UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
|
Investment Company Act File Number |
|
811-21224 |
|
Eaton Vance Insured |
||
|
(Exact Name of Registrant as Specified in Charter) |
||
|
The Eaton Vance Building, |
|
02109 |
|
(Address of Principal Executive Offices) |
|
(Zip code) |
|
Alan R. Dynner, Esq. |
||
|
(Name and Address of Agent for Services) |
||
|
Registrant’s Telephone Number, Including Area Code: |
|
(617) 482-8260 |
|
Date of Fiscal Year End: |
|
September 30 |
|
Date of Reporting Period: |
|
June 30, 2007 |
Item 1. Schedule of Investments
Eaton Vance Insured Michigan Municipal Bond Fund as of June 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 182.3%
|
Principal |
|
Security |
|
Value |
|
||
|
Electric Utilities — 5.7% |
|
|
|
||||
|
$ |
1,250 |
|
Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 |
|
$ |
1,287,250 |
|
|
|
|
|
|
$ |
1,287,250 |
|
|
|
Escrowed / Prerefunded — 7.1% |
|
|
|
||||
|
$ |
1,500 |
|
Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36 |
|
$ |
1,607,970 |
|
|
|
|
|
|
$ |
1,607,970 |
|
|
|
Hospital — 13.3% |
|
|
|
||||
|
$ |
400 |
|
Michigan Hospital Finance Authority, (Chelsea Community Hospital), 5.00%, 5/15/30 |
|
$ |
400,624 |
|
|
1,000 |
|
Michigan Hospital Finance Authority, (Oakwood Hospital), 5.75%, 4/1/32 |
|
1,057,750 |
|
||
|
1,500 |
|
Michigan Hospital Finance Authority, (Trinity Health), 5.375%, 12/1/30 |
|
1,561,380 |
|
||
|
|
|
|
|
$ |
3,019,754 |
|
|
|
Insured-Electric Utilities — 2.3% |
|
|
|
||||
|
$ |
500 |
|
Michigan Strategic Fund, Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 |
|
$ |
517,355 |
|
|
|
|
|
|
$ |
517,355 |
|
|
|
Insured-Escrowed / Prerefunded — 47.8% |
|
|
|
||||
|
$ |
750 |
|
Detroit School District, (School Bond Loan Fund), Prerefunded to 5/1/12, (FSA), 5.125%, 5/1/31 |
|
$ |
787,252 |
|
|
1,250 |
|
Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31 |
|
1,304,150 |
|
||
|
1,500 |
|
Lansing, Building Authority, Prerefunded to 6/1/13, (MBIA), 5.00%, 6/1/29 |
|
1,541,940 |
|
||
|
1,150 |
|
Michigan Hospital Finance Authority, (St. John Health System), Escrowed to Maturity, (AMBAC), 5.00%, 5/15/28 |
|
1,169,573 |
|
||
|
1,000 |
|
Michigan Trunk Line, Prerefunded to 11/1/11, (FSA), 5.00%, 11/1/25 |
|
1,041,240 |
|
||
|
3,275 |
|
Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32 (1) |
|
3,437,093 |
|
||
|
1,500 |
|
Reed City Public Schools, Prerefunded to 5/1/14, (FSA), 5.00%, 5/1/29 |
|
1,586,595 |
|
||
|
|
|
|
|
$ |
10,867,843 |
|
|
|
Insured-General Obligations — 20.6% |
|
|
|
||||
|
$ |
200 |
|
Allen Park Public School District, (FSA), 4.25%, 5/1/29 |
|
$ |
186,514 |
|
|
325 |
|
Brandon School District, (FSA), 4.50%, 5/1/35 |
|
312,263 |
|
||
|
1,960 |
|
Grand Rapids and Kent County, Joint Building Authority, (DeVos Place), (MBIA), 0.00%, 12/1/27 |
|
743,977 |
|
||
1
|
$ |
750 |
|
Greenville, Public Schools, (MBIA), 5.00%, 5/1/25 |
|
$ |
769,425 |
|
|
1,330 |
|
Okemos, Public School District, (MBIA), 0.00%, 5/1/19 |
|
788,052 |
|
||
|
1,000 |
|
Otsego, Public School District, (FSA), 4.25%, 5/1/34 |
|
919,560 |
|
||
|
1,000 |
|
Van Buren Township, (Local Development Financial Authority), (XLCA), 4.50%, 10/1/31 |
|
962,070 |
|
||
|
|
|
|
|
$ |
4,681,861 |
|
|
|
Insured-Hospital — 9.4% |
|
|
|
||||
|
$ |
500 |
|
Michigan Hospital Finance Authority, Mid-Michigan Obligation Group, (AMBAC), 5.00%, 4/15/32 |
|
$ |
508,805 |
|
|
1,590 |
|
Royal Oak, Hospital Finance Authority Revenue, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 |
|
1,634,600 |
|
||
|
|
|
|
|
$ |
2,143,405 |
|
|
|
Insured-Lease Revenue / Certificates of Participation — 27.5% |
|
|
|
||||
|
$ |
1,750 |
|
Michigan House of Representatives, (AMBAC), 0.00%, 8/15/22 |
|
$ |
876,925 |
|
|
2,615 |
|
Michigan House of Representatives, (AMBAC), 0.00%, 8/15/23 |
|
1,244,008 |
|
||
|
3,100 |
|
Michigan State Building Authority, (FGIC), 0.00%, 10/15/30 |
|
967,882 |
|
||
|
795 |
|
Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (1) |
|
830,870 |
|
||
|
2,205 |
|
Puerto Rico Public Buildings Authority, (CIFG), Prerefunded to 7/1/12, 5.25%, 7/1/36 (1) |
|
2,331,480 |
|
||
|
|
|
|
|
$ |
6,251,165 |
|
|
|
Insured-Public Education — 10.2% |
|
|
|
||||
|
$ |
1,500 |
|
Central Michigan University, (AMBAC), 5.05%, 10/1/32 (2) |
|
$ |
1,550,310 |
|
|
750 |
|
Lake Superior State University, (AMBAC), 5.125%, 11/15/26 |
|
774,720 |
|
||
|
|
|
|
|
$ |
2,325,030 |
|
|
|
Insured-Special Tax Revenue — 11.3% |
|
|
|
||||
|
$ |
1,500 |
|
Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30 |
|
$ |
1,537,125 |
|
|
1,000 |
|
Ypsilanti, Community Utilities Authority, (San Sewer System), (FGIC), 5.00%, 5/1/32 |
|
1,025,270 |
|
||
|
|
|
|
|
$ |
2,562,395 |
|
|
|
Insured-Utility — 6.9% |
|
|
|
||||
|
$ |
1,000 |
|
Lansing, Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/25 |
|
$ |
1,029,770 |
|
|
510 |
|
Lansing, Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/26 |
|
525,723 |
|
||
|
|
|
|
|
$ |
1,555,493 |
|
|
|
Insured-Water Revenue — 18.0% |
|
|
|
||||
|
$ |
1,600 |
|
Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 |
|
$ |
1,626,976 |
|
|
2,400 |
|
Detroit Water Supply System, (MBIA), 5.00%, 7/1/34 (1) |
|
2,453,040 |
|
||
|
|
|
|
|
$ |
4,080,016 |
|
|
2
|
Private Education — 2.2% |
|
|
|
||||
|
$ |
500 |
|
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35 |
|
$ |
506,615 |
|
|
|
|
|
|
$ |
506,615 |
|
|
|
Total
Tax-Exempt Investments — 182.3% |
|
$ |
41,406,152 |
|
|||
|
Other Assets, Less Liabilities — (22.8)% |
|
$ |
(5,183,641 |
) |
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.5)% |
|
$ |
(13,505,251 |
) |
|||
|
Net Assets Applicable to Common Shares — 100.0% |
|
$ |
22,717,260 |
|
|||
|
AMBAC |
— |
AMBAC Financial Group, Inc. |
|
CIFG |
— |
CDC IXIS Financial Guaranty North America, Inc. |
|
FGIC |
— |
Financial Guaranty Insurance Company |
|
FSA |
— |
Financial Security Assurance, Inc. |
|
MBIA |
— |
Municipal Bond Insurance Association |
|
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, 2007, 84.5% 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 3.6% to 22.9% of total investments.
|
(1) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
|
(2) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
A summary of financial instruments at June 30, 2007 is as follows:
Futures Contracts
|
Expiration |
|
Contracts |
|
Position |
|
Aggregate |
|
Value |
|
Net |
|
|||||||
|
09/07 |
|
10 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(1,069,340 |
) |
$ |
(1,077,500 |
) |
|
$ |
(8,160 |
) |
|
3
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating |
|
Effective Date/ |
|
Unrealized |
|
||||||
|
Citibank, N.A. |
|
$ |
600,000 |
|
|
3.925 |
% |
|
USD-BMA |
|
August 16,
2007/ |
|
|
$ |
20,580 |
|
|
|
Merrill Lynch Capital Services, Inc. |
|
$ |
900,000 |
|
|
4.006 |
% |
|
USD-BMA |
|
August 7,
2007/ |
|
|
$ |
36,719 |
|
|
|
Lehman Brothers, Inc. |
|
$ |
900,000 |
|
|
5.956 |
% |
|
3
month |
|
March 25,
2008/ |
|
|
$ |
(14,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
42,313 |
|
|
|
The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.
At June 30, 2007, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) in value of the investments owned at June 30, 2007, as computed on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
34,182,985 |
|
|
Gross unrealized appreciation |
|
$ |
1,506,849 |
|
|
Gross unrealized depreciation |
|
(63,682 |
) |
|
|
Net unrealized appreciation |
|
$ |
1,443,167 |
|
4
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.
Eaton Vance Insured Michigan Municipal Bond Fund
|
By: |
|
/s/Cynthia J. Clemson |
|
|
|
Cynthia J. Clemson |
|
|
|
President and Principal Executive Officer |
|
Date: |
|
August 27, 2007 |
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/Cynthia J. Clemson |
|
|
|
Cynthia J. Clemson |
|
|
|
President and Principal Executive Officer |
|
Date: |
|
August 27, 2007 |
|
By: |
|
/s/Barbara E. Campbell |
|
|
|
Barbara E. Campbell |
|
|
|
Treasurer and Principal Financial Officer |
|
Date: |
|
August 27, 2007 |