BOSTON, Dec. 15 /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 September 30, 2009 and the year ended September 30, 2009. The Fund's fiscal year ended on September 30, 2009. For the three months ended September 30, 2009, the Fund had net investment income of $4,678,604 ($0.216 per common share). For the year ended September 30, 2009, the Fund had net investment income of $17,921,015 ($0.827 per common share). In comparison, for the three months ended September 30, 2008, the Fund had net investment income of $4,356,661 ($0.201 per common share). From this amount, the Fund paid dividends on preferred shares of $305,199 (equal to $0.015 for each common share), resulting in net investment income after the preferred dividends of $4,051,462, or $0.186 per common share. For the year ended September 30, 2008, the Fund had net investment income of $20,142,211 ($0.930 per common share). From this amount, the Fund paid dividends on preferred shares of $3,301,886 (equal to $0.153 for each common share), resulting in net investment income after the preferred dividends of $16,840,325 or $0.777 per common share. Net realized and unrealized gains for the three months ended September 30, 2009 were $43,685,993 ($2.013 per common share) and net realized and unrealized gains for the year ended September 30, 2009 were $34,222,302 ($1.570 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2008 were $44,120,702 ($2.038 per common share) and net realized and unrealized losses for the year ended September 30, 2008 were $73,991,040 ($3.418 per common share). On September 30, 2009, net assets of the Fund were $280,742,591. The net asset value per share on September 30, 2009 was $12.94 based on 21,688,572 shares outstanding. In comparison, on September 30, 2008, net assets applicable to common shares of the Fund were $245,010,977. The net asset value per common share on September 30, 2008 was $11.31 based on 21,668,518 common shares outstanding. The Fund is 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 $154.9 billion in assets as of October 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 Year Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net investment income $4,679 $4,357 $17,921 $20,142 Net realized and unrealized gains (losses) on investments 43,686 (44,121) 34,222 (73,991) Preferred dividends paid from net investment income (1) - (305) - (3,302) Preferred dividends paid from net realized gains (1) - - - (2,039) - - - ------ Net increase (decrease) in net assets from operations $48,365 $(40,069) $52,143 $(59,190) ======= ======== ======= ======== Earnings per Common Share Outstanding ------------------------------------- Net investment income $0.216 $0.201 $0.827 $0.930 Net realized and unrealized gains (losses) on investments 2.013 (2.038) 1.570 (3.418) Preferred dividends paid from net investment income (1) - (0.015) - (0.153) Preferred dividends paid from net realized gains (1) - - - (0.094) - - - ------ Net increase (decrease) in net assets from operations $2.229 $(1.852) $2.397 $(2.735) ====== ======= ====== ======= Net investment income $0.216 $0.201 $0.827 $0.930 Preferred dividends paid from net investment income (1) - (0.015) - (0.153) - ------ - ------ Net investment income after preferred dividends $0.216 $0.186 $0.827 $0.777 ====== ====== ====== ====== Net Asset Value at September 30 (Common Shares) ----------------------------------------------- Net assets $280,743 $245,011 Shares outstanding 21,689 21,669 Net asset value per share outstanding $12.94 $11.31 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at September 30 $12.97 $11.09 High market price (period ended September 30) $12.97 $14.85 Low market price (period ended September 30) $6.41 $10.85 (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: Eaton Vance Management, Investor Contact, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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