Eaton Vance Insured Municipal Bond Fund (AMEX: EIM), a closed-end investment management 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 $16,842,925 ($0.261 per common share). From this amount, the Fund paid dividends on preferred shares of $4,240,910 (equal to $0.066 for each common share), resulting in net investment income after preferred dividends of $12,602,015, or $0.196 per common share. For the six months ended March 31, 2007, the Fund had net investment income of $33,972,668 ($0.526 per common share). From this amount, the Fund paid dividends on preferred shares of $11,251,970 (equal to $0.174 per common share), resulting in net investment income after preferred dividends of $22,720,698, or $0.352 per common share. In comparison, for the three months ended March 31, 2006, the Fund had net investment income of $17,101,329 ($0.264 per common share). From this amount, the Fund paid dividends on preferred shares of $4,253,895 (equal to $0.066 for each common share), resulting in net investment income after preferred dividends of $12,847,434 or $0.198 per common share. For the six months ended March 31, 2006, the Fund had net investment income of $34,115,756 ($0.528 per common share). From this amount, the Fund paid dividends on preferred shares of $8,360,553 (equal to $0.129 per common share), resulting in net investment income after preferred dividends of $25,755,203, or $0.399 per common share.

Net realized and unrealized losses for the three months ended March 31, 2007 were $4,433,791 ($0.069 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2007 were $8,790,948 ($0.136 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2006 were $6,002,985 ($0.093 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2006 were $11,838,878 ($0.183 per common share).

On March 31, 2007, net assets of the Fund were $1,013,861,189. The net asset value per common share on March 31, 2007 was $15.68 based on 64,662,275 common shares outstanding. In comparison, on March 31, 2006, net assets of the Fund were $996,131,455. The net asset value per common share on March 31, 2006 was $15.41 based on 64,638,238 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 approximately $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 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 $16,843  $17,101  $33,973  $34,116 

Net realized and unrealized gains (losses) on investments

($4,434) $6,003  $8,791  $11,839 
Preferred dividend paid from net investment income ($536) ($4,254) ($3,964) ($7,458)
Preferred dividend paid from net realized gains ($3,705) $0  ($7,288) ($902)

Net increase (decrease) in net assets from operations

$8,168  $18,850  $31,512  $37,595 
 
Earnings per Share Outstanding
Net investment income $0.261  $0.264  $0.526  $0.528 

Net realized and unrealized gains (losses) on investments

($0.069) $0.093  $0.136  $0.183 
Preferred dividend paid from net investment income ($0.008) ($0.066) ($0.061) ($0.115)
Preferred dividend paid from net realized gains ($0.057) $0.000  ($0.113) ($0.014)

Net increase (decrease) in net assets from operations

$0.127  $0.291  $0.488  $0.582 
 
Net investment income $0.261  $0.264  $0.526  $0.528 
Preferred dividend paid from net investment income ($0.065) ($0.066) ($0.174) ($0.129)
Net investment income after preferred dividend $0.196  $0.198  $0.352  $0.399 
 
Net Asset Value at March 31, (Common Shares)
Net assets (000) $1,013,861  $996,131 
Shares outstanding (000) 64,662  64,638 
Net asset value per share outstanding $15.68  $15.41 
 
Market Value Summary (Common Shares)
Market price on AMEX at March 31 $15.95  $14.81 
High market price (six months ended March 31) $15.95  $15.31 
Low market price (six months ended March 31) $15.24  $14.40