Eaton Vance Insured California Municipal Bond Fund II (AMEX:EIA) (the “Fund”), a closed-end management investment company, today announced the earnings of the Fund for the three and nine-month periods ended June 30, 2008. The Fund’s fiscal year ends on September 30, 2008.
For the three months ended June 30, 2008, the Fund had net investment income of $967,235 ($0.251 per common share). From this amount, the Fund paid dividends on preferred shares of $246,913 (equal to $0.064 for each common share), resulting in net investment income after the preferred dividends of $720,322, or $0.187 per common share. The Fund’s net investment income for the nine months ended June 30, 2008 was $2,864,819 ($0.742 per common share, before deduction of the preferred share dividends totaling $0.165 per common share), resulting in net investment income after the preferred dividends of $0.577 per common share. In comparison, for the three months ended June 30, 2007, the Fund had net investment income of $932,125 ($0.242 per common share). From this amount, the Fund paid dividends on preferred shares of $278,694 (equal to $0.072 for each common share), resulting in net investment income after the preferred dividends of $653,431, or $0.170 per common share. The Fund’s net investment income for the nine months ended June 30, 2007 was $2,833,862 ($0.734 per common share, before deduction of the preferred share dividends totaling $0.208 per common share), resulting in net investment income after the preferred dividends of $0.526 per common share.
Net realized and unrealized gains for the three months ended June 30, 2008 were $1,439,847 ($0.373 per common share). The Fund’s net realized and unrealized losses for the nine months ended June 30, 2008 were $5,864,704 ($1.518 per common share). In comparison, net realized and unrealized losses for the three months ended June 30, 2007 were $1,943,382 ($0.505 per common share). The Fund’s net realized and unrealized losses for the nine months ended June 30, 2007 were $1,345,241 ($0.348 per common share).
On June 30, 2008, net assets of the Fund applicable to common shares were $51,691,197. The net asset value per common share on June 30, 2008 was $13.38 based on 3,863,961 common shares outstanding. In comparison, on June 30, 2007, net assets of the Fund applicable to common shares were $57,807,831. The net asset value per common share on June 30, 2007 was $14.97 based on 3,861,925 common shares outstanding.
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 $155.8 billion in assets under management as of July 31, 2008. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.
| EATON VANCE INSURED CALIFORNIA MUNICIPAL BOND FUND II | |||||||||||||||||
| SUMMARY OF RESULTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||||||
| Net investment income | $ | 967 | $ | 932 | $ | 2,865 | $ | 2,834 | |||||||||
Net realized and unrealized gains (losses) on investments | 1,440 | (1,943 | ) | (5,865 | ) | (1,345 | ) | ||||||||||
| Preferred dividends paid from net investment income | (247 | ) | (279 | ) | (636 | ) | (805 | ) | |||||||||
| Preferred dividends paid from net realized gains | - | - | (203 | ) | - | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 2,160 | $ | (1,290 | ) | $ | (3,839 | ) | $ | 684 | |||||||
Earnings per Common Share Outstanding | |||||||||||||||||
| Net investment income | $ | 0.251 | $ | 0.242 | $ | 0.742 | $ | 0.734 | |||||||||
Net realized and unrealized gains (losses) on investments | 0.373 | (0.505 | ) | (1.518 | ) | (0.348 | ) | ||||||||||
| Preferred dividends paid from net investment income | (0.064 | ) | (0.072 | ) | (0.165 | ) | (0.208 | ) | |||||||||
| Preferred dividends paid from net realized gains | - | - | (0.053 | ) | - | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 0.560 | $ | (0.335 | ) | $ | (0.994 | ) | $ | 0.178 | |||||||
| Net investment income | $ | 0.251 | $ | 0.242 | $ | 0.742 | $ | 0.734 | |||||||||
| Preferred dividends paid from net investment income | (0.064 | ) | (0.072 | ) | (0.165 | ) | (0.208 | ) | |||||||||
| Net investment income after preferred dividends | $ | 0.187 | $ | 0.170 | $ | 0.577 | $ | 0.526 | |||||||||
Net Asset Value at June 30 (Common Shares) | |||||||||||||||||
| Net assets (000) | $ | 51,691 | $ | 57,808 | |||||||||||||
| Shares outstanding (000) | $ | 3,864 | $ | 3,862 | |||||||||||||
| Net asset value per share outstanding | $ | 13.38 | $ | 14.97 | |||||||||||||
Market Value Summary (Common Shares) | |||||||||||||||||
| Market price on AMEX at June 30 | $ | 12.62 | $ | 14.55 | |||||||||||||
| High market price (period ended June 30) | $ | 15.37 | $ | 15.39 | |||||||||||||
| Low market price (period ended June 30) | $ | 12.25 | $ | 14.37 | |||||||||||||
Contacts:
Investor
Contact: 800-262-1122
