BOSTON, Sept. 11 /PRNewswire-FirstCall/ -- Eaton Vance Insured California Municipal Bond Fund (NYSE Amex: EVM), a closed-end management investment company, today announced the earnings of the Fund for the three months ended June 30, 2009 and the nine months ended June 30, 2009. The Fund's fiscal year ends on September 30, 2009. For the three months ended June 30, 2009, the Fund had net investment income of $4,675,009 ($0.216 per common share). For the nine months ended June 30, 2009, the Fund had net investment income of $13,242,411 ($0.611 per common share). In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $4,995,734 ($0.230 per common share). From this amount, the Fund paid dividends on preferred shares of $1,071,114 (equal to $0.049 for each common share), resulting in net investment income after the preferred dividends of $3,924,620 or $0.181 per common share. For the nine months ended June 30, 2008, the Fund had net investment income of $15,785,550 ($0.729 per common share). From this amount, the Fund paid dividends on preferred shares of $2,996,687 (equal to $0.138 for each common share), resulting in net investment income after the preferred dividends of $12,788,863 or $0.591 per common share. Net realized and unrealized gains for the three months ended June 30, 2009 were $8,839,408 ($0.410 per common share) and net realized and unrealized losses for the nine months ended June 30, 2009 were $9,463,691 ($0.437 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2008 were $7,547,341 ($0.353 per common share) and net realized and unrealized losses for the nine months ended June 30, 2008 were $29,870,338 ($1.380 per common share). On June 30, 2009, net assets of the Fund applicable to common shares were $236,742,718. The net asset value per common share on June 30, 2009 was $10.92 based on 21,681,982 common shares outstanding. In comparison, on June 30, 2008, net assets applicable to common shares of the Fund were $288,869,240. The net asset value per common share on June 30, 2008 was $13.34 based on 21,657,917 common shares outstanding. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE Amex: 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 $143.7 billion in assets as of July 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 SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Nine Months Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $4,675 $4,996 $13,242 $15,785 Net realized and unrealized gains (losses) on investments 8,839 7,547 (9,464) (29,870) Preferred dividends paid from net investment income (1) - (1,071) - (2,997) Preferred dividends paid from net realized gains (1) - - - (2,039) - - - ------ Net increase (decrease) in net assets from operations $13,514 $11,472 $3,778 $(19,121) ======= ======= ====== ======== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.216 $0.230 $0.611 $0.729 Net realized and unrealized gains (losses) on investments 0.410 0.353 (0.437) (1.380) Preferred dividends paid from net investment income (1) - (0.049) - (0.138) Preferred dividends paid from net realized gains (1) - - - (0.094) - - - ------ Net increase (decrease) in net assets from operations $0.626 $0.534 $0.174 $(0.883) ====== ====== ====== ======= Net investment income $0.216 $0.230 $0.611 $0.729 Preferred dividends paid from net Investment income (1) - (0.049) - (0.138) - ------ - ------ Net investment income after preferred dividends $0.216 $0.181 $0.611 $0.591 ====== ====== ====== ====== Net Asset Value at June 30 (Common Shares) ------------------------------------- Net assets $236,743 $288,869 Shares outstanding 21,682 21,658 Net asset value per share outstanding $10.92 $13.34 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at June 30 $10.62 $12.98 High market price (period ended June 30) $11.60 $14.85 Low market price (period ended June 30) $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: Investor Contact: +1-800-262-1122 Web Site: http://www.eatonvance.com/

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