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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

August 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 162.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.0%(1)

      

Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)

    $ 252      $ 75,539  
     

 

 

  
      $ 75,539  
     

 

 

  

Education — 7.1%

      

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

    $ 5,580      $ 7,145,190  

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39(3)

      10,500        11,252,115  

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

      4,000        4,529,400  
     

 

 

  
      $ 22,926,705  
     

 

 

  

Electric Utilities — 4.6%

      

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

    $ 1,685      $ 1,837,037  

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

      2,540        2,747,188  

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

      1,250        1,288,400  

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

      1,000        1,083,340  

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

      7,000        8,005,410  
     

 

 

  
      $ 14,961,375  
     

 

 

  

Escrowed/Prerefunded — 6.7%

      

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

    $ 785      $ 880,095  

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

      880        991,760  

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

      480        542,366  

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

      3,250        3,678,350  

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

      3,715        4,066,476  

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

      1,675        1,976,048  

Triborough Bridge and Tunnel Authority, NY, Prerefunded to 5/15/18, 5.00%, 11/15/37(3)

      9,300        9,580,023  
     

 

 

  
      $ 21,715,118  
     

 

 

  

General Obligations — 14.6%

      

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

    $ 1,500      $ 1,710,225  

Frisco Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/37(3)

      9,000        10,273,860  

Illinois, 5.00%, 5/1/33

      5,000        5,253,950  

Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36(3)

      3,250        3,634,638  

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

      17,900        7,053,137  

New York, 5.00%, 2/15/34(3)

      2,500        2,823,225  

Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(3)

      2,340        2,447,383  

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

      7,980        3,953,212  

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

      7,500        3,539,100  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 8,500      $ 3,825,255  

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

      6,035        2,595,110  
     

 

 

  
      $ 47,109,095  
     

 

 

  

Hospital — 21.5%

 

California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(3)

    $ 10,000      $ 10,825,900  

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

      440        501,397  

California Health Facilities Financing Authority, (Sutter Health Obligation Group), 5.00%, 8/15/52(3)

      10,000        11,327,700  

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

      1,335        1,507,722  

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

      1,870        2,032,634  

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

      2,545        2,483,793  

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

      2,500        2,575,450  

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

      1,000        1,129,300  

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

      1,185        1,238,811  

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/46(3)

      10,000        11,487,500  

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

      1,535        1,750,253  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/36(4)

      800        883,056  

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

      1,465        1,562,833  

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

      2,930        3,130,588  

North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.25%, 6/1/29(3)

      11,400        12,589,818  

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

      1,570        1,675,991  

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

      785        807,529  

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

      670        726,086  

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

      1,000        1,134,700  
     

 

 

  
   $ 69,371,061  
     

 

 

  

Housing — 1.9%

 

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

    $ 4,000      $ 4,275,440  

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

      555        599,644  

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

      1,000        1,026,040  

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

      180        179,723  
     

 

 

  
   $ 6,080,847  
     

 

 

  

Industrial Development Revenue — 6.3%

 

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

    $ 400      $ 466,444  

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

      1,370        1,375,549  

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(4)

      4,390        4,421,784  

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

      1,600        1,733,920  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(4)

      1,075        1,121,472  

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

      780        825,973  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,000      $ 1,058,940  

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

      4,680        5,101,808  

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

      1,005        1,136,906  

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

      1,715        1,940,094  

Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(4)

      1,130        1,240,989  
     

 

 

  
   $ 20,423,879  
     

 

 

  

Insured-Electric Utilities — 0.8%

 

Puerto Rico Electric Power Authority, (AGM), 1.39%, (67% of 3 mo. USD LIBOR + 0.52%), 7/1/29(5)

    $ 3,000      $ 2,430,990  
     

 

 

  
   $ 2,430,990  
     

 

 

  

Insured-Escrowed/Prerefunded — 5.5%

 

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

    $ 2,625      $ 2,865,292  

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

      1,950        2,041,767  

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series I, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38(3)

      9,400        9,727,193  

San Diego County Water Authority, CA, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38(3)

      3,000        3,086,040  
     

 

 

  
   $ 17,720,292  
     

 

 

  

Insured-Other Revenue — 0.7%

 

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

    $ 4,210      $ 2,062,395  
     

 

 

  
   $ 2,062,395  
     

 

 

  

Insured-Special Tax Revenue — 9.1%

 

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

    $ 31,800      $ 14,441,016  

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

      29,510        6,869,633  

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

      10,510        2,185,765  

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

      30,000        5,921,100  
     

 

 

  
   $ 29,417,514  
     

 

 

  

Insured-Student Loan — 0.9%

 

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

    $ 1,505      $ 1,602,449  

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

      245        256,667  

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

      1,115        1,144,536  
     

 

 

  
   $ 3,003,652  
     

 

 

  

Insured-Transportation — 13.4%

 

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

    $ 12,425      $ 7,077,528  

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

      935        1,067,181  

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

      3,850        4,193,690  

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

      40        41,516  

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

      665        697,399  

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

      5,375        5,616,714  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,430      $ 1,486,299  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 1/1/51

      1,000        1,027,050  

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

      15,000        8,457,150  

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

      9,820        10,662,752  

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

      2,370        2,704,028  
     

 

 

  
   $ 43,031,307  
     

 

 

  

Insured-Water and Sewer — 12.1%

 

DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35(3)

    $ 17,985      $ 21,505,024  

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

      6,000        2,494,620  

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

      6,680        2,617,558  

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

      7,000        2,558,220  

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

      3,750        4,233,637  

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

      3,640        3,709,597  

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

      2,000        2,035,300  
     

 

 

  
   $ 39,153,956  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.4%

 

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

    $ 850      $ 978,614  

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

      1,285        1,490,137  

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

      1,735        1,855,687  
     

 

 

  
   $ 4,324,438  
     

 

 

  

Other Revenue — 2.4%

 

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)

    $ 1,925      $ 461,807  

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

      60        59,898  

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

      5,000        6,105,900  

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

      1,080        1,087,020  
     

 

 

  
   $ 7,714,625  
     

 

 

  

Senior Living/Life Care — 6.9%

 

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

    $ 320      $ 320,064  

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

      250        262,875  

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

      535        572,776  

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

      1,075        1,143,091  

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

      725        798,921  

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

      3,109        759,601  

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

      1,480        1,590,689  

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

      740        896,214  

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

      3,650        4,460,775  

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

      4,960        5,590,168  

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

      1,750        1,863,628  

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

      2,500        2,656,175  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 335      $ 358,490  

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

      985        1,054,856  
     

 

 

  
   $ 22,328,323  
     

 

 

  

Special Tax Revenue — 14.4%

 

New River Community Development District, FL, (Capital Improvements),
5.00%, 5/1/13(7)

    $ 90      $ 0  

New River Community Development District, FL, (Capital Improvements),
5.35%, 5/1/38(7)

      35        0  

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

      150        142,953  

New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/39(3)

      12,400        14,503,412  

New York City Transitional Finance Authority, NY, Future Tax Revenue,
5.50%, 11/1/35(3)

      2,820        3,203,774  

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

      845        959,996  

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

      655        747,964  

New York City Transitional Finance Authority, NY, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(3)

      2,180        2,489,401  

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

      10,000        11,775,600  

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

      253        252,881  

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

      180        169,394  

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

      552        385,712  

Texas Transportation Commission, 5.00%, 4/1/33(3)

      10,000        11,814,700  
     

 

 

  
   $ 46,445,787  
     

 

 

  

Transportation — 25.2%

 

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

    $ 435      $ 501,329  

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

      1,395        1,582,181  

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

      10,000        11,048,200  

Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/38

      2,370        2,763,775  

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

      1,030        1,230,407  

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

      1,735        2,070,549  

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

      3,200        3,498,880  

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

      1,000        1,032,360  

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

      400        448,756  

New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.98%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(5)

      7,250        7,048,667  

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

      1,000        1,137,280  

New York Liberty Development Corp., (1 World Trade Center Port Authority Construction), 5.00%, 12/15/41(3)

      7,880        8,926,543  

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

      1,055        1,164,551  

North Texas Tollway Authority, Prerefunded to 1/1/18, 5.75%, 1/1/38

      1,515        1,540,210  

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

      3,910        4,289,387  

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

      2,500        3,122,600  

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(3)

      7,200        7,689,096  

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(3)

    $ 8,500      $ 9,068,310  

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

      7,290        7,461,825  

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

      1,885        2,130,747  

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

      1,725        1,925,825  

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

      850        954,865  

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

      640        714,701  
     

 

 

  
   $ 81,351,044  
     

 

 

  

Water and Sewer — 7.3%

 

Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/40(3)

    $ 10,000      $ 11,650,600  

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

      1,860        2,070,812  

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

      4,730        5,142,882  

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

      4,130        4,639,477  
     

 

 

  
      $ 23,503,771  
     

 

 

  

Total Tax-Exempt Municipal Securities — 162.8%
(identified cost $478,137,488)

       $ 525,151,713  
     

 

 

  

Taxable Municipal Securities — 5.2%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.0%(1)

      

Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)

    $ 32      $ 9,443  
     

 

 

  
      $ 9,443  
     

 

 

  

General Obligations — 2.9%

      

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

    $ 5,435      $ 6,189,323  

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

      2,885        3,121,830  
     

 

 

  
      $ 9,311,153  
     

 

 

  

Hospital — 2.0%

      

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

    $ 6,000      $ 6,371,820  
     

 

 

  
      $ 6,371,820  
     

 

 

  

Insured-Transportation — 0.3%

      

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

    $ 1,285      $ 613,703  

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

      1,000        448,730  
     

 

 

  
      $ 1,062,433  
     

 

 

  

Total Taxable Municipal Securities — 5.2%
(identified cost $15,148,532)

       $ 16,754,849  
     

 

 

  

 

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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      $ 1,128,052  
     

 

 

  

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

       $ 1,128,052  
     

 

 

  

Institutional MuniFund Term Preferred Shares — 0.9%

      
Security    Shares      Value  

Nuveen Texas Quality Income Municipal Fund, (AMT), 1.69%, (SIFMA + 0.90%), 11/1/18(4)(8)

      600      $ 3,004,230  
     

 

 

  

Total Institutional MuniFund Term Preferred Shares — 0.9%
(identified cost $3,000,000)

       $ 3,004,230  
     

 

 

  

Total Investments — 169.2%
(identified cost $497,326,020)

       $ 546,038,844  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (4.6)%

       $ (14,776,754 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (21.0)%

       $ (67,660,035 ) 
     

 

 

  

Other Assets, Less Liabilities — (43.6)%

       $ (140,967,011 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 322,635,044  
     

 

 

  

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

At August 31, 2017, 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

      21.9 % 

Texas

      14.2 % 

Others, representing less than 10% individually

      63.9 % 

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, 2017, 25.3% 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 11.0% of total investments.

 

(1) Amount is less than 0.05%.

 

(2) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

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

 

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(4) 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 August 31, 2017, the aggregate value of these securities is $16,033,991 or 5.0% of the Trust’s net assets applicable to common shares.

 

(5) Variable rate security. The stated interest rate represents the rate in effect at August 31, 2017.

 

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

 

(7) Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

 

(8) Variable rate security. The stated dividend rate represents the rate in effect at August 31, 2017. Maturity date represents the mandatory redemption date. Each share represents $5,000 par value.

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

The Trust did not have any open derivative instruments at August 31, 2017.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 348,936,793  
  

 

 

  

Gross unrealized appreciation

    $ 56,165,917  

Gross unrealized depreciation

      (4,788,866 ) 
  

 

 

  

Net unrealized appreciation

    $ 51,377,051  
  

 

 

  

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.

 

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At August 31, 2017, 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

    $ —      $ 525,151,713      $ —      $ 525,151,713  

Taxable Municipal Securities

      —        16,754,849        —        16,754,849  

Corporate Bonds & Notes

      —        1,128,052        —        1,128,052  

Institutional MuniFund Term Preferred Shares

      —        3,004,230        —        3,004,230  

Total Investments

    $ —      $     546,038,844      $ —      $     546,038,844  

The Trust held no investments or other financial instruments as of November 30, 2016 whose fair value was determined using Level 3 inputs. At August 31, 2017, 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.

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:   October 24, 2017

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 24, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 24, 2017