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)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(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, 2007
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance Municipal Income Trust
|
as of February 28, 2007 |
| Principal Amount (000’s omitted) |
|
Security |
|
Value |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Cogeneration — 1.1% |
|||||||||||
| $ 2,950 | Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19 |
$ | 2,965,959 | ||||||||
| $ | 2,965,959 | ||||||||||
Education — 5.0% |
|||||||||||
| $ 9,000 | California Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32 (1) |
$ | 9,568,710 | ||||||||
| 3,430 | Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 |
3,934,622 | |||||||||
| $ | 13,503,332 | ||||||||||
Electric Utilities — 10.8% |
|||||||||||
| $ 6,500 | Brazos River Authority, TX, (Reliant Energy, Inc.), 7.75%, 12/1/18 |
$ | 6,858,085 | ||||||||
| 1,300 | Brazos River Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 5.40%, 5/1/29 |
1,339,832 | |||||||||
| 2,000 | Brazos River Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 6.75%, 4/1/38 |
2,186,120 | |||||||||
| 3,550 | Mississippi Business Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22 |
3,587,985 | |||||||||
| 7,250 | North Carolina Municipal Power Agency, (Catawba), 6.50%, 1/1/20 |
7,813,832 | |||||||||
| 1,000 | Pennsylvania Economic Development Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
1,105,680 | |||||||||
| 3,400 | Pennsylvania Economic Development Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
3,759,312 | |||||||||
| 2,550 | Pennsylvania Economic Development Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
2,819,484 | |||||||||
| $ | 29,470,330 | ||||||||||
Escrowed / Prerefunded — 16.7% |
|||||||||||
| $ 3,600 | California Statewide Communities Development Authority, (Corporate Fund for Housing), Prerefunded to 12/1/09, 7.25%,
12/1/34 (1) |
$ | 3,964,235 | ||||||||
| 3,000 | Capital Trust Agency, FL, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33 (2) |
3,684,810 | |||||||||
| 35,000 | Dawson Ridge, CO, Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22 |
18,279,100 | |||||||||
| 1,000 | Halifax, FL, Medical Center, Prerefunded to 10/01/10, 7.25%, 10/1/24 |
1,131,690 | |||||||||
| 5,000 | Illinois Health Facility Authority, (Loyola University Health System), Prerefunded to 7/1/11, 6.00%, 7/1/21 |
5,435,100 | |||||||||
| $ 4,325 | Louisiana Public Facilities Authority, (Eden Point), Prerefunded to 3/1/09, 6.25%, 3/1/34 |
$ | 4,614,905 | ||||||||
| 1,400 | Mesquite, TX, Health Facilities Authority, (Christian Retirement Facility), Prerefunded to 2/15/10, 7.625%, 2/15/28 |
1,560,216 | |||||||||
| 2,000 | Tobacco Settlement Financing Corp., NJ, Prerefunded to 6/1/13, 6.75%, 6/1/39 (1) |
2,339,677 | |||||||||
| 1,290 | Tobacco Settlement Financing Corp., NJ, Prerefunded to 6/1/13, 6.75%, 6/1/39 |
1,509,094 | |||||||||
| 2,770 | Wisconsin Health & Educational Facilities Authority, (Wisconsin Illinois Senior Housing), Prerefunded to 8/1/09, 7.00%,
8/1/29 |
2,983,733 | |||||||||
| $ | 45,502,560 | ||||||||||
General Obligations — 4.0% |
|||||||||||
| $ 1,500 | California, 5.25%, 11/1/29 |
$ | 1,611,990 | ||||||||
| 4,950 | California, 5.50%, 11/1/33 |
5,414,260 | |||||||||
| 3,600 | New York City, NY, 5.25%, 6/1/28 (1) |
3,858,348 | |||||||||
| $ | 10,884,598 | ||||||||||
Health Care - Miscellaneous — 0.9% |
|||||||||||
| $ 487 | Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program, 6.00%, 12/1/36 |
$ | 501,318 | ||||||||
| 1,284 | Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program, 6.25%, 12/1/36 |
1,326,877 | |||||||||
| 487 | Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program , 7.75%, 12/1/36 |
508,885 | |||||||||
| $ | 2,337,080 | ||||||||||
Hospital — 17.8% |
|||||||||||
| $ 2,000 | Brevard County, FL, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36 |
$ | 2,082,200 | ||||||||
| 5,000 | California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45 |
5,334,350 | |||||||||
| 600 | Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 |
622,524 | |||||||||
| 1,260 | Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 |
1,292,848 | |||||||||
| 1,200 | Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 |
1,266,648 | |||||||||
| 835 | Chautauqua County, NY, Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17 |
877,802 | |||||||||
| 975 | Chautauqua County, NY, Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29 |
1,023,994 | |||||||||
| $ 6,000 | Henderson, NV, Health Care Facility, 5.625%, 7/1/24 |
$ | 6,525,120 | ||||||||
| 2,635 | Highland County, OH, (Joint Township Hospital District), 6.75%, 12/1/29 |
2,792,626 | |||||||||
| 5,275 | Indiana Health & Educational Facilities Authority, (Clarian Health Partners), 5.00%, 2/15/36 |
5,469,648 | |||||||||
| 2,000 | Knox County, TN, Health, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38 |
435,840 | |||||||||
| 5,000 | Knox County, TN, Health, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39 |
1,030,500 | |||||||||
| 7,590 | Knox County, TN, Health, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/42 |
1,335,536 | |||||||||
| 950 | Lehigh County, General Purpose Authority, (St. Lukes Hospital), Variable Rate, 5.95%, 8/15/33 (2)(3) |
950,000 | |||||||||
| 900 | Louisiana Public Facilities Authority, (Ochsner Clinic Foundation Project), 5.50%, 5/15/32 |
958,194 | |||||||||
| 2,575 | Louisiana Public Facilities Authority, (Tuoro Infirmary), 5.625%, 8/15/29 |
2,659,692 | |||||||||
| 2,000 | Martin County, MN, (Fairmont Community Hospital Association), 6.625%, 9/1/22 |
2,119,680 | |||||||||
| 730 | Mecosta County, MI, General Hospital, 5.75%, 5/15/09 |
743,775 | |||||||||
| 2,500 | Mecosta County, MI, General Hospital, 6.00%, 5/15/18 |
2,576,100 | |||||||||
| 1,500 | New Jersey Health Care Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30 |
1,658,595 | |||||||||
| 5,000 | North Central, TX, Health Facility Development Corp., (Baylor Healthcare System), 5.125%, 5/15/29 |
5,148,350 | |||||||||
| 1,370 | Oneonta, AL, Eastern Health Care Facility Financing Authority, (Eastern Health Systems, Inc.), 7.75%, 7/1/21 |
1,492,793 | |||||||||
| $ | 48,396,815 | ||||||||||
Housing — 14.2% |
|||||||||||
| $ 438 | California Statewide Communities Development
Authority, (AMT), Variable Rate, 20.81%, 6/1/09 (2)(3)(6)
|
$ | 726,728 | ||||||||
| 2,420 | Capital Trust Agency, FL, (Atlantic Housing Foundation), 5.35%, 7/1/40 |
2,488,873 | |||||||||
| 4,000 | Charter Mac Equity Trust, TN, 6.00%, 4/30/19 (2) |
4,473,920 | |||||||||
| 4,000 | Charter Mac Equity Trust, TN, (AMT), 6.625%, 6/30/09 (2) |
4,186,080 | |||||||||
| 2,145 | Colorado Housing and Finance Authority, (Birchwood Manor Project), (AMT), 5.50%, 9/20/36 |
2,311,624 | |||||||||
| 3,185 | Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%,
8/15/20 |
3,592,999 | |||||||||
| 1,715 | Lake Creek, CO, Affordable Housing Corp., Multifamily, 7.00%, 12/1/23 |
1,719,390 | |||||||||
| $ 4,000 | Muni Mae Tax-Exempt Bond, LLC, (AMT), 6.875%, 6/30/49 (2) |
$ | 4,214,960 | ||||||||
| 5,000 | New York City Housing Development Corp., (Multi-Family Housing), (AMT), 4.70%, 11/1/40 |
5,025,600 | |||||||||
| 2,865 | North Little Rock, AR, Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21 |
2,964,100 | |||||||||
| 3,450 | Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29 |
3,656,276 | |||||||||
| 3,300 | Texas Student Housing Corp., (University of Northern Texas), 6.75%, 7/1/16 |
3,323,661 | |||||||||
| $ | 38,684,211 | ||||||||||
Industrial Development Revenue — 15.0% |
|||||||||||
| $ 1,780 | ABIA Development Corp., TX, (Austin Cargoport Development), (AMT), 6.50%, 10/1/24 |
$ | 1,837,756 | ||||||||
| 1,617 | Broward County, FL, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 |
1,672,786 | |||||||||
| 1,300 | California Pollution Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25 |
1,397,500 | |||||||||
| 8,000 | Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 6.875%, 10/1/32 |
8,248,000 | |||||||||
| 1,220 | Effingham County, GA, (Solid Waste Disposal), (Fort James), (AMT), 5.625%, 7/1/18 |
1,241,789 | |||||||||
| 2,500 | Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.), (AMT), 5.70%, 4/1/32 |
2,580,800 | |||||||||
| 6,000 | New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 |
6,240,660 | |||||||||
| 1,300 | New York City, NY, Industrial Development Agency, (American Airlines, Inc.), (AMT), Variable Rate, 7.75%, 8/1/31 |
1,582,958 | |||||||||
| 6,000 | New York City, NY, Industrial Development Agency, (American Airlines, Inc.-JFK International Airport), Variable Rate, 8.00%,
8/1/28 |
7,417,980 | |||||||||
| 3,500 | New York City, NY, Industrial Development Agency, (JFK International Airport), (AMT), Variable Rate, 8.50%, 8/1/28 |
4,135,285 | |||||||||
| 4,350 | Phoenix, AZ, Industrial Development Agency, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19 |
4,463,622 | |||||||||
| $ | 40,819,136 | ||||||||||
Insured-Education — 2.3% |
|||||||||||
| $ 6,000 | Massachusetts Health & Educational Facilities Authority, (Berklee College of Music), (MBIA), 5.10%,
10/1/27 (1) |
$ | 6,157,080 | ||||||||
| $ | 6,157,080 | ||||||||||
Insured-Electric Utilities — 0.5% |
|||||||||||
| $ 1,350 | Wamego, KS, Pollution Control Revenue, (MBIA), 5.30%, 6/1/31 |
$ | 1,458,203 | ||||||||
| $ | 1,458,203 | ||||||||||
Insured-Escrowed/Prerefunded — 9.9% |
|||||||||||
| $10,000 | California, (FGIC), Prerefunded to 12/1/29, 5.34%, 12/1/29 (1) |
$ | 10,528,660 | ||||||||
| 10,500 | California, (FGIC), Prerefunded to 9/1/10, 5.25%, 9/1/30 (1) |
11,103,435 | |||||||||
| 5,000 | Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (FGIC), Prerefunded to 1/1/11, 5.25%, 1/1/32 |
5,285,000 | |||||||||
| $ | 26,917,095 | ||||||||||
Insured-General Obligations — 11.5% |
|||||||||||
| 13,000 | Illinois Development Finance Authority, (Local Government Program-Elgin School District-U46), (FSA), 0.00%, 1/1/20 |
7,661,550 | |||||||||
| 2,075 | North Las Vegas, NV, Wastewater Reclamation System, (MBIA), 4.25%, 10/1/33 |
2,044,020 | |||||||||
| 9,990 | Puerto Rico, (AGC), 5.50%, 7/1/29 (1) |
12,097,557 | |||||||||
| 4,000 | Puerto Rico, (FSA), Variable Rate, 12.684%, 7/1/27 (2)(3) |
4,743,840 | |||||||||
| 5,000 | Reno County, KS, Unified School District, (MBIA), 4.00%, 9/1/26 |
4,910,200 | |||||||||
| $ | 31,457,167 | ||||||||||
Insured-Hospital — 11.2% |
|||||||||||
| $16,820 | Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/25 |
$ | 7,221,331 | ||||||||
| 19,165 | Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/26 |
7,817,212 | |||||||||
| 8,590 | Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/27 |
3,340,307 | |||||||||
| 12,000 | New Jersey Health Care Facilities Financing Authority, (St. Barnabas Medical Center), (MBIA), 4.75%, 7/1/28 (1) |
12,209,840 | |||||||||
| $ | 30,588,690 | ||||||||||
Insured-Housing — 5.3% |
|||||||||||
| $13,710 | Virginia Housing Development Authority, (MBIA), 5.375%, 7/1/36 (1) |
$ | 14,490,291 | ||||||||
| $ | 14,490,291 | ||||||||||
Insured-Special Tax Revenue — 1.6% |
|||||||||||
| $ 4,100 | New York Convention Center Development Corp., (AMBAC), 4.75%, 11/15/45 |
$ | 4,234,480 | ||||||||
| $ | 4,234,480 | ||||||||||
Insured-Transportation — 21.8% |
|||||||||||
| $ 1,500 | Central, TX, Regional Mobility Authority, (FGIC), 5.00%, 1/1/45 |
$ | 1,571,730 | ||||||||
| 3,500 | Chicago, IL, O’Hare International Airport, (AMBAC), (AMT), 5.375%, 1/1/32 |
3,672,725 | |||||||||
| 2,500 | Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 5.50%, 11/1/20 (1) |
2,630,493 | |||||||||
| 4,930 | Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 5.75%, 11/1/30 (1) |
5,187,337 | |||||||||
| 4,500 | Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 6.125%, 11/1/35 (1) |
4,734,894 | |||||||||
| 5,500 | Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40 |
5,694,920 | |||||||||
| 6,600 | E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/39 |
1,403,160 | |||||||||
| 25,500 | E-470 Public Highway Authority, CO, (MBIA), 0.00%, 3/1/36 |
5,808,900 | |||||||||
| 7,200 | Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37 (1) |
7,326,264 | |||||||||
| 9,825 | Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41 (1) |
11,783,024 | |||||||||
| 2,000 | Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 7.275%, 7/1/32 (2)(3) |
2,298,960 | |||||||||
| 7,000 | San Antonio, TX, Airport System, (FGIC), (AMT), 5.25%, 7/1/21 (4) |
7,358,260 | |||||||||
| $ | 59,470,667 | ||||||||||
Insured-Water and Sewer — 1.0% |
|||||||||||
| $ 2,730 | Marysville, OH, Wastewater Treatment System Revenue, (XLCA), 4.75%, 12/1/46 |
$ | 2,809,334 | ||||||||
| $ | 2,809,334 | ||||||||||
Nursing Home — 0.8% |
|||||||||||
| $ 2,000 | Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 |
$ | 2,085,120 | ||||||||
| $ | 2,085,120 | ||||||||||
Other Revenue — 22.2% |
|||||||||||
| $ 3,805 | California Statewide Communities Development
Authority, (East Valley Tourist Development Authority), 8.25%, 10/1/14 (2)
|
$ | 4,108,905 | ||||||||
| $ 1,955 | Central Falls, RI, Detention Facility Revenue, 7.25%, 7/15/35 |
$ | 2,210,108 | ||||||||
| 3,160 | Golden State Tobacco Securitization Corp., CA, 6.75%, 6/1/39 |
3,624,425 | |||||||||
| 5,800 | Golden Tobacco Securitization Corp., CA, 5.625%, 6/1/38 (1) |
6,419,991 | |||||||||
| 1,500 | Mohegan Tribe Indians, CT, Gaming Authority, (Public Improvements), 6.25%, 1/1/21 |
1,605,840 | |||||||||
| 2,300 | Northern Tobacco Securitization Corp., 0.00%, 6/1/46 |
221,053 | |||||||||
| 6,050 | Northern Tobacco Securitization Corp., 5.00%, 6/1/46 |
5,952,353 | |||||||||
| 19,500 | Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 (1) |
20,912,112 | |||||||||
| 3,112 | Santa Fe, NM, (Crow Hobbs), 8.50%, 9/1/16 |
3,235,522 | |||||||||
| 8,530 | Tobacco Settlement Financing Corp., NJ, 0.00%, 6/1/41 |
1,267,387 | |||||||||
| 2,400 | Tobacco Settlement Financing Corp., NJ, 4.75%, 6/1/34 |
2,278,536 | |||||||||
| 2,400 | Tobacco Settlement Financing Corp., NJ, 5.00%, 6/1/29 |
2,391,840 | |||||||||
| 2,000 | Tobacco Settlement Financing Corp., NJ, Variable Rate, 10.876%, 12/1/31 (2)(6)(7) |
2,679,393 | |||||||||
| 3,000 | Tobacco Settlement Financing Corp., VA, 5.625%, 6/1/37 (1) |
3,206,940 | |||||||||
| 250 | Willacy County, TX, Local Government Corp., 6.00%, 3/1/09 |
253,505 | |||||||||
| $ | 60,367,910 | ||||||||||
Senior Living / Life Care — 1.8% |
|||||||||||
| $ 3,210 | Cliff House Trust, PA, (AMT), 6.625%, 6/1/27 |
$ | 2,305,454 | ||||||||
| 3,240 | Logan County, CO, Industrial Development Revenue, (TLC Care Choices, Inc.), 6.875%, 12/1/23 (5) |
2,649,348 | |||||||||
| $ | 4,954,802 | ||||||||||
Special Tax Revenue — 2.6% |
|||||||||||
| $ 3,280 | Bell Mountain Ranch, CO, Metropolitan District, 6.625%, 11/15/25 |
$ | 3,490,806 | ||||||||
| 190 | Longleaf, FL, Community Development District, 6.20%, 5/1/09 |
191,414 | |||||||||
| 1,150 | New Jersey Economic Development Finance Authority, (Cigarette Tax), 5.50%, 6/15/24 |
1,215,677 | |||||||||
| 2,115 | New Jersey Economic Development Finance Authority, (Cigarette Tax), 5.75%, 6/15/29 |
2,296,636 | |||||||||
| $ | 7,194,533 | ||||||||||
Transportation — 3.4% |
|||||||||||
| $ 1,500 | Augusta, GA, (AMT), 5.35%, 1/1/28 |
$ | 1,591,305 | ||||||||
| 7,500 | Kent County, MI, Airport Facility, 5.00%, 1/1/25 (1) |
7,665,788 | |||||||||
| $ | 9,257,093 | ||||||||||
Water and Sewer — 1.1% |
|||||||||||
| $ 3,405 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 |
$ | 3,123,679 | ||||||||
| $ | 3,123,679 | ||||||||||
Total Tax-Exempt Investments — 182.5% |
|||||||||||
(identified cost $457,370,854) |
$ | 497,130,165 | |||||||||
Short-Term Investments — 2.1% |
|||||||||||
| Principal Amount (000’s omitted) |
Description | Value | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| $ 5,735 | California, (FGIC), Variable Rate, 3.59%, 12/1/29 |
$ | 5,735,000 | ||||||||
Total Short-Term Investments — 2.1% |
|||||||||||
(at amortized cost $5,735,000) |
$ | 5,735,000 | |||||||||
Total Investments — 184.6% |
|||||||||||
(identified cost $463,105,854) |
$ | 502,865,165 | |||||||||
Other Assets, Less Liabilities — (36.5)% |
$ | (99,421,843 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.1)% |
$ | (131,045,184 | ) | ||||||||
Net
Assets Applicable to Common Shares— 100.0% |
$ | 272,398,138 | |||||||||
AGC |
– | Assured Guaranty
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. |
CIFG |
– | CDC IXIS Financial
Guaranty North America, Inc. |
FGIC |
– | Financial Guaranty
Insurance Company |
FSA |
– | Financial Security
Assurance, Inc. |
MBIA |
– | Municipal Bond
Insurance Association |
XLCA |
– | XL Capital
Assurance, Inc. |
California |
25.5 | % | ||||
Puerto
Rico |
19.0 | % | ||||
Texas |
17.1 | % | ||||
Colorado |
16.1 | % | ||||
New
Jersey |
14.4 | % | ||||
New
York |
10.3 | % | ||||
Others,
representing less than 10% individually |
82.2 | % |
(1) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
(2) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2007, the aggregate value of the securities is $32,067,596 or 11.8% of the Trust's net assets applicable to common shares. |
(3) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2007. |
(4) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
(5) |
Security is in default and making only partial interest payments. | |
(6) |
Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security. | |
(7) |
Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2007. |
A summary of financial instruments at February 28, 2007 is as follows:
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration |
|
Contracts |
|
Position |
|
Aggregate |
|
Value |
|
Net Unrealized |
|
06/07 |
|
300 U.S. Treasury Bond |
|
Short |
|
$(33,845,108) |
|
$(33,881,250) |
|
$(36,142) |
Interest Rate Swaps
At February 28, 2007, the Trust entered into an interest rate swap agreement with Morgan Stanley whereby the Trust makes bi-annual payments at a fixed rate equal to 3.948% on the notional amount of $15,000,000. In exchange the Trust receives bi-annual payments at a rate equal to the three month USD-LIBOR on the same notional amount. The effective date of the interest rate swap is January 23, 2008. The value of the contract, which terminates on January 23, 2038, is recorded as a payable for open swap contracts of $106,797 on February 28, 2007.
At February 28, 2007, the Trust entered into an interest rate swap agreement with Citibank, N.A. whereby the Trust makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $10,000,000. In exchange the Trust receives bi-annual payments at a rate equal to the three month USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 16, 2007. The value of the contract, which terminates on August 16, 2027, is recorded as a payable for open swap contracts of $109,992 on February 28, 2007.
At February 28, 2007, the Trust entered into an interest rate swap agreement with Lehman whereby the Trust makes bi-annual payments at a fixed rate equal to 3.896% on the notional amount of $15,000,000. In exchange the Trust receives bi-annual payments at a rate equal to the three months USD-LIBOR on the same notional amount. The effective date of the interest rate swap is January 23, 2008. The value of the contract, which terminates on January 23, 2038, is recorded as a payable for open swap contracts of $5,641 on February 28, 2007.
At February 28, 2007, the Trust entered into an interest rate swap agreement with Merrill Lynch Capital Services, Inc. whereby the Trust makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount of $10,000,000. In exchange the Trust receives bi-annual payments at a rate equal to the three month USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 7, 2007. The value of the contract, which terminates on August 7, 2037, is recorded as a payable for open swap contracts of $176,850 on February 28, 2007.
At February 28, 2007, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) in value of the investments owned at February 28, 2007 as computed on a federal income tax basis, were as follows:
|
|
Aggregate cost |
$ |
359,440,312 |
|
|
Gross unrealized appreciation |
$ |
40,873,549 |
|
|
Gross unrealized depreciation |
|
(1,288,559) |
|
|
Net unrealized appreciation |
$ |
39,584,990 |
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 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 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) During the second fiscal quarter of the period covered by this report, the registrant’s internal control over financial reporting was modified to enhance the review and analysis of the relevant terms and conditions of transfers of securities in connection with inverse floating rate obligations in light of Statement of Financial Accounting Standards No. 140.
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/ Robert B. MacIntosh | |
|
|
Robert B. MacIntosh |
|
President and Principal Executive Officer
|
Date: |
April 23, 2007 |
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/ Robert B. MacIntosh | |
|
|
Robert B. MacIntosh |
|
President and Principal Executive Officer
|
Date: |
April 23, 2007 |
|
By: |
/s/ Barbara E. Campbell | |
|
|
Barbara E. Campbell |
|
Treasurer and Principal Financial Officer
|
Date: |
April 23, 2007 |