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 six months ended March 31, 2007. The Fund's fiscal year ends on September 30, 2007.

For the three months ended March 31, 2007, the Fund had net investment income of $5,548,961 ($0.257 per common share). From this amount, the Fund paid dividends on preferred shares of $1,498,663 (equal to $0.069 for each common share), resulting in net investment income after the preferred dividends of $4,050,298, or $0.188 per common share. For the six months ended March 31, 2007, the Fund had net investment income of $11,080,584 ($0.520 per common share, before deduction of the preferred share dividends of $3,097,833 ($0.146 per common share), resulting in net investment income after the preferred dividends of $7,982,751 or $0.374 per common share. In comparison, for the three months ended March 31, 2006, the Fund had net investment income of $5,491,428 ($0.254 per common share). From this amount, the Fund paid dividends on preferred shares of $1,353,285 (equal to $0.063 for each common share), resulting in net investment income after the preferred dividends of $4,138,143, or $0.191 per common share. For the six months ended March 31, 2006, the Fund had net investment income of $10,915,458 ($0.505 per common share, before deduction of the preferred share dividends of $2,597,113 ($0.120 per common share), resulting in net investment income after the preferred dividends of $8,318,345 or $0.385 per common share.

Net realized and unrealized losses for the three months ended March 31, 2007 were $1,488,314 ($0.069 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2007 were $2,652,995 ($0.118 per common share). In comparison, net realized and unrealized gains for the three months ended March 31, 2006 were $3,107,592 ($0.149 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2006 were $4,245,155 ($0.202 per common share).

On March 31, 2007, net assets of the Fund applicable to common shares were $333,094,161. The net asset value per common share on March 31, 2007 was $15.40 based on 21,630,777 common shares outstanding. In comparison, On March 31, 2006, net assets of the Fund applicable to common shares were $321,977,977. The net asset value per common share on March 31, 2006 was $14.89 based on 21,628,202 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 $150.0 billion in assets under management on April 30, 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 Six Months Ended
March 31,

 

March 31,

2007  2006  2007  2006 
Net investment income $5,549  $5,491  $11,081  $10,915 
Net realized and unrealized gains (losses) on investments
($1,488) $3,108  $2,653  $4,245 
Preferred dividends paid ($1,499) ($1,353) ($3,098) ($2,597)
Net increase (decrease) in net assets from operations
$2,562  $7,246  $10,636  $12,563 
 
Earnings per Common Share Outstanding
Net investment income $0.257  $0.254  $0.520  $0.505 
Net realized and unrealized gains (losses) on investments
($0.069) $0.149  $0.118  $0.202 
Preferred dividends paid ($0.069) ($0.063) ($0.146) ($0.120)
Net increase (decrease) in net assets from operations
$0.119  $0.340  $0.492  $0.587 
 
Net investment income $0.257  $0.254  $0.520  $0.505 
Preferred dividends paid (0.069) (0.063) (0.146) (0.120)
Net investment income after preferred dividends $0.188  $0.191  $0.374  $0.385 
 
Net Asset Value at March 31 (Common Shares)
Net assets (000) $333,094  $321,978 
Shares outstanding (000) 21,631  21,628 
Net asset value per share outstanding $15.40  $14.89 
 
Market Value Summary (Common Shares)
Market price on AMEX at March 31 $15.53  $14.14 
High market price (six months ended March 31) $15.55  $14.22 
Low market price (six months ended March 31) $14.70  $12.90