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Download Source FileN-CSRS 1 d262311dncsrs.htm EATON VANCE MUNICIPAL INCOME TRUST EATON VANCE MUNICIPAL INCOME TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT 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)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
November 30
Date of Fiscal Year End
May 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Municipal Income Trust (EVN)
Semiannual Report
May 31, 2022
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Semiannual Report May 31, 2022
Eaton Vance
Municipal Income Trust
| Table of Contents | |
|---|---|
| Performance | 2 |
| Fund Profile | 3 |
| Endnotes and Additional Disclosures | 4 |
| Financial Statements | 5 |
| Annual Meeting of Shareholders | 23 |
| Officers and Trustees | 24 |
| Privacy Notice | 25 |
| Important Notices | 27 |
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Performance
Portfolio Manager(s) Cynthia J. Clemson and William J. Delahunty, CFA
| %
Average Annual Total Returns 1,2 | Inception
Date | Six
Months | One
Year | Five
Years | Ten
Years |
| --- | --- | --- | --- | --- | --- |
| Fund
at NAV | 01/29/1999 | (12.52)% | (11.47)% | 2.69% | 5.94% |
| Fund
at Market Price | — | (12.87) | (13.17) | 2.64 | 4.01 |
| Bloomberg
Municipal Bond Index | — | (7.32)% | (6.79)% | 1.78% | 2.54% |
| %
Premium/Discount to NAV 3 |
| --- |
| (4.11)% |
| Distributions 4 | |
|---|---|
| Total | |
| Distributions per share for the period | $0.286 |
| Distribution | |
| Rate at NAV | 4.71% |
| Taxable-Equivalent | |
| Distribution Rate at NAV | 7.95 |
| Distribution | |
| Rate at Market Price | 4.91 |
| Taxable-Equivalent | |
| Distribution Rate at Market Price | 8.29 |
| %
Total Leverage 5 | |
| --- | --- |
| Residual
Interest Bond (RIB) Financing | 36.19% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Fund Profile
Credit Quality (% of total investments) ,*
| * | For
purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If
securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit
ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or
higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of
the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated”
(if any) are not rated by the national ratings agencies stated above. |
| --- | --- |
| ** | The
chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
3
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Endnotes and Additional Disclosures
| 1 | Bloomberg Municipal Bond
Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest
directly in an index. |
| --- | --- |
| 2 | Performance
results reflect the effects of leverage. Included in the average annual total return at NAV for the ten year period is the impact of the 2016 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 94.5% of the
Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. |
| 3 | The shares
of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
| 4 | The
Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts
characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend
distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the
calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of
Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be
affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid
by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on
your income, exemptions and deductions. Rates do not include local taxes. |
| 5 | Fund
employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls
with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of
Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus Floating Rate Notes. |
Fund profile subject to change due to active management.
4
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited)
Corporate Bonds — 3.6%
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Hospital | ||
| — 2.2% | ||
| Boston | ||
| Medical Center Corp., 4.581%, 7/1/47 | $ 835 | $ 745,269 |
| CommonSpirit | ||
| Health, 3.347%, 10/1/29 | 1,930 | 1,790,517 |
| Montefiore | ||
| Obligated Group, 4.287%, 9/1/50 | 6,945 | 5,271,865 |
| Tower | ||
| Health, 4.451%, 2/1/50 | 3,910 | 2,893,400 |
| $ 10,701,051 | ||
| Insured | ||
| - Hospital — 0.5% | ||
| Toledo | ||
| Hospital, (AGM), 5.75%, 11/15/38 | $ 2,410 | $ 2,534,504 |
| $ 2,534,504 | ||
| Other | ||
| — 0.9% | ||
| Morongo | ||
| Band of Mission Indians, 7.00%, 10/1/39 (1) | $ 3,470 | $ 4,010,383 |
| $ 4,010,383 | ||
| Total | ||
| Corporate Bonds (identified cost $19,357,195) | $ 17,245,938 |
Tax-Exempt Municipal Obligations — 145.2%
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Bond | ||
| Bank — 2.1% | ||
| Delaware | ||
| Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $ 1,000 | $ 1,225,810 |
| Rickenbacker | ||
| Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 355 | 413,032 |
| Texas | ||
| Water Development Board, 4.00%, 10/15/37 (2) | 8,125 | 8,569,519 |
| $ 10,208,361 | ||
| Cogeneration | ||
| — 0.0% (3) | ||
| Northampton | ||
| County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23 (4) | $ 630 | $ 113,437 |
| $ 113,437 | ||
| Education | ||
| — 10.5% | ||
| Arizona | ||
| Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49 (1) | $ 1,115 | $ 1,126,964 |
| Arizona | ||
| Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50 (1) | 430 | 373,434 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Education | ||
| (continued) | ||
| Build | ||
| NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/51 | $ 100 | $ 85,446 |
| California | ||
| State University, 5.00%, 11/1/41 (2) | 13,000 | 14,082,380 |
| Capital | ||
| Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): | ||
| 5.375%, | ||
| 6/15/38 (1) | 350 | 357,854 |
| 5.375%, | ||
| 6/15/48 (1) | 655 | 659,840 |
| Capital | ||
| Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55 | 325 | 337,854 |
| District | ||
| of Columbia, (District of Columbia International School): | ||
| 5.00%, | ||
| 7/1/39 | 425 | 441,184 |
| 5.00%, | ||
| 7/1/49 | 390 | 399,836 |
| District | ||
| of Columbia, (KIPP DC): | ||
| 4.00%, | ||
| 7/1/39 | 240 | 237,886 |
| 4.00%, | ||
| 7/1/44 | 230 | 223,252 |
| 4.00%, | ||
| 7/1/49 | 335 | 319,010 |
| District | ||
| of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/56 (1) | 2,165 | 2,204,230 |
| Florida | ||
| Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48 (1) | 250 | 253,228 |
| Massachusetts | ||
| Development Finance Agency, (Boston College), 5.00%, 7/1/42 (2) | 950 | 1,038,017 |
| Massachusetts | ||
| Development Finance Agency, (Boston University), 6.00%, 5/15/59 | 5,580 | 6,787,735 |
| Massachusetts | ||
| Development Finance Agency, (Northeastern University), 5.00%, 3/1/33 | 770 | 791,006 |
| Massachusetts | ||
| Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/37 | 1,000 | 1,045,910 |
| Massachusetts | ||
| Development Finance Agency, (Williams College), 5.00%, 7/1/46 (2) | 3,000 | 3,226,050 |
| Massachusetts | ||
| Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35 | 1,640 | 2,040,603 |
| New | ||
| Jersey Educational Facilities Authority, (Princeton University): | ||
| 5.00%, | ||
| 7/1/29 (2) | 2,825 | 3,191,770 |
| 5.00%, | ||
| 7/1/31 (2) | 1,875 | 2,107,087 |
| Pennsylvania | ||
| State University, 5.00%, 9/1/42 (2) | 3,250 | 3,571,782 |
| Public | ||
| Finance Authority, WI, (Roseman University of Health Sciences): | ||
| 4.00%, | ||
| 4/1/52 (1) | 250 | 215,498 |
| 5.00%, | ||
| 4/1/40 (1) | 755 | 787,223 |
| 5.00%, | ||
| 4/1/50 (1) | 380 | 391,639 |
| Swarthmore | ||
| Borough Authority, PA, (Swarthmore College), 5.00%, 9/15/46 (2) | 2,525 | 2,812,118 |
| University | ||
| of Michigan, 5.00%, 4/1/48 (2) | 1,500 | 1,664,760 |
| $ 50,773,596 |
5
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Electric | ||
| Utilities — 3.1% | ||
| Hawaii | ||
| Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | $ 3,040 | $ 2,696,541 |
| Los | ||
| Angeles Department of Water and Power, CA, Power System Revenue, 4.00%, 7/1/46 (2) | 9,000 | 9,095,310 |
| New | ||
| York Power Authority, 4.00%, 11/15/60 | 3,000 | 3,018,900 |
| $ 14,810,751 | ||
| Escrowed/Prerefunded | ||
| — 5.4% | ||
| California | ||
| Health Facilities Financing Authority, (Sutter Health Obligation Group), Prerefunded to 8/15/23, 5.00%, 8/15/52 (2) | $ 10,000 | $ 10,401,600 |
| Detroit, | ||
| MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39 | 1,860 | 1,866,231 |
| East | ||
| Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/39 | 175 | 185,691 |
| Lancaster | ||
| Industrial Development Authority, PA, (Garden Spot Village), Prerefunded to 5/1/23, 5.375%, 5/1/28 | 100 | 103,439 |
| Massachusetts | ||
| Water Resources Authority, Green Bonds, Prerefunded to 8/1/26, 5.00%, 8/1/40 (2) | 3,000 | 3,350,370 |
| Michigan | ||
| Finance Authority, (Detroit Water and Sewerage Department), (AMT), Prerefunded to 7/1/22, 5.00%, 7/1/44 | 1,250 | 1,253,837 |
| New | ||
| Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 205 | 212,923 |
| Savannah | ||
| Economic Development Authority, GA, (Marshes Skidaway), Prerefunded to 1/1/24, 7.125%, 1/1/38 | 4,960 | 5,356,056 |
| Upper | ||
| Arlington City School District, OH, Prerefunded to 12/1/27, 5.00%, 12/1/48 (2) | 2,775 | 3,178,513 |
| $ 25,908,660 | ||
| General | ||
| Obligations — 20.0% | ||
| Allegheny | ||
| County, PA, 5.00%, 11/1/43 (2) | $ 2,875 | $ 3,225,779 |
| Boston, | ||
| MA, 5.00%, 5/1/38 (2) | 3,000 | 3,393,510 |
| Chicago | ||
| Board of Education, IL, 5.00%, 12/1/42 | 8,160 | 8,167,507 |
| Chicago, | ||
| IL: | ||
| 5.00%, | ||
| 1/1/44 | 1,000 | 1,044,460 |
| 5.75%, | ||
| 1/1/33 | 1,500 | 1,619,220 |
| Cleveland, | ||
| OH, 5.00%, 12/1/43 (2) | 2,775 | 3,085,412 |
| Detroit, | ||
| MI: | ||
| 5.50%, | ||
| 4/1/33 | 470 | 525,150 |
| 5.50%, | ||
| 4/1/34 | 330 | 367,993 |
| 5.50%, | ||
| 4/1/37 | 465 | 516,489 |
| 5.50%, | ||
| 4/1/39 | 645 | 714,105 |
| Forest | ||
| Hills Local School District, OH, 5.00%, 12/1/46 (2) | 2,775 | 2,929,901 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| General | ||
| Obligations (continued) | ||
| Illinois: | ||
| 5.00%, | ||
| 11/1/23 | $ 1,000 | $ 1,038,280 |
| 5.00%, | ||
| 5/1/33 | 5,000 | 5,098,950 |
| 5.00%, | ||
| 5/1/35 | 1,415 | 1,439,480 |
| 5.00%, | ||
| 12/1/42 | 3,020 | 3,114,526 |
| 5.50%, | ||
| 5/1/39 | 290 | 314,137 |
| 5.75%, | ||
| 5/1/45 | 295 | 322,181 |
| Jackson | ||
| Public Schools, MI, 5.00%, 5/1/48 (2) | 2,850 | 3,110,547 |
| Leander | ||
| Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/39 | 17,900 | 8,356,257 |
| Massachusetts, | ||
| 5.00%, 9/1/38 (2) | 14,500 | 16,375,575 |
| Ohio, | ||
| 5.00%, 2/1/37 (2) | 2,775 | 3,004,354 |
| Pennsylvania, | ||
| 5.00%, 3/1/32 (2) | 2,250 | 2,510,978 |
| Peters | ||
| Township School District, PA, 5.00%, 9/1/40 (2) | 2,750 | 3,111,157 |
| Shoreline | ||
| School District No. 412, WA, 4.00%, 6/1/38 (2) | 7,200 | 7,633,944 |
| State | ||
| College Area School District, PA, 5.00%, 5/15/44 (2) | 3,100 | 3,484,710 |
| Township | ||
| High School District No. 203, IL, 2.00%, 12/15/34 | 2,480 | 2,130,915 |
| Trenton | ||
| Public Schools, MI, 5.00%, 5/1/42 (2) | 2,850 | 3,143,920 |
| Walled | ||
| Lake Consolidated School District, MI, Prerefunded to 11/1/23, 5.00%, 5/1/34 | 365 | 381,564 |
| Will | ||
| County, IL, Prerefunded to 11/15/25, 5.00%, 11/15/45 (2) | 5,625 | 6,180,412 |
| $ 96,341,413 | ||
| Hospital | ||
| — 14.5% | ||
| Allen | ||
| County, OH, (Mercy Health), 4.00%, 8/1/47 (2) | $ 1,000 | $ 1,004,270 |
| Berks | ||
| County Industrial Development Authority, PA, (Tower Health), 5.00%, 11/1/50 | 2,345 | 2,215,462 |
| California | ||
| Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/49 (2) | 6,800 | 7,047,112 |
| Camden | ||
| County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42 | 1,985 | 2,011,897 |
| Chattanooga | ||
| Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44 | 1,185 | 1,163,232 |
| Chester | ||
| County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 9/1/50 | 2,125 | 2,130,610 |
| Doylestown | ||
| Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45 | 300 | 264,663 |
| Franklin | ||
| County, OH, (Trinity Health Credit Group), 5.00%, 12/1/47 (2) | 2,800 | 2,974,692 |
| Hamilton | ||
| County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/34 | 250 | 261,007 |
| Maryland | ||
| Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45 | 250 | 247,582 |
6
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Hospital | ||
| (continued) | ||
| Massachusetts | ||
| Development Finance Agency, (Atrius Health): | ||
| Prerefunded | ||
| to 6/1/29, 4.00%, 6/1/49 | $ 735 | $ 799,798 |
| Prerefunded | ||
| to 6/1/29, 5.00%, 6/1/39 | 610 | 702,555 |
| Massachusetts | ||
| Development Finance Agency, (Children's Hospital), Prerefunded to 10/1/24, 5.00%, 10/1/46 (2) | 10,000 | 10,678,200 |
| Massachusetts | ||
| Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/47 (2) | 3,550 | 3,710,282 |
| Michigan | ||
| Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | 2,460 | 2,426,446 |
| Michigan | ||
| Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/42 (2) | 2,850 | 3,044,655 |
| New | ||
| Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | 100 | 100,330 |
| New | ||
| Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31 | 45 | 46,641 |
| New | ||
| Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39 (2) | 3,425 | 3,665,983 |
| New | ||
| York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45 | 1,595 | 1,334,728 |
| New | ||
| York Dormitory Authority, (Northwell Health Obligation Group), 5.00%, 5/1/52 | 5,000 | 5,510,400 |
| New | ||
| York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/36 (1) | 800 | 849,368 |
| Ohio | ||
| Higher Educational Facility Commission, (University Hospitals Health System, Inc.): | ||
| 5.00%, | ||
| 1/15/27 | 565 | 574,735 |
| 5.00%, | ||
| 1/15/29 | 165 | 167,648 |
| Oklahoma | ||
| Development Finance Authority, (OU Medicine): | ||
| 5.00%, | ||
| 8/15/38 | 425 | 428,281 |
| 5.25%, | ||
| 8/15/43 | 1,265 | 1,293,703 |
| Pennsylvania | ||
| Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42 | 5,250 | 5,309,115 |
| Southeastern | ||
| Ohio Port Authority, OH, (Memorial Health System Obligated Group): | ||
| 5.00%, | ||
| 12/1/43 | 875 | 887,880 |
| 5.50%, | ||
| 12/1/43 | 750 | 774,300 |
| Tarrant | ||
| County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45 (2) | 6,200 | 6,497,290 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Hospital | ||
| (continued) | ||
| Washington | ||
| Health Care Facilities Authority, (MultiCare Health System), 4.125%, 8/15/43 | $ 1,000 | $ 1,000,660 |
| West | ||
| Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38 | 1,000 | 1,036,200 |
| $ 70,159,725 | ||
| Housing | ||
| — 1.0% | ||
| California | ||
| Municipal Finance Authority, (CityView Apartments), Sustainability Bonds, 4.00%, 11/1/36 (1) | $ 2,100 | $ 1,941,030 |
| CSCDA | ||
| Community Improvement Authority, (City of Orange Portfolio), CA, 3.00%, 3/1/57 (1) | 2,325 | 1,768,511 |
| Maryland | ||
| Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/50 | 725 | 749,353 |
| Ohio | ||
| Housing Finance Agency, (GNMA, FNMA, FHLMC), 3.80%, 9/1/38 | 340 | 343,828 |
| Texas | ||
| Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31 | 180 | 176,400 |
| $ 4,979,122 | ||
| Industrial | ||
| Development Revenue — 6.0% | ||
| Cleveland, | ||
| OH, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ 555 | $ 555,472 |
| Houston, | ||
| TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41 | 3,100 | 2,770,315 |
| Maine | ||
| Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35 (1) | 1,075 | 1,110,217 |
| National | ||
| Finance Authority, NH, (Covanta): | ||
| 4.625%, | ||
| 11/1/42 (1) | 1,580 | 1,552,271 |
| (AMT), | ||
| 4.875%, 11/1/42 (1) | 1,740 | 1,743,097 |
| New | ||
| Jersey Economic Development Authority, (Continental Airlines): | ||
| (AMT), | ||
| 5.125%, 9/15/23 | 25 | 25,320 |
| (AMT), | ||
| 5.25%, 9/15/29 | 4,815 | 4,849,379 |
| (AMT), | ||
| 5.50%, 6/1/33 | 750 | 761,498 |
| (AMT), | ||
| 5.625%, 11/15/30 | 2,720 | 2,770,048 |
| New | ||
| York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | ||
| (AMT), | ||
| 4.375%, 10/1/45 | 6,845 | 6,606,657 |
| (AMT), | ||
| 5.00%, 10/1/40 | 3,295 | 3,415,399 |
| Pennsylvania | ||
| Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 1,000 | 1,166,340 |
7
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Industrial | ||
| Development Revenue (continued) | ||
| Rockdale | ||
| County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38 (1) | $ 1,525 | $ 1,478,442 |
| Vermont | ||
| Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36 (1) | 300 | 301,734 |
| $ 29,106,189 | ||
| Insured | ||
| - Education — 0.6% | ||
| Massachusetts | ||
| College Building Authority, (AGC), 5.50%, 5/1/39 | $ 1,000 | $ 1,265,760 |
| Massachusetts | ||
| Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32 (2) | 1,365 | 1,669,668 |
| $ 2,935,428 | ||
| Insured | ||
| - Electric Utilities — 1.8% | ||
| Cleveland, | ||
| OH, Public Power System Revenue: | ||
| (NPFG), | ||
| 0.00%, 11/15/27 | $ 710 | $ 606,056 |
| (NPFG), | ||
| 0.00%, 11/15/38 | 2,000 | 1,051,620 |
| Ohio | ||
| Municipal Electric Generation Agency: | ||
| (NPFG), | ||
| 0.00%, 2/15/25 | 815 | 761,903 |
| (NPFG), | ||
| 0.00%, 2/15/26 | 3,000 | 2,723,250 |
| Puerto | ||
| Rico Electric Power Authority: | ||
| (NPFG), | ||
| 5.25%, 7/1/29 | 1,515 | 1,576,009 |
| (NPFG), | ||
| 5.25%, 7/1/32 | 250 | 260,765 |
| (NPFG), | ||
| 5.25%, 7/1/34 | 1,445 | 1,506,383 |
| $ 8,485,986 | ||
| Insured | ||
| - Escrowed/Prerefunded — 0.4% | ||
| Bay | ||
| City Brownfield Redevelopment Authority, MI, (BAM), Prerefunded to 10/1/23, 5.375%, 10/1/38 | $ 500 | $ 524,005 |
| Livonia | ||
| Public Schools, MI, (AGM), Prerefunded to 5/1/23, 5.00%, 5/1/43 | 910 | 937,364 |
| Westland | ||
| Tax Increment Finance Authority, MI, (BAM), Prerefunded to 4/1/23, 5.25%, 4/1/34 | 500 | 515,290 |
| $ 1,976,659 | ||
| Insured | ||
| - General Obligations — 0.7% | ||
| Canal | ||
| Winchester Local School District, OH, (NPFG), 0.00%, 12/1/30 | $ 2,455 | $ 1,908,198 |
| Detroit | ||
| School District, MI, (AGM), 5.25%, 5/1/32 | 300 | 361,248 |
| Massachusetts, | ||
| (AMBAC), 5.50%, 8/1/30 | 1,000 | 1,221,960 |
| $ 3,491,406 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Insured | ||
| - Hospital — 0.1% | ||
| Allegheny | ||
| County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ 250 | $ 268,010 |
| $ 268,010 | ||
| Insured | ||
| - Lease Revenue/Certificates of Participation — 0.3% | ||
| Kentucky | ||
| State University, (BAM), 4.00%, 11/1/46 | $ 440 | $ 451,431 |
| New | ||
| Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 | 1,000 | 1,146,590 |
| $ 1,598,021 | ||
| Insured | ||
| - Other Revenue — 1.1% | ||
| Harris | ||
| County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ 4,210 | $ 2,375,198 |
| Massachusetts | ||
| Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | 590 | 777,331 |
| New | ||
| York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | 1,690 | 1,426,428 |
| New | ||
| York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/36 | 780 | 715,400 |
| $ 5,294,357 | ||
| Insured | ||
| - Special Tax Revenue — 3.9% | ||
| Garden | ||
| State Preservation Trust, NJ, (AGM), 0.00%, 11/1/25 | $ 5,250 | $ 4,772,250 |
| Massachusetts, | ||
| Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 | 1,000 | 1,166,780 |
| Miami-Dade | ||
| County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37 | 20,700 | 10,558,242 |
| New | ||
| Jersey Economic Development Authority, (Motor Vehicle Surcharges): | ||
| (AGC), | ||
| 0.00%, 7/1/26 | 760 | 672,972 |
| (AGC), | ||
| 0.00%, 7/1/27 | 2,020 | 1,725,868 |
| $ 18,896,112 | ||
| Insured | ||
| - Transportation — 5.1% | ||
| Alameda | ||
| Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33 | $ 12,425 | $ 8,329,223 |
| Chicago, | ||
| IL, (O'Hare International Airport), (AGM), 5.50%, 1/1/43 | 935 | 945,883 |
| New | ||
| Jersey Economic Development Authority, (The Goethals Bridge Replacement): | ||
| (AGM), | ||
| (AMT), 5.00%, 1/1/31 | 850 | 873,231 |
| (AGM), | ||
| (AMT), 5.125%, 1/1/39 | 1,500 | 1,537,365 |
| New | ||
| Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | 2,400 | 1,981,656 |
| New | ||
| York Thruway Authority, (AGM), 3.00%, 1/1/46 | 2,555 | 2,260,128 |
8
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Insured | ||
| - Transportation (continued) | ||
| Ohio | ||
| Turnpike Commission: | ||
| (NPFG), | ||
| 5.50%, 2/15/24 | $ 685 | $ 714,811 |
| (NPFG), | ||
| 5.50%, 2/15/26 | 1,000 | 1,101,540 |
| Pennsylvania | ||
| Turnpike Commission, (AGM), 6.375%, 12/1/38 | 2,500 | 2,980,100 |
| Philadelphia | ||
| Parking Authority, PA, (AMBAC), 5.25%, 2/15/29 | 1,005 | 1,008,467 |
| Puerto | ||
| Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41 | 2,610 | 2,804,706 |
| $ 24,537,110 | ||
| Insured | ||
| - Water and Sewer — 6.8% | ||
| DeKalb | ||
| County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35 (2) | $ 17,985 | $ 19,728,106 |
| Jefferson | ||
| County, AL, Sewer Revenue: | ||
| (AGM), | ||
| 0.00%, 10/1/34 | 6,000 | 2,967,780 |
| (AGM), | ||
| 0.00%, 10/1/35 | 6,680 | 3,094,443 |
| (AGM), | ||
| 0.00%, 10/1/36 | 7,000 | 3,036,810 |
| (AGM), | ||
| 5.00%, 10/1/44 | 3,750 | 3,950,100 |
| $ 32,777,239 | ||
| Lease | ||
| Revenue/Certificates of Participation — 0.6% | ||
| Michigan | ||
| State Building Authority, 5.00%, 10/15/51 (2) | $ 2,850 | $ 3,021,228 |
| $ 3,021,228 | ||
| Other | ||
| Revenue — 1.9% | ||
| Buckeye | ||
| Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $ 1,600 | $ 1,625,280 |
| Central | ||
| Falls Detention Facility Corp., RI, 7.25%, 7/15/35 (5) | 1,925 | 346,500 |
| Kalispel | ||
| Tribe of Indians, WA, Series A, 5.25%, 1/1/38 (1) | 485 | 528,868 |
| Mercer | ||
| County Improvement Authority, NJ, 4.00%, 3/15/40 | 700 | 717,941 |
| Metropolitan | ||
| Pier and Exposition Authority, IL, (McCormick Place), 4.00%, 12/15/47 | 4,000 | 3,817,800 |
| Military | ||
| Installation Development Authority, UT, 4.00%, 6/1/41 | 500 | 415,385 |
| Morongo | ||
| Band of Mission Indians, CA, 5.00%, 10/1/42 (1) | 890 | 960,978 |
| Riversouth | ||
| Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 660 | 660,495 |
| $ 9,073,247 | ||
| Senior | ||
| Living/Life Care — 7.0% | ||
| California | ||
| Public Finance Authority, (Enso Village): | ||
| Green | ||
| Bonds, 3.125%, 5/15/29 (1) | $ 230 | $ 216,681 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Senior | ||
| Living/Life Care (continued) | ||
| California | ||
| Public Finance Authority, (Enso Village): (continued) | ||
| Green | ||
| Bonds, 5.00%, 11/15/56 (1) | $ 225 | $ 222,802 |
| Clackamas | ||
| County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50 | 215 | 216,307 |
| Colorado | ||
| Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58 | 1,510 | 1,328,332 |
| District | ||
| of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32 | 265 | 268,066 |
| Florida | ||
| Development Finance Corp., (Mayflower Retirement Community), 4.00%, 6/1/41 (1) | 1,040 | 904,145 |
| Franklin | ||
| County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | 650 | 667,628 |
| Iowa | ||
| Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55 | 1,055 | 1,048,216 |
| Lancaster | ||
| County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/32 | 725 | 731,438 |
| Lee | ||
| County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/44 | 1,750 | 1,803,725 |
| Massachusetts | ||
| Development Finance Agency, (Linden Ponds, Inc.): | ||
| 5.00%, | ||
| 11/15/33 (1) | 775 | 834,690 |
| 5.00%, | ||
| 11/15/38 (1) | 545 | 578,855 |
| Massachusetts | ||
| Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57 (1) | 310 | 327,230 |
| Montgomery | ||
| County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/38 | 3,715 | 3,786,328 |
| Multnomah | ||
| County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44 | 1,480 | 1,506,433 |
| Multnomah | ||
| County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 2,710 | 2,362,090 |
| National | ||
| Finance Authority, NH, (The Vista): | ||
| 5.25%, | ||
| 7/1/39 (1) | 780 | 758,534 |
| 5.625%, | ||
| 7/1/46 (1) | 465 | 464,670 |
| 5.75%, | ||
| 7/1/54 (1) | 1,270 | 1,271,854 |
| New | ||
| Hope Cultural Education Facilities Finance Corp., TX, (Westminster), 4.00%, 11/1/55 | 1,325 | 1,200,410 |
| New | ||
| Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): | ||
| 5.00%, | ||
| 7/1/32 | 200 | 203,028 |
| 5.00%, | ||
| 7/1/33 | 125 | 126,562 |
| 5.00%, | ||
| 7/1/34 | 130 | 131,420 |
| 5.00%, | ||
| 7/1/39 | 425 | 426,305 |
| Palm | ||
| Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/41 | 1,845 | 1,714,614 |
| Public | ||
| Finance Authority, WI, (Penick Village), 5.00%, 9/1/39 (1) | 775 | 735,421 |
9
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Senior | ||
| Living/Life Care (continued) | ||
| South | ||
| Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25 (1) | $ 145 | $ 145,056 |
| Tarrant | ||
| County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41 | 2,665 | 2,852,403 |
| Tarrant | ||
| County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44 | 4,250 | 4,343,415 |
| Tempe | ||
| Industrial Development Authority, AZ, (Friendship Village of Tempe), 4.00%, 12/1/38 | 715 | 622,179 |
| Warren | ||
| County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33 | 275 | 286,641 |
| Washington | ||
| Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39 (1) | 750 | 735,885 |
| Wisconsin | ||
| Health and Educational Facilities Authority, (Oakwood Lutheran Senior Ministries), 4.00%, 1/1/47 | 1,000 | 863,180 |
| $ 33,684,543 | ||
| Special | ||
| Tax Revenue — 18.9% | ||
| Cleveland, | ||
| OH, Income Tax Revenue: | ||
| 5.00%, | ||
| 10/1/39 (2) | $ 550 | $ 613,140 |
| 5.00%, | ||
| 10/1/43 (2) | 2,200 | 2,439,734 |
| Franklin | ||
| County, OH, Sales Tax Revenue: | ||
| 5.00%, | ||
| 6/1/38 (2) | 1,400 | 1,562,162 |
| 5.00%, | ||
| 6/1/43 (2) | 1,400 | 1,551,746 |
| Maryland | ||
| Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | 275 | 237,339 |
| Massachusetts | ||
| School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46 (2) | 4,100 | 4,398,521 |
| Massachusetts, | ||
| (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47 (2) | 3,000 | 3,306,630 |
| New | ||
| River Community Development District, FL, (Capital Improvements): | ||
| 5.00%, | ||
| 5/1/13 (5) | 90 | 0 |
| 5.35%, | ||
| 5/1/38 (5) | 35 | 0 |
| 5.75%, | ||
| 5/1/38 | 125 | 126,085 |
| New | ||
| York City Transitional Finance Authority, NY, Future Tax Revenue: | ||
| 4.00%, | ||
| 11/1/38 | 1,590 | 1,656,971 |
| 4.00%, | ||
| 8/1/39 (2) | 6,500 | 6,675,890 |
| 5.00%, | ||
| 8/1/39 (2) | 12,400 | 12,977,344 |
| New | ||
| York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/34 (2) | 10,000 | 10,708,300 |
| New | ||
| York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43 (2) | 14,100 | 15,390,432 |
| New | ||
| York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45 (2) | 5,600 | 5,721,632 |
| Pennsylvania | ||
| Turnpike Commission, Oil Franchise Tax Revenue, 5.25%, 12/1/44 (2) | 3,250 | 3,642,698 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Special | ||
| Tax Revenue (continued) | ||
| Puerto | ||
| Rico Sales Tax Financing Corp.: | ||
| 0.00%, | ||
| 7/1/24 | $ 163 | $ 151,909 |
| 0.00%, | ||
| 7/1/27 | 251 | 209,256 |
| 0.00%, | ||
| 7/1/29 | 246 | 187,533 |
| 0.00%, | ||
| 7/1/31 | 316 | 217,269 |
| 0.00%, | ||
| 7/1/33 | 357 | 218,477 |
| 0.00%, | ||
| 7/1/46 | 3,403 | 1,035,431 |
| 0.00%, | ||
| 7/1/51 | 2,773 | 612,694 |
| 4.329%, | ||
| 7/1/40 | 3,747 | 3,751,646 |
| 4.50%, | ||
| 7/1/34 | 238 | 243,600 |
| 4.536%, | ||
| 7/1/53 | 36 | 35,427 |
| 4.784%, | ||
| 7/1/58 | 538 | 542,239 |
| Southern | ||
| Hills Plantation I Community Development District, FL: | ||
| Series | ||
| A1, 5.80%, 5/1/35 | 213 | 204,070 |
| Series | ||
| A2, 5.80%, 5/1/35 | 165 | 116,767 |
| Sterling | ||
| Hill Community Development District, FL, 6.20%, 5/1/35 | 552 | 297,958 |
| Texas | ||
| Transportation Commission, Prerefunded to 4/1/24, 5.00%, 4/1/33 (2) | 10,000 | 10,559,800 |
| Tolomato | ||
| Community Development District, FL, 3.25%, 5/1/40 | 1,900 | 1,599,230 |
| $ 90,991,930 | ||
| Student | ||
| Loan — 0.2% | ||
| New | ||
| Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43 | $ 740 | $ 744,144 |
| $ 744,144 | ||
| Transportation | ||
| — 21.5% | ||
| Dallas | ||
| and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30 | $ 1,000 | $ 1,038,180 |
| Delaware | ||
| River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44 (2) | 4,275 | 4,407,953 |
| Delaware | ||
| River Joint Toll Bridge Commission of Pennsylvania and New Jersey: | ||
| 5.00%, | ||
| 7/1/37 (2) | 1,825 | 2,004,087 |
| 5.00%, | ||
| 7/1/47 (2) | 6,525 | 7,086,085 |
| Florida | ||
| Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49 (1) | 4,380 | 4,432,078 |
| Hawaii, | ||
| Airports System Revenue, (AMT), 5.00%, 7/1/43 (2) | 8,850 | 9,500,475 |
| Illinois | ||
| Toll Highway Authority, 4.00%, 1/1/44 (2) | 8,000 | 8,129,600 |
| Metropolitan | ||
| Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 3,000 | 3,242,610 |
10
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Transportation | ||
| (continued) | ||
| Metropolitan | ||
| Washington Airports Authority, D.C., (AMT), 4.00%, 10/1/38 | $ 370 | $ 380,948 |
| New | ||
| Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47 | 750 | 786,375 |
| New | ||
| Jersey Economic Development Authority, (Transit Transportation Project): | ||
| 4.00%, | ||
| 11/1/38 | 750 | 755,460 |
| 4.00%, | ||
| 11/1/39 | 750 | 754,268 |
| 5.00%, | ||
| 11/1/44 | 11,000 | 11,875,050 |
| New | ||
| Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/44 | 2,060 | 2,207,022 |
| New | ||
| York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | ||
| (AMT), | ||
| 5.00%, 12/1/39 | 5,610 | 6,043,036 |
| (AMT), | ||
| 5.00%, 7/1/41 | 1,255 | 1,300,820 |
| (AMT), | ||
| 5.00%, 7/1/46 | 1,230 | 1,272,410 |
| (AMT), | ||
| 5.25%, 1/1/50 | 1,055 | 1,099,648 |
| Pennsylvania | ||
| Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41 | 3,860 | 3,876,058 |
| Port | ||
| Authority of New York and New Jersey: | ||
| 5.00%, | ||
| 10/15/42 (2) | 6,250 | 6,815,562 |
| (AMT), | ||
| 4.00%, 9/1/33 (2) | 7,200 | 7,266,168 |
| (AMT), | ||
| 4.50%, 4/1/37 (2) | 8,500 | 8,514,025 |
| Port | ||
| of New Orleans, LA, (AMT), 5.00%, 4/1/40 | 2,115 | 2,294,246 |
| Texas | ||
| Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project): | ||
| 4.00%, | ||
| 12/31/37 | 160 | 156,581 |
| 4.00%, | ||
| 12/31/38 | 295 | 285,837 |
| 4.00%, | ||
| 12/31/39 | 155 | 149,519 |
| 5.00%, | ||
| 12/31/35 | 205 | 220,207 |
| Texas | ||
| Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 2,720 | 2,838,402 |
| Texas | ||
| Transportation Commission, 0.00%, 8/1/37 | 725 | 378,146 |
| Texas | ||
| Transportation Commission, (Central Texas Turnpike System): | ||
| 0.00%, | ||
| 8/1/39 | 750 | 350,175 |
| 5.00%, | ||
| 8/15/42 | 640 | 656,883 |
| Virginia | ||
| Small Business Financing Authority, (95 Express Lanes LLC), (AMT), 4.00%, 1/1/48 | 1,215 | 1,170,482 |
| Virginia | ||
| Small Business Financing Authority, (Elizabeth River Crossings Opco, LLC), (AMT), 4.00%, 1/1/37 (6) | 2,500 | 2,518,125 |
| $ 103,806,521 |
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Water | ||
| and Sewer — 11.7% | ||
| Atlanta, | ||
| GA, Water and Wastewater Revenue: | ||
| 5.00%, | ||
| 11/1/40 (2) | $ 10,000 | $ 10,634,100 |
| 5.00%, | ||
| 11/1/43 (2) | 6,250 | 6,935,750 |
| 5.00%, | ||
| 11/1/47 (2) | 14,100 | 15,577,539 |
| Dallas, | ||
| TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/43 (2) | 9,550 | 9,818,068 |
| Grand | ||
| Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/48 (2) | 2,500 | 2,734,150 |
| Michigan | ||
| Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34 | 4,130 | 4,298,050 |
| Sussex | ||
| County Municipal Utilities Authority, NJ, 0.00%, 12/1/36 | 1,250 | 771,313 |
| Texas | ||
| Water Development Board, 4.00%, 10/15/47 (2) | 5,500 | 5,648,500 |
| $ 56,417,470 | ||
| Total | ||
| Tax-Exempt Municipal Obligations (identified cost $690,103,643) | $ 700,400,665 |
Taxable Municipal Obligations — 5.5%
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Cogeneration | ||
| — 0.0% (3) | ||
| Northampton | ||
| County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23 (4) | $ 255 | $ 45,938 |
| $ 45,938 | ||
| Escrowed/Prerefunded | ||
| — 0.5% | ||
| Chicago, | ||
| IL, Prerefunded to 1/1/25, 7.75%, 1/1/42 | $ 2,394 | $ 2,680,155 |
| $ 2,680,155 | ||
| General | ||
| Obligations — 2.3% | ||
| Atlantic | ||
| City, NJ, 7.50%, 3/1/40 | $ 6,880 | $ 8,439,146 |
| Chicago, | ||
| IL, 7.75%, 1/1/42 | 2,424 | 2,612,393 |
| $ 11,051,539 | ||
| Hospital | ||
| — 1.3% | ||
| California | ||
| Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ 6,000 | $ 6,377,880 |
| $ 6,377,880 |
11
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value |
|---|---|---|
| Insured | ||
| - Education — 0.5% | ||
| Onondaga | ||
| Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41 | $ 2,745 | $ 2,451,340 |
| $ 2,451,340 | ||
| Insured | ||
| - Transportation — 0.3% | ||
| Alameda | ||
| Corridor Transportation Authority, CA: | ||
| (AMBAC), | ||
| 0.00%, 10/1/32 | $ 1,285 | $ 831,035 |
| (AMBAC), | ||
| 0.00%, 10/1/33 | 1,000 | 611,430 |
| $ 1,442,465 | ||
| Special | ||
| Tax Revenue — 0.4% | ||
| American | ||
| Samoa Economic Development Authority: | ||
| 2.47%, | ||
| 9/1/24 (1) | $ 525 | $ 511,760 |
| 3.72%, | ||
| 9/1/27 (1) | 1,370 | 1,310,117 |
| $ 1,821,877 | ||
| Student | ||
| Loan — 0.0% (3) | ||
| Massachusetts | ||
| Educational Financing Authority, 4.70%, 1/1/30 | $ 155 | $ 157,691 |
| $ 157,691 | ||
| Transportation | ||
| — 0.2% | ||
| New | ||
| Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28 (7) | $ 750 | $ 790,732 |
| $ 790,732 | ||
| Total | ||
| Taxable Municipal Obligations (identified cost $24,685,961) | $ 26,819,617 | |
| Total | ||
| Investments — 154.3% (identified cost $734,146,799) | $ 744,466,220 | |
| Other | ||
| Assets, Less Liabilities — (54.3)% | $ (262,074,193) | |
| Net | ||
| Assets — 100.0% | $ 482,392,027 |
| The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| --- | --- |
| (1) | Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2022,
the aggregate value of these securities is $36,064,587 or 7.5% of the Trust's net assets. |
| (2) | Security
represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
| (3) | Amount
is less than 0.05%. |
| (4) | Represents
a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
| --- | --- |
| (5) | Defaulted
security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy. |
| (6) | When-issued
security. |
| (7) | Build
America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| At
May 31, 2022, the concentration of the Trust's investments in the various states and territories, determined as a percentage of total investments, is as follows: | |
| --- | --- |
| New
York | 15.6% |
Others, representing less than 10% individually 82.1%
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. At May 31, 2022, 14.3% 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 7.3% of total investments.
| Abbreviations: | |
|---|---|
| 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. | |
| BAM | – Build |
| America Mutual Assurance Co. | |
| FHLMC | – Federal |
| Home Loan Mortgage Corp. | |
| FNMA | – Federal |
| National Mortgage Association | |
| GNMA | – Government |
| National Mortgage Association | |
| NPFG | – National |
| Public Finance Guarantee Corp. | |
| PSF | – Permanent |
| School Fund |
12
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Statement of Assets and Liabilities (Unaudited)
| | May 31,
2022 |
| --- | --- |
| Assets | |
| Investments,
at value (identified cost $734,146,799) | $ 744,466,220 |
| Cash | 4,657,057 |
| Interest
receivable | 8,490,363 |
| Receivable
for investments sold | 4,773,228 |
| Total
assets | $762,386,868 |
| Liabilities | |
| Payable
for floating rate notes issued | $ 273,572,943 |
| Payable
for investments purchased | 2,443,579 |
| Payable
for when-issued securities | 2,768,500 |
| Payable
to affiliates: | |
| Investment
adviser fee | 256,261 |
| Administration
fee | 128,130 |
| Trustees'
fees | 6,993 |
| Interest
expense and fees payable | 652,533 |
| Accrued
expenses | 165,902 |
| Total
liabilities | $279,994,841 |
| Net
Assets | $482,392,027 |
| Sources
of Net Assets | |
| Common
shares, $0.01 par value, unlimited number of shares authorized | $ 396,672 |
| Additional
paid-in capital | 478,589,158 |
| Distributable
earnings | 3,406,197 |
| Net
Assets | $482,392,027 |
| Common
Shares Issued and Outstanding | 39,667,163 |
| Net
Asset Value Per Common Share | |
| Net
assets ÷ common shares issued and outstanding | $ 12.16 |
13
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Statement of Operations (Unaudited)
| | Six
Months Ended |
| --- | --- |
| | May
31, 2022 |
| Investment
Income | |
| Interest
income | $ 14,942,042 |
| Total
investment income | $ 14,942,042 |
| Expenses | |
| Investment
adviser fee | $ 1,615,001 |
| Administration
fee | 807,501 |
| Trustees’
fees and expenses | 21,422 |
| Custodian
fee | 62,350 |
| Transfer
and dividend disbursing agent fees | 9,280 |
| Legal
and accounting services | 52,910 |
| Printing
and postage | 74,851 |
| Interest
expense and fees | 1,210,181 |
| Miscellaneous | 52,941 |
| Total
expenses | $ 3,906,437 |
| Net
investment income | $ 11,035,605 |
| Realized
and Unrealized Gain (Loss) | |
| Net
realized gain (loss): | |
| Investment
transactions | $ (5,394,009) |
| Net
realized loss | $ (5,394,009) |
| Change
in unrealized appreciation (depreciation): | |
| Investments | $ (76,321,112) |
| Net
change in unrealized appreciation (depreciation) | $(76,321,112) |
| Net
realized and unrealized loss | $(81,715,121) |
| Net
decrease in net assets from operations | $(70,679,516) |
14
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Statements of Changes in Net Assets
| | Six
Months Ended May 31, 2022 (Unaudited) | Year
Ended November 30, 2021 |
| --- | --- | --- |
| Increase
(Decrease) in Net Assets | | |
| From
operations: | | |
| Net
investment income | $ 11,035,605 | $ 24,285,077 |
| Net
realized loss | (5,394,009) | (1,181,996) |
| Net
change in unrealized appreciation (depreciation) | (76,321,112) | 3,724,512 |
| Net
increase (decrease) in net assets from operations | $ (70,679,516) | $ 26,827,593 |
| Distributions
to common shareholders | $ (11,352,742) | $ (22,705,484) |
| Net
increase (decrease) in net assets | $ (82,032,258) | $ 4,122,109 |
| Net
Assets | | |
| At
beginning of period | $ 564,424,285 | $ 560,302,176 |
| At
end of period | $482,392,027 | $564,424,285 |
15
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Statement of Cash Flows (Unaudited)
| | Six
Months Ended |
| --- | --- |
| | May
31, 2022 |
| Cash
Flows From Operating Activities | |
| Net
decrease in net assets from operations | $ (70,679,516) |
| Adjustments
to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |
| Investments
purchased | (67,095,615) |
| Investments
sold | 78,670,391 |
| Net
amortization/accretion of premium (discount) | 1,181,927 |
| Decrease
in interest receivable | 175,747 |
| Decrease
in payable to affiliate for investment adviser fee | (23,531) |
| Decrease
in payable to affiliate for administration fee | (11,766) |
| Increase
in payable to affiliate for Trustees' fees | 228 |
| Increase
in interest expense and fees payable | 224,502 |
| Decrease
in accrued expenses | (87,311) |
| Net
change in unrealized (appreciation) depreciation from investments | 76,321,112 |
| Net
realized loss from investments | 5,394,009 |
| Net
cash provided by operating activities | $ 24,070,177 |
| Cash
Flows From Financing Activities | |
| Cash
distributions paid to common shareholders | $ (11,352,742) |
| Repayment
of secured borrowings | (18,110,000) |
| Net
cash used in financing activities | $(29,462,742) |
| Net
decrease in cash | $ (5,392,565) |
| Cash
at beginning of period | $ 10,049,622 |
| Cash
at end of period | $ 4,657,057 |
| Supplemental
disclosure of cash flow information: | |
| Cash
paid for interest and fees | $ 985,679 |
16
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | Six
Months Ended May 31, 2022 (Unaudited) | Year
Ended November 30, | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- | --- |
| Net
asset value — Beginning of period (Common shares) | $ 14.230 | $ 14.130 | $ 13.790 | $ 12.700 | $ 13.250 | $ 12.910 |
| Income
(Loss) From Operations | | | | | | |
| Net
investment income (1) | $ 0.278 | $ 0.612 | $ 0.574 | $ 0.542 | $ 0.611 | $ 0.688 |
| Net
realized and unrealized gain (loss) | (2.062) | 0.060 | 0.327 | 1.117 | (0.528) | 0.330 |
| Distributions
to APS shareholders: From net investment income (1) | — | — | — | — | (0.004) | (0.008) |
| Total
income (loss) from operations | $ (1.784) | $ 0.672 | $ 0.901 | $ 1.659 | $ 0.079 | $ 1.010 |
| Less
Distributions to Common Shareholders | | | | | | |
| From
net investment income | $ (0.286) | $ (0.572) | $ (0.561) | $ (0.569) | $ (0.629) | $ (0.670) |
| Total
distributions to common shareholders | $ (0.286) | $ (0.572) | $ (0.561) | $ (0.569) | $ (0.629) | $ (0.670) |
| Net
asset value — End of period (Common shares) | $12.160 | $14.230 | $14.130 | $13.790 | $12.700 | $13.250 |
| Market
value — End of period (Common shares) | $11.660 | $13.700 | $13.250 | $12.880 | $11.050 | $12.300 |
| Total
Investment Return on Net Asset Value (2) | (12.52)% (3) | 4.95% | 7.15% | 13.83% | 1.04% | 8.13% |
| Total
Investment Return on Market Value (2) | (12.87)% (3) | 7.75% | 7.57% | 22.10% | (5.22)% | 5.70% |
17
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| | Six
Months Ended May 31, 2022 (Unaudited) | Year
Ended November 30, | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- | --- |
| Ratios/Supplemental
Data | | | | | | |
| Net
assets applicable to common shares, end of period (000’s omitted) | $482,392 | $564,424 | $560,302 | $546,984 | $302,013 | $315,080 |
| Ratios
(as a percentage of average daily net assets applicable to common shares): (4) | | | | | | |
| Expenses
excluding interest and fees | 1.03% (5) | 0.98% | 1.05% | 1.19% | 1.29% | 1.33% |
| Interest
and fee expense (6) | 0.47% (5) | 0.29% | 0.71% | 1.27% | 1.61% | 1.25% |
| Total
expenses | 1.50% (5) | 1.27% | 1.76% | 2.46% | 2.90% | 2.58% |
| Net
investment income | 4.25% (5) | 4.28% | 4.18% | 4.02% | 4.71% | 5.19% |
| Portfolio
Turnover | 8% (3) | 7% | 12% | 17% | 32% | 8% |
| Senior
Securities: | | | | | | |
| Total
preferred shares outstanding | — | — | — | — | — | 3,311 (7) |
| Asset
coverage per preferred share | $ — | $ — | $ — | $ — | $ — | $120,162 (8) |
| Involuntary
liquidation preference per preferred share | $ — | $ — | $ — | $ — | $ — | $ 25,000 (9) |
| Approximate
market value per preferred share | $ — | $ — | $ — | $ — | $ — | $ 25,000 (9) |
| (1) | Computed
using average common shares outstanding. |
| --- | --- |
| (2) | Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan. |
| (3) | Not
annualized. |
| (4) | Ratios
do not reflect the effect of dividend payments to APS shareholders, if any. |
| (5) | Annualized. |
| (6) | Interest
and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and/or iMTP Shares issued to redeem a portion of the Trust’s APS. As of November 30, 2018, the Trust
had no APS and iMTP Shares outstanding. |
| (7) | Preferred shares
represent iMTP Shares and APS. |
| (8) | Calculated
by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding. |
| (9) | Plus
accumulated and unpaid dividends. |
| APS | – Auction
Preferred Shares |
| --- | --- |
| iMTP
Shares | –
Institutional MuniFund Term Preferred Shares |
18
See Notes to Financial Statements.
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Municipal Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust seeks to provide current income exempt from regular federal income tax.
The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of May 31, 2022, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
F Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
19
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Notes to Financial Statements (Unaudited) — continued
G Floating Rate Notes Issued in Conjunction with Securities Held — The Trust may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trust accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes (net of unamortized deferred debt issuance costs) as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 6) at May 31, 2022. Interest expense related to the Trust's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV, if any, are recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At May 31, 2022, the amount of the Trust's Floating Rate Notes outstanding and the related collateral were $273,572,943 and $375,141,052, respectively. The range of interest rates on the Floating Rate Notes outstanding at May 31, 2022 was 0.79% to 0.94%. For the six months ended May 31, 2022, the Trust’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $285,786,703 and 0.85%, respectively.
In certain circumstances, the Trust may enter into shortfall and forbearance agreements with brokers by which the Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trust had no shortfalls as of May 31, 2022.
The Trust may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.
The Trust's investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trust's investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. Management believes that the Trust's restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trust's Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trust's restrictions apply. Residual interest bonds held by the Trust are securities exempt from registration under Rule 144A of the Securities Act of 1933.
H When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
I Interim Financial Statements — The interim financial statements relating to May 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The Trust intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date.
20
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Notes to Financial Statements (Unaudited) — continued
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At November 30, 2021, the Trust, for federal income tax purposes, had deferred capital losses of $3,002,421 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trust’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at November 30, 2021, $1,331,840 are short-term and $1,670,581 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Trust at May 31, 2022, as determined on a federal income tax basis, were as follows:
| Aggregate
cost | $ 459,497,691 |
| --- | --- |
| Gross
unrealized appreciation | $ 27,291,311 |
| Gross
unrealized depreciation | (15,895,725) |
| Net
unrealized appreciation | $ 11,395,586 |
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Trust. The investment adviser fee is computed at an annual rate of 0.400% of the Trust’s average weekly gross assets and is payable monthly. Gross assets are calculated by deducting accrued liabilities of the Trust except (i) the principal amount of any indebtedness for money borrowed, including debt securities issued by the Trust and the amount of floating-rate notes included as a liability in the Trust’s Statement of Assets and Liabilities of up to $289,500,000, and (ii) the amount of any outstanding preferred shares issued by the Trust. The administration fee is earned by EVM for administering the business affairs of the Trust and is computed at an annual rate of 0.20% of the Trust’s average weekly gross assets. For the six months ended May 31, 2022, the investment adviser fee and administration fee were $1,615,001 and $807,501, respectively.
Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.
4 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $65,831,336 and $81,617,716, respectively, for the six months ended May 31, 2022.
5 Common Shares of Beneficial Interest and Shelf Offering
The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended May 31, 2022 and the year ended November 30, 2021.
In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the six months ended May 31, 2022 and the year ended November 30, 2021.
Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 2,610,553 common shares through an equity shelf offering program (the "shelf offering"). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the six months ended May 31, 2022 and the year ended November 30, 2021, there were no shares sold by the Trust pursuant to its shelf offering.
21
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Eaton Vance
Municipal Income Trust
May 31, 2022
Notes to Financial Statements (Unaudited) — continued
6 Fair Value Measurements
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 May 31, 2022, 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 |
| --- | --- | --- | --- | --- |
| Corporate
Bonds | $ — | $ 17,245,938 | $ — | $ 17,245,938 |
| Tax-Exempt
Municipal Obligations | — | 700,400,665 | — | 700,400,665 |
| Taxable
Municipal Obligations | — | 26,819,617 | — | 26,819,617 |
| Total
Investments | $ — | $744,466,220 | $ — | $744,466,220 |
7 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Trust’s performance, or the performance of the securities in which the Trust invests.
22
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Annual Meeting of Shareholders (Unaudited)
The Trust held its Annual Meeting of Shareholders on March 17, 2022. The following action was taken by the shareholders:
Proposal 1 . The election of Thomas E. Faust Jr., Mark R. Fetting and Scott E. Wennerholm as Class II Trustees of the Trust for a three-year term expiring in 2025.
| Nominees
for Trustee | Number
of Shares — For | Withheld |
| --- | --- | --- |
| Thomas
E. Faust Jr. | 31,216,868 | 1,017,593 |
| Mark
R. Fetting | 31,161,965 | 1,072,496 |
| Scott
E. Wennerholm | 31,167,668 | 1,066,793 |
23
Table of Contents
Eaton Vance
Municipal Income Trust
May 31, 2022
Officers and Trustees
| Officers | |
|---|---|
| Eric | |
| A. Stein President | Jill R. |
| Damon Secretary | |
| Deidre | |
| E. Walsh Vice President and Chief Legal Officer | Richard F. |
| Froio Chief Compliance Officer | |
| James | |
| F. Kirchner Treasurer |
Trustees
| George
J. Gorman Chairperson |
| --- |
| Thomas
E. Faust Jr.* |
| Mark
R. Fetting |
| Cynthia
E. Frost |
| Valerie
A. Mosley |
| Keith
Quinton |
| --- |
| Marcus
L. Smith |
| Susan
J. Sutherland |
| Scott
E. Wennerholm |
| Nancy
A. Wiser** |
| * | Interested
Trustee |
| --- | --- |
| ** | Ms.
Wiser began serving as a Trustee effective April 4, 2022. |
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Table of Contents
Eaton Vance Funds
Privacy Notice April 2021
FACTS WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
| Why? | Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
| --- | --- |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment
experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information | Does
Eaton Vance share? | Can
you limit this sharing? |
| --- | --- | --- |
| For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For
our marketing purposes — to offer our products and services to you | Yes | No |
| For
joint marketing with other financial companies | No | We
don’t share |
| For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For
our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For
our affiliates’ everyday business purposes — information about your creditworthiness | No | We
don’t share |
| For
our investment management affiliates to market to you | Yes | Yes |
| For
our affiliates to market to you | No | We
don’t share |
| For
nonaffiliates to market to you | No | We
don’t share |
| To
limit our sharing | Call
toll-free 1-800-262-1122 or email: [email protected] Please note: If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
| --- | --- |
| Questions? | Call
toll-free 1-800-262-1122 or email: [email protected] |
25
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Eaton Vance Funds
Privacy Notice — continued April 2021
Page 2
| Who
we are | |
| --- | --- |
| Who
is providing this notice? | Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What
we do | |
| How
does Eaton Vance protect my personal information? | To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? | We
collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why
can’t I limit all sharing? | Federal
law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information
to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment
Management Affiliates | Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies
related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies
not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
| Joint
marketing | A
formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market. |
| Other
important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
26
Table of Contents
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund's repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund's annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts”.
27
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Table of Contents
Investment Adviser and Administrator
Eaton Vance Management Two International Place Boston, MA 02110
Custodian
State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219
Fund Offices
Two International Place Boston, MA 02110
Table of Contents
7695 5.31.22
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrants most recent fiscal year end.
Item 13. Exhibits
| (a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). |
|---|---|
| (a)(2)(i) | Treasurers Section 302 certification. |
| (a)(2)(ii) | Presidents Section 302 certification. |
| (b) | Combined Section 906 certification. |
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/ Eric A. Stein |
|---|---|
| Eric A. Stein | |
| President | |
| Date: | July 18, 2022 |
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/ James F. Kirchner |
|---|---|
| James F. Kirchner | |
| Treasurer | |
| Date: | July 18, 2022 |
| By: | /s/ Eric A. Stein |
| Eric A. Stein | |
| President | |
| Date: | July 18, 2022 |
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