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

February 29, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Municipal Income Trust

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 164.9%

 

                                                 
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       $ 108,660   
     

 

 

  
   $ 108,660   
     

 

 

  

Education — 8.1%

      

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

    $ 5,580       $ 7,092,906   

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(3)

      2,490         2,655,286   

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

      10,500         11,791,080   

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

      4,000         4,580,880   
     

 

 

  
   $ 26,120,152   
     

 

 

  

Electric Utilities — 4.3%

      

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

    $ 1,685       $ 1,840,964   

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

      2,540         2,886,583   

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

      1,000         1,147,930   

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

      7,000         8,044,610   
     

 

 

  
   $ 13,920,087   
     

 

 

  

Escrowed/Prerefunded — 1.1%

      

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

    $ 1,675       $ 2,059,530   

St. Paul, Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), Prerefunded to 11/15/16, 5.25%, 5/15/36

      1,500         1,552,365   
     

 

 

  
   $ 3,611,895   
     

 

 

  

General Obligations — 14.0%

      

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

    $ 9,000       $ 10,456,650   

Illinois, 5.00%, 5/1/33

      5,000         5,320,250   

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

      3,250         3,735,680   

Leander, Independent School District, TX, 0.00%, 8/15/39

      17,900         6,521,507   

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

      2,500         2,878,850   

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

      2,340         2,583,687   

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

      9,250         4,423,350   

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

      7,500         3,422,625   

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

      8,500         3,678,545   

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

      6,035         2,492,395   
     

 

 

  
   $ 45,513,539   
     

 

 

  

Health Care – Miscellaneous — 0.0%(1)

      

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(4)

    $ 17       $ 17,392   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.25%, 12/1/36(4)

      46         47,533   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.20%, 12/1/36(4)

      17         17,426   
     

 

 

  
   $ 82,351   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 22.3%

      

California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(3)(5)

    $ 10,000       $ 11,384,900   

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

      440         509,489   

California Health Facilities Financing Authority, (Sutter Health Obligation Group), 5.00%, 8/15/52(3)(5)

      10,000         11,208,400   

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

      3,255         3,321,923   

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

      1,335         1,536,478   

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

      1,870         2,087,425   

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

      3,280         3,953,450   

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/46(3)(5)

      10,000         11,569,800   

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

      1,535         1,810,962   

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

      2,715         2,791,644   

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

      1,465         1,596,293   

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

      2,930         3,187,987   

North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.25%, 6/1/29(3)(5)

      11,400         12,903,888   

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

      1,570         1,774,163   

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

      785         814,822   

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

      670         730,139   

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

      1,000         1,142,220   
     

 

 

  
   $ 72,323,983   
     

 

 

  

Housing — 1.9%

      

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

    $ 4,000       $ 4,507,040   

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

      555         591,469   

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

      755         754,660   

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

      180         177,214   
     

 

 

  
   $ 6,030,383   
     

 

 

  

Industrial Development Revenue — 5.9%

      

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

    $ 400       $ 495,316   

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

      1,370         1,433,253   

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

      4,390         4,468,142   

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

      1,600         1,808,656   

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

      1,075         1,089,792   

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 6.25% to 2/1/17 (Put Date), 1/1/25(4)

      1,660         1,700,321   

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

      4,680         5,139,670   

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

      1,005         1,139,499   

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

      1,715         1,944,776   
     

 

 

  
   $ 19,219,425   
     

 

 

  

Insured-Electric Utilities — 0.7%

      

Puerto Rico Electric Power Authority, (AGM), 0.93%, 7/1/29(6)

    $ 3,000       $ 2,187,900   
     

 

 

  
   $ 2,187,900   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Escrowed/Prerefunded — 1.1%

      

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (AGM), Prerefunded to 5/1/18, 5.25%, 5/15/41(3)

    $ 3,250       $ 3,571,068   
     

 

 

  
   $ 3,571,068   
     

 

 

  

Insured-General Obligations — 1.1%

      

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

    $ 10,000       $ 3,400,000   
     

 

 

  
   $ 3,400,000   
     

 

 

  

Insured-Hospital — 4.8%

      

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

    $ 2,625       $ 2,959,898   

Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(3)

      2,500         2,561,925   

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

      9,510         10,176,554   
     

 

 

  
   $ 15,698,377   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 1.0%

      

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

    $ 3,000       $ 3,254,490   
     

 

 

  
   $ 3,254,490   
     

 

 

  

Insured-Other Revenue — 0.6%

      

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

    $ 4,210       $ 1,939,631   
     

 

 

  
   $ 1,939,631   
     

 

 

  

Insured-Special Tax Revenue — 7.8%

      

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

    $ 31,900       $ 13,906,167   

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

      29,510         5,127,658   

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

      10,510         1,621,167   

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

      30,000         4,446,300   
     

 

 

  
   $ 25,101,292   
     

 

 

  

Insured-Student Loan — 2.1%

      

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

    $ 1,880       $ 2,079,449   

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

      350         368,298   

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

      2,600         2,614,976   

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

      1,525         1,642,700   
     

 

 

  
   $ 6,705,423   
     

 

 

  

Insured-Transportation — 14.5%

      

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

    $ 12,425       $ 6,536,917   

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

      935         1,068,574   

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

      3,850         4,322,164   

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

      1,990         2,162,473   

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

      15,000         7,930,500   

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39

      700         782,978   

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

      9,820         10,062,849   

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

      2,370         2,549,836   

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

      2,425         2,516,956   

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

      8,805         9,184,583   
     

 

 

  
   $ 47,117,830   
     

 

 

  

Insured-Water and Sewer — 11.9%

      

DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35(3)(5)

    $ 17,985       $ 21,552,145   

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

      6,000         2,311,740   

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

      6,680         2,373,738   

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

      7,000         2,383,150   

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

      3,750         4,121,400   

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

      3,640         3,701,188   

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

      2,000         2,016,380   
     

 

 

  
   $ 38,459,741   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Lease Revenue/Certificates of Participation — 2.9%

      

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

    $ 2,135       $ 2,483,496   

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

      4,400         4,953,608   

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

      1,735         1,919,934   
     

 

 

  
   $ 9,357,038   
     

 

 

  

Other Revenue — 3.1%

      

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

    $ 785       $ 899,838   

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

      880         1,017,606   

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

      480         556,915   

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

      1,925         479,036   

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

      115         117,049   

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

      5,000         5,923,650   

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

      1,155         1,186,173   
     

 

 

  
   $ 10,180,267   
     

 

 

  

Senior Living/Life Care — 6.0%

      

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

    $ 535       $ 592,657   

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

      1,075         1,181,264   

Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(7)

      3,109         759,819   

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

      1,480         1,634,971   

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

      740         890,013   

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

      3,650         4,475,995   

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

      4,960         5,738,918   

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

      2,500         2,677,300   

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

      335         364,627   

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

      985         1,074,074   
     

 

 

  
   $ 19,389,638   
     

 

 

  

Special Tax Revenue — 15.1%

  

New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(8)

    $ 90       $ 0   

New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(8)

      35         0   

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

      160         158,995   

New York City Transitional Finance Authority, NY, Future Tax Revenue,
5.00%, 8/1/39(3)(5)

      12,400         14,393,548   

New York City Transitional Finance Authority, NY, Future Tax Revenue,
5.50%, 11/1/35(3)(5)

      5,000         5,992,750   

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

      1,500         1,797,825   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34(3)(5)

      10,000         11,878,800   

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

      263         261,873   

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

      190         172,433   

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

      580         405,901   

Texas Transportation Commission, 5.00%, 4/1/33(3)(5)

      10,000         11,844,500   

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

      1,780         2,002,927   
     

 

 

  
   $ 48,909,552   
     

 

 

  

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 27.3%

      

Central Texas Regional Mobility Authority, 5.00%, 1/1/40

    $ 1,395       $ 1,575,820   

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

      435         510,525   

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

      9,200         10,033,060   

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

      1,030         1,225,144   

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

      1,735         2,055,506   

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

      3,200         3,515,328   

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

      1,000         1,083,410   

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

      400         459,520   

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

      3,715         4,245,576   

New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.21%, 12/15/21 (Put Date), 6/15/34(6)

      7,250         6,894,822   

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

      7,880         8,936,235   

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

      1,515         1,654,971   

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

      3,910         4,229,525   

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

      2,500         2,914,250   

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

      7,200         7,603,920   

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

      8,500         9,135,970   

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

      7,290         7,917,888   

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

      1,885         2,299,097   

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

      1,725         2,038,536   

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

      9,300         10,089,291   
     

 

 

  
   $ 88,418,394   
     

 

 

  

Water and Sewer — 7.3%

      

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

    $ 10,000       $ 11,610,300   

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

      1,860         2,060,248   

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

      4,730         5,173,059   

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

      4,130         4,683,089   
     

 

 

  
   $ 23,526,696   
     

 

 

  

Total Tax-Exempt Municipal Securities — 164.9%
(identified cost $483,169,519)

       $ 534,147,812   
     

 

 

  

Taxable Municipal Securities — 4.8%

      
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)

    $ 11       $ 4,863   
     

 

 

  
      $ 4,863   
     

 

 

  

General Obligations — 2.5%

      

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

    $ 5,000       $ 5,256,900   

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

      2,885         2,909,147   
     

 

 

  
      $ 8,166,047   
     

 

 

  

Hospital — 2.0%

      

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

    $ 6,000       $ 6,583,440   
     

 

 

  
      $ 6,583,440   
     

 

 

  

 

5

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Transportation — 0.3%

      

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

    $ 1,285       $ 493,723   

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

      1,000         359,610   
     

 

 

  
      $ 853,333   
     

 

 

  

Total Taxable Municipal Securities — 4.8%
(identified cost $14,569,054)

       $ 15,607,683   
     

 

 

  

Institutional MuniFund Term Preferred Shares — 0.9%

      
Security    Shares      Value  

Nuveen Texas Quality Income Municipal Fund, (AMT), 0.92%, 11/1/18(4)(9)

      600       $ 3,016,800   
     

 

 

  

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

       $ 3,016,800   
     

 

 

  

Total Investments — 170.6%
(identified cost $500,738,573)

       $ 552,772,295   
     

 

 

  

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

       $ (14,776,505 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (21.0)%

       $ (68,000,000 ) 
     

 

 

  

Other Assets, Less Liabilities — (45.0)%

       $ (145,982,993 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 324,012,797   
     

 

 

  

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

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, 2016, 26.8% 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 0.5% to 10.9% of total investments.

At February 29, 2016, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

                        

New York

      19.7 % 

Texas

      13.2 % 

California

      10.8 % 

Others, representing less than 10% individually

      56.3 % 

 

(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.

 

(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 February 29, 2016, the aggregate value of these securities is $16,050,619 or 5.0% of the Trust’s net assets applicable to common shares.

 

6

 

 

(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $43,583,022.

 

(6) Variable rate security. The stated interest rate represents the rate in effect at February 29, 2016.

 

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

 

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

 

(9) Variable rate security. The stated dividend rate represents the rate in effect at February 29, 2016. 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.

BHAC

   -   Berkshire Hathaway Assurance Corp.

CIFG

   -   CIFG Assurance North America, Inc.

NPFG

   -   National Public Finance Guaranty Corp.

PSF

   -   Permanent School Fund

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     347,079,923   
  

 

 

  

Gross unrealized appreciation

    $ 58,854,148   

Gross unrealized depreciation

      (5,451,776 ) 
  

 

 

  

Net unrealized appreciation

    $ 53,402,372   
  

 

 

  

The Trust did not have any open financial instruments at February 29, 2016.

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 February 29, 2016, 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

    $ —       $ 534,147,812       $ —       $ 534,147,812   

Taxable Municipal Securities

      —         15,607,683         —         15,607,683   

Institutional MuniFund Term Preferred Shares

      —         3,016,800         —         3,016,800   

Total Investments

    $     —       $     552,772,295       $     —       $     552,772,295   

 

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The carrying amount of the liability for Institutional MuniFund Term Preferred Shares (iMTP Shares) at February 29, 2016 approximated its fair value. If measured at fair value, iMTP Shares would have been considered as Level 2 in the fair value hierarchy at February 29, 2016.

The Trust held no investments or other financial instruments as of November 30, 2015 whose fair value was determined using Level 3 inputs. At February 29, 2016, 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.

 

8

 

 

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 25, 2016

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:   April 25, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 25, 2016