Eaton Vance Insured California Municipal Bond Fund II Report of Earnings.BOSTON -- Eaton Vance Eaton Vance is an American financial services company headquartered in Boston, MA. It is traded on the New York Stock Exchange under the symbol EV.[1] At the end of the second quarter of the 2006 fiscal year, the company had assets under management of $118.8 billion. Insured California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Municipal Bond Fund Municipal Bond Fund A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund. Notes: Because the bonds are local government issues, they usually help to maximize tax-exempt income. II (AMEX AMEX See: American Stock Exchange :EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ) (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, 2006. The Fund's fiscal year ends on September 30, 2006. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]For the three months ended June 30, 2006, the Fund had net investment income of $953,664 ($0.247 per common share). From this amount, the Fund paid dividends on preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of $264,111 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $689,553, or $0.179 per common share. The Fund's net investment income for the nine months ended June 30, 2006 was $2,862,879 ($0.741 per common share, before deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of the preferred share dividends totaling $0.178 per common share), resulting in net investment income after the preferred dividends of $0.563 per common share. In comparison, for the three months ended June 30, 2005, the Fund had net investment income of $961,108 ($0.249 per common share). From this amount, the Fund paid dividends on preferred shares of $170,060 (equal to $0.044 for each common share), resulting in net investment income after the preferred dividends of $791,048, or $0.205 per common share. The Fund's net investment income for the nine months ended June 30, 2005 was $2,928,536 ($0.759 per common share, before deduction of the preferred share dividends totaling $0.103 per common share), resulting in net investment income after the preferred dividends of $0.656 per common share. E[acute accent]Net realized and unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. for the three months ended June 30, 2006 were $1,341,592 ($0.346 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2006 were $953,348 ($0.247 per common share). In comparison, net realized and unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. for the three months ended June 30, 2005 were $2,048,010 ($0.531 per common share). The Fund's net realized and unrealized gains for the nine months ended June 30, 2005 were $2,370,256 ($0.614 per common share). E[acute accent]On June 30, 2006, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Fund applicable to common shares were $56,134,171. The net asset value per common share on June 30, 2006 was $14.54 based on 3,861,925 common shares outstanding. In comparison, on June 30, 2005, net assets of the Fund applicable to common shares were $58,168,560. The net asset value per common share on June 30, 2005 was $15.07 based on 3,859,330 common shares outstanding. E[acute accent]Common shares of the Fund are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol EV. Eaton Vance and its affiliates had approximately $120.4 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. on July 31, 2006. 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,
--------------------- -----------------
2006 2005 2006 2005
------------ -------- -------- --------
Gross investment income $1,112 $1,113 $3,338 $3,382
Operating expenses (158) (152) (475) (453)
------------ -------- -------- --------
Net investment income $954 $961 $2,863 $2,929
Net realized and unrealized
gains (losses) on
investments ($1,342) $2,048 ($953) $2,370
Preferred dividends paid
from net investment income ($264) ($170) ($687) ($398)
------------ -------- -------- --------
Net increase (decrease)
in net assets from
operations ($652) $2,839 $1,223 $4,901
============ ======== ======== ========
Earnings per Common Share
Outstanding
----------------------------
Gross investment income $0.288 $0.288 $0.864 $0.876
Operating expenses (0.041) (0.039) (0.123) (0.117)
------------ -------- -------- --------
Net investment income $0.247 $0.249 $0.741 $0.759
Net realized and unrealized
gains (losses) on
investments ($0.346) $0.531 ($0.247) $0.614
Preferred dividends paid
from net investment income ($0.068) ($0.044) ($0.178) ($0.103)
------------ -------- -------- --------
Net increase (decrease)
in net assets from
operations ($0.167) $0.736 $0.316 $1.270
============ ======== ======== ========
Net investment income $0.247 $0.249 $0.741 $0.759
Preferred dividends paid
from net investment income (0.068) (0.044) (0.178) (0.103)
------------ -------- -------- --------
Net investment income after
preferred dividends $0.179 $0.205 $0.563 $0.656
============ ======== ======== ========
Net Asset Value at June 30
(Common Shares)
----------------------------
Net assets (000) $56,134 $58,169
Shares outstanding (000) 3,862 3,859
Net asset value per share
outstanding $14.54 $15.07
Market Value Summary
(Common Shares)
----------------------------
Market price on AMEX at
June 30 $14.15 $15.74
High market price (nine
months ended June 30) $15.35 $15.94
Low market price (nine
months ended June 30) $13.88 $13.98
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