UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
|
Investment Company Act File Number |
|
811-09141 |
|
|
|
|
|
|
|
|
|
Eaton Vance Municipal Income Trust |
||
|
(Exact Name of Registrant as Specified in Charter) |
||
|
|
|
|
|
The
Eaton Vance Building, |
|
02109 |
|
(Address of Principal Executive Offices) |
|
(Zip code) |
|
|
|
|
|
Maureen
A. Gemma |
||
|
(Name and Address of Agent for Service) |
||
|
|
||
|
Registrant’s Telephone Number, Including Area Code: |
|
(617) 482-8260 |
|
|
|
|
|
Date of Fiscal Year End: |
|
November 30 |
|
|
|
|
|
Date of Reporting Period: |
|
February 29, 2008 |
Item 1. Schedule of Investments
|
Eaton Vance Municipal Income Trust |
|
as of February 29, 2008 |
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 172.4%
|
Principal |
|
|
|
|
|
|||
|
Amount |
|
|
|
|
|
|||
|
(000’s omitted) |
|
Security |
|
Value |
|
|||
|
Cogeneration — 1.3% |
|
|
|
|||||
|
$ |
2,950 |
|
Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19 |
|
$ |
2,791,821 |
|
|
|
|
|
|
|
$ |
2,791,821 |
|
||
|
Education — 5.6% |
|
|
|
|||||
|
$ |
9,000 |
|
California Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32 (1) |
|
$ |
8,987,355 |
|
|
|
3,430 |
|
Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 |
|
3,120,477 |
|
|||
|
|
|
|
|
$ |
12,107,832 |
|
||
|
Electric Utilities — 12.9% |
|
|
|
|||||
|
$ |
6,500 |
|
Brazos River Authority, TX, (Reliant Energy, Inc.), 7.75%, 12/1/18 |
|
$ |
6,636,110 |
|
|
|
1,300 |
|
Brazos River Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 5.40%, 5/1/29 |
|
1,006,174 |
|
|||
|
2,000 |
|
Brazos River Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 6.75%, 4/1/38 |
|
1,932,820 |
|
|||
|
3,550 |
|
Mississippi Business Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22 |
|
3,560,117 |
|
|||
|
7,250 |
|
North Carolina Municipal Power Agency, (Catawba), 6.50%, 1/1/20 |
|
7,606,120 |
|
|||
|
3,400 |
|
Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
|
3,367,564 |
|
|||
|
2,550 |
|
Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
|
2,525,673 |
|
|||
|
1,000 |
|
Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), Series A, (AMT), 6.75%, 12/1/36 |
|
999,230 |
|
|||
|
|
|
|
|
$ |
27,633,808 |
|
||
|
Escrowed/Prerefunded — 6.9% |
|
|
|
|||||
|
$ |
3,000 |
|
Capital Trust Agency, FL, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33 (2) |
|
$ |
3,718,470 |
|
|
|
5,000 |
|
Illinois Health Facility Authority, (Loyola University Health System), Prerefunded to 7/1/11, 6.00%, 7/1/21 |
|
5,420,750 |
|
|||
|
1,400 |
|
Mesquite, TX, Health Facilities Authority, (Christian Retirement Facility), Prerefunded to 2/15/10, 7.625%, 2/15/28 |
|
1,533,490 |
|
|||
|
2,234 |
|
New York, Prerefunded to 6/1/13, 5.25%, 6/1/28 (1) |
|
2,430,050 |
|
|||
|
1,290 |
|
Tobacco Settlement Financing Corp., NJ, Prerefunded to 6/1/13, 6.75%, 6/1/39 |
|
1,490,053 |
|
|||
|
135 |
|
Willacy County, TX, Local Government Corp., Escrowed to Maturity, 6.00%, 3/1/09 |
|
139,026 |
|
|||
|
|
|
|
|
$ |
14,731,839 |
|
||
|
General Obligations — 1.6% |
|
|
|
|||||
|
$ |
2,485 |
|
California, (AMT), 5.05%, 12/1/36 |
|
$ |
2,166,249 |
|
|
|
1,366 |
|
New York City, NY, 5.25%, 6/1/28 (1) |
|
1,350,850 |
|
|||
|
|
|
|
|
$ |
3,517,099 |
|
||
|
Health Care-Miscellaneous — 0.9% |
|
|
|
|||||
|
$ |
386 |
|
Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36 (2) |
|
$ |
395,677 |
|
|
|
1,019 |
|
Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.25%, 12/1/36 (2) |
|
1,045,969 |
|
|||
|
387 |
|
Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.75%, 12/1/36 (2) |
|
397,297 |
|
|||
|
|
|
|
|
$ |
1,838,943 |
|
||
|
Hospital — 12.1% |
|
|
|
|||||
|
$ |
600 |
|
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 |
|
$ |
531,996 |
|
|
|
1,260 |
|
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 |
|
1,038,946 |
|
|||
|
1,200 |
|
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 |
|
1,078,800 |
|
|||
1
|
$ |
800 |
|
Chautauqua County, NY, Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17 |
|
$ |
802,496 |
|
|
975 |
|
Chautauqua County, NY, Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29 |
|
977,779 |
|
||
|
6,000 |
|
Henderson, NV, Health Care Facility, 5.625%, 7/1/24 |
|
6,028,020 |
|
||
|
2,000 |
|
Knox County Health, TN, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38 |
|
288,100 |
|
||
|
5,000 |
|
Knox County Health, TN, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39 |
|
675,000 |
|
||
|
7,590 |
|
Knox County Health, TN, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/42 |
|
848,790 |
|
||
|
900 |
|
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), Prerefunded to 5/15/26, 5.50%, 5/15/32 |
|
957,204 |
|
||
|
2,575 |
|
Louisiana Public Facilities Authority, (Tuoro Infirmary), 5.625%, 8/15/29 |
|
2,288,917 |
|
||
|
2,000 |
|
Martin County, MN, (Fairmont Community Hospital Association), 6.625%, 9/1/22 |
|
2,037,460 |
|
||
|
500 |
|
Mecosta County, MI, General Hospital, 5.75%, 5/15/09 |
|
500,560 |
|
||
|
2,500 |
|
Mecosta County, MI, General Hospital, 6.00%, 5/15/18 |
|
2,459,525 |
|
||
|
785 |
|
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37 |
|
718,542 |
|
||
|
5,000 |
|
North Central, TX, Health Facility Development Corp., (Baylor Healthcare System), 5.125%, 5/15/29 |
|
4,648,300 |
|
||
|
|
|
|
|
$ |
25,880,435 |
|
|
|
Housing — 14.9% |
|
|
|
||||
|
$ |
2,420 |
|
Capital Trust Agency, FL, (Atlantic Housing Foundation), 5.35%, 7/1/40 |
|
$ |
2,013,392 |
|
|
4,000 |
|
Centerline Equity Issuer Trust, TN, 6.00%, 4/30/19 (2) |
|
4,208,480 |
|
||
|
4,000 |
|
Centerline Equity Issuer Trust, TN, 6.625%, 6/30/09 (2) |
|
4,162,320 |
|
||
|
2,115 |
|
Colorado Housing and Finance Authority, (Birchwood Manor Project), (AMT), 5.50%, 9/20/36 |
|
1,968,515 |
|
||
|
1,425 |
|
Fairfax County, VA, Redevelopment and Housing Authority, (Cedar Ridge), (AMT), 4.85%, 10/1/48 |
|
1,187,923 |
|
||
|
3,045 |
|
Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20 |
|
3,398,951 |
|
||
|
1,655 |
|
Lake Creek, CO, Affordable Housing Corp., Multifamily, 7.00%, 12/1/23 |
|
1,657,251 |
|
||
|
4,000 |
|
Muni Mae Tax-Exempt Bond, LLC, 6.875%, 6/30/49 (2) |
|
4,154,800 |
|
||
|
2,750 |
|
North Little Rock, AR, Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21 |
|
2,683,835 |
|
||
|
3,395 |
|
Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29 |
|
3,412,314 |
|
||
|
3,300 |
|
Texas Student Housing Corp., (University of Northern Texas), 6.75%, 7/1/16 |
|
3,145,197 |
|
||
|
|
|
|
|
$ |
31,992,978 |
|
|
|
Industrial Development Revenue — 24.5% |
|
|
|
||||
|
$ |
1,731 |
|
ABIA Development Corp., TX, (Austin CargoPort Development), (AMT), 6.50%, 10/1/24 |
|
$ |
1,594,027 |
|
|
1,522 |
|
Broward County, FL, Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 |
|
1,455,722 |
|
||
|
1,300 |
|
California Pollution Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25 |
|
1,185,522 |
|
||
|
12,000 |
|
Cartersville, GA, Development Authority Sewer and Solid Waste Disposal Facility, (Anheuser-Busch Cos., Inc.), (AMT), 5.50%, 3/1/44 |
|
10,724,760 |
|
||
|
3,370 |
|
Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32 |
|
2,614,176 |
|
||
|
2,955 |
|
Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32 |
|
2,489,469 |
|
||
|
1,220 |
|
Effingham County, GA, (Solid Waste Disposal), (Fort James), (AMT), 5.625%, 7/1/18 |
|
1,060,107 |
|
||
|
2,500 |
|
Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.), (AMT), 5.70%, 4/1/32 |
|
2,235,775 |
|
||
|
6,000 |
|
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 |
|
5,292,540 |
|
||
|
1,300 |
|
New York City, NY, Industrial Development Agency, (American Airlines, Inc.), (AMT), Variable Rate, 7.75%, 8/1/31 |
|
1,348,295 |
|
||
|
6,000 |
|
New York City, NY, Industrial Development Agency, (American Airlines, Inc.-JFK International Airport), (AMT), Variable Rate, 8.00%, 8/1/28 |
|
6,346,140 |
|
||
|
3,500 |
|
New York City, NY, Industrial Development Agency, (JFK International Airport), (AMT), 8.50%, 8/1/28 |
|
3,691,625 |
|
||
2
|
$ |
4,350 |
|
Phoenix, AZ, Industrial Development Agency, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19 |
|
$ |
3,976,378 |
|
||||||
|
2,110 |
|
Savannah, GA, Economic Development Authority, (Intercat-Savannah), (AMT), 7.00%, 1/1/38 |
|
1,982,303 |
|
||||||||
|
7,500 |
|
St. John, LA, Baptist Parish Revenue, (Marathon Oil Corp.), 5.125%, 6/1/37 |
|
6,566,025 |
|
||||||||
|
|
|
|
|
$ |
52,562,864 |
|
|||||||
|
Insured-Electric Utilities — 0.6% |
|
|
|
||||||||||
|
$ |
1,350 |
|
Wamego, KS, Pollution Control Revenue, (MBIA), 5.30%, 6/1/31 |
|
$ |
1,309,527 |
|
||||||
|
|
|
|
|
$ |
1,309,527 |
|
|||||||
|
Insured-General Obligations — 12.0% |
|
|
|
||||||||||
|
$ |
10,500 |
|
California, (FGIC), 5.25%, 9/1/30 (1) |
|
$ |
11,097,870 |
|
||||||
|
9,990 |
|
Puerto Rico, (AGC), 5.50%, 7/1/29 (1) |
|
10,255,734 |
|
||||||||
|
4,000 |
|
Puerto Rico, (FSA), Variable Rate, 11.337%, 7/1/27 (2) (3) |
|
4,468,920 |
|
||||||||
|
|
|
|
|
$ |
25,822,524 |
|
|||||||
|
Insured-Hospital — 8.5% |
|
|
|
|
||||||||
|
$ |
16,820 |
|
Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/25 |
|
$ |
5,805,759 |
|
|
||||
|
19,165 |
|
Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/26 |
|
6,148,899 |
|
|
||||||
|
8,590 |
|
Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/27 |
|
2,577,773 |
|
|
||||||
|
500 |
|
Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/38 |
|
453,805 |
|
|
||||||
|
3,555 |
|
Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47 |
|
3,156,342 |
|
|
||||||
|
|
|
|
|
$ |
18,142,578 |
|
|
|||||
|
Insured-Lease Revenue/Certificates of Participation — 1.7% |
|
|
|
|
||||||||
|
$ |
4,055 |
|
Hudson Yards Infrastructure Corp., NY, (FGIC), 5.00%, 2/15/47 |
|
$ |
3,699,458 |
|
|
||||
|
|
|
|
|
$ |
3,699,458 |
|
|
|||||
|
Insured-Other Revenue — 0.3% |
|
|
|
|
||||||||
|
$ |
4,210 |
|
Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/34 |
|
$ |
739,192 |
|
|
||||
|
|
|
|
|
$ |
739,192 |
|
|
|||||
|
Insured-Special Tax Revenue — 4.0% |
|
|
|
|
||||||||
|
$ |
4,100 |
|
New York Convention Center Development Corp., (AMBAC), 4.75%, 11/15/45 |
|
$ |
3,668,106 |
|
|
||||
|
37,800 |
|
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
|
2,165,562 |
|
|
||||||
|
6,160 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
|
680,742 |
|
|
||||||
|
12,215 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
|
1,271,093 |
|
|
||||||
|
7,685 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
|
753,361 |
|
|
||||||
|
|
|
|
|
$ |
8,538,864 |
|
|
|||||
|
Insured-Student Loan — 1.2% |
|
|
|
|
||||||||
|
$ |
2,905 |
|
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 |
|
$ |
2,497,893 |
|
|
||||
|
|
|
|
|
$ |
2,497,893 |
|
|
|||||
|
Insured-Transportation — 24.8% |
|
|
|
|
||||||||
|
$ |
12,425 |
|
Alameda, CA, Corridor Transportation Authority, (MBIA), 0.00%, 10/1/33 |
|
$ |
2,598,192 |
|
|
||||
|
3,500 |
|
Chicago, IL, O’Hare International Airport, (AMBAC), (AMT), 5.375%, 1/1/32 |
|
3,295,950 |
|
|
||||||
|
2,500 |
|
Dallas-Fort Worth, TX, International Airport Facility Improvements Corp., (FGIC), (AMT), 5.50%, 11/1/20 |
|
2,503,325 |
|
|
||||||
|
4,930 |
|
Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 5.75%, 11/1/30 |
|
4,825,681 |
|
|
||||||
|
4,500 |
|
Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 6.125%, 11/1/35 |
|
4,524,660 |
|
|
||||||
|
5,500 |
|
Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40 |
|
4,421,120 |
|
|
||||||
|
6,600 |
|
E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/39 |
|
813,384 |
|
|
||||||
|
25,500 |
|
E-470 Public Highway Authority, CO, (MBIA), 0.00%, 3/1/36 |
|
4,027,215 |
|
|
||||||
|
7,000 |
|
Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37 |
|
6,631,590 |
|
|
||||||
|
9,820 |
|
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41 (1) |
|
9,641,963 |
|
|
||||||
|
7,000 |
|
San Antonio, TX, Airport System, (FGIC), (AMT), 5.25%, 7/1/21 (4) |
|
6,809,810 |
|
|
||||||
|
1,625 |
|
San Antonio, TX, Airport System, (FSA), 5.00%, 7/1/32 |
|
1,490,109 |
|
|
||||||
|
1,625 |
|
San Antonio, TX, Airport System, (FSA), 5.25%, 7/1/32 |
|
1,547,715 |
|
|
||||||
|
|
|
|
|
$ |
53,130,714 |
|
|
|||||
3
|
Nursing Home — 0.9% |
|
|
|
||||
|
$ |
2,000 |
|
Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 |
|
$ |
2,013,920 |
|
|
|
|
|
|
$ |
2,013,920 |
|
|
|
Other Revenue — 22.9% |
|
|
|
||||
|
$ |
42,190 |
|
Buckeye, OH, Tobacco Settlement Financing Authority, 0.00%, 6/1/47 |
|
$ |
2,239,867 |
|
|
1,955 |
|
Central Falls, RI, Detention Facility Revenue, 7.25%, 7/15/35 |
|
1,990,405 |
|
||
|
3,160 |
|
Golden State Tobacco Securitization Corp., CA, Prerefunded to 6/1/13, 6.75%, 6/1/39 |
|
3,595,258 |
|
||
|
1,535 |
|
Main Street National Gas Inc., GA, Gas Project Revenue, 5.50%, 9/15/27 |
|
1,335,849 |
|
||
|
6,700 |
|
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 |
|
6,214,116 |
|
||
|
1,500 |
|
Mohegan Tribe Indians, CT, Gaming Authority, (Public Improvements), 6.25%, 1/1/21 (2) |
|
1,455,480 |
|
||
|
2,300 |
|
Northern Tobacco Securitization Corp., AK, 0.00%, 6/1/46 |
|
142,715 |
|
||
|
195 |
|
Otero County, NM, Jail Project, 5.50%, 4/1/13 |
|
188,243 |
|
||
|
360 |
|
Otero County, NM, Jail Project, 5.75%, 4/1/18 |
|
340,096 |
|
||
|
100 |
|
Otero County, NM, Jail Project, 6.00%, 4/1/23 |
|
92,918 |
|
||
|
110 |
|
Otero County, NM, Jail Project, 6.00%, 4/1/28 |
|
98,276 |
|
||
|
19,500 |
|
Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 (1) |
|
20,231,640 |
|
||
|
2,901 |
|
Santa Fe, NM, (Crow Hobbs), 8.50%, 9/1/16 |
|
2,920,408 |
|
||
|
2,000 |
|
Seminole Tribe, FL, Special Obligation Revenue, 5.25%, 10/1/27 (2) |
|
1,764,420 |
|
||
|
1,365 |
|
Seminole Tribe, FL, Special Obligation Revenue, 5.50%, 10/1/24 (2) |
|
1,267,170 |
|
||
|
6,905 |
|
Tobacco Settlement Financing Corp., VA, 0.00%, 6/1/47 |
|
413,817 |
|
||
|
3,000 |
|
Tobacco Settlement Financing Corp., VA, Prerefunded to 6/1/15, 5.625%, 6/1/37 (1) |
|
3,303,580 |
|
||
|
1,415 |
|
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26 (2) |
|
1,227,810 |
|
||
|
410 |
|
Willacy County, TX, Local Government Corp., 6.00%, 9/1/10 |
|
406,704 |
|
||
|
|
|
|
|
$ |
49,228,772 |
|
|
|
Senior Living/Life Care — 5.2% |
|
|
|
||||
|
$ |
3,210 |
|
Cliff House Trust, PA, (AMT), 6.625%, 6/1/27 (5) |
|
$ |
2,034,562 |
|
|
1,155 |
|
Fairfax County, VA, Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/37 |
|
983,425 |
|
||
|
1,295 |
|
Fairfax County, VA, Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/42 |
|
1,083,229 |
|
||
|
3,240 |
|
Logan County, CO, Industrial Development Revenue, (TLC Care Choices, Inc.), 6.875%, 12/1/23 (6) |
|
2,394,328 |
|
||
|
700 |
|
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/35 |
|
596,120 |
|
||
|
4,895 |
|
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42 |
|
4,114,296 |
|
||
|
|
|
|
|
$ |
11,205,960 |
|
|
|
Special Tax Revenue — 3.0% |
|
|
|
||||
|
$ |
3,280 |
|
Bell Mountain Ranch, CO, Metropolitan District, 6.625%, 11/15/25 |
|
$ |
3,222,633 |
|
|
190 |
|
Longleaf, FL, Community Development District, 6.20%, 5/1/09 |
|
189,439 |
|
||
|
1,150 |
|
New Jersey Economic Development Finance Authority, (Cigarette Tax), 5.50%, 6/15/24 |
|
1,077,009 |
|
||
|
2,115 |
|
New Jersey Economic Development Finance Authority, (Cigarette Tax), 5.75%, 6/15/29 |
|
1,984,124 |
|
||
|
|
|
|
|
$ |
6,473,205 |
|
|
|
Transportation — 5.4% |
|
|
|
||||
|
$ |
1,500 |
|
Augusta, GA, (AMT), 5.35%, 1/1/28 |
|
$ |
1,313,610 |
|
|
915 |
|
Branson, MO, Regional Airport Transportation Development District, (Branson Airport LLC), (AMT), 6.00%, 7/1/25 |
|
813,334 |
|
||
|
2,670 |
|
Branson, MO, Regional Airport Transportation Development District, (Branson Airport LLC), (AMT), 6.00%, 7/1/37 |
|
2,259,247 |
|
||
|
7,500 |
|
Kent County, MI, Airport Facility, 5.00%, 1/1/25 (1) |
|
7,259,025 |
|
||
|
|
|
|
|
$ |
11,645,216 |
|
|
|
Water and Sewer — 1.2% |
|
|
|
||||
|
$ |
3,405 |
|
Massachusetts Water Resources Authority, 4.00%, 8/1/46 |
|
$ |
2,607,992 |
|
|
|
|
|
|
$ |
2,607,992 |
|
|
|
Total Tax-Exempt Investments — 172.4% |
|
$ |
370,113,434 |
|
|||
4
Auction-Rate Securities — 8.9%
|
Principal |
|
|
|
|
|
||
|
Amount |
|
|
|
|
|
||
|
(000’s omitted) |
|
Security |
|
Value |
|
||
|
$ |
5,000 |
|
Colorado Health Facilities Authority, (Poudre Valley Health Care, Inc.), (FSA), Variable Rate, 10.55%, 3/1/40 (7) |
|
$ |
5,000,000 |
|
|
2,125 |
|
E-470 Public Highway Authority, CO, (MBIA), Variable Rate, 11.95%, 9/1/39 (7) |
|
2,125,000 |
|
||
|
2,000 |
|
Medford, OR, Hospital Facilities Authority, (Asante Health System), (MBIA), Variable Rate, 9.50%, 8/15/29 (7) |
|
2,000,000 |
|
||
|
5,000 |
|
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), Variable Rate, 10.00%, 10/1/25 (7) |
|
5,000,000 |
|
||
|
1,950 |
|
Oregon Health and Science University, (MBIA), Variable Rate, 10.00%, 7/1/28 (7) |
|
1,950,000 |
|
||
|
3,000 |
|
South Carolina Jobs Economic Development Authority, (FSA), Variable Rate, 9.50%, 8/1/35 (7) |
|
3,000,000 |
|
||
|
Total Auction-Rate Securities — 8.9% |
|
$ |
19,075,000 |
|
|||
|
Total Investments — 181.3% |
|
$ |
389,188,434 |
|
|||
|
Other Assets, Less Liabilities — (20.3)% |
|
$ |
(43,510,768 |
) |
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (61.0)% |
|
$ |
(131,031,539 |
) |
|||
|
Net Assets Applicable to Common Shares — 100.0% |
|
$ |
214,646,127 |
|
|||
|
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 |
— |
CIFG Assurance North America, Inc. |
|
FGIC |
— |
Financial Guaranty Insurance Company |
|
FSA |
— |
Financial Security Assurance, Inc. |
|
MBIA |
— |
Municipal Bond Insurance Association |
At February 29, 2008, the concentration of the Trust’s investments in the various states, determined as a percentage of net assets, is as follows:
|
Puerto Rico |
|
23.0 |
% |
|
Texas |
|
21.3 |
% |
|
California |
|
13.8 |
% |
|
Colorado |
|
12.3 |
% |
|
New York |
|
11.7 |
% |
|
Others, representing less than 10% individually |
|
99.2 |
% |
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 February 29, 2008, 32.9% 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 2.5% to 10.1% of total investments.
5
|
(1) |
|
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust. |
|
|
|
|
|
(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 29, 2008, the aggregate value of the securities is $28,266,813 or 13.2% 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 29, 2008. |
|
|
|
|
|
(4) |
|
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
|
|
|
|
|
(5) |
|
Security is in default with respect to scheduled principal payments. |
|
|
|
|
|
(6) |
|
Security is in default and making only partial interest payments. |
|
|
|
|
|
(7) |
|
Security is subject to redemption at each auction date. The stated interest represents the rate in effect at February 29, 2008. |
A summary of obligations under these financial instruments at February 29, 2008 is as follows:
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|||
|
Expiration |
|
|
|
|
|
Aggregate |
|
|
|
Unrealized |
|
|||
|
Date |
|
Contracts |
|
Position |
|
Cost |
|
Value |
|
Depreciation |
|
|||
|
6/08 |
|
750 U.S. Treasury Bond |
|
Short |
|
$ |
(85,913,391 |
) |
$ |
(88,968,750 |
) |
$ |
(3,055,359 |
) |
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating Rate |
|
Effective Date/ |
|
Net Unrealized |
|
||
|
Lehman Brothers, Inc. |
|
$ |
15,000,000 |
|
4.003 |
% |
SIFMA Municipal Swap Index |
|
July 24,
2008/ |
|
$ |
(67,394 |
) |
|
Lehman Brothers, Inc. |
|
$ |
10,950,000 |
|
4.985 |
% |
3-month USD-LIBOR-BBA |
|
September 28,
2008/ |
|
$ |
(59,192 |
) |
|
Merrill Lynch Capital Services, Inc. |
|
$ |
7,500,000 |
|
4.903 |
% |
3-month USD-LIBOR-BBA |
|
July 9,
2008/ |
|
$ |
12,304 |
|
|
Morgan Stanley Capital Services, Inc. |
|
$ |
7,500,000 |
|
5.428 |
% |
3-month USD-LIBOR-BBA |
|
September 10,
2008/ |
|
$ |
(569,389 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
(683,671 |
) |
|
The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.
At February 29, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2008, as determined on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
355,346,590 |
|
|
Gross unrealized appreciation |
|
$ |
5,862,846 |
|
|
Gross unrealized depreciation |
|
(26,296,002 |
) |
|
|
Net unrealized depreciation |
|
$ |
(20,433,156 |
) |
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective December 1, 2007. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
6
· 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)
At February 29, 2008, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:
|
|
Valuation Inputs |
|
Investments in |
|
Other Financial |
|
||||||
|
Level 1 |
Quoted Prices |
|
$ |
0 |
|
$ |
(3,055,359 |
) |
||||
|
Level 2 |
Other Significant Observable Inputs |
|
|
389,188,434 |
|
|
(683,671 |
) |
||||
|
Level 3 |
Significant Unobservable Inputs |
|
|
0 |
|
|
0 |
|
||||
|
Total |
|
|
$ |
389,188,434 |
|
$ |
(3,739,030 |
) |
||||
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.
The Trust generally uses a pricing vendor to provide evaluations for its investments in municipal bonds, which are derived from the vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the evaluation for a security. The Trust’s investments in interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of a swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. The Trust’s investments in futures contracts are valued based on the closing price on the primary exchange on which such contracts trade.
7
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) 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/ Robert B MacIntosh |
|
|
|
Robert B. MacIntosh |
|
|
|
President |
|
|
|
|
|
Date: |
|
April 18, 2008 |
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 |
|
|
|
|
|
Date: |
|
April 18, 2008 |
|
By: |
|
/s/ Barbara E. Campbell |
|
|
|
Barbara E. Campbell |
|
|
|
Treasurer |
|
|
|
|
|
Date: |
|
April 18, 2008 |