Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Electric Utilities 3.0%
|
||||||||
$ | 620 |
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
$ | 620,434 | ||||
$ | 620,434 | |||||||
Escrowed/Prerefunded 9.8%
|
||||||||
$ | 400 |
Michigan Hospital Finance Authority, (Chelsea Community
Hospital), Prerefunded to 5/15/15, 5.00%, 5/15/30
|
$ | 460,412 | ||||
1,500 |
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
1,544,895 | ||||||
$ | 2,005,307 | |||||||
General Obligations 2.7%
|
||||||||
$ | 170 |
Comstock Park Public Schools, 5.00%, 5/1/28
|
$ | 172,296 | ||||
205 |
Comstock Park Public Schools, 5.125%, 5/1/31
|
206,720 | ||||||
165 |
Comstock Park Public Schools, 5.25%, 5/1/33
|
167,330 | ||||||
$ | 546,346 | |||||||
Hospital 8.0%
|
||||||||
$ | 1,000 |
Michigan Hospital Finance Authority, (Oakwood Hospital System),
5.75%, 4/1/32
|
$ | 1,002,700 | ||||
640 |
Michigan Hospital Finance Authority, (Trinity Health),
5.375%, 12/1/30
|
642,611 | ||||||
$ | 1,645,311 | |||||||
Insured-Electric Utilities 7.4%
|
||||||||
$ | 500 |
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
|
$ | 497,060 | ||||
1,000 |
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
1,016,640 | ||||||
$ | 1,513,700 | |||||||
Insured-Escrowed/Prerefunded 41.5%
|
||||||||
$ | 750 |
Detroit School District, (School Bond Loan Fund), (AGM),
Prerefunded to 5/1/12, 5.125%, 5/1/31
|
$ | 780,120 | ||||
1,500 |
Lansing Building Authority, (NPFG), Prerefunded to 6/1/13,
5.00%, 6/1/29
|
1,632,165 | ||||||
1,150 |
Michigan Hospital Finance Authority, (St. John Health System),
(AMBAC), Escrowed to Maturity, 5.00%, 5/15/28
|
1,154,013 | ||||||
1,750 |
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/22
|
1,148,350 | ||||||
2,615 |
Michigan House of Representatives, (AMBAC), Escrowed to
Maturity, 0.00%, 8/15/23
|
1,620,280 | ||||||
1,300 |
Reed City Public Schools, (AGM), Prerefunded to 5/1/14,
5.00%, 5/1/29
|
1,458,847 | ||||||
705 |
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), Prerefunded to 5/1/12, 5.00%, 5/1/32
|
732,883 | ||||||
$ | 8,526,658 | |||||||
Insured-General Obligations 21.3%
|
||||||||
$ | 1,960 |
Grand Rapids and Kent County Joint Building Authority, (DeVos
Place), (NPFG),
0.00%, 12/1/27(1)
|
$ | 882,392 | ||||
375 |
Greenville Public Schools, (NPFG), 5.00%, 5/1/25
|
379,249 | ||||||
1,330 |
Okemos Public School District, (NPFG), 0.00%, 5/1/19
|
970,727 | ||||||
1,000 |
Pinconning Area Schools, (AGM), 5.00%, 5/1/33
|
1,012,800 | ||||||
1,000 |
Royal Oak, (AGC), 6.25%, 10/1/28
|
1,125,950 | ||||||
$ | 4,371,118 | |||||||
Insured-Hospital 6.8%
|
||||||||
$ | 500 |
Michigan Hospital Finance Authority, (Mid-Michigan Obligation
Group), (AMBAC), 5.00%, 4/15/32
|
$ | 478,765 | ||||
975 |
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35
|
926,133 | ||||||
$ | 1,404,898 | |||||||
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Insured-Lease Revenue/Certificates of
Participation 6.3%
|
||||||||
$ | 1,000 |
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
|
$ | 337,330 | ||||
3,100 |
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
|
953,126 | ||||||
$ | 1,290,456 | |||||||
Insured-Public Education 15.4%
|
||||||||
$ | 750 |
Central Michigan University, (AMBAC), 5.05%, 10/1/32
|
$ | 752,235 | ||||
435 |
Ferris State University, (AGC), 5.125%, 10/1/33
|
445,009 | ||||||
750 |
Lake Superior State University, (AMBAC), 5.125%, 11/15/26
|
750,465 | ||||||
1,200 |
Wayne University, (NPFG), 5.00%, 11/15/37
|
1,208,064 | ||||||
$ | 3,155,773 | |||||||
Insured-Sewer Revenue 2.1%
|
||||||||
$ | 500 |
Detroit Sewer Disposal System, (NPFG), 4.50%, 7/1/35
|
$ | 433,210 | ||||
$ | 433,210 | |||||||
Insured-Special Tax Revenue 9.0%
|
||||||||
$ | 6,100 |
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 330,803 | ||||
1,670 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
178,005 | ||||||
1,115 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
110,653 | ||||||
1,000 |
Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (NPFG), 5.00%, 12/1/30
|
924,450 | ||||||
295 |
Ypsilanti Community Utilities Authority, (Sanitary Sewer System
No. 3), (FGIC), (NPFG), 5.00%, 5/1/32
|
295,543 | ||||||
$ | 1,839,454 | |||||||
Insured-Utilities 7.5%
|
||||||||
$ | 1,000 |
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/25
|
$ | 1,016,170 | ||||
510 |
Lansing Board of Water and Light, (Water Supply, Steam and
Electric Utility), (AGM), 5.00%, 7/1/26
|
517,512 | ||||||
$ | 1,533,682 | |||||||
Insured-Water Revenue 11.8%
|
||||||||
$ | 1,425 |
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
|
$ | 1,374,185 | ||||
1,000 |
Grand Rapids Water Supply System, (AGC), 5.00%, 1/1/29
|
1,054,650 | ||||||
$ | 2,428,835 | |||||||
Private Education 1.1%
|
||||||||
$ | 250 |
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
$ | 235,120 | ||||
$ | 235,120 | |||||||
Water and Sewer 3.4%
|
||||||||
$ | 650 |
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
|
$ | 707,805 | ||||
$ | 707,805 | |||||||
Water Revenue 1.2%
|
||||||||
$ | 250 |
Port Huron Water Supply System, 5.25%, 10/1/31
|
$ | 245,848 | ||||
$ | 245,848 | |||||||
Total Tax-Exempt Investments 158.3%
(identified cost $32,128,717) |
$ | 32,503,955 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (64.9)%
|
$ | (13,325,112 | ) | |||||
Other Assets, Less Liabilities 6.6%
|
$ | 1,359,588 | ||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 20,538,431 | ||||||
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. | ||||
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 June 30, 2011, 81.5% 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 34.7% 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 | |||||||||||
9/11
|
7 U.S. 30-Year Treasury Bond | Short | $ | (867,878 | ) | $ | (861,219 | ) | $ | 6,659 |
Annual |
Floating |
Effective Date/ |
Net Unrealized |
|||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | (Depreciation) | |||||||||||
Bank of America
|
$ | 675,000 | 4.165 | % |
3-month USD-LIBOR-BBA |
August 12, 2011/ August 12, 2041 |
$ | (7,535 | ) | |||||||
JPMorgan Chase Co.
|
450,000 | 4.088 |
3-month USD-LIBOR-BBA |
September 9, 2011/ September 9, 2041 |
2,402 | |||||||||||
$ | (5,133 | ) | ||||||||||||||
Aggregate cost
|
$ | 32,074,950 | ||
Gross unrealized appreciation
|
$ | 1,475,450 | ||
Gross unrealized depreciation
|
(1,046,445 | ) | ||
Net unrealized appreciation
|
$ | 429,005 | ||
| 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments
|
$ | | $ | 32,503,955 | $ | | $ | 32,503,955 | ||||||||
Total Investments
|
$ | | $ | 32,503,955 | $ | | $ | 32,503,955 | ||||||||
Futures Contracts
|
$ | 6,659 | $ | | $ | | $ | 6,659 | ||||||||
Interest Rate Swaps
|
| 2,402 | | 2,402 | ||||||||||||
Total
|
$ | 6,659 | $ | 32,506,357 | $ | | $ | 32,513,016 | ||||||||
Liability Description | ||||||||||||||||
Interest Rate Swaps
|
$ | | $ | (7,535 | ) | $ | | $ | (7,535 | ) | ||||||
Total
|
$ | | $ | (7,535 | ) | $ | | $ | (7,535 | ) | ||||||
Eaton Vance Michigan Municipal Bond Fund | ||||
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
August 25, 2011 |
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
August 25, 2011 | |||
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
August 25, 2011 |