Eaton Vance Insured California Municipal Bond Fund II Report of Earnings

BOSTON, March 12  /PRNewswire-FirstCall/ -- Eaton Vance Insured California Municipal Bond Fund II (NYSE Alternext US: EIA) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months ended December 31, 2008.  The Fund's fiscal year ends on September 30, 2009.

For the three months ended December 31, 2008, the Fund had net investment income of $822,420 ($0.213 per common share).  From this amount, the Fund paid dividends on preferred shares of $203,793 (equal to $0.053 for each common share), resulting in net investment income after the preferred dividends of $618,627, or $0.160 per common share.  In comparison, for the three months ended December 31, 2007, the Fund had net investment income of $958,296 ($0.248 per common share).  From this amount, the Fund paid dividends on preferred shares of $121,541 (equal to $0.031 for each common share), resulting in net investment income after the preferred dividends of $836,755, or $0.217 per common share.

Net realized and unrealized losses for the three months ended December 31, 2008 were $7,652,126 ($1.980 per common share).  In comparison, net realized and unrealized losses for the three months ended December 31, 2007 were $2,254,286 ($0.584 per common share).

On December 31, 2008, net assets of the Fund applicable to common shares were $36,007,717.  The net asset value per common share on December 31, 2008 was $9.32 based on 3,863,961 common shares outstanding.  In comparison, on December 31, 2007, net assets of the Fund applicable to common shares were $55,217,770.  The net asset value per common share on December 31, 2007 was $14.30 based on 3,861,925 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 $121.9 billion in assets as of January 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   Three Months
                                                 Ended         Ended
                                             December 31,   December 31,
                                             ------------   ------------
                                                  2008          2007
                                                  ----          ----
  Net investment income                           $822          $958
  Net realized and unrealized gains
   (losses)
    on investments                              (7,652)       (2,254)
  Preferred dividends paid from net
   investment income                              (204)         (122)
  Preferred dividends paid from net
   realized gains                                    -          (203)
                                                     -          ----
    Net increase (decrease) in net assets
      from operations                          $(7,034)      $(1,621)
                                               =======       =======

  Earnings per Common Share Outstanding
  -------------------------------------
  Net investment income                         $0.213        $0.248
  Net realized and unrealized gains
   (losses) on investments                      (1.980)       (0.584)
  Preferred dividends paid from net
   investment income                            (0.053)       (0.031)
  Preferred dividends paid from net
   realized gains                                    -        (0.053)
                                                     -        ------
    Net increase (decrease) in net assets
      from operations                          $(1.820)      $(0.420)
                                               =======       =======

  Net investment income                         $0.213        $0.248
  Preferred dividends paid from net
   investment income                            (0.053)       (0.031)
                                                ------        ------
  Net investment income after preferred
   dividends                                    $0.160        $0.217
                                                ======        ======

  Net Asset Value at December 31
   (Common Shares)
  ------------------------------
    Net assets                                 $36,008       $55,218
    Shares outstanding                           3,864         3,862
    Net asset value per share outstanding        $9.32        $14.30

  Market Value Summary (Common Shares)
  ------------------------------------
    Market price on NYSE Alternext US at
     December 31                                 $8.15        $13.10
    High market price (period ended
     December 31)                               $11.75        $14.32
    Low market price (period ended
     December 31)                                $6.50        $12.63


DATASOURCE: Eaton Vance Management



CONTACT:  Investor Contact of Eaton Vance Management, [phone]



Web Site:  http://www.eatonvance.com/ 

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