N-Q 1 d47738dnq.htm EATON VANCE MUNICIPAL INCOME TRUST 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, 2015

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Municipal Income Trust

August 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 180.3%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.1%

     

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

   $ 252       $ 228,266   
     

 

 

 
      $ 228,266   
     

 

 

 

Education — 10.0%

     

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

   $ 5,580       $ 6,872,663   

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

     2,490         2,698,189   

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/45

     3,250         4,321,265   

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

     10,500         11,851,350   

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

     4,000         4,555,040   
     

 

 

 
      $ 30,298,507   
     

 

 

 

Electric Utilities — 4.9%

     

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

   $ 1,685       $ 1,797,339   

Florida Municipal Power Agency, 5.00%, 10/1/31

     1,000         1,138,340   

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

     2,540         2,894,101   

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

     1,000         1,152,880   

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

     7,000         7,762,860   
     

 

 

 
      $ 14,745,520   
     

 

 

 

Escrowed/Prerefunded — 0.5%

     

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

   $ 1,500       $ 1,587,120   
     

 

 

 
      $ 1,587,120   
     

 

 

 

General Obligations — 14.9%

     

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

   $ 135       $ 135,379   

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

     9,000         10,346,220   

Illinois, 5.00%, 5/1/33

     5,000         5,034,650   

Illinois, 5.25%, 7/1/30

     605         626,157   

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

     3,250         3,699,053   

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

     20,000         6,833,800   

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

     2,500         2,855,075   

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

     2,340         2,599,249   

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

     9,250         4,074,440   

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

     7,500         3,156,750   

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

     8,500         3,417,595   

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

     6,035         2,316,112   
     

 

 

 
      $ 45,094,480   
     

 

 

 

Health Care - Miscellaneous — 0.0%(3)

     

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

   $ 19       $ 19,276   

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

     51         51,217   

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

     19         19,313   
     

 

 

 
      $ 89,806   
     

 

 

 

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Hospital — 24.2%

     

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

   $ 10,000       $ 11,420,500   

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

     440         492,210   

California Health Facilities Financing Authority, (Sutter Health Obligation Group),
5.00%, 8/15/52
(2)(5)

     10,000         10,903,100   

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

     3,255         3,378,495   

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

     1,335         1,504,919   

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

     1,870         2,080,581   

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

     3,280         3,982,642   

Massachusetts Development Finance Agency, (Childrens Hospital), 5.00%, 10/1/46(2)(5)

     10,000         11,107,400   

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

     1,535         1,798,099   

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

     2,715         2,825,338   

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

     1,465         1,614,049   

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

     2,930         3,207,852   

North Carolina Medical Care Commission, (North Carolina Baptist Hospital),
5.25%, 6/1/29
(2)(5)

     11,400         12,806,304   

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

     1,675         1,730,660   

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

     1,570         1,786,738   

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

     785         791,884   

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

     670         702,100   

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

     1,000         1,117,980   
     

 

 

 
      $ 73,250,851   
     

 

 

 

Housing — 2.0%

     

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

   $ 4,000       $ 4,516,360   

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

     555         569,918   

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

     755         754,917   

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

     180         173,637   
     

 

 

 
      $ 6,014,832   
     

 

 

 

Industrial Development Revenue — 6.9%

     

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

   $ 400       $ 492,708   

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

     1,370         1,428,677   

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

     3,695         3,709,558   

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

     1,600         1,759,088   

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

     1,075         1,077,021   

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

     1,660         1,715,494   

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

     4,680         5,097,128   

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

     1,005         1,128,304   

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

     1,715         1,925,413   

Pennsylvania Economic Development Financing Authority, (PPL Energy Supply, LLC), 6.40%, 12/1/38(6)

     2,430         2,463,291   
     

 

 

 
      $ 20,796,682   
     

 

 

 

Insured-Electric Utilities — 0.7%

     

Puerto Rico Electric Power Authority, (AGM), 0.71%, 7/1/29(7)

   $ 3,000       $ 2,084,700   
     

 

 

 
      $ 2,084,700   
     

 

 

 

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-General Obligations — 1.1%

     

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

   $ 10,000       $ 3,324,600   
     

 

 

 
      $ 3,324,600   
     

 

 

 

Insured-Hospital — 6.5%

     

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

   $ 3,250       $ 3,453,092   

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

     2,625         2,965,279   

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

     2,500         2,534,975   

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

     9,510         10,086,400   

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

     700         742,427   
     

 

 

 
      $ 19,782,173   
     

 

 

 

Insured-Lease Revenue/Certificates of Participation — 1.1%

     

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

   $ 3,000       $ 3,275,640   
     

 

 

 
      $ 3,275,640   
     

 

 

 

Insured-Other Revenue — 0.6%

     

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

   $ 4,210       $ 1,731,952   
     

 

 

 
      $ 1,731,952   
     

 

 

 

Insured-Special Tax Revenue — 8.0%

     

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

   $ 34,750       $ 12,885,995   

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

     29,510         5,187,858   

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

     10,510         1,664,784   

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

     30,000         4,468,200   
     

 

 

 
      $ 24,206,837   
     

 

 

 

Insured-Student Loan — 2.3%

     

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

   $ 1,900       $ 2,090,665   

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

     390         411,095   

Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33(8)

     2,600         2,627,378   

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

     1,665         1,796,235   
     

 

 

 
      $ 6,925,373   
     

 

 

 

Insured-Transportation — 14.8%

     

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

   $ 12,425       $ 5,711,027   

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

     935         1,042,815   

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

     3,850         4,310,691   

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

     1,990         2,162,035   

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

     15,000         7,237,350   

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

     1,200         1,305,864   

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

     9,820         8,822,681   

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

     2,370         2,244,888   

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

     2,425         2,550,251   

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

     8,805         9,318,067   
     

 

 

 
      $ 44,705,669   
     

 

 

 

Insured-Water and Sewer — 12.0%

     

DeKalb, GA, Water and Sewer, (AGM), 5.00%, 10/1/35(2)(5)

   $ 17,985       $ 20,641,205   

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

     6,000         2,092,980   

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

     6,680         2,183,158   

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

     7,000         2,135,000   

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

     3,750         4,007,137   

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

     3,640         3,463,460   

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

     2,000         1,808,800   
     

 

 

 
      $ 36,331,740   
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Lease Revenue/Certificates of Participation — 3.0%

     

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

   $ 2,135       $ 2,435,053   

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

     4,400         4,890,468   

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

     1,735         1,925,486   
     

 

 

 
      $ 9,251,007   
     

 

 

 

Other Revenue — 4.0%

     

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

   $ 785       $ 895,481   

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

     880         1,010,530   

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

     480         556,675   

Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(9)

     1,925         479,075   

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

     1,500         1,499,940   

New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada),
0.882%, Variable to 8/1/19 (Put Date), 11/1/39
(7)

     1,000         1,001,490   

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

     165         163,088   

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

     5,000         5,430,050   

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

     1,225         1,241,880   
     

 

 

 
      $ 12,278,209   
     

 

 

 

Senior Living/Life Care — 6.3%

     

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

   $ 535       $ 586,783   

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

     1,075         1,174,416   

Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(9)

     3,109         760,067   

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

     1,480         1,615,257   

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

     740         846,760   

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

     3,650         4,228,379   

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

     4,960         5,687,086   

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

     2,500         2,625,675   

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

     335         361,897   

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

     985         1,066,775   
     

 

 

 
      $ 18,953,095   
     

 

 

 

Special Tax Revenue — 16.0%

     

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

   $ 500       $ 504,006   

New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(10)

     90         0   

New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(10)

     35         0   

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

     160         156,615   

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

     130         127,881   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34(2)(5)

     10,000         11,518,400   

New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/39(2)(5)

     12,400         14,072,884   

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

     1,500         1,768,650   

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

     5,000         5,895,500   

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

     263         254,693   

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

     190         167,668   

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

     600         464,436   

 

4

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Texas Transportation Commission, 5.00%, 4/1/33(2)(5)

   $ 10,000       $ 11,585,300   

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

     1,780         2,008,534   
     

 

 

 
      $ 48,524,567   
     

 

 

 

Transportation — 32.9%

     

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

   $ 435       $ 496,526   

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

     9,200         9,666,256   

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

     1,030         1,193,482   

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

     1,735         2,003,595   

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

     3,200         3,401,600   

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

     1,000         1,090,970   

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

     400         455,796   

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

     3,715         4,205,937   

New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.22%, Variable to 12/15/21 (Put Date), 6/15/34(7)

     7,250         7,059,180   

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

     7,880         8,815,120   

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

     1,515         1,688,180   

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

     3,910         4,166,379   

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

     2,500         2,742,725   

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

     5,370         5,979,978   

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

     7,200         7,425,288   

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

     8,500         8,970,135   

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

     7,290         7,981,238   

San Joaquin Hills, CA, Transportation Corridor Agency, 5.00%, 1/15/50

     7,500         7,896,375   

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

     1,885         2,250,822   

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

     1,725         2,021,044   

Triborough Bridge & Tunnel Authority, NY, 5.00%, 11/15/37(2)(5)

     9,300         10,105,938   
     

 

 

 
      $ 99,616,564   
     

 

 

 

Water and Sewer — 7.5%

     

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

   $ 10,000       $ 11,290,800   

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

     1,860         1,994,255   

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

     4,730         5,014,462   

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

     4,130         4,380,898   
     

 

 

 
      $ 22,680,415   
     

 

 

 

Total Tax-Exempt Municipal Securities — 180.3%
(identified cost $507,735,190)

      $ 545,778,605   
     

 

 

 

Taxable Municipal Securities — 4.4%

     
Security    Principal
Amount
(000’s omitted)
     Value  

Cogeneration — 0.0%(3)

     

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

   $ 5       $ 4,841   
     

 

 

 
      $ 4,841   
     

 

 

 

 

5

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

General Obligations — 2.0%

     

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

   $ 5,000       $ 5,090,550   

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

     1,155         1,110,798   
     

 

 

 
      $ 6,201,348   
     

 

 

 

Hospital — 2.1%

     

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

   $ 6,000       $ 6,418,860   
     

 

 

 
      $ 6,418,860   
     

 

 

 

Insured-Transportation — 0.3%

     

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

   $ 1,285       $ 448,761   

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

     1,000         324,760   
     

 

 

 
      $ 773,521   
     

 

 

 

Total Taxable Municipal Securities — 4.4%
(identified cost $12,847,923)

      $ 13,398,570   
     

 

 

 

Corporate Bonds & Notes — 0.8%

     
Security   

Principal
Amount

(000’s omitted)

     Value  

Health Care - Services — 0.5%

     

AHS Hospital Corp., 5.024%, 7/1/45

   $ 1,330       $ 1,315,052   
     

 

 

 
      $ 1,315,052   
     

 

 

 

Hospital — 0.3%

     
Texas Health Resources, 4.33%, 11/15/55    $ 1,000       $ 970,424   
     

 

 

 
      $ 970,424   
     

 

 

 

Total Corporate Bonds & Notes — 0.8%
(identified cost $2,330,000)

      $ 2,285,476   
     

 

 

 

Institutional MuniFund Term Preferred Shares — 1.0%

     
Security    Shares      Value  
     
Nuveen Texas Quality Income Municipal Fund, (AMT), 0.92%, 11/1/18(4)(11)      600       $ 3,007,920   
     

 

 

 

Total Institutional MuniFund Term Preferred Shares — 1.0%
(identified cost $3,000,000)

      $ 3,007,920   
     

 

 

 

Total Investments — 186.5%
(identified cost $525,913,113)

      $ 564,470,571   
     

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (39.7)%

      $ (120,152,666
     

 

 

 

Other Assets, Less Liabilities — (46.8)%

      $ (141,682,198
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 302,635,707   
     

 

 

 

 

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.

NPFG

  -   National Public Finance Guaranty Corp.

PSF

  -   Permanent School Fund

SPA

  -   Standby Bond Purchase Agreement

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, 2015, 25.4% 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 10.4% of total investments.

At August 31, 2015, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

                        

New York

     19.8

Texas

     12.6

California

     11.8

Others, representing less than 10% individually

     55.8

 

(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) Amount is less than 0.05%.

 

(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 August 31, 2015, the aggregate value of these securities is $16,857,979 or 5.6% of the Trust’s net assets applicable to common shares.

 

(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $40,821,531.

 

(6) When-issued security.

 

(7) Variable rate security. The stated interest rate represents the rate in effect at August 31, 2015.

 

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

 

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

 

(10) Defaulted bond.

 

(11) Variable rate security. The stated dividend rate represents the rate in effect at August 31, 2015. Maturity date represents the mandatory redemption date. Each share represents $5,000 par value.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $     372,613,428   
  

 

 

 

Gross unrealized appreciation

   $ 45,157,743   

Gross unrealized depreciation

     (6,220,600
  

 

 

 

Net unrealized appreciation

   $ 38,937,143   
  

 

 

 

 

7

 

 


The Trust did not have any open financial instruments at August 31, 2015.

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, 2015, 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

   $       $ 545,778,605       $       $ 545,778,605   

Taxable Municipal Securities

             13,398,570                 13,398,570   

Corporate Bonds & Notes

             2,285,476                 2,285,476   

Institutional MuniFund Term Preferred Shares

             3,007,920                 3,007,920   

Total Investments

   $     —       $     564,470,571       $     —       $     564,470,571   

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended August 31, 2015 is not presented.

At August 31, 2015, 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:   October 26, 2015

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 26, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 26, 2015