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, 2018

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Municipal Income Trust

August 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 162.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.9%

 

New York City Industrial Development Agency, NY, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28

   $ 2,825      $ 2,851,131  

Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)

     252        75,625  
     

 

 

 
   $ 2,926,756  
  

 

 

 

Education — 12.1%

 

California State University, 5.00%, 11/1/43(2)

   $ 13,000      $ 15,261,090  

Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(3)

     250        264,195  

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

     5,580        6,927,346  

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

     10,500        10,775,415  

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

     4,000        4,284,880  
     

 

 

 
   $ 37,512,926  
  

 

 

 

Electric Utilities — 5.2%

 

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

   $ 1,685      $ 1,795,182  

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

     2,540        2,630,322  

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

     1,250        1,269,800  

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

     1,000        1,038,640  

Los Angeles Department of Water and Power, CA, Power System Revenue, 4.00%, 7/1/46(2)

     9,000        9,276,390  
     

 

 

 
   $ 16,010,334  
  

 

 

 

Escrowed/Prerefunded — 4.3%

 

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

   $ 785      $ 831,739  

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

     880        935,352  

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

     480        510,994  

Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), Prerefunded to 7/1/20, 5.50%, 7/1/40

     1,870        1,996,917  

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

     3,250        3,432,747  

Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36

     920        1,023,316  

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

     2,715        2,826,206  

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

     1,675        1,864,208  
     

 

 

 
   $ 13,421,479  
  

 

 

 

General Obligations — 14.4%

 

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

   $ 1,500      $ 1,681,920  

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

     9,000        9,698,490  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Illinois, 5.00%, 5/1/33

   $ 5,000      $ 5,181,400  

Illinois, 5.00%, 5/1/39

     3,035        3,171,970  

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

     3,250        3,462,810  

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

     17,900        7,241,982  

Massachusetts, 5.00%, 9/1/38(4)

     8,000        9,289,680  

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

     2,500        2,676,175  

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

     2,340        2,346,107  
     

 

 

 
   $ 44,750,534  
  

 

 

 

Hospital — 23.1%

 

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

   $ 10,000      $ 10,397,600  

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

     440        489,240  

California Health Facilities Financing Authority, (Sutter Health Obligation Group), 5.00%, 8/15/52(2)

     10,000        10,869,400  

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

     1,335        1,450,745  

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

     2,545        2,548,614  

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

     2,500        2,585,125  

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

     1,000        1,134,630  

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

     1,185        1,197,656  

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/46(2)

     10,000        11,049,900  

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

     615        678,431  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/36(3)

     800        878,888  

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

     11,400        12,037,716  

Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38

     425        470,237  

Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43

     1,265        1,419,039  

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

     1,570        1,601,667  

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

     785        809,539  

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

     670        715,426  

Tampa, FL, (BayCare Health System), 4.00%, 11/15/46(2)

     10,000        10,151,900  

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

     1,000        1,096,730  
     

 

 

 
   $ 71,582,483  
  

 

 

 

Housing — 1.6%

 

Centerline Equity Issuer Trust, TN, 6.00%, 10/31/52(3)

   $ 4,000      $ 4,106,920  

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

     555        588,095  

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

     180        176,299  
     

 

 

 
   $ 4,871,314  
  

 

 

 

Industrial Development Revenue — 6.7%

 

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

   $ 400      $ 441,316  

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(3)

     4,390        4,433,681  

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

     1,600        1,669,952  

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)

     1,075        1,112,518  

National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(3)(4)

     1,335        1,341,995  

National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(3)(4)

     1,470        1,478,261  

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 4,680      $ 5,086,177  

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

     1,005        1,136,545  

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

     1,715        1,939,476  

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)

     535        539,542  

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT),
4.625% to 4/3/28 (Put Date), 4/1/36(3)

     300        299,874  

Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(3)

     1,130        1,295,658  
     

 

 

 
   $ 20,774,995  
  

 

 

 

Insured-Escrowed/Prerefunded — 0.9%

 

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

   $ 2,625      $ 2,720,602  
     

 

 

 
   $ 2,720,602  
  

 

 

 

Insured-Other Revenue — 0.7%

 

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

   $ 4,210      $ 2,135,186  
     

 

 

 
   $ 2,135,186  
  

 

 

 

Insured-Special Tax Revenue — 7.4%

 

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

   $ 30,800      $ 13,518,428  

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

     29,510        8,253,652  

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39

     1,080        1,054,123  
     

 

 

 
   $ 22,826,203  
  

 

 

 

Insured-Student Loan — 0.4%

 

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

   $ 1,185      $ 1,213,298  
     

 

 

 
   $ 1,213,298  
  

 

 

 

Insured-Transportation — 14.1%

 

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

   $ 12,425      $ 6,993,287  

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

     935        1,042,301  

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

     3,850        4,019,593  

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

     5,375        5,455,732  

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

     1,430        1,447,732  

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

     5,075        5,111,489  

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

     15,000        8,425,500  

Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38

     2,500        3,105,500  

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

     4,425        5,326,550  

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

     2,370        2,842,080  
     

 

 

 
   $ 43,769,764  
  

 

 

 

Insured-Water and Sewer — 11.7%

 

DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35(2)

   $ 17,985      $ 20,657,571  

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

     6,000        2,545,080  

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

     6,680        2,650,758  

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 7,000      $ 2,598,610  

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

     3,750        4,086,825  

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

     3,640        3,779,958  
     

 

 

 
      $ 36,318,802  
     

 

 

 

Lease Revenue/Certificates of Participation — 0.9%

     

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

   $ 815      $ 883,884  

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/19, 5.75%, 10/1/31

     1,735        1,807,800  
     

 

 

 
      $ 2,691,684  
     

 

 

 

Other Revenue — 2.5%

     

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5)

   $ 1,925      $ 346,500  

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43

     110        121,987  

Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(3)

     485        505,661  

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

     5,000        5,942,250  

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

     1,000        1,000,930  
     

 

 

 
      $ 7,917,328  
     

 

 

 

Senior Living/Life Care — 8.1%

     

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

   $ 430      $ 430,077  

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

     250        267,075  

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

     535        557,224  

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

     1,075        1,117,097  

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

     725        790,794  

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

     3,109        839,338  

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

     1,480        1,578,361  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/31

     1,415        1,522,215  

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/32

     1,485        1,592,425  

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

     740        843,511  

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

     3,650        4,186,587  

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

     4,960        5,589,722  

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

     1,750        1,860,915  

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

     2,500        2,651,500  

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

     335        357,659  

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

     985        1,053,477  
     

 

 

 
      $ 25,237,977  
     

 

 

 

Special Tax Revenue — 19.5%

     

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

   $ 90      $ 0  

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

     35        0  

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

     145        144,995  

New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/39(2)

     12,400        13,918,132  

 

4

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 845      $ 910,234  

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

     2,820        3,037,704  

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

     655        706,287  

New York City Transitional Finance Authority, NY, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(2)

     2,180        2,350,694  

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34(2)

     10,000        11,278,700  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(2)

     14,100        16,207,527  

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

     243        242,483  

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

     175        160,302  

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

     552        353,135  

Texas Transportation Commission, 5.00%, 4/1/33(2)

     10,000        11,326,000  
     

 

 

 
      $ 60,636,193  
     

 

 

 

Transportation — 15.6%

     

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

   $ 435      $ 472,440  

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

     1,395        1,526,270  

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

     1,030        1,164,580  

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

     1,735        1,959,006  

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

     3,200        3,373,664  

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

     400        425,732  

New Jersey Transportation Trust Fund Authority, (Transportation Program),
2.76%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(7)

     5,000        5,018,700  

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

     7,880        8,534,828  

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

     1,055        1,126,191  

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

     3,910        4,155,040  

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(2)

     7,200        7,475,832  

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

     8,500        8,782,880  

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

     1,885        2,038,024  

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

     1,725        1,825,257  

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

     640        689,683  
     

 

 

 
      $ 48,568,127  
     

 

 

 

Water and Sewer — 12.6%

     

Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/40(2)

   $ 10,000      $ 11,204,500  

Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/47(2)

     14,100        16,160,151  

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

     1,860        2,016,296  

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

     4,730        5,071,459  

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

     4,130        4,514,957  
     

 

 

 
      $ 38,967,363  
     

 

 

 

Total Tax-Exempt Municipal Securities — 162.7%
(identified cost $474,113,559)

      $ 504,853,348  
     

 

 

 

 

5

 

 


                                                 

Taxable Municipal Securities — 5.8%

     
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.0%(8)

     

Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)

   $ 46      $ 13,760  
     

 

 

 
      $ 13,760  
     

 

 

 

General Obligations — 3.4%

     

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

   $ 5,435      $ 7,314,314  

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

     2,885        3,146,381  
     

 

 

 
      $ 10,460,695  
     

 

 

 

Hospital — 2.0%

     

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

   $ 6,000      $ 6,340,680  
     

 

 

 
      $ 6,340,680  
     

 

 

 

Insured-Transportation — 0.4%

     

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

   $ 1,285      $ 636,049  

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

     1,000        454,650  
     

 

 

 
      $ 1,090,699  
     

 

 

 

Total Taxable Municipal Securities — 5.8%
(identified cost $15,209,712)

      $ 17,905,834  
     

 

 

 

Total Investments — 168.5%
(identified cost $489,323,271)

      $ 522,759,182  
     

 

 

 

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (11.2)%

      $ (34,879,596
     

 

 

 

Other Assets, Less Liabilities — (57.3)%

      $ (177,575,449
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 310,304,137  
     

 

 

 

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

At August 31, 2018, 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

     21.6

California

     11.6

Texas

     11.0

Georgia

     10.5

Others, representing less than 10% individually

     45.3

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, 2018, 21.1% 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 11.2% of total investments.

 

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(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)

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, 2018, the aggregate value of these securities is $17,258,123 or 5.6% of the Trust’s net assets applicable to common shares.

 

(4)

When-issued security.

 

(5)

Issuer is in default with respect to interest and/or principal payments.

 

(6)

Security is in default and making only partial interest payments.

 

(7)

Floating rate security. The stated interest rate represents the rate in effect at August 31, 2018.

 

(8)

Amount is less than 0.05%.

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.

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, 2018.

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, 2018, 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

   $     —      $     504,853,348      $     —      $     504,853,348  

Taxable Municipal Securities

            17,905,834               17,905,834  

Total Investments

   $      $ 522,759,182      $      $ 522,759,182  

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.

 

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Proposed Plan of Reorganizations

In July 2018, the Trustees of the Trust approved Agreements and Plan of Reorganizations (the Agreements) whereby the Trust would acquire substantially all the assets and assume substantially all the liabilities of Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust and Eaton Vance Pennsylvania Income Trust (each an “Acquired Trust”) in exchange for common shares of the Trust. Each proposed reorganization is subject to approval by the shareholders of the respective Acquired Trust.

 

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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 22, 2018

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 22, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 22, 2018