UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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Investment Company Act File Number |
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811-21227 |
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Eaton Vance Insured |
||
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(Exact Name of Registrant as Specified in Charter) |
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The Eaton Vance Building, |
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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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Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
||
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(Name and Address of Agent for Services) |
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Registrant’s Telephone Number, Including Area Code: |
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(617) 482-8260 |
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Date of Fiscal Year End: |
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September 30 |
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Date of Reporting Period: |
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June 30, 2007 |
Item 1. Schedule of Investments
Eaton Vance Insured Pennsylvania Municipal Bond Fund as of June 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 174.5%
|
Principal |
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|
|
|
|
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|
Amount |
|
|
|
|
|
||
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(000’s omitted) |
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Security |
|
Value |
|
||
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Escrowed / Prerefunded — 3.4% |
|
|
|
||||
|
$ |
750 |
|
Lancaster County, Hospital Authority, Prerefunded to 9/15/13, 5.50%, 3/15/26 |
|
$ |
811,665 |
|
|
135 |
|
Puerto Rico Electric Power Authority, Prerefunded to 7/1/13, 5.125%, 7/1/29 (1) |
|
139,543 |
|
||
|
515 |
|
Puerto Rico Electric Power Authority, Prerefunded to 7/1/13, 5.125%, 7/1/29 (1) |
|
551,827 |
|
||
|
|
|
|
|
$ |
1,503,035 |
|
|
|
Hospital — 10.3% |
|
|
|
||||
|
$ |
1,000 |
|
Lancaster County, Hospital Authority, (Lancaster General Hospital), 4.50%, 3/15/36 |
|
$ |
928,320 |
|
|
350 |
|
Lebanon County, Health Facility Authority, (Good Samaritan Hospital), 6.00%, 11/15/35 |
|
375,571 |
|
||
|
1,500 |
|
Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
|
1,536,420 |
|
||
|
750 |
|
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 |
|
800,737 |
|
||
|
1,000 |
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Philadelphia Hospitals and Higher Education Facilities Authority, (Childrens Hospital), 4.50%, 7/1/37 |
|
935,080 |
|
||
|
|
|
|
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$ |
4,576,128 |
|
|
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Insured-Electric Utilities — 8.1% |
|
|
|
||||
|
$ |
3,615 |
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Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27 |
|
$ |
3,627,436 |
|
|
|
|
|
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$ |
3,627,436 |
|
|
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Insured-Escrowed / Prerefunded — 30.5% |
|
|
|
||||
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$ |
1,700 |
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Allegheny County Industrial Development Authority, (MBIA), Prerefunded to 11/1/12, 5.00%, 11/1/29 |
|
$ |
1,780,240 |
|
|
1,000 |
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Butler School District, (FSA), Prerefunded to 4/1/14, 5.00%, 4/1/31 |
|
1,060,150 |
|
||
|
1,000 |
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Pennridge School District, (MBIA), Prerefunded to 2/15/13, 5.00%, 2/15/29 |
|
1,051,290 |
|
||
|
585 |
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Pennridge School District, (MBIA), Prerefunded to 2/15/13, 5.00%, 2/15/29 |
|
615,005 |
|
||
|
2,500 |
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Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), Prerefunded to 4/1/08, 5.00%, 4/1/29 (2) |
|
2,547,700 |
|
||
|
1,355 |
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Philadelphia Natural Gas Works, (FSA), Prerefunded to 8/1/11, 5.125%, 8/1/31 |
|
1,412,547 |
|
||
|
1,750 |
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Pittsburgh Water and Sewer Authority, (AMBAC), Prerefunded to 6/1/12, 5.125%, 12/1/27 (1) |
|
1,838,456 |
|
||
|
400 |
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Puerto Rico Electric Power Authority, (FSA), Variable Rate, Prerefunded to 7/1/10, 7.69%, 7/1/29 (3)(4) |
|
457,776 |
|
||
1
|
$ |
1,200 |
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Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32 (1) |
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$ |
1,259,212 |
|
|
270 |
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Southcentral General Authority, (MBIA), Escrowed to Maturity, 5.25%, 5/15/31 |
|
282,131 |
|
||
|
1,230 |
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Southcentral General Authority, (MBIA), Prerefunded to 5/1/11, 5.25%, 5/15/31 |
|
1,295,891 |
|
||
|
|
|
|
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$ |
13,600,398 |
|
|
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Insured-General Obligations — 28.2% |
|
|
|
||||
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$ |
1,650 |
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Armstrong County, (MBIA), 5.40%, 6/1/31 |
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$ |
1,721,956 |
|
|
1,530 |
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Bristol Borough School District, (FSA), 4.25%, 3/1/31 |
|
1,417,560 |
|
||
|
500 |
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Canon McMillan School District, (FGIC), 5.25%, 12/1/34 |
|
522,495 |
|
||
|
1,000 |
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Erie School District, (AMBAC), 0.00%, 9/1/30 |
|
331,660 |
|
||
|
1,000 |
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Gateway School District, Alleghany County, (FGIC), 5.00%, 10/15/32 |
|
1,027,080 |
|
||
|
2,555 |
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McKeesport School District, (MBIA), 0.00%, 10/1/21 |
|
1,334,195 |
|
||
|
1,120 |
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Norwin, School District, (FSA), 4.50%, 4/1/35 |
|
1,072,837 |
|
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|
1,750 |
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Philadelphia, (FSA), 5.00%, 9/15/31 (1) |
|
1,777,465 |
|
||
|
500 |
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Philadelphia, (FSA), 5.00%, 9/15/31 |
|
507,825 |
|
||
|
1,000 |
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Pine-Richland School District, (FSA), 5.00%, 9/1/29 |
|
1,025,260 |
|
||
|
2,550 |
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Shaler Area School District, (XLCA), 0.00%, 9/1/33 |
|
729,377 |
|
||
|
1,060 |
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Upper Clair Township, School District, (FSA), 5.00%, 7/15/32 |
|
1,086,977 |
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|
|
|
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$ |
12,554,687 |
|
|
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Insured-Hospital — 2.3% |
|
|
|
||||
|
$ |
1,000 |
|
Washington County Hospital Authority, (Washington Hospital), (AMBAC), 5.125%, 7/1/28 |
|
$ |
1,017,860 |
|
|
|
|
|
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$ |
1,017,860 |
|
|
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Insured-Lease Revenue / Certificates of Participation — 10.2% |
|
|
|
||||
|
$ |
1,300 |
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Philadelphia, Authority for Industrial Development Lease Revenue, (FSA), 5.125%, 10/1/26 |
|
$ |
1,346,176 |
|
|
1,700 |
|
Philadelphia, Authority for Industrial Development Lease Revenue, (FSA), 5.25%, 10/1/30 |
|
1,765,008 |
|
||
|
1,500 |
|
State Public School Building Authority, (School District Philadelphia), (FSA), 4.50%, 6/1/36 |
|
1,422,120 |
|
||
|
|
|
|
|
$ |
4,533,304 |
|
|
|
Insured-Private Education — 16.5% |
|
|
|
||||
|
$ |
1,000 |
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Chester County, Industrial Development Authority Educational Facility, (Westtown School), (AMBAC), 5.00%, 1/1/31 |
|
$ |
1,025,510 |
|
|
750 |
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Cumberland County, Municipal Authority College Revenue, (Dickinson College), (MBIA), 4.50%, 5/1/37 |
|
720,788 |
|
||
|
3,315 |
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Delaware County, (Villanova University), (MBIA), 5.00%, 12/1/28 |
|
3,373,841 |
|
||
2
|
$ |
1,900 |
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Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), 4.50%, 4/1/36 |
|
$ |
1,821,492 |
|
|
440 |
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Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), (MBIA), 4.50%, 6/15/36 |
|
421,780 |
|
||
|
|
|
|
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$ |
7,363,411 |
|
|
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Insured-Public Education — 7.9% |
|
|
|
||||
|
$ |
2,400 |
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Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 |
|
$ |
2,497,440 |
|
|
1,000 |
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Pennsylvania Higher Educational Facilities Authority, (Clarion University Foundation), (XLCA), 5.00%, 7/1/33 |
|
1,022,620 |
|
||
|
|
|
|
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$ |
3,520,060 |
|
|
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Insured-Special Tax Revenue — 10.0% |
|
|
|
||||
|
$ |
4,350 |
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Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/29 |
|
$ |
4,440,828 |
|
|
|
|
|
|
$ |
4,440,828 |
|
|
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Insured-Transportation — 18.0% |
|
|
|
||||
|
$ |
2,000 |
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Allegheny County Port Authority, (FGIC), 5.00%, 3/1/25 |
|
$ |
2,056,100 |
|
|
1,000 |
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Allegheny County, Port Authority, (FGIC), 5.00%, 3/1/29 |
|
1,026,300 |
|
||
|
2,100 |
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Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41 (1) |
|
2,322,306 |
|
||
|
2,450 |
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Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/16, 5.00%, 7/1/36 (1) |
|
2,624,769 |
|
||
|
|
|
|
|
$ |
8,029,475 |
|
|
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Insured-Water and Sewer — 18.1% |
|
|
|
||||
|
$ |
1,000 |
|
Ambridge Borough, Municipal Authority, (FSA), 4.60%, 10/15/41 |
|
$ |
960,770 |
|
|
1,555 |
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Erie Sewer Authority, (AMBAC), 0.00%, 12/1/25 |
|
657,205 |
|
||
|
2,155 |
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Erie Sewer Authority, (AMBAC), 0.00%, 12/1/25 |
|
910,789 |
|
||
|
1,920 |
|
Erie Sewer Authority, (AMBAC), 0.00%, 12/1/26 |
|
770,016 |
|
||
|
1,500 |
|
Pennsylvania University Sewer Authority, (MBIA), 5.00%, 11/1/26 |
|
1,539,285 |
|
||
|
3,000 |
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Philadelphia, Water and Wastewater, (FGIC), 5.00%, 11/1/31 (1) |
|
3,066,030 |
|
||
|
150 |
|
Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35 |
|
154,404 |
|
||
|
|
|
|
|
$ |
8,058,499 |
|
|
|
Private Education — 6.7% |
|
|
|
||||
|
$ |
3,000 |
|
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.75%, 7/15/35 |
|
$ |
2,993,010 |
|
|
|
|
|
|
$ |
2,993,010 |
|
|
3
|
Senior Living / Life Changes — 1.1% |
|
|
|
||||
|
$ |
300 |
|
Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 |
|
$ |
299,781 |
|
|
200 |
|
Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 |
|
200,348 |
|
||
|
|
|
|
|
$ |
500,129 |
|
|
|
Transportation — 3.2% |
|
|
|
||||
|
$ |
1,400 |
|
Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28 |
|
$ |
1,431,668 |
|
|
|
|
|
|
$ |
1,431,668 |
|
|
|
Total
Tax-Exempt Investments — 174.5% |
|
$ |
77,749,928 |
|
|||
|
Other Assets, Less Liabilities — (16.2)% |
|
$ |
(7,197,977 |
) |
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.3)% |
|
$ |
(26,004,879 |
) |
|||
|
Net Assets Applicable to Common Shares — 100.0% |
|
$ |
44,547,072 |
|
|||
|
AGC |
— |
Assured Guaranty Corp. |
|
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 Pennsylvania 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, 85.8% 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 0.2% to 27.2% 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. |
|
(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 $457,776 or 1.0% of the Fund’s net assets applicable to common shares. |
|
(4) |
Security has been issued as a leveraged 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:
Interest Rate Swaps
|
Counterparty |
|
Notional |
|
Annual |
|
Floating |
|
Effective |
|
Unrealized |
|
||||||
|
Citibank, N.A. |
|
$ |
1,800,000 |
|
|
3.925 |
% |
|
USD-BMA
Municipal |
|
August 16,
2007/ |
|
|
$ |
61,739 |
|
|
|
Merrill Lynch Capital Services, Inc. |
|
$ |
1,800,000 |
|
|
4.006 |
% |
|
USD-BMA
Municipal |
|
August 7,
2007/ |
|
|
$ |
73,438 |
|
|
|
Lehman Brothers, Inc. |
|
$ |
2,000,000 |
|
|
3.896 |
% |
|
USD-BMA
Municipal |
|
October
23, 2007/ |
|
|
$ |
115,327 |
|
|
|
Lehman Brothers, Inc. |
|
$ |
1,450,000 |
|
|
5.956 |
% |
|
3-month USD-LIBOR-BBA |
|
March 25,
2008/ |
|
|
$ |
(24,144 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
226,360 |
|
|
|
The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.
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 |
|
$ |
67,447,160 |
|
|
Gross unrealized appreciation |
|
$ |
2,145,342 |
|
|
Gross unrealized depreciation |
|
(337,574 |
) |
|
|
Net unrealized appreciation |
|
$ |
1,807,768 |
|
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 Pennsylvania 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 |