BOSTON, June 16 /PRNewswire-FirstCall/ -- Eaton Vance Insured California Municipal Bond Fund (NYSE Amex: EVM) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three and six months ended March 31, 2009. The Fund's fiscal year ends on September 30, 2009. For the three months ended March 31, 2009, the Fund had net investment income of $4,662,075 ($0.215 per common share). For the six months ended March 31, 2009, the Fund had net investment income of $8,567,402 ($0.395 per common share). In comparison, for the three months ended March 31, 2008, the Fund had net investment income of $5,320,980 ($0.246 per common share). From this amount, the Fund paid dividends on preferred shares of $1,584,116 (equal to $0.073 for each common share), resulting in net investment income after the preferred dividends of $3,736,864, or $0.173 per common share. For the six months ended March 31, 2008, the Fund had net investment income of $10,789,816 ($0.499 per common share). From this amount, the Fund paid dividends on preferred shares of $1,925,573 (equal to $0.089 for each common share), resulting in net investment income after the preferred dividends of $8,864,243, or $0.410 per common share. Net realized and unrealized gains for the three months ended March 31, 2009 were $18,059,512 ($0.831 per common share). Net realized and unrealized losses for the six months ended March 31, 2009 were $18,303,099 ($0.847 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2008 were $26,990,788 ($1.251 per common share). Net realized and unrealized losses for the six months ended March 31, 2008 were $37,417,679 ($1.733 per common share). On March 31, 2009, net assets of the Fund applicable to common shares were $227,389,518. The net asset value per common share on March 31, 2009 was $10.49 based on 21,676,489 common shares outstanding. In comparison, on March 31, 2008, net assets of the Fund applicable to common shares were $281,233,317. The net asset value per common share on March 31, 2008 was $12.99 based on 21,651,554 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 $127.2 billion in assets as of April 30, 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 SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Six Months Ended Ended March 31, March 31, ------------ ----------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $4,662 $5,321 $8,567 $10,790 Net realized and unrealized gains (losses) on investments 18,060 (26,991) (18,303) (37,418) Preferred dividends paid from net investment income (1) - (1,584) - (1,926) Preferred dividends paid from net realized gains (1) - - - (2,039) ------- ------- ------- ------- Net increase (decrease) in net assets from operations $22,722 $(23,254) $(9,736) $(30,593) ======= ======== ======= ======== Earnings per Common Share Outstanding ------------------------- Net investment income $0.215 $0.246 $0.395 $0.499 Net realized and unrealized gains (losses) on investments 0.831 (1.251) (0.847) (1.733) Preferred dividends paid from net investment income (1) - (0.073) - (0.089) Preferred dividends paid from net realized gains (1) - - - (0.094) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.046 $(1.078) $(0.452) $(1.417) ====== ======= ======= ======= Net investment income $0.215 $0.246 $0.395 $0.499 Preferred dividends paid from net investment income (1) - (0.073) - (0.089) ------ ------ ------ ------ Net investment income after preferred dividends $0.215 $0.173 $0.395 $0.410 ====== ====== ====== ====== Net Asset Value at March 31 (Common Shares) --------------------------- Net assets $227,390 $281,233 Shares outstanding 21,676 21,652 Net asset value per share outstanding $10.49 $12.99 Market Value Summary (Common Shares) ---------------------------- Market price on NYSE Amex at March 31 $10.25 $13.55 High market price (period ended March 31) $11.60 $14.85 Low market price (period ended March 31) $6.41 $12.74 (1) Beginning in May 2008 through August 2008, the Fund redeemed in full each series of its Auction Preferred Shares. DATASOURCE: Eaton Vance Management CONTACT: Investors, Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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