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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811-21217 |
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Eaton Vance Insured |
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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 Service) |
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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, 2007 |
Item 1. Schedule of Investments
Eaton Vance Insured California Municipal Bond Fund II as of June 30, 2007
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 172.1%
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Principal |
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|
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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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||
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General Obligations — 2.7% |
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|
|
||||
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$ |
1,465 |
|
California, 5.50%, 11/1/33 |
|
$ |
1,564,063 |
|
|
|
|
|
|
$ |
1,564,063 |
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|
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Hospital — 16.9% |
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|
|
||||
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$ |
1,850 |
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California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34 |
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$ |
1,865,022 |
|
|
2,940 |
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California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35 |
|
2,965,078 |
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||
|
1,000 |
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California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36 |
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1,009,800 |
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||
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1,400 |
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California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41 |
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1,407,728 |
|
||
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1,900 |
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California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45 |
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1,942,351 |
|
||
|
555 |
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Washington Township Health Care District, 5.00%, 7/1/32 |
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557,386 |
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||
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|
|
|
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$ |
9,747,365 |
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|
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Insured-Electric Utilities — 5.0% |
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|
|
||||
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$ |
1,475 |
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Glendale Electric, (MBIA), 5.00%, 2/1/32 |
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$ |
1,506,934 |
|
|
1,370 |
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Sacramento Municipal Electric Utility District, (FSA), 5.00%, 8/15/28 (1) |
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1,399,934 |
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|
|
|
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$ |
2,906,868 |
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|
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Insured-Escrowed/Prerefunded — 21.0% |
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|
|
||||
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$ |
4,000 |
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Anaheim Public Financing Authority Lease Revenue, Prerefunded to 9/1/07, (FSA), 5.00%, 3/1/37 |
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$ |
4,048,440 |
|
|
430 |
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California, Prerefunded to 4/1/12, (AMBAC), 5.00%, 4/1/27 |
|
450,799 |
|
||
|
740 |
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San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, Prerefunded to 7/1/11, (AMBAC), 5.00%, 7/1/31 |
|
771,731 |
|
||
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2,765 |
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San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, Prerefunded to 7/1/11, (AMBAC), 5.125%, 7/1/36 |
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2,896,282 |
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3,790 |
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University of California, Prerefunded to 9/1/10, (FGIC), 5.125%, 9/1/31 |
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3,971,579 |
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|
|
|
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$ |
12,138,831 |
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|
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Insured-General Obligations — 55.5% |
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|
|
||||
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$ |
8,680 |
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Arcadia Unified School District, (FSA), 0.00%, 8/1/38 |
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$ |
1,777,751 |
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|
3,115 |
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Arcadia Unified School District, (FSA), 0.00%, 8/1/40 |
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573,534 |
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||
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3,270 |
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Arcadia Unified School District, (FSA), 0.00%, 8/1/41 |
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572,413 |
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||
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1,615 |
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California, (AMBAC), 4.25%, 12/1/35 |
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1,469,795 |
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||
|
820 |
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California, (AMBAC), 5.00%, 4/1/27 |
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844,395 |
|
||
1
|
$ |
1,250 |
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California, (XLCA), 5.00%, 10/1/28 (1) |
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$ |
1,279,054 |
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|
19,350 |
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Chabot-Las Positas Community College District, (AMBAC), 0.00%, 8/1/43 |
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3,085,164 |
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||
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5,000 |
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Clovis Unified School District, (FGIC), 0.00%, 8/1/20 |
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2,767,650 |
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||
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6,675 |
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Coast Community College District, (FSA), 0.00%, 8/1/35 |
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1,507,882 |
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2,350 |
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Long Beach Unified School District, (Election of 1999), (FSA), 5.00%, 8/1/31 |
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2,401,441 |
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1,945 |
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Los Osos Community Services, Wastewater Assessment District, (MBIA), 5.00%, 9/2/33 |
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1,986,759 |
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1,000 |
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Mount Diablo Unified School District, (FSA), 5.00%, 8/1/25 |
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1,028,520 |
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2,205 |
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San Diego Unified School District, (MBIA), 5.50%, 7/1/24 (1) |
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2,480,537 |
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4,300 |
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San Mateo County Community College District, (Election of 2001), (FGIC), 0.00%, 9/1/21 |
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2,253,974 |
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1,750 |
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Santa Ana Unified School District, (MBIA), 5.00%, 8/1/32 |
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1,790,845 |
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1,620 |
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Santa Clara Unified School District, (Election of 2004), (FSA), 4.375%, 7/1/30 |
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1,539,891 |
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1,000 |
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Simi Valley Unified School District, (FSA), 5.00%, 8/1/28 |
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1,033,390 |
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2,000 |
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Simi Valley United School District, (FSA), 5.00%, 8/1/27 (2) |
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2,099,040 |
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3,200 |
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Union Elementary School District, (FGIC), 0.00%, 9/1/22 |
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1,595,520 |
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$ |
32,087,555 |
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|
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Insured-Lease Revenue / Certificates of Participation — 13.4% |
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|
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||||
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$ |
4,250 |
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California Public Works Board Lease Revenue, (Department of General Services), (AMBAC), 5.00%, 12/1/27 (3) |
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$ |
4,363,858 |
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|
2,250 |
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Orange County Water District, Certificates of Participation, (MBIA), 5.00%, 8/15/34 |
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2,294,933 |
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1,075 |
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San Jose Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/32 |
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1,095,651 |
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|
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$ |
7,754,442 |
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Insured-Public Education — 7.1% |
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|
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||||
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$ |
4,000 |
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California State University, (AMBAC), 5.00%, 11/1/33 (4) |
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$ |
4,098,320 |
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|
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$ |
4,098,320 |
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|
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Insured-Special Assessment Revenue — 22.8% |
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|
|
||||
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$ |
2,500 |
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Cathedral City Public Financing Authority, (Housing Redevelopment), (MBIA), 5.00%, 8/1/33 (4) |
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$ |
2,565,125 |
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|
2,500 |
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Cathedral City Public Financing Authority, (Tax Allocation Redevelopment), (MBIA), 5.00%, 8/1/33 |
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2,565,125 |
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||
|
1,750 |
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Irvine Public Facility and Infrastructure Authority Assessment, (AMBAC), 5.00%, 9/2/26 |
|
1,802,028 |
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|
2,000 |
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Murrieta Redevelopment Agency Tax, (MBIA), 5.00%, 8/1/32 |
|
2,052,600 |
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4,000 |
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San Jose Redevelopment Agency Tax, (MBIA), 5.00%, 8/1/32 (1) |
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4,173,764 |
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|
|
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$ |
13,158,642 |
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|
2
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Insured-Special Tax Revenue — 2.2% |
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|
|
||||
|
$ |
260 |
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San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.00%, 7/1/31 |
|
$ |
266,430 |
|
|
985 |
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San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.125%, 7/1/36 |
|
1,016,806 |
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|
|
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$ |
1,283,236 |
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|
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Insured-Transportation — 2.5% |
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|
|
||||
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$ |
3,670 |
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San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/27 |
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$ |
1,443,998 |
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|
|
|
|
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$ |
1,443,998 |
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|
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Insured-Utilities — 3.1% |
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|
|
||||
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$ |
1,750 |
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Los Angeles Department of Water and Power, (FGIC), 5.125%, 7/1/41 |
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$ |
1,784,860 |
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|
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$ |
1,784,860 |
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|
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Insured-Water Revenue — 15.5% |
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|
|
||||
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$ |
2,500 |
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Contra Costa Water District, (FSA), 5.00%, 10/1/32 (1) |
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$ |
2,567,652 |
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|
3,750 |
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East Bay Municipal Utility District, (FGIC), 5.00%, 6/1/37 |
|
3,897,075 |
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|
1,500 |
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Los Angeles Department of Water and Power, Water Revenue, (MBIA), 3.00%, 7/1/30 |
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1,139,400 |
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|
1,475 |
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San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33 |
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1,367,458 |
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|
|
|
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$ |
8,971,585 |
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|
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Water Revenue — 4.4% |
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|
|
||||
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$ |
2,500 |
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California Water Resource, (Central Valley), 5.00%, 12/1/29 |
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$ |
2,526,300 |
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$ |
2,526,300 |
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|
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Total
Tax-Exempt Investments — 172.1% |
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$ |
99,466,065 |
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|||
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Other Assets, Less Liabilities — (13.7)% |
|
$ |
(7,899,082 |
) |
|||
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.4)% |
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$ |
(33,759,152 |
) |
|||
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Net Assets Applicable to Common Shares — 100.0% |
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$ |
57,807,831 |
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|||
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AMBAC |
— |
AMBAC Financial Group, 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. |
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, 86.1% of total investments are backed by bond insurance of various financial institutions
3
and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 24.1% of total investments.
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(1) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
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(2) |
When-issued security. |
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(3) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
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(4) |
Security (or a portion thereof) has been segregated to cover when-issued securities. |
A summary of financial instruments at June 30, 2007 is as follows:
Futures Contracts
|
Expiration |
|
|
|
|
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Aggregate |
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|
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Net |
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||||
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Date |
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Contracts |
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Position |
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Cost |
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Value |
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Appreciation |
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||||
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09/07 |
|
69 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(7,529,384 |
) |
$ |
(7,434,750 |
) |
$ 94,634 |
|
Interest Rate Swaps
|
Counterparty |
|
Notional |
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Annual |
|
Floating Rate |
|
Effective Date/ |
|
Unrealized |
|
||||||
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Citibank, N.A. |
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$ |
2,350,000 |
|
|
3.925 |
% |
|
USD-BMA |
|
August 16, 2007/ |
|
|
$ |
80,604 |
|
|
|
|
|
|
|
|
|
|
Municipal Swap Index |
|
August 16, 2027 |
|
|
|
|
|
|||
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Merrill Lynch Capital Services, Inc. |
|
$ |
2,350,000 |
|
|
4.006 |
% |
|
USD-BMA |
|
August 7, 2007/ |
|
|
$ |
95,878 |
|
|
|
Lehman Brothers, Inc. |
|
$ |
2,275,000 |
|
|
5.956 |
% |
|
3
month |
|
March 25, 2008/ |
|
|
$ |
(37,881 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
138,601 |
|
|
|
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, 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 |
|
$ |
89,983,880 |
|
|
Gross unrealized appreciation |
|
$ |
2,462,662 |
|
|
Gross unrealized depreciation |
|
(530,477 |
) |
|
|
Net unrealized appreciation |
|
$ |
1,932,185 |
|
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 II
|
By: |
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/s/ Cynthia J. Clemson |
|
|
|
Cynthia J. Clemson |
|
|
|
President and Principal Executive Officer |
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Date: |
|
August 27, 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: |
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/s/ Cynthia J. Clemson |
|
|
|
Cynthia J. Clemson |
|
|
|
President and Principal Executive Officer |
|
Date: |
|
August 27, 2007 |
|
By: |
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/s/ Barbara E. Campbell |
|
|
|
Barbara E. Campbell |
|
|
|
Treasurer and Principal Financial Officer |
|
Date: |
|
August 27, 2007 |