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

 

811-21147

 

 

 

 

 

 

Eaton Vance Insured California Municipal Bond Fund

(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)

 

 

 

Maureen A. Gemma
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Service)

 

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

 

 

 

Date of Fiscal Year End:

 

September 30

 

 

 

Date of Reporting Period:

 

June 30, 2008

 

 

 


 

Item 1. Schedule of Investments

 


 

Eaton Vance Insured California Municipal Bond Fund

 

as of June 30, 2008

 

 

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

 

 

Tax-Exempt Investments — 164.4%

 

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

General Obligations — 3.5%

 

 

 

$

 9,975

 

California, 5.50%, 11/1/33

 

$

 10,200,634

 

 

 

 

 

$

10,200,634

 

Hospital — 11.3%

 

 

 

$

 2,000

 

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 7/1/23

 

$

 2,018,940

 

1,745

 

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34

 

1,657,907

 

10,900

 

California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35

 

10,343,337

 

2,330

 

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34

 

2,228,435

 

3,850

 

California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45

 

3,684,026

 

4,000

 

Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31

 

4,008,160

 

2,100

 

Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34

 

1,896,552

 

3,165

 

Washington Township Health Care District, 5.00%, 7/1/32

 

3,014,188

 

1,000

 

Washington Township Health Care District, 5.00%, 7/1/37

 

938,240

 

3,005

 

Washington Township Health Care District, 5.25%, 7/1/29

 

3,005,000

 

 

 

 

 

$

 32,794,785

 

Insured-Electric Utilities — 12.2%

 

 

 

$

 20,000

 

Anaheim Public Financing Authority, (Electric System Distribution Facilities), (MBIA), 4.50%, 10/1/27(1)

 

$

18,629,000

 

6,950

 

Los Angeles Department of Water & Power, Power Systems Revenue, (AMBAC), 5.00%, 7/1/26

 

7,147,866

 

4,000

 

Sacramento Municipal Electric Utility District, (FSA), 5.00%, 8/15/28

 

4,056,280

 

5,380

 

Sacramento Municipal Electric Utility District, (MBIA), 5.00%, 8/15/28

 

5,352,670

 

 

 

 

 

$

 35,185,816

 

Insured-Escrowed/Prerefunded — 1.5%

 

 

 

$

 55

 

California Water Resource, (Central Valley), (FGIC), Prerefunded to 12/1/12, 5.00%, 12/1/29

 

$

59,138

 

7,540

 

Foothill/Eastern, Transportation Corridor Agency, (FSA), Escrowed to Maturity, 0.00%, 1/1/21

 

4,243,964

 

 

 

 

 

$

4,303,102

 

Insured-General Obligations — 33.2%

 

 

 

$

 4,260

 

Antelope Valley Community College District, (Election of 2004), (MBIA), 5.25%, 8/1/39

 

$

4,318,192

 

17,495

 

Arcadia Unified School District, (FSA), 0.00%, 8/1/40

 

2,903,995

 

18,375

 

Arcadia Unified School District, (FSA), 0.00%, 8/1/41

 

2,887,631

 

2,840

 

Azusa Unified School District, (FSA), 0.00%, 7/1/25

 

1,198,310

 

6,030

 

Burbank Unified School District, (FGIC), 0.00%, 8/1/21

 

3,049,612

 

6,500

 

California, (AGC), 4.50%, 8/1/30(1)

 

6,153,810

 

10,000

 

Chabot - Las Positas, Community College District, (AMBAC), 0.00%, 8/1/32

 

2,652,100

 

10,000

 

Chabot - Las Positas, Community College District, (AMBAC), 0.00%, 8/1/36

 

2,068,400

 

10,000

 

Chabot - Las Positas, Community College District, (AMBAC), 0.00%, 8/1/37

 

1,944,600

 

32,755

 

Chabot - Las Positas, Community College District, (AMBAC), 0.00%, 8/1/44

 

4,103,219

 

3,000

 

Chino Valley Unified School District, (FSA), 5.00%, 8/1/26

 

3,055,110

 

10,600

 

Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/33

 

2,717,628

 

25,000

 

Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34

 

6,055,500

 

 

1


 

$

6,180

 

El Camino Hospital District, (MBIA), 4.45%, 8/1/36

 

$

5,553,842

 

 

7,725

 

Escondido, (Election of 2004), (MBIA), 4.75%, 9/1/36

 

 

7,267,757

 

2,060

 

Huntington Beach, City School District, (FGIC), 0.00%, 8/1/25

 

817,635

 

2,140

 

Huntington Beach, City School District, (FGIC), 0.00%, 8/1/26

 

796,487

 

2,000

 

Jurupa Unified School District, (FGIC), 0.00%, 8/1/23

 

887,360

 

2,000

 

Jurupa Unified School District, (FGIC), 0.00%, 8/1/26

 

733,980

 

3,225

 

Modesto, High School District, Stanislaus County, (FGIC), 0.00%, 8/1/24

 

1,362,208

 

10,000

 

San Diego Unified School District, (FGIC), 0.00%, 7/1/22

 

4,866,500

 

10,000

 

San Diego Unified School District, (FGIC), 0.00%, 7/1/23

 

4,588,900

 

8,000

 

San Juan Unified School District, (FSA), 0.00%, 8/1/21

 

4,202,720

 

5,000

 

San Mateo County, Community College District, (FGIC), 0.00%, 9/1/22

 

2,429,200

 

4,365

 

San Mateo County, Community College District, (FGIC), 0.00%, 9/1/23

 

2,000,523

 

3,955

 

San Mateo County, Community College District, (FGIC), 0.00%, 9/1/25

 

1,607,510

 

5,240

 

San Mateo, Union High School District, (FGIC), 0.00%, 9/1/21

 

2,679,893

 

2,740

 

Santa Ana Unified School District, (MBIA), 5.00%, 8/1/32

 

2,740,877

 

5,915

 

Santa Clara Unified School District, (Election of 2004), (FSA), 4.375%, 7/1/30

 

5,541,349

 

3,825

 

Union Elementary School District, (FGIC), 0.00%, 9/1/24

 

1,639,127

 

3,000

 

Ventura County, Community College District, (MBIA), 5.00%, 8/1/27

 

3,049,680

 

 

 

 

 

$

95,873,655

 

Insured-Hospital — 12.1%

 

 

 

$

19,495

 

California Health Facilities Financing Authority, (Sutter Health), (MBIA), 5.00%, 8/15/38(1)

 

$

19,224,994

 

 

10,000

 

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/31

 

 

10,006,300

 

3,650

 

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41

 

3,626,457

 

2,000

 

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), 5.00%, 11/15/38

 

1,972,200

 

 

 

 

 

$

34,829,951

 

Insured-Lease Revenue/Certificates of Participation — 12.5%

 

 

 

$

11,915

 

California Public Works Board Lease Revenue, (California Community College), (FGIC), 4.00%, 10/1/30

 

$

9,904,105

 

1,000

 

California Public Works Board Lease Revenue, (Department of General Services), (AMBAC), 5.00%, 12/1/27

 

1,002,320

 

10,000

 

San Diego County Water Authority, (FSA), 5.00%, 5/1/38(1)

 

10,115,600

 

15,000

 

San Jose Financing Authority, (Civic Center), (AMBAC), (BHAC), 5.00%, 6/1/37

 

15,068,250

 

 

 

 

 

$

36,090,275

 

Insured-Other Revenue — 6.9%

 

 

 

$

20,275

 

Golden State Tobacco Securitization Corp., (AGC), 5.00%, 6/1/45(1)

 

$

19,839,493

 

 

 

 

 

$

 19,839,493

 

Insured-Public Education — 8.0%

 

 

 

$

1,000

 

California State University, (AMBAC), 5.125%, 11/1/26

 

$

1,009,010

 

3,095

 

University of California, (FSA), 4.50%, 5/15/26(1)

 

3,020,565

 

6,690

 

University of California, (FSA), 4.50%, 5/15/28(1)

 

6,442,738

 

12,865

 

University of California, General Revenues, (BHAC), (FGIC), 4.75%, 5/15/37

 

12,645,909

 

 

 

 

 

$

23,118,222

 

Insured-Sewer Revenue — 6.4%

 

 

 

$

18,350

 

Livermore-Amador Valley, Water Management Agency, (AMBAC), 5.00%, 8/1/31

 

$

18,406,334

 

 

 

 

 

$

 18,406,334

 

Insured-Special Assessment Revenue — 7.7%

 

 

 

$

7,765

 

Ceres, Redevelopment Agency Tax, (AMBAC), 4.00%, 11/1/36(2)

 

$

6,321,875

 

1,800

 

Murrieta Redevelopment Agency Tax, (MBIA), 5.00%, 8/1/32

 

1,784,988

 

7,000

 

Pomona, Public Financing Authority, (MBIA), 5.00%, 2/1/33

 

7,004,760

 

4,110

 

Santa Cruz County, Redevelopment Agency Tax, (MBIA), 5.00%, 9/1/35

 

4,067,544

 

3,000

 

Tustin Unified School District, (FSA), 5.00%, 9/1/38

 

3,002,040

 

 

 

 

 

$

 22,181,207

 

Insured-Special Tax Revenue — 15.0%

 

 

 

$

1,900

 

Hesperia Public Financing Authority, (Redevelopment and Housing Project), (XLCA), 5.00%, 9/1/31

 

$

1,729,969

 

10,355

 

Hesperia Public Financing Authority, (Redevelopment and Housing Project), (XLCA), 5.00%, 9/1/37

 

9,168,938

 

2,500

 

North City, School Facility Financing Authority, (AMBAC), 0.00%, 9/1/26

 

951,150

 

77,090

 

Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54

 

5,350,816

 

13,095

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44

 

1,681,267

 

25,980

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45

 

3,144,359

 

 

2


 

$

16,350

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46

 

$

1,862,429

 

925

 

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.00%, 7/1/26

 

935,527

 

3,595

 

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.00%, 7/1/31

 

3,616,858

 

1,850

 

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.125%, 7/1/36

 

1,863,024

 

7,000

 

San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (FSA), 4.25%, 7/1/36

 

6,213,410

 

8,425

 

San Jose Redevelopment Agency, (Merged Area), (XLCA), 4.25%, 8/1/36

 

6,979,354

 

 

 

 

 

$

 43,497,101

 

Insured-Transportation — 6.5%

 

 

 

$

3,000

 

Puerto Rico Highway and Transportation Authority, (FGIC), 5.25%, 7/1/39

 

$

2,954,820

 

13,940

 

Sacramento County, Airport System, (FSA), 5.00%, 7/1/27(1)

 

14,905,485

 

3,445

 

San Joaquin Hills, Transportation Corridor Agency, (MBIA), 0.00%, 1/15/30

 

942,173

 

 

 

 

 

$

 18,802,478

 

Insured-Utilities — 5.1%

 

 

 

$

14,750

 

Los Angeles, Department of Water and Power, (MBIA), 5.125%, 7/1/41(1)

 

$

14,809,000

 

 

 

 

 

$

 14,809,000

 

Insured-Water Revenue — 21.5%

 

 

 

$

8,125

 

California Water Resource, (Central Valley), (FGIC), 5.00%, 12/1/29

 

$

8,214,456

 

7,065

 

Calleguas Las Virgenes Public Financing Authority, (Municipal Water District), (FGIC), 4.75%, 7/1/37

 

6,702,919

 

5,500

 

Contra Costa, Water District, (FSA), 4.50%, 10/1/26(1)

 

5,277,415

 

85

 

Los Angeles Department of Water & Power, (BHAC), (FGIC), 5.00%, 7/1/43

 

85,388

 

7,750

 

Los Angeles Department of Water & Power, (BHAC), (FGIC), 5.00%, 7/1/43(1)

 

7,785,418

 

10,000

 

Metropolitan Water District, (BHAC), (FGIC), 5.00%, 10/1/36

 

10,086,500

 

1,750

 

San Diego, (Water Utility Fund), (FGIC), 4.75%, 8/1/28

 

1,686,283

 

8,330

 

San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33

 

7,530,737

 

7,500

 

San Luis Obispo County, (Nacimiento Water Project), (MBIA), 4.50%, 9/1/40

 

6,778,650

 

9,500

 

Santa Clara Valley Water District, (FSA), 3.75%, 6/1/28

 

8,098,560

 

 

 

 

 

$

62,246,326

 

Lease Revenue/Certificates of Participation — 1.0%

 

 

 

$

2,570

 

Sacramento City Financing Authority, 5.40%, 11/1/20

 

$

2,772,799

 

 

 

 

 

$

2,772,799

 

Total Tax-Exempt Investments — 164.4%
(identified cost $488,881,227)

 

$

474,951,178

 

Other Assets, Less Liabilities — (34.1)%

 

$

(98,451,098

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (30.3)%

 

$

(87,630,840

)

Net Assets Applicable to Common Shares — 100.0%

 

$

288,869,240

 

 

AGC

 

—

 

Assured Guaranty Corp.

AMBAC

 

—

 

AMBAC Financial Group, Inc.

BHAC

 

—

 

Berkshire Hathaway Assurance Corp.

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 California 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, 2008, 90.4% 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 3.8% to 22.8% 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


 

A summary of financial instruments at June 30, 2008 is as follows:

 

Futures Contracts

 

Expiration

 

 

 

 

 

Aggregate

 

 

 

Net Unrealized

 

Date

 

Contracts

 

Position

 

Cost

 

Value

 

Depreciation

 

9/08

 

412 U.S. Treasury Bond

 

Short

 

$

(46,449,366

)

$

(47,624,625

)

$

(1,175,259

)

 

Interest Rate Swaps

 

Counterparty

 

Notional
Amount

 

Annual Fixed
Rate Paid By
Fund

 

Floating Rate Paid
To Fund

 

Effective Date/
Termination Date

 

Net
Unrealized
Appreciation/
(Depreciation)

 

Lehman Brothers, Inc.

 

$

12,850,000

 

4.985%

 

3 month USD-LIBOR-BBA

 

September 28, 2008/ September 28, 2038

 

$

25,016

 

Merrill Lynch Capital Services, Inc.

 

20,675,000

 

4.9025%

 

3 month USD-LIBOR-BBA

 

July 9, 2008/
July 9, 2038

 

213,415

 

Morgan Stanley Capital Services, Inc.

 

7,750,000

 

5.428%

 

3 month USD-LIBOR-BBA

 

September 10, 2008/
September 10, 2038

 

(525,353

)

 

 

 

 

 

 

 

 

 

 

$

(286,922

)

 

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, 2008, 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 June 30, 2008, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

365,278,938

 

Gross unrealized appreciation

 

$

3,737,740

 

Gross unrealized depreciation

 

(19,360,500

)

Net unrealized depreciation

 

$

(15,622,760

)

 

4


 

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 California Municipal Bond Fund

 

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President

 

 

 

Date:

 

August 27, 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/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President

 

 

 

Date:

 

August 27, 2008

 

 

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

August 27, 2008