UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

Investment Company Act file number

811-09141

Eaton Vance Municipal Income Trust

(Exact name of registrant as specified in charter)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

02109

(Address of principal executive offices)

(Zip code)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

Copy to:

Registrant's telephone number, including area code:

(617) 482-8260

Date of fiscal year end:

  November 30

Date of reporting period:

  February 28, 2005

Eaton Vance Municipal Income Trust

as of February 28, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Principal
Amount
(000’s omitted)

Security

Value

Cogeneration — 1.2%

$

2,950

Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19

$

3,014,693

3,014,693

Education — 2.7%

2,250

California Educational Facilities Authority, Stanford University, Residual Certificates, Variable Rate, 14.67%, 12/1/32 (1) (2)

2,803,590

3,430

Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59

3,760,240

6,563,830

Electric Utilities — 11.8%

6,500

Brazos River Authority, TX, (Reliant Energy, Inc.), 7.75%, 12/1/18

7,199,335

2,000

Brazos River Authority, TX, PCR (Texas Energy Co.), (AMT), 6.75%, 4/1/38

2,319,180

3,550

Mississippi Business Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22

3,593,239

7,250

North Carolina Municipal Power Agency, (Catawba), 6.50%, 1/1/20

8,152,842

1,000

Pennsylvania EDA, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36

1,069,970

3,400

Pennsylvania EDA, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36

3,637,898

2,550

Pennsylvania EDA, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36

2,720,314

28,692,778

Escrowed / Prerefunded — 8.0%

35,000

Dawson Ridge, CO, Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22

15,194,200

95

Delaware County, PA, IDA, (Glen Riddle), Escrowed to Maturity, (AMT), 8.125%, 9/1/05

96,351

2,000

Delaware County, PA, IDA, (Glen Riddle), Prerefunded to 9/1/05, (AMT), 8.625%, 9/1/25

2,119,240

1,725

Maricopa County, AZ, IDA, (Place Five and The Greenery), Escrowed to Maturity, 8.625%, 1/1/27

2,002,932

19,412,723

General Obligations — 6.9%

$

1,500

California, 5.25%, 11/1/29

$

1,593,810

4,950

California, 5.50%, 11/1/33

5,381,590

2,000

Kershaw County, SC, School District, 5.00%, 2/1/18

2,136,920

1,200

New York, NY, Variable Rate, 12.187%, 6/1/28 (1) (2)

1,426,368

5,000

Puerto Rico, Variable Rate, 9.289%, 7/1/29 (1) (3)

6,269,600

16,808,288

Health Care - Miscellaneous — 1.2%

608

Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program, 6.00%, 12/1/36

615,210

1,605

Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program, 6.25%, 12/1/36

1,695,573

609

Tax Exempt Securities Trust, Community Health Provider, Pooled Loan Program, 7.75%, 12/1/36

614,620

2,925,403

Hospital — 19.0%

2,500

California Health Facilities Authority, (Cedars Sinai Medical Center), Variable Rate, 10.702%, 12/1/34 (1) (3)

2,957,100

895

Chautauqua County, NY, IDA, (Women’s Christian Association), 6.35%, 11/15/17

911,012

975

Chautauqua County, NY, IDA, (Women’s Christian Association), 6.40%, 11/15/29

979,095

1,000

Halifax, FL, Medical Center, 7.25%, 10/1/24

1,111,250

6,000

Henderson, NV, Health Care Facility, 5.625%, 7/1/24

6,340,920

2,725

Highland County, OH, (Joint Township Hospital District), 6.75%, 12/1/29

2,754,294

5,000

Illinois Health Facility Authority, (Loyola University Health System), 6.00%, 7/1/21

5,247,700

2,575

Louisiana Public Facilities Authority, (Tuoro Infirmary), 5.625%, 8/15/29

2,628,740

2,000

Martin County, MN, (Fairmont Community Hospital Association), 6.625%, 9/1/22

2,059,520

1,150

Mecosta County, MI, General Hospital, 5.75%, 5/15/09

1,176,703

$

2,500

Mecosta County, MI, General Hospital, 6.00%, 5/15/18

$

2,466,800

1,500

New Jersey Health Care Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30

1,691,655

5,000

North Central, TX, Health Facility Development Corp., (Baylor Healthcare System), 5.125%, 5/15/29

5,126,550

1,470

Oneonta, AL, Eastern Health Care Facility Financing Authority, (Eastern Health Systems, Inc.), 7.75%, 7/1/21

1,636,830

7,000

Rhode Island HEFA, (St. Joseph Health Services), 5.50%, 10/1/29

6,706,840

2,425

Southwestern Illinois, Development Authority, (Anderson Hospital), 5.625%, 8/15/29

2,504,273

46,299,282

Housing — 12.9%

990

California Statewide Communities Development Authority, (AMT), Variable Rate, 34.664%, 12/1/34 (1) (3) (8)

961,132

4,000

Charter Mac Equity Trust, TN, 6.00%, 4/30/19

4,308,920

4,000

Charter Mac Equity Trust, TN, (AMT), 6.625%, 6/30/09

4,405,360

3,185

Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), 7.75%, 8/15/20

3,187,771

880

Lake Creek, CO, Affordable Housing Corp., Multifamily, 7.00%, 12/1/23

797,870

4,435

Louisiana Public Facilities Authority, (Eden Point), 6.25%, 3/1/34

3,845,899

4,000

Muni Mae Tax-Exempt Bond, LLC, (AMT), 6.875%, 6/30/49

4,444,960

3,080

North Little Rock, AR, Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21

2,864,246

3,550

Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29

3,161,665

970

Raleigh, NC, Housing Authority, Multifamily, (Cedar Point), 7.00%, 11/1/30 (4)

97,000

3,300

Texas Student Housing Corp., (University of Northern Texas), 6.75%, 7/1/16

3,216,906

31,291,729

Industrial Development Revenue — 7.8%

$

1,870

ABIA Development Corp., TX, (Austin Cargoport Development), (AMT), 6.50%, 10/1/24

$

1,721,923

1,550

Alliance Airport Authority, TX, (American Airlines, Inc.), (AMT), 7.50%, 12/1/29

1,117,101

1,772

Broward County, FL, IDR, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19

1,637,974

2,500

Gulf Coast, TX, Waste Disposal Authority, (Valero Energy Corp.) (AMT), 5.70%, 4/1/32

2,533,825

1,000

Kenton County, KY, Airport, (Delta Airlines), (AMT), 7.125%, 2/1/21

871,700

6,000

New Jersey EDA, (Continental Airlines), (AMT), 6.25%, 9/15/29

4,776,540

3,500

New York City, NY, IDA, (American Airlines, Inc.), (AMT), 8.50%, 8/1/28

2,855,615

4,350

Phoenix, AZ, IDA, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19

3,559,431

19,074,109

Insured-Education — 1.4%

3,000

Massachusetts HEFA, (Berklee College of Music), (MBIA), Variable Rate, 8.11%, 10/1/27 (1) (3)

3,308,880

3,308,880

Insured-Electric Utilities — 0.6%

1,350

Wamego, KS, PCR, (MBIA), 5.30%, 6/1/31

1,451,804

1,451,804

Insured-Escrowed/Prerefunded — 1.8%

4,250

Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26

4,406,315

4,406,315

Insured-General Obligations — 15.9%

7,905

California, (AMBAC), 4.25%, 3/1/28 (5)

7,463,269

2,625

California, (FGIC), Variable Rate, 14.70%, 9/1/30 (1) (2)

3,294,270

500

California, (FGIC), Variable Rate, 87.767%, 12/1/29 (1) (2) (8)

1,618,350

2,000

Chicago, IL, (MBIA), 5.00%, 1/1/41

2,041,080

30,160

Chicago, IL, Board of Education, (FGIC), 0.00%, 12/1/22 (6)

12,744,711

13,000

Illinois Development Finance Authority, (Local Government Program-Elgin School District-U46), (FSA), 0.00%, 1/1/20

6,542,770

4,000

Puerto Rico, (FSA), Variable Rate, 16.243%, 7/1/27 (1) (2)

5,031,640

38,736,090

Insured-Hospital — 9.1%

$

19,705

Kentucky EDA, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/25

$

7,070,351

22,770

Kentucky EDA, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/26

7,724,495

10,000

Kentucky EDA, (Norton Healthcare, Inc.), (MBIA), 0.00%, 10/1/27

3,205,500

4,000

New Jersey Health Care Facilities Financing Authority, (St. Barnabas Medical Center), (MBIA), Variable Rate, 10.994%, 7/1/28 (1) (2)

4,083,920

22,084,266

Insured-Transportation — 23.4%

3,500

Chicago, IL, O’Hare International Airport, (AMBAC), (AMT), 5.375%, 1/1/32

3,662,470

2,500

Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 5.50%, 11/1/20

2,720,850

4,930

Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 5.75%, 11/1/30

5,319,963

4,500

Dallas-Fort Worth, TX, International Airport, (FGIC), (AMT), 6.125%, 11/1/35

4,976,055

25,500

E-470 Public Highway Authority, CO, (MBIA), 0.00%, 3/1/36

4,606,320

4,000

Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37

4,071,720

2,400

Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 11.774%, 1/1/37 (1) (2)

2,529,096

7,500

Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (FGIC), 5.25%, 1/1/32

7,908,525

5,500

Nevada Department of Business and Industry, (Las Vegas Monorail -1st Tier), (AMBAC), 5.375%, 1/1/40

5,731,440

2,000

Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 10.795%, 7/1/32 (1) (2)

2,246,360

7,000

San Antonio, TX, Airport System, (Improvements), (FGIC), (AMT), 5.25%, 7/1/21

7,380,660

1,500

South Carolina Transportation Infrastructure, (AMBAC), 5.00%, 10/1/33

1,550,160

9,000

Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21

4,135,050

56,838,669

Insured-Water and Sewer — 0.3%

700

Jupiter, FL, (AMBAC), 4.75%, 10/1/33

709,590

709,590

Lease Revenue/Certificates of Participation — 1.5%

$

3,340

New Jersey EDA, (School Facilities), Variable Rate, 10.835%, 6/15/28 (1) (2)

$

3,580,413

3,580,413

Nursing Home — 3.3%

3,305

Ohio HFA, Retirement Rental Housing, (Encore Retirement Partners), 6.75%, 3/1/19

2,887,777

695

Okaloosa County, FL, Retirement Rental Housing, (Encore Retirement Partners), 6.125%, 2/1/14

629,385

2,000

Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34

1,743,280

2,920

Wisconsin HEFA, (Wisconsin Illinois Senior Housing), 7.00%, 8/1/29

2,769,795

8,030,237

Other Revenue — 13.5%

4,000

California Statewide Communities Development Authority, (East Valley Tourist Development Authority), 8.25%, 10/1/14

4,084,360

3,000

Capital Trust Agency, FL, (Seminole Tribe Convention), 8.95%, 10/1/33

3,372,810

2,740

Capital Trust Agency, FL, (Seminole Tribe Convention), 10.00%, 10/1/33

3,094,419

3,160

Golden Tobacco Securitization Corp., CA, 6.75%, 6/1/39

3,311,143

2,900

Golden Tobacco Securitization Corp., CA, Variable Rate, 9.547%, 6/1/38 (1) (3)

3,401,729

1,500

Mohegan Tribe Indians, CT, Gaming Authority, (Public Improvements), 6.25%, 1/1/21

1,594,905

3,900

Puerto Rico Infrastructure Financing Authority, Variable Rate, 19.305%,
10/1/32 (1) (2) (7)

5,894,460

3,300

Santa Fe, NM, (Crow Hobbs), 8.50%, 9/1/16

3,358,905

1,290

Tobacco Settlement Financing Corp., NJ, 6.75%, 6/1/39

1,351,701

3,000

Tobacco Settlement Financing Corp., NJ, Variable Rate, 12.419%, 6/1/39 (1) (3) (8)

3,286,980

32,751,412

Pooled Loans — 0.4%

$

895

Virginia Resources Authority, (Virginia Pooled Financing Program), 4.50%, 11/1/35

$

876,706

876,706

Senior Living / Life Care — 2.4%

1,960

Cliff House Trust, PA, (AMT), 6.625%, 6/1/27

1,500,733

3,240

Logan County, CO, Industrial Development Revenue, (TLC Care Choices, Inc.), 6.875%, 12/1/23

2,955,593

1,400

Mesquite, TX, Health Facilities Authority, (Christian Retirement Facility), 7.625%, 2/15/28

1,471,302

5,927,628

Special Tax Revenue — 5.1%

3,280

Bell Mountain Ranch, CO, Metropolitan District, 6.625%, 11/15/25

3,355,768

3,570

Black Hawk, CO, Business Improvement District, 6.50%, 12/1/11

3,516,986

395

Longleaf, FL, Community Development District, 6.20%, 5/1/09

382,407

1,720

Longleaf, FL, Community Development District, 6.65%, 5/1/20

1,580,594

1,150

New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/24

1,210,904

2,115

New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29

2,250,233

12,296,892

Transportation — 2.8%

1,500

Augusta, GA, (AMT), 5.35%, 1/1/28 (5)

1,503,300

1,875

Kent County, MI, Airport Facility, Variable Rate, 13.49%, 1/1/25 (1) (3)

2,049,188

3,100

Port Authority of New York and New Jersey, (AMT), 5.25%, 7/15/34

3,293,657

6,846,145

Total Tax-Exempt Investments — 153.0%
(identified cost $346,041,554)

371,927,882

Other Assets, Less Liabilities — 0.9%

2,262,339

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.8)%

(131,013,203

)

Net Assets Applicable to Common Shares — 100.0%

243,177,018

AMBAC

-

AMBAC Financial Group, Inc.

AMT

-

Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC

-

Financial Guaranty Insurance Company

FSA

-

Financial Security Assurance, Inc.

MBIA

-

Municipal Bond Insurance Association

California

15.2

%

Colorado

12.5

%

Illinois

13.5

%

Texas

20.2

%

Others, representing less than 10% individually

91.6

%

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2005, the aggregate value of the securities is $54,743,076 or 22.5% of the Trust’s net assets.

(2)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2005.

(3)

Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2005.

(4)

Defaulted bond.

(5)

When-issued security.

(6)

Security (or a portion thereof) has been segregated to cover when-issued securities.

(7)

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(8)

Security is subject to a shortfall and forebearance agreement.

Expiration
Date(s)

Contracts

Position

Aggregate
Cost

Value

Net Unrealized
Appreciation

06/05

500 U.S. Treasury Bond

Short

$

(56,636,316

)

$

(56,171,875

)

$

464,441

06/05

500 U.S. Treasury Note

Short

(55,185,375

)

(54,937,500

)

247,875

$

712,316

Aggregate cost

$

345,529,861

Gross unrealized appreciation

$

32,334,717

Gross unrealized depreciation

(5,936,696

)

Net unrealized appreciation

$

26,398,021

By:

/s/ Thomas J. Fetter

Thomas J. Fetter

President and Principal Executive Officer

Date:

April 14, 2005

By:

/s/ Thomas J. Fetter

Thomas J. Fetter

President and Principal Executive Officer

Date:

April 14, 2005

By:

/s/ James L. O’Connor

James L. O’Connor

Treasurer and Principal Financial Officer

Date:

April 14, 2005