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 |
|
811-21222 |
|
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 Service) |
||
|
Registrant’s Telephone Number, Including Area Code: |
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(617) 482-8260 |
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Date of Fiscal Year End: |
|
September 30 |
|
Date of Reporting Period: |
|
June 30, 2007 |
Item 1. Schedule of Investments
Eaton Vance Insured Florida Municipal Bond Fund as of June 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 169.5%
|
Principal |
|
Security |
|
Value |
|
||
|
Electric Utilities — 2.2% |
|
|
|
||||
|
$ |
600 |
|
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.05%, 7/1/37 (1)(2)(3) |
|
$ |
641,988 |
|
|
200 |
|
Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.055%, 7/1/25 (1)(2)(3) |
|
217,376 |
|
||
|
|
|
|
|
$ |
859,364 |
|
|
|
Escrowed / Prerefunded — 5.7% |
|
|
|
||||
|
$ |
1,050 |
|
Highlands County Health Facilities Authority, (Adventist Health), Prerefunded to 11/15/12, 5.25%, 11/15/23 |
|
$ |
1,110,028 |
|
|
1,000 |
|
South Miami Health Facility Authority Hospital Revenue, (Baptist Health), Prerefunded to 2/1/13, 5.25%, 11/15/33 |
|
1,060,210 |
|
||
|
|
|
|
|
$ |
2,170,238 |
|
|
|
Hospital — 10.8% |
|
|
|
||||
|
$ |
1,150 |
|
Brevard County Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36 |
|
$ |
1,151,127 |
|
|
500 |
|
Highlands County Health Facilities Authority, (Adventist Glenoaks Hospital/Adventist Healthcare), 5.00%, 11/15/31 |
|
503,170 |
|
||
|
1,000 |
|
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36 |
|
950,600 |
|
||
|
500 |
|
Orange County Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39 |
|
503,515 |
|
||
|
1,000 |
|
South Miami Health Facility Authority Hospital Revenue, (Baptist Health), 5.00%, 8/15/42 |
|
1,007,450 |
|
||
|
|
|
|
|
$ |
4,115,862 |
|
|
|
Industrial Development Revenue — 8.4% |
|
|
|
||||
|
$ |
2,960 |
|
Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
|
$ |
3,215,389 |
|
|
|
|
|
|
$ |
3,215,389 |
|
|
|
Insured-Electric Utilities — 10.8% |
|
|
|
||||
|
$ |
1,500 |
|
Deltona, Utility System Revenue, (MBIA), 5.00%, 10/1/33 |
|
$ |
1,538,745 |
|
|
1,600 |
|
JEA, Electric System Revenue, (FSA), 4.75%, 10/1/34 |
|
1,594,304 |
|
||
|
1,000 |
|
Lakeland Energy System, (XLCA), 4.75%, 10/1/36 |
|
996,010 |
|
||
|
|
|
|
|
$ |
4,129,059 |
|
|
|
Insured-Escrowed/Prerefunded — 30.8% |
|
|
|
||||
|
$ |
1,000 |
|
Bay County, Sales Tax, (AMBAC), Prerefunded to 9/1/12, 5.125%, 9/1/27 |
|
$ |
1,052,750 |
|
|
1,250 |
|
Bay County, Sales Tax, (AMBAC), Prerefunded to 9/1/12, 5.125%, 9/1/32 |
|
1,315,937 |
|
||
|
1,025 |
|
Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30 |
|
1,146,965 |
|
||
1
|
$ |
1,500 |
|
Miami-Dade County Health Facilities Authority, (Miami Children’s Hospital), (AMBAC), Prerefunded to 8/15/11, 5.125%, 8/15/26 |
|
$ |
1,576,875 |
|
|
2,250 |
|
Orange County Tourist Development Tax, (AMBAC), Prerefunded to 4/1/12, 5.125%, 10/1/30 (4) |
|
2,359,980 |
|
||
|
4,675 |
|
Port St. Lucie, Utility System Revenue, (MBIA), Prerefunded to 9/1/13, 0.00%, 9/1/32 |
|
1,270,244 |
|
||
|
2,825 |
|
Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/16, 5.00%, 7/1/36 (4) |
|
3,026,574 |
|
||
|
|
|
|
|
$ |
11,749,325 |
|
|
|
Insured-General Obligations — 9.0% |
|
|
|
||||
|
$ |
1,345 |
|
Florida Board of Education, Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32 |
|
$ |
1,379,580 |
|
|
2,000 |
|
Florida Board of Education, Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32 |
|
2,051,420 |
|
||
|
|
|
|
|
$ |
3,431,000 |
|
|
|
Insured-Hospital — 2.8% |
|
|
|
||||
|
$ |
1,000 |
|
Coral Gables Health Facilities Authority, (Baptist Health System of South Florida), Prerefunded to 8/15/14, (FSA), 5.00%, 8/15/29 |
|
$ |
1,057,940 |
|
|
|
|
|
|
$ |
1,057,940 |
|
|
|
Insured-Other Revenue — 9.3% |
|
|
|
||||
|
$ |
1,500 |
|
Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30 |
|
$ |
1,500,570 |
|
|
2,000 |
|
Village Center Community Development District, (MBIA), 5.00%, 11/1/32 |
|
2,048,860 |
|
||
|
|
|
|
|
$ |
3,549,430 |
|
|
|
Insured-Pooled Loans — 3.8% |
|
|
|
||||
|
$ |
1,520 |
|
Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/23 |
|
$ |
736,729 |
|
|
1,520 |
|
Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/24 |
|
700,188 |
|
||
|
|
|
|
|
$ |
1,436,917 |
|
|
|
Insured-Private Education — 2.7% |
|
|
|
||||
|
$ |
1,000 |
|
Broward County Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36 |
|
$ |
1,019,460 |
|
|
|
|
|
|
$ |
1,019,460 |
|
|
|
Insured-Sewer Revenue — 2.7% |
|
|
|
||||
|
$ |
1,000 |
|
Pinellas County, Sewer, (FSA), 5.00%, 10/1/32 |
|
$ |
1,026,930 |
|
|
|
|
|
|
$ |
1,026,930 |
|
|
2
|
Insured-Special Assessment Revenue — 7.4% |
|
|
|
||||
|
$ |
2,780 |
|
Julington Creek, Plantation Community Development District, (MBIA), 5.00%, 5/1/29 |
|
$ |
2,842,633 |
|
|
|
|
|
|
$ |
2,842,633 |
|
|
|
Insured-Special Tax Revenue — 29.3% |
|
|
|
||||
|
$ |
1,500 |
|
Dade County, Special Obligation, (AMBAC), 5.00%, 10/1/35 (4) |
|
$ |
1,508,715 |
|
|
500 |
|
Dade County, Special Obligation, Residual Certificates, (AMBAC), Variable Rate, 6.975%, 10/1/35 (1)(2) |
|
508,715 |
|
||
|
1,500 |
|
Jacksonville, Capital Improvements, (AMBAC), 5.00%, 10/1/30 |
|
1,529,370 |
|
||
|
1,275 |
|
Jacksonville, Excise Tax, (FGIC), 5.125%, 10/1/27 |
|
1,320,288 |
|
||
|
3,750 |
|
Jacksonville, Transportation Revenue, (MBIA), 5.00%, 10/1/31 |
|
3,809,288 |
|
||
|
600 |
|
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35 |
|
142,506 |
|
||
|
8,000 |
|
Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/39 |
|
1,526,000 |
|
||
|
225 |
|
Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37 |
|
227,491 |
|
||
|
1,120 |
|
Sunrise Public Facilities, (MBIA), 0.00%, 10/1/20 |
|
619,304 |
|
||
|
|
|
|
|
$ |
11,191,677 |
|
|
|
Insured-Transportation — 8.9% |
|
|
|
||||
|
$ |
1,500 |
|
Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27 |
|
$ |
1,450,980 |
|
|
1,605 |
|
Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/24 |
|
725,219 |
|
||
|
1,950 |
|
Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/25 |
|
836,804 |
|
||
|
1,000 |
|
Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/26 |
|
407,320 |
|
||
|
|
|
|
|
$ |
3,420,323 |
|
|
|
Insured-Utilities — 4.1% |
|
|
|
||||
|
$ |
1,550 |
|
Daytona Beach, Utility System Revenue, (AMBAC), 5.00%, 11/15/32 (5) |
|
$ |
1,584,364 |
|
|
|
|
|
|
$ |
1,584,364 |
|
|
|
Insured-Water and Sewer — 20.8% |
|
|
|
||||
|
$ |
1,000 |
|
Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31 |
|
$ |
1,000,340 |
|
|
1,500 |
|
JEA, Water and Sewer System, (MBIA), 4.75%, 10/1/30 |
|
1,492,575 |
|
||
|
2,000 |
|
Marco Island Utility System, (MBIA), 5.00%, 10/1/27 |
|
2,058,260 |
|
||
|
1,000 |
|
Marion County Utility System, (MBIA), 5.00%, 12/1/33 |
|
1,026,460 |
|
||
|
1,500 |
|
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32 |
|
422,955 |
|
||
|
1,455 |
|
Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/33 |
|
389,634 |
|
||
3
|
$ |
1,000 |
|
Sunrise Utility System, (AMBAC), 5.00%, 10/1/28 |
|
$ |
1,042,360 |
|
|
500 |
|
Tampa Bay Water Utility System, (FGIC), Variable Rate, 5.43%, 10/1/27 (1)(6) |
|
513,835 |
|
||
|
|
|
|
|
$ |
7,946,419 |
|
|
|
Total
Tax-Exempt Investments — 169.5% |
|
$ |
64,746,330 |
|
|||
|
Other Assets, Less Liabilities — (10.6)% |
|
$ |
(4,039,522 |
) |
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.9)% |
|
$ |
(22,511,096 |
) |
|||
|
Net Assets Applicable to Common Shares — 100.0% |
|
$ |
38,195,712 |
|
|||
|
AGC |
— |
Assured Guaranty Corp. |
|
AMBAC |
— |
AMBAC Financial Group, Inc. |
|
DRIVERS |
— |
Derivative Inverse Tax-Exempt Receipts |
|
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 Florida 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, 84.0% 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 1.6% to 46.3% of total investments.
|
(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 June 30, 2007, the aggregate value of the securities is $1,881,914 or 4.9% of the Fund’s net assets applicable to common shares. |
|
(2) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2007. |
|
(3) |
Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security. |
|
(4) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
|
(5) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
|
(6) |
Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2007. |
4
A summary of financial instruments at June 30, 2007 is as follows:
Futures Contracts
|
Expiration |
|
Contracts |
|
Position |
|
Aggregate |
|
Value |
|
Net Unrealized |
|
||||
|
9/07 |
|
37 U.S. Treasury Bond |
|
|
Short |
|
|
$ (4,036,709 |
) |
$ (3,986,750 |
) |
|
$ 49,959 |
|
|
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating Rate |
|
Effective Date/ |
|
Unrealized |
|
||||
|
Citibank, N.A. |
|
$ 1,550,000 |
|
|
3.925 |
% |
|
USD-BMA |
|
August 16,
2007/ |
|
|
$ 53,164 |
|
|
|
Merrill Lynch Capital Services, Inc. |
|
$ 1,550,000 |
|
|
4.006 |
% |
|
USD-BMA |
|
August 7,
2007/ |
|
|
$ 63,238 |
|
|
|
Lehman Brothers, Inc. |
|
$ 1,525,000 |
|
|
5.956 |
% |
|
3
month |
|
March 25,
2008/ |
|
|
$ (25,392 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 91,010 |
|
|
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 |
|
$ 58,515,613 |
|
|
Gross unrealized appreciation |
|
$ 2,043,086 |
|
|
Gross unrealized depreciation |
|
(197,369 |
) |
|
Net unrealized appreciation |
|
$ 1,845,717 |
|
5
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 Florida 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 |