Eaton Vance Insured California Municipal Bond Fund (AMEX:EVM), a non-diversified closed-end investment company, today announced the earnings of the Fund for the three months and the year ended September 30, 2006. The Fund's fiscal year ends on September 30, 2006.

For the three months ended September 30, 2006, the Fund had net investment income of $5,531,137 ($0.256 per common share). From this amount, the Fund paid dividends on preferred shares of $1,475,538 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $4,055,599, or $0.188 per common share. For the year ended September 30, 2006, the Fund had net investment income of $21,963,284 ($1.015 per common share, before the deduction of the preferred share dividends of $5,599,504 ($0.259 per common share), resulting in net investment income after the preferred dividends of $16,363,780 or $0.756 per common share. In comparison, for the three months ended September 30, 2005, the Fund had net investment income of $5,429,051 ($0.251 per common share). From this amount, the Fund paid dividends on preferred shares of $1,040,944 (equal to $0.048 for each common share), resulting in net investment income after the preferred dividends of $4,388,107, or $0.203 per common share. For the year ended September 30, 2005, the Fund had net investment income of $21,869,110 ($1.011 per common share, before deduction of the preferred share dividends totaling $0.162 per common share), resulting in net investment income after the preferred dividends of $0.849 per common share.

Net realized and unrealized gains for the three months ended September 30, 2006 were $15,157,347 ($0.701 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2006 were $12,840,040 ($0.598 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2005 were $3,551,662 ($0.163 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2005 were $9,576,635 ($0.444 per common share).

On September 30, 2006, net assets of the Fund applicable to common shares were $330,464,464. The net asset value per common share on September 30, 2006 was $15.28 based on 21,628,202 common shares outstanding. In comparison, on September 30, 2005, net assets of the Fund applicable to common shares were $317,784,591. The net asset value per common share on September 30, 2005 was $14.69 based on 21,628,202 common shares outstanding.

Common shares of the Fund are traded on the American Stock Exchange. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had over $128.9 billion in assets under management on October 31, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (617) 482-8260.

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,
2006  2005  2006  2005 
Gross investment income $1,116  $1,115  $4,454  $4,497 
Operating expenses (160) (153) (635) (606)
Net investment income $956  $962  $3,819  $3,891 
Net realized and unrealized gains (losses) on investments
$3,061  ($998) $2,108  $1,372 
Preferred dividends paid from net investment income ($251) ($160) ($938) ($558)
Net increase (decrease) in net assets from operations
$3,766  ($196) $4,989  $4,705 
 
Earnings per Common Share Outstanding
Gross investment income $0.290  $0.289  $1.154  $1.165 
Operating expenses (0.042) (0.040) (0.165) (0.157)
Net investment income $0.248  $0.249  $0.989  $1.008 
Net realized and unrealized gains (losses) on investments
$0.794  ($0.254) $0.547  $0.360 
Preferred dividends paid from net investment income ($0.065) ($0.042) ($0.243) ($0.145)
Net increase (decrease) in net assets from operations
$0.977  ($0.047) $1.293  $1.223 
 
Net investment income $0.248  $0.249  $0.989  $1.008 
Preferred dividends paid from net investment income (0.065) (0.042) (0.243) (0.145)
Net investment income after preferred dividends $0.183  $0.207  $0.746  $0.863 
 
Net Asset Value at September 30 (Common Shares)
Net assets (000) $59,199  $57,187 
Shares outstanding (000) 3,862  3,861 
Net asset value per share outstanding $15.33  $14.81 
 
Market Value Summary (Common Shares)
Market price on AMEX at September 30 $14.635  $14.77 
High market price (year ended September 30) $15.35  $15.94 
Low market price (year ended September 30) $13.88  $13.98