Eaton Vance Municipal Income Trust

Regulatory Filings • Apr 28, 2005

N-Q 1 a05-6357_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 COMPANY*

| Investment
Company Act file number | |
| --- | --- |
| 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 service) | |
| Copy to: | |
| Registrant's
telephone number, including area code: | (617) 482-8260 |
| Date of
fiscal year end: | November
30 |
| Date of
reporting period: | February
28, 2005 |

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*Item 1. Schedule of Investments*

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Eaton Vance Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited)

*Tax-Exempt Investments — 153.0%*

Principal Amount (000’s omitted)	Security	Value
Cogeneration — 1.2%
$ 2,950	Maryland Energy Cogeneration, (AES Warrior
Run), (AMT), 7.40%, 9/1/19	$ 3,014,693
		3,014,693
Education — 2.7%
2,250	California Educational Facilities
Authority, Stanford University, Residual Certificates, Variable Rate, 14.67%,
12/1/32 (1) (2)	2,803,590
3,430	Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59	3,760,240
		6,563,830
Electric Utilities — 11.8%
6,500	Brazos River Authority, TX, (Reliant
Energy, Inc.), 7.75%, 12/1/18	7,199,335
2,000	Brazos River Authority, TX, PCR (Texas
Energy Co.), (AMT), 6.75%, 4/1/38	2,319,180
3,550	Mississippi Business Finance Corp., (System
Energy Resources, Inc.), 5.90%, 5/1/22	3,593,239
7,250	North Carolina Municipal Power Agency,
(Catawba), 6.50%, 1/1/20	8,152,842
1,000	Pennsylvania EDA, (Reliant Energy, Inc.),
(AMT), 6.75%, 12/1/36	1,069,970
3,400	Pennsylvania EDA, (Reliant Energy, Inc.),
(AMT), 6.75%, 12/1/36	3,637,898
2,550	Pennsylvania EDA, (Reliant Energy, Inc.),
(AMT), 6.75%, 12/1/36	2,720,314
		28,692,778
Escrowed / Prerefunded — 8.0%
35,000	Dawson Ridge, CO, Metropolitan District #1,
Escrowed to Maturity, 0.00%, 10/1/22	15,194,200
95	Delaware County, PA, IDA, (Glen Riddle),
Escrowed to Maturity, (AMT), 8.125%, 9/1/05	96,351
2,000	Delaware County, PA, IDA, (Glen Riddle),
Prerefunded to 9/1/05, (AMT), 8.625%, 9/1/25	2,119,240
1,725	Maricopa County, AZ, IDA, (Place Five and
The Greenery), Escrowed to Maturity, 8.625%, 1/1/27	2,002,932
		19,412,723

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General Obligations — 6.9% — $ 1,500	California, 5.25%, 11/1/29	$ 1,593,810
4,950	California, 5.50%, 11/1/33	5,381,590
2,000	Kershaw County, SC, School District, 5.00%,
2/1/18	2,136,920
1,200	New York, NY, Variable Rate, 12.187%,
6/1/28 (1) (2)	1,426,368
5,000	Puerto Rico, Variable Rate, 9.289%, 7/1/29
(1) (3)	6,269,600
		16,808,288
Health Care - Miscellaneous — 1.2%
608	Tax Exempt Securities Trust, Community
Health Provider, Pooled Loan Program, 6.00%, 12/1/36	615,210
1,605	Tax Exempt Securities Trust, Community
Health Provider, Pooled Loan Program, 6.25%, 12/1/36	1,695,573
609	Tax Exempt Securities Trust, Community
Health Provider, Pooled Loan Program, 7.75%, 12/1/36	614,620
		2,925,403
Hospital — 19.0%
2,500	California Health Facilities Authority,
(Cedars Sinai Medical Center), Variable Rate, 10.702%, 12/1/34 (1) (3)	2,957,100
895	Chautauqua County, NY, IDA, (Women’s
Christian Association), 6.35%, 11/15/17	911,012
975	Chautauqua County, NY, IDA, (Women’s
Christian Association), 6.40%, 11/15/29	979,095
1,000	Halifax, FL, Medical Center, 7.25%, 10/1/24	1,111,250
6,000	Henderson, NV, Health Care Facility,
5.625%, 7/1/24	6,340,920
2,725	Highland County, OH, (Joint Township
Hospital District), 6.75%, 12/1/29	2,754,294
5,000	Illinois Health Facility Authority, (Loyola
University Health System), 6.00%, 7/1/21	5,247,700
2,575	Louisiana Public Facilities Authority, (Tuoro
Infirmary), 5.625%, 8/15/29	2,628,740
2,000	Martin County, MN, (Fairmont Community
Hospital Association), 6.625%, 9/1/22	2,059,520
1,150	Mecosta County, MI, General Hospital,
5.75%, 5/15/09	1,176,703

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| $ | Mecosta County, MI, General Hospital,
6.00%, 5/15/18 | $ |
| --- | --- | --- |
| 1,500 | New Jersey Health Care Facilities Financing
Authority, (Trinitas Hospital), 7.50%, 7/1/30 | 1,691,655 |
| 5,000 | North Central, TX, Health Facility Development
Corp., (Baylor Healthcare System), 5.125%, 5/15/29 | 5,126,550 |
| 1,470 | Oneonta, AL, Eastern Health Care Facility
Financing Authority, (Eastern Health Systems, Inc.), 7.75%, 7/1/21 | 1,636,830 |
| 7,000 | Rhode Island HEFA, (St. Joseph Health
Services), 5.50%, 10/1/29 | 6,706,840 |
| 2,425 | Southwestern Illinois, Development
Authority, (Anderson Hospital), 5.625%, 8/15/29 | 2,504,273 |
| | | 46,299,282 |
| Housing — 12.9% | | |
| 990 | California Statewide Communities
Development Authority, (AMT), Variable Rate, 34.664%, 12/1/34 (1) (3) (8) | 961,132 |
| 4,000 | Charter Mac Equity Trust, TN, 6.00%,
4/30/19 | 4,308,920 |
| 4,000 | Charter Mac Equity Trust, TN, (AMT),
6.625%, 6/30/09 | 4,405,360 |
| 3,185 | Florida Capital Projects Finance Authority,
Student Housing Revenue, (Florida University), 7.75%, 8/15/20 | 3,187,771 |
| 880 | Lake Creek, CO, Affordable Housing Corp.,
Multifamily, 7.00%, 12/1/23 | 797,870 |
| 4,435 | Louisiana Public Facilities Authority,
(Eden Point), 6.25%, 3/1/34 | 3,845,899 |
| 4,000 | Muni Mae Tax-Exempt Bond, LLC, (AMT),
6.875%, 6/30/49 | 4,444,960 |
| 3,080 | North Little Rock, AR, Residential Housing
Facilities, (Parkstone Place), 6.50%, 8/1/21 | 2,864,246 |
| 3,550 | Oregon Health Authority, (Trillium
Affordable Housing), (AMT), 6.75%, 2/15/29 | 3,161,665 |
| 970 | Raleigh, NC, Housing Authority,
Multifamily, (Cedar Point), 7.00%, 11/1/30 (4) | 97,000 |
| 3,300 | Texas Student Housing Corp., (University of
Northern Texas), 6.75%, 7/1/16 | 3,216,906 |
| | | 31,291,729 |

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| Industrial Development Revenue — 7.8% — $ 1,870 | ABIA Development Corp., TX, (Austin
Cargoport Development), (AMT), 6.50%, 10/1/24 | $ 1,721,923 |
| --- | --- | --- |
| 1,550 | Alliance Airport Authority, TX, (American
Airlines, Inc.), (AMT), 7.50%, 12/1/29 | 1,117,101 |
| 1,772 | Broward County, FL, IDR, (Lynxs Cargoport),
(AMT), 6.75%, 6/1/19 | 1,637,974 |
| 2,500 | Gulf Coast, TX, Waste Disposal Authority,
(Valero Energy Corp.) (AMT), 5.70%, 4/1/32 | 2,533,825 |
| 1,000 | Kenton County, KY, Airport, (Delta
Airlines), (AMT), 7.125%, 2/1/21 | 871,700 |
| 6,000 | New Jersey EDA, (Continental Airlines),
(AMT), 6.25%, 9/15/29 | 4,776,540 |
| 3,500 | New York City, NY, IDA, (American Airlines,
Inc.), (AMT), 8.50%, 8/1/28 | 2,855,615 |
| 4,350 | Phoenix, AZ, IDA, (America West Airlines,
Inc.), (AMT), 6.25%, 6/1/19 | 3,559,431 |
| | | 19,074,109 |
| Insured-Education — 1.4% | | |
| 3,000 | Massachusetts HEFA, (Berklee College of
Music), (MBIA), Variable Rate, 8.11%, 10/1/27 (1) (3) | 3,308,880 |
| | | 3,308,880 |
| Insured-Electric Utilities — 0.6% | | |
| 1,350 | Wamego, KS, PCR, (MBIA), 5.30%, 6/1/31 | 1,451,804 |
| | | 1,451,804 |
| Insured-Escrowed/Prerefunded — 1.8% | | |
| 4,250 | Metropolitan Transportation Authority of
New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 | 4,406,315 |
| | | 4,406,315 |
| Insured-General Obligations — 15.9% | | |
| 7,905 | California, (AMBAC), 4.25%, 3/1/28 (5) | 7,463,269 |
| 2,625 | California, (FGIC), Variable Rate, 14.70%,
9/1/30 (1) (2) | 3,294,270 |
| 500 | California, (FGIC), Variable Rate, 87.767%,
12/1/29 (1) (2) (8) | 1,618,350 |
| 2,000 | Chicago, IL, (MBIA), 5.00%, 1/1/41 | 2,041,080 |
| 30,160 | Chicago, IL, Board of Education, (FGIC),
0.00%, 12/1/22 (6) | 12,744,711 |
| 13,000 | Illinois Development Finance Authority,
(Local Government Program-Elgin School District-U46), (FSA), 0.00%, 1/1/20 | 6,542,770 |
| 4,000 | Puerto Rico, (FSA), Variable Rate, 16.243%,
7/1/27 (1) (2) | 5,031,640 |
| | | 38,736,090 |

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| Insured-Hospital — 9.1% — $ 19,705 | Kentucky EDA, (Norton Healthcare, Inc.),
(MBIA), 0.00%, 10/1/25 | $ 7,070,351 |
| --- | --- | --- |
| 22,770 | Kentucky EDA, (Norton Healthcare, Inc.),
(MBIA), 0.00%, 10/1/26 | 7,724,495 |
| 10,000 | Kentucky EDA, (Norton Healthcare, Inc.),
(MBIA), 0.00%, 10/1/27 | 3,205,500 |
| 4,000 | New Jersey Health Care Facilities Financing
Authority, (St. Barnabas Medical Center), (MBIA), Variable Rate, 10.994%,
7/1/28 (1) (2) | 4,083,920 |
| | | 22,084,266 |
| Insured-Transportation — 23.4% | | |
| 3,500 | Chicago, IL, O’Hare International Airport,
(AMBAC), (AMT), 5.375%, 1/1/32 | 3,662,470 |
| 2,500 | Dallas-Fort Worth, TX, International
Airport, (FGIC), (AMT), 5.50%, 11/1/20 | 2,720,850 |
| 4,930 | Dallas-Fort Worth, TX, International
Airport, (FGIC), (AMT), 5.75%, 11/1/30 | 5,319,963 |
| 4,500 | Dallas-Fort Worth, TX, International
Airport, (FGIC), (AMT), 6.125%, 11/1/35 | 4,976,055 |
| 25,500 | E-470 Public Highway Authority, CO, (MBIA),
0.00%, 3/1/36 | 4,606,320 |
| 4,000 | Massachusetts Turnpike Authority,
Metropolitan Highway System, (MBIA), 5.00%, 1/1/37 | 4,071,720 |
| 2,400 | Massachusetts Turnpike Authority,
Metropolitan Highway System, (MBIA), Variable Rate, 11.774%, 1/1/37 (1) (2) | 2,529,096 |
| 7,500 | Minneapolis and St. Paul, MN, Metropolitan
Airport Commission, (FGIC), 5.25%, 1/1/32 | 7,908,525 |
| 5,500 | Nevada Department of Business and Industry,
(Las Vegas Monorail -1st Tier), (AMBAC), 5.375%, 1/1/40 | 5,731,440 |
| 2,000 | Puerto Rico Highway and Transportation
Authority, (FSA), Variable Rate, 10.795%, 7/1/32 (1) (2) | 2,246,360 |
| 7,000 | San Antonio, TX, Airport System, (Improvements),
(FGIC), (AMT), 5.25%, 7/1/21 | 7,380,660 |
| 1,500 | South Carolina Transportation
Infrastructure, (AMBAC), 5.00%, 10/1/33 | 1,550,160 |
| 9,000 | Texas Turnpike Authority, (Central Texas
Turnpike System), (AMBAC), 0.00%, 8/15/21 | 4,135,050 |
| | | 56,838,669 |
| Insured-Water and Sewer — 0.3% | | |
| 700 | Jupiter, FL, (AMBAC), 4.75%, 10/1/33 | 709,590 |
| | | 709,590 |

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| Lease Revenue/Certificates of Participation
— 1.5% — $ 3,340 | New Jersey EDA, (School Facilities),
Variable Rate, 10.835%, 6/15/28 (1) (2) | $ 3,580,413 |
| --- | --- | --- |
| | | 3,580,413 |
| Nursing Home — 3.3% | | |
| 3,305 | Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners), 6.75%, 3/1/19 | 2,887,777 |
| 695 | Okaloosa County, FL, Retirement Rental Housing,
(Encore Retirement Partners), 6.125%, 2/1/14 | 629,385 |
| 2,000 | Orange County, FL, Health Facilities
Authority, (Westminster Community Care), 6.75%, 4/1/34 | 1,743,280 |
| 2,920 | Wisconsin HEFA, (Wisconsin Illinois Senior
Housing), 7.00%, 8/1/29 | 2,769,795 |
| | | 8,030,237 |
| Other Revenue — 13.5% | | |
| 4,000 | California Statewide Communities
Development Authority, (East Valley Tourist Development Authority), 8.25%,
10/1/14 | 4,084,360 |
| 3,000 | Capital Trust Agency, FL, (Seminole Tribe
Convention), 8.95%, 10/1/33 | 3,372,810 |
| 2,740 | Capital Trust Agency, FL, (Seminole Tribe
Convention), 10.00%, 10/1/33 | 3,094,419 |
| 3,160 | Golden Tobacco Securitization Corp., CA,
6.75%, 6/1/39 | 3,311,143 |
| 2,900 | Golden Tobacco Securitization Corp., CA,
Variable Rate, 9.547%, 6/1/38 (1) (3) | 3,401,729 |
| 1,500 | Mohegan Tribe Indians, CT, Gaming
Authority, (Public Improvements), 6.25%, 1/1/21 | 1,594,905 |
| 3,900 | Puerto Rico Infrastructure Financing
Authority, Variable Rate, 19.305%, 10/1/32 (1) (2) (7) | 5,894,460 |
| 3,300 | Santa Fe, NM, (Crow Hobbs), 8.50%, 9/1/16 | 3,358,905 |
| 1,290 | Tobacco Settlement Financing Corp., NJ,
6.75%, 6/1/39 | 1,351,701 |
| 3,000 | Tobacco Settlement Financing Corp., NJ,
Variable Rate, 12.419%, 6/1/39 (1) (3) (8) | 3,286,980 |
| | | 32,751,412 |

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| Pooled Loans — 0.4% — $ 895 | Virginia Resources Authority, (Virginia
Pooled Financing Program), 4.50%, 11/1/35 | $ 876,706 | |
| --- | --- | --- | --- |
| | | 876,706 | |
| Senior Living / Life Care — 2.4% | | | |
| 1,960 | Cliff House Trust, PA, (AMT), 6.625%,
6/1/27 | 1,500,733 | |
| 3,240 | Logan County, CO, Industrial Development
Revenue, (TLC Care Choices, Inc.), 6.875%, 12/1/23 | 2,955,593 | |
| 1,400 | Mesquite, TX, Health Facilities Authority,
(Christian Retirement Facility), 7.625%, 2/15/28 | 1,471,302 | |
| | | 5,927,628 | |
| Special Tax Revenue — 5.1% | | | |
| 3,280 | Bell Mountain Ranch, CO, Metropolitan
District, 6.625%, 11/15/25 | 3,355,768 | |
| 3,570 | Black Hawk, CO, Business Improvement
District, 6.50%, 12/1/11 | 3,516,986 | |
| 395 | Longleaf, FL, Community Development
District, 6.20%, 5/1/09 | 382,407 | |
| 1,720 | Longleaf, FL, Community Development
District, 6.65%, 5/1/20 | 1,580,594 | |
| 1,150 | New Jersey EDA, (Cigarette Tax), 5.50%,
6/15/24 | 1,210,904 | |
| 2,115 | New Jersey EDA, (Cigarette Tax), 5.75%,
6/15/29 | 2,250,233 | |
| | | 12,296,892 | |
| Transportation — 2.8% | | | |
| 1,500 | Augusta, GA, (AMT), 5.35%, 1/1/28 (5) | 1,503,300 | |
| 1,875 | Kent County, MI, Airport Facility, Variable
Rate, 13.49%, 1/1/25 (1) (3) | 2,049,188 | |
| 3,100 | Port Authority of New York and New Jersey,
(AMT), 5.25%, 7/15/34 | 3,293,657 | |
| | | 6,846,145 | |
| Total
Tax-Exempt Investments — 153.0% (identified cost $346,041,554) | | 371,927,882 | |
| Other Assets, Less Liabilities — 0.9% | | 2,262,339 | |
| Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.8)% | | (131,013,203 | ) |
| Net Assets Applicable to Common Shares —
100.0% | | 243,177,018 | |

AMBAC - AMBAC Financial Group, Inc.

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| 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 February 28, 2005, the concentration of the Trust’s investments in the various states, determined as a percentage of net assets, is as follows:

California	15.2
Colorado	12.5 %
Illinois	13.5 %
Texas	20.2 %
Others,
representing less than 10% individually	91.6 %

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 28, 2005, 33.1% 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 13.5% 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 February 28,
2005, the aggregate value of the securities is $54,743,076 or 22.5% 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 February 28, 2005. |
| (3) | Security has been issued as an inverse floater bond. The stated
interest rate represents the rate in effect at February 28, 2005. |
| (4) | Defaulted bond. |
| (5) | When-issued security. |

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| (6) | Security (or a portion thereof) has been segregated to cover
when-issued securities. |
| --- | --- |
| (7) | Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts. |
| (8) | Security is subject to a shortfall and forebearance agreement. |

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A summary of financial instruments at February 28, 2005 is as follows:

*Futures Contracts*

Expiration Date(s)	Contracts	Position	Aggregate Cost		Value		Net Unrealized Appreciation
06/05	500 U.S. Treasury Bond	Short	$ (56,636,316	)	$ (56,171,875	)	$ 464,441
06/05	500 U.S. Treasury Note	Short	(55,185,375	)	(54,937,500	)	247,875
							$ 712,316

At February 28, 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 February 28, 2005 as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross
unrealized appreciation	$ 32,334,717
Gross
unrealized depreciation	(5,936,696	)
Net
unrealized appreciation	$ 26,398,021

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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:	April 14, 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
	President and Principal
Executive Officer
Date:	April 14, 2005
By:	/s/ James L. O’Connor
	James L. O’Connor
	Treasurer and Principal
Financial Officer
Date:	April 14, 2005

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