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 months ended December 31, 2006. The Fund's fiscal year ends on September 30, 2007.

For the three months ended December 31, 2006, the Fund had net investment income of $948,156 ($0.246 per common share). From this amount, the Fund paid dividends on preferred shares of $261,452 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $686,704, or $0.178 per common share. In comparison, for three months ended December 31, 2005, the Fund had net investment income of $963,500 ($0.250 per common share). From this amount, the Fund paid dividends on preferred shares of $196,458 (equal to $0.051 for each common share), resulting in net investment income after the preferred dividends of $767,042, or $0.199 per common share

Net realized and unrealized gains for the three months ended December 31, 2006 were $938,998 ($0.243 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2005 were $104,240 ($0.027 per common share).

On December 31, 2006, net assets of the Fund applicable to common shares were $60,124,220. The net asset value per common share on December 31, 2006 was $15.57 based on 3,861,925 common shares outstanding. In comparison, on December 31, 2005, net assets of the Fund applicable to common shares were $57,241,498. The net asset value per common share on December 31, 2005 was $14.82 based on 3,861,403 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 approximately $135.5 billion in assets under management on January 31, 2007. 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 Three Months Ended
  December 31,     December 31,
2006  2005 
Net investment income $948  $964 
Net realized and unrealized gains (losses)
on investments $939  $104 
Preferred dividends paid from net investment income ($261) ($196)
Net increase (decrease) in net assets
from operations $1,626  $872 
 
Earnings per Common Share Outstanding
Net investment income $0.246  $0.250 
Net realized and unrealized gains (losses)
on investments $0.243  $0.027 
Preferred dividends paid from net investment income ($0.068) ($0.051)
Net increase (decrease) in net assets
from operations $0.421  $0.226 
 
Net investment income $0.246  $0.250 
Preferred dividends paid from net investment income (0.068) (0.051)
Net investment income after preferred dividends $0.178  $0.199 
 
Net Asset Value at December 31 (Common Shares)
Net assets (000) $60,124  $57,241 
Shares outstanding (000) $3,862  3,861 
Net asset value per share outstanding $15.57  $14.82 
 
Market Value Summary (Common Shares)
Market price on AMEX at December 31 $15.08  $14.41 
High market price (three months ended December 31) $15.18  $14.91 
Low market price (three months ended December 31) $14.60  $13.88