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, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

August 31, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 201.3%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.1%

      

Northampton County, PA, Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(8)

    $ 280       $ 232,753   
     

 

 

  
      $ 232,753   
     

 

 

  

Education — 11.4%

      

California Educational Facilities Authority, (Stanford University), 5.00%, 6/1/43(1)(2)

    $ 3,500       $ 3,843,210   

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

      1,000         1,068,480   

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

      2,490         2,590,920   

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

      10,500         10,622,115   

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

      5,000         5,238,100   

Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36

      1,475         1,549,635   

Rhode Island Health and Educational Building Corp., (University of Rhode Island), 6.25%, 9/15/34

      1,000         1,115,050   
     

 

 

  
      $ 26,027,510   
     

 

 

  

Electric Utilities — 8.0%

      

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

    $ 1,685       $ 1,513,905   

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

      2,540         2,716,022   

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

      1,000         1,071,250   

Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40

      6,685         6,298,406   

Puerto Rico Electric Power Authority, 6.75%, 7/1/36

      7,750         6,761,643   
     

 

 

  
      $ 18,361,226   
     

 

 

  

General Obligations — 10.8%

      

California, (AMT), 5.05%, 12/1/36

    $ 460       $ 430,693   

Frisco, TX, Independent School District, (PSF Guaranteed), 5.00%, 8/15/37(1)

      9,000         9,279,810   

Illinois, 5.25%, 7/1/30

      935         904,491   

Illinois, 5.25%, 7/1/31

      295         282,463   

Illinois, 5.50%, 7/1/33

      585         565,765   

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

      3,250         3,378,440   

New York, 5.00%, 2/15/34(1)

      2,500         2,581,600   

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

      2,340         2,451,899   

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

      2,145         1,588,673   

Will County, IL, Community Unit School District No. 365-U, (Valley View), 5.75%, 11/1/32

      2,980         3,206,778   
     

 

 

  
      $ 24,670,612   
     

 

 

  

Health Care-Miscellaneous — 0.2%

      

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(3)

    $ 103       $ 102,900   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.25%, 12/1/36(3)

      272         271,740   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.75%, 12/1/36(3)

      103         103,165   
     

 

 

  
      $ 477,805   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 23.6%

      

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39

    $ 2,260       $ 2,213,286   

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

      10,000         10,544,800   

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37(4)

      440         426,272   

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

      3,255         3,198,916   

California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/42

      2,330         2,242,485   

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

      1,335         1,266,181   

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

      1,870         1,865,942   

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

      3,280         3,945,348   

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

      1,535         1,671,124   

Mecosta County, MI, (Michigan General Hospital), 6.00%, 5/15/18

      1,540         1,541,401   

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

      3,000         2,859,720   

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

      1,465         1,465,806   

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

      2,930         2,872,338   

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

      11,400         11,725,128   

Oklahoma Development Finance Authority, (Saint John Health System), 5.00%, 2/15/34

      1,700         1,711,033   

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

      1,675         1,414,269   

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

      1,570         1,647,778   

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

      1,500         1,504,920   
     

 

 

  
      $ 54,116,747   
     

 

 

  

Housing — 6.4%

      

Centerline Equity Issuer Trust, TN, 6.00%, 5/15/19(3)

    $ 4,000       $ 4,542,200   

Fairfax County, VA, Redevelopment and Housing Authority, (Cedar Ridge), (AMT), 4.85%, 10/1/48

      1,420         1,285,597   

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

      2,890         2,784,862   

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

      2,130         2,036,088   

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

      180         127,868   

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

      5,000         3,970,200   
     

 

 

  
      $ 14,746,815   
     

 

 

  

Industrial Development Revenue — 9.8%

      

ABIA Development Corp., TX, (Austin CargoPort Development), (AMT), 6.50%, 10/1/24

    $ 1,440       $ 1,186,373   

Butler County, AL, Industrial Development Authority, (International Paper Co.), (AMT), 7.00%, 9/1/32

      1,000         1,080,220   

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

      400         452,928   

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

      2,240         2,403,094   

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

      2,305         2,048,246   

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

      1,600         1,634,624   

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

      1,660         1,656,016   

Massachusetts Development Finance Agency, (Covanta Energy), 4.875%, 11/1/42

      2,305         1,807,765   

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

      1,560         1,435,980   

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

      4,680         4,188,226   

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

      4,630         4,607,406   
     

 

 

  
      $ 22,500,878   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 3.1%

      

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

    $ 10,000       $ 2,335,200   

Illinois, (AGM), 5.00%, 4/1/28

      4,805         4,715,819   
     

 

 

  
      $ 7,051,019   
     

 

 

  

Insured-Hospital — 17.2%

      

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(1)

    $ 3,250       $ 3,186,950   

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

      2,625         2,725,695   

Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/25

      15,000         8,144,400   

Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/26

      17,080         8,542,733   

Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/27

      8,575         3,960,449   

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

      2,500         2,304,825   

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

      9,725         9,717,511   

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

      700         699,461   

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

      30         29,977   
     

 

 

  
      $ 39,312,001   
     

 

 

  

Insured-Housing — 0.5%

      

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

    $ 1,100       $ 1,100,330   
     

 

 

  
      $ 1,100,330   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 1.3%

      

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

    $ 3,000       $ 3,010,950   
     

 

 

  
      $ 3,010,950   
     

 

 

  

Insured-Other Revenue — 4.3%

      

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

    $ 4,210       $ 1,113,545   

New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/46

      500         409,195   

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

      9,390         2,606,195   

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

      8,600         2,209,254   

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

      3,100         3,587,072   
     

 

 

  
      $ 9,925,261   
     

 

 

  

Insured-Special Tax Revenue — 9.3%

      

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

    $ 50,000       $ 10,313,000   

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

      34,950         8,347,807   

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54

      6,605         336,525   

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

      11,250         1,272,488   

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

      10,510         1,025,986   
     

 

 

  
      $ 21,295,806   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Student Loan — 4.9%

      

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

    $ 2,440       $ 2,561,390   

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

      540         561,659   

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

      6,665         5,978,972   

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

      2,040         2,109,686   
     

 

 

  
      $ 11,211,707   
     

 

 

  

Insured-Transportation — 18.3%

      

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

    $ 12,425       $ 4,010,293   

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

      935         903,257   

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

      3,850         3,935,008   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40(5)

      5,500         1,327,095   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.625%, 1/1/32(5)

      1,000         241,290   

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

      1,995         1,943,449   

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

      15,000         5,055,900   

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

      9,820         7,745,623   

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

      10,555         3,195,210   

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

      2,425         2,346,867   

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

      8,805         9,157,112   

Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/34

      5,175         1,477,514   

Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/35

      2,015         540,846   
     

 

 

  
      $ 41,879,464   
     

 

 

  

Insured-Water and Sewer — 9.6%

      

Austin, TX, Water and Wastewater, (AGM), (BHAC), 5.00%, 11/15/33(1)

    $ 3,750       $ 3,879,000   

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

      17,985         18,225,999   
     

 

 

  
      $ 22,104,999   
     

 

 

  

Lease Revenue/Certificates of Participation — 4.1%

      

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

    $ 2,135       $ 2,197,684   

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

      4,400         5,196,180   

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

      1,735         1,911,293   
     

 

 

  
      $ 9,305,157   
     

 

 

  

Other Revenue — 13.6%

      

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

    $ 785       $ 833,945   

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

      880         926,121   

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

      800         847,280   

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

      1,940         1,489,959   

Mohegan Tribe of Indians Gaming Authority, CT, (Public Improvements), 6.25%, 1/1/21(3)

      1,500         1,500,570   

New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(1)(2)

      2,370         2,401,544   

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

      265         245,183   

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

      8,000         7,325,280   

Seminole Tribe, FL, 5.25%, 10/1/27(3)

      4,000         4,129,960   

Seminole Tribe, FL, 5.50%, 10/1/24(3)

      2,365         2,477,881   

Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26

      3,000         3,333,630   

Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/29

      3,765         3,518,468   

Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30

      1,235         1,138,275   

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

      1,355         1,065,003   
     

 

 

  
      $ 31,233,099   
     

 

 

  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Senior Living/Life Care — 3.3%

      

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

    $ 3,210       $ 1,672,924   

Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.50%, 1/1/30(7)

      535         550,066   

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

      1,075         1,094,952   

Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 5.00%, 11/15/29

      2,295         2,108,072   

Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(5)

      3,115         766,508   

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

      335         326,390   

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

      985         959,735   
     

 

 

  
      $ 7,478,647   
     

 

 

  

Special Tax Revenue — 6.4%

      

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

    $ 500       $ 466,845   

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

      320         257,751   

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

      95         93,762   

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

      265         270,897   

New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13(6)

      90         0   

New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38(6)

      35         0   

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

      65         51,143   

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

      165         70,392   

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

      100         96,255   

New River, FL, Community Development District, (Capital Improvements), Series 2010B-2, 5.00%, (0.00% until 11/1/13), 5/1/18

      130         61,686   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/35

      2,500         2,562,175   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 5/1/42

      555         562,615   

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

      5,000         5,424,250   

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

      1,500         1,627,275   

River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36

      465         379,691   

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

      273         228,317   

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

      200         117,740   

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

      600         407,892   

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

      1,780         1,944,063   
     

 

 

  
      $ 14,622,749   
     

 

 

  

Transportation — 32.2%

      

Augusta, GA, (AMT), 5.35%, 1/1/28

    $ 1,000       $ 1,001,450   

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

      435         432,133   

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

      1,125         1,148,029   

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

      1,735         1,756,705   

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

      3,200         2,926,176   

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

      2,625         2,400,379   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.00%, 11/1/42

      415         375,529   

Grand Parkway Transportation Corp., TX, 5.25%, 10/1/51(1)(2)

      7,080         6,886,574   

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,000       $ 1,031,380   

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

      400         432,052   

Metropolitan Transportation Authority, NY, 5.25%, 11/15/40

      2,250         2,272,657   

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

      3,715         3,826,970   

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

      7,880         7,900,646   

North Texas Tollway Authority, 5.50%, 9/1/41(1)

      4,000         4,184,240   

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

      1,515         1,574,237   

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

      3,910         3,652,526   

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

      2,500         2,167,950   

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

      505         508,914   

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

      8,500         7,728,625   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)

      7,290         7,765,964   

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

      1,885         2,054,141   

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

      1,725         1,839,799   

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/41

      505         471,877   

Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(1)(2)

      9,300         9,349,662   
     

 

 

  
      $ 73,688,615   
     

 

 

  

Water and Sewer — 2.9%

      

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

    $ 1,080       $ 929,848   

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

      1,860         1,608,026   

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

      4,730         4,059,475   
     

 

 

  
      $ 6,597,349   
     

 

 

  

Total Tax-Exempt Municipal Securities — 201.3%
(identified cost $469,314,387)

       $ 460,951,499   
     

 

 

  

Taxable Municipal Securities — 0.0%

      
Security   

Principal
Amount

(000’s omitted)

      Value  

Cogeneration — 0.0%

      

Northampton County, PA, Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(8)

    $ 4       $ 0   
     

 

 

  

Total Taxable Municipal Securities — 0.0%
(identified cost $3,618)

       $ 0   
     

 

 

  

 

6

 

 

                                                 

Corporate Bonds & Notes — 0.0%(9)

      
Security    Principal
Amount
(000’s omitted)		      Value  

Municipal — 0.0%(9)

      

Las Vegas Monorail Co., Jr. Subordinated Notes, 3.00% to 12/31/15,
5.50%, 7/15/55(8)(10)

    $ 39       $ 0   

Las Vegas Monorail Co., Sr. Secured Notes, 5.50%, 7/15/19(8)(10)

      135         35,175   
     

 

 

  

Total Corporate Bonds & Notes — 0.0%
(identified cost $5,115)

       $ 35,175   
     

 

 

  

Total Investments — 201.3%
(identified cost $469,323,120)

       $ 460,986,674   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.5)%

       $ (120,150,967 ) 
     

 

 

  

Other Assets, Less Liabilities — (48.8)%

       $ (111,840,069 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 228,995,638   
     

 

 

  

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, 2013, 34.0% 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 1.4% to 12.1% of total investments.

 

7

 

 

At August 31, 2013, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

                        

New York

      18.0 % 

Texas

      12.9 % 

California

      10.8 % 

Others, representing less than 10% individually

      58.3 % 

 

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

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $20,211,623.

 

(3) 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, 2013, the aggregate value of these securities is $14,193,419 or 6.2% of the Trust’s net assets applicable to common shares.

 

(4) When-issued security.

 

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

 

(6) Defaulted bond.

 

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

 

(8) Represents a payment-in-kind security which may pay all or a portion of interest in additional par.

 

(9) Amount is less than 0.05%.

 

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

The Trust did not have any open financial instruments at August 31, 2013.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     347,811,149   
  

 

 

  

Gross unrealized appreciation

    $ 19,071,029   

Gross unrealized depreciation

      (23,015,504 ) 
  

 

 

  

Net unrealized depreciation

    $ (3,944,475 ) 
  

 

 

  

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.

 

8

 

 

At August 31, 2013, 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

    $ —       $ 460,951,499       $ —       $ 460,951,499   

Taxable Municipal Securities

      —         0         —         0   

Corporate Bonds & Notes

      —         —         35,175         35,175   

Total Investments

    $     —       $     460,951,499       $     35,175       $     460,986,674   

 

* 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, 2013 is not presented. At August 31, 2013, 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.

 

9

 

 

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/ Thomas M. Metzold
  Thomas M. Metzold
  President
Date:   October 25, 2013

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/ Thomas M. Metzold
  Thomas M. Metzold
  President
Date:   October 25, 2013

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 25, 2013