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 |
|
811-21226 |
|
Eaton Vance Insured |
||
|
(Exact Name of Registrant as Specified in Charter) |
||
|
The Eaton Vance Building, |
|
|
|
255 State Street, Boston, Massachusetts |
|
02109 |
|
(Address of Principal Executive Offices) |
|
(Zip code) |
|
Alan R. Dynner, Esq. |
||
|
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
||
|
(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 Ohio Municipal Bond Fund as of June 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 171.5%
|
Principal |
|
|
|
|
|
||
|
Amount |
|
|
|
|
|
||
|
(000’s omitted) |
|
Security |
|
Value |
|
||
|
Education — 5.0% |
|
|
|
||||
|
$ |
1,821 |
|
Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/29 (1) |
|
$ |
1,882,752 |
|
|
|
|
|
|
$ |
1,882,752 |
|
|
|
Escrowed/Prerefunded — 3.3% |
|
|
|
||||
|
$ |
179 |
|
Ohio Higher Educational Facilities Authority, (Oberlin College), Prerefunded to 10/1/09, 5.00%, 10/1/29 (1) |
|
$ |
181,798 |
|
|
210 |
|
Puerto Rico Electric Power Authority, Prerefunded to 7/1/13, 5.125%, 7/1/29 |
|
223,366 |
|
||
|
790 |
|
Puerto Rico Electric Power Authority, Prerefunded to 7/1/13, 5.125%, 7/1/29 |
|
840,283 |
|
||
|
|
|
|
|
$ |
1,245,447 |
|
|
|
Hospital — 6.4% |
|
|
|
||||
|
$ |
900 |
|
Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29 |
|
$ |
947,142 |
|
|
500 |
|
Miami, (Upper Valley Medical Center), 5.25%, 5/15/26 |
|
514,080 |
|
||
|
1,000 |
|
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46 |
|
942,000 |
|
||
|
|
|
|
|
$ |
2,403,222 |
|
|
|
Insured-Electric Utilities — 20.7% |
|
|
|
||||
|
$ |
1,500 |
|
Ohio Air Quality Development Authority, (Dayton Power & Light Co.), (FGIC), 4.80%, 1/1/34 |
|
$ |
1,503,660 |
|
|
4,000 |
|
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 |
|
1,754,560 |
|
||
|
1,775 |
|
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 |
|
738,968 |
|
||
|
5,000 |
|
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/27 |
|
1,982,150 |
|
||
|
1,800 |
|
Puerto Rico Electric Power Authority, (MBIA), 4.75%, 7/1/33 (1) |
|
1,812,618 |
|
||
|
|
|
|
|
$ |
7,791,956 |
|
|
|
Insured-Escrowed/Prerefunded — 28.1% |
|
|
|
||||
|
$ |
420 |
|
Cleveland, Airport System, (FSA), Prerefunded to 1/1/10, 5.00%, 1/1/31 |
|
$ |
434,893 |
|
|
1,500 |
|
Columbus, School District, (FSA), Prerefunded to 12/1/14, 5.00%, 12/1/32 |
|
1,592,985 |
|
||
|
2,500 |
|
Olentangy, School District, (School Facility Construction and Improvements), (MBIA), Prerefunded to 12/1/12, 5.00%, 12/1/30 |
|
2,622,575 |
|
||
|
2,500 |
|
Springboro, Community School District, (MBIA), Prerefunded to 6/1/14, 5.00%, 12/1/32 |
|
2,645,900 |
|
||
1
|
$ |
2,600 |
|
Trotwood-Madison, City School District, (School Improvements), (FGIC), Prerefunded to 12/1/12, 5.00%, 12/1/30 |
|
$ |
2,727,478 |
|
|
500 |
|
University of Akron, (FGIC), Prerefunded to 1/1/10, Variable Rate, 7.43%, 1/1/29 (2)(3) |
|
553,200 |
|
||
|
|
|
|
|
$ |
10,577,031 |
|
|
|
Insured-General Obligations — 28.7% |
|
|
|
||||
|
$ |
1,500 |
|
Ashtabula, School District, (Construction Improvements), (FGIC), 5.00%, 12/1/30 (4) |
|
$ |
1,537,125 |
|
|
810 |
|
Cleveland, (FGIC), 4.75%, 11/15/25 |
|
820,481 |
|
||
|
655 |
|
Cleveland, (FGIC), 4.75%, 11/15/27 |
|
660,364 |
|
||
|
1,000 |
|
Cleveland, Municipal School District, (FSA), 5.00%, 12/1/27 |
|
1,032,120 |
|
||
|
2,075 |
|
Cuyahoga, Community College District, (AMBAC), 5.00%, 12/1/32 |
|
2,132,229 |
|
||
|
1,100 |
|
Olentangy, School District, (FSA), 4.50%, 12/1/32 |
|
1,064,030 |
|
||
|
475 |
|
Pickerington Local School District, (MBIA), 4.25%, 12/1/34 |
|
436,397 |
|
||
|
2,400 |
|
Plain, School District, (FGIC), 0.00%, 12/1/27 |
|
888,936 |
|
||
|
500 |
|
Tecumseh, School District, (FGIC), 4.75%, 12/1/31 |
|
502,935 |
|
||
|
420 |
|
Trotwood-Madison, City School District, (School Improvements), (FSA), 4.50%, 12/1/30 |
|
406,686 |
|
||
|
275 |
|
Wauseon, Exempt Village School District, (Classroom Facilities and School Improvements), (FSA), 4.25%, 12/1/34 |
|
252,533 |
|
||
|
1,000 |
|
Zanesville, School District, (School Improvements), (MBIA), 5.05%, 12/1/29 |
|
1,036,170 |
|
||
|
|
|
|
|
$ |
10,770,006 |
|
|
|
Insured-Hospital — 6.9% |
|
|
|
||||
|
$ |
1,000 |
|
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), 5.00%, 5/15/32 |
|
$ |
1,025,970 |
|
|
1,500 |
|
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), 5.125%, 5/15/28 |
|
1,555,305 |
|
||
|
|
|
|
|
$ |
2,581,275 |
|
|
|
Insured-Lease Revenue/Certificates of Participation — 14.5% |
|
|
|
||||
|
$ |
1,000 |
|
Cleveland, (Cleveland Stadium), (AMBAC), 5.25%, 11/15/27 |
|
$ |
1,023,480 |
|
|
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 |
|
||
|
235 |
|
Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36 |
|
245,603 |
|
||
|
1,000 |
|
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 |
|
1,022,990 |
|
||
|
|
|
|
|
$ |
5,454,423 |
|
|
2
|
Insured-Pooled Loans — 2.3% |
|
|
|
||||
|
$ |
850 |
|
Puerto Rico Municipal Finance Agency, (FSA), 5.00%, 8/1/27 (1) |
|
$ |
872,232 |
|
|
|
|
|
|
$ |
872,232 |
|
|
|
Insured-Public Education — 14.2% |
|
|
|
||||
|
$ |
3,000 |
|
Cincinnati, Technical and Community College, (AMBAC), 5.00%, 10/1/28 |
|
$ |
3,085,740 |
|
|
1,170 |
|
Ohio University, (FSA), 5.25%, 12/1/23 |
|
1,235,111 |
|
||
|
1,000 |
|
University of Cincinnati, (AMBAC), 5.00%, 6/1/31 |
|
1,026,300 |
|
||
|
|
|
|
|
$ |
5,347,151 |
|
|
|
Insured-Sewer Revenue — 4.8% |
|
|
|
||||
|
$ |
1,100 |
|
Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/46 |
|
$ |
1,072,214 |
|
|
750 |
|
Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/47 |
|
734,783 |
|
||
|
|
|
|
|
$ |
1,806,997 |
|
|
|
Insured-Special Tax Revenue — 13.1% |
|
|
|
||||
|
$ |
4,315 |
|
Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/22 |
|
$ |
2,133,336 |
|
|
5,000 |
|
Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/23 |
|
2,346,550 |
|
||
|
1,000 |
|
Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/24 |
|
445,900 |
|
||
|
|
|
|
|
$ |
4,925,786 |
|
|
|
Insured-Transportation — 11.1% |
|
|
|
||||
|
$ |
3,580 |
|
Cleveland, Airport System, (FSA), 5.00%, 1/1/31 |
|
$ |
3,629,905 |
|
|
500 |
|
Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41 (1) |
|
552,930 |
|
||
|
|
|
|
|
$ |
4,182,835 |
|
|
|
Pooled Loans — 7.3% |
|
|
|
||||
|
$ |
1,500 |
|
Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23 |
|
$ |
1,522,770 |
|
|
1,140 |
|
Rickenbacker, Port Authority, 5.375%, 1/1/32 (1) |
|
1,205,835 |
|
||
|
|
|
|
|
$ |
2,728,605 |
|
|
|
Private Education — 5.1% |
|
|
|
||||
|
$ |
850 |
|
Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33 |
|
$ |
885,199 |
|
|
1,000 |
|
Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33 |
|
1,024,460 |
|
||
|
|
|
|
|
$ |
1,909,659 |
|
|
|
Total Tax-Exempt Investments — 171.5% |
|
$ |
64,479,377 |
|
|||
|
Other Assets, Less Liabilities — (13.3)% |
|
$ |
(5,007,639 |
) |
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.2)% |
|
$ |
(21,872,842 |
) |
|||
|
Net Assets Applicable to Common Shares — 100.0% |
|
$ |
37,598,896 |
|
|||
3
|
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 Ohio 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, 84.2% 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 3.2% to 20.5% of total investments.
|
(1) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
|
(2) |
Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2007. |
|
(3) |
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 $553,200 or 1.5% of the net assets applicable to common shares. |
|
(4) |
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 |
|
|
|
|
|
Aggregate |
|
|
|
Net |
|
|||||||
|
Date |
|
Contracts |
|
Position |
|
Cost |
|
Value |
|
Appreciation |
|
|||||||
|
9/07 |
|
83 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(9,035,824 |
) |
$ |
(8,943,250 |
) |
|
$ |
92,574 |
|
|
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating |
|
Effective Date/ |
|
Unrealized |
|
||||||
|
Merrill Lynch Capital Services, Inc. |
|
$ |
1,500,000 |
|
|
4.006 |
% |
|
USD-BMA |
|
August 7,
2007/ |
|
|
$ |
61,198 |
|
|
|
Citibank, N.A. |
|
$ |
1,500,000 |
|
|
3.925 |
% |
|
USD-BMA |
|
August 16,
2007/ |
|
|
51,449 |
|
|
|
|
Lehman Brothers, Inc. |
|
$ |
1,475,000 |
|
|
5.956 |
% |
|
3-month |
|
March 25,
2008/ |
|
|
(24,560 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
88,087 |
|
|
|
4
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 |
|
$ |
56,524,008 |
|
|
Gross unrealized appreciation |
|
$ |
2,377,346 |
|
|
Gross unrealized depreciation |
|
(326,977 |
) |
|
|
Net unrealized appreciation |
|
$ |
2,050,369 |
|
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 Ohio 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 |