BOSTON, June 16 /PRNewswire-FirstCall/ -- Eaton Vance Insured California Municipal Bond Fund II (NYSE Amex: EIA) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three and six-month periods ended March 31, 2009. The Fund's fiscal year ends on September 30, 2009. For the three months ended March 31, 2009, the Fund had net investment income of $848,944 ($0.220 per common share). From this amount, the Fund paid dividends on preferred shares of $51,795 (equal to $0.013 for each common share), resulting in net investment income after the preferred dividends of $797,149, or $0.207 per common share. The Fund's net investment income for the six months ended March 31, 2009 was $1,671,364 ($0.433 per common share, before deduction of the preferred share dividends totaling $0.066 per common share), resulting in net investment income after the preferred dividends of $0.367 per common share. In comparison, for the three months ended March 31, 2008, the Fund had net investment income of $939,288 ($0.243 per common share). From this amount, the Fund paid dividends on preferred shares of $267,407 (equal to $0.070 for each common share), resulting in net investment income after the preferred dividends of $671,881, or $0.173 per common share. The Fund's net investment income for the six months ended March 31, 2008 was $1,897,584 ($0.491 per common share, before deduction of the preferred share dividends totaling $0.101 per common share), resulting in net investment income after the preferred dividends of $0.390 per common share. Net realized and unrealized gains for the three months ended March 31, 2009 were $3,274,799 ($0.852 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2009 were $4,377,327 ($1.128 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2008 were $5,050,265 ($1.307 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2008 were $7,304,551 ($1.891 per common share). On March 31, 2009, net assets of the Fund applicable to common shares were $39,380,144. The net asset value per common share on March 31, 2009 was $10.19 based on 3,864,926 common shares outstanding. In comparison, on March 31, 2008, net assets of the Fund applicable to common shares were $50,189,878. The net asset value per common share on March 31, 2008 was $12.99 based on 3,863,336 common shares outstanding. The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE:EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $127.2 billion in assets as of April 30, 2009 offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit http://www.eatonvance.com/. EATON VANCE INSURED CALIFORNIA MUNICIPAL BOND FUND II SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended March 31, March 31, 2009 2008 2009 2008 Net investment income $849 $939 $1,671 $1,898 Net realized and unrealized gains (losses) on investments 3,275 (5,050) (4,377) (7,305) Preferred dividends paid from net investment income (1) (52) (267) (256) (389) Preferred dividends paid from net realized gains (1) - - - (203) Net increase (decrease) in net assets from operations $4,072 $(4,378) $(2,962) $(5,999) Earnings per Common Share Outstanding Net investment income $0.220 $0.243 $0.433 $0.491 Net realized and unrealized gains (losses) on investments 0.852 (1.307) (1.128) (1.891) Preferred dividends paid from net investment income (1) (0.013) (0.070) (0.066) (0.101) Preferred dividends paid from net realized gains (1) - - - (0.053) Net increase (decrease) in net assets from operations $1.059 $(1.134) $(0.761) $(1.554) Net investment income $0.220 $0.243 $0.433 $0.491 Preferred dividends paid from net investment income (1) (0.013) (0.070) (0.066) (0.101) Net investment income after preferred dividends (1) $0.207 $0.173 $0.367 $0.390 Net Asset Value at March 31 (Common Shares) Net assets $39,380 $50,190 Shares outstanding 3,865 3,863 Net asset value per share outstanding $10.19 $12.99 Market Value Summary (Common Shares) Market price on NYSE Amex at March 31 $10.38 $13.61 High market price (period ended March 31) $11.75 $14.32 Low market price (period ended March 31) $6.50 $12.25 (1) During the year ended September 30, 2008, the Fund made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investors, Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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