BOSTON, Dec. 15 /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 months and year ended September 30, 2009. The Fund's fiscal year ended on September 30, 2009. For the three months ended September 30, 2009, the Fund had net investment income of $865,387 ($0.224 per common share). From this amount, the Fund paid dividends on preferred shares of $30,927 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $834,460, or $0.216 per common share. The Fund's net investment income for the year ended September 30, 2009 was $3,390,514 ($0.877 per common share, before deduction of the preferred share dividends totaling $0.084 per common share), resulting in net investment income after the preferred dividends of $0.793 per common share. In comparison, for the three months ended September 30, 2008, the Fund had net investment income of $933,877 ($0.241 per common share). From this amount, the Fund paid dividends on preferred shares of $264,161 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $669,716, or $0.173 per common share. The Fund's net investment income for the year ended September 30, 2008 was $3,798,696 ($0.983 per common share, before deduction of the preferred share dividends totaling $0.233 per common share), resulting in net investment income after the preferred dividends of $0.750 per common share. Net realized and unrealized gains for the three months ended September 30, 2009 were $8,478,984 ($2.192 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2009 were $6,193,723 ($1.601 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2008 were $7,968,602 ($2.065 per common share). The Fund's net realized and unrealized losses for the year ended September 30, 2008 were $13,833,306 ($3.583 per common share). On September 30, 2009, net assets of the Fund applicable to common shares were $50,080,383. The net asset value per common share on September 30, 2009 was $12.94 based on 3,869,283 common shares outstanding. In comparison, on September 30, 2008, net assets of the Fund applicable to common shares were $43,718,367. The net asset value per common share on September 30, 2008 was $11.31 based on 3,863,961 common shares outstanding. The Fund is 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 $154.9 billion in assets as of October 31, 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 Year Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $865 $934 $3,391 $3,799 Net realized and unrealized gains (losses) on investments 8,479 (7,969) 6,194 (13,833) Preferred dividends paid from net investment income (1) (31) (264) (326) (900) Preferred dividends paid from net realized gains (1) - - - (203) --- --- --- ---- Net increase (decrease) in net assets from operations $9,313 $(7,299) $9,259 $(11,137) ====== ======= ====== ======== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.224 $0.241 $0.877 $0.983 Net realized and unrealized gains (losses) on investments 2.192 (2.065) 1.601 (3.583) Preferred dividends paid from net investment income (1) (0.008) (0.068) (0.084) (0.233) Preferred dividends paid from net realized gains (1) - - - (0.053) --- --- --- ------ Net increase (decrease) in net assets from operations $2.408 $(1.892) $2.394 $(2.886) ====== ======= ====== ======= Net investment income $0.224 $0.241 $0.877 $0.983 Preferred dividends paid from net investment income (1) (0.008) (0.068) (0.084) (0.233) ------ ------ ------ ------ Net investment income after preferred dividends (1) $0.216 $0.173 $0.793 $0.750 ====== ====== ====== ====== Net Asset Value at September 30 (Common Shares) ------------------------------- Net assets $50,080 $43,718 Shares outstanding 3,869 3,864 Net asset value per share outstanding $12.94 $11.31 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at September 30 $12.50 $10.25 High market price (period ended September 30) $12.93 $15.37 Low market price (period ended September 30) $6.50 $10.25 (1) During the year ended September 30, 2008, the Fund made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investor Contact of Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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