Eaton Vance Insured Municipal Bond Fund (AMEX: EIM), Eaton Vance Insured California Municipal Bond Fund (AMEX: EVM) and Eaton Vance Insured New York Municipal Bond Fund (AMEX: ENX) today announced that they have secured new financing that the Funds intend to use to redeem all their remaining outstanding auction preferred shares (“APS”). Eaton Vance Insured Municipal Bond Fund II (AMEX: EIV), Eaton Vance National Municipal Income Trust (AMEX: FEV), Eaton Vance California Municipal Income Trust (AMEX: CEV), Eaton Vance Insured California Municipal Bond Fund II (AMEX: EIA), Eaton Vance New York Municipal Income Trust (AMEX: EVY) and Eaton Vance Insured New York Municipal Bond Fund II (AMEX: NYH) today announced that they have secured new financing that such Funds intend to use to redeem a portion of their outstanding APS. Each Fund is a closed-end management investment company sponsored and managed by Eaton Vance Management. All redemptions will occur at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends as of the redemption date. The total amount of redemptions across all of the Funds is approximately $176 million. Subject to satisfying the notice and other requirements that apply to APS redemptions, all of the outstanding APS of those Funds redeeming in full and an equal portion of each series of APS of the Funds partially redeeming is expected to be redeemed at the next dividend payment date on or after August 22, 2008. The Funds are expected to redeem the following amounts of APS:

The replacement financing for the redeemed APS is being provided through the creation by the Funds of Tender Option Bonds (“TOBs”). In creating TOBs, the Funds transfer highly rated bonds held in their portfolios to special purpose trusts that issue two classes of interests: floater certificates, which pay a distribution rate that is reset weekly based on a market-determined spread to a short-term municipal benchmark, and residual certificates, which pay the difference between the interest paid on the underlying bond and the distributions paid to floater certificate holders, less TOB program expenses. The TOB floaters are supported by a liquidity backstop provided by a financial institution to assure holders of being able to sell their positions at each distribution reset date. The Funds intend to retain the TOB residuals and to use the proceeds of the sale of TOB floaters as new financing to replace APS. Eaton Vance’s municipal income team has invested in TOB residuals since 1993.

The cost to each Fund of the new TOB leverage is expected, over time, to be lower than the total cost of APS based on maximum applicable dividend rates. Limitations on holdings of bonds suitable for TOBs creation and other considerations allow only a partial liquidation of certain of the Funds’ APS to be feasible at this time. Eaton Vance is working diligently to provide liquidity solutions that will enable the Funds to redeem the balance of their remaining outstanding APS. It is not certain when, or if, the Funds’ remaining APS will be redeemed.

For each series of a Fund’s APS that are being partially redeemed, Depository Trust Company, holder of record of the APS, will determine the allocation of redemptions among participant broker-dealer accounts. Each participant broker-dealer will determine the allocation of redemptions among beneficial holders for which it serves as nominee. Allocation procedures used by different broker-dealers may vary. Additional information about the Funds’ APS redemptions can be found under “Information Concerning APS Auctions and Applicable Dividend Rates” on the Closed-End Fund section of the Eaton Vance website at www.eatonvance.com.

Auction Preferred Share Redemptions Update

Consistent with patterns in the broader market for auction rate securities, the 29 Eaton Vance sponsored closed-end funds with then outstanding APS of approximately $5.0 billion began experiencing unsuccessful auctions in February of this year, depriving APS holders of their normal liquidity mechanism.

Since then, Eaton Vance has been working to establish alternative sources of financial leverage for the funds to enable them to restore liquidity to APS holders by redeeming outstanding APS at their liquidation preference amount. Including the redemptions being announced today, the Eaton Vance funds will have redeemed approximately $3.8 billion of APS, or approximately 76% of the amount outstanding as of February, using replacement financing consisting of approximately $2.7 billion of bank, commercial paper facility and other borrowings and approximately $1.1 billion of TOBs. None of the Eaton Vance funds has been required to reduce leverage in connection with refinancings to redeem APS shares. In all cases, the cost of the replacement leverage is expected, over time, to be lower than the total cost of APS based on maximum applicable rates that apply in the event of unsuccessful auctions.

The Funds are 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 $156.7 billion in assets under management on June 30, 2008.

This news release contains statements that are not historical facts, referred to as “forward looking statements.” The Funds’ actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of fund shares, the continuation of investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Funds’ filings with the Securities and Exchange Commission.

Contacts:

Eaton Vance
Investor Contact:
Jonathan Isaac, 617-598-8818
or
Media Contact:
Jeanette Harrison-Sullivan, 617-598-8920