Item 1. Schedule of Investments | ||||||||
Item 2. Controls and Procedures | ||||||||
Signatures | ||||||||
EX-99.CERT Section 302 Certification |
Eaton Vance Michigan Municipal Bond Fund | as of December 31, 2009 |
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Electric Utilities 2.9%
|
||||||||
$ | 620 |
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
$ | 622,592 | ||||
$ | 622,592 | |||||||
Escrowed/Prerefunded 10.0%
|
||||||||
$ | 400 |
Michigan Hospital Finance Authority, (Chelsea Community
Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30
|
$ | 464,612 | ||||
1,500 |
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
1,649,730 | ||||||
$ | 2,114,342 | |||||||
Hospital 7.6%
|
||||||||
$ | 1,000 |
Michigan Hospital Finance Authority, (Oakwood Hospital System),
5.75%, 4/1/32
|
$ | 970,600 | ||||
640 |
Michigan Hospital Finance Authority, (Trinity Health),
5.375%, 12/1/30
|
643,136 | ||||||
$ | 1,613,736 | |||||||
Insured-Electric Utilities 7.2%
|
||||||||
$ | 500 |
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
|
$ | 500,255 | ||||
1,000 |
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
1,036,990 | ||||||
$ | 1,537,245 | |||||||
Insured-Escrowed/Prerefunded 42.3%
|
||||||||
$ | 750 |
Detroit School District, (School Bond Loan Fund), (AGM),
Prerefunded to 5/1/12, 5.125%, 5/1/31
|
$ | 823,763 | ||||
1,250 |
Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31
|
1,334,237 | ||||||
1,500 |
Lansing Building Authority, (NPFG), Prerefunded to 6/1/13,
5.00%, 6/1/29
|
1,698,060 | ||||||
1,150 |
Michigan Hospital Finance Authority, (St. John Health System),
(AMBAC), Escrowed to Maturity, 5.00%, 5/15/28
|
1,159,741 | ||||||
1,750 |
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/22
|
1,023,505 | ||||||
2,615 |
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/23
|
1,449,442 | ||||||
1,300 |
Reed City Public Schools, (AGM), Prerefunded to 5/1/14,
5.00%, 5/1/29
|
1,499,576 | ||||||
$ | 8,988,324 | |||||||
Insured-General Obligations 22.2%
|
||||||||
$ | 1,960 |
Grand Rapids and Kent County Joint Building Authority, (DeVos
Place), (NPFG),
0.00%, 12/1/27(1)
|
$ | 860,146 | ||||
750 |
Greenville Public Schools, (NPFG), 5.00%, 5/1/25
|
778,815 | ||||||
1,330 |
Okemos Public School District, (NPFG), 0.00%, 5/1/19
|
905,650 | ||||||
1,000 |
Pinconning Area Schools, (AGM), 5.00%, 5/1/33
|
1,014,650 | ||||||
1,000 |
Royal Oak, (AGC), 6.25%, 10/1/28
|
1,161,460 | ||||||
$ | 4,720,721 | |||||||
Insured-Hospital 6.3%
|
||||||||
$ | 500 |
Michigan Hospital Finance Authority, (Mid-Michigan Obligation
Group), (AMBAC), 5.00%, 4/15/32
|
$ | 473,595 | ||||
975 |
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35
|
875,930 | ||||||
$ | 1,349,525 | |||||||
Insured-Lease Revenue/Certificates of
Participation 9.2%
|
||||||||
$ | 1,000 |
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
|
$ | 327,570 | ||||
3,100 |
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
|
875,378 | ||||||
795 |
Puerto Rico Public Buildings Authority, (CIFG),
5.25%, 7/1/36
|
747,419 | ||||||
$ | 1,950,367 | |||||||
Insured-Public Education 15.0%
|
||||||||
$ | 750 |
Central Michigan University, (AMBAC), 5.05%, 10/1/32
|
$ | 755,033 | ||||
435 |
Ferris State University, (AGC), 5.125%, 10/1/33
|
450,951 |
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
$ | 750 |
Lake Superior State University, (AMBAC), 5.125%, 11/15/26
|
$ | 751,215 | ||||
1,200 |
Wayne University, (NPFG), 5.00%, 11/15/37
|
1,224,192 | ||||||
$ | 3,181,391 | |||||||
Insured-Sewer Revenue 2.0%
|
||||||||
$ | 500 |
Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35
|
$ | 415,750 | ||||
$ | 415,750 | |||||||
Insured-Special Tax Revenue 13.2%
|
||||||||
$ | 7,030 |
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 403,452 | ||||
1,465 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44
|
175,199 | ||||||
1,675 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
187,148 | ||||||
1,115 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
115,659 | ||||||
1,000 |
Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (NPFG), 5.00%, 12/1/30
|
917,330 | ||||||
1,000 |
Ypsilanti Community Utilities Authority, (Sanitary Sewer
System), (FGIC), (NPFG), 5.00%, 5/1/32
|
1,006,490 | ||||||
$ | 2,805,278 | |||||||
Insured-Utilities 7.3%
|
||||||||
$ | 1,000 |
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/25
|
$ | 1,029,230 | ||||
510 |
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/26
|
524,152 | ||||||
$ | 1,553,382 | |||||||
Insured-Water Revenue 11.4%
|
||||||||
$ | 1,425 |
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
|
$ | 1,361,659 | ||||
1,000 |
Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29
|
1,050,260 | ||||||
$ | 2,411,919 | |||||||
Private Education 2.0%
|
||||||||
$ | 450 |
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
$ | 422,410 | ||||
$ | 422,410 | |||||||
Total Tax-Exempt Investments 158.6%
(identified cost $33,110,005) |
$ | 33,686,982 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (62.7)%
|
$ | (13,325,313 | ) | |||||
Other Assets, Less Liabilities 4.1%
|
$ | 872,586 | ||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 21,234,255 | ||||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares. |
AGC
|
- | Assured Guaranty Corp. | ||||
AGM
|
- | Assured Guaranty Municipal Corp. | ||||
AMBAC
|
- | AMBAC Financial Group, Inc. | ||||
CIFG
|
- | CIFG Assurance North America, Inc. | ||||
FGIC
|
- | Financial Guaranty Insurance Company | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
XLCA
|
- | XL Capital Assurance, Inc. | ||||
The Fund invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at December 31, 2009, 85.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.5% to 36.9% of total investments. | ||||||
(1)
|
Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Date | Contracts | Position | Cost | Value | Appreciation | |||||||||||
3/10
|
6 U.S. Treasury Bond | Short | $ | (718,729 | ) | $ | (692,250 | ) | $ | 26,479 | ||||||
3/10
|
4 U.S. Treasury Note | Short | (473,580 | ) | (461,813 | ) | 11,767 | |||||||||
$ | 38,246 | |||||||||||||||
Annual |
Effective Date/ |
|||||||||||||||
Notional |
Fixed Rate |
Floating Rate |
Termination |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | Appreciation | |||||||||||
JPMorgan Chase Co.
|
$ | 450,000 | 4.097 | % |
3-month /USD- LIBOR-BBA |
March 15, 2010 / March 15, 2040 |
$ | 35,039 | ||||||||
Merrill Lynch Capital Services, Inc.
|
675,000 | 4.260 |
3-month USD- LIBOR-BBA |
February 24, 2010 / February 24, 2040 |
32,850 | |||||||||||
$ | 67,889 | |||||||||||||||
Aggregate cost
|
$ | 33,078,270 | ||
Gross unrealized appreciation
|
$ | 1,725,689 | ||
Gross unrealized depreciation
|
(1,116,977 | ) | ||
Net unrealized appreciation
|
$ | 608,712 | ||
| 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 funds own assumptions in determining the fair value of investments) |
Quoted Prices in |
||||||||||||||||
Active Markets for |
Significant Other |
Significant |
||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | ||||||||||||||
Asset Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Tax-Exempt Investments
|
$ | | $ | 33,686,982 | $ | | $ | 33,686,982 | ||||||||
Total Investments
|
$ | | $ | 33,686,982 | $ | | $ | 33,686,982 | ||||||||
Futures Contracts
|
$ | 38,246 | $ | | $ | | $ | 38,246 | ||||||||
Interest Rate Swaps
|
| 67,889 | | 67,889 | ||||||||||||
Total
|
$ | 38,246 | $ | 33,754,871 | $ | | $ | 33,793,117 | ||||||||
By:
|
/s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
Date:
|
February 22, 2010 |
By:
|
/s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
Date:
|
February 22, 2010 | |||
By:
|
/s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer | ||||
Date:
|
February 22, 2010 |