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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811-21142 |
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Eaton Vance Insured Municipal Bond Fund |
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(Exact Name of Registrant as Specified in Charter) |
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The
Eaton Vance Building, 255 State Street, |
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02109 |
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(Address of Principal Executive Offices) |
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(Zip code) |
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Maureen A. Gemma Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
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(Name and Address of Agent for Service) |
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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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December 31, 2007 |
Item 1. Schedule of Investments
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Eaton Vance Insured Municipal Bond Fund |
as of December 31, 2007 |
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 162.0%
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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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Electric Utilities — 0.9% |
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$ |
10,300 |
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Sabine River Authority, TX, (TXU Energy Co. LLC), 5.20%, 5/1/28 |
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$ |
8,463,407 |
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$ |
8,463,407 |
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General Obligations — 4.9% |
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$ |
20,815 |
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California, 4.75%, 9/1/35 |
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$ |
20,205,329 |
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13,250 |
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California, 5.50%, 11/1/33 |
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14,078,655 |
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11,040 |
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New York City, NY, 5.25%, 1/15/33 |
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11,473,872 |
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$ |
45,757,856 |
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Hospital — 14.1% |
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$ |
10,000 |
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California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 |
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$ |
9,732,300 |
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16,375 |
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California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41 |
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15,733,919 |
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19,550 |
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California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45 |
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19,516,765 |
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1,225 |
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Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25 |
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1,137,645 |
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2,610 |
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Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35 |
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2,279,652 |
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2,500 |
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Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27 |
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2,357,350 |
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6,200 |
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Camden County, NJ, Improvement Authority, (Cooper Health System), 5.75%, 2/15/34 |
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6,056,222 |
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2,600 |
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Cuyahoga County, OH, (Cleveland Clinic Health System), 5.50%, 1/1/29 |
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2,692,794 |
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1,995 |
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Erie County, OH, Hospital Facilities, (Firelands Regional Medical Center), 5.00%, 8/15/36 |
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1,930,043 |
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3,900 |
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Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33 |
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3,915,561 |
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8,685 |
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Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36 |
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8,658,858 |
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10,000 |
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Knox County, TN, Health, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38 |
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1,941,000 |
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10,000 |
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Knox County, TN, Health, Educational & Housing Facilities Board, (Covenant Health), 0.00%, 1/1/41 |
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1,626,500 |
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8,500 |
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Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
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8,547,090 |
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12,640 |
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Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46 |
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12,388,717 |
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18,755 |
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Tarrant County, TX, Cultural Education Facilities Authority (Texas Health Resources), 5.00%, 11/15/42 |
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18,464,673 |
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15,000 |
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Tarrant County, TX, Cultural Education Facilities Authority (Texas Health Resources), 5.00%, 11/15/47 |
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14,709,300 |
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$ |
131,688,389 |
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1
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Industrial Development Revenue — 5.9% |
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$ |
21,275 |
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Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37 |
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$ |
23,529,086 |
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32,850 |
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St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 |
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31,571,149 |
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$ |
55,100,235 |
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Insured-Electric Utilities — 15.4% |
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$ |
13,000 |
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Burlington, KS, Pollution Control Revenue, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31 |
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$ |
13,502,320 |
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19,395 |
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Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41 |
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19,413,037 |
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20,005 |
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Missouri Joint Municipal Electric Utility Commission, (AMBAC), 4.50%, 1/1/37 |
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19,206,800 |
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2,625 |
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Municipal Energy Agency, NE, (Power Supply System), (FSA), 5.00%, 4/1/36 |
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2,686,320 |
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21,925 |
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Omaha, NE, Public Power District, (FGIC), 4.25%, 2/1/35 |
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20,135,262 |
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60,755 |
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South Carolina Public Service Authority, (FSA), 5.125%, 1/1/37 |
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63,001,720 |
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10,650 |
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Southern Minnesota Municipal Power Agency, (MBIA), 0.00%, 1/1/22 |
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5,649,612 |
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$ |
143,595,071 |
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Insured-General Obligations — 23.2% |
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$ |
10,705 |
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Alamo, TX, Community College District, Series A, (MBIA), 4.75%, 8/15/32 |
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$ |
10,790,854 |
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47,200 |
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California, (XLCA), 5.00%, 10/1/28 |
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48,206,304 |
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34,035 |
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Chabot - Las Positas, CA, College District, (AMBAC), 0.00%, 8/1/45 |
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4,474,922 |
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35,370 |
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Chabot - Las Positas, CA, College District, (AMBAC), 0.00%, 8/1/46 |
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4,399,321 |
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41,300 |
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Chicago, IL, Board of Education, (FGIC), 0.00%, 12/1/21 |
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21,753,536 |
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14,330 |
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Clark County, NV, (AMBAC), 2.50%, 11/1/36 |
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9,300,027 |
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10,055 |
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Frisco, TX, Independent School District, (FSA), 2.75%, 8/15/39 |
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6,755,653 |
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16,645 |
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Frisco, TX, Independent School District, (FSA), 4.00%, 8/15/40 |
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14,646,934 |
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8,025 |
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Frisco, TX, Independent School District, (MBIA), 4.50%, 8/15/40 |
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7,762,021 |
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20,425 |
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Kane, Cook and Du Page Counties, IL, School District No. 46, (AMBAC), 0.00%, 1/1/21 |
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11,265,204 |
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50,650 |
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Kane, Cook and Du Page Counties, IL, School District No. 46, (AMBAC), 0.00%, 1/1/22 |
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26,431,196 |
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8,550 |
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North Las Vegas, NV, Wastewater Reclamation System, (MBIA), 4.25%, 10/1/33 |
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8,008,699 |
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12,515 |
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Northside, TX, Independent School District, Series B, (MBIA), 4.50%, 8/15/33 |
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12,225,904 |
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8,300 |
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Phoenix, AZ, (AMBAC), 3.00%, 7/1/28 |
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6,544,799 |
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20,750 |
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Schaumburg, IL, (FGIC), 5.00%, 12/1/38 |
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21,328,925 |
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3,170 |
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Texas (Transportation Commission-Mobility Fund), (FGIC), 4.50%, 4/1/35 |
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3,128,124 |
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$ |
217,022,423 |
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Insured-Industrial Development Revenue — 0.5% |
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$ |
5,040 |
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Monroe County, GA, Development Authority, (Georgia Power Co.), (AMBAC), Variable Rate, 4.90%, 7/1/36 |
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$ |
5,065,250 |
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$ |
5,065,250 |
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Insured-Lease Revenue/Certificates of Participation — 5.6% |
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$ |
8,480 |
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Jackson County, MO, Leasehold Revenue, (Truman Sports), (AMBAC), 4.50%, 12/1/31 |
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$ |
8,363,570 |
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42,795 |
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San Jose, CA, Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/37 |
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43,701,826 |
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$ |
52,065,396 |
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Insured-Other Revenue — 8.5% |
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$ |
78,275 |
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Golden State Tobacco Securitization Corp., CA, (AGC), 5.00%, 6/1/45 |
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$ |
79,703,519 |
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$ |
79,703,519 |
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2
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Insured-Private Education — 3.0% |
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$ |
270 |
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Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59 |
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$ |
316,872 |
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10,000 |
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Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 |
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10,251,700 |
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5,820 |
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Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), 4.50%, 4/1/36 |
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5,687,595 |
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11,990 |
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Washington, DC, Georgetown University, (AMBAC), 4.50%, 4/1/42 |
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11,447,572 |
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$ |
27,703,739 |
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Insured-Public Education — 4.3% |
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$ |
18,005 |
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Alabama Public School and College Authority, (FSA), 2.50%, 12/1/27 |
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$ |
13,021,756 |
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14,980 |
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College of Charleston, SC, Academic and Administrative Facilities, (XLCA), 4.50%, 4/1/37 |
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14,356,083 |
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5,905 |
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University of California, (MBIA), 4.75%, 5/15/37 |
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5,945,036 |
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6,990 |
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University of Vermont and State Agricultural College, (MBIA), 4.00%, 10/1/35 |
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6,392,285 |
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$ |
39,715,160 |
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Insured-Sewer Revenue — 3.7% |
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$ |
13,670 |
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Chicago, IL, Wastewater Transmission, (MBIA), 0.00%, 1/1/23 |
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$ |
6,819,826 |
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19,000 |
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King County, WA, Sewer Revenue, (FGIC), 5.00%, 1/1/31 |
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19,406,220 |
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8,345 |
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Marysville, OH, Wastewater Treatment System, (XLCA), 4.75%, 12/1/46 |
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8,149,310 |
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$ |
34,375,356 |
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Insured-Special Tax Revenue — 8.8% |
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$ |
18,980 |
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Houston, TX, Hotel Occupancy Tax, (AMBAC), 0.00%, 9/1/24 |
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$ |
8,293,121 |
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|
2,780 |
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Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33 |
|
2,519,069 |
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|
10,000 |
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Metropolitan Transportation Authority, NY, Dedicated Tax Fund, (MBIA), 5.00%, 11/15/30 |
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10,288,800 |
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|
17,200 |
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New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 |
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17,184,004 |
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|
223,640 |
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Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
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20,004,598 |
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|
38,025 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
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5,897,297 |
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|
75,420 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
|
11,091,265 |
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|
47,475 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
|
6,609,470 |
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$ |
81,887,624 |
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Insured-Transportation — 31.8% |
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$ |
23,000 |
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Central Puget Sound , WA, Regional Transportation Authority Sales Revenue, Series A, (FSA), 5.00%, 11/1/34 |
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$ |
24,043,970 |
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|
10,070 |
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Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 0.00%, 1/1/23 |
|
4,436,439 |
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3,100 |
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Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 0.00%, 1/1/28 |
|
999,564 |
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20,000 |
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Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40 |
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20,133,600 |
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25,000 |
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E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/39 |
|
4,611,000 |
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|
10,200 |
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E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/21 |
|
5,369,892 |
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|
14,175 |
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Harris County, TX, Toll Road, Senior Lien, (MBIA), 4.50%, 8/15/36 |
|
13,763,216 |
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|
10,150 |
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Maryland Transportation Authority, (FSA), 4.50%, 7/1/41 |
|
10,003,028 |
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|
19,915 |
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Massachusetts Turnpike Authority, Metropolitan Highway System, (AMBAC), 5.00%, 1/1/39 |
|
20,059,981 |
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3
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$ |
1,785 |
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Metropolitan Transportation Authority, NY, (FGIC), 4.75%, 11/15/37 |
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$ |
1,789,784 |
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|
28,415 |
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Minneapolis and St Paul, MN, Metropolitan Airports Commission, (FGIC), 4.50%, 1/1/32 |
|
26,634,516 |
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|
4,205 |
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North Texas Tollway Authority, (FSA), 4.50%, 1/1/38 |
|
4,093,568 |
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|
24,665 |
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Northwest Parkway Public Highway Authority, CO, (FSA), 5.25%, 6/15/41 |
|
26,625,868 |
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|
87,045 |
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San Joaquin Hills, CA, Transportation Corridor Agency, (Toll Road Bonds), (MBIA), 0.00%, 1/15/25 |
|
37,274,410 |
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|
10,410 |
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Tampa-Hillsborough County, FL, Expressway Authority, (AMBAC), 4.00%, 7/1/34 |
|
9,197,131 |
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|
40,165 |
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Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/20 |
|
22,372,708 |
|
||
|
64,900 |
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Texas Turnpike Authority, (AMBAC), 5.00%, 8/15/42 |
|
65,335,479 |
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$ |
296,744,154 |
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Insured-Utilities — 3.1% |
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|
|
||||
|
$ |
5,000 |
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Illinois Development Finance Authority, (Peoples Gas, Light and Coke), (AMBAC), 5.00%, 2/1/33 |
|
$ |
5,134,000 |
|
|
25,085 |
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Springfield, MO, Public Utility Revenue, (FGIC), 4.50%, 8/1/36 |
|
23,999,321 |
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|
|
|
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$ |
29,133,321 |
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Insured-Water and Sewer — 15.4% |
|
|
|
||||
|
$ |
25,885 |
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Atlanta, GA, Water and Wastewater, (MBIA), 5.00%, 11/1/39 |
|
$ |
26,341,870 |
|
|
4,875 |
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Birmingham, AL, Waterworks and Sewer Board, (AMBAC), 4.50%, 1/1/39 |
|
4,717,489 |
|
||
|
5,585 |
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Birmingham, AL, Waterworks and Sewer Board, (AMBAC), 4.50%, 1/1/43 |
|
5,360,762 |
|
||
|
2,750 |
|
Coral Springs, FL, Improvements District, Water and Sewer Revenue, (MBIA), 4.75%, 6/1/32 |
|
2,767,958 |
|
||
|
3,000 |
|
Coral Springs, FL, Improvements District, Water and Sewer Revenue, (MBIA), 4.75%, 6/1/37 |
|
3,007,800 |
|
||
|
6,095 |
|
East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/31 |
|
6,064,464 |
|
||
|
5,890 |
|
East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/36 |
|
5,802,003 |
|
||
|
3,170 |
|
Fort Lauderdale, FL, Water and Sewer, (MBIA), 4.25%, 9/1/33 |
|
2,942,806 |
|
||
|
16,070 |
|
Knoxville, TN, Wastewater System, (MBIA), 4.00%, 4/1/40 |
|
14,217,933 |
|
||
|
40,120 |
|
Massachusetts Water Resources Authority, (AMBAC), 4.00%, 8/1/40 |
|
35,367,385 |
|
||
|
8,500 |
|
New York City, NY, Municipal Water Finance Authority, (Water and Sewer System), (MBIA), 5.125%, 6/15/34 |
|
8,853,090 |
|
||
|
9,500 |
|
Palm Coast, FL, Utility System, (MBIA), 5.00%, 10/1/33 |
|
9,682,210 |
|
||
|
8,650 |
|
Tampa Bay, FL, Regional Water Supply Authority, (FGIC), 4.50%, 10/1/36 |
|
8,282,116 |
|
||
|
10,000 |
|
West Palm Beach, FL, Utility System, (FGIC), 5.00%, 10/1/34 |
|
10,244,900 |
|
||
|
|
|
|
|
$ |
143,652,786 |
|
|
|
Insured-Water Revenue — 11.2% |
|
|
|
||||
|
$ |
8,930 |
|
Albany, OR, Water Revenue, (FGIC), 5.00%, 8/1/33 |
|
$ |
9,134,676 |
|
|
3,250 |
|
Baltimore, MD, (Water Projects), (FGIC), 5.125%, 7/1/42 |
|
3,357,835 |
|
||
|
53,595 |
|
Los Angeles, CA, Department of Water and Power, Water Revenue, (FGIC), 5.00%, 7/1/43 |
|
54,660,469 |
|
||
|
5,000 |
|
Metropolitan Water District, CA, (FGIC), 5.00%, 10/1/33 |
|
5,164,700 |
|
||
|
6,000 |
|
Metropolitan Water District, CA, (FGIC), 5.00%, 10/1/36 |
|
6,191,520 |
|
||
|
700 |
|
Metropolitan Water District, Southern California, Water Resources, (MBIA), 5.00%, 7/1/37 |
|
707,000 |
|
||
|
12,540 |
|
Philadelphia, PA, Water and Wastewater, (AMBAC), 4.25%, 11/1/31 |
|
11,714,993 |
|
||
|
10,710 |
|
San Luis Obispo County, CA, (Nacimiento Water Project), Series A, (MBIA), 4.50%, 9/1/40 |
|
10,397,054 |
|
||
|
3,485 |
|
West Wilson, TN, Utility District Waterworks, (MBIA), 4.00%, 6/1/32 |
|
3,145,003 |
|
||
|
|
|
|
|
$ |
104,473,250 |
|
|
4
|
Other Revenue — 0.3% |
|
|
|
||||
|
$ |
3,055 |
|
Main Street National Gas Inc., GA, Series A, 5.50%, 9/15/27 |
|
$ |
3,027,536 |
|
|
|
|
|
|
$ |
3,027,536 |
|
|
|
Special Tax Revenue — 1.4% |
|
|
|
||||
|
$ |
4,600 |
|
New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24 |
|
$ |
4,457,170 |
|
|
1,750 |
|
New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31 |
|
1,662,693 |
|
||
|
2,405 |
|
New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29 |
|
2,359,906 |
|
||
|
5,110 |
|
New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34 |
|
4,977,804 |
|
||
|
|
|
|
|
$ |
13,457,573 |
|
|
|
Total Tax-Exempt Investments — 162.0% |
|
$ |
1,512,632,045 |
|
|||
|
Other Assets, Less Liabilities — 1.5% |
|
$ |
13,988,342 |
|
|||
|
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (63.5)% |
|
$ |
(592,638,940 |
) |
|||
|
Net Assets Applicable to Common Shares— 100.0% |
|
$ |
933,981,447 |
|
|||
|
AGC |
— |
Assured Guaranty Corp. |
|
AMBAC |
— |
AMBAC Financial Group, Inc. |
|
FGIC |
— |
Financial Guaranty Insurance Company |
|
FSA |
— |
Financial Security Assurance, Inc. |
|
MBIA |
— |
Municipal Bond Insurance Association |
|
XLCA |
— |
XL Capital Assurance, Inc. |
At December 31, 2007, the concentration of the Fund’s investments in the various states, determined as a percentage of total investments, is as follows:
|
California |
|
25.1 |
% |
|
Texas |
|
14.0 |
% |
|
Others, representing less than 10% individually |
|
60.9 |
% |
The Fund invests primarily in debt securities issued by 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 December 31, 2007, 83.0% 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 5.3% to 26.5% of total investments.
5
A summary of obligations under these financial instruments at December 31, 2007 is as follows:
Interest Rate Swaps
|
|
|
|
|
Annual |
|
|
|
|
|
|
|
|||
|
|
|
|
|
Fixed |
|
|
|
|
|
Net Unrealized |
|
|||
|
|
|
Notional |
|
Rate Paid |
|
Floating Rate |
|
Effective Date/ |
|
Appreciation/ |
|
|||
|
Counterparty |
|
Amount |
|
By Fund |
|
Paid To Fund |
|
Termination Date |
|
(Depreciation) |
|
|||
|
Lehman Brothers, Inc. |
|
$ |
39,050,000 |
|
4.985 |
% |
|
3–month USD- |
|
September 28,
2008/ |
|
$ |
348,112 |
|
|
Lehman Brothers, Inc. |
|
$ |
47,000,000 |
|
4.003 |
% |
|
SIFMA |
|
July 24,
2008/ |
|
$ |
(926,279 |
) |
|
Merrill Lynch Capital Services, Inc. |
|
$ |
63,075,000 |
|
5.426 |
% |
|
3–month USD- |
|
July 9,
2008/ |
|
$ |
(3,815,083 |
) |
|
Morgan Stanley Capital Services, Inc. |
|
$ |
23,850,000 |
|
5.428 |
% |
|
3–month USD- |
|
September 10,
2008/ |
|
$ |
(1,396,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(5,789,538 |
) |
|
The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.
At December 31, 2007, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2007, as determined on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
1,489,014,976 |
|
|
Gross unrealized appreciation |
|
$ |
38,073,370 |
|
|
Gross unrealized depreciation |
|
(14,456,301 |
) |
|
|
Net unrealized appreciation |
|
$ |
23,617,069 |
|
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.
Eaton Vance Insured Municipal Bond Fund
|
By: |
/s/ Robert B. MacIntosh |
|
|
|
Robert B. MacIntosh |
|
|
|
President |
|
|
|
|
|
|
Date: |
February 20, 2008 |
|
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/ Robert B. MacIntosh |
|
|
|
Robert B. MacIntosh |
|
|
|
President |
|
|
|
|
|
|
Date: |
February 20, 2008 |
|
|
By: |
/s/ Barbara E. Campbell |
|
|
|
Barbara E. Campbell |
|
|
|
Treasurer |
|
|
|
|
|
|
Date: |
February 20, 2008 |
|