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:

 

December 31, 2005

 

 



Item 1. Schedule of Investments



Eaton Vance Insured California Municipal Bond Fund                                                      as of December 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 159.9%

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

Escrowed / Prerefunded — 0.5%

 

 

 

5,110

 

Foothill/Eastern, Transportation Corridor Agency, Escrowed to Maturity, 0.00%, 1/1/30

 

$

1,691,308

 

 

 

 

 

$

1,691,308

 

General Obligations — 9.9%

 

 

 

10,000

 

California, 4.75%, 6/1/35

 

10,048,700

 

6,750

 

California, 5.25%, 4/1/30

 

7,179,637

 

3,250

 

California, 5.25%, 4/1/34

 

3,426,572

 

9,975

 

California, 5.50%, 11/1/33

 

10,924,720

 

 

 

 

 

$

31,579,629

 

Hospital — 9.3%

 

 

 

2,000

 

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

 

2,089,920

 

5,575

 

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

 

5,680,479

 

10,900

 

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

 

11,198,769

 

4,000

 

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

 

4,208,200

 

3,360

 

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

 

3,431,232

 

3,005

 

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

 

3,095,601

 

 

 

 

 

$

29,704,201

 

Insured-Electric Utilities — 3.1%

 

 

 

4,000

 

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

 

4,151,560

 

5,380

 

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

 

5,567,493

 

 

 

 

 

$

9,719,053

 

Insured-Escrowed/Prerefunded — 1.2%

 

 

 

7,540

 

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

 

3,878,727

 

 

 

 

 

$

3,878,727

 

Insured-General Obligations — 27.9%

 

 

 

2,840

 

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

 

1,146,423

 

3,290

 

Azusa Unified School District, (FSA), 0.00%, 7/1/27

 

1,200,455

 

6,030

 

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

 

2,973,514

 

1,835

 

Buttonwillow Union School District, (Election of 2002), (AMBAC), 5.50%, 11/1/27

 

2,201,706

 

2,180

 

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

 

877,930

 

3,000

 

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

 

3,143,490

 

1



 

 

 

$

6,555

 

Foothill-De Anza Community College District, (Election of 1999), (FGIC), 0.00%, 8/1/28

 

$

2,230,601

 

8,500

 

Foothill-De Anza Community College District, (Election of 1999), (FGIC), 0.00%, 8/1/29

 

2,751,960

 

8,865

 

Foothill-De Anza Community College District, (Election of 1999), (FGIC), 0.00%, 8/1/30

 

2,736,803

 

2,300

 

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

 

2,304,370

 

1,835

 

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

 

778,058

 

2,060

 

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

 

830,407

 

2,140

 

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

 

818,914

 

2,000

 

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

 

886,560

 

2,000

 

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

 

761,660

 

2,235

 

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

 

898,358

 

10,000

 

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

 

10,495,500

 

3,225

 

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

 

1,360,015

 

5,000

 

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

 

5,219,400

 

6,135

 

Salinas Union High School District, (MBIA), 5.00%, 6/1/27

 

6,415,063

 

10,000

 

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

 

4,698,400

 

10,000

 

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

 

4,457,600

 

8,000

 

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

 

3,931,760

 

5,000

 

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

 

2,335,500

 

4,365

 

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

 

1,935,485

 

3,955

 

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

 

1,585,401

 

5,240

 

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

 

2,563,146

 

2,740

 

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

 

2,850,970

 

2,500

 

Santa Barbara High School District, (Election of 2000), (FSA), 4.50%, 8/1/25

 

2,516,375

 

7,700

 

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

 

7,496,643

 

3,825

 

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

 

1,615,603

 

3,000

 

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

 

3,139,530

 

 

 

 

 

$

89,157,600

 

Insured-Hospital — 6.7%

 

 

 

20,860

 

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

 

21,294,305

 

 

 

 

 

$

21,294,305

 

2



 

 

 

Insured-Lease Revenue / Certificates of Participation — 23.6%

 

 

 

$

2,000

 

Anaheim, Public Financing Authority Lease Revenue, (FSA), 0.00%, 9/1/30

 

$

625,140

 

5,000

 

Anaheim, Public Financing Authority Lease Revenue, (FSA), 0.00%, 9/1/35

 

1,213,400

 

8,545

 

Anaheim, Public Financing Authority Lease Revenue, (FSA), 0.00%, 9/1/29

 

2,806,349

 

30,000

 

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

 

30,533,700

 

13,065

 

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

 

11,778,881

 

1,000

 

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

 

1,037,540

 

5,805

 

San Bernardino County Medical Center Financing Project, (MBIA), 5.00%, 8/1/28

 

5,960,574

 

15,000

 

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

 

15,404,400

 

5,850

 

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

 

6,067,386

 

 

 

 

 

$

75,427,370

 

Insured-Other Revenue — 4.8%

 

 

 

11,900

 

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

 

12,209,757

 

3,000

 

Golden Tobacco Securitization Corp., (FGIC), 5.00%, 6/1/38

 

3,110,520

 

 

 

 

 

$

15,320,277

 

Insured-Private Education — 0.5%

 

 

 

1,560

 

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

 

1,651,900

 

 

 

 

 

$

1,651,900

 

Insured-Public Education — 10.0%

 

 

 

1,000

 

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

 

1,051,680

 

15,000

 

California State University, (FGIC), 4.75%, 5/15/37

 

15,189,600

 

15,000

 

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

 

15,535,650

 

 

 

 

 

$

31,776,930

 

Insured-Sewer Revenue — 5.9%

 

 

 

18,350

 

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

 

18,948,944

 

 

 

 

 

$

18,948,944

 

3



 

 

 

Insured-Special Assessment Revenue — 7.4%

 

 

 

$

1,800

 

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

 

$

1,866,420

 

7,000

 

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

 

7,174,860

 

11,110

 

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

 

11,598,618

 

3,000

 

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

 

3,079,320

 

 

 

 

 

$

23,719,218

 

Insured-Special Tax Revenue — 8.1%

 

 

 

2,500

 

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

 

939,775

 

13,630

 

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

 

14,069,567

 

3,500

 

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

 

3,626,735

 

7,000

 

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

 

7,262,920

 

 

 

 

 

$

25,898,997

 

Insured-Transportation — 16.4%

 

 

 

15,150

 

California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), 5.00%, 7/1/33

 

15,769,786

 

7,250

 

California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), 5.00%, 7/1/36

 

7,544,205

 

1,000

 

California Infrastructure and Economic Development, (Bay Area Toll Bridges), (FGIC), 5.00%, 7/1/29

 

1,044,160

 

5,000

 

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

 

4,980,800

 

13,940

 

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

 

14,436,403

 

3,445

 

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

 

1,102,400

 

5,000

 

San Joaquin Hills, Transportation Corridor Agency, (MBIA), 0.00%, 1/15/31

 

1,522,200

 

15,000

 

San Joaquin Hills, Transportation Corridor Agency, (MBIA), 0.00%, 1/15/26

 

5,868,150

 

 

 

 

 

$

52,268,104

 

Insured-Utilities — 7.7%

 

 

 

9,000

 

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

 

9,242,100

 

14,750

 

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

 

15,205,037

 

 

 

 

 

$

24,447,137

 

4



 

 

 

Insured-Water Revenue — 9.2%

 

 

 

$

8,180

 

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

 

$

8,516,771

 

1,250

 

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

 

1,252,125

 

5,500

 

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

 

5,487,185

 

2,000

 

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

 

2,071,380

 

10,000

 

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

 

10,414,500

 

1,750

 

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

 

1,762,408

 

 

 

 

 

$

29,504,369

 

Lease Revenue/Certificates of Participation — 0.9%

 

 

 

2,570

 

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

 

2,841,778

 

 

 

 

 

$

2,841,778

 

Water Revenue — 6.8%

 

 

 

21,180

 

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

 

21,613,131

 

 

 

 

 

$

21,613,131

 

Total Tax-Exempt Investments — 159.9%
(identified cost $489,357,724)

 

$

510,442,978

 

Other Assets, Less Liabilities — 1.2%

 

$

3,810,441

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (61.1)%

 

$

(195,053,372

)

Net Assets Applicable to Common Shares — 100.0%

 

$

319,200,047

 

 

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 December 31, 2005, 80.5% of the securities in the portfolio of 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 23.3% of total investments.

(1)

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

 

5



 

 

A summary of financial instruments at December 31, 2005 is as follows:

Futures Contracts

Expiration
Date(s)

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net
Unrealized
Depreciation

 

03/06

 

1,130 U.S. Treasury Bond

 

 

Short

 

 

$

(127,155,510

)

$

(129,031,875

)

$

(1,876,365

)

 

At December 31, 2005, 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 December 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

488,846,151

 

Gross unrealized appreciation

 

$

21,671,044

 

Gross unrealized depreciation

 

(74,217

)

Net unrealized appreciation

 

$

21,596,827

 

 

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:

 

February 23, 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:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

February 23, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

February 23, 2006