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)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

September 30

Date of Reporting Period:

 

June 30, 2007

 

 




Item 1. Schedule of Investments




Eaton Vance Insured California Municipal Bond Fund                                                                 as of June 30, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 158.6%

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

General Obligations — 5.2%

 

 

 

$

6,165

 

California, 4.75%, 6/1/35

 

$

6,122,338

 

9,975

 

California, 5.50%, 11/1/33

 

10,649,509

 

 

 

 

 

$

16,771,847

 

Hospital — 12.7%

 

 

 

$

2,000

 

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

 

$

2,055,400

 

5,575

 

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

 

5,620,269

 

10,900

 

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

 

10,992,977

 

3,650

 

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

 

3,670,148

 

3,850

 

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

 

3,935,816

 

4,000

 

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

 

4,159,480

 

3,360

 

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

 

3,438,019

 

3,165

 

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

 

3,178,609

 

1,000

 

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

 

1,001,170

 

3,005

 

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

 

3,044,456

 

 

 

 

 

$

41,096,344

 

Insured-Electric Utilities — 3.0%

 

 

 

$

4,000

 

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

 

$

4,087,720

 

5,380

 

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

 

5,528,972

 

 

 

 

 

$

9,616,692

 

Insured-Escrowed/Prerefunded — 17.5%

 

 

 

$

4,130

 

California, Prerefunded to 4/1/12, 5.25%, 4/1/30

 

$

4,374,207

 

3,245

 

California, Prerefunded to 4/1/14, 5.25%, 4/1/34

 

3,491,782

 

7,540

 

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

 

4,095,803

 

10,000

 

Los Angeles, Unified School District, (Election of 1997), (MBIA), Prerefunded to 7/1/12, 5.125%, 1/1/27

 

10,563,800

 

2,575

 

San Francisco, Bay Area Rapid Transportation District Sales Tax Revenue, (AMBAC), Prerefunded to 7/1/11, 5.00%, 7/1/26

 

2,685,416

 

10,035

 

San Francisco, Bay Area Rapid Transportation District Sales Tax Revenue, (AMBAC), Prerefunded to 7/1/11, 5.00%, 7/1/31

 

10,465,301

 

5,150

 

San Francisco, Bay Area Rapid Transportation District Sales Tax Revenue, (AMBAC), Prerefunded to 7/1/11, 5.125%, 7/1/36

 

5,394,522

 

1




 

 

 

$

15,000

 

University of California, (FGIC), Prerefunded to 9/1/09, 5.125%, 9/1/30

 

$

15,581,550

 

 

 

 

 

$

56,652,381

 

Insured-General Obligations — 33.2%

 

 

 

$

17,495

 

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

 

$

3,221,179

 

18,375

 

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

 

3,216,544

 

2,840

 

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

 

1,219,610

 

6,030

 

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

 

3,172,805

 

2,140

 

Campbell, Union High School District, (FGIC), 4.50%, 8/1/31

 

2,074,088

 

2,180

 

Ceres, Unified School District, (FGIC), 0.00%, 8/1/25

 

932,539

 

10,000

 

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

 

2,833,600

 

10,000

 

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

 

2,297,900

 

10,000

 

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

 

2,184,600

 

32,755

 

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

 

4,961,400

 

3,000

 

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

 

3,096,570

 

10,600

 

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

 

2,679,680

 

25,000

 

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

 

5,972,250

 

7,725

 

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

 

7,768,723

 

2,300

 

Huntington Beach, City School District, (Election of 2004), (MBIA), 4.50%, 8/1/29

 

2,237,417

 

1,835

 

Huntington Beach, City School District, (FGIC), 0.00%, 8/1/24

 

826,814

 

2,060

 

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

 

881,206

 

2,140

 

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

 

868,562

 

2,000

 

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

 

950,140

 

2,000

 

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

 

811,740

 

2,235

 

Kings Canyon, Joint Unified School District, (FGIC), 0.00%, 8/1/25

 

956,066

 

3,225

 

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

 

1,453,120

 

11,190

 

Oakland, Unified School District, Alamedia County, (Election of 2006), (FSA), 4.375%, 8/1/28

 

10,482,680

 

5,000

 

Riverside, Unified School District, (FGIC), 5.00%, 2/1/27

 

5,154,500

 

10,000

 

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

 

5,024,300

 

10,000

 

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

 

4,769,100

 

8,000

 

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

 

4,209,360

 

5,000

 

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

 

2,493,000

 

4,365

 

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

 

2,065,736

 

2




 

 

 

$

3,955

 

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

 

$

1,685,226

 

5,240

 

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

 

2,746,703

 

2,740

 

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

 

2,803,952

 

5,915

 

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

 

5,622,503

 

1,000

 

Simi Valley, United School District, (FSA), 5.00%, 8/1/27 (2)

 

1,049,520

 

3,825

 

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

 

1,716,775

 

3,000

 

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

 

3,095,610

 

 

 

 

 

$

107,535,518

 

Insured-Hospital — 6.1%

 

 

 

$

19,495

 

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

 

$

19,795,028

 

 

 

 

 

$

19,795,028

 

Insured-Lease Revenue / Certificates of Participation — 19.6%

 

 

 

$

30,000

 

Anaheim, Public Financing Authority Lease Revenue, (Public Improvements), (FSA), 5.00%, 3/1/37

 

$

30,363,300

 

11,915

 

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

 

10,656,657

 

1,000

 

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

 

1,026,790

 

15,000

 

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

 

15,270,900

 

5,850

 

Shasta, Joint Powers Financing Authority, (County Administration Building), (MBIA), 5.00%, 4/1/29

 

5,986,013

 

 

 

 

 

$

63,303,660

 

Insured-Other Revenue — 4.3%

 

 

 

$

11,900

 

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

 

$

12,161,086

 

1,750

 

Golden State Tobacco Securitization Corp., (FGIC), 5.00%, 6/1/35

 

1,801,240

 

 

 

 

 

$

13,962,326

 

Insured-Private Education — 0.5%

 

 

 

$

1,560

 

California Educational Facilities Authority, (St. Mary’s College of California), (MBIA), 5.125%, 10/1/26

 

$

1,626,347

 

 

 

 

 

$

1,626,347

 

Insured-Public Education — 4.3%

 

 

 

$

1,000

 

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

 

$

1,040,380

 

12,965

 

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

 

13,028,529

 

 

 

 

 

$

14,068,909

 

3




 

 

 

Insured-Sewer Revenue — 5.8%

 

 

 

$

18,350

 

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

 

$

18,705,623

 

 

 

 

 

$

18,705,623

 

Insured-Special Assessment Revenue — 7.7%

 

 

 

$

7,765

 

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

 

$

6,679,764

 

1,800

 

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

 

1,847,340

 

7,000

 

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

 

7,099,470

 

6,110

 

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

 

6,259,878

 

3,000

 

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

 

3,056,550

 

 

 

 

 

$

24,943,002

 

Insured-Special Tax Revenue — 4.8%

 

 

 

$

2,500

 

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

 

$

1,006,925

 

925

 

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

 

949,957

 

3,595

 

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

 

3,683,904

 

1,850

 

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

 

1,909,737

 

8,645

 

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

 

7,905,939

 

 

 

 

 

$

15,456,462

 

Insured-Transportation — 6.2%

 

 

 

$

4,850

 

Los Angeles County, Metropolitan Transportation Authority, (AMBAC), 4.50%, 7/1/32

 

$

4,701,251

 

13,940

 

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

 

14,344,818

 

3,445

 

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

 

1,169,474

 

 

 

 

 

$

20,215,543

 

Insured-Utilities — 4.7%

 

 

 

$

14,750

 

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

 

$

15,043,820

 

 

 

 

 

$

15,043,820

 

Insured-Water and Sewer — 1.4%

 

 

 

$

3,455

 

Calleguas Las Virgines, Public Financing Authority Revenue (Municipal Water District), (MBIA), 4.25%, 7/1/32

 

$

3,146,261

 

1,570

 

San Francisco, City and County Public Utilities Commission, (FSA), 4.50%, 11/1/31

 

1,521,346

 

 

 

 

 

$

4,667,607

 

4




 

 

 

Insured-Water Revenue — 14.1%

 

 

 

$

8,180

 

California Water Resource, (Central Valley), (FGIC), 5.00%, 12/1/29 (3)

 

$

8,422,128

 

950

 

Contra Costa, Water District, (FSA), 4.50%, 10/1/27

 

928,321

 

5,500

 

Contra Costa, Water District, (FSA), 4.50%, 10/1/31

 

5,345,340

 

2,000

 

East Bay, Municipal Utility District Water System, (MBIA), 5.00%, 6/1/26

 

2,084,040

 

9,000

 

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

 

9,144,810

 

10,000

 

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

 

10,252,900

 

1,750

 

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

 

1,752,590

 

8,330

 

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

 

7,722,660

 

 

 

 

 

$

45,652,789

 

Lease Revenue/Certificates of Participation — 0.9%

 

 

 

$

2,570

 

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

 

$

2,817,542

 

 

 

 

 

$

2,817,542

 

Water Revenue — 6.6%

 

 

 

$

21,180

 

Southern California, Metropolitan Water District, 5.00%, 7/1/37

 

$

21,410,650

 

 

 

 

 

$

21,410,650

 

Total Tax-Exempt Investments — 158.6%
(identified cost $503,821,304)

 

513,342,090

 

Other Assets, Less Liabilities — 1.7%

 

$

5,448,559

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.3)%

 

$

(195,061,168

)

Net Assets Applicable to Common Shares — 100.0%

 

$

323,729,481

 

 

AGC

Assured Guaranty Corp.

AMBAC

AMBAC Financial Group, Inc.

FGIC

Financial Guaranty Insurance Company

FSA

Financial Security Assurance, Inc.

MBIA

Municipal Bond Insurance Association

 

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, 2007, 82.5% 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 2.4% to 23.4% of total investments.

(1)

 

Security (or a portion thereof) has been segregated to cover when-issued securities.

(2)

 

When-issued security.

(3)

 

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

 

5




 

 

A summary of financial instruments at June 30, 2007 is as follows:

Futures Contracts

Expiration

 

 

 

 

 

Aggregate

 

 

 

Net
Unrealized

 

Date(s)

 

Contracts

 

Position

 

Cost

 

Value

 

Appreciation

 

09/07

 

418 U.S. Treasury Bond

 

 

Short

 

 

$

(45,612,787

)

$

(45,039,500

)

 

$

573,287

 

 

 

Interest Rate Swaps

At June 30, 2007, the Fund had entered into an interest rate swap agreement with Citibank, N.A. whereby the Fund makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $13,200,000. In exchange, the Fund receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 16, 2007. Effective date represents the date on which the Fund and counterparty to the swap contract begin interest payment accruals. The value of the contract, which terminates August 16, 2027, is recorded as a receivable for open swap contracts of $452,752, on June 30, 2007.

At June 30, 2007, the Fund had entered into an interest rate swap agreement with Merrill Lynch Capital Services, Inc. whereby the Fund makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount of $13,200,000. In exchange, the Fund receives bi-annual payments at a rate equal to the USD- BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 7, 2007. Effective date represents the date on which the Fund and counterparty to the swap contract begin interest payment accruals. The value of the contract, which terminates August 7, 2037, is recorded as a receivable for open swap contracts of $538,547, on June 30, 2007.

At June 30, 2007, the Fund had entered into an interest rate swap agreement with Lehman Brothers Special Financing, Inc. whereby the Fund makes bi-annual payments at a fixed rate equal to 5.956% on the notional amount of $12,850,000. In exchange, the Fund receives bi-annual payments at a rate equal to the USD- LIBOR-BBA on the same notional amount. The effective date of the interest rate swap is March 25, 2008. Effective date represents the date on which the Fund and counterparty to the swap contract begin interest payment accruals. The value of the contract, which terminates March 25, 2038, is recorded as a payable for open swap contracts of $213,965, on June 30, 2007.

At June 30, 2007, 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, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

503,821,304

 

Gross unrealized appreciation

 

$

12,911,255

 

Gross unrealized depreciation

 

(3,390,469

)

Net unrealized appreciation

 

$

9,520,786

 

 

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 California Municipal Bond Fund

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

August 21, 2007

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

August 21, 2007

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

August 21, 2007