UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number

 

811-21217

Eaton Vance Insured California
Municipal Bond Fund II

(Exact Name of Registrant as Specified in Charter)

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip Code)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(Registrant’s Telephone Number, Including Area Code):

 

(617) 482-8260

Date of Fiscal Year End:

 

September 30

Date of Reporting Period:

 

December 31, 2005

 

 




Item 1. Schedule of Investments




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

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 157.3%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

General Obligations — 5.9%

 

 

 

$

775

 

California, 5.00%, 6/1/34

 

$

800,017

 

900

 

California, 5.25%, 4/1/30

 

957,285

 

1,465

 

California, 5.50%, 11/1/33

 

1,604,483

 

 

 

 

 

$

3,361,785

 

Hospital — 7.7%

 

 

 

850

 

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

 

866,082

 

500

 

California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), Variable Rate, 6.06%, 11/15/34 (1)(2)

 

518,915

 

2,940

 

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

 

3,020,585

 

 

 

 

 

$

4,405,582

 

Insured-Electric Utilities — 6.8%

 

 

 

1,475

 

Glendale Electric, (MBIA), 5.00%, 2/1/32

 

1,530,416

 

1,650

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.74%, 7/1/29 (1)(2)

 

1,872,766

 

455

 

Sacramento Municipal Electric Utility District, (FSA), Variable Rate, 7.496%, 8/15/28 (1)(3)

 

506,729

 

 

 

 

 

$

3,909,911

 

Insured-General Obligations — 39.8%

 

 

 

1,250

 

California, (AMBAC), 5.00%, 4/1/27

 

1,299,187

 

415

 

California, (XLCA), Variable Rate, 7.495%, 10/1/28 (1)(3)

 

451,914

 

5,000

 

Clovis Unified School District, (FGIC), 0.00%, 8/1/20

 

2,594,000

 

2,000

 

Laguna Salada Union School District, (FGIC), 0.00%, 8/1/22

 

936,100

 

2,350

 

Long Beach Unified School District, (Election of 1999), (FSA), 5.00%, 8/1/31

 

2,426,704

 

1,945

 

Los Osos Community Services, Wastewater Assessment District, (MBIA), 5.00%, 9/2/33

 

2,010,546

 

1,000

 

Mount Diablo Unified School District, (FSA), 5.00%, 8/1/25

 

1,049,100

 

735

 

San Diego Unified School District, (MBIA), Variable Rate, 8.995%, 7/1/24 (1)(3)

 

1,099,641

 

4,300

 

San Mateo County Community College District, (Election of 2001), (FGIC), 0.00%, 9/1/21

 

2,114,353

 

1,750

 

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

 

1,820,875

 

3,385

 

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

 

3,295,602

 

1,000

 

Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28

 

1,050,140

 

3,200

 

Union Elementary School District, (FGIC), 0.00%, 9/1/22

 

1,496,928

 

2,600

 

Union Elementary School District, (FGIC), 0.00%, 9/1/23

 

1,154,062

 

 

 

 

 

$

22,799,152

 

 

1




 

 

 

Insured-Lease Revenue / Certificates of Participation — 20.8%

 

 

 

$

4,000

 

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

 

$

4,071,160

 

4,250

 

California Public Works Board Lease Revenue, (Department of General Services), (AMBAC), 5.00%, 12/1/27 (4)

 

4,409,545

 

2,250

 

Orange County Water District Certificates of Participation, (MBIA), 5.00%, 8/15/34

 

2,329,897

 

1,075

 

San Jose Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/32

 

1,108,691

 

 

 

 

 

$

11,919,293

 

Insured-Public Education — 15.9%

 

 

 

4,000

 

California State University, (AMBAC), 5.00%, 11/1/33

 

4,146,120

 

1,000

 

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

 

1,012,640

 

3,790

 

University of California, (FGIC), 5.125%, 9/1/31

 

3,947,778

 

 

 

 

 

$

9,106,538

 

Insured-Sewer Revenue — 4.4%

 

 

 

2,425

 

Los Angeles Wastewater Treatment System, (FGIC), 5.00%, 6/1/28

 

2,519,939

 

 

 

 

 

$

2,519,939

 

Insured-Special Assessment Revenue — 18.4%

 

 

 

2,500

 

Cathedral City Public Financing Authority, (Housing Redevelopment), (MBIA), 5.00%, 8/1/33

 

2,598,050

 

2,500

 

Cathedral City Public Financing Authority, (Tax Allocation Redevelopment), (MBIA), 5.00%, 8/1/33

 

2,598,050

 

1,750

 

Irvine Public Facility and Infrastructure Authority Assessment, (AMBAC), 5.00%, 9/2/26

 

1,803,865

 

2,000

 

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

 

2,073,800

 

1,335

 

San Jose Redevelopment Agency Tax, (MBIA), Variable Rate, 7.495%, 8/1/32 (1)(3)

 

1,445,324

 

 

 

 

 

$

10,519,089

 

Insured-Special Tax Revenue — 12.5%

 

 

 

2,000

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28

 

704,500

 

1,060

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37

 

237,949

 

8,000

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44

 

1,287,120

 

1,000

 

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

 

1,032,250

 

3,750

 

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

 

3,890,850

 

 

 

 

 

$

7,152,669

 

 

2




 

 

 

Insured-Transportation — 15.8%

 

 

 

$

4,000

 

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

 

$

4,162,320

 

2,250

 

Los Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30

 

2,391,885

 

6,670

 

San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/27

 

2,484,909

 

 

 

 

 

$

9,039,114

 

Insured-Utilities — 3.2%

 

 

 

1,750

 

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

 

1,803,988

 

 

 

 

 

$

1,803,988

 

Insured-Water Revenue — 1.6%

 

 

 

835

 

Contra Costa Water District, (FSA), Variable Rate, 7.497%, 10/1/32 (1)(3)

 

929,230

 

 

 

 

 

$

929,230

 

Water Revenue — 4.5%

 

 

 

2,500

 

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

 

2,555,625

 

 

 

 

 

$

2,555,625

 

Total Tax-Exempt Investments — 157.3%
(identified cost $86,099,264)

 

$

90,021,915

 

Other Assets, Less Liabilities — 1.7%

 

$

976,523

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.0)%

 

$

(33,756,940

)

Net Assets Applicable to Common Shares — 100.0%

 

$

57,241,498

 

 

AMBAC

AMBAC Financial Group, Inc.

FGIC

Financial Guaranty Insurance Company

FSA

Financial Security Assurance, Inc.

MBIA

Municipal Bond Insurance Association

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 December 31, 2005, 88.5% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 26.8% of total investments.

3




 

 

 

(1)

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, 2005, the aggregate value of the securities is $6,824,519 or 11.9% of the Fund’s net assets applicable to common shares.

(2)

Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2005.

(3)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2005.

(4)

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, 2005 is as follows:

Futures Contracts

Expiration
Date

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net
Unrealized
Depreciation

 

03/06

 

200 U.S. Treasury Bond

 

 

Short

 

 

$

(22,505,400

)

$

(22,837,500

)

 

$

(332,100

)

 

 

At December 31, 2005, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) in value of the investments owned at December 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

86,047,369

 

Gross unrealized appreciation

 

$

4,041,958

 

Gross unrealized depreciation

 

(67,412

)

Net unrealized appreciation

 

$

3,974,546

 

 

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:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

February 23, 2006

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

February 23, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

February 23, 2006