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 |
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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. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
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(Name and Address of Agent for Services) |
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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, 2006 |
Item 1. Schedule of Investments
Eaton Vance Insured New York Municipal Bond Fund II as of December 31, 2006
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 166.2%
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Principal |
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|
|
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Amount |
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|
|
|
|
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(000’s omitted) |
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Security |
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Value |
|
||
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Electric Utilities — 1.7% |
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|
|
||||
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$ |
665 |
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Long Island Power Authority, Electric System Revenue, 5.00%, 12/1/35 |
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$ |
703,104 |
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|
|
|
|
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$ |
703,104 |
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|
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General Obligations — 8.3% |
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|
|
||||
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$ |
1,000 |
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New York, 5.00%, 6/1/30 |
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$ |
1,051,950 |
|
|
1,650 |
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New York, 5.25%, 1/15/28 |
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1,749,280 |
|
||
|
500 |
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New York City, 5.25%, 8/15/26 |
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536,465 |
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||
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|
|
|
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$ |
3,337,695 |
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|
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Hospital — 2.0% |
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|
|
||||
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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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$ |
800,205 |
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|
|
|
|
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$ |
800,205 |
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|
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Industrial Development Revenue — 3.0% |
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|
|
||||
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$ |
1,160 |
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New York City Industrial Development Agency, (Liberty-IAC/Interactive Corp.), 5.00%, 9/1/35 |
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$ |
1,205,507 |
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|
|
|
|
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$ |
1,205,507 |
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|
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Insured-Electric Utilities — 5.9% |
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|
|
||||
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$ |
2,250 |
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Long Island Power Authority, (AMBAC), 5.00%, 9/1/34 |
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$ |
2,372,625 |
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|
|
|
|
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$ |
2,372,625 |
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|
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Insured-Escrowed/Prerefunded — 5.7% |
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|
|
||||
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$ |
580 |
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New York City Cultural Resource Trust, (Museum of History), (AMBAC), Prerefunded to 7/1/19, Variable Rate, 8.849%, 7/1/29 (3)(4) |
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$ |
685,647 |
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|
1,500 |
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Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32 (1)(2) |
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1,605,190 |
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|
|
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$ |
2,290,837 |
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|
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Insured-General Obligations — 9.9% |
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|
|
||||
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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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$ |
2,367,532 |
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|
1,500 |
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Sachem School District, (MBIA), 5.00%, 6/15/27 |
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1,616,940 |
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|
|
|
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$ |
3,984,472 |
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|
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Insured-Lease Revenue / Certificates of Participation — 14.8% |
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|
|
||||
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$ |
2,750 |
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Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47 |
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$ |
2,744,802 |
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|
2,205 |
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Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (1)(2) |
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2,382,378 |
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|
795 |
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Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36 (1)(2) |
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848,121 |
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||
|
|
|
|
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$ |
5,975,301 |
|
|
1
|
Insured-Other Revenue — 24.4% |
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|
|
||||
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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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$ |
2,025,863 |
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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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2,115,260 |
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||
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2,000 |
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New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42 |
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2,058,600 |
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||
|
1,750 |
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New York City Industrial Development Agency, (Yankee Stadium), (FGIC), 4.50%, 3/1/39 |
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1,754,253 |
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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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1,875,644 |
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|
|
|
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$ |
9,829,620 |
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|
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Insured-Private Education — 22.1% |
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|
|
||||
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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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$ |
1,035,640 |
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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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2,642,825 |
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2,265 |
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New York Dormitory Authority, (FIT Student Housing Corp.), (FGIC), 5.00%, 7/1/29 |
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2,394,807 |
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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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636,158 |
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|
1,000 |
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New York Dormitory Authority, (New York University), (AMBAC), 5.00%, 7/1/31 |
|
1,036,060 |
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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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527,995 |
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|
625 |
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New York Dormitory Authority, (University of Rochester), (MBIA), 5.00%, 7/1/27 |
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640,944 |
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$ |
8,914,429 |
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|
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Insured-Public Education — 4.3% |
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|
|
||||
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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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$ |
1,740,000 |
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$ |
1,740,000 |
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|
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Insured-Special Tax Revenue — 7.8% |
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|
|
||||
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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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$ |
717,605 |
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|
400 |
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New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44 |
|
422,248 |
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||
|
1,385 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28 |
|
547,214 |
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|
1,700 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35 |
|
480,658 |
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|
740 |
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Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37 |
|
190,513 |
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||
2
|
$ |
2,500 |
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Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/33 |
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$ |
776,975 |
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|
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$ |
3,135,213 |
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Insured-Transportation — 26.1% |
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|
|
||||
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$ |
2,000 |
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Metropolitan Transportation Authority, Transportation Revenue Bonds, (FGIC), 5.25%, 11/15/31 |
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$ |
2,143,780 |
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|
2,500 |
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Port Authority of New York and New Jersey, (FSA), 5.00%, 11/1/27 (1)(2) |
|
2,658,466 |
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||
|
375 |
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Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41 |
|
441,416 |
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|
2,000 |
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Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33 |
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2,104,780 |
|
||
|
1,000 |
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Puerto Rico Highway and Transportation Authority, Variable Rate, (AMBAC), 5.49%, 7/1/28 (3)(4) |
|
1,076,100 |
|
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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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2,111,260 |
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$ |
10,535,802 |
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Insured-Water and Sewer — 14.2% |
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|
|
||||
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$ |
3,000 |
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New York City Municipal Water Finance Authority, (AMBAC), 5.00%, 6/15/38 (5) |
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$ |
3,167,520 |
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|
2,400 |
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Niagara Falls Public Water Authority and Sewer System, (MBIA), 5.00%, 7/15/34 |
|
2,539,776 |
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|
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$ |
5,707,296 |
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Insured-Water Revenue — 4.3% |
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|
|
||||
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$ |
1,740 |
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New York Environmental Facilities Corp., (MBIA), 4.25%, 6/15/28 |
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$ |
1,719,451 |
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|
|
|
|
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$ |
1,719,451 |
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|
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Other Revenue — 1.5% |
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|
|
||||
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$ |
500 |
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Puerto Rico Infrastructure Financing Authority, Variable Rate, 5.957%, 10/1/32 (3)(4) |
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$ |
612,035 |
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|
|
|
|
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$ |
612,035 |
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|
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Private Education — 5.2% |
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|
|
||||
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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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$ |
1,040,221 |
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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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1,041,330 |
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|
|
|
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$ |
2,081,551 |
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|
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Transportation — 2.6% |
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|
|
||||
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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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$ |
1,052,160 |
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|
|
|
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$ |
1,052,160 |
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|
3
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Water and Sewer — 2.4% |
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|
|
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$ |
950 |
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New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 4.50%, 6/15/36 |
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$ |
954,712 |
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|
|
|
|
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$ |
954,712 |
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|
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Total
Tax-Exempt Investments — 166.2% |
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$ |
66,952,015 |
|
|||
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Other Assets, Less Liabilities — (10.3)% |
|
$ |
(4,165,011 |
) |
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Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.9)% |
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$ |
(22,511,250 |
) |
|||
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Net Assets Applicable to Common Shares — 100.0% |
|
$ |
40,275,754 |
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|||
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AMBAC |
— |
AMBAC Financial Group, Inc. |
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CIFG |
— |
CDC IXIS Financial Guaranty North America, 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 New York 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, 2006, 84.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 4.0% to 29.5% of total investments.
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(1) |
Security valued at fair value using methods determined in good faith by or at the direction of the Trustees. |
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(2) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
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(3) |
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, 2006, the aggregate value of the securities is $2,373,782 or 5.9% of the Fund’s net assets applicable to common shares. |
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(4) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2006. |
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(5) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
A summary of financial instruments at December 31, 2006 is as follows:
Futures Contracts
|
Expiration |
|
Contracts |
|
Position |
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Aggregate |
|
Value |
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Net |
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|||||||
|
03/07 |
|
62 U.S. Treasury Bond |
|
|
Short |
|
|
$ |
(7,085,220 |
) |
$ |
(6,909,125 |
) |
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$ |
176,095 |
|
|
4
At December 31, 2006, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
Interest Rate Swaps
At December 31, 2006, the Fund had entered into an interest rate swap agreement with Citibank N.A. whereby the Fund makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $1,600,000. In exchange, the Fund receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 16, 2007. The value of the contract, which terminates August 16, 2027, is recorded as a receivable for open interest rate swap contracts of $2,792 at December 31, 2006.
At December 31, 2006, the Fund had entered into an interest rate swap agreement with Merrill Lynch Capital Services, Inc. whereby the Fund makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount. In exchange, the Fund receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the notional amount of $1,600,000. The effective date of the interest rate swap is August 7, 2007. The value of the contract, which terminates on August 7, 2037, is recorded as a receivable for open interest swap contracts of $5,677 at December 31, 2006.
At December 31, 2006, 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, 2006, as computed on a federal income tax basis, were as follows:
|
Aggregate cost |
|
$ |
59,337,268 |
|
|
Gross unrealized appreciation |
|
$ |
2,977,065 |
|
|
Gross unrealized depreciation |
|
(27,318 |
) |
|
|
Net unrealized appreciation |
|
$ |
2,949,747 |
|
5
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 |
|
|
|
Cynthia J. Clemson |
|
|
|
President and Principal Executive Officer |
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Date: |
|
February 26, 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.
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By: |
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/s/ Cynthia J. Clemson |
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|
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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 26, 2007 |
|
By: |
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/s/ Barbara E. Campbell |
|
|
|
Barbara E. Campbell |
|
|
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Treasurer and Principal Financial Officer |
|
Date: |
|
February 26, 2007 |