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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811-21218 |
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Eaton Vance Insured New York Municipal Bond Fund II |
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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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Maureen A. Gemma Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
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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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December 31, 2007 |
Item 1. Schedule of Investments
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Eaton Vance Insured New York Municipal Bond Fund II |
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as of December 31, 2007 |
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 170.8%
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Principal |
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Amount |
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(000’s omitted) |
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Security |
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Value |
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General Obligations — 6.0% |
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$ |
1,650 |
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New York, 5.25%, 1/15/28 |
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$ |
1,706,331 |
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500 |
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New York City, 5.25%, 8/15/26 |
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521,100 |
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$ |
2,227,431 |
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Hospital — 4.1% |
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$ |
750 |
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New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/34 |
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$ |
766,590 |
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750 |
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Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32 |
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763,477 |
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$ |
1,530,067 |
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Industrial Development Revenue — 3.5% |
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$ |
1,000 |
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Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 |
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$ |
1,058,210 |
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240 |
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Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37 |
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265,428 |
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$ |
1,323,638 |
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Insured-Electric Utilities — 8.7% |
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$ |
2,020 |
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Long Island Power Authority, (AMBAC), 5.00%, 9/1/34 |
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$ |
2,080,317 |
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1,195 |
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New York Power Authority, (MBIA), 4.50%, 11/15/47 |
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1,155,828 |
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$ |
3,236,145 |
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Insured-Escrowed/Prerefunded — 17.9% |
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$ |
580 |
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New York City Cultural Resource Trust, (Museum of History), (AMBAC), Prerefunded to 7/1/09, Variable Rate, 9.749%, 7/1/29 (1) (2) |
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$ |
668,288 |
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2,265 |
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New York Dormitory Authority, (FIT Student Housing Corp.), (FGIC), Prerefunded to 7/1/14, 5.00%, 7/1/29 |
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2,476,823 |
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515 |
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New York Dormitory Authority, (University of Rochester), (MBIA), Prerefunded to 7/1/08, 5.00%, 7/1/27 |
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525,547 |
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1,500 |
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Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32(3) |
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1,613,300 |
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1,295 |
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Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/13, 5.00%, 7/1/33 |
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1,405,917 |
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$ |
6,689,875 |
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Insured-General Obligations — 6.2% |
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$ |
2,245 |
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New York Dormitory Authority, (School Districts Financing Program), (MBIA), 5.00%, 10/1/30 |
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$ |
2,302,225 |
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$ |
2,302,225 |
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Insured-Hospital — 1.0% |
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$ |
360 |
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New York Dormitory Authority, (Health Quest Systems), (AGC), 5.125%, 7/1/37 |
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$ |
368,982 |
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$ |
368,982 |
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Insured-Lease Revenue/Certificates of Participation — 14.6% |
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$ |
2,375 |
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Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47 |
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$ |
2,263,327 |
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795 |
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Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (3) |
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820,154 |
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2,205 |
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Puerto Rico Public Buildings Authority, (CIFG), Prerefunded to 7/1/12, 5.25%, 7/1/36 (3) |
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2,380,106 |
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$ |
5,463,587 |
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Insured-Other Revenue — 19.0% |
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$ |
1,930 |
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New York City Cultural Resource Trust, (American Museum of Natural History), (MBIA), 5.00%, 7/1/44 |
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$ |
1,983,326 |
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2,000 |
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New York City Cultural Resource Trust, (Museum of Modern Art), (AMBAC), 5.125%, 7/1/31 |
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2,075,480 |
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1
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$ |
1,245 |
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New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42 |
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$ |
1,239,796 |
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1,825 |
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New York City Industrial Development Agency, (Yankee Stadium), (MBIA), 4.75%, 3/1/46 |
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1,813,740 |
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$ |
7,112,342 |
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Insured-Private Education — 24.0% |
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$ |
1,000 |
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New York City Industrial Development Agency, (New York University), (AMBAC), 5.00%, 7/1/31 |
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$ |
1,019,430 |
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1,440 |
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New York Dormitory Authority, (Barnard College), (FGIC), 5.00%, 7/1/24 |
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1,524,269 |
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2,500 |
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New York Dormitory Authority, (Brooklyn Law School), (XLCA), 5.125%, 7/1/30 |
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2,584,600 |
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605 |
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New York Dormitory Authority, (Fordham University), (FGIC), 5.00%, 7/1/32 |
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620,173 |
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1,000 |
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New York Dormitory Authority, (New York University), (AMBAC), 5.00%, 7/1/31 |
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1,019,430 |
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500 |
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New York Dormitory Authority, (Skidmore College), (FGIC), 5.00%, 7/1/33 |
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516,085 |
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110 |
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New York Dormitory Authority, (University of Rochester), (MBIA), 5.00%, 7/1/27 |
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111,743 |
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5,425 |
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Oneida County Industrial Development Agency, (Hamilton College), (MBIA), 0.00%, 7/1/32 |
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1,593,268 |
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$ |
8,988,998 |
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Insured-Public Education — 4.3% |
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$ |
1,500 |
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New York Dormitory Authority, (City University), (AMBAC), 5.25%, 7/1/30 |
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$ |
1,600,395 |
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$ |
1,600,395 |
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Insured-Special Tax Revenue — 17.1% |
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$ |
700 |
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New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45 |
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$ |
699,349 |
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400 |
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New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 |
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409,784 |
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1,700 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35 |
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415,990 |
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9,835 |
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Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
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879,741 |
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20,540 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
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3,185,549 |
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3,350 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
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492,651 |
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2,105 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
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293,058 |
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$ |
6,376,122 |
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Insured-Transportation — 21.5% |
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$ |
590 |
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Metropolitan Transportation Authority, (FGIC), 4.75%, 11/15/37 |
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$ |
591,581 |
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2,000 |
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Metropolitan Transportation Authority, (FGIC), 5.25%, 11/15/31 |
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2,096,680 |
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2,500 |
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Port Authority of New York and New Jersey, (FSA), 5.00%, 11/1/27 (3) |
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2,588,477 |
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705 |
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Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33 |
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719,079 |
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2,000 |
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Triborough Bridge and Tunnel Authority, (MBIA), 5.00%, 11/15/32 |
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2,044,700 |
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$ |
8,040,517 |
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Insured-Water and Sewer — 8.2% |
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$ |
3,000 |
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New York City Municipal Water Finance Authority, (Water and Sewer System), (AMBAC), 5.00%, 6/15/38 (4) |
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$ |
3,075,570 |
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$ |
3,075,570 |
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Insured-Water Revenue — 3.3% |
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$ |
1,250 |
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Suffolk County Water Authority, (MBIA), 4.50%, 6/1/32 |
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$ |
1,251,388 |
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$ |
1,251,388 |
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Other Revenue — 1.6% |
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$ |
500 |
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Puerto Rico Infrastructure Financing Authority, Variable Rate, 6.95%, 10/1/32 (1) (2) |
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$ |
584,865 |
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$ |
584,865 |
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Private Education — 5.4% |
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$ |
1,000 |
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Dutchess County Industrial Development Agency, (Marist College), 5.00%, 7/1/22 |
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$ |
1,025,590 |
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1,000 |
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New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34 |
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979,690 |
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$ |
2,005,280 |
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Transportation — 2.7% |
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$ |
1,000 |
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Port Authority of New York and New Jersey, 5.00%, 9/1/38 |
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$ |
1,023,260 |
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$ |
1,023,260 |
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2
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Water Revenue — 1.7% |
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$ |
650 |
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New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 4.50%, 6/15/36 |
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$ |
636,194 |
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$ |
636,194 |
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Total Tax-Exempt Investments —
170.8% |
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$ |
63,836,881 |
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Other Assets, Less Liabilities — (10.6)% |
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$ |
(3,959,763 |
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.2)% |
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$ |
(22,500,000 |
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Net Assets Applicable to Common Shares — 100.0% |
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$ |
37,377,118 |
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AGC |
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Assured Guaranty Corp. |
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AMBAC |
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AMBAC Financial Group, Inc. |
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CIFG |
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CIFG Assurance North America, Inc. |
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FGIC |
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Financial Guaranty Insurance Company |
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FSA |
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Financial Security Assurance, Inc. |
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MBIA |
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Municipal Bond Insurance Association |
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XLCA |
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XL Capital Assurance, Inc. |
The Fund invests primarily in debt securities issued by New Yorkmunicipalities. The ability of the issuers of the debt securities to meettheir obligations may be affected by economic developments in aspecific industry or municipality. In order to reduce the risk associatedwith such economic developments, at December 31, 2007, 85.4%of total investments are backed by bond insuranceof various financial institutions and financial guaranty assuranceagencies. The aggregate percentage insured by an individual financial institutionranged from 0.6% to 33.1% of total investments.
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(1) |
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Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2007, the aggregate value of the securities is $1,253,153 or 3.4% of the Fund’s net assets applicable to common shares. |
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(2) |
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Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2007. |
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(3) |
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Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
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(4) |
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Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
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A summary of financial instruments at December 31, 2007 is as follows:
Futures Contracts
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Expiration |
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Aggregate |
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Net |
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Date |
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Contracts |
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Position |
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Cost |
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Value |
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Appreciation |
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3/08 |
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26 U.S. Treasury Bond |
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Short |
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$ |
(3,059,175 |
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$ |
(3,025,750 |
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$ |
33,425 |
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Interest Rate Swaps
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Counterparty |
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Notional |
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Annual |
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Floating Rate |
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Effective Date/ |
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Net Unrealized Appreciation |
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Lehman Brothers, Inc. |
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$ |
1,525,000 |
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4.985 |
% |
3-month |
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September 2,
2008/ |
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$ |
13,595 |
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Merrill Lynch Capital |
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$ |
2,000,000 |
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5.426 |
% |
3-month |
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July 9,
2008/ |
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$ |
(120,970 |
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Morgan Stanley Capital Services, Inc. |
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$ |
950,000 |
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5.428 |
% |
3-month |
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September 10,
2008/ |
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$ |
(55,617 |
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$ |
(162,992 |
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The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.
At December 31, 2007, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2007, as determined on a federal income tax basis, were as follows:
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Aggregate cost |
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$ |
57,978,581 |
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Gross unrealized appreciation |
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$ |
1,853,465 |
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Gross unrealized depreciation |
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(660,165 |
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Net unrealized appreciation |
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$ |
1,193,300 |
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4
Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Insured New York Municipal Bond Fund II
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By: |
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/s/Cynthia J. Clemson |
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Cynthia J. Clemson |
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President and Principal Executive Officer |
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Date: |
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February 22, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
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/s/Cynthia J. Clemson |
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Cynthia J. Clemson |
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President and Principal Executive Officer |
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Date: |
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February 22, 2008 |
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By: |
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/s/Barbara E. Campbell |
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Barbara E. Campbell |
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Treasurer and Principal Financial Officer |
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Date: |
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February 22, 2008 |