EIA News Eaton Vance Insured California Municipal Bond Fund II Report of Earnings
BOSTON--(BUSINESS WIRE)--Aug. 31, 2006--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, 2006. The Fund's fiscal year ends on September 30, 2006.
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 of $264,111 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends 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 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.
Net realized and unrealized losses 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 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).
On June 30, 2006, net assets 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.
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 $120.4 billion in assets under management 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
