     180        175,988  
     

 

 

 
      $ 5,950,294  
     

 

 

 

Industrial Development Revenue — 6.2%

     

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

   $ 400      $ 453,052  

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(3)

     4,390        4,405,892  

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

     1,600        1,695,920  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)

   $ 1,075      $ 1,096,532  

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30

     780        817,620  

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-2, 4.00%, 6/1/30

     1,000        1,048,230  

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

     4,680        5,108,735  

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

     1,005        1,138,484  

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

     1,715        1,942,786  

Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(3)

     1,130        1,334,643  
     

 

 

 
      $ 19,041,894  
     

 

 

 

Insured-Electric Utilities — 0.8%

     

Puerto Rico Electric Power Authority, (AGM), 1.655%, (67% of 3 mo. USD LIBOR + 0.52%), 7/1/29(4)

   $ 3,000      $ 2,587,500  
     

 

 

 
      $ 2,587,500  
     

 

 

 

Insured-Escrowed/Prerefunded — 5.6%

     

Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC), Prerefunded to 8/15/19, 5.625%, 8/15/37

   $ 2,625      $ 2,779,219  

Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), Prerefunded to 10/1/18, 5.25%, 10/1/41

     1,950        1,992,666  

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series I, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38(2)

     9,400        9,515,714  

San Diego County Water Authority, CA, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(2)

     3,000        3,019,110  
     

 

 

 
      $ 17,306,709  
     

 

 

 

Insured-Other Revenue — 0.7%

     

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

   $ 4,210      $ 2,081,298  
     

 

 

 
      $ 2,081,298  
     

 

 

 

Insured-Special Tax Revenue — 8.8%

     

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

   $ 31,600      $ 13,631,608  

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

     29,510        6,197,985  

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

     10,510        1,994,483  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46

     30,000        5,403,300  
     

 

 

 
      $ 27,227,376  
     

 

 

 

Insured-Student Loan — 0.9%

     

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

   $ 1,405      $ 1,460,118  

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

     245        247,311  

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

     990        997,108  
     

 

 

 
      $ 2,704,537  
     

 

 

 

Insured-Transportation — 13.4%

     

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

   $ 12,425      $ 6,796,351  

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

     935        1,053,231  

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

     3,850        4,085,158  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/35

     665        684,471  

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 5,375      $ 5,513,944  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/41

     1,430        1,460,445  

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

     15,000        8,189,100  

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

     9,820        10,731,099  

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

     2,370        2,621,362  
     

 

 

 
      $ 41,135,161  
     

 

 

 

Insured-Water and Sewer — 11.8%

     

DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35(2)

   $ 17,985      $ 20,732,029  

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

     6,000        2,513,700  

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

     6,680        2,613,416  

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

     7,000        2,555,980  

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

     3,750        4,094,587  

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

     3,640        3,650,156  
     

 

 

 
      $ 36,159,868  
     

 

 

 

Lease Revenue/Certificates of Participation — 1.4%

     

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

   $ 815      $ 892,368  

Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47

     1,320        1,470,889  

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

     1,735        1,822,913  
     

 

 

 
      $ 4,186,170  
     

 

 

 

Other Revenue — 2.4%

     

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5)

   $ 1,925      $ 346,500  

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

     5,000        5,866,150  

White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(3)

     1,000        1,003,420  
     

 

 

 
      $ 7,216,070  
     

 

 

 

Senior Living/Life Care — 8.2%

     

District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24

   $ 320      $ 320,106  

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32

     250        263,910  

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

     535        560,562  

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

     1,075        1,121,655  

Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/32

     725        792,179  

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

     3,109        839,338  

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

     1,480        1,582,016  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village),
5.00%, 1/1/31

     1,415        1,520,418  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village),
5.00%, 1/1/32

     1,485        1,589,915  

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

     740        855,936  

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

     3,650        4,249,549  

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

     4,960        5,631,683  

Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace),
5.00%, 10/1/44

     1,750        1,850,310  

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

     2,500        2,621,200  

 

4

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 335      $ 356,279  

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

     985        1,046,888  
     

 

 

 
      $ 25,201,944  
     

 

 

 

Special Tax Revenue — 14.6%

     

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

   $ 90      $ 0  

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

     35        0  

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

     150        149,997  

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

     12,400        14,037,792  

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

     845        930,590  

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

     2,820        3,105,638  

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

     655        719,360  

New York City Transitional Finance Authority, NY, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(2)

     2,180        2,394,207  

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

     10,000        11,444,100  

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

     253        252,485  

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

     180        164,975  

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

     552        353,135  

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

     10,000        11,420,100  
     

 

 

 
      $ 44,972,379  
     

 

 

 

Transportation — 24.2%

     

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31

   $ 435      $ 481,945  

Central Texas Regional Mobility Authority, Series 2015A, 5.00%, 1/1/40

     1,395        1,532,031  

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

     9,200        10,028,092  

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

     1,030        1,177,517  

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

     1,735        1,980,537  

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

     3,200        3,410,784  

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

     1,000        1,007,990  

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

     400        434,552  

New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.29%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(4)

     7,250        7,285,525  

New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48

     1,000        1,100,290  

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

     7,880        8,628,994  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46

     1,055        1,145,983  

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

     3,910        4,188,001  

Pennsylvania Turnpike Commission, 6.375%, 12/1/38

     2,500        3,070,525  

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

     7,200        7,437,240  

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

     8,500        8,810,590  

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

     7,290        7,301,664  

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

     1,885        2,088,693  

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

     1,725        1,868,848  

 

5

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37

   $ 850      $ 939,071  

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42

     640        704,320  
     

 

 

 
      $ 74,623,192  
     

 

 

 

Water and Sewer — 7.5%

     

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

   $ 10,000      $ 11,280,300  

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

     1,860        2,012,966  

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

     4,730        5,143,024  

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

     4,130        4,532,923  
     

 

 

 
      $ 22,969,213  
     

 

 

 

Total Tax-Exempt Municipal Securities — 166.7%
(identified cost $482,054,361)

      $ 513,160,681  
     

 

 

 

Taxable Municipal Securities — 5.7%

     
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.0%(7)

     

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

   $ 39      $ 11,580  
     

 

 

 
      $ 11,580  
     

 

 

 

General Obligations — 3.3%

     

Atlantic City, NJ, 7.50%, 3/1/40

   $ 5,435      $ 6,885,602  

Chicago, IL, 7.75%, 1/1/42

     2,885        3,120,156  
     

 

 

 
      $ 10,005,758  
     

 

 

 

Hospital — 2.1%

     

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

   $ 6,000      $ 6,382,080  
     

 

 

 
      $ 6,382,080  
     

 

 

 

Insured-Transportation — 0.3%

     

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

   $ 1,285      $ 584,469  

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

     1,000        425,580  
     

 

 

 
      $ 1,010,049  
     

 

 

 

Other Revenue — 0.0%(7)

     

Otero County, NM, Jail Project Revenue, 8.75%, 4/1/18

   $ 60      $ 59,973  
     

 

 

 
      $ 59,973  
     

 

 

 

Total Taxable Municipal Securities — 5.7%
(identified cost $15,238,538)

      $ 17,469,440  
     

 

 

 

Corporate Bonds & Notes — 0.3%

     
Security    Principal
Amount
(000’s omitted)
     Value  

Hospital — 0.3%

     

NYU Hospitals Center, 4.368%, 7/1/47

   $ 1,040      $ 1,073,060  
     

 

 

 

Total Corporate Bonds & Notes — 0.3%
(identified cost $1,040,000)

      $ 1,073,060  
     

 

 

 

 

6

 

 


                                                 
              Value  

Total Investments — 172.7%
(identified cost $498,332,899)

      $ 531,703,181  
     

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (4.8)%

      $ (14,777,081
     

 

 

 

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (22.0)%

      $ (67,744,119
     

 

 

 

Other Assets, Less Liabilities — (45.9)%

      $ (141,252,856
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 307,929,125  
     

 

 

 

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

At February 28, 2018, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

New York

     22.2

Texas

     14.0

Others, representing less than 10% individually

     63.8

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, 2018, 24.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 10.8% of total investments.

 

(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 exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2018, the aggregate value of these securities is $12,890,135 or 4.2% of the Trust’s net assets applicable to common shares.

 

(4) Floating rate security. The stated interest rate represents the rate in effect at February 28, 2018.

 

(5) Issuer is in default with respect to interest and/or principal payments.

 

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

 

(7) Amount is less than 0.05%.

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

AMT

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

LIBOR

  -   London Interbank Offered Rate

NPFG

  -   National Public Finance Guaranty Corp.

PSF

  -   Permanent School Fund

SIFMA

  -   Securities Industry and Financial Markets Association Municipal Swap Index

USD

  -   United States Dollar
 

 

7

 

 


The Trust did not have any open derivative instruments at February 28, 2018.

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 February 28, 2018, 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

   $      $ 513,160,681      $      $ 513,160,681  

Taxable Municipal Securities

            17,469,440               17,469,440  

Corporate Bonds & Notes

            1,073,060               1,073,060  

Total Investments

   $     —      $     531,703,181      $     —      $     531,703,181  

The Trust held no investments or other financial instruments as of November 30, 2017 whose fair value was determined using Level 3 inputs. At February 28, 2018, 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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.


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 26, 2018

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 26, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 26, 2018