Form N-CSRS - Certified Shareholder Report, Semi-Annual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811‑09141

Eaton Vance Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482‑8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2023

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Trust (EVN)

Semiannual Report

May 31, 2023

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Semiannual Report May 31, 2023

Eaton Vance

Municipal Income Trust


Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Financial Statements	5
Annual Meeting of Shareholders	22
Officers and Trustees	23
Privacy Notice	24
Important Notices	26

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Eaton Vance

Municipal Income Trust

May 31, 2023

Performance

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


% Average Annual Total Returns^1,2	Inception Date	Six Months	One Year	Five Years	Ten Years
Fund at NAV	01/29/1999	1.91%	(3.26)%	1.56%	4.50%
Fund at Market Price	—	(1.94)	(11.56)	0.93	2.46

Bloomberg Municipal Bond Index	—	1.94%	0.49%	1.65%	2.28%

% Premium/Discount to NAV³
As of period end	(12.33)%


Distributions⁴
Total Distributions per share for the period	$0.246
Distribution Rate at NAV	4.40%
Taxable-Equivalent Distribution Rate at NAV	7.43
Distribution Rate at Market Price	5.02
Taxable-Equivalent Distribution Rate at Market Price	8.47

% Total Leverage⁵
Residual Interest Bond (RIB) Financing	30.16%

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.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Fund Profile

Credit Quality (% of total investments)^1,2

Footnotes:

For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

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

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Eaton Vance

Municipal Income Trust

May 31, 2023

Endnotes and Additional Disclosures


¹	Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
²	Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the ten year period is the impact of the 2016 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 94.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.
³	The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.
⁴	The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable- equivalent performance is based on the highest combined federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes.
⁵	Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

Fund profile subject to change due to active management.

	Important Notice to Shareholders
	On January 26, 2023, the Fund’s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited)

Corporate Bonds — 2.5%

Security	Principal Amount (000's omitted)		Value
Education — 0.5%
Grand Canyon University, 4.125%, 10/1/24	$	2,500	$ 2,368,750
			$ 2,368,750
Hospital — 1.1%
Boston Medical Center Corp., 4.581%, 7/1/47	$	835	$ 702,288
Montefiore Obligated Group, 4.287%, 9/1/50		6,945	4,245,420
			$ 4,947,708
Other — 0.9%
Morongo Band of Mission Indians, 7.00%, 10/1/39⁽¹⁾	$	3,470	$ 3,706,932
			$ 3,706,932
Total Corporate Bonds (identified cost $14,223,450)			$ 11,023,390

Tax-Exempt Municipal Obligations — 133.0%

Security	Principal Amount (000's omitted)		Value
Bond Bank — 2.2%
Delaware Valley Regional Finance Authority, PA, 5.75%, 7/1/32	$	1,000	$ 1,207,960
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		330	374,557
Texas Water Development Board, 4.00%, 10/15/37⁽²⁾		8,125	8,178,462
			$ 9,760,979
Cogeneration — 0.0%⁽³⁾
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23⁽⁴⁾	$	630	$ 113,437
			$ 113,437
Education — 7.9%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49⁽¹⁾	$	1,115	$ 1,009,543
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50⁽¹⁾		430	321,520
California State University, 5.00%, 11/1/41⁽²⁾		13,000	13,583,570
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.):
5.375%, 6/15/38⁽¹⁾		350	336,556

Security	Principal Amount (000's omitted)		Value
Education (continued)
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.): (continued)
5.375%, 6/15/48⁽¹⁾	$	655	$ 595,205
Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55		325	315,920
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		390	383,304
District of Columbia, (KIPP DC), 4.00%, 7/1/44		485	419,656
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48⁽¹⁾		250	224,685
Illinois Finance Authority, (DePaul College Prep Foundation), 5.625%, 8/1/53⁽¹⁾		1,000	984,920
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42⁽²⁾		950	1,003,741
Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59		5,580	6,521,011
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770	779,232
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640	1,978,316
Public Finance Authority, WI, (Roseman University of Health Sciences):
4.00%, 4/1/52⁽¹⁾		245	185,806
5.00%, 4/1/40⁽¹⁾		710	687,188
5.00%, 4/1/50⁽¹⁾		360	331,099
Tennessee State School Bond Authority, 5.00%, 11/1/52⁽²⁾		5,000	5,472,600
			$ 35,133,872
Electric Utilities — 3.4%
Austin, TX, Electric Utility Revenue, 5.25%, 11/15/53⁽²⁾	$	6,000	$ 6,641,460
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		4,040	3,383,217
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 6.00%, 5/15/52		2,000	2,295,860
New York Power Authority, Green Bonds, 4.00%, 11/15/55		3,000	2,879,340
			$ 15,199,877
Escrowed/Prerefunded — 7.1%
California Health Facilities Financing Authority, (Sutter Health Obligation Group), Prerefunded to 8/15/23, 5.00%, 8/15/52⁽²⁾	$	10,000	$ 10,033,500
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/39		175	177,835

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Escrowed/Prerefunded (continued)
Massachusetts Development Finance Agency, (Children's Hospital), Prerefunded to 10/1/24, 5.00%, 10/1/46⁽²⁾	$	10,000	$ 10,197,100
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		205	205,283
Public Finance Authority, WI, (Roseman University of Health Sciences):
Prerefunded to 4/1/30, 5.00%, 4/1/40⁽¹⁾		45	50,859
Prerefunded to 4/1/30, 5.00%, 4/1/50⁽¹⁾		20	22,604
Prerefunded to 4/1/32, 4.00%, 4/1/52⁽¹⁾		5	5,470
Savannah Economic Development Authority, GA, (Marshes Skidaway), Prerefunded to 1/1/24, 7.125%, 1/1/38		4,960	5,061,283
Will County, IL, Prerefunded to 11/15/25, 5.00%, 11/15/45⁽²⁾		5,625	5,841,619
			$ 31,595,553
General Obligations — 15.3%
Allegheny County, PA, 5.00%, 11/1/43⁽²⁾	$	2,875	$ 3,068,344
Chicago Board of Education, IL, 5.00%, 12/1/42		8,160	7,845,432
Chicago, IL:
5.00%, 1/1/44		1,000	984,790
5.75%, 1/1/33		1,500	1,597,845
Cleveland, OH, 5.00%, 12/1/43⁽²⁾		2,775	2,942,055
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/48		2,150	2,100,851
Illinois:
5.00%, 5/1/35		1,415	1,425,330
5.00%, 12/1/42		3,020	3,079,675
5.50%, 5/1/39		290	316,709
5.75%, 5/1/45		295	320,488
Jackson Public Schools, MI, 5.00%, 5/1/48⁽²⁾		2,850	2,936,041
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/53		5,000	4,766,550
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/39		17,900	8,372,546
Massachusetts, 5.00%, 9/1/38⁽²⁾		14,500	15,635,060
Pennsylvania, 5.00%, 3/1/32⁽²⁾		2,250	2,463,368
Peters Township School District, PA, 5.00%, 9/1/40⁽²⁾		2,750	2,979,707
Puerto Rico, 0.00%, 7/1/33		3,000	1,762,410
Township High School District No. 203, IL, 2.00%, 12/15/34		2,480	2,079,009
Trenton Public Schools, MI, 5.00%, 5/1/42⁽²⁾		2,850	3,053,404
			$ 67,729,614

Security	Principal Amount (000's omitted)		Value
Hospital — 8.2%
Allen County, OH, (Mercy Health), 4.00%, 8/1/47⁽²⁾	$	1,000	$ 931,160
Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42		1,985	1,987,680
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44		1,185	1,097,713
Chester County Health and Education Facilities Authority, PA, (Main Line Health System), 4.00%, 9/1/50		2,125	1,929,117
Colorado Health Facilities Authority, (CommonSpirit Health Obligations), 5.50%, 11/1/47		1,500	1,601,145
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/47⁽²⁾		2,800	2,857,736
Hamilton County, OH, (Cincinnati Children's Hospital Medical Center), 5.00%, 5/15/34		250	253,743
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/47⁽²⁾		3,550	3,643,684
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/42⁽²⁾		2,850	2,936,725
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/48		1,495	1,313,866
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		100	100,046
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		45	45,055
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39⁽²⁾		3,425	3,517,612
New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52		2,950	3,091,187
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 5/15/48		750	698,280
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42		5,250	5,032,335
Southeastern Ohio Port Authority, OH, (Memorial Health System Obligated Group):
5.00%, 12/1/43		875	707,131
5.50%, 12/1/43		750	660,293
West Virginia Hospital Finance Authority, (West Virginia Health System Obligated Group), 4.375%, 6/1/53		4,075	3,940,240
			$ 36,344,748
Housing — 1.4%
CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57⁽¹⁾	$	6,425	$ 4,239,729

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Housing (continued)
Indiana Housing and Community Development Authority, SFMR, Social Bonds, (GNMA,FNMA,FHLMC), 4.70%, 7/1/53	$	2,000	$ 1,956,160
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		180	176,400
			$ 6,372,289
Industrial Development Revenue — 8.7%
Arkansas Development Finance Authority, (United States Steel Corp.), Green Bonds, (AMT), 5.70%, 5/1/53	$	3,385	$ 3,401,891
Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27		555	556,693
Henderson, KY, (Pratt Paper, LLC), (AMT), 4.70%, 1/1/52⁽¹⁾		1,500	1,395,270
Houston, TX, (United Airlines, Inc.), (AMT), 4.00%, 7/15/41		3,850	3,360,934
Iowa Finance Authority, (Iowa Fertilizer Co.), 5.00%, 12/1/50		1,500	1,506,750
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35⁽¹⁾		1,075	1,079,827
National Finance Authority, NH, (Covanta):
4.625%, 11/1/42⁽¹⁾		1,580	1,350,537
(AMT), 4.875%, 11/1/42⁽¹⁾		1,740	1,537,220
New Jersey Economic Development Authority, (Continental Airlines):
(AMT), 5.125%, 9/15/23		15	15,007
(AMT), 5.25%, 9/15/29		4,815	4,827,519
(AMT), 5.50%, 6/1/33		750	757,973
(AMT), 5.625%, 11/15/30		4,535	4,597,266
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47		750	742,643
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40		10,140	10,273,949
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31		1,000	1,135,040
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		2,000	1,956,520
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36⁽¹⁾		300	294,696
			$ 38,789,735
Insured - Education — 0.6%
Massachusetts College Building Authority, (AGC), 5.50%, 5/1/39	$	1,000	$ 1,192,590

Security	Principal Amount (000's omitted)		Value
Insured - Education (continued)
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽²⁾	$	1,365	$ 1,623,982
			$ 2,816,572
Insured - Electric Utilities — 4.6%
Cleveland, OH, Public Power System Revenue:
(NPFG), 0.00%, 11/15/27	$	710	$ 607,121
(NPFG), 0.00%, 11/15/38		2,000	1,006,780
Georgia Municipal Electric Authority, (Plant Vogtle Units 3 & 4 Project J), (AGM), 5.00%, 7/1/64		3,125	3,255,563
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.25%, 5/15/53⁽²⁾		4,000	4,379,960
Ohio Municipal Electric Generation Agency:
(NPFG), 0.00%, 2/15/25		815	763,777
(NPFG), 0.00%, 2/15/26		3,000	2,713,650
Puerto Rico Electric Power Authority:
(NPFG), 5.25%, 7/1/29		1,515	1,502,168
(NPFG), 5.25%, 7/1/32		250	247,085
(NPFG), 5.25%, 7/1/34		1,445	1,427,992
South Carolina Public Service Authority, (AGM), 5.75%, 12/1/52		4,000	4,472,800
			$ 20,376,896
Insured - Escrowed/Prerefunded — 0.1%
Bay City Brownfield Redevelopment Authority, MI, (BAM), Prerefunded to 10/1/23, 5.375%, 10/1/38	$	500	$ 503,150
			$ 503,150
Insured - General Obligations — 0.8%
Canal Winchester Local School District, OH, (NPFG), 0.00%, 12/1/30	$	2,455	$ 1,906,725
Detroit School District, MI, (AGM), 5.25%, 5/1/32		300	346,815
Massachusetts, (AMBAC), 5.50%, 8/1/30		1,000	1,161,360
			$ 3,414,900
Insured - Hospital — 0.1%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$ 256,305
			$ 256,305
Insured - Lease Revenue/Certificates of Participation — 1.2%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges):
(AGC), 0.00%, 7/1/26	$	760	$ 675,488
(AGC), 0.00%, 7/1/27		2,020	1,730,009

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Insured - Lease Revenue/Certificates of Participation (continued)
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28	$	1,000	$ 1,103,370
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		2,400	1,983,288
			$ 5,492,155
Insured - Other Revenue — 0.3%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$ 730,898
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 3.00%, 1/1/46		560	430,214
			$ 1,161,112
Insured - Special Tax Revenue — 5.1%
Garden State Preservation Trust, NJ, (AGM), 0.00%, 11/1/25	$	5,250	$ 4,824,697
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34		4,210	2,426,560
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29		1,000	1,129,100
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42		4,000	3,761,760
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/37		20,700	10,569,213
			$ 22,711,330
Insured - Transportation — 5.6%
Alameda Corridor Transportation Authority, CA, (NPFG), 0.00%, 10/1/33	$	12,425	$ 8,462,295
Chicago, IL, (O'Hare International Airport), (AGM), 5.50%, 1/1/43		935	936,103
New Jersey Economic Development Authority, (The Goethals Bridge Replacement):
(AGM), (AMT), 5.00%, 1/1/31		850	856,128
(AGM), (AMT), 5.125%, 1/1/39		1,500	1,506,585
New York Thruway Authority, (AGM), 3.00%, 1/1/46		2,555	1,993,002
Ohio Turnpike Commission:
(NPFG), 5.50%, 2/15/24		350	355,404
(NPFG), 5.50%, 2/15/26		1,000	1,052,600
Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One), (AGM), (AMT), 5.00%, 12/31/57		5,500	5,627,325
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		2,500	2,811,150
Philadelphia Parking Authority, PA, (AMBAC), 5.25%, 2/15/29		1,005	1,006,538
			$ 24,607,130

Security	Principal Amount (000's omitted)		Value
Insured - Water and Sewer — 7.2%
DeKalb County, GA, Water and Sewerage Revenue, (AGM), 5.00%, 10/1/35⁽²⁾	$	17,985	$ 18,901,156
Jefferson County, AL, Sewer Revenue:
(AGM), 0.00%, 10/1/34		6,000	3,018,300
(AGM), 0.00%, 10/1/35		6,680	3,146,280
(AGM), 0.00%, 10/1/36		7,000	3,080,630
(AGM), 5.00%, 10/1/44		3,750	3,815,287
			$ 31,961,653
Lease Revenue/Certificates of Participation — 4.6%
Baltimore, MD, (Harbor Point), 4.875%, 6/1/42	$	555	$ 528,244
Michigan State Building Authority, 5.00%, 10/15/51⁽²⁾		2,850	2,933,220
New Jersey Economic Development Authority, (Portal North Bridge Project), 5.00%, 11/1/52		3,500	3,672,410
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/48		8,000	8,241,040
New Jersey Transportation Trust Fund Authority, (Transportation Program):
4.00%, 6/15/39		1,100	1,067,473
4.25%, 6/15/44⁽⁵⁾		1,000	982,890
5.25%, 6/15/43		2,730	2,864,698
			$ 20,289,975
Other Revenue — 1.9%
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55	$	5,055	$ 4,683,457
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35⁽⁶⁾		1,925	346,500
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/51		1,665	1,735,130
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38⁽¹⁾		485	498,827
Military Installation Development Authority, UT, 4.00%, 6/1/41		500	402,665
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42⁽¹⁾		890	877,033
			$ 8,543,612
Senior Living/Life Care — 5.6%
California Public Finance Authority, (Enso Village), Green Bonds, 3.125%, 5/15/29⁽¹⁾	$	230	$ 215,243
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50		215	196,923
Colorado Health Facilities Authority, (Aberdeen Ridge), 5.00%, 5/15/58		1,510	1,091,896
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		265	256,719

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Senior Living/Life Care (continued)
Franklin County, OH, (Friendship Village of Dublin), 5.00%, 11/15/44	$	650	$ 639,067
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/32		725	680,565
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33⁽¹⁾		775	800,513
5.00%, 11/15/38⁽¹⁾		545	552,265
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57⁽¹⁾		310	272,391
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/38		3,715	3,310,622
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44		1,480	1,291,848
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza), 4.00%, 12/1/51		2,710	1,812,611
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39⁽¹⁾		780	701,540
5.625%, 7/1/46⁽¹⁾		465	417,184
5.75%, 7/1/54⁽¹⁾		1,270	1,131,138
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group):
5.00%, 7/1/32		200	191,264
5.00%, 7/1/33		125	118,630
5.00%, 7/1/34		130	122,389
Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27⁽¹⁾		1,200	1,157,376
Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.00%, 6/1/41		2,095	1,631,816
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39⁽¹⁾		775	651,093
South Carolina Jobs-Economic Development Authority, (Kiawah Life Plan Village, Inc.), 8.75%, 7/1/25⁽¹⁾		145	157,622
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41		2,665	2,484,046
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44		4,030	3,934,086
Warren County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		275	275,478
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39⁽¹⁾		750	600,510
			$ 24,694,835
Special Tax Revenue — 15.8%
Cleveland, OH, Income Tax Revenue:
5.00%, 10/1/39⁽²⁾	$	550	$ 586,443

Security	Principal Amount (000's omitted)		Value
Special Tax Revenue (continued)
Cleveland, OH, Income Tax Revenue: (continued)
5.00%, 10/1/43⁽²⁾	$	2,200	$ 2,328,304
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/50		275	223,660
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13⁽⁶⁾		90	0
5.35%, 5/1/38⁽⁶⁾		35	0
5.75%, 5/1/38		120	120,980
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 8/1/39⁽²⁾		6,500	6,510,010
5.00%, 8/1/39⁽²⁾		12,400	12,583,768
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43⁽²⁾		14,100	14,940,642
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45⁽²⁾		5,600	5,473,384
New York Thruway Authority, Personal Income Tax Revenue, Green Bonds, 5.00%, 3/15/55⁽²⁾		10,000	10,745,500
Puerto Rico Sales Tax Financing Corp.:
0.00%, 7/1/24		126	120,557
0.00%, 7/1/27		251	211,335
0.00%, 7/1/29		246	188,574
0.00%, 7/1/31		316	219,212
0.00%, 7/1/33		357	223,282
0.00%, 7/1/46		3,403	919,627
0.00%, 7/1/51		2,773	552,243
4.50%, 7/1/34		286	286,712
4.536%, 7/1/53		36	32,222
5.00%, 7/1/58		4,752	4,552,131
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		580	579,931
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		193	171,729
Series A2, 5.80%, 5/1/35		165	110,774
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		552	281,404
Tolomato Community Development District, FL, 3.25%, 5/1/40		1,900	1,468,396
Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 5/15/47⁽²⁾		4,275	4,738,795
Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48		2,000	1,908,460
			$ 70,078,075

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Transportation — 15.2%
Chicago, IL, (O'Hare International Airport), (AMT), 5.50%, 1/1/55⁽²⁾	$	4,500	$ 4,755,240
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,000	1,006,950
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey:
5.00%, 7/1/37⁽²⁾		1,825	1,936,818
5.00%, 7/1/47⁽²⁾		6,525	6,771,058
Denver City and County, CO, Airport System Revenue, (AMT), 5.75%, 11/15/45		2,500	2,804,175
Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55		3,000	3,098,220
Minneapolis-St. Paul Metropolitan Airports Commission, MN, 4.25%, 1/1/52		1,500	1,469,280
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 12/1/39		1,060	1,101,743
(AMT), 5.00%, 7/1/41		2,150	2,137,616
(AMT), 5.00%, 7/1/46		2,485	2,420,340
(AMT), 5.25%, 1/1/50		1,055	1,051,012
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/38		4,550	4,749,563
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/47		5,000	5,071,850
Port Authority of New York and New Jersey:
5.00%, 10/15/42⁽²⁾		6,250	6,574,812
(AMT), 4.00%, 9/1/33⁽²⁾		7,200	7,219,944
South Jersey Transportation Authority, NJ, 5.25%, 11/1/52		1,500	1,583,610
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		205	214,217
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		6,000	5,931,180
Texas Transportation Commission, 0.00%, 8/1/37		725	357,005
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/39		750	325,763
Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39		1,435	1,326,944
Virginia Small Business Financing Authority, (Elizabeth River Crossings Opco, LLC), (AMT), 4.00%, 1/1/38		4,750	4,440,252
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52		1,000	990,800
			$ 67,338,392

Security	Principal Amount (000's omitted)		Value
Water and Sewer — 10.1%
Atlanta, GA, Water and Wastewater Revenue:
5.00%, 11/1/40⁽²⁾	$	10,000	$ 10,231,300
5.00%, 11/1/47⁽²⁾		14,100	14,752,830
Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/43⁽²⁾		9,550	9,567,572
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34		4,130	4,173,696
Sussex County Municipal Utilities Authority, NJ, 0.00%, 12/1/36		1,250	720,575
Texas Water Development Board, 4.00%, 10/15/47⁽²⁾		5,500	5,412,715
			$ 44,858,688
Total Tax-Exempt Municipal Obligations (identified cost $592,710,489)			$ 590,144,884

Taxable Municipal Obligations — 5.5%

Security	Principal Amount (000's omitted)		Value
Cogeneration — 0.0%⁽³⁾
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23⁽⁴⁾	$	300	$ 54,006
			$ 54,006
Escrowed/Prerefunded — 0.6%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42	$	2,394	$ 2,480,567
			$ 2,480,567
General Obligations — 2.3%
Atlantic City, NJ, 7.50%, 3/1/40	$	6,880	$ 7,758,438
Chicago, IL, 7.75%, 1/1/42		2,424	2,478,686
			$ 10,237,124
Hospital — 1.3%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	6,000	$ 5,959,500
			$ 5,959,500

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000's omitted)		Value
Insured - Education — 0.5%
Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41	$	2,745	$ 2,021,336
			$ 2,021,336
Insured - Transportation — 0.3%
Alameda Corridor Transportation Authority, CA:
(AMBAC), 0.00%, 10/1/32	$	1,285	$ 783,233
(AMBAC), 0.00%, 10/1/33		1,000	572,750
			$ 1,355,983
Lease Revenue/Certificates of Participation — 0.2%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28⁽⁷⁾	$	750	$ 764,902
			$ 764,902
Special Tax Revenue — 0.3%
American Samoa Economic Development Authority:
2.47%, 9/1/24⁽¹⁾	$	475	$ 455,226
3.72%, 9/1/27⁽¹⁾		1,115	993,978
			$ 1,449,204
Student Loan — 0.0%⁽³⁾
Massachusetts Educational Financing Authority, 4.70%, 1/1/30	$	90	$ 89,783
			$ 89,783
Total Taxable Municipal Obligations (identified cost $24,373,424)			$ 24,412,405

Trust Units — 0.6%

Security	Notional Amount (000's omitted)		Value
Transportation — 0.6%
HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41	$	2,610	$ 2,635,447
Total Trust Units (identified cost $2,629,367)			$ 2,635,447
Total Investments — 141.6% (identified cost $633,936,730)			$ 628,216,126
Other Assets, Less Liabilities — (41.6)%			$(184,457,691)
Net Assets — 100.0%			$ 443,758,435

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2023, the aggregate value of these securities is $27,841,605 or 6.3% of the Trust's net assets.
⁽²⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).
⁽³⁾	Amount is less than 0.05%.
⁽⁴⁾	Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.
⁽⁵⁾	When-issued security.
⁽⁶⁾	Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed bankruptcy.
⁽⁷⁾	Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.
At May 31, 2023, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

New York	16.9%
Texas	11.5%
Others, representing less than 10% individually	69.4%

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, 2023, 18.6% 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 1.0% to 10.5% of total investments.

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Portfolio of Investments (Unaudited) — continued

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

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Statement of Assets and Liabilities (Unaudited)

	May 31, 2023
Assets
Investments, at value (identified cost $633,936,730)	$628,216,126
Cash	808,555
Interest receivable	7,525,297
Receivable for investments sold	17,030,415
Total assets	$653,580,393
Liabilities
Payable for floating rate notes issued	$191,678,476
Due to broker for floating rate notes redeemed	5,760,000
Payable for investments purchased	9,448,384
Payable for when-issued securities	954,410
Payable to affiliates:
Investment adviser fee	225,197
Administration fee	112,598
Trustees' fees	7,395
Interest expense and fees payable	1,418,440
Accrued expenses	217,058
Total liabilities	$209,821,958
Net Assets	$443,758,435
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$396,672
Additional paid-in capital	478,589,158
Accumulated loss	(35,227,395)
Net Assets	$443,758,435
Common Shares Issued and Outstanding	39,667,163
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$11.19

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Statement of Operations (Unaudited)

	Six Months Ended
	May 31, 2023
Investment Income
Interest income	$14,379,052
Total investment income	$14,379,052
Expenses
Investment adviser fee	$1,339,483
Administration fee	669,741
Trustees’ fees and expenses	20,783
Custodian fee	54,059
Transfer and dividend disbursing agent fees	9,282
Legal and accounting services	66,360
Printing and postage	32,367
Interest expense and fees	3,896,174
Miscellaneous	35,825
Total expenses	$6,124,074
Net investment income	$8,254,978
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$(2,450,196)
Net realized loss	$(2,450,196)
Change in unrealized appreciation (depreciation):
Investments	$1,402,535
Net change in unrealized appreciation (depreciation)	$1,402,535
Net realized and unrealized loss	$(1,047,661)
Net increase in net assets from operations	$7,207,317

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Statements of Changes in Net Assets

	Six Months Ended May 31, 2023 (Unaudited)	Year Ended November 30, 2022
Increase (Decrease) in Net Assets
From operations:
Net investment income	$8,254,978	$20,603,930
Net realized loss	(2,450,196)	(22,781,359)
Net change in unrealized appreciation (depreciation)	1,402,535	(93,763,672)
Net increase (decrease) in net assets from operations	$7,207,317	$(95,941,101)
Distributions to common shareholders	$(9,758,122)	$(22,173,944)
Net decrease in net assets	$(2,550,805)	$(118,115,045)
Net Assets
At beginning of period	$446,309,240	$564,424,285
At end of period	$443,758,435	$446,309,240

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Statement of Cash Flows (Unaudited)

	Six Months Ended
	May 31, 2023
Cash Flows From Operating Activities
Net increase in net assets from operations	$7,207,317
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased	(85,214,341)
Investments sold	113,361,322
Net amortization/accretion of premium (discount)	278,101
Decrease in interest receivable	396,394
Increase in payable to affiliate for investment adviser fee	8,703
Increase in payable to affiliate for administration fee	4,351
Decrease in payable to affiliate for Trustees' fees	(1,626)
Increase in interest expense and fees payable	175,679
Decrease in accrued expenses	(29,784)
Net change in unrealized appreciation (depreciation) from investments	(1,402,535)
Net realized loss from investments	2,450,196
Net cash provided by operating activities	$37,233,777
Cash Flows From Financing Activities
Cash distributions paid to common shareholders	$(9,758,122)
Proceeds from secured borrowings	16,000,000
Repayment of secured borrowings	(47,520,000)
Net cash used in financing activities	$(41,278,122)
Net decrease in cash	$(4,044,345)
Cash at beginning of period	$4,852,900
Cash at end of period	$808,555
Supplemental disclosure of cash flow information:
Cash paid for interest and fees	$3,720,495

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Financial Highlights

Selected data for a common share outstanding during the periods stated

	Six Months Ended May 31, 2023 (Unaudited)	Year Ended November 30,
	Six Months Ended May 31, 2023 (Unaudited)	2022	2021	2020	2019	2018
Net asset value — Beginning of period (Common shares)	$11.250	$14.230	$14.130	$13.790	$12.700	$13.250
Income (Loss) From Operations
Net investment income⁽¹⁾	$0.208	$0.519	$0.612	$0.574	$0.542	$0.611
Net realized and unrealized gain (loss)	(0.022)	(2.940)	0.060	0.327	1.117	(0.528)
Distributions to APS shareholders: From net investment income⁽¹⁾	—	—	—	—	—	(0.004)
Total income (loss) from operations	$0.186	$(2.421)	$0.672	$0.901	$1.659	$0.079
Less Distributions to Common Shareholders
From net investment income	$(0.246)	$(0.559)	$(0.572)	$(0.561)	$(0.569)	$(0.629)
Total distributions to common shareholders	$(0.246)	$(0.559)	$(0.572)	$(0.561)	$(0.569)	$(0.629)
Net asset value — End of period (Common shares)	$11.190	$11.250	$14.230	$14.130	$13.790	$12.700
Market value — End of period (Common shares)	$9.810	$10.250	$13.700	$13.250	$12.880	$11.050
Total Investment Return on Net Asset Value⁽²⁾	1.91%⁽³⁾	(16.96)%	4.95%	7.15%	13.83%	1.04%
Total Investment Return on Market Value⁽²⁾	(1.94)%⁽³⁾	(21.41)%	7.75%	7.57%	22.10%	(5.22)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of period (000’s omitted)	$443,758	$446,309	$564,424	$560,302	$546,984	$302,013
Ratios (as a percentage of average daily net assets applicable to common shares):⁽⁴⁾
Expenses excluding interest and fees	0.99%⁽⁵⁾	1.04%	0.98%	1.05%	1.19%	1.29%
Interest and fee expense⁽⁶⁾	1.74%⁽⁵⁾	0.81%	0.29%	0.71%	1.27%	1.61%
Total expenses	2.73%⁽⁵⁾	1.85%	1.27%	1.76%	2.46%	2.90%
Net investment income	3.68%⁽⁵⁾	4.23%	4.28%	4.18%	4.02%	4.71%
Portfolio Turnover	14%⁽³⁾	23%	7%	12%	17%	32%

⁽¹⁾	Computed using average common shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust's dividend reinvestment plan.
⁽³⁾	Not annualized.
⁽⁴⁾	Ratios do not reflect the effect of dividend payments to APS shareholders, if any.
⁽⁵⁾	Annualized.
⁽⁶⁾	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and, for the year ended November 30, 2018, iMTP Shares issued to redeem a portion of the Trust’s APS. As of November 30, 2018, the Trust had no APS and iMTP Shares outstanding.

APS	– Auction Preferred Shares
iMTP Shares	– Institutional MuniFund Term Preferred Shares

See Notes to Financial Statements.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipal Income Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust seeks to provide current income exempt from regular federal income tax.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. 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, 2023, 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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Eaton Vance

Municipal Income Trust

May 31, 2023

Notes to Financial Statements (Unaudited) — continued

G Floating Rate Notes Issued in Conjunction with Securities Held—The Trust may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trust accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes 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, 2023. 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, 2023, the amount of the Trust's Floating Rate Notes outstanding and the related collateral were $191,678,476 and $260,884,401, respectively. The range of interest rates on the Floating Rate Notes outstanding at May 31, 2023 was 3.41% to 3.73%. For the six months ended May 31, 2023, the Trust’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $219,294,835 and 3.56%, 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, 2023.

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. As of the date of this report, consistent with Rule 18f-4, the Trust has elected to comply with the asset coverage requirements of Section 18 with respect to its investments in residual interest bonds (as opposed to treating such interests as derivatives transactions). The Trust may change this election (and elect to treat these investments and other similar financing transactions as derivatives transactions) 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 Interim Financial Statements—The interim financial statements relating to May 31, 2023 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.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Notes to Financial Statements (Unaudited) — continued

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.

At November 30, 2022, the Trust, for federal income tax purposes, had deferred capital losses of $27,500,097 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, 2022, $8,610,522 are short-term and $18,889,575 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Trust at May 31, 2023, as determined on a federal income tax basis, were as follows:

Aggregate cost	$440,839,925
Gross unrealized appreciation	$15,639,859
Gross unrealized depreciation	(19,942,134)
Net unrealized depreciation	$(4,302,275)

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, 2023, the investment adviser fee and administration fee were $1,339,483 and $669,741, respectively.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2023, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $91,988,045 and $126,402,116, respectively, for the six months ended May 31, 2023.

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, 2023 and the year ended November 30, 2022.

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, 2023 and the year ended November 30, 2022.

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Eaton Vance

Municipal Income Trust

May 31, 2023

Notes to Financial Statements (Unaudited) — continued

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, 2023 and the year ended November 30, 2022, 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, 2023, the hierarchy of inputs used in valuing the Trust's investments, which are carried at value, were as follows:

Asset Description	Level 1	Level 2	Level 3	Total
Corporate Bonds	$ —	$ 11,023,390	$ —	$ 11,023,390
Tax-Exempt Municipal Obligations	—	590,144,884	—	590,144,884
Taxable Municipal Obligations	—	24,412,405	—	24,412,405
Trust Units	—	2,635,447	—	2,635,447
Total Investments	$ —	$628,216,126	$ —	$628,216,126

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Eaton Vance

Municipal Income Trust

May 31, 2023

Annual Meeting of Shareholders (Unaudited)

The Trust held its Annual Meeting of Shareholders on March 16, 2023. The following action was taken by the shareholders:

Proposal 1. The election of Alan C. Bowser, Keith Quinton, Marcus L. Smith and Nancy A. Wiser as Class III Trustees of the Trust for a three-year term expiring in 2026.

	Number of Shares
Nominees for Trustee	For	Withheld
Alan C. Bowser	31,109,073	1,637,181
Keith Quinton	30,751,786	1,994,468
Marcus L. Smith	31,203,577	1,542,677
Nancy A. Wiser	31,088,296	1,657,958

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Eaton Vance

Municipal Income Trust

May 31, 2023

Officers and Trustees

Officers
Eric A. Stein President	Nicholas S. Di Lorenzo Secretary
Deidre E. Walsh Vice President and Chief Legal Officer	Richard F. Froio Chief Compliance Officer
James F. Kirchner Treasurer

Trustees

George J. Gorman Chairperson
Alan C. Bowser⁽¹⁾
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
Valerie A. Mosley

Anchal Pachnanda*⁽²⁾
Keith Quinton
Marcus L. Smith
Susan J. Sutherland
Scott E. Wennerholm
Nancy A. Wiser

*	Interested Trustee
⁽¹⁾	Mr. Bowser began serving as Trustee effective January 4, 2023.
⁽²⁾	Ms. Pachnanda began serving as Trustee effective April 1, 2023.

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Eaton Vance Funds

Privacy Notice

April 2021

FACTS

WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

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Eaton Vance Funds

Privacy Notice — continued

April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

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Eaton Vance Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. 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.

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
Two International Place
Boston, MA 02110

Custodian

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

Transfer Agent

Equiniti Trust Company, LLC
6201 15^th Avenue
Brooklyn, NY 11219

Fund Offices

Two International Place
Boston, MA 02110

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7695 5.31.23

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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 12. 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 13. Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Eaton Vance Municipal Income Trust

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: July 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date: July 25, 2023


By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: July 25, 2023

Eaton Vance Municipal Income Trust

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

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

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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 25, 2023

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Eaton Vance Municipal Income Trust

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Eric A. Stein, certify that:

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

(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 25, 2023	/s/ Eric A. Stein
		Eric A. Stein
		President

Form N-CSR Item 13(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 Treasurer and President, respectively, of Eaton Vance Municipal Income Trust (the “Trust”), that:

(a)	The Semiannual Report of the Trust on Form N-CSR for the period ended May 31, 2023 (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 25, 2023

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: July 25, 2023

/s/ Eric A. Stein

Eric A. Stein

President

N-2	6 Months Ended
N-2	May 31, 2023 shares
Cover [Abstract]
Entity Central Index Key	0001074540
Amendment Flag	false
Document Type	N-CSRS
Entity Registrant Name	Eaton Vance Municipal Income Trust
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	The Trust seeks to provide current income exempt from regular federal income tax.
Common Shares [Member]
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Outstanding Security, Title [Text Block]	Common Shares
Outstanding Security, Held [Shares]	39,667,163