Eaton Vance Insured Municipal Bond Fund Report of Earnings

• Press Release
• Source: Eaton Vance Management
• On 12:40 pm EDT, Friday September 11, 2009

BOSTON, Sept. 11 /PRNewswire-FirstCall/ -- Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM), a closed-end management investment company, today announced the earnings of the Fund for the three months ended June 30, 2009 and the nine months ended June 30, 2009. The Fund's fiscal year ends on September 30, 2009.

For the three months ended June 30, 2009, the Fund had net investment income of $14,546,918 ($0.215 per common share). For the nine months ended June 30, 2009, the Fund had net investment income of $41,513,775 ($0.620 per common share). In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $15,136,616 ($0.234 per common share). From this amount, the Fund paid dividends on preferred shares of $3,008,356 (equal to $0.046 for each common share), resulting in net investment income after the preferred dividends of $12,128,260 or $0.188 per common share. For the nine months ended June 30, 2008, the Fund had net investment income of $48,120,511 ($0.743 per common share). From this amount, the Fund paid dividends on preferred shares of $10,831,924 (equal to $0.167 for each common share), resulting in net investment income after the preferred dividends of $37,288,587 or $0.576 per common share.

Net realized and unrealized gains for the three months ended June 30, 2009 were $43,016,140 ($0.635 per common share) and net realized and unrealized losses for the nine months ended June 30, 2009 were $6,871,013 ($0.103 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2008 were $15,504,092 ($0.242 per common share) and net realized and unrealized losses for the nine months ended June 30, 2008 were $107,635,803 ($1.662 per common share).

On June 30, 2009, net assets of the Fund applicable to common shares were $746,232,258. The net asset value per common share on June 30, 2009 was $11.01 based on 67,785,288 common shares outstanding. In comparison, on June 30, 2008, net assets applicable to common shares of the Fund were $855,836,793. The net asset value per common share on June 30, 2008 was $13.20 based on 64,852,918 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE Amex: 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 $143.7 billion in assets as of July 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 www.eatonvance.com.

                      EATON VANCE INSURED MUNICIPAL BOND FUND
                         SUMMARY OF RESULTS OF OPERATIONS
                     (in thousands, except per share amounts)

                                       Three Months Ended  Nine Months Ended
                                            June 30,           June 30,
                                         2009      2008     2009      2008

    Net investment income              $14,547   $15,137  $41,514   $48,121
    Net realized and unrealized
     gains (losses) on investments      42,674    15,504   (6,871) (107,636)
    Preferred dividends paid from
     net investment income (1)               -    (3,008)       -   (10,832)
    Preferred dividends paid from
     net realized gains (1)                  -         -        -    (3,285)
        Net increase (decrease) in
         net assets from operations    $57,221   $27,633  $34,643  $(73,632)

    Earnings per Common Share
     Outstanding
    Net investment income               $0.215    $0.234   $0.620    $0.743
    Net realized and unrealized
     gains (losses) on investments       0.635     0.242   (0.103)   (1.662)
    Preferred dividends paid from
     net investment income (1)               -    (0.046)       -    (0.167)
    Preferred dividends paid from
     net realized gains (1)                  -         -        -    (0.051)
        Net increase (decrease)
         in net assets from operations  $0.850    $0.430   $0.517   $(1.137)

    Net investment income               $0.215    $0.234   $0.620    $0.743
    Preferred dividends paid from
     net investment income (1)               -    (0.046)       -    (0.167)
    Net investment income after
     preferred dividends                $0.215    $0.188   $0.620    $0.576

    Net Asset Value at June 30
     (Common Shares)
        Net assets                                       $746,232  $855,837
        Shares outstanding                                 67,785    64,853
        Net asset value per share outstanding              $11.01    $13.20
    Market Value Summary (Common Shares)
        Market price on NYSE Amex at June 30               $11.55    $13.29
        High market price (period ended June 30)           $12.14    $15.53
        Low market price (period ended June 30)             $6.95    $12.20

    (1) Beginning in May 2008 through August 2008, the Fund redeemed in full
        each series of its Auction Preferred Shares.

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