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, 2015
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Municipal Income Trust
August 31, 2015
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Municipal Securities — 180.3%
| 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 | $ | 228,266 | ||||
|
|
|
|||||||
| $ | 228,266 | |||||||
|
|
|
|||||||
| Education — 10.0% |
||||||||
| Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59 |
$ | 5,580 | $ | 6,872,663 | ||||
| Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(2) |
2,490 | 2,698,189 | ||||||
| New York Dormitory Authority, (Columbia University), 5.00%, 10/1/45 |
3,250 | 4,321,265 | ||||||
| New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39(2) |
10,500 | 11,851,350 | ||||||
| New York Dormitory Authority, (The New School), 5.75%, 7/1/50 |
4,000 | 4,555,040 | ||||||
|
|
|
|||||||
| $ | 30,298,507 | |||||||
|
|
|
|||||||
| Electric Utilities — 4.9% |
||||||||
| Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30 |
$ | 1,685 | $ | 1,797,339 | ||||
| Florida Municipal Power Agency, 5.00%, 10/1/31 |
1,000 | 1,138,340 | ||||||
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39 |
2,540 | 2,894,101 | ||||||
| Indiana Financing Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39 |
1,000 | 1,152,880 | ||||||
| South Carolina Public Service Authority, 5.50%, 12/1/54 |
7,000 | 7,762,860 | ||||||
|
|
|
|||||||
| $ | 14,745,520 | |||||||
|
|
|
|||||||
| Escrowed/Prerefunded — 0.5% |
||||||||
| St. Paul, MN, Housing and Redevelopment Authority, (HealthPartners Obligated Group), Prerefunded to 11/15/16, 5.25%, 5/15/36 |
$ | 1,500 | $ | 1,587,120 | ||||
|
|
|
|||||||
| $ | 1,587,120 | |||||||
|
|
|
|||||||
| General Obligations — 14.9% |
||||||||
| California, (AMT), 5.05%, 12/1/36 |
$ | 135 | $ | 135,379 | ||||
| Frisco, TX, Independent School District, (PSF Guaranteed), 5.00%, 8/15/37(2) |
9,000 | 10,346,220 | ||||||
| Illinois, 5.00%, 5/1/33 |
5,000 | 5,034,650 | ||||||
| Illinois, 5.25%, 7/1/30 |
605 | 626,157 | ||||||
| Klein, TX, Independent School District, (PSF Guaranteed), 5.00%, 2/1/36(2) |
3,250 | 3,699,053 | ||||||
| Leander, TX, Independent School District, 0.00%, 8/15/39 |
20,000 | 6,833,800 | ||||||
| New York, 5.00%, 2/15/34(2) |
2,500 | 2,855,075 | ||||||
| Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(2) |
2,340 | 2,599,249 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/36 |
9,250 | 4,074,440 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/37 |
7,500 | 3,156,750 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/38 |
8,500 | 3,417,595 | ||||||
| Wylie Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/39 |
6,035 | 2,316,112 | ||||||
|
|
|
|||||||
| $ | 45,094,480 | |||||||
|
|
|
|||||||
| Health Care - Miscellaneous — 0.0%(3) |
||||||||
| Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(4) |
$ | 19 | $ | 19,276 | ||||
| Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.25%, 12/1/36(4) |
51 | 51,217 | ||||||
| Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.20%, 12/1/36(4) |
19 | 19,313 | ||||||
|
|
|
|||||||
| $ | 89,806 | |||||||
|
|
|
|||||||
1
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Hospital — 24.2% |
||||||||
| California Health Facilities Financing Authority, (Providence Health System), |
$ | 10,000 | $ | 11,420,500 | ||||
| California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37 |
440 | 492,210 | ||||||
| California Health Facilities Financing Authority, (Sutter Health Obligation Group), |
10,000 | 10,903,100 | ||||||
| California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34 |
3,255 | 3,378,495 | ||||||
| Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42 |
1,335 | 1,504,919 | ||||||
| Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), 5.50%, 7/1/40 |
1,870 | 2,080,581 | ||||||
| Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34 |
3,280 | 3,982,642 | ||||||
| Massachusetts Development Finance Agency, (Childrens Hospital), 5.00%, 10/1/46(2)(5) |
10,000 | 11,107,400 | ||||||
| Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36 |
1,535 | 1,798,099 | ||||||
| Monroe County, PA, Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 |
2,715 | 2,825,338 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29 |
1,465 | 1,614,049 | ||||||
| New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37 |
2,930 | 3,207,852 | ||||||
| North Carolina Medical Care Commission, (North Carolina Baptist Hospital), |
11,400 | 12,806,304 | ||||||
| Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42 |
1,675 | 1,730,660 | ||||||
| South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39 |
1,570 | 1,786,738 | ||||||
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43 |
785 | 791,884 | ||||||
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43 |
670 | 702,100 | ||||||
| West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38 |
1,000 | 1,117,980 | ||||||
|
|
|
|||||||
| $ | 73,250,851 | |||||||
|
|
|
|||||||
| Housing — 2.0% |
||||||||
| Centerline Equity Issuer Trust, TN, 6.00%, 10/31/52(4) |
$ | 4,000 | $ | 4,516,360 | ||||
| New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing |
555 | 569,918 | ||||||
| Texas Student Housing Corp., (University of Northern Texas), 6.75%, 7/1/16 |
755 | 754,917 | ||||||
| Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31 |
180 | 173,637 | ||||||
|
|
|
|||||||
| $ | 6,014,832 | |||||||
|
|
|
|||||||
| Industrial Development Revenue — 6.9% |
||||||||
| Clayton County, GA, Development Authority, (Delta Air Lines, Inc.), 8.75%, 6/1/29 |
$ | 400 | $ | 492,708 | ||||
| Denver City and County, CO, (United Air Lines), (AMT), 5.75%, 10/1/32 |
1,370 | 1,428,677 | ||||||
| Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(4) |
3,695 | 3,709,558 | ||||||
| Luzerne County, PA, Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39 |
1,600 | 1,759,088 | ||||||
| Maine Finance Authority, Solid Waste Disposal, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(4) |
1,075 | 1,077,021 | ||||||
| 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 | 1,715,494 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29 |
4,680 | 5,097,128 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30 |
1,005 | 1,128,304 | ||||||
| New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30 |
1,715 | 1,925,413 | ||||||
| Pennsylvania Economic Development Financing Authority, (PPL Energy Supply, LLC), 6.40%, 12/1/38(6) |
2,430 | 2,463,291 | ||||||
|
|
|
|||||||
| $ | 20,796,682 | |||||||
|
|
|
|||||||
| Insured-Electric Utilities — 0.7% |
||||||||
| Puerto Rico Electric Power Authority, (AGM), 0.71%, 7/1/29(7) |
$ | 3,000 | $ | 2,084,700 | ||||
|
|
|
|||||||
| $ | 2,084,700 | |||||||
|
|
|
|||||||
2
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Insured-General Obligations — 1.1% |
||||||||
| Arcadia, CA, Unified School District, (Election of 2006), (AGM), 0.00%, 8/1/38 |
$ | 10,000 | $ | 3,324,600 | ||||
|
|
|
|||||||
| $ | 3,324,600 | |||||||
|
|
|
|||||||
| Insured-Hospital — 6.5% |
||||||||
| Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(2) |
$ | 3,250 | $ | 3,453,092 | ||||
| Iowa Finance Authority, Health Facilities, (Iowa Health System), (AGC), 5.625%, 8/15/37 |
2,625 | 2,965,279 | ||||||
| Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2) |
2,500 | 2,534,975 | ||||||
| New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series I, (AGC), 5.00%, 7/1/38(2) |
9,510 | 10,086,400 | ||||||
| New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38(2) |
700 | 742,427 | ||||||
|
|
|
|||||||
| $ | 19,782,173 | |||||||
|
|
|
|||||||
| Insured-Lease Revenue/Certificates of Participation — 1.1% |
||||||||
| San Diego County, CA, Water Authority, Certificates of Participation, (AGM), |
$ | 3,000 | $ | 3,275,640 | ||||
|
|
|
|||||||
| $ | 3,275,640 | |||||||
|
|
|
|||||||
| Insured-Other Revenue — 0.6% |
||||||||
| Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 |
$ | 4,210 | $ | 1,731,952 | ||||
|
|
|
|||||||
| $ | 1,731,952 | |||||||
|
|
|
|||||||
| Insured-Special Tax Revenue — 8.0% |
||||||||
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37 |
$ | 34,750 | $ | 12,885,995 | ||||
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43 |
29,510 | 5,187,858 | ||||||
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
10,510 | 1,664,784 | ||||||
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 |
30,000 | 4,468,200 | ||||||
|
|
|
|||||||
| $ | 24,206,837 | |||||||
|
|
|
|||||||
| Insured-Student Loan — 2.3% |
||||||||
| Maine Educational Loan Authority, (AGC), 5.625%, 12/1/27 |
$ | 1,900 | $ | 2,090,665 | ||||
| Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30 |
390 | 411,095 | ||||||
| Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33(8) |
2,600 | 2,627,378 | ||||||
| New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30 |
1,665 | 1,796,235 | ||||||
|
|
|
|||||||
| $ | 6,925,373 | |||||||
|
|
|
|||||||
| Insured-Transportation — 14.8% |
||||||||
| Alameda Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33 |
$ | 12,425 | $ | 5,711,027 | ||||
| Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43 |
935 | 1,042,815 | ||||||
| Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39 |
3,850 | 4,310,691 | ||||||
| Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41 |
1,990 | 2,162,035 | ||||||
| North Carolina Turnpike Authority, (AGC), 0.00%, 1/1/34 |
15,000 | 7,237,350 | ||||||
| Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39 |
1,200 | 1,305,864 | ||||||
| Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41 |
9,820 | 8,822,681 | ||||||
| Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31 |
2,370 | 2,244,888 | ||||||
| San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37 |
2,425 | 2,550,251 | ||||||
| San Jose, CA, Airport, (AMBAC), (AMT), 5.50%, 3/1/32 |
8,805 | 9,318,067 | ||||||
|
|
|
|||||||
| $ | 44,705,669 | |||||||
|
|
|
|||||||
| Insured-Water and Sewer — 12.0% |
||||||||
| DeKalb, GA, Water and Sewer, (AGM), 5.00%, 10/1/35(2)(5) |
$ | 17,985 | $ | 20,641,205 | ||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/34 |
6,000 | 2,092,980 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/35 |
6,680 | 2,183,158 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/36 |
7,000 | 2,135,000 | ||||||
| Jefferson County, AL, Sewer Revenue, (AGM), 5.00%, 10/1/44 |
3,750 | 4,007,137 | ||||||
| Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28 |
3,640 | 3,463,460 | ||||||
| Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.125%, 7/1/47 |
2,000 | 1,808,800 | ||||||
|
|
|
|||||||
| $ | 36,331,740 | |||||||
|
|
|
|||||||
3
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Lease Revenue/Certificates of Participation — 3.0% |
||||||||
| Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47 |
$ | 2,135 | $ | 2,435,053 | ||||
| Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25 |
4,400 | 4,890,468 | ||||||
| New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31 |
1,735 | 1,925,486 | ||||||
|
|
|
|||||||
| $ | 9,251,007 | |||||||
|
|
|
|||||||
| Other Revenue — 4.0% |
||||||||
| Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30 |
$ | 785 | $ | 895,481 | ||||
| Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40 |
880 | 1,010,530 | ||||||
| Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.375%, 7/15/43 |
480 | 556,675 | ||||||
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(9) |
1,925 | 479,075 | ||||||
| Mohegan Tribe of Indians Gaming Authority, CT, (Public Improvements), 6.25%, 1/1/21(4) |
1,500 | 1,499,940 | ||||||
| New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada), |
1,000 | 1,001,490 | ||||||
| Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18 |
165 | 163,088 | ||||||
| Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37 |
5,000 | 5,430,050 | ||||||
| White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(4) |
1,225 | 1,241,880 | ||||||
|
|
|
|||||||
| $ | 12,278,209 | |||||||
|
|
|
|||||||
| Senior Living/Life Care — 6.3% |
||||||||
| Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.50%, 1/1/30 |
$ | 535 | $ | 586,783 | ||||
| Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.625%, 1/1/40 |
1,075 | 1,174,416 | ||||||
| Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(9) |
3,109 | 760,067 | ||||||
| Multnomah County, OR, Hospital Facilities Authority, (Mirabella at South Waterfront), 5.40%, 10/1/44 |
1,480 | 1,615,257 | ||||||
| Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39 |
740 | 846,760 | ||||||
| Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49 |
3,650 | 4,228,379 | ||||||
| Savannah, GA, Economic Development Authority, (Marshes Skidaway), 7.125%, 1/1/38 |
4,960 | 5,687,086 | ||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., (Trinity Terrace), 5.00%, 10/1/49 |
2,500 | 2,625,675 | ||||||
| Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32 |
335 | 361,897 | ||||||
| Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.25%, 12/1/42 |
985 | 1,066,775 | ||||||
|
|
|
|||||||
| $ | 18,953,095 | |||||||
|
|
|
|||||||
| Special Tax Revenue — 16.0% |
||||||||
| Covington Park Community Development District, FL, (Capital Improvements), 5.00%, 5/1/31 |
$ | 500 | $ | 504,006 | ||||
| New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(10) |
90 | 0 | ||||||
| New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(10) |
35 | 0 | ||||||
| New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38 |
160 | 156,615 | ||||||
| New River Community Development District, FL, (Capital Improvements), Series 2010B-2, 5.00%, 5/1/18 |
130 | 127,881 | ||||||
| New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34(2)(5) |
10,000 | 11,518,400 | ||||||
| New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/39(2)(5) |
12,400 | 14,072,884 | ||||||
| New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35 |
1,500 | 1,768,650 | ||||||
| New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(2)(5) |
5,000 | 5,895,500 | ||||||
| Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35 |
263 | 254,693 | ||||||
| Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35 |
190 | 167,668 | ||||||
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35 |
600 | 464,436 | ||||||
4
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Texas Transportation Commission, 5.00%, 4/1/33(2)(5) |
$ | 10,000 | $ | 11,585,300 | ||||
| Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
1,780 | 2,008,534 | ||||||
|
|
|
|||||||
| $ | 48,524,567 | |||||||
|
|
|
|||||||
| Transportation — 32.9% |
||||||||
| Central Texas Regional Mobility Authority, 5.75%, 1/1/31 |
$ | 435 | $ | 496,526 | ||||
| Chicago, IL, Midway International Airport, (AMT), 5.00%, 1/1/41 |
9,200 | 9,666,256 | ||||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 |
1,030 | 1,193,482 | ||||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31 |
1,735 | 2,003,595 | ||||||
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.00%, 11/1/38 |
3,200 | 3,401,600 | ||||||
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.375%, 5/15/33 |
1,000 | 1,090,970 | ||||||
| Memphis-Shelby County, TN, Airport Authority, (AMT), 5.75%, 7/1/24 |
400 | 455,796 | ||||||
| Miami-Dade County, FL, (Miami International Airport), 5.50%, 10/1/36 |
3,715 | 4,205,937 | ||||||
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.22%, Variable to 12/15/21 (Put Date), 6/15/34(7) |
7,250 | 7,059,180 | ||||||
| New York Liberty Development Corp., (1 World Trade Center Port Authority Construction), 5.00%, 12/15/41(2) |
7,880 | 8,815,120 | ||||||
| North Texas Tollway Authority, Prerefunded to 1/1/18, 5.75%, 1/1/38 |
1,515 | 1,688,180 | ||||||
| Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41 |
3,910 | 4,166,379 | ||||||
| Pennsylvania Turnpike Commission, 5.375%, (0.00% until 12/1/17), 12/1/38 |
2,500 | 2,742,725 | ||||||
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/27 |
5,370 | 5,979,978 | ||||||
| Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(2) |
7,200 | 7,425,288 | ||||||
| Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(2) |
8,500 | 8,970,135 | ||||||
| Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2) |
7,290 | 7,981,238 | ||||||
| San Joaquin Hills, CA, Transportation Corridor Agency, 5.00%, 1/15/50 |
7,500 | 7,896,375 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34 |
1,885 | 2,250,822 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39 |
1,725 | 2,021,044 | ||||||
| Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(2)(5) |
9,300 | 10,105,938 | ||||||
|
|
|
|||||||
| $ | 99,616,564 | |||||||
|
|
|
|||||||
| Water and Sewer — 7.5% |
||||||||
| Atlanta, GA, Water and Wastewater, 5.00%, 11/1/40(2) |
$ | 10,000 | $ | 11,290,800 | ||||
| Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39 |
1,860 | 1,994,255 | ||||||
| Detroit, MI, Water Supply System, 5.25%, 7/1/41 |
4,730 | 5,014,462 | ||||||
| Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34 |
4,130 | 4,380,898 | ||||||
|
|
|
|||||||
| $ | 22,680,415 | |||||||
|
|
|
|||||||
| Total Tax-Exempt Municipal Securities — 180.3% |
$ | 545,778,605 | ||||||
|
|
|
|||||||
| Taxable Municipal Securities — 4.4% |
||||||||
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| Cogeneration — 0.0%(3) |
||||||||
| Northampton County, PA, Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1) |
$ | 5 | $ | 4,841 | ||||
|
|
|
|||||||
| $ | 4,841 | |||||||
|
|
|
|||||||
5
| Security | Principal Amount (000’s omitted) |
Value | ||||||
| General Obligations — 2.0% |
||||||||
| Atlantic City, NJ, 7.50%, 3/1/40 |
$ | 5,000 | $ | 5,090,550 | ||||
| Chicago, IL, 7.75%, 1/1/42 |
1,155 | 1,110,798 | ||||||
|
|
|
|||||||
| $ | 6,201,348 | |||||||
|
|
|
|||||||
| Hospital — 2.1% |
||||||||
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 |
$ | 6,000 | $ | 6,418,860 | ||||
|
|
|
|||||||
| $ | 6,418,860 | |||||||
|
|
|
|||||||
| Insured-Transportation — 0.3% |
||||||||
| Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/32 |
$ | 1,285 | $ | 448,761 | ||||
| Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/33 |
1,000 | 324,760 | ||||||
|
|
|
|||||||
| $ | 773,521 | |||||||
|
|
|
|||||||
| Total Taxable Municipal Securities — 4.4% |
$ | 13,398,570 | ||||||
|
|
|
|||||||
| Corporate Bonds & Notes — 0.8% |
||||||||
| Security | Principal (000’s omitted) |
Value | ||||||
| Health Care - Services — 0.5% |
||||||||
| AHS Hospital Corp., 5.024%, 7/1/45 |
$ | 1,330 | $ | 1,315,052 | ||||
|
|
|
|||||||
| $ | 1,315,052 | |||||||
|
|
|
|||||||
| Hospital — 0.3% |
||||||||
| Texas Health Resources, 4.33%, 11/15/55 | $ | 1,000 | $ | 970,424 | ||||
|
|
|
|||||||
| $ | 970,424 | |||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes — 0.8% |
$ | 2,285,476 | ||||||
|
|
|
|||||||
| Institutional MuniFund Term Preferred Shares — 1.0% |
||||||||
| Security | Shares | Value | ||||||
| Nuveen Texas Quality Income Municipal Fund, (AMT), 0.92%, 11/1/18(4)(11) | 600 | $ | 3,007,920 | |||||
|
|
|
|||||||
| Total Institutional MuniFund Term Preferred Shares — 1.0% |
$ | 3,007,920 | ||||||
|
|
|
|||||||
| Total Investments — 186.5% |
$ | 564,470,571 | ||||||
|
|
|
|||||||
| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (39.7)% |
$ | (120,152,666 | ) | |||||
|
|
|
|||||||
| Other Assets, Less Liabilities — (46.8)% |
$ | (141,682,198 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 302,635,707 | ||||||
|
|
|
|||||||
6
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
| AGC |
- | Assured Guaranty Corp. | ||
| AGM |
- | Assured Guaranty Municipal Corp. | ||
| AMBAC |
- | AMBAC Financial Group, Inc. | ||
| AMT |
- | Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. | ||
| BHAC |
- | Berkshire Hathaway Assurance Corp. | ||
| CIFG |
- | CIFG Assurance North America, Inc. | ||
| NPFG |
- | National Public Finance Guaranty Corp. | ||
| PSF |
- | Permanent School Fund | ||
| SPA |
- | Standby Bond Purchase Agreement | ||
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, 2015, 25.4% 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 0.5% to 10.4% of total investments.
At August 31, 2015, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:
| New York |
19.8 | % | ||
| Texas |
12.6 | % | ||
| California |
11.8 | % | ||
| Others, representing less than 10% individually |
55.8 | % |
| (1) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
| (2) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| (3) | Amount is less than 0.05%. |
| (4) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At August 31, 2015, the aggregate value of these securities is $16,857,979 or 5.6% 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 $40,821,531. |
| (6) | When-issued security. |
| (7) | Variable rate security. The stated interest rate represents the rate in effect at August 31, 2015. |
| (8) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. |
| (9) | Security is in default and making only partial interest payments. |
| (10) | Defaulted bond. |
| (11) | Variable rate security. The stated dividend rate represents the rate in effect at August 31, 2015. Maturity date represents the mandatory redemption date. Each share represents $5,000 par value. |
The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2015, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 372,613,428 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 45,157,743 | ||
| Gross unrealized depreciation |
(6,220,600 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 38,937,143 | ||
|
|
|
7
The Trust did not have any open financial instruments at August 31, 2015.
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At August 31, 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 |
$ | — | $ | 545,778,605 | $ | — | $ | 545,778,605 | ||||||||
| Taxable Municipal Securities |
— | 13,398,570 | — | 13,398,570 | ||||||||||||
| Corporate Bonds & Notes |
— | 2,285,476 | — | 2,285,476 | ||||||||||||
| Institutional MuniFund Term Preferred Shares |
— | 3,007,920 | — | 3,007,920 | ||||||||||||
| Total Investments |
$ | — | $ | 564,470,571 | $ | — | $ | 564,470,571 | ||||||||
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, 2015 is not presented.
At August 31, 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: | October 26, 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: | October 26, 2015 | |
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | October 26, 2015 | |