UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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OMB Number:    3235-0578
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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-9533

 

 

Colonial Insured Municipal Fund

(Exact name of registrant as specified in charter)

 

One Financial Center, Boston, Massachusetts

 

02111

(Address of principal executive offices)

 

(Zip code)

 

James R. Bordewick, Jr., Esq.

Columbia Management Advisors, LLC

One Financial Center

Boston, MA 02111

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

1-617-426-3750

 

 

Date of fiscal year end:

11/30/06

 

 

 

 

Date of reporting period:

8/31/06

 

 


 

Item 1. Schedule of Investments.

 


 

INVESTMENT PORTFOLIO

August 31, 2006 (Unaudited)

 

Colonial Insured Municipal Fund

 

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 155.3%

 

 

 

 

 

 

EDUCATION – 5.8%

 

 

 

 

 

 

Education – 2.5%

 

 

 

 

 

 

AR University Revenue

 

 

 

 

 

 

 

Construction UAMS Campus,

 

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 11/01/28

 

1,475,000

 

1,550,579

 

Education Total

 

1,550,579

 

Student Loan – 3.3%

 

 

 

 

 

 

MT Higher Education Student Assistance Corp.

 

 

 

 

 

 

 

Series 1999 B, AMT,

 

 

 

 

 

 

6.400% 12/01/32

 

2,000,000

 

2,110,000

 

Student Loan Total

 

2,110,000

 

EDUCATION TOTAL

 

3,660,579

 

HEALTH CARE – 8.6%

 

 

 

 

 

 

Continuing Care Retirement – 0.9%

 

 

 

 

 

 

NY Dormitory Authority

 

 

 

 

 

 

 

Miriam Osborn Memorial Home,

 

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

 

Insured: ACA

 

 

 

 

 

 

6.875% 07/01/19

 

500,000

 

555,770

 

Continuing Care Retirement Total

 

555,770

 

Health Services – 3.4%

 

 

 

 

 

 

WI Health & Educational Facilities Authority

 

 

 

 

 

 

 

Marshfield Clinic,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: RAD

 

 

 

 

 

 

6.250% 02/15/29

 

2,000,000

 

2,159,260

 

Health Services Total

 

2,159,260

 

Hospitals – 4.3%

 

 

 

 

 

 

CO Health Facilities Authority

 

 

 

 

 

 

 

Parkview Medical Center, Inc.,

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

6.600% 09/01/25

 

400,000

 

439,076

 

NV Henderson

 

 

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

6.750% 07/01/20

 

60,000

 

65,806

 

OK Industries Authority

 

 

 

 

 

 

 

Health Systems Obligation Group,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.750% 08/15/29

 

1,155,000

 

1,221,724

 

WI Health & Educational Facilities Authority

 

 

 

 

 

 

 

Thedacare, Inc.,

 

 

 

 

 

 

1


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

4.500% 12/15/25

 

1,000,000

 

992,290

 

Hospitals Total

 

2,718,896

 

HEALTH CARE TOTAL

 

5,433,926

 

HOUSING – 5.3%

 

 

 

 

 

 

Assisted Living/Senior – 1.2%

 

 

 

 

 

 

DE Kent County

 

 

 

 

 

 

 

Dover Alf LLC,

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

7.625% 01/01/30

 

235,000

 

215,201

 

NC Medical Care Commission

 

 

 

 

 

 

 

DePaul Community Facilities, Inc.,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

7.625% 11/01/29

 

475,000

 

499,164

 

Assisted Living/Senior Total

 

714,365

 

Multi-Family – 0.8%

 

 

 

 

 

 

FL Broward County Housing Finance Authority

 

 

 

 

 

 

 

Chaves Lake Apartments Ltd.,

 

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

 

7.500% 07/01/40

 

250,000

 

259,335

 

FL Clay County Housing Finance Authority

 

 

 

 

 

 

 

Breckenridge Commons Ltd.,

 

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

 

7.450% 07/01/40

 

245,000

 

253,805

 

Multi-Family Total

 

513,140

 

Single-Family – 3.3%

 

 

 

 

 

 

AK Housing Finance Corp.

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: FHA

 

 

 

 

 

 

6.150% 06/01/39

 

1,575,000

 

1,637,606

 

CA Rural Home Mortgage Finance Authority

 

 

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

 

6.350% 12/01/29

 

70,000

 

70,507

 

CO Housing & Finance Authority

 

 

 

 

 

 

 

Series 2000 B-2, AMT,

 

 

 

 

 

 

7.250% 10/01/31

 

70,000

 

71,506

 

OK Housing Finance Agency

 

 

 

 

 

 

 

Series 2000 C-2, AMT,

 

 

 

 

 

 

2


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

 

Single-Family – (continued)

 

 

 

 

 

 

 

7.550% 09/01/28

 

295,000

 

299,980

 

Single-Family Total

 

2,079,599

 

HOUSING TOTAL

 

3,307,104

 

INDUSTRIALS – 3.2%

 

 

 

 

 

 

Oil & Gas – 3.2%

 

 

 

 

 

 

NV Clark County Industrial Development Authority

 

 

 

 

 

 

 

Southwest Gas Corp.,

 

 

 

 

 

 

Series 2005 A, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

4.850% 10/01/35

 

2,000,000

 

2,021,900

 

Oil & Gas Total

 

2,021,900

 

INDUSTRIALS TOTAL

 

2,021,900

 

OTHER – 9.1%

 

 

 

 

 

 

Other – 3.4%

 

 

 

 

 

 

AL Incentives Financing Authority

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 10/01/29

 

2,000,000

 

2,163,640

 

Other Total

 

2,163,640

 

Pool/Bond Bank – 1.7%

 

 

 

 

 

 

UT Water Finance Agency

 

 

 

 

 

 

 

Series 2002 B,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 07/01/23

 

1,000,000

 

1,060,630

 

Pool/Bond Bank Total

 

1,060,630

 

Refunded/Escrowed(a) – 4.0%

 

 

 

 

 

 

CA Morgan Hill Unified School District

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Escrowed to Maturity,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

(b) 08/01/21

 

1,000,000

 

522,450

 

NV Henderson

 

 

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Pre-refunded 07/01/10,

 

 

 

 

 

 

6.750% 07/01/20

 

440,000

 

491,515

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

 

 

Jefferson Ferry,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Pre-refunded 11/01/09,

 

 

 

 

 

 

7.200% 11/01/19

 

550,000

 

610,363

 

WA Health Care Facilities Authority

 

 

 

 

 

 

 

Kadlec Medical Center,

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Pre-refunded 12/01/10,

 

 

 

 

 

 

Insured: RAD

 

 

 

 

 

 

3


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

 

Refunded/Escrowed(a) – (continued)

 

 

 

 

 

 

 

5.875% 12/01/21

 

300,000

 

326,199

 

WV Hospital Finance Authority

 

 

 

 

 

 

 

Charleston Area Medical Center,

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Pre-refunded 09/01/10,

 

 

 

 

 

 

6.750% 09/01/30

 

500,000

 

561,730

 

Refunded/Escrowed Total

 

2,512,257

 

OTHER TOTAL

 

5,736,527

 

RESOURCE RECOVERY – 1.3%

 

 

 

 

 

 

Disposal – 1.3%

 

 

 

 

 

 

CA Salinas Valley Solid Waste Authority

 

 

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 08/01/22

 

750,000

 

779,572

 

Disposal Total

 

779,572

 

RESOURCE RECOVERY TOTAL

 

779,572

 

TAX-BACKED – 60.1%

 

 

 

 

 

 

Local Appropriated – 4.1%

 

 

 

 

 

 

IL Chicago Park District

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 01/01/25

 

1,000,000

 

1,048,790

 

IN Carmel Industrial School Building Corp.

 

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 07/15/22

 

1,000,000

 

1,049,270

 

OK Grady County Industrial Authority

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

6.000% 11/01/29

 

500,000

 

512,805

 

Local Appropriated Total

 

2,610,865

 

Local General Obligations – 13.9%

 

 

 

 

 

 

CA Centinela Valley Union High School District

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.250% 02/01/22

 

730,000

 

827,901

 

CA Empire Unified School District No. 1987-1-A

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(b) 10/01/18

 

1,665,000

 

995,753

 

 

4


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

 

CA Union Elementary School District

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

(b) 09/01/16

 

1,400,000

 

929,964

 

CA Vallejo City Unified School District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.900% 02/01/21

 

500,000

 

601,465

 

IL Chicago

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.000% 01/01/26

 

1,000,000

 

1,051,400

 

IL Coles & Cumberland Counties Unified School District

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

(b) 12/01/14

 

2,080,000

 

1,487,200

 

MI Detroit City School District

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 05/01/30

 

1,500,000

 

1,715,085

 

OR Clackamas County School District No. 7J

 

 

 

 

 

 

 

Lake Oswego,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 06/01/25

 

1,000,000

 

1,139,470

 

Local General Obligations Total

 

8,748,238

 

Special Non-Property Tax – 28.2%

 

 

 

 

 

 

LA Ernest N. Moria Exhibition Hall Authority

 

 

 

 

 

 

 

Special Tax,

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 07/15/23

 

2,000,000

 

2,088,760

 

MA Bay Transportation Authority

 

 

 

 

 

 

 

Sales Tax Revenue,

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 07/01/28

 

1,000,000

 

1,179,790

 

MI Trunk Line Department of Treasury

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 11/01/21

 

1,000,000

 

1,133,720

 

NJ Economic Development Authority

 

 

 

 

 

 

 

Motor Vehicle Revenue,

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.250% 07/01/26(c)

 

2,000,000

 

2,280,620

 

NM County of Bernalillo

 

 

 

 

 

 

 

Gross Receipts,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

5


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

Special Non-Property Tax – (continued)

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.250% 10/01/26

 

2,000,000

 

2,294,740

 

NY Urban Development Corp.

 

 

 

 

 

 

 

State Personal Income Tax,

 

 

 

 

 

 

Series 2004 A-2,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 03/15/22

 

1,000,000

 

1,159,700

 

PR Commonwealth of Puerto Rico Convention Center Authority

 

 

 

 

 

 

 

Hotel Occupancy Tax Revenue,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 07/01/20

 

1,000,000

 

1,078,900

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

 

 

Series 2002 E,

 

 

 

 

 

 

Insured: FSA:

 

 

 

 

 

 

5.500% 07/01/21

 

1,000,000

 

1,155,590

 

 

5.500% 07/01/23

 

1,000,000

 

1,162,310

 

 

Series 2005 L,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.250% 07/01/35

 

1,000,000

 

1,157,540

 

PR Commonwealth of Puerto Rico Infrastructure Financing Authority

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 07/01/24

 

1,125,000

 

1,311,862

 

 

Series 2005 C,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 07/01/23

 

1,500,000

 

1,743,465

 

Special Non-Property Tax Total

 

17,746,997

 

Special Property Tax – 4.0%

 

 

 

 

 

 

CA Huntington Park Public Financing Authority

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 09/01/19

 

1,190,000

 

1,313,760

 

CA Pittsburg Redevelopment Agency

 

 

 

 

 

 

 

Los Medanos,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

(b) 08/01/26

 

2,500,000

 

1,007,800

 

FL Lexington Oaks Community Development District

 

 

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

 

7.200% 05/01/30

 

180,000

 

185,382

 

Special Property Tax Total

 

2,506,942

 

State Appropriated – 5.2%

 

 

 

 

 

 

NJ Economic Development Authority

 

 

 

 

 

 

 

School Facilities Construction,

 

 

 

 

 

 

Series 2005 N-1,

 

 

 

 

 

 

6


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

State Appropriated – (continued)

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 09/01/27

 

1,000,000

 

1,178,670

 

OK Capital Improvement Authority

 

 

 

 

 

 

 

Higher Education,

 

 

 

 

 

 

Series 2005 F,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 07/01/30

 

1,000,000

 

1,050,940

 

PA Commonwealth Financing Authority

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 06/01/25

 

1,000,000

 

1,059,510

 

State Appropriated Total

 

3,289,120

 

State General Obligations – 4.7%

 

 

 

 

 

 

CA State

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 04/01/16

 

500,000

 

586,900

 

MA State

 

 

 

 

 

 

 

Series 2004 C,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 12/01/24

 

2,000,000

 

2,345,840

 

State General Obligations Total

 

2,932,740

 

TAX-BACKED TOTAL

 

37,834,902

 

TRANSPORTATION – 34.2%

 

 

 

 

 

 

Air Transportation – 6.6%

 

 

 

 

 

 

FL Miami-Dade County Industrial Development Authority

 

 

 

 

 

 

 

Airis Miami II, LLC,

 

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 10/15/25

 

1,000,000

 

1,072,490

 

MA Port Authority

 

 

 

 

 

 

 

US Airways, Inc.,

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

6.000% 09/01/21

 

2,500,000

 

2,631,850

 

NC Charlotte/Douglas International Airport

 

 

 

 

 

 

 

US Airways, Inc.:

 

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

 

5.600% 07/01/27

 

200,000

 

198,146

 

 

Series 2000, AMT,

 

 

 

 

 

 

7.750% 02/01/28

 

250,000

 

266,260

 

Air Transportation Total

 

4,168,746

 

Airports – 12.0%

 

 

 

 

 

 

DC Metropolitan Washington Airports Authority

 

 

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

 

7


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

 

Airports – (continued)

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 10/01/19

 

1,000,000

 

1,080,810

 

IN Indianapolis Local Public Improvement Bond Bank

 

 

 

 

 

 

 

Series 2005 B, AMT,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.250% 01/01/29

 

1,000,000

 

1,060,500

 

MO St. Louis Airport Revenue

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 07/01/27

 

1,000,000

 

1,170,060

 

NY Niagara Frontier Transportation Authority

 

 

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.625% 04/01/29

 

1,000,000

 

1,051,720

 

TN Memphis-Shelby County Airport Authority

 

 

 

 

 

 

 

Series 1999 D, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 03/01/24

 

3,000,000

 

3,222,300

 

Airports Total

 

7,585,390

 

Ports – 3.1%

 

 

 

 

 

 

TX Harris County Port of Houston Authority

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

4.125% 10/01/23

 

2,000,000

 

1,928,540

 

Ports Total

 

1,928,540

 

Toll Facilities – 7.9%

 

 

 

 

 

 

CO Northwest Parkway Public Highway Authority

 

 

 

 

 

 

 

Series 2001 D,

 

 

 

 

 

 

7.125% 06/15/41

 

200,000

 

198,576

 

NY Thruway Authority

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 04/01/24

 

1,000,000

 

1,060,080

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 04/01/20

 

1,000,000

 

1,155,990

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 11/15/20

 

1,200,000

 

1,394,964

 

PA Turnpike Commission

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

8


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

 

Toll Facilities – (continued)

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 07/15/25

 

1,000,000

 

1,142,920

 

Toll Facilities Total

 

4,952,530

 

Transportation – 4.6%

 

 

 

 

 

 

IN Transportation Finance Authority Highway Revenue

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.250% 06/01/20

 

1,000,000

 

1,081,150

 

NV Department of Business & Industry

 

 

 

 

 

 

 

Las Vegas Monorail,

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

7.375% 01/01/40

 

250,000

 

257,205

 

NY Metropolitan Transportation Authority

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.000% 11/15/30

 

1,500,000

 

1,564,545

 

Transportation Total

 

2,902,900

 

TRANSPORTATION TOTAL

 

21,538,106

 

UTILITIES – 27.7%

 

 

 

 

 

 

Investor Owned – 11.5%

 

 

 

 

 

 

CA Pollution Control Financing Authority

 

 

 

 

 

 

 

San Diego Gas & Electric Co.,

 

 

 

 

 

 

Series 1991 A, AMT,

 

 

 

 

 

 

6.800% 06/01/15

 

500,000

 

587,000

 

CO Adams County Pollution Control Revenue

 

 

 

 

 

 

 

Public Service Co.,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

4.375% 09/01/17

 

1,000,000

 

1,023,320

 

HI Department of Budget & Finance

 

 

 

 

 

 

 

Hawaiian Electric Co.,

 

 

 

 

 

 

Series 1999 C, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.200% 11/01/29

 

2,000,000

 

2,158,440

 

KY Boone County Pollution Control Revenue

 

 

 

 

 

 

 

Dayton Power & Light Co.,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

4.700% 01/01/28

 

1,000,000

 

1,014,830

 

TX Brazos River Authority

 

 

 

 

 

 

 

Centerpoint Energy, Inc.,

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 05/01/19

 

2,100,000

 

2,179,002

 

 

TXU Energy Co., LLC,

 

 

 

 

 

 

Series 2003 C, AMT,

 

 

 

 

 

 

9


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

 

 

6.750% 10/01/38

 

215,000

 

241,959

 

Investor Owned Total

 

7,204,551

 

Joint Power Authority – 1.7%

 

 

 

 

 

 

SC Public Service Authority

 

 

 

 

 

 

 

Santee Cooper,

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 01/01/29

 

1,000,000

 

1,053,290

 

Joint Power Authority Total

 

1,053,290

 

Municipal Electric – 1.7%

 

 

 

 

 

 

CA Department of Water Resources

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 05/01/14

 

1,000,000

 

1,100,780

 

Municipal Electric Total

 

1,100,780

 

Water & Sewer – 12.8%

 

 

 

 

 

 

AZ Phoenix Civic Improvement Corp.

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 07/01/21

 

1,000,000

 

1,159,230

 

FL Tallahassee Consolidated Utilities System

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 10/01/19

 

1,360,000

 

1,567,685

 

MA Water Resources Authority

 

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 08/01/26

 

1,000,000

 

1,072,430

 

TX Corpus Christi Utility System Revenue

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 07/15/22

 

2,000,000

 

2,114,360

 

TX Houston Utility System Revenue

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 05/15/20

 

2,000,000

 

2,156,000

 

Water & Sewer Total

 

8,069,705

 

UTILITIES TOTAL

 

17,428,326

 

 

Total Municipal Bonds
(cost of $92,954,480)

 

 

 

97,740,942

 

 

10


 

 

 

 

Shares

 

Value ($)

 

Municipal Preferred Stocks – 0.9%

 

 

 

 

 

 

HOUSING – 0.9%

 

 

 

 

 

 

Multi-Family – 0.9%

 

 

 

 

 

 

Charter Mac Equity Issue Trust

 

 

 

 

 

 

 

7.100% 06/30/09(d)

 

500,000

 

533,495

 

Multi-Family Total

 

533,495

 

HOUSING TOTAL

 

533,495

 

 

Total Municipal Preferred Stocks
(cost of $500,000)

 

533,495

 

Investment Company – 0.0%

 

 

 

 

 

 

 

Dreyfus Tax-Exempt Cash
Management Fund

 

456

 

456

 

 

Total Investment Company
(cost of $456)

 

456

 

 

 

 

 

Par ($)

 

 

 

Short-Term Obligations – 1.4%

 

 

 

 

 

 

VARIABLE RATE DEMAND NOTES (e) – 1.4%

 

 

 

 

 

FL Orange County School Board

 

 

 

 

 

 

 

Series 2002 B,

 

 

 

 

 

 

SPA: SunTrust Bank

 

 

 

 

 

 

3.410% 08/01/27

 

300,000

 

300,000

 

IL Health Facilities Authority

 

 

 

 

 

 

 

OSF Healthcare Systems,

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

LOC: Fifth Third Bank

 

 

 

 

 

 

3.570% 11/15/27

 

300,000

 

300,000

 

IN Health Facility Financing Authority

 

 

 

 

 

 

 

Fayette Memorial Hospital Association, Inc.,

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

LOC: U.S. Bank N.A.

 

 

 

 

 

 

3.620% 10/01/32

 

200,000

 

200,000

 

MS Jackson County Pollution Control Revenue

 

 

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

 

Series 1992,

 

 

 

 

 

 

3.410% 12/01/16

 

100,000

 

100,000

 

VARIABLE RATE DEMAND NOTES TOTAL

 

900,000

 

 

 

 

 

 

Total Short-Term Obligations
(cost of $900,000)

 

900,000

 

 

 

 

 

 

 

Total Investments – 157.6%
(cost of $94,354,936)(f)(g)

 

99,174,893

 

 

 

 

 

 

 

Other Assets & Liabilities, Net – (57.6)%

 

(36,256,364

)

 

 

 

 

 

 

Net Assets – 100.0%

 

62,918,529

 

 

11


 

 

 

Notes to Investment Portfolio:

 

 

*

 

Security Valuation:

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Investments in other investment companies are valued at net asset value.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Forward currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.

 

 

(a)

 

The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

 

 

(b)

 

Zero coupon bond.

 

 

(c)

 

A portion of this security with a market value of $2,271,800 is pledged as collateral for open futures contracts.

 

 

(d)

 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2006, the value of this security, which is not illiquid, represents 0.9% of net assets.

 

 

(e)

 

Variable rate demand notes. These securities are payable upon demand and are secured by letters of credit or other credit support agreements from banks. The interest rates change periodically and the interest rates shown reflect the rates at August 31, 2006.

 

 

(f)

 

Cost for federal income tax purposes is $94,288,721.

 

 

(g)

 

Unrealized appreciation and depreciation at August 31, 2006 based on cost of investments for federal income tax purposes was:

 

 

 

 

 

 

Unrealized

 

Unrealized

 

Net Unrealized

 

 

 

 

Appreciation

 

Depreciation

 

Appreciation

 

 

 

 

$

4,966,558

 

$

(80,386

)

$

4,886,172

 

 

 

At August 31, 2006, the Fund held the following open short futures contract:

 

 

 

Number of

 

 

 

Aggregate

 

Expiration

 

Unrealized

 

Type

 

Contracts

 

Value

 

Face Value

 

Date

 

Depreciation

 

10-Year U.S. Treasury Notes

 

94

 

$

10,097,656

 

$

9,909,913

 

Sep-2006

 

$

(187,743

)

 

 

 

Acronym

 

Name

 

 

ACA

 

ACA Financial Guaranty Corp.

 

 

AMBAC

 

Ambac Assurance Corp.

 

 

AMT

 

Alternative Minimum Tax

 

 

FGIC

 

Financial Guaranty Insurance Co.

 

 

FHA

 

Federal Housing Administration

 

 

FSA

 

Financial Security Assurance, Inc.

 

12


 

 

 

GNMA

 

Government National Mortgage Association

 

 

LOC

 

Letter of Credit

 

 

MBIA

 

MBIA Insurance Corp.

 

 

RAD

 

Radian Asset Assurance, Inc.

 

 

SPA

 

Stand-by Purchase Agreement

 

13


 

Item 2. Controls and Procedures.

 

(a)   The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

(b)   There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 


 

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.

 

(registrant)

 

Colonial Insured Municipal Fund

 

 

 

 

 

 

 

By (Signature and Title)

/s/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

October 27, 2006

 

 

 

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 (Signature and Title)

/s/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

October 27, 2006

 

 

 

 

 

 

 

By (Signature and Title)

/s/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

Date

 

October 27, 2006