# EDGAR Filing Document

**Accession Number:** 0001074540
**File Stem:** 0001193125-25-166448
**Filing Date:** 2025-7
**Character Count:** 126074
**Document Hash:** 41b46bd72b74ac42d902b2735155024b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-166448.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001193125-25-166448

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipal Income Trust
- **CENTRAL INDEX KEY:** 0001074540

**ORGANIZATION NAME:**
- **EIN:** 046880058
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09141
- **FILM NUMBER:** 251155871

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPAL INCOME TRUST
- **DATE OF NAME CHANGE:** 19981202

?xml version='1.0' encoding='ASCII'? 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)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### November 30

#### Date of Fiscal Year End

#### May 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ------

------

## Eaton Vance

## Municipal Income Trust (EVN)

## Semi-Annual Report
May 31, 2025

------

![](g30803img866580bb1.gif)

------

**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.**

------

#### Semi-Annual Report May 31, 2025
Eaton Vance

Municipal Income Trust

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_b0831afd-c5b1-45c2-b938-9d7db03fae2b_1)** |  |
| [Performance](#xx_f20c0570-a444-4e21-95f1-ec617b8ff36e_1) | 2 |
| [Fund Profile](#xx_f20c0570-a444-4e21-95f1-ec617b8ff36e_2) | 3 |
| [Endnotes and Additional Disclosures](#xx_33cee06a-fdee-44f1-be9d-833d7472e7e1_1) | 4 |
| [Financial Statements](#xx_2d502e49-4085-4423-9c11-8d384653baad_1) | 5 |
| [Annual Meeting of Shareholders](#xx_fd6759a7-1d55-42ff-8d0b-8e7a9152d780_1) | 21 |
| [Officers and Trustees](#xx_ce844cec-678c-4de1-b45c-381cc435a7b0_1) | 22 |
| [U.S. Customer Privacy Notice](#xx_dd1f7cea-43b1-419c-b09b-b86c5ff9f672_1) | 23 |
| [Important Notices](#xx_d92b5968-5aac-4f56-aa75-a2b930b8335c_1) | 26 |

---

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Performance

------

#### Portfolio Manager(s) Cynthia J. Clemson and William J. Delahunty, CFA

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Inception Date** | **Six Months** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Fund at NAV | 01/29/1999 | (5.79)% | (0.12)% | (0.13)% | 3.16% |
| &nbsp;&nbsp;Fund at Market Price |  | (2.14) | &nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;1.36 | 2.62 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index |  | (2.40)% | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;0.55% | 2.13% |

---

---

| | |
|:---|:---|
| **% Premium/Discount to NAV<sup>3</sup>** | |
| &nbsp;&nbsp;As of period end | (2.29)% |

---

---

| | |
|:---|:---|
| **Distributions<sup>4</sup>** | |
| &nbsp;&nbsp;Total Distributions per share for the period | $0.31 |
| &nbsp;&nbsp;Distribution Rate at NAV | &nbsp;&nbsp;&nbsp;5.87% |
| &nbsp;&nbsp;Taxable-Equivalent Distribution Rate at NAV | &nbsp;&nbsp;&nbsp;9.91 |
| &nbsp;&nbsp;Distribution Rate at Market Price | &nbsp;&nbsp;&nbsp;6.01 |
| &nbsp;&nbsp;Taxable-Equivalent Distribution Rate at Market Price | 10.15 |

---

---

| | |
|:---|:---|
| **% Total Leverage<sup>5</sup>** | |
| &nbsp;&nbsp;Residual Interest Bond (RIB) Financing | &nbsp;&nbsp;32.70% |

---

*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.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Fund Profile

------

Credit Quality (% of total investments)<sup>1,2</sup>

![](g30803img5b4cd9a42.jpg)

Footnotes:

<sup>1</sup> 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.

<sup>2</sup> The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Endnotes and Additional Disclosures

------

<sup>1</sup> 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.

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> The Distribution Rate is calculated by dividing the Fund's last regular distribution paid per share in the period (annualized) by the Fund's NAV or market price (the price at which the Fund is traded on the exchange) at the end of the period. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments and should not be used as a measure of performance or confused with "yield" or "income." The Fund has adopted a policy to pay common shareholders a stable monthly distribution. A portion of the Fund's distributions may be subject to the U.S. federal alternative minimum tax. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for U.S. federal income tax purposes as exempt-interest dividends, ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions. A nondividend or return of capital distribution results from a Fund distributing more than its net investment income and net realized capital gain for a given tax period and may represent a return of some or all of the money that an investor invested in the Fund's shares, which, like other distributions, can cause the Fund's NAV to erode. There is no assurance that the Fund will always be able to pay distributions of a particular size. With each distribution, the Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and related information. Notices and press releases for the last 24 months are available on our website https://www. eatonvance.com/resources/closed-end-fund-distribution-notices-19a.html. The amounts and sources of distributions are only estimates and are not provided for tax reporting purposes. The U.S. federal income tax character of distributions paid to a shareholder is reported on IRS Form 1099-DIV, which is provided to shareholders shortly after the end of each calendar year. The amount of the Fund's distributions is 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 Funds that employ 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. Shareholders should not assume that the source of any distribution from the Fund is net income or profit. <br> Taxable-equivalent distributions are calculated using a 40.8% U.S. federal income tax rate, which reflects the maximum U.S. federal tax rate of 37% plus the 3.8% U.S. federal Medicare surtax. Where applicable, the calculation also includes the highest individual U.S. state income tax rate for residents of the state for which a Fund's income is designed to be exempt. Local income taxes and other applicable taxes are not considered in the calculation. |

---

Fund profile subject to change due to active management.

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 1.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.2% | Hospital — 0.2% | Hospital — 0.2% |
| Boston Medical Center Corp., 4.581%, 7/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;$655070 |
|  |  | &nbsp;&nbsp;**$655070** |
| Other — 0.9% | Other — 0.9% | Other — 0.9% |
| Morongo Band of Mission Indians, 7.00%, 10/1/39<sup>(1)</sup> | $3470 | &nbsp;&nbsp;$3631042 |
|  |  | &nbsp;&nbsp;**$3631042** |
| Total Corporate Bonds<br>(identified cost $4,305,000) |  | &nbsp;&nbsp;**$4286112** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 142.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 0.4% | Bond Bank — 0.4% | Bond Bank — 0.4% |
| Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32 | $1000 | &nbsp;&nbsp;$1135262 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 326541 |
|  |  | &nbsp;&nbsp;**$1461803** |
| Cogeneration — 0.1% | Cogeneration — 0.1% | Cogeneration — 0.1% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;$277291 |
|  |  | &nbsp;&nbsp;**$277291** |
| Education — 7.2% | Education — 7.2% | Education — 7.2% |
| Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;$341015 |
| Boyle County, KY, (Centre College), 4.50%, 6/1/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 902758 |
| California Municipal Finance Authority, (Westside Neighborhood School), 6.20%, 6/15/54<sup>(1)</sup> | 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1101883 |
| Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 337193 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 594221 |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 421453 |
| Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 211841 |
| Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016438 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Massachusetts Development Finance Agency, (Boston University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/48<sup>(3)</sup> | $10000 | &nbsp;&nbsp;$10368000 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/15/59 | 5580 | &nbsp;&nbsp;&nbsp;&nbsp; 6087339 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 189299 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 685723 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50<sup>(1)</sup> | 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 932754 |
| South Carolina Jobs-Economic Development Authority, (Carolina Voyager), 5.00%, 6/15/44<sup>(1)</sup> | 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1674556 |
| Tennessee State School Bond Authority, 5.00%, 11/1/52<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5088550 |
|  |  | &nbsp;&nbsp;**$29953023** |
| Electric Utilities — 7.8% | Electric Utilities — 7.8% | Electric Utilities — 7.8% |
| Austin, TX, Electric Utility Revenue, 5.25%, 11/15/53<sup>(3)</sup> | $6000 | &nbsp;&nbsp;$6198120 |
| Corpus Christi, TX, Utility System Revenue, 4.25%, 7/15/54<sup>(3)</sup> | 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12413240 |
| Omaha Public Power District, NE, 5.00%, 2/1/54<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10141000 |
| Seattle, WA, Municipal Light and Power Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30445 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/53<sup>(3)</sup> | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3551940 |
|  |  | &nbsp;&nbsp;**$32334745** |
| Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% |
| Iowa Finance Authority, (Iowa Fertilizer Co.), Prerefunded to 12/1/32, 5.00%, 12/1/50 | $1500 | &nbsp;&nbsp;$1687247 |
| Public Finance Authority, WI, (Roseman University of Health Sciences): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/30, 5.00%, 4/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21613 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 4/1/32, 4.00%, 4/1/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5209 |
|  |  | &nbsp;&nbsp;**$1714069** |
| General Obligations — 20.0% | General Obligations — 20.0% | General Obligations — 20.0% |
| Aledo Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53<sup>(3)</sup> | $4000 | &nbsp;&nbsp;$4054960 |
| Bastrop Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53<sup>(3)</sup> | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8133920 |
| Bend, OR, 5.00%, 6/1/50<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350200 |
| California: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/49<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10458500 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6327780 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 8160 | &nbsp;&nbsp;&nbsp;&nbsp; 7403950 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/49 | 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2742540 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chicago, IL, 5.75%, 1/1/33 | $1500 | &nbsp;&nbsp;$1531832 |
| Clark County Water Reclamation District, NV, 5.00%, 7/1/49<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6145020 |
| Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6123840 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 3020 | &nbsp;&nbsp;&nbsp;&nbsp; 3030027 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 303595 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 306590 |
| Lamar Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/58<sup>(3)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4052400 |
| Massachusetts, 5.00%, 5/1/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6081780 |
| Puerto Rico, 0.00%, 7/1/33 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2033440 |
| Royse City Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5084 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/53<sup>(3)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4066960 |
|  |  | &nbsp;&nbsp;**$83152418** |
| Hospital — 6.8% | Hospital — 6.8% | Hospital — 6.8% |
| Allen County, OH, (Mercy Health), 4.00%, 8/1/47<sup>(3)</sup> | $1000 | &nbsp;&nbsp;$867820 |
| Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1547157 |
| Idaho Health Facilities Authority, ID, (St. Luke's Health System), 4.375%, 3/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766944 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3897299 |
| Michigan Finance Authority, (McLaren Health Care), 4.00%, 2/15/47 | 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2586526 |
| Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 5.00%, 5/1/57 | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1321936 |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/44 | 1835 | &nbsp;&nbsp;&nbsp;&nbsp; 1732552 |
| New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35025 |
| Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 630986 |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 5.25%, 11/1/54<sup>(3)</sup> | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6728085 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 4.25%, 11/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1829769 |
| Southeastern Ohio Port Authority, OH, (Memorial Health System Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 742981 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 677152 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| West Virginia Hospital Finance Authority, (West Virginia University Health System Obligated Group), 4.375%, 6/1/53 | $4075 | &nbsp;&nbsp;$3704621 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 6.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 363138 |
|  |  | &nbsp;&nbsp;**$28431991** |
| Housing — 2.6% | Housing — 2.6% | Housing — 2.6% |
| Indiana Housing and Community Development Authority, SFMR, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.70%, 7/1/53 | $2000 | &nbsp;&nbsp;$1918240 |
| Massachusetts Housing Finance Agency, Sustainability Bonds, 4.90%, 12/1/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 983089 |
| Michigan Housing Development Authority, Social Bonds, 5.00%, 12/1/55 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1346283 |
| Texas Student Housing Corp., (University of North Texas), 6.85%, 7/1/31<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| Washington Housing Finance Commission, Social Certificates, 3.375%, 4/20/37 | 5038 | &nbsp;&nbsp;&nbsp;&nbsp; 4538380 |
| Waterbury Housing Authority, CT, (Laurel Estates Preservation LLC), (FHLMC), 4.50%, 2/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954230 |
|  |  | &nbsp;&nbsp;**$10920222** |
| Industrial Development Revenue — 10.9% | Industrial Development Revenue — 10.9% | Industrial Development Revenue — 10.9% |
| Arkansas Development Finance Authority, (United States Steel Corp.): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.45%, 9/1/52 | $3000 | &nbsp;&nbsp;$2986381 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.70%, 5/1/53 | 3385 | &nbsp;&nbsp;&nbsp;&nbsp; 3423801 |
| Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 555239 |
| Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 828261 |
| Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2227539 |
| Hoover Industrial Development Board, AL, (United States Steel Corp.), (AMT), 5.75%, 10/1/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1254464 |
| Jefferson County Port Authority, OH, (JSW Steel USA Ohio, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/28 (Put Date), 12/1/53<sup>(1)</sup> | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3504273 |
| &nbsp;&nbsp;&nbsp;(AMT), 3.50%, 12/1/51<sup>(1)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440525 |
| Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35<sup>(1)</sup> | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1072523 |
| National Finance Authority, NH, (Covanta): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/1/42<sup>(1)</sup> | 3075 | &nbsp;&nbsp;&nbsp;&nbsp; 2780154 |
| &nbsp;&nbsp;&nbsp;(AMT), 4.875%, 11/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 225995 |
| New Jersey Economic Development Authority, (Continental Airlines): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/15/29 | 4130 | &nbsp;&nbsp;&nbsp;&nbsp; 4131147 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| New Jersey Economic Development Authority, (Continental Airlines): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$750346 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 11/15/30 | 4535 | &nbsp;&nbsp;&nbsp;&nbsp; 4537360 |
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 5.125% to 9/3/30 (Put Date), 9/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 715348 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | 6845 | &nbsp;&nbsp;&nbsp;&nbsp; 6772318 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.625%, 4/1/40 | 5605 | &nbsp;&nbsp;&nbsp;&nbsp; 5748529 |
| Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), 5.375%, 3/1/31 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096665 |
| Valparaiso, IN, (Pratt Paper (IN), LLC), (AMT), 5.00%, 1/1/54<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 927342 |
| Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 301887 |
|  |  | &nbsp;&nbsp;**$45280097** |
| Insured - Education — 2.8% | Insured - Education — 2.8% | Insured - Education — 2.8% |
| Florida, (Florida State University Athletics Association), (BAM), 4.25%, 10/1/53<sup>(3)</sup> | $10000 | &nbsp;&nbsp;$8903000 |
| Massachusetts College Building Authority, (AGC), 5.50%, 5/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143347 |
| Massachusetts Development Finance Agency, (Holy Cross College), (AMBAC), 5.25%, 9/1/32<sup>(3)</sup> | 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1537481 |
|  |  | &nbsp;&nbsp;**$11583828** |
| Insured - Electric Utilities — 4.6% | Insured - Electric Utilities — 4.6% | Insured - Electric Utilities — 4.6% |
| Cleveland, OH, Public Power System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 11/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;$651936 |
| &nbsp;&nbsp;&nbsp;(NPFG), 0.00%, 11/15/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026659 |
| Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J), (AGM), 5.00%, 7/1/64 | 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3155615 |
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.25%, 5/15/53<sup>(3)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4109640 |
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2926961 |
| Puerto Rico Electric Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/29 | 1515 | &nbsp;&nbsp;&nbsp;&nbsp; 1513758 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 246919 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.25%, 7/1/34 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1405313 |
| South Carolina Public Service Authority, (AGM), 5.75%, 12/1/52 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4242416 |
|  |  | &nbsp;&nbsp;**$19279217** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations — 1.1% | Insured - General Obligations — 1.1% | Insured - General Obligations — 1.1% |
| Canal Winchester Local School District, OH, (NPFG), 0.00%, 12/1/30 | $2455 | &nbsp;&nbsp;$2022109 |
| Detroit School District, MI, (AGM), 5.25%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 332239 |
| Massachusetts, (AMBAC), 5.50%, 8/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108192 |
| Whatcom County Public Utility District No. 1, WA, (BAM), (AMT), 5.50%, 12/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048030 |
|  |  | &nbsp;&nbsp;**$4510570** |
| Insured - Hospital — 1.0% | Insured - Hospital — 1.0% | Insured - Hospital — 1.0% |
| West Virginia Hospital Finance Authority, (Vandalia Health), (AGM), 5.50%, 9/1/48 | $3000 | &nbsp;&nbsp;$3159956 |
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.00%, 11/1/51 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1151842 |
|  |  | &nbsp;&nbsp;**$4311798** |
| Insured - Housing — 0.3% | Insured - Housing — 0.3% | Insured - Housing — 0.3% |
| Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.25%, 7/1/64 | $1300 | &nbsp;&nbsp;$1284314 |
|  |  | &nbsp;&nbsp;**$1284314** |
| Insured - Lease Revenue/Certificates of Participation — 1.3% | Insured - Lease Revenue/Certificates of Participation — 1.3% | Insured - Lease Revenue/Certificates of Participation — 1.3% |
| Hinds County, MS, (Mississippi Lease Purchase), (BAM), 4.625%, 9/1/54<sup>(1)</sup> | $2800 | &nbsp;&nbsp;$2415619 |
| New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074614 |
| New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28 | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2125538 |
|  |  | &nbsp;&nbsp;**$5615771** |
| Insured - Other Revenue — 0.3% | Insured - Other Revenue — 0.3% | Insured - Other Revenue — 0.3% |
| Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;$668495 |
| New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 402614 |
|  |  | &nbsp;&nbsp;**$1071109** |
| Insured - Special Tax Revenue — 5.5% | Insured - Special Tax Revenue — 5.5% | Insured - Special Tax Revenue — 5.5% |
| Garden State Preservation Trust, NJ, (AGM), 0.00%, 11/1/25 | $5250 | &nbsp;&nbsp;$5174750 |
| Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 2653946 |
| Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087556 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37 | $20700 | &nbsp;&nbsp;$11503251 |
| New Jersey Economic Development Authority, (Motor Vehicle Surcharges): |  |  |
| &nbsp;&nbsp;&nbsp;(AGC), 0.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 731484 |
| &nbsp;&nbsp;&nbsp;(AGC), 0.00%, 7/1/27 | 2020 | &nbsp;&nbsp;&nbsp;&nbsp; 1877360 |
|  |  | &nbsp;&nbsp;**$23028347** |
| Insured - Transportation — 8.2% | Insured - Transportation — 8.2% | Insured - Transportation — 8.2% |
| Alameda Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33 | $12425 | &nbsp;&nbsp;$9021006 |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AGM), (AMT), 5.50%, 1/1/53 | 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 3073380 |
| Chicago, IL, (Midway International Airport), (BAM), (AMT), 5.50%, 1/1/53 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6141343 |
| Houston, TX, Airport System Revenue, (AGM), (AMT), 4.50%, 7/1/53 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5929665 |
| New York Transportation Development Corp., (John F. Kennedy Airport Terminal 6 Redevelopment), Green Bonds, (AGC), (AMT), 5.25%, 12/31/54 | 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4214825 |
| Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 523797 |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.00%, 12/31/57 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927286 |
| Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2648763 |
| Philadelphia Parking Authority, PA, (AMBAC), 5.25%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 821371 |
|  |  | &nbsp;&nbsp;**$34301436** |
| Insured - Water and Sewer — 4.4% | Insured - Water and Sewer — 4.4% | Insured - Water and Sewer — 4.4% |
| DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35<sup>(3)</sup> | $17985 | &nbsp;&nbsp;$18160893 |
|  |  | &nbsp;&nbsp;**$18160893** |
| Lease Revenue/Certificates of Participation — 4.5% | Lease Revenue/Certificates of Participation — 4.5% | Lease Revenue/Certificates of Participation — 4.5% |
| Baltimore, MD, (Harbor Point), 4.875%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;$540134 |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4121165 |
| New Jersey Economic Development Authority, (Portal North Bridge Project), 5.00%, 11/1/52 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3521160 |
| New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/48 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7913558 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/43 | 2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2753309 |
|  |  | &nbsp;&nbsp;**$18849326** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue — 2.3% | Other Revenue — 2.3% | Other Revenue — 2.3% |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | $5045 | &nbsp;&nbsp;$4371940 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(4)</sup> | 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 750750 |
| Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 491444 |
| Military Installation Development Authority, UT, 4.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 432819 |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 887920 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2106496 |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 405054 |
| Southeast Energy Authority, AL, 5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227055 |
|  |  | &nbsp;&nbsp;**$9673478** |
| Senior Living/Life Care — 9.3% | Senior Living/Life Care — 9.3% | Senior Living/Life Care — 9.3% |
| California Health Facilities Financing Authority, (Episcopal Communities and Services), 5.25%, 11/15/58 | $1530 | &nbsp;&nbsp;$1505449 |
| California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 174116 |
| Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 197056 |
| Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1034465 |
| District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 866940 |
| Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 489398 |
| Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 725233 |
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 800008 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 555206 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 277531 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/38 | 3715 | &nbsp;&nbsp;&nbsp;&nbsp; 3520108 |
| Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 1936797 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 769828 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| National Finance Authority, NH, (The Vista): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;$452223 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(1)</sup> | 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1219234 |
| New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120044 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 129059 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | 2775 | &nbsp;&nbsp;&nbsp;&nbsp; 2408734 |
| Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor's Edge), 5.00%, 1/1/49 | 4765 | &nbsp;&nbsp;&nbsp;&nbsp; 4001423 |
| North Carolina Medical Care Commission, (Twin Lakes Community), 5.25%, 1/1/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1944690 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27<sup>(1)</sup> | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1642054 |
| Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 743395 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 7.75%, 11/15/58 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3150658 |
| Stamford Housing Authority, CT, (Mozaic Concierge Living), 6.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 752669 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41 | 2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2345557 |
| Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37<sup>(1)</sup> | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 889664 |
| Virginia Beach Development Authority, VA, (Westminster-Canterbury on Chesapeake Bay): |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3282574 |
| &nbsp;&nbsp;&nbsp;7.00%, 9/1/59 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088416 |
| Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 724663 |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 5.75%, 8/15/54 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019617 |
|  |  | &nbsp;&nbsp;**$38766809** |
| Special Tax Revenue — 13.6% | Special Tax Revenue — 13.6% | Special Tax Revenue — 13.6% |
| Aerotropolis Regional Transportation Authority, CO, 5.75%, 12/1/54<sup>(1)</sup> | $3440 | &nbsp;&nbsp;$3454987 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup>(1)</sup> | 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1650439 |
| Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.125%, 5/1/46 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1445778 |
| Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 221318 |
| Michigan Trunk Line Fund, 5.25%, 11/15/49<sup>(3)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4155720 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br>Amount<br>(000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Mida Mountain Village Public Infrastructure District, UT, 5.125%, 6/15/54<sup>(1)</sup> | $2185 | &nbsp;&nbsp;$2033162 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.35%, 5/1/38<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110878 |
| New York City Transitional Finance Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 5/1/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 920641 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/52<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10603600 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/47 | 2195 | &nbsp;&nbsp;&nbsp;&nbsp; 1558538 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 3.00%, 11/1/54<sup>(6)</sup> | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 231019 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 221685 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 245545 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 253034 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/46 | 3403 | &nbsp;&nbsp;&nbsp;&nbsp; 1092480 |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | 4523 | &nbsp;&nbsp;&nbsp;&nbsp; 1067769 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 284097 |
| &nbsp;&nbsp;&nbsp;4.536%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp; 31196 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | 4752 | &nbsp;&nbsp;&nbsp;&nbsp; 4464768 |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp; 158030 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 98589 |
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 242780 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 5/15/47<sup>(3)</sup> | 4275 | &nbsp;&nbsp;&nbsp;&nbsp; 4436381 |
| Washington Metropolitan Area Transit Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/15/59<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10251800 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.25%, 7/15/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6146280 |
|  |  | &nbsp;&nbsp;**$56480514** |
| Transportation — 24.1% | Transportation — 24.1% | Transportation — 24.1% |
| Charlotte, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/55<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$36404 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/55<sup>(3)(7)</sup> | 9450 | &nbsp;&nbsp;&nbsp;&nbsp; 9829039 |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6103320 |
| Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55<sup>(3)</sup> | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4611105 |
| Denver City and County, CO, Airport System Revenue, (AMT), 5.75%, 11/15/45 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2648124 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Gerald R. Ford International Airport Authority, MI: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;$681654 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/54<sup>(3)</sup> | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10946210 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), Green Bonds, (AMT), 5.25%, 5/15/50<sup>(3)</sup> | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11221980 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53<sup>(3)</sup> | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6102660 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3045153 |
| New York Transportation Development Corp., (John F. Kennedy Airport Terminals 6 Redevelopment), Green Bonds, (AMT), 5.50%, 12/31/60 | 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2868913 |
| New York Transportation Development Corp., (John F. Kennedy International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.375%, 6/30/60 | 2360 | &nbsp;&nbsp;&nbsp;&nbsp; 2349394 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (AMT), 6.00%, 6/30/54 | 1155 | &nbsp;&nbsp;&nbsp;&nbsp; 1211627 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/41 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1150017 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 1/1/50 | 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1027969 |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/38 | 4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4623124 |
| Oklahoma Turnpike Authority, 5.50%, 1/1/54<sup>(3)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320550 |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/47 | 4945 | &nbsp;&nbsp;&nbsp;&nbsp; 4869162 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964014 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.25%, 5/1/55<sup>(3)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10120200 |
| South Jersey Transportation Authority, NJ, 5.25%, 11/1/52 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1519119 |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811503 |
| Texas Transportation Commission, (State Highway 249 System): |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 418264 |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 381504 |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39 | 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1416464 |
| Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933606 |
|  |  | &nbsp;&nbsp;**$100211079** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 2.5% | Water and Sewer — 2.5% | Water and Sewer — 2.5% |
| JEA Water and Sewer System Revenue, FL, 5.25%, 10/1/55<sup>(3)</sup> | $10000 | &nbsp;&nbsp;$10369800 |
|  |  | &nbsp;&nbsp;**$10369800** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $600,836,918) |  | &nbsp;&nbsp;**$591023948** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 4.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;$62482 |
|  |  | &nbsp;&nbsp;**$62482** |
| Education — 0.2% | Education — 0.2% | Education — 0.2% |
| Maricopa County Industrial Development Authority, AZ, (Grand Canyon University), 7.375%, 10/1/29<sup>(1)</sup> | $1000 | &nbsp;&nbsp;$1024774 |
|  |  | &nbsp;&nbsp;**$1024774** |
| General Obligations — 1.8% | General Obligations — 1.8% | General Obligations — 1.8% |
| Atlantic City, NJ, 7.50%, 3/1/40 | $6880 | &nbsp;&nbsp;$7650197 |
|  |  | &nbsp;&nbsp;**$7650197** |
| Insured - Education — 0.5% | Insured - Education — 0.5% | Insured - Education — 0.5% |
| Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41 | $2745 | &nbsp;&nbsp;$2034223 |
|  |  | &nbsp;&nbsp;**$2034223** |
| Insured - Transportation — 1.0% | Insured - Transportation — 1.0% | Insured - Transportation — 1.0% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), 0.00%, 10/1/48 | $10765 | &nbsp;&nbsp;$2437021 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/32 | 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 876438 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 641364 |
|  |  | &nbsp;&nbsp;**$3954823** |
| Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% | Lease Revenue/Certificates of Participation — 0.1% |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;$247192 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;$133592 |
|  |  | &nbsp;&nbsp;**$380784** |
| Special Tax Revenue — 0.9% | Special Tax Revenue — 0.9% | Special Tax Revenue — 0.9% |
| American Samoa Economic Development Authority, 3.72%, 9/1/27<sup>(1)</sup> | $1115 | &nbsp;&nbsp;$1070929 |
| Oneida Indian Nation of New York, 8.00%, 9/1/40<sup>(1)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503020 |
|  |  | &nbsp;&nbsp;**$3573949** |
| Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> |
| Massachusetts Educational Financing Authority, 4.70%, 1/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$89955 |
|  |  | &nbsp;&nbsp;**$89955** |
| Total Taxable Municipal Obligations<br> (identified cost $18,724,105) |  | &nbsp;&nbsp;**$18771187** |
| Total Investments — 147.6%<br> (identified cost $623,866,023) |  | &nbsp;&nbsp;**$614081247** |
| Other Assets, Less Liabilities — (47.6)% |  | &nbsp;&nbsp;**$(197915457)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$416165790** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | 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, 2025, the aggregate value of these securities is $47,718,589 or 11.5% of the Trust's net assets. |
| <sup>(2)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(3)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G). |
| <sup>(4)</sup> | Security is in default and making only partial interest payments. |
| <sup>(5)</sup> | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy and is non-income producing. |
| <sup>(6)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at May 31, 2025. |
| <sup>(7)</sup> | When-issued security. |

---

At May 31, 2025, the concentration of the Trust's investments in the various states and territories, determined as a percentage of total investments, is as follows:

---

| | |
|:---|:---|
| Texas | 10.6% |
| Others, representing less than 10% individually | 88.7% |

---

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, 2025, 21.0% 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 1.3% to 9.5% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **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 |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** |
| Assets |  |
| Investments, at value (identified cost $623,866,023) | &nbsp;&nbsp;$614081247 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35202 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896657 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655761 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136453 |
| Due from broker for floating rate notes issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560000 |
| **Total assets** | &nbsp;&nbsp;**$630365320** |
| Liabilities |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$202251550 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9806636 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206499 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103249 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136453 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519738 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168771 |
| **Total liabilities** | &nbsp;&nbsp;**$214199530** |
| **Net Assets** | &nbsp;&nbsp;**$416165790** |
| Sources of Net Assets |  |
| Common shares, $0.01 par value, unlimited number of shares authorized | &nbsp;&nbsp;$396672 |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;472193357 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56424239) |
| **Net Assets** | &nbsp;&nbsp;**$416165790** |
| Common Shares Issued and Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39667163 |
| Net Asset Value Per Common Share |  |
| **Net assets ÷ common shares issued and outstanding** | &nbsp;&nbsp;**$10.49** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** |
| Investment Income |  |
| Interest income | &nbsp;&nbsp;$14838750 |
| **Total investment income** | &nbsp;&nbsp;**$14838750** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$1240399 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620200 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20618 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55662 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95296 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69172 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168759 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59294 |
| **Total expenses** | &nbsp;&nbsp;**$5338600** |
| **Net investment income** | &nbsp;&nbsp;**$9500150** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(3942149) |
| **Net realized loss** | &nbsp;&nbsp;**$(3942149)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(32101698) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(32101698)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(36043847)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(26543697)** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> May 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> November 30, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$9500150 | &nbsp;&nbsp;$17986785 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3942149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3043065) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32101698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21831853 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(26543697)** | &nbsp;&nbsp;**$36775573** |
| **Distributions to common shareholders** | &nbsp;&nbsp;**$(12209553)\*** | &nbsp;&nbsp;**$(17847996)** |
| **Tax return of capital to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(4786087)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(38753250)** | &nbsp;&nbsp;**$14141490** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$454919040 | &nbsp;&nbsp;$440777550 |
| **At end of period** | &nbsp;&nbsp;**$416165790** | &nbsp;&nbsp;**$454919040** |

---

\* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Statement of Cash Flows (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**May 31, 2025** |
| Cash Flows From Operating Activities |  |
| Net decrease in net assets from operations | &nbsp;&nbsp;$(26543697) |
| Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;(149800569) |
| &nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130036357 |
| &nbsp;&nbsp;&nbsp;Net amortization/accretion of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697462) |
| &nbsp;&nbsp;&nbsp;Decrease in interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36126 |
| &nbsp;&nbsp;&nbsp;Decrease in Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliates for Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
| &nbsp;&nbsp;&nbsp;Decrease in interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55084) |
| &nbsp;&nbsp;&nbsp;Decrease in payable to affiliates for Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76070) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32101698 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942149 |
| **Net cash used in operating activities** | &nbsp;&nbsp;**$(11050227)** |
| Cash Flows From Financing Activities |  |
| Cash distributions paid to common shareholders | &nbsp;&nbsp;$(12209553) |
| Proceeds from secured borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60800000 |
| Repayment of secured borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37545000) |
| **Net cash provided by financing activities** | &nbsp;&nbsp;**$11045447** |
| **Net decrease in cash** | &nbsp;&nbsp;**$(4780)** |
| **Cash at beginning of period** | &nbsp;&nbsp;**$39982** |
| **Cash at end of period** | &nbsp;&nbsp;**$35202** |
| Supplemental disclosure of cash flow information: |  |
| Cash paid for interest and fees | &nbsp;&nbsp;$3223843 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Financial Highlights

------

Selected data for a common share outstanding during the periods stated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br>May 31, 2025<br>(Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended November 30,** | &nbsp;&nbsp;&nbsp;**Year Ended November 30,** | &nbsp;&nbsp;&nbsp;**Year Ended November 30,** | &nbsp;&nbsp;&nbsp;**Year Ended November 30,** | &nbsp;&nbsp;&nbsp;**Year Ended November 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br>May 31, 2025<br>(Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period (Common shares) | &nbsp;&nbsp;$11.47 | &nbsp;&nbsp;$11.11 | &nbsp;&nbsp;$11.25 | &nbsp;&nbsp;$14.23 | &nbsp;&nbsp;$14.13 | &nbsp;&nbsp;$13.79 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.57 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(2.42)** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$0.90** |
| Less Distributions to Common Shareholders |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31)\* | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;$(0.56) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions to common shareholders** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.47)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.56)** |
| **Net asset value — End of period (Common shares)** | &nbsp;&nbsp;**$10.49** | &nbsp;&nbsp;**$11.47** | &nbsp;&nbsp;**$11.11** | &nbsp;&nbsp;**$11.25** | &nbsp;&nbsp;**$14.23** | &nbsp;&nbsp;**$14.13** |
| **Market value — End of period (Common shares)** | &nbsp;&nbsp;**$10.25** | &nbsp;&nbsp;**$10.79** | &nbsp;&nbsp;**$9.54** | &nbsp;&nbsp;**$10.25** | &nbsp;&nbsp;**$13.70** | &nbsp;&nbsp;**$13.25** |
| **Total Investment Return on Net Asset Value<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.79)%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.96)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15%** |
| **Total Investment Return on Market Value<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.14)%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21.41)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.57%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets applicable to common shares, end of period (000's omitted) | &nbsp;&nbsp;$416166 | &nbsp;&nbsp;$454919 | &nbsp;&nbsp;$440778 | &nbsp;&nbsp;$446309 | &nbsp;&nbsp;$564424 | &nbsp;&nbsp;$560302 |
| Ratios (as a percentage of average daily net assets applicable to common shares):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

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<sup>(1)</sup> Computed using average common shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Trust.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G).

\* A portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited)

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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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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, 2025, 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.

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

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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 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, 2025. 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, 2025, the amount of the Trust's Floating Rate Notes outstanding and the related collateral were $202,251,550 and $264,081,774, respectively. The range of interest rates on the Floating Rate Notes outstanding at May 31, 2025 was 2.05% to 2.77%. For the six months ended May 31, 2025, the Trust's average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $184,702,390 and 3.44%, 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, 2025.

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. Effective August 19, 2022, the Trust began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. Consistent with Rule 18f-4, the Trust may treat its investments in residual interest bonds and similar financing transactions as subject to the asset coverage requirements of Section 18 of the 1940 Act, or as derivatives transactions subject to the Trust's value-at-risk (VaR)-based limits on leverage risk. Effective October 11, 2023, the Trust has opted to treat such investments as derivatives transactions. The Trust may change this approach at any time. 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. Such security purchases 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 Segment Reporting—During this reporting period, the Trust adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Trust operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Trust's President acts as the Trust's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Trust's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Trust's financial statements.

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

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J Interim Financial Statements—The interim financial statements relating to May 31, 2025 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 are recorded on the ex-dividend date. 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.

Distributions in any year may include a return of capital component. For the six months ended May 31, 2025, the amount of distributions estimated to be a tax return of capital was approximately $2,615,000. The final determination of tax characteristics of the Trust's distributions will occur at the end of the year, at which time it will be reported to the shareholders.

At November 30, 2024, the Trust, for federal income tax purposes, had deferred capital losses of $40,704,542 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, 2024, $9,676,853 are short-term and $31,027,689 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Trust at May 31, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$420841351** |
| Gross unrealized appreciation | &nbsp;&nbsp;$12109857 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21121511) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(9011654)** |

---

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 0.40% 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, 2025, the investment adviser fee and administration fee were $1,240,399 and $620,200, 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. 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 $145,709,631 and $130,602,118, respectively, for the six months ended May 31, 2025.

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, 2025 and the year ended November 30, 2024.

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Notes to Financial Statements (Unaudited) — continued

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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, 2025 and the year ended November 30, 2024.

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, 2025 and the year ended November 30, 2024, there were no shares sold by the Trust pursuant to its shelf offering.

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, 2025, the hierarchy of inputs used in valuing the Trust's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4286112 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4286112 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591023948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591023948 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18771187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18771187 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$614081247** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$614081247** |

---

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Annual Meeting of Shareholders (Unaudited)

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The Trust held its Annual Meeting of Shareholders on March 12, 2025. The following action was taken by the shareholders:

**Proposal 1(a). The election of Mark R. Fetting, Susan J. Sutherland and Scott E. Wennerholm as Class II Trustees of the Trust for a three-year term expiring in 2028.**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of Shares** |
| **Nominees for Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;**For** | &nbsp;&nbsp;&nbsp;&nbsp;**Withheld** |
| Mark R. Fetting | &nbsp;&nbsp;&nbsp;&nbsp;31,134,909 | &nbsp;&nbsp;&nbsp;&nbsp;1,010,302 |
| Susan J. Sutherland | &nbsp;&nbsp;&nbsp;&nbsp;31,422,209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723,002 |
| Scott E. Wennerholm | &nbsp;&nbsp;&nbsp;&nbsp;31,275,370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869,841 |

---

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance

Municipal Income Trust

May 31, 2025

Officers and Trustees

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| | |
|:---|:---|
| Officers | Officers |
| Kenneth A. Topping<br>*President* | &nbsp;&nbsp;Nicholas S. Di Lorenzo<br>*Secretary* |
| Deidre E. Walsh<br>*Vice President and Chief Legal Officer* | &nbsp;&nbsp;Laura T. Donovan<br>*Chief Compliance Officer* |
| James F. Kirchner<br>*Treasurer* |  |

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Trustees

---

| |
|:---|
| Mark R. Fetting<br>*Chairperson* |
| Alan C. Bowser |
| Cynthia E. Frost |
| George J. Gorman |
| Valerie A. Mosley |

---

---

| |
|:---|
| Keith Quinton |
| Marcus L. Smith |
| Nancy Wiser Stefani |
| Susan J. Sutherland |
| Scott E. Wennerholm |

---

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance Funds

U.S. Customer Privacy Notice March 2024

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Why?** | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> ■ Social Security number and income<br>■ investment experience and risk tolerance<br>■ checking account information and wire transfer instructions |
| &nbsp;&nbsp;&nbsp;**How?** | &nbsp;&nbsp;&nbsp;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. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does Eaton Vance<br>share?** | &nbsp;&nbsp;**Can you limit<br>this sharing?** |
| &nbsp;&nbsp;&nbsp;**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** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For our marketing purposes — to offer our products and services to you** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes — information about your transactions and experiences** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No\* |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes — information about your creditworthiness** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes\* |
| &nbsp;&nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes\* |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**To limit our<br>sharing** | &nbsp;&nbsp;&nbsp;Call toll-free 1-800-262-1122 or email: <u>EVPrivacy@eatonvance.com</u> <br> **Please note:** <br> 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. |
| &nbsp;&nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;&nbsp;Call toll-free 1-800-262-1122 or email: <u>EVPrivacy@eatonvance.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_EV_AR_b616ffc0-403e-455f-ad48-21ab30eff486_TOC)

Eaton Vance Funds

U.S. Customer Privacy Notice — continued March 2024

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Eaton Vance Management and our investment management affiliates ("Eaton Vance") (see Affiliates definition below.) |
| &nbsp;&nbsp;&nbsp;**What we do** | &nbsp;&nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does Eaton Vance<br>protect my personal<br>information?** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**How does Eaton Vance<br>collect my personal<br>information?** | &nbsp;&nbsp;We collect your personal information, for example, when you <br> ■ open an account or make deposits or withdrawals from your account<br>■ buy securities from us or make a wire transfer<br>■ give us your contact information <br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only <br> ■ sharing for affiliates' everyday business purposes — information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for nonaffiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| &nbsp;&nbsp;&nbsp;**What happens when I limit<br>sharing for an account I hold<br>jointly with someone else?** | &nbsp;&nbsp;Your choices will apply to everyone on your account. |
| &nbsp;&nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. <br> ■ *Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the "Morgan Stanley Affiliates").* |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> ■ *Eaton Vance does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> ■ *Eaton Vance does not jointly market.* |
| &nbsp;&nbsp;&nbsp;**Other important information** | &nbsp;&nbsp;&nbsp;**Other important information** |

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Eaton Vance Funds

U.S. Customer Privacy Notice — continued March 2024

------

&nbsp;&nbsp;&nbsp;**\*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you. <br> 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. <br> 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.**

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Eaton Vance Funds

IMPORTANT NOTICES

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**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. *Equiniti Trust Company, LLC ("EQ"), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise.* If you would prefer that your Eaton Vance documents not be householded, please contact EQ 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 EQ 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. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/ proxyvoting.**

**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."**

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Investment Adviser and Administrator

#### Eaton Vance Management One Post Office Square Boston, MA 02109
Custodian

#### State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114-2016
Transfer Agent

#### Equiniti Trust Company, LLC ("EQ") P.O. Box 500 Newark, NJ 07101
Fund Offices

One Post Office Square

Boston, MA 02109

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7695&nbsp;&nbsp;&nbsp;&nbsp;5.31.25

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(b) Not applicable.

#### 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
(a) Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

------

#### Item 16. 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 control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant's most recent fiscal year end.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d30803dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d30803dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d30803dex99906cert.htm) |

---

------

#### 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.

<u>Eaton Vance Municipal Income Trust</u> 

---

| | |
|:---|:---|
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | July 24, 2025 |

---

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 |
|  | Principal Financial Officer |
| Date: | July 24, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | July 24, 2025 |

---

## Ex-99.Cert

**Eaton Vance Municipal Income Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipal
Income Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 24, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Municipal Income Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Municipal
Income Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 24, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Municipal Income Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

Eaton Vance Municipal Income Trust

---

| |
|:---|
| Date: July 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: July 24, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---