Eaton Vance Municipal Income Trust

Regulatory Filings • Oct 28, 2005

N-Q 1 a05-16695_9nq.htm N-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number	811-09141
Eaton Vance Municipal Income Trust
(Exact Name of
Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts	02109
(Address of
Principal Executive Offices)	(Zip code)
Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address
of Agent for Services)
Registrant’s Telephone
Number, Including Area Code:	(617)
482-8260
Date of Fiscal Year End:	November 30
Date of Reporting Period:	August 31,
2005

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Item 1. Schedule of Investments

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Eaton Vance Municipal Income Trust as of August 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 152.3%

Principal
Amount
(000’s omitted)	Security	Value
Cogeneration
— 1.2%
$ 2,950	Maryland Energy
Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$ 3,009,000
		$ 3,009,000
Education
— 2.7%
2,250	California Educational
Facilities Authority, Stanford University, Residual Certificates, Variable
Rate, 14.67%, 12/1/32 (1)(2)	2,921,265
3,430	Massachusetts
Development Finance Agency, (Boston University), 5.45%, 5/15/59	3,879,296
		$ 6,800,561
Electric
Utilities — 11.4%
6,500	Brazos River Authority,
TX, (Reliant Energy, Inc.), 7.75%, 12/1/18	7,216,300
2,000	Brazos River Authority,
TX, PCR (Texas Energy Co.), (AMT), 6.75%, 4/1/38	2,292,540
3,550	Mississippi Business
Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22	3,649,968
7,250	North Carolina Municipal
Power Agency, (Catawba), 6.50%, 1/1/20	8,048,080
1,000	Pennsylvania EDA,
(Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36	1,079,480
3,400	Pennsylvania EDA, (Reliant
Energy, Inc.), (AMT), 6.75%, 12/1/36	3,670,232
2,550	Pennsylvania EDA,
(Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36	2,752,674
		$ 28,709,274
Escrowed
/ Prerefunded — 7.5%
35,000	Dawson Ridge, CO,
Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22 (3)	16,584,750
95	Delaware County, PA,
IDA, (Glen Riddle), Escrowed to Maturity, (AMT), 8.125%, 9/1/05	95,000
2,000	Kershaw County, SC,
School District, Prerefunded to 2/1/10, 5.00%, 2/1/18	2,128,880
		$ 18,808,630
General
Obligations — 7.4%
1,500	California, 5.25%,
11/1/29	1,648,080
4,950	California, 5.50%,
11/1/33	5,578,353
3,100	California, (AMT),
5.05%, 12/1/36	3,224,961

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| $ | New York, NY, Variable
Rate, 10.182%, 6/1/28 (1)(2) | $ |
| --- | --- | --- |
| 5,000 | Puerto Rico, Variable Rate, 8.307%, 7/1/29 (1)(4) | 6,752,850 |
| | | $ 18,682,704 |
| Health
Care-Miscellaneous — 1.2% | | |
| 608 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 6.00%, 12/1/36 | 619,553 |
| 1,605 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 6.25%, 12/1/36 | 1,733,971 |
| 609 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 7.75%, 12/1/36 | 618,609 |
| | | $ 2,972,133 |
| Hospital
— 19.5% | | |
| 2,500 | California Health
Facilities Authority, (Cedars Sinai Medical Center), Variable Rate, 9.695%,
12/1/34 (1)(4) | 3,176,500 |
| 3,500 | California Health
Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%,
11/15/34 | 3,624,040 |
| 895 | Chautauqua County, NY,
IDA, (Women’s Christian Association), 6.35%, 11/15/17 | 947,984 |
| 975 | Chautauqua County, NY,
IDA, (Women’s Christian Association), 6.40%, 11/15/29 | 1,026,314 |
| 1,000 | Halifax, FL, Medical
Center, 7.25%, 10/1/24 | 1,136,090 |
| 6,000 | Henderson, NV, Health Care
Facility, 5.625%, 7/1/24 | 6,521,340 |
| 2,725 | Highland County, OH,
(Joint Township Hospital District), 6.75%, 12/1/29 | 2,889,208 |
| 5,000 | Illinois Health Facility
Authority, (Loyola University Health System), 6.00%, 7/1/21 | 5,387,350 |
| 2,575 | Louisiana Public
Facilities Authority, (Tuoro Infirmary), 5.625%, 8/15/29 | 2,660,181 |
| 2,000 | Martin County, MN,
(Fairmont Community Hospital Association), 6.625%, 9/1/22 | 2,145,340 |
| 945 | Mecosta County, MI,
General Hospital, 5.75%, 5/15/09 | 973,293 |
| 2,500 | Mecosta County, MI,
General Hospital, 6.00%, 5/15/18 | 2,576,000 |
| 1,500 | New Jersey Health Care
Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30 | 1,698,510 |
| 5,000 | North Central, TX,
Health Facility Development Corp., (Baylor Healthcare System), 5.125%,
5/15/29 | 5,183,400 |
| 1,420 | Oneonta, AL, Eastern
Health Care Facility Financing Authority, (Eastern Health Systems, Inc.),
7.75%, 7/1/21 | 1,589,420 |
| 7,000 | Rhode Island HEFA, (St.
Joseph Health Services), 5.50%, 10/1/29 | 7,026,530 |
| 500 | Washington County, AR,
Hospital, (Washington Regional Medical Center), 5.00%, 2/1/35 | 505,860 |
| | | $ 49,067,360 |

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| Housing
— 12.6% — $ 990 | California Statewide
Communities Development Authority, (AMT), Variable Rate, 31.577%, 12/1/34
(1)(2)(5) | $ 1,034,926 |
| --- | --- | --- |
| 4,000 | Charter Mac Equity
Trust, TN, 6.00%, 4/30/19 | 4,434,240 |
| 4,000 | Charter Mac Equity
Trust, TN, (AMT), 6.625%, 6/30/09 | 4,353,240 |
| 3,185 | Florida Capital Projects
Finance Authority, Student Housing Revenue, (Florida University), 7.75%,
8/15/20 | 3,326,510 |
| 880 | Lake Creek, CO,
Affordable Housing Corp., Multifamily, 7.00%, 12/1/23 | 868,727 |
| 4,435 | Louisiana Public
Facilities Authority, (Eden Point), 6.25%, 3/1/34 | 4,121,756 |
| 4,000 | Muni Mae Tax-Exempt
Bond, LLC, (AMT), 6.875%, 6/30/49 | 4,392,280 |
| 2,975 | North Little Rock, AR,
Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21 | 2,873,404 |
| 3,505 | Oregon Health Authority,
(Trillium Affordable Housing), (AMT), 6.75%, 2/15/29 | 3,173,497 |
| 970 | Raleigh, NC, Housing
Authority, Multifamily, (Cedar Point), 7.00%, 11/1/30 (6) | 29,100 |
| 3,300 | Texas Student Housing
Corp., (University of Northern Texas), 6.75%, 7/1/16 | 3,190,374 |
| | | $ 31,798,054 |
| Industrial
Development Revenue — 11.2% | | |
| 1,870 | ABIA Development Corp.,
TX, (Austin Cargoport Development), (AMT), 6.50%, 10/1/24 | 1,814,244 |
| 1,550 | Alliance Airport
Authority, TX, (American Airlines, Inc.), (AMT), 7.50%, 12/1/29 | 1,356,017 |
| 1,700 | Broward County, FL, IDR,
(Lynxs Cargoport), (AMT), 6.75%, 6/1/19 | 1,604,235 |
| 1,300 | California Pollution
Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25 | 1,361,880 |
| 1,045 | Denver, CO, City and
County Special Facilities, (United Airlines), (AMT), 6.875%, 10/1/32 | 967,419 |
| 2,055 | Fulton County, GA,
Development Authority, (Delta Air Lines, Inc.), (AMT), 5.45%, 5/1/23 | 328,800 |
| 2,500 | Gulf Coast, TX, Waste
Disposal Authority, (Valero Energy Corp.) (AMT), 5.70%, 4/1/32 | 2,564,350 |
| 1,000 | Kenton County, KY,
Airport, (Delta Airlines), (AMT), 7.125%, 2/1/21 | 852,250 |
| 6,000 | New Jersey EDA,
(Continental Airlines), (AMT), 6.25%, 9/15/29 | 5,428,440 |
| 3,500 | New York City, NY, IDA,
(American Airlines, Inc.), (AMT), 8.50%, 8/1/28 | 3,501,715 |

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| $ | Ohio Environmental
Facilities, (Ford Motor Co.), (AMT), 5.75%, 4/1/35 | $ |
| --- | --- | --- |
| 4,350 | Phoenix, AZ, IDA,
(America West Airlines, Inc.), (AMT), 6.25%, 6/1/19 | 3,562,867 |
| | | $ 28,099,617 |
| Insured-Education
— 1.3% | | |
| 3,000 | Massachusetts HEFA,
(Berklee College of Music), (MBIA), Variable Rate, 7.59%, 10/1/27 (1)(4) | 3,307,830 |
| | | $ 3,307,830 |
| Insured-Electric
Utilities — 2.1% | | |
| 3,730 | Maricopa County, AZ,
Pollution Control Corp., (El Paso Electric Co.), (FGIC), 4.80%, 8/1/40 | 3,760,027 |
| 1,350 | Wamego, KS, PCR, (MBIA),
5.30%, 6/1/31 | 1,469,151 |
| | | $ 5,229,178 |
| Insured-Escrowed
/ Prerefunded — 1.7% | | |
| 4,250 | Metropolitan
Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%,
7/1/26 | 4,367,598 |
| | | $ 4,367,598 |
| Insured-General
Obligations — 16.2% | | |
| 7,905 | California, (AMBAC),
4.25%, 3/1/28 | 7,764,449 |
| 2,000 | California, (AMBAC),
4.50%, 5/1/28 | 2,018,180 |
| 2,625 | California, (FGIC),
Variable Rate, 13.32%, 9/1/30 (1)(2) | 3,411,345 |
| 500 | California, (FGIC),
Variable Rate, 64.598%, 12/1/29 (1)(2)(5) | 1,496,200 |
| 30,160 | Chicago, IL, Board of
Education, (FGIC), 0.00%, 12/1/22 (3) | 14,044,607 |
| 13,000 | Illinois Development
Finance Authority, (Local Government Program-Elgin School District-U46),
(FSA), 0.00%, 1/1/20 | 6,995,950 |
| 4,000 | Puerto Rico, (FSA),
Variable Rate, 10.70%, 7/1/27 (1)(2) | 4,970,560 |
| | | $ 40,701,291 |
| Insured-Hospital
— 9.8% | | |
| 19,705 | Kentucky EDA, (Norton
Healthcare, Inc.), (MBIA), 0.00%, 10/1/25 | 7,967,323 |
| 22,770 | Kentucky EDA, (Norton
Healthcare, Inc.), (MBIA), 0.00%, 10/1/26 | 8,800,833 |
| 10,000 | Kentucky EDA, (Norton
Healthcare, Inc.), (MBIA), 0.00%, 10/1/27 | 3,686,700 |
| 4,000 | New Jersey Health Care
Facilities Financing Authority, (St. Barnabas Medical Center), (MBIA),
Variable Rate, 9.057%, 7/1/28 (1)(2) | 4,232,920 |
| | | $ 24,687,776 |

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| Insured-Housing
— 2.0% — $ 4,525 | Virginia Housing
Development Authority, (MBIA), Variable Rate, 11.091%, 7/1/36 (1)(2) | $ 5,050,036 |
| --- | --- | --- |
| | | $ 5,050,036 |
| Insured-Transportation
— 17.5% | | |
| 1,500 | Central, TX, Regional
Mobility Authority, (FGIC), 5.00%, 1/1/45 | 1,566,435 |
| 3,500 | Chicago, IL, O’Hare International
Airport, (AMBAC), (AMT), 5.375%, 1/1/32 | 3,702,545 |
| 2,983 | Dallas-Fort Worth, TX,
International Airport, (FGIC), (AMT), Variable Rate, 15.291%, 5/1/10 (1)(2) | 4,001,366 |
| 25,500 | E-470 Public Highway
Authority, CO, (MBIA), 0.00%, 3/1/36 | 5,100,255 |
| 2,400 | Massachusetts Turnpike
Authority, Metropolitan Highway System, (MBIA), Variable Rate, 9.866%, 1/1/37
(1)(2) | 2,668,968 |
| 5,000 | Minneapolis and St.
Paul, MN, Metropolitan Airport Commission, (FGIC), 5.25%, 1/1/32 | 5,361,750 |
| 5,500 | Nevada Department of
Business and Industry, (Las Vegas Monorail -1st Tier), (AMBAC), 5.375%,
1/1/40 | 5,845,070 |
| 2,000 | Puerto Rico Highway and
Transportation Authority, (FSA), Variable Rate, 9.875%, 7/1/32 (1)(2) | 2,335,140 |
| 7,000 | San Antonio, TX, Airport
System, (Improvements), (FGIC), (AMT), 5.25%, 7/1/21 | 7,434,420 |
| 1,500 | South Carolina
Transportation Infrastructure, (AMBAC), 5.00%, 10/1/33 | 1,576,095 |
| 9,000 | Texas Turnpike
Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21 | 4,464,810 |
| | | $ 44,056,854 |
| Nursing
Home — 2.2% | | |
| 695 | Okaloosa County, FL,
Retirement Rental Housing, (Encore Retirement Partners), 6.125%, 2/1/14 | 638,121 |
| 2,000 | Orange County, FL,
Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 | 1,994,820 |
| 2,820 | Wisconsin HEFA,
(Wisconsin Illinois Senior Housing), 7.00%, 8/1/29 | 2,816,503 |
| | | $ 5,449,444 |
| Other
Revenue — 17.5% | | |
| 4,000 | California Statewide
Communities Development Authority, (East Valley Tourist Development
Authority), 8.25%, 10/1/14 | 4,351,160 |
| 3,000 | Capital Trust Agency,
FL, (Seminole Tribe Convention), 8.95%, 10/1/33 | 3,284,670 |
| 2,740 | Capital Trust Agency,
FL, (Seminole Tribe Convention), 10.00%, 10/1/33 | 3,020,192 |
| 1,955 | Central Falls, RI,
Detention Facility Revenue, 7.25%, 7/15/35 | 2,020,923 |
| 6,125 | Golden Tobacco
Securitization Corp., CA, 5.00%, 6/1/45 | 6,391,193 |

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| $ | Golden Tobacco
Securitization Corp., CA, 6.75%, 6/1/39 | $ | |
| --- | --- | --- | --- |
| 2,900 | Golden Tobacco
Securitization Corp., CA, Variable Rate, 8.587%, 6/1/38 (1)(4) | 3,737,549 | |
| 1,500 | Mohegan Tribe Indians,
CT, Gaming Authority, (Public Improvements), 6.25%, 1/1/21 | 1,633,470 | |
| 3,900 | Puerto Rico
Infrastructure Financing Authority, Variable Rate, 19.305%, 10/1/32 (1)(2)(7) | 5,917,392 | |
| 3,300 | Santa Fe, NM, (Crow
Hobbs), 8.50%, 9/1/16 | 3,375,075 | |
| 1,290 | Tobacco Settlement
Financing Corp., NJ, 6.75%, 6/1/39 | 1,506,049 | |
| 3,000 | Tobacco Settlement
Financing Corp., NJ, Variable Rate, 11.262%, 6/1/39 (1)(4)(5) | 4,004,880 | |
| 1,000 | Tobacco Settlement
Financing Corp., VA, Variable Rate, 10.346%, 6/1/37 (1)(2) | 1,118,380 | |
| | | $ 44,007,225 | |
| Senior
Living / Life Care — 2.4% | | | |
| 3,210 | Cliff House Trust, PA,
(AMT), 6.625%, 6/1/27 | 1,622,334 | |
| 3,240 | Logan County, CO,
Industrial Development Revenue, (TLC Care Choices, Inc.), 6.875%, 12/1/23 | 3,003,610 | |
| 1,400 | Mesquite, TX, Health
Facilities Authority, (Christian Retirement Facility), 7.625%, 2/15/28 | 1,530,340 | |
| | | $ 6,156,284 | |
| Special
Tax Revenue — 3.5% | | | |
| 3,280 | Bell Mountain Ranch, CO,
Metropolitan District, 6.625%, 11/15/25 | 3,383,156 | |
| 355 | Longleaf, FL, Community
Development District, 6.20%, 5/1/09 | 357,744 | |
| 1,655 | Longleaf, FL, Community
Development District, 6.65%, 5/1/20 | 1,548,319 | |
| 1,150 | New Jersey EDA,
(Cigarette Tax), 5.50%, 6/15/24 | 1,222,427 | |
| 2,115 | New Jersey EDA,
(Cigarette Tax), 5.75%, 6/15/29 | 2,286,675 | |
| | | $ 8,798,321 | |
| Transportation
— 1.4% | | | |
| 1,500 | Augusta, GA, (AMT),
5.35%, 1/1/28 | 1,539,795 | |
| 1,875 | Kent County, MI, Airport
Facility, Variable Rate, 12.02%, 1/1/25 (1)(4) | 2,113,050 | |
| | | $ 3,652,845 | |
| Total
Tax-Exempt Investments — 152.3% (identified cost $346,900,098) | | $ 383,412,015 | |
| Other
Assets, Less Liabilities — (0.2)% | | $ (551,326 | ) |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends — (52.1)% | | $ (131,030,318 | ) |
| Net Assets Applicable to Common
Shares — 100.0% | | $ 251,830,371 | |

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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.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association

At August 31, 2005, the concentration of the Trust’s investments in the various states, determined as a percentage of net assets, is as follows:

California	22.0
Colorado	11.9 %
Illinois	12.0 %
Texas	16.9 %
Others, representing
less than 10% individually	89.5 %

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 August 31, 2005, 33.2% of the securities in the portfolio of 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 3.7% to 11.9% of total investments.

| (1) | Security exempt from registration under Rule 144A of
the Securities Act of 1933. These securities may be sold in transactions
exempt from registration, normally to qualified institutional buyers. At
August 31, 2005, the aggregate value of the securities is $63,729,617 or
25.3% of the Trust’s net assets. |
| --- | --- |
| (2) | Security has been issued as a leveraged inverse
floater bond. The stated interest rate represents the rate in effect at
August 31, 2005. |
| (3) | Security (or a portion thereof) has been segregated
to cover when-issued securities. |
| (4) | Security has been issued as an inverse floater bond.
The stated interest rate represents the rate in effect at August 31, 2005. |
| (5) | Security is subject to a shortfall and forbearance
agreement. |
| (6) | Defaulted bond. |
| (7) | Security (or a portion thereof) has been segregated
to cover margin requirements on open financial futures contracts. |

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A summary of financial instruments at August 31, 2005 is as follows:

Futures Contracts

Expiration — Date	Contracts	Position	Aggregate — Cost		Value	Appreciation
12/05	1,200 U.S. Treasury Bond	Short	$ (140,366,776	)	$ (141,637,500	)	$ (1,270,724	)

At August 31, 2005, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2005 as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 41,268,322
Gross unrealized
depreciation	(4,159,309	)
Net unrealized appreciation	$ 37,109,013

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Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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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 J. Fetter
	Thomas J. Fetter
	President and Principal Executive Officer
Date:	October 26, 2005

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 J. Fetter
	Thomas J. Fetter
Date:	October 26, 2005
By:	/s/ James L. O’Connor
	James L. O’Connor
	Treasurer and Principal Financial Officer
Date:	October 26, 2005

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