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, 2012

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

August 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 181.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 1.1%

      

Maryland Energy Financing Administration, (AES Warrior Run), (AMT), 7.40%, 9/1/19

    $ 2,950       $ 2,966,815   

Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13(1)

      400         252,520   
     

 

 

  
      $ 3,219,335   
     

 

 

  

Education — 8.6%

      

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

    $ 1,000       $ 1,258,440   

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(2)

      2,490         2,911,931   

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

      10,500         11,934,930   

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

      5,000         5,777,650   

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

      1,475         1,722,667   

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

      1,000         1,171,890   
     

 

 

  
      $ 24,777,508   
     

 

 

  

Electric Utilities — 2.2%

      

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

    $ 1,715       $ 1,783,737   

Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 8.25%, 5/1/33

      3,715         594,883   

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

      2,540         2,977,515   

Puerto Rico Electric Power Authority, 5.00%, 7/1/42

      1,000         1,023,740   
     

 

 

  
      $ 6,379,875   
     

 

 

  

General Obligations — 9.3%

      

California, 5.50%, 3/1/40

    $ 1,475       $ 1,692,740   

California, (AMT), 5.05%, 12/1/36

      1,525         1,560,426   

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

      9,000         10,461,870   

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

      3,250         3,765,580   

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

      2,500         2,888,100   

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

      2,340         2,656,204   

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

      2,980         3,562,441   
     

 

 

  
      $ 26,587,361   
     

 

 

  

Health Care-Miscellaneous — 0.3%

      

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

    $ 158       $ 158,730   

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

      418         419,688   

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

      158         159,479   
     

 

 

  
      $ 737,897   
     

 

 

  

Hospital — 21.1%

      

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

    $ 2,295       $ 2,496,271   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

California Health Facilities Financing Authority, (Providence Health System),
5.50%, 10/1/39(2)(4)

    $ 10,000       $ 11,416,500   

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

      3,255         3,470,383   

California Statewide Communities Development Authority, (John Muir Health),
5.00%, 8/15/36

      2,510         2,659,822   

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

      1,610         1,650,105   

Harris County, TX, Cultural Education Facilities Finance Corp., (Baylor College Medicine), 5.00%, 11/15/37(5)

      1,980         2,124,718   

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

      1,870         2,037,889   

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

      3,280         4,281,482   

Louisiana Public Facilities Authority, (Touro Infirmary), 5.625%, 8/15/29

      2,520         2,522,646   

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

      1,535         1,871,088   

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

      1,800         1,803,528   

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

      3,000         3,122,820   

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

      1,465         1,610,050   

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

      2,930         3,189,774   

North Carolina Medical Care Commission, (North Carolina Baptist Hospital),
5.25%, 6/1/29(2)(4)

      11,400         12,962,940   

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

      1,570         1,808,405   

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

      1,500         1,561,515   
     

 

 

  
      $ 60,589,936   
     

 

 

  

Housing — 5.9%

      

Charter Mac Equity Trust, TN, 6.00%, 10/31/52(3)

    $ 4,000       $ 4,741,720   

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

      1,420         1,463,920   

Lake Creek, CO, Affordable Housing Corp., MFMR, 7.00%, 12/1/23

      1,395         1,396,437   

Nebraska Investment Finance Authority, Single Family Housing, (FHLMC), (FNMA), (GNMA), 5.90%, 9/1/36

      1,750         2,020,795   

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

      2,975         2,976,190   

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

      2,745         2,612,609   

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

      125         97,126   

Virginia Housing Development Authority, (AMT), 5.30%, 7/1/35

      1,500         1,584,510   
     

 

 

  
      $ 16,893,307   
     

 

 

  

Industrial Development Revenue — 8.7%

      

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

    $ 1,510       $ 1,356,086   

Broward County, FL, (Lynxs CargoPort), (AMT), 6.75%, 6/1/19(1)

      1,770         705,345   

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

      1,000         1,134,120   

Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32

      1,060         1,068,862   

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

      400         493,320   

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

      2,240         2,463,037   

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

      2,305         2,387,911   

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

      1,000         1,166,730   

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

      1,600         1,800,528   

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

      1,660         1,700,637   

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

      1,560         1,580,841   

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

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

    $ 4,680       $ 4,780,947   

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

      4,630         4,241,126   
     

 

 

  
      $ 24,879,490   
     

 

 

  

Insured-General Obligations — 0.9%

      

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

    $ 10,000       $ 2,542,800   
     

 

 

  
      $ 2,542,800   
     

 

 

  

Insured-Hospital — 14.5%

      

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), 5.25%, 5/15/41(2)

    $ 3,250       $ 3,490,630   

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

      2,625         2,983,155   

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

      15,000         8,297,700   

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

      17,080         8,848,123   

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

      8,575         4,146,870   

Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2)

      2,500         2,591,325   

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

      9,835         10,539,775   

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

      750         803,745   
     

 

 

  
      $ 41,701,323   
     

 

 

  

Insured-Housing — 0.4%

      

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

    $ 1,100       $ 1,101,276   
     

 

 

  
      $ 1,101,276   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 1.1%

      

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

    $ 3,000       $ 3,291,570   
     

 

 

  
      $ 3,291,570   
     

 

 

  

Insured-Other Revenue — 7.0%

      

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

    $ 4,210       $ 1,202,376   

New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC),
5.00%, 1/1/36

      5,000         5,095,150   

New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC),
5.00%, 1/1/39

      3,600         3,662,856   

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

      10,325         3,539,410   

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

      8,600         2,742,282   

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

      3,100         3,806,180   
     

 

 

  
      $ 20,048,254   
     

 

 

  

Insured-Special Tax Revenue — 10.5%

      

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

    $ 50,000       $ 13,702,500   

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

      34,950         9,735,672   

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

      7,310         649,640   

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

      22,500         4,124,025   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 12,040       $ 1,940,968   
     

 

 

  
      $ 30,152,805   
     

 

 

  

Insured-Student Loan — 4.5%

      

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

    $ 2,700       $ 3,070,818   

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

      610         682,700   

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

      6,785         6,856,446   

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

      2,040         2,276,640   
     

 

 

  
      $ 12,886,604   
     

 

 

  

Insured-Transportation — 16.5%

      

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

    $ 12,425       $ 4,162,375   

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

      3,850         4,325,937   

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

      5,500         1,347,500   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.675%, 1/1/32(1)

      1,000         245,000   

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

      2,140         2,295,642   

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

      15,000         5,835,150   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)(4)

      9,820         11,488,124   

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

      10,555         3,576,667   

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

      2,500         2,629,875   

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

      8,805         9,439,488   

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

      5,175         1,410,498   

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

      2,015         515,921   
     

 

 

  
      $ 47,272,177   
     

 

 

  

Insured-Water and Sewer — 9.0%

      

Austin, TX, Water and Wastewater, (AGM), (BHAC), 5.00%, 11/15/33(2)

    $ 3,750       $ 4,273,200   

DeKalb, GA, Water and Sewer, (AGM), 5.00%, 10/1/35(2)(4)

      17,985         21,507,362   
     

 

 

  
      $ 25,780,562   
     

 

 

  

Lease Revenue/Certificates of Participation — 3.5%

      

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

    $ 2,135       $ 2,508,689   

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

      4,400         5,468,716   

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

      1,735         2,035,571   
     

 

 

  
      $ 10,012,976   
     

 

 

  

Other Revenue — 14.9%

      

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

    $ 785       $ 918,183   

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

      880         1,023,590   

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

      480         561,149   

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

      1,955         1,689,961   

Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48

      7,600         6,320,236   

Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42

      2,350         2,367,249   

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

      1,500         1,501,320   

New Jersey Economic Development Authority, (Duke Farms Foundation),
5.00%, 7/1/48(2)(4)

      2,370         2,630,344   

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32

      5,000         5,844,500   

Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13

      45         44,935   

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

      265         256,462   

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 8,000       $ 8,548,560   

Seminole Tribe, FL, 5.25%, 10/1/27(3)

      4,000         4,168,920   

Seminole Tribe, FL, 5.50%, 10/1/24(3)

      2,365         2,511,559   

Tobacco Settlement Financing Corp., 5.00%, 6/1/47

      4,180         3,003,581   

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

      1,415         1,212,230   
     

 

 

  
      $ 42,602,779   
     

 

 

  

Senior Living/Life Care — 3.3%

      

Cliff House Trust, PA, (AMT), 0.00%, 6/1/27(1)

    $ 3,210       $ 1,693,115   

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

      535         603,838   

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

      1,075         1,199,109   

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32

      375         398,561   

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37

      345         362,647   

Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 5.00%, 11/15/29(6)

      2,295         2,311,088   

Logan County, CO, Industrial Development, (TLC Care Choices, Inc.),
2.75%, 12/1/23(7)

      3,115         1,596,656   

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

      335         360,309   

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

      985         1,064,972   
     

 

 

  
      $ 9,590,295   
     

 

 

  

Special Tax Revenue — 9.0%

      

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

    $ 500       $ 505,310   

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

      325         300,170   

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

      175         177,181   

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

      270         283,381   

New River, FL, Community Development District, (Capital Improvements),
Series 2010A-1, 5.75%, (0.00% until 11/1/12), 5/1/38

      65         44,895   

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

      165         72,900   

New River, FL, Community Development District, (Capital Improvements),
Series 2010B-1, 5.00%, (0.00% until 11/1/12), 5/1/15

      100         88,261   

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

      130         63,644   

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

      90         0   

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

      35         0   

New York, NY, Transitional Finance Authority, Future Tax Revenue,
5.50%, 11/1/35(2)(4)

      5,000         6,046,200   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31(2)

      7,750         9,299,225   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/42

      2,500         2,859,650   

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

      1,500         1,813,860   

North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19

      430         430,391   

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

      475         394,887   

Southern Hills Plantation I, FL, Community Development District, 0.00%, 5/1/35

      205         137,092   

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

      278         237,443   

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 600       $ 528,996   

University Square, FL, Community Development District, 6.75%, 5/1/20

      530         530,567   

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

      1,780         2,105,526   
     

 

 

  
      $ 25,919,579   
     

 

 

  

Transportation — 28.4%

      

Augusta, GA, (AMT), 5.35%, 1/1/28

    $ 1,000       $ 984,820   

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

      435         507,932   

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

      2,700         2,915,028   

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

      1,000         1,103,500   

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

      400         467,140   

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

      3,715         4,264,003   

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

      7,880         8,793,528   

New York Thruway Authority, 5.00%, 1/1/37

      1,325         1,497,237   

New York Thruway Authority, 5.00%, 1/1/42

      1,440         1,619,813   

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

      1,515         1,662,834   

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

      3,940         4,281,716   

Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17), 12/1/38

      2,500         2,357,325   

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

      2,175         2,402,048   

Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/27

      2,160         2,376,756   

Port Authority of New York and New Jersey, 4.00%, 6/1/32(2)

      10,000         10,817,600   

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

      8,500         9,140,135   

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/41

      1,000         1,102,190   

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

      7,290         8,735,534   

San Francisco, CA, City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/32

      1,415         1,587,121   

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

      1,885         2,326,203   

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

      1,725         2,075,071   

Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(2)(4)

      9,300         10,604,139   
     

 

 

  
      $ 81,621,673   
     

 

 

  

Water and Sewer — 1.1%

      

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

    $ 1,080       $ 1,142,262   

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

      1,800         1,920,222   
     

 

 

  
      $ 3,062,484   
     

 

 

  

Total Tax-Exempt Municipal Securities — 181.8%
(identified cost $474,722,372)

       $ 521,651,866   
     

 

 

  

Taxable Municipal Securities — 2.7%

      
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 2.7%

      

California, 7.95%, 3/1/36(8)

    $ 6,375       $ 7,714,069   
     

 

 

  

 

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            Value  

Total Taxable Municipal Securities — 2.7%
(identified cost $7,505,704)

      

$

7,714,069

  

     

 

 

  

Total Investments — 184.5%
(identified cost $482,228,076)

       $ 529,365,935   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (41.9)%

       $ (120,151,704 ) 
     

 

 

  

Other Assets, Less Liabilities — (42.6)%

       $ (122,308,041 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 286,906,190   
     

 

 

  

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.

FHLMC

   -   Federal Home Loan Mortgage Corporation

FNMA

   -   Federal National Mortgage Association

GNMA

   -   Government National Mortgage Association

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, 2012, 34.9% 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 ranged from 1.3% to 11.4% of total investments.

At August 31, 2012, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments is as follows:

 

New York

      22.0 % 

California

      11.2 % 

Others, representing less than 10% individually

      66.8 % 

 

(1) Defaulted bond.

 

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

 

(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At August 31, 2012, the aggregate value of these securities is $14,873,646 or 5.2% of the Trust’s net assets applicable to Common Shares.

 

7

 

 

(4) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $26,137,909.

 

(5) When-issued security.

 

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

 

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

 

(8) Build America Bond. Represents taxable municipal obligation issued pursuant to the America Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

A summary of open financial instruments at August 31, 2012 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
12/12    900 U.S. 30-Year Treasury Bond    Short    $     (134,766,322 )    $     (136,265,625 )    $     (1,499,303 ) 

At August 31, 2012, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At August 31, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $1,499,303.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     355,474,721   
  

 

 

  

Gross unrealized appreciation

    $ 62,474,644   

Gross unrealized depreciation

      (14,083,430 ) 
  

 

 

  

Net unrealized appreciation

    $ 48,391,214   
  

 

 

  

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, 2012, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1     Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —      $ 521,651,866       $ —       $ 521,651,866   

Taxable Municipal Securities

      —        7,714,069         —         7,714,069   

Total Investments

    $ —      $     529,365,935       $     —       $     529,365,935   
Liability Description                               

Futures Contracts

    $ (1,499,303 )    $ —       $ —       $ (1,499,303 ) 

Total

    $     (1,499,303 )    $ —       $ —       $ (1,499,303 ) 

The Trust held no investments or other financial instruments as of November 30, 2011 whose fair value was determined using Level 3 inputs. At August 31, 2012, 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, 2012

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, 2012

 

By:   /s/ Barbara E. Campbell
  Barbara E. Campbell
  Treasurer
Date:   October 25, 2012