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, 2012

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Municipal Income Trust

February 29, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 181.0%

 

N(000.000.000 N(000.000.000
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 1.2%

     

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

   $ 2,950       $ 2,967,995   

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

     400         240,480   
     

 

 

 
      $ 3,208,475   
     

 

 

 

Education — 10.5%

     

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

   $ 1,000       $ 1,228,790   

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

     2,490         2,889,820   

Massachusetts Health and Educational Facilities Authority, (Harvard University),
5.50%, 11/15/36
(3)

     2,500         3,049,175   

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/34(3)

     1,500         1,709,490   

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

     10,500         11,658,150   

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

     5,000         5,643,300   

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

     1,475         1,681,308   

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

     1,000         1,155,790   
     

 

 

 
      $ 29,015,823   
     

 

 

 

Electric Utilities — 1.2%

     

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

   $ 3,715       $ 613,867   

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

     2,540         2,829,153   
     

 

 

 
      $ 3,443,020   
     

 

 

 

General Obligations — 11.6%

     

California, 5.50%, 3/1/40

   $ 1,475       $ 1,637,545   

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

     1,525         1,549,339   

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

     9,000         10,215,000   

Hawaii, 5.00%, 12/1/30

     5,000         5,954,300   

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

     3,250         3,683,323   

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

     2,500         2,863,875   

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

     2,340         2,609,123   

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

     2,980         3,481,981   
     

 

 

 
      $ 31,994,486   
     

 

 

 

Health Care-Miscellaneous — 1.0%

     

New Jersey Health Care Facilities Financing Authority, (Community Hospital Group, Inc.), 5.75%, 10/1/31

   $ 1,735       $ 2,003,769   

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

     158         158,363   

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

     418         418,501   

Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.75%, 12/1/36(4)

     158         159,074   
     

 

 

 
      $ 2,739,707   
     

 

 

 

 

1

 

 


N(000.000.000 N(000.000.000
Security   

Principal

Amount

(000’s omitted)

     Value  

Hospital — 21.3%

     

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

   $ 2,295       $ 2,395,819   

California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(2)(5)

     10,000         11,066,100   

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

     3,255         3,426,799   

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

     2,510         2,626,715   

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25

     215         219,132   

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

     1,610         1,563,938   

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27

     1,165         1,183,302   

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

     1,870         1,963,537   

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

     3,280         4,079,795   

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

     2,575         2,575,412   

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

     1,535         1,737,190   

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

     2,045         2,047,659   

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

     3,000         3,069,840   

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

     1,465         1,517,359   

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

     2,930         3,021,475   

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

     11,400         12,814,740   

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

     1,570         1,689,242   

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

     1,500         1,537,260   
     

 

 

 
      $ 58,535,314   
     

 

 

 

Housing — 10.8%

     

Charter Mac Equity Trust, TN, 6.00%, 5/15/19(4)

   $ 4,000       $ 4,485,560   

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

     1,420         1,436,401   

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

     1,395         1,396,214   

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

     1,750         1,971,340   

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

     3,055         3,055,916   

Rhode Island Housing and Mortgage Finance Corp., (AMT), 5.45%, 10/1/47(2)(5)

     12,515         12,794,579   

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

     3,325         3,052,184   

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

     25         17,984   

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

     1,500         1,556,655   
     

 

 

 
      $ 29,766,833   
     

 

 

 

Industrial Development Revenue — 11.4%

     

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

   $ 1,510       $ 1,313,836   

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

     1,770         1,245,708   

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

     1,000         1,109,610   

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

     1,060         918,946   

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

     400         467,580   

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

     2,240         2,422,672   

Denver, CO, City and County, (United Airlines), (AMT), 5.25%, 10/1/32

     2,625         2,425,946   

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

     2,305         2,266,645   

Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.), 5.60%, 4/1/32

     1,000         1,000,270   

Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.), (AMT), 5.70%, 4/1/32

     2,500         2,500,400   

Illinois Finance Authority, (Navistar International Corp.), 6.50%, 10/15/40

     1,735         1,865,108   

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

     1,000         1,149,800   

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

     1,600         1,763,616   

 

2

 

 


N(000.000.000 N(000.000.000
Security   

Principal

Amount

(000’s omitted)

     Value  

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

   $ 1,660       $ 1,671,055   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29

     5,000         5,006,450   

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

     4,630         4,188,576   
     

 

 

 
      $ 31,316,218   
     

 

 

 

Insured-General Obligations — 0.9%

     

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

   $ 10,000       $ 2,444,100   
     

 

 

 
      $ 2,444,100   
     

 

 

 

Insured-Hospital — 14.7%

     

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

   $ 3,250       $ 3,436,355   

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

     2,625         2,889,784   

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

     15,000         7,970,100   

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

     17,080         8,434,958   

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

     8,575         3,931,809   

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

     2,500         2,549,200   

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

     9,955         10,481,418   

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

     750         789,660   
     

 

 

 
      $ 40,483,284   
     

 

 

 

Insured-Housing — 1.0%

     

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

   $ 1,100       $ 1,100,792   

California Rural Home Mortgage Finance Authority, (RADIAN), (AMT), 5.50%, 8/1/47

     3,175         1,668,367   
     

 

 

 
      $ 2,769,159   
     

 

 

 

Insured-Lease Revenue/Certificates of Participation — 1.5%

     

Hudson Yards Infrastructure Corp., NY, (NPFG), 4.50%, 2/15/47

   $ 910       $ 899,699   

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

     3,000         3,231,300   
     

 

 

 
      $ 4,130,999   
     

 

 

 

Insured-Other Revenue — 7.4%

     

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

   $ 4,210       $ 1,002,317   

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

     5,000         4,676,050   

New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/46

     880         802,674   

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

     10,325         3,134,567   

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

     8,600         2,478,950   

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

     3,100         3,668,509   

New York, NY, Industrial Development Agency, (Yankee Stadium), (NPFG), 4.75%, 3/1/46

     4,565         4,595,357   
     

 

 

 
      $ 20,358,424   
     

 

 

 

 

3

 

 


N(000.000.000 N(000.000.000
Security   

Principal

Amount

(000’s omitted)

     Value  

Insured-Special Tax Revenue — 10.3%

     

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

   $ 50,000       $ 12,166,000   

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

     34,950         9,674,510   

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

     7,310         605,487   

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

     22,500         4,047,975   

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

     12,040         1,920,139   
     

 

 

 
      $ 28,414,111   
     

 

 

 

Insured-Student Loan — 4.9%

     

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

   $ 2,980       $ 3,341,325   

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

     650         720,057   

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

     7,315         7,347,333   

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

     2,040         2,221,723   
     

 

 

 
      $ 13,630,438   
     

 

 

 

Insured-Transportation — 16.6%

     

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

   $ 12,425       $ 3,586,476   

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

     3,850         4,188,453   

Cleveland, OH, Airport System, (AGM), 5.00%, 1/1/31

     1,250         1,341,838   

Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.625%, 1/1/32(1)

     1,000         217,500   

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

     5,500         1,196,250   

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

     2,140         2,232,405   

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

     15,000         5,363,550   

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

     9,820         11,021,182   

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

     10,555         2,627,140   

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

     2,500         2,588,875   

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

     8,805         9,318,948   

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

     5,175         1,357,092   

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

     2,015         496,315   
     

 

 

 
      $ 45,536,024   
     

 

 

 

Insured-Water and Sewer — 9.0%

     

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

   $ 3,750       $ 4,190,250   

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

     17,985         20,634,910   
     

 

 

 
      $ 24,825,160   
     

 

 

 

Lease Revenue/Certificates of Participation — 2.7%

     

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

   $ 2,135       $ 2,416,585   

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

     4,400         4,932,092   
     

 

 

 
      $ 7,348,677   
     

 

 

 

Nursing Home — 1.1%

     

Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24

   $ 265       $ 265,116   

Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34

     2,735         2,735,520   
     

 

 

 
      $ 3,000,636   
     

 

 

 

Other Revenue — 12.6%

     

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

   $ 785       $ 841,881   

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

     880         950,840   

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

     480         519,912   

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

     1,955         1,576,160   

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

     7,600         5,767,108   

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

     2,350         2,201,410   

 

4

 

 


N(000.000.000 N(000.000.000
Security   

Principal

Amount

(000’s omitted)

     Value  

Mohegan Tribe of Indians Gaming Authority, CT, (Public Improvements), 6.25%, 1/1/21(4)

   $ 1,500       $ 1,393,935   

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

     2,370         2,592,282   

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

     45         44,572   

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

     360         335,725   

Otero County, NM, Jail Project Revenue, 6.00%, 4/1/23

     100         86,592   

Otero County, NM, Jail Project Revenue, 6.00%, 4/1/28

     110         90,018   

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

     8,000         8,011,360   

Seminole Tribe, FL, 5.25%, 10/1/27(4)

     4,000         3,928,840   

Seminole Tribe, FL, 5.50%, 10/1/24(4)

     2,365         2,425,402   

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

     4,180         2,741,495   

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

     1,415         1,171,832   
     

 

 

 
      $ 34,679,364   
     

 

 

 

Senior Living/Life Care — 2.6%

     

Cliff House Trust, PA, (AMT), 6.625%, 6/1/27(1)

   $ 3,210       $ 1,701,750   

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

     535         594,786   

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

     1,075         1,161,817   

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

     2,295         2,069,723   

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

     3,115         1,740,475   
     

 

 

 
      $ 7,268,551   
     

 

 

 

Special Tax Revenue — 5.6%

     

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

   $ 500       $ 501,565   

Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12

     60         59,515   

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

     330         286,463   

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

     200         199,814   

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

     275         278,913   

Heritage Springs, FL, Community Development District, 5.25%, 5/1/26

     200         188,162   

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

     65         41,551   

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

     165         66,921   

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

     100         85,478   

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

     130         58,788   

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

     2,000         2,373,340   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(2)(5)

     5,000         5,933,350   

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

     475         475,328   

River Hall, FL, Community Development District, (Capital Improvements), 0.00%, 5/1/36

     535         269,945   

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

     485         369,527   

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

     205         127,703   

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

     283         233,859   

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

     600         501,084   

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

     580         580,424   

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

     1,780         2,047,694   

Waterlefe, FL, Community Development District, 6.95%, 5/1/31

     640         640,768   
     

 

 

 
      $ 15,320,192   
     

 

 

 

 

5

 

 


N(000.000.000 N(000.000.000
Security   

Principal

Amount

(000’s omitted)

     Value  

Student Loan — 3.0%

     

New Jersey Higher Education Student Assistance Authority, (AMT),
1.477%, 6/1/36
(2)(5)(8)

   $ 8,500       $ 8,164,675   
     

 

 

 
      $ 8,164,675   
     

 

 

 

Transportation — 18.1%

     

Augusta, GA, (AMT), 5.35%, 1/1/28

   $ 1,000       $ 952,500   

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

     435         473,271   

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

     1,000         1,087,790   

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

     400         462,548   

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

     3,715         4,121,384   

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

     3,880         4,259,270   

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

     1,515         1,634,170   

Pennsylvania Turnpike Commission, 5.25%, 6/1/39

     565         605,200   

Pennsylvania Turnpike Commission, 5.50%, 12/1/41

     375         409,421   

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

     2,500         2,212,600   

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

     2,175         2,344,433   

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

     2,160         2,312,474   

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

     6,000         6,404,520   

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

     7,290         8,415,868   

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

     1,885         2,144,093   

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

     1,725         1,959,962   

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

     9,300         10,139,976   
     

 

 

 
      $ 49,939,480   
     

 

 

 

Total Tax-Exempt Municipal Securities — 181.0%
(identified cost $468,155,779)

      $ 498,333,150   
     

 

 

 

Taxable Municipal Securities — 2.7%

     
Security   

Principal

Amount

(000’s omitted)

     Value  

General Obligations — 2.7%

     

California, 7.95%, 3/1/36(9)

   $ 6,375       $ 7,563,427   
     

 

 

 

Total Taxable Municipal Securities — 2.7%
(identified cost $7,567,026)

      $ 7,563,427   
     

 

 

 

Total Investments — 183.7%
(identified cost $475,722,805)

      $ 505,896,577   
     

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (43.6)%

      $ (120,153,240
     

 

 

 

Other Assets, Less Liabilities — (40.1)%

      $ (110,424,021
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 275,319,316   
     

 

 

 

 

6

 

 


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

RADIAN

  -   Radian Group, Inc.

At February 29, 2012, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments is as follows:

 

New York

     17.3

California

     11.2

Others, representing less than 10% individually

     71.5

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, 2012, 36.1% 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 ranged from 0.3% to 11.5% of total investments.

 

(1)    Defaulted bond.
(2)    Security represents the municipal bond held by a trust that issues residual interest bonds.
(3)    Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(4)    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 February 29, 2012, the aggregate value of these securities is $14,141,507 or 5.1% of the Trust’s net assets.
(5)    Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $10,633,705.
(6)    Security is in default with respect to scheduled principal payments.
(7)    Security is in default and making only partial interest payments.
(8)    Variable rate security. The stated interest rate represents the rate in effect at February 29, 2012.
(9)    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.

 

 

7

 

 


A summary of open financial instruments at February 29, 2012 is as follows:

Futures Contracts

 

Expiration
Month/Year
  

Contracts

   Position    Aggregate Cost     Value     Net Unrealized
Depreciation
 
6/12    700 U.S. 30-Year Treasury Bond    Short    $     (98,572,983   $     (99,159,375   $     (586,392

At February 29, 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 February 29, 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 $586,392.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $     359,224,047   
  

 

 

 

Gross unrealized appreciation

   $ 48,876,581   

Gross unrealized depreciation

     (17,404,051
  

 

 

 

Net unrealized appreciation

   $ 31,472,530   
  

 

 

 

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, 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 Municipal Securities

   $      $ 498,333,150       $       $ 498,333,150   

Taxable Municipal Securities

            7,563,427                 7,563,427   

Total Investments

   $      $     505,896,577       $       $     505,896,577   
Liability Description                               

Futures Contracts

   $ (586,392   $       $       $ (586,392

Total

   $     (586,392   $       $       $ (586,392

The Trust held no investments or other financial instruments as of November 30, 2011 whose fair value was determined using Level 3 inputs. At February 29, 2012, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.

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/ Thomas M. Metzold
  Thomas M. Metzold
  President
Date:   April 24, 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:   April 24, 2012
By:   /s/ Barbara E. Campbell
  Barbara E. Campbell
  Treasurer
Date:   April 24, 2012