Eaton Vance Insured California Municipal Bond Fund (AMEX:EVM), a non-diversified closed-end investment company, today announced the earnings of the Fund for the three and nine months ended June 30, 2007. The Fund's fiscal year ends on September 30, 2007.

For the three months ended June 30, 2007, the Fund had net investment income of $5,518,770 ($0.255 per common share). From this amount, the Fund paid dividends on preferred shares of $1,655,328 (equal to $0.077 for each common share), resulting in net investment income after the preferred dividends of $3,863,442 or $0.178 per common share. For the nine months ended June 30, 2007, the Fund had net investment income of $16,599,354 ($0.765 per common share, before the deduction of the preferred share dividends of $4,753,161 ($0.223 per common share), resulting in net investment income after the preferred dividends of $11,846,193 or $0.542 per common share. In comparison, for the three months ended June 30, 2006, the Fund had net investment income of $5,516,689 ($0.255 per common share). From this amount, the Fund paid dividends on preferred shares of $1,526,853 (equal to $0.071 for each common share), resulting in net investment income after the preferred dividends of $3,989,836, or $0.184 per common share. For the nine months ended June 30, 2006, the Fund had net investment income of $16,432,147 ($0.760 per common share, before the deduction of the preferred share dividends of $4,123,966 ($0.191 per common share), resulting in net investment income after the preferred dividends of $12,308,181 or $0.569 per common share.

Net realized and unrealized losses for the three months ended June 30, 2007 were $9,286,470 ($0.429 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2007 were $6,633,475 ($0.311 per common share). In comparison, net realized and unrealized losses for the three months ended June 30, 2006 were $6,562,465 ($0.303 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2006 were $2,317,307 ($0.107 per common share).

On June 30, 2007, net assets of the Fund applicable to common shares were $323,729,481. The net asset value per common share on June 30, 2007 was $14.96 based on 21,636,176 common shares outstanding. In comparison, On June 30, 2006, net assets of the Fund applicable to common shares were $315,274,365. The net asset value per common share on June 30, 2006 was $14.58 based on 21,628,203 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 over $150 billion in assets under management as of August 15, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (617) 482-8260.

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,  
  2007     2006     2007     2006  
Net investment income $ 5,519 $ 5,517 $ 16,599 $ 16,432
Net realized and unrealized gains (losses)
on investments ($9,286 ) ($6,562 ) ($6,633 ) ($2,317 )
Preferred dividends paid   ($1,655 )   ($1,527 )   ($4,753 )   ($4,124 )
Net increase (decrease) in net assets
from operations   ($5,422 )   ($2,572 ) $ 5,213   $ 9,991  
 
Earnings per Common Share Outstanding
Net investment income $ 0.255 $ 0.255 $ 0.765 $ 0.760
Net realized and unrealized gains (losses)
on investments ($0.429 ) ($0.303 ) ($0.307 ) ($0.107 )
Preferred dividends paid   ($0.077 )   ($0.071 )   ($0.223 )   ($0.191 )
Net increase (decrease) in net assets
from operations   ($0.251 )   ($0.119 ) $ 0.235   $ 0.462  
 
Net investment income $ 0.255 $ 0.255 $ 0.765 $ 0.760
Preferred dividends paid   (0.077 )   (0.071 )   (0.223 )   (0.191 )
Net investment income after preferred dividends $ 0.178   $ 0.184   $ 0.542   $ 0.569  
 
Net Asset Value at June 30 (Common Shares)
Net assets (000) $ 323,729 $ 315,274
Shares outstanding (000) 21,636 21,628
Net asset value per share outstanding $ 14.96 $ 14.58
 
Market Value Summary (Common Shares)
Market price on AMEX at June 30 $ 14.94 $ 13.60
High market price (nine months ended June 30) $ 15.96 $ 14.34
Low market price (nine months ended June 30) $ 14.70 $ 12.90

Eaton Vance
Media Contact: Meg Pier
Investor Contact: (800) 225-6265, option #2
(617) 482-8260