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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-09153 |
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Eaton Vance Michigan Municipal Income Trust |
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(Exact name of registrant as specified in charter) |
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The Eaton Vance Building, 255 State Street, Boston, Massachusetts |
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02109 |
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(Address of principal executive offices) |
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(Zip code) |
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Alan R. Dynner, Esq. |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(617) 482-8260 |
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Date of fiscal year end: |
November 30 |
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Date of reporting period: |
February 28, 2005 |
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Item 1. Schedule of Investments
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Eaton Vance Michigan Municipal Income Trust |
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as of February 28, 2005 |
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PORTFOLIO OF INVESTMENTS (Unaudited) |
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Tax-Exempt Investments — 146.9%
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Principal |
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Amount |
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(000’s omitted) |
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Security |
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Value |
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Education — 4.0% |
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$ |
1,250 |
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Michigan Higher Education Facility Authority, (Creative Studies), 5.90%, 12/1/27 |
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$ |
1,279,537 |
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1,279,537 |
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Electric Utilities — 7.4% |
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1,250 |
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Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 |
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1,311,250 |
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1,000 |
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Puerto Rico Electric Power Authority, 5.25%, 7/1/31 |
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1,061,620 |
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2,372,870 |
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Escrowed / Prerefunded — 2.7% |
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750 |
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Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26 |
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855,592 |
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855,592 |
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General Obligations — 19.7% |
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500 |
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East Grand Rapids Public Schools, 5.00%, 5/1/25 |
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524,610 |
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500 |
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Garden City School District, 5.00%, 5/1/26 |
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516,995 |
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5,335 |
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Grand Rapids and Kent County Joint Building Authority, 0.00%, 12/1/29 |
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1,548,217 |
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1,000 |
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Manistee Area Public Schools, 5.00%, 5/1/24 |
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1,050,330 |
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750 |
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Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29 |
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802,507 |
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1,000 |
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White Cloud Public Schools, 5.125%, 5/1/31 |
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1,033,910 |
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800 |
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Woodhaven Brownstown School District, 5.125%, 5/1/32 |
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829,872 |
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6,306,441 |
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Health Care - Miscellaneous — 1.2% |
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385 |
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Pittsfield Township EDC, (Arbor Hospice), 7.875%, 8/15/27 |
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373,954 |
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373,954 |
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1
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Hospital — 27.8% |
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$ |
500 |
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Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 |
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$ |
519,510 |
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125 |
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Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25 |
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123,193 |
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125 |
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Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37 |
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122,825 |
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500 |
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Kent Hospital Finance Authority, (Spectrum Health), 5.50%, 1/15/31 |
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530,595 |
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500 |
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Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 |
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493,360 |
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750 |
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Michigan Health Facilities Authority, (Henry Ford Health), 5.25%, 11/15/25 |
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759,330 |
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1,000 |
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Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 |
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1,018,970 |
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1,000 |
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Michigan Hospital Finance Authority, (Henry Ford Health), 5.25%, 11/15/20 |
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1,019,590 |
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750 |
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Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 |
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780,728 |
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750 |
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Michigan Hospital Finance Authority, (Sparrow Obligation Group), 5.625%, 11/15/36 |
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778,710 |
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1,000 |
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Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 |
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1,102,250 |
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750 |
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Royal Oak Hospital Finance Authority, (William Beaumount Hospital), 5.25%, 1/1/20 |
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774,780 |
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800 |
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Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30 |
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878,672 |
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8,902,513 |
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Industrial Development Revenue — 7.3% |
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1,000 |
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Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 |
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1,023,920 |
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800 |
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Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16 |
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867,720 |
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625 |
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Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 |
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441,275 |
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2,332,915 |
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Insured-Education — 2.4% |
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250 |
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Central Michigan University, (AMBAC), 4.75%, 10/1/29 |
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254,893 |
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500 |
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Central Michigan University, (FGIC), 5.00%, 10/1/27 |
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518,930 |
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773,823 |
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2
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Insured-Electric Utilities — 4.9% |
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$ |
1,000 |
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Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 |
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$ |
1,060,380 |
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500 |
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Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 |
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527,085 |
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1,587,465 |
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Insured-General Obligations — 27.1% |
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500 |
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Allegan Public School District, (FSA), 5.00%, 5/1/30 (1) |
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522,900 |
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1,000 |
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Birmingham City School District, (FSA), 5.00%, 11/1/33 |
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1,041,600 |
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1,000 |
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Central Montcalm Public Schools, (MBIA), 6.00%, 5/1/29 |
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1,103,220 |
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650 |
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Detroit School District, (FGIC), 4.75%, 5/1/28 |
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656,715 |
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200 |
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Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 |
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202,518 |
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2,000 |
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Fenton Area Public Schools, (FGIC), 5.00%, 5/1/24 |
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2,091,760 |
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2,000 |
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Novi Building Authority, (FSA), 5.50%, 10/1/25 (2) |
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2,197,620 |
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700 |
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Puerto Rico, (FSA), Variable Rate, 16.243%, 7/1/27 (3) (4) |
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880,537 |
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8,696,870 |
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Insured-Hospital — 6.7% |
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1,000 |
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Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 |
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1,047,700 |
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1,000 |
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Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24 |
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1,085,510 |
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2,133,210 |
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Insured-Sewer Revenue — 3.2% |
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1,000 |
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Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31 |
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1,037,160 |
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1,037,160 |
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3
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Insured-Special Tax Revenue — 10.9% |
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$ |
600 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 8.381%,7/1/28 (3) (5) |
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$ |
653,028 |
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455 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 10.286%,7/1/28 (3) (4) |
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515,319 |
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2,250 |
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Wayne Charter County, (Airport Hotel-Detroit Metroplitan Airport), (MBIA), 5.00%, 12/1/30 |
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2,323,575 |
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3,491,922 |
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Insured-Student Loan — 3.2% |
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1,000 |
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Michigan Higher Education Student Loan Authority Revenue, (AMBAC), (AMT), 5.50%, 6/1/25 (6) |
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1,038,340 |
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1,038,340 |
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Insured-Transportation — 11.0% |
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670 |
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Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 11.774%, 7/1/28 (3) (4) |
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758,989 |
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600 |
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Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 13.274%, 7/1/26 (3) (4) |
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698,706 |
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2,000 |
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Wayne Charter County Airport, Residual Certificates, (MBIA), (AMT), Variable Rate, 7.82%, 12/1/28 (3) (5) |
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2,070,740 |
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3,528,435 |
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Insured-Water Revenue — 5.3% |
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1,650 |
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Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 |
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1,695,441 |
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1,695,441 |
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Lease Revenue/Certificates of Participation — 0.8% |
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250 |
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Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 |
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259,113 |
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259,113 |
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Transportation — 1.3% |
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375 |
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Kent County Airport Facility, Variable Rate, 13.49%, 1/1/25 (3) (5) |
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409,838 |
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409,838 |
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4
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Total Tax-Exempt Investments — 146.9% |
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(identified cost $43,180,143) |
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47,075,439 |
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Other Assets, Less Liabilities — 7.7% |
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2,483,214 |
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.6)% |
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(17,504,075 |
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Net Assets Applicable to Common Shares — 100.0% |
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32,054,578 |
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AMBAC |
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- |
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AMBAC Financial Group, Inc. |
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AMT |
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- |
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Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
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FGIC |
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- |
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Financial Guaranty Insurance Company |
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FSA |
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- |
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Financial Security Assurance, Inc. |
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MBIA |
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- |
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Municipal Bond Insurance Association |
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XLCA |
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- |
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XL Capital Assurance, Inc. |
The Trust 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 February 28, 2005, 50.9% of the securities in the portfolio of 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 1.1% to 20.4% of total investments.
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(1) |
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When-issued security. |
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(2) |
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Security (or a portion thereof) has been segregated to cover when-issued securities. |
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(3) |
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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 $5,987,157 or 18.7% of the Trust’s net assets. |
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(4) |
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Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2005. |
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(5) |
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Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2005. |
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(6) |
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Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
5
A summary of financial instruments at February 28, 2005 is as follows:
Futures Contracts
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Expiration |
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Aggregate |
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Net Unrealized |
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Date(s) |
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Contracts |
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Position |
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Cost |
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Value |
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Appreciation |
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06/05 |
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53 U.S. Treasury Bond |
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Short |
|
$ |
(5,995,400 |
) |
$ |
(5,954,219 |
) |
$ |
41,181 |
|
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06/05 |
|
12 U.S. Treasury Note |
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Short |
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(1,324,449 |
) |
(1,318,500 |
) |
5,949 |
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|||
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$ |
47,130 |
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The cost and unrealized appreciation (depreciation) in value of the investments owned at February 28, 2005 as computed on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
43,136,349 |
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|
Gross unrealized appreciation |
|
$ |
4,130,087 |
|
|
Gross unrealized depreciation |
|
(190,997 |
) |
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Net unrealized appreciation |
|
$ |
3,939,090 |
|
6
Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
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.
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Eaton Vance Michigan Municipal Income Trust |
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By: |
/s/Thomas J. Fetter |
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|
Thomas J. Fetter |
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President and Principal Executive Officer |
|||
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|||
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Date: |
April 14, 2005 |
|
||
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/Thomas J. Fetter |
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|
Thomas J. Fetter |
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President and Principal Executive Officer |
|||
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|||
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Date: |
April 14, 2005 |
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By: |
/s/James L. O’Connor |
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|
James L. O’Connor |
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|
Treasurer and Principal Financial Officer |
|||
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Date: |
April 14, 2005 |
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