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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811-21225 |
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Eaton Vance Insured Massachusetts |
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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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(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, 2006 |
Item 1. Schedule of Investments
Eaton Vance Insured Massachusetts Municipal Bond Fund as of June 30, 2006
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 159.2%
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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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Escrowed / Prerefunded — 2.6% |
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|
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||||
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$ |
600 |
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Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32 |
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$ |
671,772 |
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|
|
|
|
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$ |
671,772 |
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|
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Hospital — 10.3% |
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|
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||||
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1,500 |
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Massachusetts HEFA, (Partners Healthcare System), 5.75%, 7/1/32 |
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1,603,500 |
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1,000 |
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Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29 |
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1,049,100 |
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|
|
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$ |
2,652,600 |
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|
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Insured-Electric Utilities — 4.0% |
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||||
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1,000 |
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Puerto Rico Electric Power Authority, (FGIC), 5.00%, 7/1/35 |
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1,025,140 |
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$ |
1,025,140 |
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|
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Insured-Escrowed / Prerefunded — 21.9% |
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|
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||||
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3,000 |
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Massachusetts College Building Authority, (MBIA), Escrowed to Maturity, 0.00%, 5/1/26 |
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1,161,810 |
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1,600 |
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Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), Prerefunded to 1/1/12, 5.375%, 1/1/42 |
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1,723,440 |
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1,000 |
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Puerto Rico, (FGIC), Prerefunded to 7/1/12, Variable Rate, 6.613%, 7/1/32 (1)(2) |
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1,169,350 |
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1,500 |
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University of Massachusetts Building Authority, (AMBAC), Prerefunded to 11/1/14, 5.125%, 11/1/34 |
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1,608,435 |
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|
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$ |
5,663,035 |
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|
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Insured-General Obligations — 9.6% |
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|
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||||
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2,000 |
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Massachusetts, (MBIA), 5.25%, 8/1/28 |
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2,183,400 |
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300 |
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Sandwich, (MBIA), 4.50%, 7/15/29 |
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293,049 |
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$ |
2,476,449 |
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Insured-Hospital — 6.0% |
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335 |
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Massachusetts HEFA, (Lahey Clinic Medical Center), (FGIC), 4.50%, 8/15/35 |
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314,066 |
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1,210 |
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Massachusetts HEFA, (New England Medical Center), (FGIC), 5.00%, 5/15/25 |
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1,234,611 |
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$ |
1,548,677 |
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|
1
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Insured-Lease Revenue / Certificates of Participation — 15.4% |
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|
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||||
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$ |
1,750 |
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Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34 |
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$ |
1,784,370 |
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1,000 |
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Plymouth County Correctional Facility, (AMBAC), 5.00%, 4/1/22 |
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1,019,400 |
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1,000 |
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Puerto Rico Public Building Authority, (CIFG), Variable Rate, 7.365%, 7/1/36 (1)(2) |
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1,174,740 |
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$ |
3,978,510 |
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Insured-Pooled Loans — 3.3% |
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800 |
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Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 6.615%, 8/1/27 (1)(2) |
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849,088 |
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$ |
849,088 |
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Insured-Private Education — 24.4% |
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|
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1,000 |
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Massachusetts Development Finance Agency, (Boston University), (XLCA), 5.375%, 5/15/39 |
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1,085,530 |
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1,000 |
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Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59 |
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1,182,980 |
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585 |
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Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32 |
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641,066 |
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250 |
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Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), Variable Rate, 7.32%, 9/1/32 (1)(2) |
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321,880 |
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1,500 |
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Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 |
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1,548,285 |
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750 |
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Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/35 |
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758,400 |
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500 |
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Massachusetts Development Finance Agency, (Western New England College), (AGC), 5.00%, 9/1/33 |
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506,020 |
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250 |
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Massachusetts IFA, (Tufts University), (MBIA), 4.75%, 2/15/28 |
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248,482 |
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$ |
6,292,643 |
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Insured-Public Education — 11.5% |
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700 |
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Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 |
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786,562 |
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1,000 |
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Massachusetts HEFA, (University of Massachusetts), (FGIC), 5.125%, 10/1/34 |
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1,022,610 |
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1,150 |
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Massachusetts HEFA, (Worcester State College), (AMBAC), 5.00%, 11/1/32 |
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1,173,379 |
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$ |
2,982,551 |
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Insured-Special Tax Revenue — 12.1% |
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|
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1,280 |
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Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 (3) |
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1,302,528 |
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750 |
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Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33 |
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644,198 |
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2
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$ |
1,000 |
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Massachusetts School Building Authority, Sales Tax, (FSA), 5.00%, 8/15/30 |
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$ |
1,023,120 |
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|
500 |
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Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30 |
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153,965 |
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$ |
3,123,811 |
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Insured-Transportation — 13.8% |
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5,700 |
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Massachusetts Turnpike Authority, (MBIA), 0.00%, 1/1/28 |
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1,958,634 |
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1,250 |
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Massachusetts Turnpike Authority, Metropolitan Highway System, (AMBAC), 5.00%, 1/1/39 |
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1,256,775 |
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335 |
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Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 6.617%, 7/1/36 (1)(2) |
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362,477 |
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$ |
3,577,886 |
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Insured-Water and Sewer — 14.6% |
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1,500 |
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Massachusetts Water Resource Authority, (AMBAC), 4.00%, 8/1/40 |
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1,246,095 |
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2,500 |
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Massachusetts Water Resource Authority, (FSA), 5.00%, 8/1/32 |
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2,534,575 |
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$ |
3,780,670 |
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Nursing Home — 2.8% |
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745 |
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Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc./Edgecombe), 5.15%, 7/1/31 |
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711,840 |
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$ |
711,840 |
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Private Education — 6.9% |
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|
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|
500 |
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Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), 5.75%, 7/1/33 |
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520,805 |
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|
750 |
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Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 |
|
756,923 |
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|
500 |
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Massachusetts HEFA, (Boston College), 5.125%, 6/1/24 |
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513,835 |
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$ |
1,791,563 |
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Total
Tax-Exempt Investments — 159.2% |
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$ 41,126,235 |
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Other Assets, Less Liabilities — 0.8% |
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$ |
204,800 |
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.0)% |
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$ |
(15,501,486 |
) |
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Net Assets Applicable to Common Shares — 100.0% |
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$ |
25,829,549 |
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AGC |
— |
Assured Guaranty Corp. |
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AMBAC |
— |
AMBAC Financial Group, Inc. |
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CIFG |
— |
CDC IXIS Financial Guaranty North America, Inc. |
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FGIC |
— |
Financial Guaranty Insurance Company |
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FSA |
— |
Financial Security Assurance, Inc. |
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MBIA |
— |
Municipal Bond Insurance Association |
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XLCA |
— |
XL Capital Assurance, Inc. |
3
The Fund invests primarily in debt securities issued by Massachusetts 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, 2006, 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 2.9% to 25.0% of total investments.
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(1) |
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, 2006, the aggregate value of the securities is $3,877,535 or 15.0% of the Fund’s net assets applicable to common shares. |
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(2) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2006. |
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(3) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
A summary of financial instruments at June 30, 2006 is as follows:
Futures Contracts
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Expiration |
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Aggregate |
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Net |
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Date(s) |
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Contracts |
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Position |
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Cost |
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Value |
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Depreciation |
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09/06 |
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65 U.S. Treasury Bond |
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Short |
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$ |
(6,925,270 |
) |
$ |
(6,932,656 |
) |
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$ |
(7,386 |
) |
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At June 30, 2006, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) in value of the investments owned at June 30, 2006, as computed on a federal income tax basis, were as follows:
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Aggregate cost |
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$ |
39,941,700 |
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Gross unrealized appreciation |
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$ |
1,407,903 |
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Gross unrealized depreciation |
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(223,368 |
) |
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Net unrealized appreciation |
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$ |
1,184,535 |
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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 Massachusetts Municipal Bond Fund
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By: |
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/s/ Robert B. MacIntosh |
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|
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Robert B. MacIntosh |
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President and Principal Executive Officer |
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Date: |
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August 28, 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.
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By: |
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/s/ Robert B. MacIntosh |
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|
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Robert B. MacIntosh |
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|
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President and Principal Executive Officer |
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Date: |
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August 28, 2006 |
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By: |
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/s/ Barbara E. Campbell |
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|
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Barbara E. Campbell |
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Treasurer and Principal Financial Officer |
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Date: |
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August 28, 2006 |