UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

811-21142
Investment Company Act File Number

Eaton Vance Insured Municipal Bond Fund

(Exact Name of Registrant as Specified in Charter)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Address of Principal Executive Offices)

Maureen A. Gemma
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Services)

(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)

September 30
Date of Fiscal Year End

December 31, 2008
Date of Reporting Period

 

 

Item 1. Schedule of Investments

Eaton Vance Insured Municipal Bond Fund		as of December 31, 2008
PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 200.4%

Principal Amount
(000’s omitted)				Security		Value
Electric Utilities — 0.8%
$	10,300			Sabine River Authority, TX, (TXU Energy Co. LLC), 5.20%, 5/1/28		$	5,103,959
						$	5,103,959
Hospital — 13.1%
$	8,000			California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		$	5,875,040
	19,550			California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45			14,175,118
	880			Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25			559,293
	2,610			Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35			1,446,227
	2,500			Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27			1,608,800
	5,900			Camden County, NJ, Improvement Authority, (Cooper Health System), 5.75%, 2/15/34			4,463,586
	3,900			Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33			2,919,540
	7,190			Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36			5,450,811
	9,770			Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/38			859,467
	10,000			Knox County, TN, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/41			669,600
	8,410			Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32			6,459,300
	6,015			Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38			3,868,247
	15,390			Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46			10,120,618
	900			South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42(1)			721,098
	100			South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42			80,115
	18,700			Tarrant County, TX, Cultural Education Facilities Finance Corp., (Texas Health Resources), 5.00%, 11/15/42			15,081,363
	9,500			Tarrant County, TX, Cultural Education Facilities Finance Corp., (Texas Health Resources), 5.00%, 11/15/47			7,598,480
						$	81,956,703
Industrial Development Revenue — 5.8%
$	1,175			Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(1)		$	890,659
	20,775			Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.50%, 10/1/37			16,250,621
	31,785			St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37			18,911,121
						$	36,052,401
Insured-Electric Utilities — 17.1%
$	7,975			Burlington, KS, Pollution Control Revenue, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31		$	6,017,776
	800			JEA, FL, Electric Utility Systems, (FSA), 4.75%, 10/1/34			700,600
	5,000			Los Angeles, CA, Department of Water & Power, Power System Revenues, (FSA), 5.00%, 7/1/31			4,753,800
	19,395			Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41			13,368,780
	1,000			Northern Municipal Power Agency, IL, (Prairie Street Project), (MBIA), 5.00%, 1/1/32			861,630
	16,060			Omaha, NE, Public Power District, (FGIC), 4.25%, 2/1/35			12,585,740
	60,755			South Carolina Public Service Authority, (FSA), 5.125%, 1/1/37(1)			55,501,515
	14,895			Springfield, MO, Public Utility, (FGIC), 4.50%, 8/1/36			12,754,886
						$	106,544,727
Insured-Escrowed/Prerefunded — 0.00%
$	145			Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), Prerefunded to 11/15/16, 5.25%, 11/15/36		$	167,610
						$	167,610

Principal Amount
(000’s omitted)				Security		Value
Insured-General Obligations — 25.9%
$	9,705			Alamo, TX, Community College District, (BHAC), (MBIA), 4.75%, 8/15/32(1)		$	8,880,172
	11,715			California, (AMBAC), (FSA), 3.50%, 10/1/27(2)			8,230,139
	34,035			Chabot – Las Positas, CA, College District, (AMBAC), 0.00%, 8/1/45			3,209,160
	35,370			Chabot – Las Positas, CA, College District, (AMBAC), 0.00%, 8/1/46			3,106,193
	36,550			Chicago, IL, Board of Education, (FGIC), 0.00%, 12/1/21			17,720,902
	14,330			Clark County, NV, (AMBAC), 2.50%, 11/1/36			7,064,260
	10,055			Frisco, TX, Independent School District, (FSA), 2.75%, 8/15/39			5,890,420
	16,645			Frisco, TX, Independent School District, (FSA), 4.00%, 8/15/40(2)			12,941,487
	4,525			Frisco, TX, Independent School District, (MBIA), 4.50%, 8/15/40			3,889,735
	20,425			Kane, Cook and Du Page Counties, IL, School District No. 46, (AMBAC), 0.00%, 1/1/21			10,542,364
	50,650			Kane, Cook and Du Page Counties, IL, School District No. 46, (AMBAC), 0.00%, 1/1/22			24,331,753
	1,155			King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37			1,071,817
	7,000			King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37(1)			6,496,000
	6,615			North Las Vegas, NV, Wastewater Reclamation System, (MBIA), 4.25%, 10/1/33			4,892,454
	10,000			Northside, TX, Independent School District, (MBIA), 4.50%, 8/15/33			9,020,800
	11,045			Port Arthur, TX, Independent School District, (AGC), 4.75%, 2/15/38(1)			9,761,019
	3,005			San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/23			1,337,195
	12,750			Schaumburg, IL, (BHAC), (FGIC), 5.00%, 12/1/38(1)			12,105,748
	2,495			Schaumburg, IL, (FGIC), 5.00%, 12/1/38			2,368,853
	2,815			Texas, (Transportation Commission-Mobility Fund), (FGIC), (MBIA), 4.50%, 4/1/35			2,474,357
	950			West Virginia, (FGIC), (MBIA), 0.00%, 11/1/26			353,068
	8,325			Yuma and La Paz Counties, AZ, Community College District, (Arizona Western College), (MBIA), 3.75%, 7/1/31			6,004,157
						$	161,692,053
Insured-Hospital — 18.5%
$	6,540			California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), (BHAC), 5.00%, 11/15/34		$	6,309,661
	11,000			California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.05%, 8/15/38(1)			9,228,725
	11,500			Colorado Health Facilities Authority, (Catholic Health), (FSA), 5.10%, 10/1/41(1)			9,596,060
	16,250			Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), 5.25%, 11/15/36(1)			15,364,212
	6,085			Highlands County, FL, Health Facilities Authority, (Adventist Health System), (BHAC), 5.25%, 11/15/36			5,753,124
	3,795			Highlands County, FL, Health Facilities Authority, (Adventist Health System), (MBIA), 5.00%, 11/15/35			2,745,379
	15,000			Illinois Finance Authority, (Children’s Memorial Hospital), (AGC), 5.25%, 8/15/47(1)			11,851,950
	2,500			Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41(1)			2,223,788
	190			Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41			169,001
	2,000			Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32			1,916,700
	1,700			Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47(1)			1,220,473
	17,450			Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47(1)			12,527,181
	500			New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/31			470,795
	5,250			New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)			4,845,251
	4,000			New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), (AGC), 5.00%, 7/1/38(1)			3,628,840
	6,970			Vermont Educational and Health Buildings Financing Agency, (Fletcher Allen Health), (FSA), 5.00%, 12/1/34			5,579,346
	8,700			Washington Health Care Facilities Authority, (Providence Health Care), Series C, (FSA), 5.25%, 10/1/33(1)			7,670,181
	12,605			Washington Health Care Facilities Authority, (Providence Health Care), Series D, (FSA), 5.25%, 10/1/33(1)			11,112,946
	3,275			Washington Health Care Facilities Authority, (Providence Health Care), Series E, (FSA), 5.25%, 10/1/33			2,887,338
						$	115,100,951
Insured-Lease Revenue/Certificates of Participation — 12.0%
$	24,000			San Diego County, CA, Water Authority, (FSA), 5.00%, 5/1/38(1)		$	22,526,520
	10,500			San Jose, CA, Financing Authority, (Civic Center), (AMBAC), (BHAC), 5.00%, 6/1/37(1)			9,835,297

Principal Amount
(000’s omitted)				Security		Value
$	45			San Jose, CA, Financing Authority, (Civic Center), (AMBAC), (BHAC), 5.00%, 6/1/37		$	42,150
	32,250			San Jose, CA, Financing Authority, (Civic Center), (AMBAC), (BHAC), 5.00%, 6/1/37(1)			30,208,414
	13,000			Tri-Creek Middle School Building Corp., IN, (FSA), 5.25%, 1/15/34(1)			12,458,680
						$	75,071,061
Insured-Other Revenue — 10.4%
$	78,275			Golden State Tobacco Securitization Corp., CA, (AGC), 5.00%, 6/1/45(1)		$	62,417,268
	16,795			Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/34			2,185,198
						$	64,602,466
Insured-Private Education — 2.9%
$	70			Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59		$	70,449
	10,000			Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33			9,211,900
	11,990			Washington, DC, Georgetown University, (AMBAC), 4.50%, 4/1/42			9,228,943
						$	18,511,292
Insured-Public Education — 1.4%
$	10,480			College of Charleston, SC, Academic and Administrative Facilities, (XLCA), 4.50%, 4/1/37		$	7,925,814
	735			University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40			633,585
						$	8,559,399
Insured-Sewer Revenue — 3.9%
$	2,400			Chicago, IL, Wastewater Transmission, (BHAC), 5.50%, 1/1/38		$	2,422,032
	13,670			Chicago, IL, Wastewater Transmission, (MBIA), 0.00%, 1/1/23			6,122,930
	14,135			Knoxville, TN, Waste Water System, (MBIA), 4.00%, 4/1/40(2)			10,530,999
	6,740			Marysville, OH, Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46			5,382,699
						$	24,458,660
Insured-Special Tax Revenue — 16.7%
$	18,005			Alabama Public School and College Authority, (FSA), 2.50%, 12/1/27(2)		$	11,483,949
	1,580			Baton Rouge, LA, Public Improvement, Sales Tax Revenue, (FSA), 4.25%, 8/1/32			1,281,269
	18,980			Houston, TX, Hotel Occupancy Tax, (AMBAC), 0.00%, 9/1/24			7,655,773
	1,175			Jacksonville, FL, Excise Tax, (FGIC), 5.125%, 10/1/27			1,130,397
	13,100			Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33			10,008,007
	34,585			Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (MBIA), 0.00%, 12/15/34			7,215,468
	600			Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/35			99,912
	8,000			Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/39			1,012,240
	17,100			New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45			13,675,041
	21,020			New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44			17,913,664
	227,855			Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54			8,371,393
	39,715			Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44			3,409,533
	78,770			Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45			6,285,058
	49,580			Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46			3,664,954
	1,120			Sunrise, FL, Public Facilities, (MBIA), 0.00%, 10/1/20			567,661
	10,800			Utah Transportation Authority, Sales Tax Revenue, (FSA), 4.75%, 6/15/32(1)			10,159,452
						$	103,933,771
Insured-Transportation — 37.0%
$	1,155			Central Puget Sound, WA, Regional Transportation Authority, Sales Revenue, (FSA), 5.00%, 11/1/34		$	1,089,431
	420			Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38			331,598
	21,640			Chicago, IL, (O’Hare International Airport), (FSA), 4.75%, 1/1/34(1)			18,508,259
	13,360			Chicago, IL, (O’Hare International Airport), (FSA), 5.00%, 1/1/38(1)			11,716,185

Principal Amount
(000’s omitted)				Security		Value
$	10,070			Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 0.00%, 1/1/23		$	2,149,744
	3,100			Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 0.00%, 1/1/28			379,192
	20,000			Director of the State of Nevada Department of Business and Industry, (Las Vegas Monorail), (AMBAC), 5.375%, 1/1/40			10,842,200
	10,200			E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/21			3,590,502
	25,000			E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/39			1,424,250
	8,060			Harris County, TX, Toll Road, Senior Lien, (MBIA), 4.50%, 8/15/36			6,884,933
	7,800			Harris County, TX, Toll Road, Senior Lien, (MBIA), 5.00%, 8/15/33			7,510,932
	10,150			Maryland Transportation Authority, (FSA), 4.50%, 7/1/41(1)			8,868,055
	20,995			Maryland Transportation Authority, (FSA), 5.00%, 7/1/35(1)			21,026,492
	14,000			Maryland Transportation Authority, (FSA), 5.00%, 7/1/36(1)			13,979,560
	495			Maryland Transportation Authority, (FSA), 5.00%, 7/1/41			488,733
	10,000			Metropolitan Atlanta Rapid Transit Authority, GA, (FSA), 4.50%, 7/1/32(1)			8,619,000
	21,795			Minneapolis-St. Paul, MN, Metropolitan Airports Commission, (FGIC), (MBIA), 4.50%, 1/1/32			17,728,707
	10,490			New Jersey Transportation Trust Fund Authority, (AGC), 5.25%, 12/15/38			10,459,159
	10,000			Port Authority of New York and New Jersey, (FSA), 5.00%, 8/15/26(1)			9,838,550
	1,605			Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/24			640,347
	1,950			Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/25			723,294
	1,000			Port Palm Beach District, FL, (XLCA), 0.00%, 9/1/26			344,730
	5,225			Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38			3,718,476
	87,045			San Joaquin Hills, CA, Transportation Corridor Agency, (Toll Road Bonds), (MBIA), 0.00%, 1/15/25			24,699,019
	37,165			Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/20			17,432,243
	37,355			Texas Turnpike Authority, (AMBAC), 5.00%, 8/15/42			27,867,951
						$	230,861,542
Insured-Water and Sewer — 21.7%
$	2,000			Austin, TX, Water and Wastewater, (BHAC), (FSA), 5.00%, 11/15/33(1)		$	1,933,630
	3,815			Birmingham, AL, Waterworks and Sewer Board, (AMBAC), (BHAC), 4.50%, 1/1/39(2)			3,189,264
	3,185			Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/26			3,230,864
	1,985			Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/27			2,002,925
	3,170			Bossier City, LA, Utilities Revenue, (BHAC), 5.50%, 10/1/38			3,193,490
	8,500			District of Columbia Water and Sewer Authority, (AGC), 5.00%, 10/1/34(1)			7,840,995
	6,095			East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/31(1)			5,373,474
	5,890			East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/36(1)			5,063,751
	1,000			Emerald Coast, FL, Utility Authority Revenue, (FGIC), (MBIA), 4.75%, 1/1/31			831,350
	2,000			Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38(1)			1,872,150
	350			Houston, TX, Utility System, (BHAC), (FSA), 5.00%, 11/15/33			335,559
	27,570			Houston, TX, Utility System, (FSA), 5.00%, 11/15/33(1)			26,432,462
	40,120			Massachusetts Water Resources Authority, (AMBAC), 4.00%, 8/1/40			29,539,152
	160			New York City Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40			165,272
	9,500			New York City Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40(1)			9,813,072
	1,000			Ogden City, UT, Sewer and Water Revenue, (FSA), 4.50%, 6/15/33			816,590
	570			Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34			480,755
	27,670			Seattle, WA, Drain and Wastewater Revenue, (FSA), 5.00%, 6/1/38(1)			25,892,202
	8,630			Tampa Bay, FL, Regional Water Supply Authority, (FGIC), 4.50%, 10/1/36			6,951,379
	390			Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27			356,869
						$	135,315,205
Insured-Water Revenue — 12.1%
$	14,945			Atlanta, GA, Water and Wastewater, (MBIA), 5.00%, 11/1/39		$	10,818,685
	1,500			Detroit, MI, Water Supply System, (BHAC), (FGIC), 4.50%, 7/1/29			1,285,275
	53,500			Los Angeles, CA, Department of Water & Power, (BHAC), (FGIC), 5.00%, 7/1/43(1)			49,751,790
	5,750			Metropolitan, NY, Water District, Water and Sewer Systems, (BHAC), (FGIC), 5.00%, 10/1/36(1)			5,558,784
	10,710			San Luis Obispo County, CA, (Nacimiento Water Project), (MBIA), 4.50%, 9/1/40			7,271,983

Principal Amount
(000’s omitted)				Security		Value
$	650			West Wilson, TN, Utility District Waterworks, (MBIA), 4.00%, 6/1/32		$	479,174
						$	75,165,691
Private Education — 0.3%
$	2,000			Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)		$	1,992,080
						$	1,992,080
Other Revenue — 0.4%
$	3,055			Main Street National Gas, Inc., GA, 5.50%, 9/15/27		$	2,214,845
						$	2,214,845
Special Tax Revenue — 0.4%
$	2,115			New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24		$	1,562,900
	1,750			New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31			1,203,913
						$	2,766,813
Total Tax-Exempt Investments — 200.4% (identified cost $1,503,051,319)						$	1,250,071,229
Other Assets, Less Liabilities — (100.4)%						$	(626,427,934	)
Net Assets — 100.0%						$	623,643,295

AGC		-  Assured Guaranty Corp.
AMBAC		-  AMBAC Financial Group, Inc.
BHAC		-  Berkshire Hathaway Assurance Corp.
FGIC		-  Financial Guaranty Insurance Company
FSA		-  Financial Security Assurance, Inc.
MBIA		-  Municipal Bond Insurance Association
XLCA		-  XL Capital Assurance, Inc.

At December 31, 2008, the concentration of the Fund’s investments in the various states, determined as a percentage of total investments, is as follows:

California			21.0	%
Texas			14.3	%
Illinois			10.1	%
Others, representing less than 10% individually			54.6	%

		The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at December 31, 2008, 89.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.6% to 27.9% of total investments.
(1)		Security represents the underlying municipal bond of a tender option bond trust.
(2)		Security (or a portion thereof) has been pledged as collateral for open swap contracts.

A summary of financial instruments at December 31, 2008 is as follows:

Interest Rate Swaps

						Annual				Floating		Effective Date/
		Notional				Fixed Rate				Rate		Termination		Net Unrealized
Counterparty		Amount				Paid By Fund				Paid To Fund		Date		Depreciation
JPMorgan Chase Co.		$	19,525,000				4.743	%		3-month USD-LIBOR-BMA		September 14, 2009 / September 14, 2039		$	(7,369,991	)
Merrill Lynch Capital Services, Inc.			31,537,500				4.682	%		3-month USD-LIBOR-BBA		April 1, 2009 / April 1, 2039			(11,914,874	)
Morgan Stanley Capital Services, Inc.			23,850,000				4.691	%		3-month USD-LIBOR-BBA		June 11, 2009 / June 11, 2039			(8,949,828	)
														$	(28,234,693	)

The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At December 31, 2008, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost		$	884,182,004
Gross unrealized appreciation		$	2,458,867
Gross unrealized depreciation			(248,484,642	)
Net unrealized depreciation		$	(246,025,775	)

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective October 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

	•		Level 1 – quoted prices in active markets for identical investments
	•		Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
	•		Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2008, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

				Investments in				Other Financial
		Valuation Inputs		Securities				Instruments*
Level 1		Quoted Prices		$	—			$	—
Level 2		Other Significant Observable Inputs			1,250,071,229				(28,234,693	)
Level 3		Significant Unobservable Inputs			—				—
Total				$	1,250,071,229			$	(28,234,693	)

*		Other financial instruments are interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund held no investments or other financial instruments as of September 30, 2008 whose fair value was determined using Level 3 inputs.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Insured Municipal Bond Fund

By:		/s/ Robert B. MacIntosh   Robert B. MacIntosh
		President
Date:		February 25, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:		/s/ Robert B. MacIntosh   Robert B. MacIntosh
		President
Date:		February 25, 2009
By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer
Date:		February 25, 2009