Eaton Vance Municipal Income Trust

Regulatory Filings • Oct 30, 2007

N-Q 1 a07-23605_1nq.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,
2007 |

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Item 1. Schedule of Investments

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Eaton Vance Municipal Income Trust as of August 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 186.5%

Principal
Amount
(000’s omitted)	Security	Value
Cogeneration — 1.2%
$ 2,950	Maryland Energy
Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$ 2,957,552
		$ 2,957,552
Education — 5.1%
$ 9,000	California
Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32 (1)	$ 9,299,160
3,430	Massachusetts
Development Finance Agency, (Boston University), 5.45%, 5/15/59	3,423,792
		$ 12,722,952
Electric Utilities — 11.5%
$ 6,500	Brazos River
Authority, TX, (Reliant Energy, Inc.), 7.75%, 12/1/18	$ 6,757,725
1,300	Brazos River
Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 5.40%,
5/1/29	1,233,908
2,000	Brazos River
Authority, TX, Pollution Control Revenue (Texas Energy Co.), (AMT), 6.75%,
4/1/38	2,077,920
3,550	Mississippi
Business Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22	3,584,222
7,250	North Carolina
Municipal Power Agency, (Catawba), 6.50%, 1/1/20	7,684,710
6,950	Pennsylvania
Economic Development Authority, (Reliant Energy, Inc.), (AMT), 6.75%,
12/1/36	7,554,997
		$ 28,893,482
Escrowed / Prerefunded — 15.2%
$ 3,000	Capital Trust
Agency, FL, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%,
10/1/33 (2)	$ 3,562,020
35,000	Dawson Ridge, CO,
Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22	17,291,400
1,000	Halifax, FL, Medical
Center, Prerefunded to 10/01/10, 7.25%, 10/1/24	1,116,160
5,000	Illinois Health Facility
Authority, (Loyola University Health System), Prerefunded to 7/1/11, 6.00%,
7/1/21	5,385,900
4,300	Louisiana Public
Facilities Authority, (Eden Point), Prerefunded to 3/1/09, 6.25%, 3/1/34	4,529,190
1,400	Mesquite, TX, Health
Facilities Authority, (Christian Retirement Facility), Prerefunded to
2/15/10, 7.625%, 2/15/28	1,535,940
302	New York, Prerefunded to
6/1/13, 5.25%, 6/1/28 (1)	301,700
1,290	Tobacco Settlement
Financing Corp., NJ, Prerefunded to 6/1/13, 6.75%, 6/1/39	1,482,287

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| $ | Wisconsin
Health & Educational Facilities Authority, (Wisconsin Illinois
Senior Housing), Prerefunded to 8/1/09, 7.00%, 8/1/29 | $ |
| --- | --- | --- |
| | | $ 38,101,941 |
| General
Obligations — 2.0% | | |
| $ 1,500 | California, 5.25%, 11/1/29 | $ 1,547,265 |
| 3,298 | New York City, NY,
5.25%, 6/1/28 (1) | 3,433,120 |
| | | $ 4,980,385 |
| Health
Care - Miscellaneous — 0.9% | | |
| $ 457 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 6.00%, 12/1/36 | $ 467,540 |
| 1,206 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 6.25%, 12/1/36 | 1,236,159 |
| 458 | Tax Exempt Securities
Trust, Community Health Provider, Pooled Loan Program, 7.75%, 12/1/36 | 472,197 |
| | | $ 2,175,896 |
| Hospital —
15.1% | | |
| $ 2,000 | Brevard County, FL,
Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36 | $ 1,937,820 |
| 600 | Camden County, NJ,
Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 | 573,402 |
| 1,260 | Camden County, NJ,
Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 | 1,160,384 |
| 1,200 | Camden County, NJ,
Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 | 1,170,696 |
| 835 | Chautauqua County, NY,
Industrial Development Agency, (Women’s Christian Association), 6.35%,
11/15/17 | 861,712 |
| 975 | Chautauqua County, NY,
Industrial Development Agency, (Women’s Christian Association), 6.40%,
11/15/29 | 1,003,694 |
| 6,000 | Henderson, NV, Health
Care Facility, 5.625%, 7/1/24 | 6,191,580 |
| 2,635 | Highland County, OH,
(Joint Township Hospital District), 6.75%, 12/1/29 | 2,834,180 |
| 5,025 | Indiana
Health & Educational Facilities Authority, (Clarian Health
Partners), 5.00%, 2/15/36 | 4,840,331 |
| 2,000 | Knox County, TN, Health,
Educational & Housing Facilities Board, (Covenant Health), 0.00%,
1/1/38 | 361,480 |
| 5,000 | Knox County, TN, Health,
Educational & Housing Facilities Board, (Covenant Health), 0.00%,
1/1/39 | 851,550 |
| 7,590 | Knox County, TN, Health,
Educational & Housing Facilities Board, (Covenant Health), 0.00%,
1/1/42 | 1,091,062 |
| 900 | Louisiana Public
Facilities Authority, (Ochsner Clinic Foundation Project), 5.50%, 5/15/32 | 1,006,245 |
| 2,575 | Louisiana Public
Facilities Authority, (Tuoro Infirmary), 5.625%, 8/15/29 | 2,579,069 |
| 2,000 | Martin County, MN,
(Fairmont Community Hospital Association), 6.625%, 9/1/22 | 2,081,520 |

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| $ | Mecosta County, MI,
General Hospital, 5.75%, 5/15/09 | $ |
| --- | --- | --- |
| 2,500 | Mecosta County, MI,
General Hospital, 6.00%, 5/15/18 | 2,541,575 |
| 5,000 | North Central, TX,
Health Facility Development Corp., (Baylor Healthcare System), 5.125%,
5/15/29 | 5,028,100 |
| 1,320 | Oneonta, AL, Eastern
Health Care Facility Financing Authority, (Eastern Health
Systems, Inc.), 7.75%, 7/1/21 | 1,412,228 |
| | | $ 38,030,733 |
| Housing —
13.2% | | |
| $ 2,420 | Capital Trust Agency, FL,
(Atlantic Housing Foundation), 5.35%, 7/1/40 | $ 2,363,130 |
| 4,000 | Charter Mac Equity
Trust, TN, 6.00%, 4/30/19 (2) | 4,295,960 |
| 4,000 | Charter Mac Equity
Trust, TN, (AMT), 6.625%, 6/30/09 (2) | 4,146,040 |
| 2,130 | Colorado Housing and
Finance Authority, (Birchwood Manor Project), (AMT), 5.50%, 9/20/36 | 2,143,930 |
| 1,425 | Fairfax County
Redevelopment and Housing Authority, (Cedar Ridge), (AMT), 4.85%, 10/1/48 | 1,300,840 |
| 3,045 | Florida Capital Projects
Finance Authority, Student Housing Revenue, (Florida University), Prerefunded
to 8/15/10, 7.75%, 8/15/20 | 3,388,720 |
| 1,715 | Lake Creek, CO,
Affordable Housing Corp., Multifamily, 7.00%, 12/1/23 | 1,718,344 |
| 4,000 | Muni Mae Tax-Exempt
Bond, LLC, (AMT), 6.875%, 6/30/49 (2) | 4,161,760 |
| 2,750 | North Little Rock, AR,
Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21 | 2,787,153 |
| 3,395 | Oregon Health Authority,
(Trillium Affordable Housing), (AMT), 6.75%, 2/15/29 | 3,528,390 |
| 3,300 | Texas Student Housing
Corp., (University of Northern Texas), 6.75%, 7/1/16 | 3,259,740 |
| | | $ 33,094,007 |
| Industrial
Development Revenue — 23.9% | | |
| $ 1,780 | ABIA Development Corp.,
TX, (Austin Cargoport Development), (AMT), 6.50%, 10/1/24 | $ 1,791,306 |
| 4,135 | Brazos River, TX, Harbor
Navigation District (Dow Chemical Co.), (AMT), 5.125%, 5/15/33 | 3,882,103 |
| 1,522 | Broward County, FL,
Industrial Development Revenue, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 | 1,541,773 |
| 1,300 | California Pollution
Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25 | 1,261,897 |
| 12,000 | Cartersville, GA,
Development Authority Sewer and Solid Waste Disposal Facility,
(Anheuser-Busch), (AMT), 5.50%, 3/1/44 | 11,732,160 |
| 3,370 | Denver, CO, City and
County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32 | 3,074,653 |
| 2,955 | Denver, CO, City and
County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32 | 2,906,656 |

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| $ | Effingham County, GA,
(Solid Waste Disposal), (Fort James), (AMT), 5.625%, 7/1/18 | $ |
| --- | --- | --- |
| 2,500 | Gulf Coast, TX, Waste
Disposal Authority, (Valero Energy Corp.), (AMT), 5.70%, 4/1/32 | 2,503,475 |
| 6,000 | New Jersey Economic
Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29 | 6,083,940 |
| 1,300 | New York City, NY,
Industrial Development Agency, (American Airlines, Inc.), (AMT),
Variable Rate, 7.75%, 8/1/31 | 1,493,544 |
| 6,000 | New York City, NY,
Industrial Development Agency, (American Airlines, Inc.-JFK
International Airport), Variable Rate, 8.00%, 8/1/28 | 6,951,360 |
| 3,500 | New York City, NY,
Industrial Development Agency, (JFK International Airport), (AMT), Variable
Rate, 8.50%, 8/1/28 | 3,951,780 |
| 4,350 | Phoenix, AZ, Industrial
Development Agency, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19 | 4,376,144 |
| 7,500 | St. John Baptist Parish
Revenue, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 | 7,229,025 |
| | | $ 59,955,652 |
| Insured-Electric
Utilities — 0.6% | | |
| $ 1,350 | Wamego, KS, Pollution
Control Revenue, (MBIA), 5.30%, 6/1/31 | $ 1,397,466 |
| | | $ 1,397,466 |
| Insured-General
Obligations — 14.4% | | |
| $ 10,500 | California, (FGIC),
5.25%, 9/1/30 (1) | $ 11,003,160 |
| 13,000 | Illinois Development
Finance Authority, (Local Government Program-Elgin School District-U46),
(FSA), 0.00%, 1/1/20 | 7,418,970 |
| 2,075 | North Las Vegas, NV,
Wastewater Reclamation System, (MBIA), 4.25%, 10/1/33 | 1,859,262 |
| 9,990 | Puerto Rico, (AGC),
5.50%, 7/1/29 (1) | 11,212,376 |
| 4,000 | Puerto Rico, (FSA),
Variable Rate, 7.642%, 7/1/27 (2)(3) | 4,602,240 |
| | | $ 36,096,008 |
| Insured-Hospital —
11.5% | | |
| $ 16,820 | Kentucky Economic
Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/25 | $ 6,647,600 |
| 19,165 | Kentucky Economic
Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/26 | 7,168,668 |
| 8,590 | Kentucky Economic
Development Authority, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/27 | 3,021,962 |
| 12,000 | New Jersey Health Care
Facilities Financing Authority, (St. Barnabas Medical Center), (MBIA),
4.75%, 7/1/28 (1) | 12,022,920 |
| | | $ 28,861,150 |

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| Insured-Housing — 5.6% — $ 13,710 | Virginia Housing
Development Authority, (MBIA), 5.375%, 7/1/36 (1) | $ 13,989,374 |
| --- | --- | --- |
| | | $ 13,989,374 |
| Insured-Pooled
Loan — 1.3% | | |
| $ 3,625 | Massachusetts
Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33 | $ 3,393,435 |
| | | $ 3,393,435 |
| Insured-Special Tax Revenue — 4.4% | | |
| $ 4,100 | New York Convention
Center Development Corp., (AMBAC), 4.75%, 11/15/45 | $ 3,942,642 |
| 37,800 | Puerto Rico Sales Tax
Financing, (AMBAC), 0.00%, 8/1/54 | 3,338,496 |
| 6,160 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/44 | 932,501 |
| 12,215 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/45 | 1,756,273 |
| 7,685 | Puerto Rico Sales Tax
Financing, (MBIA), 0.00%, 8/1/46 | 1,049,079 |
| | | $ 11,018,991 |
| Insured-Transportation —
23.0% | | |
| $ 1,500 | Central, TX, Regional
Mobility Authority, (FGIC), 5.00%, 1/1/45 | $ 1,508,595 |
| 3,500 | Chicago, IL, O’Hare
International Airport, (AMBAC), (AMT), 5.375%, 1/1/32 | 3,552,640 |
| 2,500 | Dallas Fort Worth,
International Airport Facility Improvements Corp., (FGIC), (AMT), 5.50%,
11/1/20 (1) | 2,603,000 |
| 4,930 | Dallas-Fort Worth, TX,
International Airport, (FGIC), (AMT), 5.75%, 11/1/30 (1) | 5,081,735 |
| 4,500 | Dallas-Fort Worth, TX,
International Airport, (FGIC), (AMT), 6.125%, 11/1/35 (1) | 4,674,960 |
| 5,500 | Director of the State of
Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC),
5.375%, 1/1/40 | 5,591,190 |
| 6,600 | E-470 Public
Highway Authority, CO, (MBIA), 0.00%, 9/1/39 | 1,245,288 |
| 25,500 | E-470 Public
Highway Authority, CO, (MBIA), 0.00%, 3/1/36 | 5,444,505 |
| 7,200 | Massachusetts Turnpike
Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37 (1) | 7,224,840 |
| 9,825 | Puerto Rico Highway and
Transportation Authority, (CIFG), 5.25%, 7/1/41 (1) | 10,649,088 |
| 7,000 | San Antonio, TX, Airport
System, (FGIC), (AMT), 5.25%, 7/1/21 (4) | 7,152,110 |
| 3,000 | San Francisco, CA, City
and County Airports Commission, (FGIC), (AMT), 6.612%, 5/1/30 (2)(3) | 3,015,840 |
| | | $ 57,743,791 |
| Insured-Water
and Sewer — 1.0% | | |
| $ 2,730 | Marysville, OH,
Wastewater Treatment System Revenue, (XLCA), 4.75%, 12/1/46 | $ 2,601,690 |
| | | $ 2,601,690 |

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| Nursing
Home — 0.8% — $ 2,000 | Orange County, FL, Health Facilities Authority,
(Westminster Community Care), 6.75%, 4/1/34 | $ 2,054,420 |
| --- | --- | --- |
| | | $ 2,054,420 |
| Other
Revenue — 23.1% | | |
| $ 1,955 | Central Falls, RI, Detention Facility Revenue,
7.25%, 7/15/35 | $ 2,140,588 |
| 5,800 | Golden State Tobacco Securitization Corp., CA,
5.625%, 6/1/38 (1) | 6,300,279 |
| 3,160 | Golden State Tobacco Securitization Corp., CA,
6.75%, 6/1/39 | 3,631,409 |
| 8,000 | Michigan Tobbacco Settlement Finance Authority,
6.00%, 6/1/48 | 8,037,200 |
| 1,500 | Mohegan Tribe Indians, CT, Gaming Authority, (Public
Improvements), 6.25%, 1/1/21 | 1,560,105 |
| 2,300 | Northern Tobacco Securitization Corp., 0.00%, 6/1/46 | 173,972 |
| 6,050 | Northern Tobacco Securitization Corp., 5.00%, 6/1/46 | 5,171,056 |
| 195 | Otero County, NM, Jail Project, 5.50%, 4/1/13 | 192,369 |
| 360 | Otero County, NM, Jail Project, 5.75%, 4/1/18 | 350,395 |
| 100 | Otero County, NM, Jail Project, 6.00%, 4/1/23 | 97,091 |
| 110 | Otero County, NM, Jail Project, 6.00%, 4/1/28 | 105,058 |
| 19,500 | Puerto Rico Infrastructure Financing Authority,
5.50%, 10/1/32 (1) | 20,486,427 |
| 3,008 | Santa Fe, NM, (Crow Hobbs), 8.50%, 9/1/16 | 3,073,963 |
| 8,530 | Tobacco Settlement Financing Corp., NJ, 0.00%,
6/1/41 | 930,111 |
| 6,905 | Tobacco Settlement Financing Corp., VA, 0.00%,
6/1/47 | 546,255 |
| 3,000 | Tobacco Settlement Financing Corp., VA, 5.625%,
6/1/37 (1) | 3,310,350 |
| 1,415 | White Earth Band of Chippewa Indians, MN, 6.375%,
12/1/26 | 1,353,702 |
| 250 | Willacy County, TX, Local Government Corp., 6.00%,
3/1/09 | 254,945 |
| 410 | Willacy County, TX, Local Government Corp., 6.00%,
9/1/10 | 411,169 |
| | | $ 58,126,444 |
| Senior
Living / Life Care — 4.2% | | |
| $ 3,210 | Cliff House Trust, PA, (AMT), 6.625%, 6/1/27 | $ 2,191,884 |
| 1,000 | Fairfax County Economic Development Authority,
(Goodwin House, Inc.), 5.125%, 10/1/37 | 909,020 |
| 1,700 | Fairfax County Economic Development Authority,
(Goodwin House, Inc.), 5.125%, 10/1/42 | 1,521,245 |
| 3,240 | Logan County, CO, Industrial Development Revenue,
(TLC Care Choices, Inc.), 6.875%, 12/1/23 (5) | 2,523,377 |
| 1,855 | Massachusetts Development Finance Agency, (Linden
Ponds Inc.), 5.75%, 11/15/35 | 1,793,321 |
| 1,905 | Massachusetts Development Finance Agency, (Linden
Ponds Inc.), 5.75%, 11/15/42 | 1,833,982 |
| | | $ 10,772,829 |
| Special
Tax Revenue — 2.7% | | |
| $ 3,280 | Bell Mountain Ranch, CO,
Metropolitan District, 6.625%, 11/15/25 | $ 3,337,958 |
| 190 | Longleaf, FL, Community
Development District, 6.20%, 5/1/09 | 190,367 |

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| $ | New Jersey Economic
Development Finance Authority, (Cigarette Tax), 5.50%, 6/15/24 | $ | |
| --- | --- | --- | --- |
| 2,115 | New Jersey Economic
Development Finance Authority, (Cigarette Tax), 5.75%, 6/15/29 | 2,192,261 | |
| | | $ 6,890,067 | |
| Transportation —
4.7% | | | |
| $ 1,500 | Augusta, GA, (AMT),
5.35%, 1/1/28 | $ 1,427,610 | |
| 2,025 | Branson, MO, Regional
Airport Transportation Development District, (Branson Airport LLC), (AMT),
6.00%, 7/1/37 | 1,913,706 | |
| 915 | Branson, MO, Regional
Airport Transportation Development District, (Branson Airport LLC), (AMT),
6.00%, 7/1/25 | 886,223 | |
| 7,500 | Kent County Airport
Facility, 5.00%, 1/1/25 (1) | 7,547,850 | |
| | | $ 11,775,389 | |
| Water
and Sewer — 1.1% | | | |
| $ 3,405 | Massachusetts Water
Resources Authority, 4.00%, 8/1/46 | $ 2,819,000 | |
| | | $ 2,819,000 | |
| Total
Tax-Exempt Investments — 186.5% (identified cost $455,435,689) | | $ 468,452,654 | |
| Other
Assets, Less Liabilities — (34.3)% | | $ (86,242,084 | ) |
| Auction Preferred Shares Plus Cumulative Unpaid Dividends —
(52.2)% | | $ (131,029,256 | ) |
| Net
Assets Applicable to Common Shares — 100.0% | | $ 251,181,314 | |

AGC	—	Assured Guaranty 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.
CIFG	—	CDC IXIS Financial Guaranty North America, Inc.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association
XLCA	—	XL Capital Assurance, Inc.

At August 31, 2007, the concentration of the Trust’s investments in the various states, determined as a percentage of net assets, is as follows:

Puerto Rico	21.5
Texas	19.8 %
Colorado	15.8 %
California	14.4 %
New Jersey	10.7 %
Others, representing less than 10% individually	104.3 %

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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, 2007, 33.1% 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 .6% to 13.6% of total investments.

| (1) | Security represents the underlying municipal
obligation of an inverse floating rate obligation held by the Trust. |
| --- | --- |
| (2) | 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, 2007, the aggregate value of the securities is
$23,783,860 or 9.5% of the net assets applicable to common shares. |
| (3) | Security has been issued as a leveraged inverse
floater bond. The stated interest rate represents the rate in effect at
August 31, 2007. |
| (4) | Security (or a portion thereof) has been segregated
to cover margin requirements on open financial futures contracts. |
| (5) | Security is in default and making only partial
interest payments. |

A summary of financial instruments at August 31, 2007 is as follows:

Futures Contracts

| Expiration Date — 12/07 | Contracts — 500
U.S. Treasury Bond | Short | Aggregate Cost — $ (55,607,131 | ) | Value — $ (55,781,250 | ) | $ (174,119 | ) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Interest Rate Swaps

| Counterparty — Citibank, N.A. | Notional Amount — $ 7,500,000 | 5.732 % | Floating Rate Paid To Fund — 3
month USD- LIBOR-BBA | Effective Date/ Termination Date — May 16,
2008/ May 16, 2038 | $ (313,746 | ) |
| --- | --- | --- | --- | --- | --- | --- |
| Lehman Brothers Special Financing,
Inc. | $ 15,000,000 | 3.896 % | USD-BMA-Municipal Swap Index | October 23,
2007/ October 23, 2037 | $ 577,300 | |
| Lehman Brothers Special
Financing, Inc. | $ 10,950,000 | 5.503 % | 3
month USD- LIBOR-BBA | September
28, 2008/ September 28, 2038 | $ (62,372 | ) |
| Merrill Lynch Capital
Services, Inc. | $ 7,500,000 | 5.817 % | 3
month USD- LIBOR-BBA | April 1,
2008/ April 1, 2038 | $ (412,450 | ) |
| | | | | | $ (211,268 | ) |

The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begun interest rate payment accruals.

At August 31, 2007, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

8

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The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2007 as computed on a federal income tax basis, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 20,432,755
Gross unrealized
depreciation	(7,537,639	)
Net unrealized appreciation	$ 12,895,116

9

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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 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 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/ Robert B. MacIntosh
	Robert B. MacIntosh President and Principal Executive Officer
Date:	October 23, 2007

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/ Robert B. MacIntosh
	Robert B. MacIntosh President and Principal Executive Officer
Date:	October 23, 2007
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell Treasurer and Principal Financial Officer
Date:	October 23, 2007

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