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

OMB APPROVAL

 

OMB Number:    3235-0578
Expires:    February 28, 2006
Estimated average burden hours per response........20.00

 

 

 

 

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:

2/28/06

 

 


 

Item 1. Schedule of Investments.

 


 

INVESTMENT PORTFOLIO

 

 

February 28, 2006 (Unaudited)

 

Colonial Insured Municipal Fund

 

 

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 155.0%

 

 

 

 

 

 

 

EDUCATION – 5.8%

 

 

 

 

 

 

 

Education – 2.4%

 

 

 

 

 

 

 

AR University Revenue

 

 

 

 

 

 

 

 

 

Construction UAMS Campus,

 

 

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.000% 11/01/28

 

1,475,000

 

1,556,671

 

 

 

 

 

Education Total

 

1,556,671

 

Student Loan – 3.4%

 

 

 

 

 

 

 

MT Higher Education Student Assistance Corp.

 

 

 

 

 

 

 

 

 

Series 1999 B, AMT,

 

 

 

 

 

 

 

6.400% 12/01/32

 

2,000,000

 

2,129,300

 

 

 

Student Loan Total

 

2,129,300

 

 

 

EDUCATION TOTAL

 

3,685,971

 

HEALTH CARE – 10.1%

 

 

 

 

 

 

 

Continuing Care Retirement – 1.8%

 

 

 

 

 

 

 

NY Dormitory Authority

 

 

 

 

 

 

 

 

 

Miriam Osborn Memorial Home,

 

 

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

 

 

Insured: ACA

 

 

 

 

 

 

 

6.875% 07/01/19

 

500,000

 

561,955

 

NY Suffolk County Industrial Development Agency

 

 

 

 

 

 

 

 

 

Jefferson Ferry,

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

 

7.200% 11/01/19

 

550,000

 

592,059

 

 

 

Continuing Care Retirement Total

 

1,154,014

 

Health Services – 3.5%

 

 

 

 

 

 

 

WI Health & Educational Facilities Authority

 

 

 

 

 

 

 

 

 

Marshfield Clinic,

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

 

Insured: RAD

 

 

 

 

 

 

 

6.250% 02/15/29

 

2,000,000

 

2,175,900

 

 

 

Health Services Total

 

2,175,900

 

Hospitals – 4.8%

 

 

 

 

 

 

 

CO Health Facilities Authority

 

 

 

 

 

 

 

 

 

Parkview Medical Center, Inc.,

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

 

6.600% 09/01/25

 

400,000

 

441,152

 

NV Henderson Healthcare Facility Revenue

 

 

 

 

 

 

 

 

 

Catholic West,

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

 

6.750% 07/01/20

 

60,000

 

66,410

 

OK Industrial Authority Revenue

 

 

 

 

 

 

 

 

 

Health Systems Obligation Group,

 

 

 

 

 

 

 

Series A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.750% 08/15/29

 

1,155,000

 

1,234,464

 

 

1


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

HEALTH CARE – (continued)

 

 

 

 

 

 

 

Hospitals – (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WA Health Care Facilities Authority

 

 

 

 

 

 

 

 

 

Kadlec Medical Center,

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

 

Insured: RAD

 

 

 

 

 

 

 

5.875% 12/01/21

 

300,000

 

322,653

 

WI State Health & Educational Facilities Authority

 

 

 

 

 

 

 

 

 

Thedacare, Inc.

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

4.500% 12/15/25

 

1,000,000

 

992,170

 

Hospitals Total

 

3,056,849

 

HEALTH CARE TOTAL

 

6,386,763

 

HOUSING – 5.3%

 

 

 

 

 

 

 

Assisted Living / Senior – 1.1%

 

 

 

 

 

 

 

DE Kent County

 

 

 

 

 

 

 

 

 

Heritage at Dover,

 

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

 

7.625% 01/01/30

 

235,000

 

215,293

 

NC Medical Care Commission

 

 

 

 

 

 

 

 

 

DePaul Community Facilities,

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

 

7.625% 11/01/29

 

475,000

 

498,769

 

Assisted Living / Senior Total

 

714,062

 

Multi-Family – 0.8%

 

 

 

 

 

 

 

FL Broward County Housing Finance Authority

 

 

 

 

 

 

 

 

 

Chaves Lake Apartment Project,

 

 

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

 

 

7.500% 07/01/40

 

250,000

 

260,042

 

FL Clay County Housing Finance Authority

 

 

 

 

 

 

 

 

 

Madison Commons Apartments,

 

 

 

 

 

 

 

Series 2000 A, AMT,

 

 

 

 

 

 

 

7.450% 07/01/40

 

245,000

 

247,051

 

Multi-Family Total

 

507,093

 

Single-Family – 3.4%

 

 

 

 

 

 

 

AK Housing Finance Corp.,

 

 

 

 

 

 

 

 

 

Series 1999 A-1,

 

 

 

 

 

 

 

Insured: FHA

 

 

 

 

 

 

 

6.150% 06/01/39

 

1,575,000

 

1,645,702

 

CA Rural Home Mortgage Finance Authority

 

 

 

 

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

 

 

Insurer: GNMA

 

 

 

 

 

 

 

6.350% 12/01/29

 

85,000

 

85,476

 

 

2


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

 

 

Single-Family – (continued)

 

 

 

 

 

 

 

CO Housing Finance Authority

 

 

 

 

 

 

 

 

 

Series 2000 B-2, AMT,

 

 

 

 

 

 

 

7.250% 10/01/31

 

80,000

 

82,921

 

OK Housing Finance Agency

 

 

 

 

 

 

 

 

 

Series 2000 C-2, AMT,

 

 

 

 

 

 

 

7.550% 09/01/28

 

310,000

 

315,062

 

Single-Family Total

 

2,129,161

 

HOUSING TOTAL

 

3,350,316

 

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

 

2,024,400

 

Oil & Gas Total

 

2,024,400

 

INDUSTRIALS TOTAL

 

2,024,400

 

OTHER – 6.8%

 

 

 

 

 

 

 

Other – 3.4%

 

 

 

 

 

 

 

AL Incentives Financing Authority

 

 

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

6.000% 10/01/29

 

2,000,000

 

2,194,060

 

Other Total

 

2,194,060

 

Pool / Bond Bank – 1.7%

 

 

 

 

 

 

 

UT Water Finance Agency

 

 

 

 

 

 

 

 

 

Series 2002 B,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.125% 07/01/23

 

1,000,000

 

1,066,450

 

Pool / Bond Bank Total

 

1,066,450

 

Refunded / Escrowed(a) – 1.7%

 

 

 

 

 

 

 

NV Henderson Healthcare Facility Revenue

 

 

 

 

 

 

 

 

 

Catholic West,

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

 

Pre-refunded 07/01/10,

 

 

 

 

 

 

 

6.750% 07/01/20

 

440,000

 

497,662

 

WV Hospital Finance Authority

 

 

 

 

 

 

 

 

 

Charleston Area Medical Center,

 

 

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

 

 

Pre-refunded 09/01/10,

 

 

 

 

 

 

 

6.750% 09/01/30

 

500,000

 

569,330

 

Refunded / Escrowed Total

 

1,066,992

 

OTHER TOTAL

 

4,327,502

 

 

3


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESOURCE RECOVERY – 1.2%

 

 

 

 

 

 

 

Disposal – 1.2%

 

 

 

 

 

 

 

CA Salinas Valley Solid Waste Authority

 

 

 

 

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.125% 08/01/22

 

750,000

 

781,822

 

Disposal Total

 

781,822

 

RESOURCE RECOVERY TOTAL

 

781,822

 

TAX-BACKED – 59.1%

 

 

 

 

 

 

 

Local Appropriated – 4.1%

 

 

 

 

 

 

 

IL Chicago Park District

 

 

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.000% 01/01/25

 

1,000,000

 

1,054,310

 

IN Carmel Industrial School Building Corp.,

 

 

 

 

 

 

 

 

 

First Mortgage,

 

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.000% 07/15/22

 

1,000,000

 

1,057,460

 

OK Grady County Correctional Facilities

 

 

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

6.000% 11/01/29

 

500,000

 

513,640

 

Local Appropriated Total

 

2,625,410

 

Local General Obligations – 14.6%

 

 

 

 

 

 

 

CA Centinela Valley Union High School District

 

 

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.250% 02/01/22

 

730,000

 

830,207

 

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

 

 

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

(b) 10/01/18

 

1,665,000

 

972,410

 

CA Morgan Hill Unified School District

 

 

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

(b) 08/01/21

 

1,000,000

 

507,950

 

 

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

 

907,354

 

CA Vallejo City Unified School District

 

 

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.900% 02/01/21

 

500,000

 

604,085

 

IL Chicago

 

 

 

 

 

 

 

 

 

Series A

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.000% 01/01/26

 

1,000,000

 

1,057,010

 

IL Coles & Cumberland Counties Unified School District

 

 

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

(b) 12/01/14

 

2,080,000

 

1,458,018

 

MI Detroit City School District

 

 

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 05/01/30

 

1,500,000

 

1,720,200

 

OR Clackamas County School District Number 007J Lake Oswego

 

 

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 06/01/25

 

1,000,000

 

1,147,710

 

Local General Obligations Total

 

9,204,944

 

Special Non - Property Tax – 26.5%

 

 

 

 

 

 

 

LA Ernest N. Moria Exhibition Hall Authority

 

 

 

 

 

 

 

 

 

Special Tax,

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.000% 07/15/23

 

2,000,000

 

2,097,600

 

MA Bay Transportation Authority Sales Tax Revenue

 

 

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.500% 07/01/28

 

1,000,000

 

1,187,170

 

MI Trunk Line Department of Treasury

 

 

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 11/01/21

 

1,000,000

 

1,140,700

 

NJ Economic Development Authority

 

 

 

 

 

 

 

 

 

Motor Vehicle Revenue,

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.250% 07/01/26(c)

 

2,000,000

 

2,291,160

 

NM County of Bernalillo

 

 

 

 

 

 

 

 

 

Gross Receipts,

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.250% 10/01/26

 

2,000,000

 

2,287,460

 

 

5


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

 

Special Non-Property Tax – (continued)

 

 

 

 

 

 

 

NY Urban Development Corp.

 

 

 

 

 

 

 

 

 

State Personal Income Tax,

 

 

 

 

 

 

 

Series 2004 A-2,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.500% 03/15/22

 

1,000,000

 

1,167,280

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

 

 

 

 

Series 2002 E,

 

 

 

 

 

 

 

Insured: FSA:

 

 

 

 

 

 

 

5.500% 07/01/21

 

1,000,000

 

1,165,680

 

 

 

5.500% 07/01/23

 

1,000,000

 

1,169,760

 

 

 

Series 2005 L,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.250% 07/01/35

 

1,000,000

 

1,170,470

 

PR Commonwealth of Puerto Rico Infrastructure Financing Authority

 

 

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.500% 07/01/23

 

1,500,000

 

1,754,640

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.500% 07/01/24

 

1,125,000

 

1,321,796

 

Special Non-Property Tax Total

 

16,753,716

 

Special Property Tax – 4.0%

 

 

 

 

 

 

 

CA Huntington Park Public Financing Authority Revenue

 

 

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 09/01/19

 

1,190,000

 

1,320,674

 

CA Pittsburg Redevelopment Agency

 

 

 

 

 

 

 

 

 

Los Medanos Project,

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

(b) 08/01/26

 

2,500,000

 

1,001,350

 

FL Lexington Oaks Community Development District

 

 

 

 

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

 

 

7.200% 05/01/30

 

185,000

 

191,884

 

Special Property Tax Total

 

2,513,908

 

State Appropriated – 5.2%

 

 

 

 

 

 

 

NJ Economic Development Authority

 

 

 

 

 

 

 

 

 

School Facilities Construction,

 

 

 

 

 

 

 

Series 2005 N-1,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.500% 09/01/27

 

1,000,000

 

1,184,500

 

OK Capital Improvement Authority

 

 

 

 

 

 

 

 

 

Higher Education Projects,

 

 

 

 

 

 

 

Series 2005 F,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.000% 07/01/30

 

1,000,000

 

1,059,650

 

 

6


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

 

State Appropriated – (continued)

 

 

 

 

 

 

 

PA Commonwealth Financing Authority Revenue

 

 

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.000% 06/01/25

 

1,000,000

 

1,065,520

 

State Appropriated Total

 

3,309,670

 

State General Obligations – 4.7%

 

 

 

 

 

 

 

CA State

 

 

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

6.000% 04/01/16

 

500,000

 

587,340

 

MA

 

 

 

 

 

 

 

 

 

Series 2004 C,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.500% 12/01/24

 

2,000,000

 

2,358,040

 

State General Obligations Total

 

2,945,380

 

TAX-BACKED TOTAL

 

37,353,028

 

TRANSPORTATION – 34.4%

 

 

 

 

 

 

 

Air Transportation – 6.8%

 

 

 

 

 

 

 

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

 

1,082,270

 

MA Port Authority

 

 

 

 

 

 

 

 

 

US Airways, Inc.,

 

 

 

 

 

 

 

Series 1999, AMT,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

6.000% 09/01/21

 

2,500,000

 

2,612,850

 

MN Minneapolis & St. Paul Metropolitan Airports Commission

 

 

 

 

 

 

 

 

 

Northwest Airlines, Inc.,

 

 

 

 

 

 

 

Series 2001 A, AMT,

 

 

 

 

 

 

 

7.000% 04/01/25(d)

 

250,000

 

168,992

 

NC Charlotte Douglas International Airport

 

 

 

 

 

 

 

 

 

US Airways, Inc.,:

 

 

 

 

 

 

 

Series 1998, AMT,

 

 

 

 

 

 

 

5.600% 07/01/27

 

200,000

 

159,888

 

 

 

Series 2000, AMT,

 

 

 

 

 

 

 

7.750% 02/01/28

 

250,000

 

252,225

 

Air Transportation Total

 

4,276,225

 

Airports – 12.0%

 

 

 

 

 

 

 

DC Metropolitan Washington Airports Authority

 

 

 

 

 

 

 

 

 

Series 2003 A, AMT,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.500% 10/01/19

 

1,000,000

 

1,086,430

 

 

7


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

 

 

Airports – (continued)

 

 

 

 

 

 

 

IN Indianapolis Local Public Improvement Bond Bank

 

 

 

 

 

 

 

 

 

Airport Authority Project,

 

 

 

 

 

 

 

Series 2005 B, AMT,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.250% 01/01/29

 

1,000,000

 

1,054,160

 

MO St. Louis Airport Revenue

 

 

 

 

 

 

 

 

 

Lambert-St. Louis International Airport,

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.500% 07/01/27

 

1,000,000

 

1,177,290

 

NY Niagara Frontier Transportation Authority

 

 

 

 

 

 

 

 

 

Series 1999 A, AMT,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.625% 04/01/29

 

1,000,000

 

1,058,320

 

TN Memphis-Shelby County Airport Authority

 

 

 

 

 

 

 

 

 

Series 1999 D, AMT,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

6.000% 03/01/24

 

3,000,000

 

3,236,520

 

Airports Total

 

7,612,720

 

Ports – 3.1%

 

 

 

 

 

 

 

TX Harris County Port of Houston Authority

 

 

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

4.125% 10/01/23

 

2,000,000

 

1,943,800

 

Ports Total

 

1,943,800

 

Toll Facilities – 7.9%

 

 

 

 

 

 

 

CO Northwest Parkway Public Highway Authority

 

 

 

 

 

 

 

 

 

Series 2001 D,

 

 

 

 

 

 

 

7.125% 06/15/41

 

200,000

 

188,332

 

NY Thruway Authority

 

 

 

 

 

 

 

 

 

Second General Highway & Bridge Trust Fund:

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.000% 04/01/24

 

1,000,000

 

1,064,570

 

 

 

Series 2005 B,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.500% 04/01/20

 

1,000,000

 

1,163,880

 

NY Triborough Bridge & Tunnel Authority

 

 

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.500% 11/15/20

 

1,200,000

 

1,400,112

 

PA Turnpike Commission Registration Fee Revenue

 

 

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 07/15/25

 

1,000,000

 

1,146,890

 

Toll Facilities Total

 

4,963,784

 

 

8


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

TRANSPORTATION – (continued)

 

 

 

 

 

 

 

Toll Facilities – (continued)

 

 

 

 

 

 

 

Transportation – 4.6%

 

 

 

 

 

 

 

IN Transportation Finance Authority Highway Revenue

 

 

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.250% 06/01/20

 

1,000,000

 

1,088,580

 

NV Department of Business & Industry

 

 

 

 

 

 

 

 

 

Las Vegas Monorail Project,

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

 

7.375% 01/01/40

 

250,000

 

258,713

 

NY Metropolitan Transportation Authority

 

 

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.000% 11/15/30

 

1,500,000

 

1,583,310

 

Transportation Total

 

2,930,603

 

TRANSPORTATION TOTAL

 

21,727,132

 

UTILITIES – 29.1%

 

 

 

 

 

 

 

Independent Power Producers – 0.5%

 

 

 

 

 

 

 

PR Commonwealth of Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Cogeneration Facilities

 

 

 

 

 

 

 

 

 

AES Project,

 

 

 

 

 

 

 

Series 2000, AMT,

 

 

 

 

 

 

 

6.625% 06/01/26

 

295,000

 

320,804

 

Independent Power Producers Total

 

320,804

 

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

 

589,030

 

CO Adams County

 

 

 

 

 

 

 

 

 

Public Service Co.,

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

4.375% 09/01/17

 

1,000,000

 

1,019,340

 

HI Department of Budget & Finance

 

 

 

 

 

 

 

 

 

Hawaiian Electric Co.,

 

 

 

 

 

 

 

Series 1999 C, AMT,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

6.200% 11/01/29

 

2,000,000

 

2,179,760

 

KY Boone County Pollution Control Revenue

 

 

 

 

 

 

 

 

 

Collateral Dayton Power & Light Co.

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

4.700% 01/01/28

 

1,000,000

 

1,014,450

 

 

9


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

 

 

TX Brazos River Authority

 

 

 

 

 

 

 

 

 

Houston Industries, Inc.,

 

 

 

 

 

 

 

Series 1998 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.125% 05/01/19

 

2,100,000

 

2,199,897

 

 

 

TXU Energy Co., LLC,

 

 

 

 

 

 

 

Series 2003 C, AMT,

 

 

 

 

 

 

 

6.750% 10/01/38

 

215,000

 

238,338

 

Investor Owned Total

 

7,240,815

 

Joint Power Authority – 1.7%

 

 

 

 

 

 

 

SC State Public Service Authority

 

 

 

 

 

 

 

 

 

Santee Cooper,

 

 

 

 

 

 

 

Series 2006 A,

 

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

 

5.000% 01/01/29

 

1,000,000

 

1,060,580

 

Joint Power Authority Total

 

1,060,580

 

Municipal Electric – 4.3%

 

 

 

 

 

 

 

CA Department of Water Resources

 

 

 

 

 

 

 

 

 

Power Supply Revenue Bonds,

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.500% 05/01/14

 

1,000,000

 

1,108,810

 

TX Lower Colorado River Authority

 

 

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.500% 05/15/21

 

1,500,000

 

1,596,225

 

Municipal Electric Total

 

2,705,035

 

Water & Sewer – 11.1%

 

 

 

 

 

 

 

AZ Water System Revenue

 

 

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp.,

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.500% 07/01/21

 

1,000,000

 

1,166,930

 

FL Tallahassee Consolidated Utilities System

 

 

 

 

 

 

 

 

 

Series 2001,

 

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

 

5.500% 10/01/19

 

1,360,000

 

1,575,342

 

TX Corpus Christi Utility System Revenue

 

 

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

 

5.000% 07/15/22

 

2,000,000

 

2,127,700

 

TX Houston Utility System Revenue

 

 

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

 

5.250% 05/15/20

 

2,000,000

 

2,174,900

 

 

10


 

 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

 

Water & Sewer – (continued)

 

 

 

 

 

 

 

Water & Sewer Total

 

7,044,872

 

UTILITIES TOTAL

 

18,372,106

 

 

 

Total Municipal Bonds (cost of $92,801,083)

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Municipal Preferred Stocks – 0.8%

 

 

 

 

 

 

 

HOUSING – 0.8%

 

 

 

 

 

 

 

Multi-Family – 0.8%

 

 

 

 

 

 

 

Charter Mac Equity Issue Trust

 

 

 

 

 

 

 

 

 

AMT,

 

 

 

 

 

 

 

7.100% 06/30/09(e)

 

500,000

 

542,585

 

Multi-Family Total

 

542,585

 

HOUSING TOTAL

 

542,585

 

 

 

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

 

 

 

542,585

 

Investment Company – 0.0%

 

 

 

 

 

 

 

 

 

Dreyfus Tax-Exempt Cash Management Fund

 

95

 

95

 

Total Investment Company (cost of $95)

 

 

 

95

 

 

 

 

 

 

Par ($)

 

 

 

Short-Term Obligations – 1.4%

 

 

 

 

 

 

 

VARIABLE RATE DEMAND NOTES (f) – 1.4%

 

 

 

 

 

 

 

IN Health Facility Financing Authority

 

 

 

 

 

 

 

 

 

Fayette Memorial Hospital Association, Inc.,

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

 

LOC: US Bank N.A.

 

 

 

 

 

 

 

2.820% 10/01/32

 

100,000

 

100,000

 

KY Shelby County Lease

 

 

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

 

LOC: U.S. Bank N.A.

 

 

 

 

 

 

 

2.780% 09/01/34

 

100,000

 

100,000

 

MO Chesterfield Industrial Development Authority Educational Facilities

 

 

 

 

 

 

 

 

 

Gateway Academy Inc.,

 

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

 

LOC: US Bank NA

 

 

 

 

 

 

 

2.820% 01/01/28

 

100,000

 

100,000

 

MS Jackson County Pollution Control Revenue

 

 

 

 

 

 

 

 

 

Chevron Corp.,

 

 

 

 

 

 

 

Series 1993,

 

 

 

 

 

 

 

2.800% 06/01/23

 

200,000

 

200,000

 

 

11


 

 

 

 

 

Par ($)

 

Value ($)

 

Short-Term Obligations – (continued)

 

 

 

 

 

 

 

VARIABLE RATE DEMAND NOTES (f) – (continued)

 

 

 

 

 

SD Lawrence County Pollution Control Revenue

 

 

 

 

 

 

 

 

 

Homestake Mining Co.

 

 

 

 

 

 

 

Series 1997 B,

 

 

 

 

 

 

 

LOC: Chase Manhattan Bank

 

 

 

 

 

 

 

2.800% 07/01/32

 

100,000

 

100,000

 

WY Lincoln County Pollution Control Revenue

 

 

 

 

 

 

 

 

 

Exxon Mobil Corp.,

 

 

 

 

 

 

 

Series 2005

 

 

 

 

 

 

 

2.690% 11/01/14

 

300,000

 

300,000

 

 

 

 

 

 

 

 

 

VARIABLE RATE DEMAND NOTES TOTAL

 

900,000

 

 

 

 

 

 

 

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

 

 

 

900,000

 

 

 

 

 

 

 

 

 

 

 

Total Investments – 157.2% (cost of $94,201,178)(g)(h)

 

 

 

99,451,720

 

 

 

 

 

 

 

 

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Distributions- (59.0)%

 

 

 

(37,316,146)

 

 

 

 

 

 

 

 

 

 

 

Other Assets & Liabilities,
Net – 57.2%

 

 

 

1,109,814

 

 

 

 

 

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

63,245,388

 

 

 

 

 

 

 

 

 

 

 

Notes to Investment Portfolio:

 

 

 

 

 

 

12


 

 

 

 

 

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.

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 $2,291,160 is pledged as collateral for open futures contracts.

 

 

 

(d)

 

The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants. Income is being accrued. At February 28, 2006, the value of these securities amounted to $168,992, which represents 0.3% of net assets.

 

 

 

(e)

 

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 February 28, 2006, the value of this security, which is not illiquid, represents 0.8% of net assets.

 

 

 

(f)

 

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 February 28, 2006.

 

 

 

(g)

 

Cost for federal income tax purposes is $94,138,367.

 

 

 

(h)

 

Unrealized appreciation and depreciation at February 28, 2006 based on cost of investments for federal income tax purposes was:

 

 

 

 

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 

Net Unrealized
Appreciation

 

 

 

 

 

$

 5,447,586

 

$

(134,233

)

$

  5,313,353

 

 

At February 28, 2006, the Fund held the following open short futures contracts:

 

 

 

 

 

 

 

Aggregate

 

Expiration

 

Unrealized

 

Type

 

Contracts

 

Value

 

Face Value

 

Date

 

Appreciation

 

10 Year U.S Treasury Note

 

76

 

$

(8,208,000

)

$

(8,244,395

)

Mar-2006

 

$

36,395

 

 

 

 

Acronym

 

Name

 

 

 

 

 

 

 

 

 

ACA

 

American Capital Access

 

 

 

AMBAC

 

Ambac Assurance Corp.

 

 

 

AMT

 

Alternative Minimum Tax

 

 

 

FGIC

 

Financial Guaranty Insurance Co.

 

 

 

FHA

 

Federal Housing Administration

 

 

 

FSA

 

Financial Security Assurance, Inc.

 

 

 

GNMA

 

Government National Mortgage Co.

 

 

 

LOC

 

Letter of Credit

 

 

 

MBIA

 

MBIA Insurance Corp.

 

 

 

RAD

 

Radian Asset Assurance

 

 

13


 

Item 2. Controls and Procedures.

 

(a)          The registrant’s principal executive officer and principal financial officer, based on his evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, has 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

 

April 26, 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

 

April 26, 2006

 

 

 

 

 

By (Signature and Title)

 

/S/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

Date

 

April 26, 2006