Edgar Filing: EATON VANCE INSURED CALIFORNIA MUNICIPAL BOND FUND II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21217

Eaton Vance Insured California Municipal Bond Fund II
(Exact name of registrant as specified in charter)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts					02109
(Address of principal executive offices)					(Zip code)

Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(617) 482-8260

Date of fiscal year end:	September 30

Date of reporting period:		March 31, 2005

Item 1. Reports to Stockholders


Semiannual Report March 31, 2005
	EATON VANCE INSURED MUNICIPAL BOND FUNDS	CLOSED-END FUNDS: Insured Municipal II Insured California II Insured Florida Insured Massachusetts Insured Michigan Insured New Jersey Insured New York II Insured Ohio Insured Pennsylvania

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e. fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and it’s underlying Portfolio will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to Portfolio securities during the 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance Insured Municipal Bond Funds as of March 31, 2005

LETTER TO SHAREHOLDERS

Thomas J. Fetter
President

The municipal bond market is a center of capital formation for states, municipalities and, in some cases, private economic initiatives. In this edition of our continuing educational series, we will discuss industrial development revenue (IDR) bonds. IDR bonds have long been used as a financing mechanism by local governments to provide assistance to local employers and encourage job retention and creation within their communities.

IDR bonds finance private activities that benefit the public...

IDR bonds are issued by municipal authorities to finance projects and facilities used by private corporations. Historically, IDR bonds have represented a partnership between the private and public sectors – a source of dedicated funding for companies and a source of job creation in projects beneficial to local communities. The “Private-Activities” provision of the Tax Reform Act of 1986 permits issuance of tax-exempt bonds for specific activities, including pollution control; gas and electric service; water distribution; wastewater systems; solid waste disposal; airports and selected transportation projects; and other industrial projects.

The Act also placed a cap on the dollar amount that may be raised for IDR bonds in each state, limiting the amount to $50 per person/per state/per year, with a $150 million maximum. These limitations provide protection against potential abuse and ensure that tax-exempt IDR bonds will indeed be issued for projects that will benefit the public.

IDR bonds finance utility-related projects and other industrial initiatives...

Typically, IDR bonds provide financing for manufacturing, processing or utility facilities. Historically, about one-half of these bonds have been issued to finance pollution control facilities for manufacturers and electric utilities. As many utilities and manufacturers have been ordered to comply with stricter environmental and fuel standards, pollution control bonds have helped finance the retrofits of existing plants. Other IDR bonds have served as inducements from state and local issuers to locate plants or build new facilities, in the hope that such construction might generate further economic growth for a community.

IDR bonds are secured by corporate revenues – not those of state or local governments...

IDR bond issues are secured by the credit of the underlying corporation. The municipal issuing authority acts solely as a conduit to permit tax-exempt financing. The corporation pledges to make payments sufficient to meet all debt service obligations. Unlike some revenue issues, IDR bonds are backed by revenues of the entire corporation, not solely by those of the project being financed.

Because IDR bonds are backed by corporate revenues and not by the taxing authority of a state or local jurisdiction, they have historically provided coupon premiums above those of general obligations and other more traditional revenue bonds. Bonds may be either collateralized or unsecured. Collateralized bonds have a lien against the company’s assets, which may provide bond holders enhanced bargaining power in the event of a bankruptcy. Unsecured bonds have no such lien.

While providing new opportunities, IDR bonds require rigorous analysis...

While IDR bonds may provide unusual investment opportunities, they also may entail increased risk and, therefore, demand especially intensive analysis. At Eaton Vance, we have credit analysts and resources dedicated to IDR bond research.

IDR bonds represent a key segment of the municipal bond market and should remain an important source of capital formation. In our view, the experience and resources needed to evaluate these issues further demonstrates the value of professional management. We will continue to look for opportunities in this sector of the municipal market.

	Sincerely,

	/s/ Thomas J. Fetter
	Thomas J. Fetter
	President
	May 4, 2005

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Eaton Vance Insured Municipal Bond Funds as of March 31, 2005

MARKET RECAP

The U.S. economy continued to generate moderate growth during the six months ended March 31, 2005. While higher gasoline and energy prices pinched consumers, the weak U.S. dollar raised inflationary concerns and helped push interest rates higher.

After a promising recovery in 2004, slower growth in early 2005...

The nation’s Gross Domestic Product grew by 3.1% in the first quarter of 2005, according to preliminary Commerce Department figures, following a 3.8% rise in the fourth quarter of 2004. Manufacturing activity, which had expanded strongly in the second half of 2004, slackened somewhat in the first quarter of 2005, amid slower industrial production and weakening demand for durable goods.

Consumer spending, which helped fuel the economic recovery over the past year, weakened considerably, as higher fuel costs and rising interest rates on loans and mortgages prompted consumers to tighten their belts. Capital spending also slowed, as businesses curtailed new investments in plants and factories, while reducing the pace of investment in productivity-enhancing equipment and software. Residential construction remained relatively strong, although slightly off the torrid pace set in 2004.

After recovering dramatically in 2004, job creation weakened somewhat in early 2005...

The nation’s labor markets strengthened during the year, although the pace of job creation weakened at the close of the period. Hiring picked up during the year in areas that had suffered large technology sector layoffs. Also, manufacturing, financial services, business services, trucking, shipping, construction, energy, health care, and media also generated new jobs. In the first quarter of 2005, however, employers showed some reticence in hiring practices, as they were forced to cope with unpredictable fuel cost hikes.

Municipal bond yields were 99% of Treasury yields

Principal and interest payments of Treasury securities are guaranteed by the U.S. government.

*GO yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Fund’s yield. Statistics as of March 31, 2005.

Past performance is no guarantee of future results.

Source: Bloomberg, L.P.

The Federal Reserve continued to raise short-term interest rates in 2005...

The Federal Reserve pushed short-term rates higher, suggesting it will continue to raise rates to keep the economy from growing too quickly and, thereby, reviving inflation. Beginning in June 2004, the Fed increased its Federal Funds rate – a key short-term interest rate barometer – on eight occasions, raising that benchmark from 1.00% to 3.00%, including its most recent rate hike in May 2005.

The municipal bond market posted a modest gain for the year, slightly outperforming the Treasury market. For the six months ended March 31, 2005, the Lehman Brothers Municipal Bond Index – an unmanaged index of longer-term, investment-grade, municipal debt securities made up of issues larger than $50 million – had a total return of 1.21.%.*

* It is not possible to invest directly in an Index. The Index’s total return does not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

The views expressed throughout this report are those of the various portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an Eaton Vance fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.

Eaton Vance Insured Municipal Bond Fund II as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 4.49% for the six months ended March 31, 2005. That return was the result of an increase in share price from $14.82 on September 30, 2004 to $14.98 on March 31, 2005 and the reinvestment of $0.500 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 4.07% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $15.03 on September 30, 2004 to $15.13 on March 31, 2005, and the reinvestment of all distributions.

• In comparison, the Lehman Brothers Municipal Bond Index – an unmanaged index of longer-term, investment-grade, municipal debt securities made up of issues larger than $50 million – had a total return of 1.21% for the six months ended March 31, 2005.(2)

• Based on the last dividend of the semi-annual period and a share price of $14.98, the Fund had a market yield of 6.68% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 10.28%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

William H. Ahern
Portfolio Manager

Management Discussion

• The U.S. economy expanded moderately during the period, despite concerns over rising fuel costs. Manufacturing rebounded somewhat, while financial services, business services, transportation, construction, energy and health care posted strong job growth. The U.S. jobless rate was 5.2% in March 2005, down from 5.7% a year ago.

• Insured* transportation bonds constituted the Fund’s largest sector weighting at March 31, 2005. The Fund’s investments represented a broad range of transportation projects, including bridge and tunnel authorities, highway and turnpike authorities, a monorail project and an urban skywalk.

• Insured* general obligations (GOs) were a significant investment. The Fund’s investments included state and municipal issuers alike, ranging from large urban centers to local school district bond issuers. GOs are backed by the taxing power of the issuing jurisdiction.

• Insured* water revenue bonds were key investments for the Fund. Amid more stringent environmental regulations, many communities have issued bonds to finance improvements to water filtration and discharge facilities. Water utilities have historically represented a relatively stable revenue source.

• At March 31, 2005, the Fund had leverage in the amount of approximately 37% of the Fund’s total assets. The Fund uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return.

Fund Information

as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	3.81	%
Life of Fund (11/29/02)	9.22

Average Annual Total Return (by net asset value)
One Year	10.05	%
Life of Fund (11/29/02)	9.69

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(2) It is not possible to invest directly in an Index. The Index’s total return does not reflect the commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

(7) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares.

Eaton Vance Insured California Municipal Bond Fund II as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 4.37% for the six months ended March 31, 2005. That return was the result of an increase in share price from $14.58 on September 30, 2004 to $14.73 on March 31, 2005 and the reinvestment of $0.474 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 3.73% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.51 on September 30, 2004 to $14.57 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $14.73, the Fund had a market yield of 6.44% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 10.92%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Cynthia J. Clemson
Portfolio Manager

Management Discussion

• California’s economy generated good job growth in late 2004 and early 2005. The business services sector added the largest number of jobs, with construction and financial services also making significant contributions. The government sector, subject to budgetary restraints, remained a sore spot in the state economy. The state’s March 2005 jobless rate was 5.8%, down from 6.4% a year ago.

• Insured* general obligations (GOs) constituted the Fund’s largest sector weighting at March 31, 2005. The Fund’s investments included issues of the state – whose credit rating has been modestly upgraded within the past year – as well as issues for local school districts and assessment districts.

• Insured* lease revenue/certificates of participation (COPs) were major investments. COPs provide cost-effective, lease financing for borrowers at the state, county and municipal level for a broad range of public works projects.

• Insured* special assessment revenue bonds remained among the Fund’s prominent holdings. The Fund’s investments included issues that financed housing redevelopment projects, as well as various infrastructure-related projects.

• At March 31, 2005, the Fund had leverage in the amount of approximately 38% of the Fund’s total assets. The Fund uses leverage through the issuance of preferred shares. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares).

Fund Information

as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	5.21	%
Life of Fund (11/29/02)	7.90

Average Annual Total Return (by net asset value)
One Year	3.72	%
Life of Fund (11/29/02)	7.40

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Florida Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of -1.34% for the six months ended March 31, 2005. That return was the result of a decrease in share price from $14.75 on September 30, 2004 to $14.10 on March 31, 2005 and the reinvestment of $0.465 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 4.42% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.52 on September 30, 2004 to $14.69 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $14.10, the Fund had a market yield of 6.60% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 10.15%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Craig Brandon
Portfolio Manager

Management Discussion

• Florida’s economy continued to expand during the period. Residential construction and service sectors remained very strong, a result of a population growth rate twice that of the U.S. rate. Despite a severe hurricane season, even tourism grew in 2004, boosted by the weak U.S. dollar. The state’s jobless rate was 4.5% in March 2005, down from 4.8% a year ago.

• Insured* special tax revenue bonds were the Fund’s largest sector weightings at March 31, 2005. These bonds are used to build or expand facilities or infrastructure.

• The Fund remained very selective within the hospital sector, given the industry’s increasing competition and cost pressures. The Fund focused on facilities with good management, marketable health care specialties and sound underlying fundamentals.

• Insured* transportation bonds also provided opportunities for the Fund. Investments included issues for highway and road construction projects, and port facility improvement projects.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	-0.37	%
Life of Fund (11/29/02)	5.84

Average Annual Total Return (by net asset value)
One Year	4.70	%
Life of Fund (11/29/02)	7.71

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax and state intangibles tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 35.00% combined federal and state intangibles tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Massachusetts Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 9.29% for the six months ended March 31, 2005. That return was the result of an increase in share price from $15.57 on September 30, 2004 to $16.52 on March 31, 2005 and the reinvestment of $0.474 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 3.35% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.87 on September 30, 2004 to $14.92 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $16.52, the Fund had a market yield of 5.74% at March 31, 2005.(3) The Fund’s market yield is equivalent to a taxable yield of 9.33%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Robert B. MacIntosh
Portfolio Manager

Management Discussion

• The Massachusetts economy made progress in 2004 and 2005, although not yet achieving pre-recession employment levels. Business services, health care, education and residential building remained areas of strong job creation. The manufacturing sector continued to struggle. The state’s March 2005 jobless rate was 4.9%, down from 5.4% a year ago and below the national rate.

• Insured* private and public education bonds remained among the the Fund’s largest sector weightings at March 31, 2005. The Fund’s investments included some of the Commonwealth’s well-regarded colleges and universities that enjoy strong applicant demand.

• Insured* lease revenue/certificates of participation (COPs) were large investments. These bonds provided flexible and cost effective financing for Massachusetts projects. COPs and lease revenue bonds typically finance the purchase of equipment and facilities, and are secured by lease payments by the borrower.

• Insured* transportation bonds were a large investment for the Fund. The Fund’s investments focused mainly on state turnpike authority issues, which have financed major improvements in recent years.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	9.69	%
Life of Fund (11/29/02)	13.56

Average Annual Total Return (by net asset value)
One Year	6.43	%
Life of Fund (11/29/02)	8.72

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Michigan Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 10.55% for the six months ended March 31, 2005. That return was the result of an increase in share price from $15.49 on September 30, 2004 to $16.60 on March 31, 2005 and the reinvestment of $0.474 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 2.67% for the six months ended March 31, 2005. That return was the result of a decrease in net asset value per share from $14.84 on September 30, 2004 to $14.77 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $16.60, the Fund had a market yield of 5.71% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 9.14%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

William H. Ahern
Portfolio Manager

Management Discussion

• Michigan’s economy continued to set a lackluster pace and remained the only state in the nation where employment has declined in the past year. The largest losses were in the manufacturing, retail and government areas. There were pockets of strength in the construction sector. The state’s March 2005 jobless rate was 7.5%, up from 7.1% a year ago.

• Insured* general obligations (GOs) constituted the Fund’s largest sector weighting at March 31, 2005. Given the state’s unsteady economy, management focused on issues of fiscally sound school districts and building authorities.

• Insured* special tax revenue bonds constituted another large investment sector. These high-quality bonds were issued to finance improvements, such as renewal projects in downtown Detroit and airport-related projects. These bonds are backed by a variety of special taxes approved solely for the projects.

• Hospital bonds were also a large investment for the fund. In a very competitive and cost-conscious environment, the Fund focused on acute care facilities that management believes are well managed, financially strong and leading care providers in their respective communities.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	8.22	%
Life of Fund (11/29/02)	13.11

Average Annual Total Return (by net asset value)
One Year	5.38	%
Life of Fund (11/29/02)	7.60

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 37.54% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured New Jersey Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 1.14% for the six months ended March 31, 2005. That return was the result of a decrease in share price from $15.49 on September 30, 2004 to $15.18 on March 31, 2005 and the reinvestment of $0.480 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 3.90% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.99 on September 30, 2004 to $15.09 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $15.18, the Fund had a market yield of 6.32% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 10.68%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Robert B. MacIntosh
Portfolio Manager

Management Discussion

• In late 2004 and early 2005, New Jersey enjoyed good job growth, the state’s strongest since 2000. Leisure, business services, trade, transportation, and utilities generated the fastest job growth. Not surprisingly, manufacturing remained among the state’s weakest sectors. The state’s March 2005 jobless rate was 4.4%, down from 5.2% a year ago.

• Insured* public education bonds were the Fund’s largest sector weighting at March 31, 2005. The Fund’s investments included issues for a community college, a four-year university and the state medical and dental school. These institutions have enjoyed stable revenues in a range of economic climates.

• Insured* general obligations (GOs) constituted a large commitment by the Fund. Investments were dominated by city, township and board of education issues. These local GO’s provided high quality and excellent liquidity.

• Insured* transportation bonds were a major focus of the Fund. Investments included bonds for a marine terminal in Newark, as well as river, transportation, port and highway authorities throughout the state, all key elements of the New Jersey economy.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	1.78	%
Life of Fund (11/29/02)	9.57

Average Annual Total Return (by net asset value)
One Year	5.42	%
Life of Fund (11/29/02)	9.29

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured New York Municipal Bond Fund II as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 3.94% for the six months ended March 31, 2005. That return was the result of an increase in share price from $14.46 on September 30, 2004 to $14.55 on March 31, 2005 and the reinvestment of $0.482 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 4.13% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.91 on September 30, 2004 to $15.03 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $14.55, the Fund had a market yield of 6.62% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 11.04%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Thomas J. Fetter
Portfolio Manager

Management Discussion

• During 2004 and into early 2005, New York State posted positive job growth for the first time since 2000. Job creation in business services, education, health care and tourism have been the main drivers of growth. Gains in finance have been modest, while the state continued to lose manufacturing jobs at a faster rate than the nation as a whole. The state’s March 2005 jobless rate was 5.1%, down from 6.1% a year ago.

• Insured* private education bonds were the Fund’s largest weighting at March 31, 2005. The Fund emphasized dormitory authority bonds, which helped finance the building of living quarters and classroom facilities for some of the state’s leading colleges and universities.

• Transportation is vital to New York’s position as the nation’s economic capital and insured* transportation bonds have played a major role in the Fund. Holdings included issues for public transit, bridges and tunnels, ports and highway authorities.

• Insured* water and sewer bonds represented a major investment. The Fund’s holdings financed improvements to water and wastewater facilities and included issues for New York City and for the upstate City of Niagara Falls.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	1.84	%
Life of Fund (11/29/02)	7.85

Average Annual Total Return (by net asset value)
One Year	6.53	%
Life of Fund (11/29/02)	9.36

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 40.01% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Ohio Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 1.62% for the six months ended March 31, 2005. That return was the result of a decrease in share price from $15.20 on September 30, 2004 to $14.98 on March 31, 2005 and the reinvestment of $0.461 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 3.10% for the six months ended March 31, 2005. That return was the result of no change in net asset value per share from $14.64 on September 30, 2004 to March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $14.98, the Fund had a market yield of 6.09% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 10.13%.(4)The dividend declared on April 29, 2005 reflects a reduction of the monthly dividend of $0.005 per share.

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Thomas J. Fetter
Portfolio Manager

Management Discussion

• Ohio’s economy generated job growth in 2004 and early 2005, benefiting from the strength in the service sector. Business services, education and health care were areas of job growth. However, while losses in the key manufacturing sector slowed, a continuing focus on productivity and restructurings limited the extent of the recovery. The state’s March 2005 jobless rate was 6.4%, up slightly from 6.1% a year ago.

• Insured* general obligations (GOs) were the Fund’s largest sector weighting at March 31, 2005, represented predominantly by school district bonds. Management focused on communities with a relatively broad local economic base, stable property tax revenues and manageable foreseeable borrowing needs.

• Insured* public education bonds remained a large commitment in the Fund. Management emphasized universities within the Ohio state university system, as well as a community college well-known in the state for its cooperative and clinical studies programs.

• Selected Puerto Rico bonds offered opportunities for further diversification by sector, issuer and coupon. The Fund’s Puerto Rico investments included electric utilities, lease revenue bonds, special tax revenues and transportation bonds.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	1.26	%
Life of Fund (11/29/02)	8.31

Average Annual Total Return (by net asset value)
One Year	6.46	%
Life of Fund (11/29/02)	7.25

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 39.88% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Pennsylvania Municipal Bond Fund as of March 31, 2005

INVESTMENT UPDATE

The Fund

• Based on share price (traded on the American Stock Exchange), the Fund had a total return of 2.79% for the six months ended March 31, 2005. That return was the result of a decrease in share price from $14.98 on September 30, 2004 to $14.93 on March 31, 2005 and the reinvestment of $0.469 in monthly dividends.(1)

• Based on net asset value, the Fund had a total return of 3.49% for the six months ended March 31, 2005. That return was the result of an increase in net asset value per share from $14.41 on September 30, 2004 to $14.46 on March 31, 2005, and the reinvestment of all distributions.

• Based on the last dividend of the semi-annual period and a share price of $14.93, the Fund had a market yield of 6.28% at March 31, 2005.(3)The Fund’s market yield is equivalent to a taxable yield of 9.97%.(4)

Rating Distribution(5),(6)

By total investments

* Private insurance does not decrease the risk of loss of principal associated with this investment.

Thomas M. Metzold
Portfolio Manager

Management Discussion

• Pennsylvania saw positive job growth in 2004 for the first time since 2000, although growth was uneven around the state. Business, education, tourism, construction and health care were major contributors. Manufacturing, especially in western Pennsylvania, continued to shed jobs. Pennsylvania’s March 2005 jobless rate was 5.2%, down from 5.5% a year ago.

• Insured* general obligations (GOs) were the Fund’s largest sector weighting at March 31, 2005. The Fund’s investments focused on city, county and school district bonds in areas with a relatively strong tax base and solid economic resources, two key variables for investors in general obligations.

• Insured* transportation bonds remained a significant commitment for the Fund. Investments focused predominantly on port authority and Pennsylvania turnpike issues. The bonds have financed repairs and expansions needed to accommodate the Commonwealth’s increasing commercial and passenger traffic.

• Insured* private education bonds constituted a large investment. Historically less sensitive to economic changes, the Fund’s investments included state and county bonds that financed the construction of university housing and teaching facilities.

Fund Information
as of March 31, 2005

Performance(7)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	-0.84	%
Life of Fund (11/29/02)	8.59

Average Annual Total Return (by net asset value)
One Year	3.38	%
Life of Fund (11/29/02)	7.12

(1) A portion of the Fund’s income may be subject to federal income tax and/or alternative minimum tax; income may be subject to state income tax.

(3) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(4) Taxable-equivalent yield assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(5) Rating Distribution may not be representative of the Fund’s current or future investments.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Eaton Vance Insured Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 157.4%
Principal Amount (000's omitted)		Security	Value
	General Obligations - 7.5%
$	4,500	California, 5.25%, 4/1/30	$	4,682,925
	2,215	California, 5.50%, 11/1/33		2,373,616
	4,000	New York City, NY, 5.25%, 1/15/33		4,169,640
			$	11,226,181
	Hospital - 5.8%
$	650	California Statewide Communities Development Authority, (Daughters of Charity Health System), 5.25%, 7/1/30	$	668,635
	380	Cuyahoga County, OH, (Cleveland Clinic Health System), 5.50%, 1/1/29		400,429
	500	Hawaii Pacific Health, 5.60%, 7/1/33		509,575
	1,000	Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.375%, 11/15/35		1,035,220
	1,500	Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32		1,518,855
	4,500	South Miami, FL, Health Facility Authority, (Baptist Health), 5.25%, 11/15/33		4,623,210
			$	8,755,924
	Insured-Electric Utilities - 12.4%
$	1,500	Burke County, GA, Development Authority, (Georgia Power Co.), (FGIC), 4.75%, 5/1/34⁽¹⁾	$	1,473,240
	2,500	Burlington, KS, PCR, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31		2,645,825
	22,685	Chelan County, WA, Public Utility District No. 1, (Columbia River), (MBIA), 0.00%, 6/1/23		9,006,626
	3,900	Jea, FL, Electric System, (FSA), 5.00%, 10/1/34		3,962,283
	1,500	Municipal Energy Agency, NE, (Power Supply System), (FSA), 5.00%, 4/1/36		1,542,210
			$	18,630,184
	Insured-General Obligations - 19.6%
$	1,600	Alvin, TX, Independent School District, (MBIA), 3.25%, 2/15/27	$	1,265,440
	2,550	Butler County, KS, Unified School District No. 394, (FSA), 3.50%, 9/1/24		2,176,144
	1,640	California, (XLCA), Variable Rate, 9.955%, 10/1/28⁽²⁾⁽³⁾		1,777,776
	1,515	Chicago, IL, (MBIA), 5.00%, 1/1/42		1,534,801
	10,000	Chicago, IL, Board of Education, (FGIC), 0.00%, 12/1/23		3,875,600
	1,000	Desert Sands, CA, Unified School District, (Election of 2001), (FSA), 5.00%, 6/1/24		1,043,650
	4,830	King County, WA, (MBIA), 5.25%, 1/1/34		5,030,445
	2,080	Philadelphia, PA, (FSA), Variable Rate, 9.92%, 9/15/31⁽²⁾⁽³⁾		2,203,718

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations (continued)
$	1,270	Phoenix, AZ, (AMBAC), 3.00%, 7/1/28	$	974,827
	5,490	Port Orange, FL, Capital Improvements, (FGIC), 5.00%, 10/1/35		5,660,574
	10,000	Washington, (Motor Vehicle Fuel), (MBIA), 0.00%, 12/1/23		3,898,900
			$	29,441,875
Insured-Hospital - 2.6%
$	3,000	Maryland HEFA, (Medlantic/Helix Issue), (FSA), Variable Rate, 10.665%, 8/15/38⁽²⁾⁽³⁾	$	3,934,920
			$	3,934,920
Insured-Lease Revenue / Certificates of Participation - 2.9%
$	4,250	Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34	$	4,386,595
			$	4,386,595
Insured-Private Education - 3.8%
$	2,500	Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59	$	3,019,900
	2,500	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		2,614,700
			$	5,634,600
Insured-Public Education - 9.3%
$	1,500	Central Michigan University, (AMBAC), 4.75%, 10/1/29	$	1,514,220
	3,500	College of Charleston, SC, Academic and Administrative Facilities, (XLCA), 5.125%, 4/1/30		3,615,675
	750	Florida Education System, Housing Facility Revenue, (International University), (MBIA), 4.50%, 7/1/34		722,775
	5,335	University of California, (AMBAC), 5.00%, 9/1/27		5,489,555
	2,500	University of Massachusetts Building Authority, (AMBAC), 5.25%, 11/1/29		2,661,600
			$	14,003,825
Insured-Sewer Revenue - 1.8%
$	2,575	Tacoma, WA, Sewer Revenue, (FGIC), 5.00%, 12/1/31	$	2,626,732
			$	2,626,732
Insured-Special Assessment Revenue - 1.5%
$	2,165	San Jose, CA, Redevelopment Agency Tax, (MBIA), Variable Rate, 9.955%, 8/1/32⁽²⁾⁽³⁾	$	2,287,734
			$	2,287,734

See notes to financial statements

Eaton Vance Insured Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
	Insured-Special Tax Revenue - 6.4%
$	4,000	Metropolitan Pier and Exposition Authority, (McCormick Place Expansion), IL, (MBIA), 5.25%, 6/15/42	$	4,183,280
	5,325	Utah Transportation Authority Sales Tax, (FSA), 5.00%, 6/15/32		5,442,469
			$	9,625,749
	Insured-Transportation - 37.6%
$	1,000	Central, TX, Regional Mobility Authority, (FGIC), 5.00%, 1/1/45	$	1,012,630
	4,000	Chicago, IL, Transportation, (Skywalk), (AMBAC), 5.25%, 1/1/31		4,321,720
	11,900	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/22		4,992,407
	12,390	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/24		4,607,593
	2,345	Massachusetts Turnpike Authority, Metropolitan Highway System, (AMBAC), 5.00%, 1/1/39		2,380,949
	1,500	Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37		1,521,120
	3,835	Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 9.995%, 1/1/37⁽²⁾⁽³⁾		3,996,990
	13,885	Nevada Department of Business and Industry, (Las Vegas Monorail-1st Tier), (AMBAC), 0.00%, 1/1/20		6,721,173
	1,200	North Texas Tollway Authority, (FSA), 4.50%, 1/1/38		1,130,412
	5,000	South Carolina Transportation Infrastructure, (AMBAC), 5.25%, 10/1/31		5,264,000
	10,000	Texas Turnpike Authority, (AMBAC), 5.00%, 8/15/42⁽⁴⁾		10,113,100
	10,000	Triborough Bridge and Tunnel Authority, NY, (MBIA), 5.00%, 11/15/32		10,283,400
			$	56,345,494
	Insured-Utilities - 8.5%
$	6,500	Los Angeles, CA, Department of Water and Power, (FGIC), 5.00%, 7/1/43	$	6,584,305
	6,000	Philadelphia, PA, Gas Works Revenue, (FSA), 5.00%, 8/1/32		6,153,780
			$	12,738,085
	Insured-Water and Sewer - 12.7%
$	2,240	Atlanta, GA, Water and Sewer, (FGIC), 5.00%, 11/1/38⁽⁵⁾	$	2,276,893
	4,895	Atlanta, GA, Water and Wastewater, (MBIA), 5.00%, 11/1/39		4,978,264
	8,155	Birmingham, AL, Waterworks and Sewer Board, (MBIA), 5.00%, 1/1/37		8,351,699
	1,950	New York City, NY, Municipal Water Finance Authority, (Water and Sewer System), (AMBAC), 5.00%, 6/15/38		1,999,335
	1,275	Pittsburgh, PA, Water and Sewer Authority, (AMBAC), Variable Rate, 10.304%, 12/1/27⁽²⁾⁽³⁾		1,426,495
			$	19,032,686

Principal Amount (000's omitted)		Security	Value
Insured-Water Revenue - 14.1%
$	2,330	Contra Costa, CA, Water District, (FSA), Variable Rate, 9.959%, 10/1/32⁽²⁾⁽³⁾	$	2,534,691
	3,450	Detroit, MI, Water Supply System, (MBIA), Variable Rate, 9.82%, 7/1/34⁽²⁾⁽³⁾		3,712,959
	7,000	Metropolitan Water District, CA, (FGIC), 5.00%, 10/1/36		7,223,510
	2,870	San Antonio, TX, Water Revenue, (FGIC), 5.00%, 5/15/23		2,986,063
	4,610	Texas Southmost Regional Water Authority, (MBIA), 5.00%, 9/1/32		4,702,799
			$	21,160,022
Lease Revenue / Certificates of Participation - 0.7%
$	1,000	Metropolitan Transportation Authority of New York, Lease Contract, 5.125%, 1/1/29	$	1,029,810
			$	1,029,810
Other Revenue - 0.9%
$	1,250	Capital Trust Agency, FL, (Seminole Tribe Convention), 8.95%, 10/1/33	$	1,400,000
			$	1,400,000
Special Tax Revenue - 3.8%
$	3,155	Massachusetts Bay Transportation Authority, Sales Tax, 5.00%, 7/1/29	$	3,388,628
	750	New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/24		781,373
	1,480	New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29		1,555,954
			$	5,725,955
Transportation - 5.5%
$	7,980	Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/43	$	8,167,690
			$	8,167,690
	Total Tax-Exempt Investments - 157.4% (identified cost $227,687,885)		$	236,154,061
	Other Assets, Less Liabilities - 0.9%		$	1,419,219
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (58.3)%		$	(87,502,339	)
	Net Assets Applicable to Common Shares - 100.0%		$	150,070,941

See notes to financial statements

Eaton Vance Insured Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

AMBAC - AMBAC Financial Group, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

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 March 31, 2005, 84.6% of the securities in the portfolio of 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 4.7% to 34.8% of total investments.

⁽¹⁾ When-issued security.

⁽²⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate value of the securities is $21,875,283 or 14.6% of the Fund's net assets.

⁽³⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽⁴⁾ Security (or a portion thereof) has been segregated to cover when-issued securities.

⁽⁵⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured California Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 158.0%
Principal Amount (000's omitted)		Security	Value
	General Obligations - 5.9%
$	775	California, 5.00%, 6/1/34	$	790,128
	900	California, 5.25%, 4/1/30		936,585
	1,465	California, 5.50%, 11/1/33		1,569,909
			$	3,296,622
	Insured-Electric Utilities - 10.5%
$	3,475	Glendale Electric, (MBIA), 5.00%, 2/1/32	$	3,566,497
	1,650	Puerto Rico Electric Power Authority, (FSA), Variable Rate, 8.39%, 7/1/29⁽¹⁾⁽²⁾		1,869,730
	455	Sacramento Municipal Electric Utility District, (FSA), Variable Rate, 9.957%, 8/15/28⁽¹⁾⁽³⁾		493,466
			$	5,929,693
	Insured-General Obligations - 37.8%
$	1,000	California, (AMBAC), 4.25%, 3/1/27	$	936,730
	1,250	California, (AMBAC), 5.00%, 4/1/27		1,283,775
	415	California, (XLCA), Variable Rate, 9.955%, 10/1/28⁽¹⁾⁽³⁾		449,864
	5,000	Clovis Unified School District, (FGIC), 0.00%, 8/1/20		2,350,050
	2,000	Laguna Salada Union School District, (FGIC), 0.00%, 8/1/22		837,580
	2,350	Long Beach Unified School District, (Election of 1999), (FSA), 5.00%, 8/1/31		2,409,431
	1,710	Los Angeles Unified School District, (FGIC), 5.375%, 7/1/25		1,819,406
	1,945	Los Osos Community Services, Wastewater Assessment District, (MBIA), 5.00%, 9/2/33		1,988,957
	1,000	Mount Diablo Unified School District, (FSA), 5.00%, 8/1/25		1,031,510
	735	San Diego Unified School District, (MBIA), Variable Rate, 11.455%, 7/1/24⁽¹⁾⁽³⁾		1,055,364
	4,300	San Mateo County Community College District, (Election of 2001), (FGIC), 0.00%, 9/1/21		1,903,825
	1,750	Santa Ana Unified School District, (MBIA), 5.00%, 8/1/32		1,800,172
	1,000	Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28		1,038,860
	3,200	Union Elementary School District, (FGIC), 0.00%, 9/1/22		1,336,800
	2,600	Union Elementary School District, (FGIC), 0.00%, 9/1/23		1,023,828
			$	21,266,152

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation - 21.0%
$	4,000	Anaheim, Public Financing Authority Lease Revenue, (FSA), 5.00%, 3/1/37	$	4,051,960
	4,250	California Public Works Board Lease Revenue, (Department of General Services), (AMBAC), 5.00%, 12/1/27⁽⁴⁾		4,368,192
	2,250	Orange County Water District Certificates of Participation, (MBIA), 5.00%, 8/15/34		2,303,190
	1,075	San Jose Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/32		1,097,704
			$	11,821,046
Insured-Public Education - 14.3%
$	4,000	California State University, (AMBAC), 5.00%, 11/1/33	$	4,107,760
	3,790	University of California, (FGIC), 5.125%, 9/1/31		3,929,624
			$	8,037,384
Insured-Sewer Revenue - 6.3%
$	3,425	Los Angeles Wastewater Treatment System, (FGIC), 5.00%, 6/1/28	$	3,531,894
			$	3,531,894
Insured-Special Assessment Revenue - 18.5%
$	2,500	Cathedral City Public Financing Authority, (Housing Redevelopment), (MBIA), 5.00%, 8/1/33	$	2,564,525
	2,500	Cathedral City Public Financing Authority, (Tax Allocation Redevelopment), (MBIA), 5.00%, 8/1/33		2,564,525
	1,750	Irvine Public Facility and Infrastructure Authority Assessment, (AMBAC), 5.00%, 9/2/26		1,804,670
	2,000	Murrieta Redevelopment Agency Tax, (MBIA), 5.00%, 8/1/32		2,052,240
	1,335	San Jose Redevelopment Agency Tax, (MBIA), Variable Rate, 9.955%, 8/1/32⁽¹⁾⁽³⁾		1,410,681
			$	10,396,641
Insured-Special Tax Revenue - 8.7%
$	1,000	San Francisco Bay Area Rapid Transportation District Sales Tax Revenue, (AMBAC), 5.00%, 7/1/31	$	1,024,990
	3,750	San Francisco Bay Area Rapid Transportation District, (AMBAC), 5.125%, 7/1/36		3,871,050
			$	4,896,040

See notes to financial statements

Eaton Vance Insured California Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Transportation - 15.4%
$	4,000	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), 5.00%, 7/1/36	$	4,125,160
	2,250	Los Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30		2,369,048
	6,670	San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/27		2,154,143
			$	8,648,351
Insured-Utilities - 3.2%
$	1,750	Los Angeles Department of Water and Power, (FGIC), 5.125%, 7/1/41	$	1,785,088
			$	1,785,088
Insured-Water and Sewer - 10.3%
$	5,700	East Bay Municipal Utility District Water System, (MBIA), 5.00%, 6/1/38	$	5,810,010
			$	5,810,010
Insured-Water Revenue - 1.6%
$	835	Contra Costa Water District, (FSA), Variable Rate, 9.959%, 10/1/32⁽¹⁾⁽³⁾	$	908,355
			$	908,355
Water Revenue - 4.5%
$	2,500	California Water Resource, (Central Valley), 5.00%, 12/1/29	$	2,544,050
			$	2,544,050
	Total Tax-Exempt Investments - 158.0% (identified cost $86,314,446)		$	88,871,326
	Other Assets, Less Liabilities - 2.0%		$	1,113,955
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (60.0)%		$	(33,752,096	)
	Net Assets Applicable to Common Shares - 100.0%		$	56,233,185

AMBAC - AMBAC Financial Group, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by California 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 March 31, 2005, 93.4% of the securities in the portfolio of 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 0.5% to 31.9% of total investments.

⁽¹⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate value of the securities is $6,187,460 or 11.0% of the Fund's net assets.

⁽²⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽⁴⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured Florida Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 157.8%
Principal Amount (000's omitted)		Security	Value
	Escrowed / Prerefunded - 5.4%
$	2,000	Jacksonville Electric Authority, (Water and Sewer Revenue), Prerefunded to 4/1/06, 5.25%, 10/1/31	$	2,052,680
			$	2,052,680
	Hospital - 5.9%
$	1,160	Highlands County, Health Facility Authority, (Adventist Health), 5.25%, 11/15/23	$	1,203,871
	1,000	South Miami Health Facility Authority, (Baptist Health), 5.25%, 11/15/33		1,027,380
			$	2,231,251
	Insured-Electric Utilities - 12.1%
$	1,500	Deltona, Utility System Revenue, (MBIA), 5.00%, 10/1/33	$	1,545,540
	2,435	JEA Electric System Revenue, (FSA), 4.75%, 10/1/34		2,435,755
	500	Puerto Rico Electric Power Authority, (FSA), Variable Rate, 8.39%, 7/1/29⁽¹⁾⁽²⁾		566,585
			$	4,547,880
	Insured-Escrowed / Prerefunded - 3.0%
$	1,025	Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30	$	1,117,106
			$	1,117,106
	Insured-General Obligations - 9.1%
$	1,345	Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32	$	1,384,987
	2,000	Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32		2,059,460
			$	3,444,447
	Insured-Hospital - 18.5%
$	1,000	Coral Gables Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29	$	1,030,510
	1,500	Jacksonville Economic Development Commission, (Mayo Clinic), (MBIA), 5.50%, 11/15/36		1,615,005
	1,500	Miami-Dade County, Health Facilities Authority, (Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26		1,553,895
	1,510	Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.25%, 7/1/24⁽³⁾		1,647,546
	1,000	Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28		1,125,300
			$	6,972,256

Principal Amount (000's omitted)		Security	Value
Insured-Miscellaneous - 11.5%
$	1,500	Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30	$	1,503,960
	2,750	Village Center Community Development District, (MBIA), 5.00%, 11/1/32		2,831,565
			$	4,335,525
Insured-Pooled Loans - 3.3%
$	1,520	Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/23	$	632,031
	1,520	Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/24		596,402
			$	1,228,433
Insured-Sewer Revenue - 2.7%
$	1,000	Pinellas County, Sewer, (FSA), 5.00%, 10/1/32	$	1,030,580
			$	1,030,580
Insured-Special Assessment Revenue - 7.6%
$	2,780	Julington Creek, Plantation Community Development District, (MBIA), 5.00%, 5/1/29	$	2,858,980
			$	2,858,980
Insured-Special Tax Revenue - 39.8%
$	1,000	Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/27	$	1,041,880
	1,250	Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/32		1,295,400
	1,000	Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 9.915%, 10/1/35⁽¹⁾⁽⁴⁾		1,027,780
	1,500	Jacksonville Capital Improvements, (AMBAC), 5.00%, 10/1/30		1,538,175
	3,750	Jacksonville Transportation, (MBIA), 5.00%, 10/1/31		3,832,387
	1,275	Jacksonville, Excise Tax, (FGIC), 5.125%, 10/1/27		1,328,958
	225	Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37		227,277
	1,740	Orange County Tourist Development, (AMBAC), 5.125%, 10/1/25		1,813,063
	750	Orange County Tourist Development, (AMBAC), Variable Rate, 10.29%, 10/1/30⁽¹⁾⁽⁴⁾		830,235
	1,000	Orange County, Sales Tax, (FGIC), 5.125%, 1/1/23		1,055,780
	440	Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 10.286%, 7/1/28⁽¹⁾⁽⁴⁾		477,330
	1,120	Sunrise Public Facility, (MBIA), 0.00%, 10/1/20		537,342
			$	15,005,607

See notes to financial statements

Eaton Vance Insured Florida Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
	Insured-Transportation - 16.8%
$	1,500	Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27	$	1,467,900
	1,500	Miami-Dade County, Expressway Authority, (FGIC), 5.00%, 7/1/33		1,545,255
	1,605	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/24		611,152
	1,950	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/25		700,908
	1,700	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/26		577,541
	330	Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 9.955%, 7/1/32⁽¹⁾⁽⁴⁾		363,670
	940	Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 10.862%, 7/1/36⁽¹⁾⁽⁴⁾		1,072,098
			$	6,338,524
	Insured-Utility - 4.2%
$	1,550	Daytona Beach, Utility System Revenue, (AMBAC), 5.00%, 11/15/32	$	1,592,083
			$	1,592,083
	Insured-Water and Sewer - 16.3%
$	1,500	JEA Water and Sewer System, (MBIA), 4.75%, 10/1/30	$	1,505,130
	2,000	Marco Island Utility System, (MBIA), 5.00%, 10/1/27		2,072,140
	1,000	Marion County Utility System, (MBIA), 5.00%, 12/1/33		1,030,790
	1,000	Sunrise Utility System, (AMBAC), 5.00%, 10/1/28		1,049,660
	500	Tampa Bay Water Utility System, (FGIC), Variable Rate, 6.90%, 10/1/27⁽¹⁾⁽²⁾		505,525
			$	6,163,245
	Transportation - 1.6%
$	250	Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/39	$	256,558
	350	Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/43		358,232
			$	614,790
	Total Tax-Exempt Investments - 157.8% (identified cost $57,614,533)		$	59,533,387
	Other Assets, Less Liabilities - 1.8%		$	695,696
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (59.6)%		$	(22,503,607	)
	Net Assets Applicable to Common Shares - 100.0%		$	37,725,476

AMBAC - AMBAC Financial Group, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Florida 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 March 31, 2005, 91.8% of the securities in the portfolio of 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 3.2% to 49.0% of total investments.

⁽²⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁴⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

See notes to financial statements

Eaton Vance Insured Massachusetts Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments - 158.6%
Principal Amount (000's omitted)		Security	Value
Hospital - 10.2%
$	1,500	Massachusetts HEFA, (Partners Healthcare System), 5.75%, 7/1/32	$	1,624,770
	1,000	Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29		1,031,380
			$	2,656,150
Insured-Escrowed / Prerefunded - 8.9%
$	3,000	Massachusetts College Building Authority, (MBIA), Escrowed to Maturity, 0.00%, 5/1/26	$	1,074,450
	1,000	Puerto Rico, Prerefunded to 7/1/12, (FGIC), Variable Rate, 9.274%, 7/1/32⁽¹⁾⁽²⁾		1,254,790
			$	2,329,240
Insured-General Obligations - 14.7%
$	2,000	Massachusetts, (MBIA), 5.25%, 8/1/28	$	2,216,740
	1,020	Maynard, (MBIA), 5.50%, 2/1/22		1,133,220
	500	Sandwich, (MBIA), 4.50%, 7/15/29		493,060
			$	3,843,020
Insured-Hospital - 11.5%
$	1,750	Massachusetts HEFA, (Harvard Pilgrim Health), (FSA), 5.00%, 7/1/28	$	1,769,180
	1,210	Massachusetts HEFA, (New England Medical Center ), (FGIC), 5.00%, 5/15/25		1,242,743
			$	3,011,923
Insured-Lease Revenue / Certificates of Participation - 15.6%
$	1,750	Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34	$	1,806,245
	1,000	Plymouth County Correctional Facility, (AMBAC), 5.00%, 4/1/22		1,031,180
	1,000	Puerto Rico Public Building Authority, (CIFG), Variable Rate, 10.705%, 7/1/36⁽¹⁾⁽²⁾		1,230,860
			$	4,068,285
Insured-Miscellaneous - 8.5%
$	2,100	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.375%, 1/1/42	$	2,214,072
			$	2,214,072

Principal Amount (000's omitted)		Security	Value
Insured-Pooled Loans - 3.5%
$	800	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 9.956%, 8/1/27⁽¹⁾⁽²⁾	$	899,208
			$	899,208
Insured-Private Education - 20.2%
$	1,000	Massachusetts Development Finance Agency, (Boston University), (XLCA), 5.375%, 5/15/39	$	1,090,140
	1,000	Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59		1,207,960
	1,500	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		1,568,820
	1,400	Massachusetts IFA, (Tufts University), (MBIA), 4.75%, 2/15/28		1,404,592
			$	5,271,512
Insured-Public Education - 17.6%
$	700	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	802,935
	1,000	Massachusetts HEFA, (University of Massachusetts), (FGIC), 5.125%, 10/1/34		1,035,490
	1,150	Massachusetts HEFA, (Worcester State College), (AMBAC), 5.00%, 11/1/32		1,186,926
	1,500	University of Massachusetts Building Authority, (AMBAC), 5.125%, 11/1/34		1,563,840
			$	4,589,191
Insured-Special Tax Revenue - 9.1%
$	1,280	Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32⁽³⁾	$	1,319,859
	1,000	Massachusetts State Special Obligation - Convention Center, (FGIC), 5.25%, 1/1/29		1,061,480
			$	2,381,339
Insured-Transportation - 14.9%
$	5,700	Massachusetts Turnpike Authority, (MBIA), 0.00%, 1/1/28	$	1,804,563
	1,250	Massachusetts Turnpike Authority, Metropolitan Highway System, (AMBAC), 5.00%, 1/1/39		1,269,162
	415	Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 9.995%, 1/1/37⁽¹⁾⁽²⁾		432,530
	335	Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 10.862%, 7/1/36⁽¹⁾⁽²⁾		382,078
			$	3,888,333

See notes to financial statements

Eaton Vance Insured Massachusetts Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Water and Sewer - 9.9%
$	2,500	Massachusetts Water Resource Authority, (FSA), 5.00%, 8/1/32	$	2,570,125
			$	2,570,125
Private Education - 9.3%
$	500	Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), 5.75%, 7/1/33	$	519,200
	750	Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33		764,940
	600	Massachusetts Development Finance Agency, (Western New England College), 6.125%, 12/1/32		632,070
	500	Massachusetts HEFA, (Boston College), 5.125%, 6/1/24		520,330
			$	2,436,540
Transportation - 4.7%
$	1,200	Puerto Rico Highway and Transportation Authority, 5.125%, 7/1/43	$	1,228,224
			$	1,228,224
	Total Tax-Exempt Investments - 158.6% (identified cost $39,551,757)		$	41,387,162
	Other Assets, Less Liabilities - 0.8%		$	202,711
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (59.4)%		$	(15,500,000	)
	Net Assets Applicable to Common Shares - 100.0%		$	26,089,873

AMBAC - AMBAC Financial Group, Inc.

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Massachusetts 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 March 31, 2005, 84.7% of the securities in the portfolio of 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 3.0% to 26.0% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured Michigan Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 159.2%
Principal Amount (000's omitted)		Security	Value
	Education - 2.3%
$	500	Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35	$	506,080
			$	506,080
	Electric Utilities - 5.8%
$	1,250	Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29	$	1,299,187
			$	1,299,187
	Hospital - 18.6%
$	1,000	Michigan Hospital Finance Authority, (Oakwood Hospital), 5.75%, 4/1/32	$	1,045,140
	1,500	Michigan Hospital Finance Authority, (Sparrow Obligation Group), 5.625%, 11/15/36		1,540,650
	1,500	Michigan Hospital Finance Authority, (Trinity Health), 5.375%, 12/1/30		1,558,080
			$	4,143,870
	Insured-Electric Utilities - 2.4%
$	500	Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	522,500
			$	522,500
	Insured-Escrowed / Prerefunded - 11.4%
$	1,150	Michigan Hospital Finance Authority, (St. John Health System), Escrowed to Maturity, (AMBAC), 5.00%, 5/15/28	$	1,174,449
	1,095	Puerto Rico, Prerefunded to 7/1/12, (FGIC), Variable Rate, 9.274%, 7/1/32⁽¹⁾⁽²⁾		1,373,995
			$	2,548,444
	Insured-General Obligations - 35.2%
$	500	Allegan Public School District, (FSA), 5.00%, 5/1/30	$	517,400
	1,550	Detroit School District, (School Bond Loan Fund), (FSA), 5.125%, 5/1/31		1,599,507
	1,960	Grand Rapids and Kent County Joint Building Authority, (Devos Place), (MBIA), 0.00%, 12/1/27		623,143
	4,000	Grand Rapids and Kent County Joint Building Authority, (MBIA), 0.00%, 12/1/30		1,081,880
	750	Greenville Public Schools, (MBIA), 5.00%, 5/1/25		770,940
	1,000	Melvindle-Northern Allen Park School District, (Building and Site), (FSA), 5.00%, 5/1/28		1,030,810

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations (continued)
$	1,330	Okemos Public School District, (MBIA), 0.00%, 5/1/19	$	686,626
	1,500	Reed City Public Schools, (FSA), 5.00%, 5/1/29		1,550,265
			$	7,860,571
Insured-Hospital - 9.7%
$	500	Michigan Hospital Finance Authority, Mid-Michigan Obligation Group, (AMBAC), 5.00%, 4/15/32	$	510,605
	1,590	Royal Oak Hospital Finance Authority Revenue, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35		1,652,932
			$	2,163,537
Insured-Lease Revenue / Certificates of Participation - 13.7%
$	1,750	Michigan House of Representatives, (AMBAC), 0.00%, 8/15/22	$	753,865
	2,615	Michigan House of Representatives, (AMBAC), 0.00%, 8/15/23		1,065,508
	1,000	Puerto Rico Public Building Authority, (CIFG), Variable Rate, 10.705%, 7/1/36⁽¹⁾⁽²⁾		1,230,860
			$	3,050,233
Insured-Public Education - 11.6%
$	250	Central Michigan University, (AMBAC), 4.75%, 10/1/29	$	252,370
	1,500	Central Michigan University, (AMBAC), 5.05%, 10/1/32⁽³⁾		1,549,065
	750	Lake Superior University, (AMBAC), 5.125%, 11/15/26		778,590
			$	2,580,025
Insured-Sewer Revenue - 7.3%
$	1,250	Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31	$	1,279,475
	340	Detroit Sewer Disposal, (MBIA), 5.00%, 7/1/30		351,132
			$	1,630,607
Insured-Special Tax Revenue - 18.4%
$	1,500	Lansing Building Authority, (MBIA), 5.00%, 6/1/29	$	1,546,035
	1,500	Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30		1,536,840
	1,000	Ypsilanti Community Utilities Authority, (San Sewer System), (FGIC), 5.00%, 5/1/32		1,023,610
			$	4,106,485
Insured-Transportation - 4.6%
$	1,000	Michigan Trunk Line, (FSA), 5.00%, 11/1/25	$	1,028,750
			$	1,028,750

See notes to financial statements

Eaton Vance Insured Michigan Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Utility - 7.0%
$	1,000	Lansing Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/25	$	1,035,470
	510	Lansing Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/26		528,268
			$	1,563,738
Insured-Water Revenue - 11.2%
$	1,600	Detroit Water Supply System, (FGIC), 5.00%, 7/1/30	$	1,634,752
	800	Detroit Water Supply System, (MBIA), Variable Rate, 9.82%, 7/1/34⁽¹⁾⁽²⁾		860,976
			$	2,495,728
	Total Tax-Exempt Investments - 159.2% (identified cost $34,077,034)		$	35,499,755
	Other Assets, Less Liabilities - 1.4%		$	306,560
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (60.6)%		$	(13,501,526	)
	Net Assets Applicable to Common Shares - 100.0%		$	22,304,789

AMBAC - AMBAC Financial Group, Inc.

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Michigan 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 March 31, 2005, 83.2% of the securities in the portfolio of 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 1.5% to 25.7% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured New Jersey Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments - 156.3%
Principal Amount (000's omitted)		Security	Value
Hospital - 2.9%
$	500	Camden County Improvement Authority, (Cooper Health), 5.75%, 2/15/34	$	517,310
	610	New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33		623,188
			$	1,140,498
Insured-Escrowed / Prerefunded - 5.0%
$	1,550	Puerto Rico, Prerefunded to 7/1/12, (FGIC), Variable Rate, 9.274%, 7/1/32⁽¹⁾⁽²⁾	$	1,944,924
			$	1,944,924
Insured-General Obligations - 23.0%
$	2,260	Bayonne, (FSA), 0.00%, 7/1/22	$	1,016,661
	2,415	Bayonne, (FSA), 0.00%, 7/1/23		1,028,017
	1,500	Bordentown Regional School District Board of Education, (FGIC), 5.00%, 1/15/30⁽³⁾		1,549,995
	500	Chester Township Board of Education, (FSA), 4.50%, 3/1/35		485,180
	265	Florence Township Fire District No. 1, (MBIA), 5.125%, 7/15/28		279,996
	170	Florence Township Fire District No.1, (MBIA), 5.125%, 7/15/29		179,236
	5,500	Irvington Township, (FSA), 0.00%, 7/15/26		1,984,950
	1,250	Jersey City, (FSA), 5.25%, 9/1/23		1,334,250
	1,000	Washington Township and Mercer County Board of Education, (FGIC), 5.00%, 1/1/27		1,030,230
			$	8,888,515
Insured-Hospital - 10.5%
$	2,750	New Jersey Health Care Facilities, (Englewood Hospital), (MBIA), 5.00%, 8/1/31	$	2,820,235
	1,200	New Jersey Health Care Facilities, (Jersey City Medical Center), (AMBAC), 5.00%, 8/1/41		1,222,872
			$	4,043,107
Insured-Lease Revenue / Certificates of Participation - 13.6%
$	2,670	Lafayette Yard, Community Development Corporation, (Hotel and Conference Center), (FGIC), 5.00%, 4/1/35	$	2,727,538
	1,250	Middlesex County, (MBIA), 5.00%, 8/1/31		1,276,775
	1,000	Puerto Rico Public Building Authority, (CIFG), Variable Rate, 10.705%, 7/1/36⁽¹⁾⁽²⁾		1,230,860
			$	5,235,173

Principal Amount (000's omitted)		Security	Value
Insured-Pooled Loans - 2.8%
$	950	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 9.955%, 8/1/27⁽¹⁾⁽²⁾	$	1,067,809
			$	1,067,809
Insured-Private Education - 2.7%
$	1,000	New Jersey Educational Facilities Authority, (Kean University), (FGIC), 5.00%, 7/1/28	$	1,035,820
			$	1,035,820
Insured-Public Education - 25.3%
$	1,400	Monmouth, (Brookdale Community College), (AMBAC), 5.00%, 8/1/29	$	1,425,466
	500	New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.00%, 7/1/27		516,065
	1,600	New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.00%, 7/1/33		1,646,416
	1,500	New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.125%, 7/1/30		1,562,340
	4,490	University of New Jersey Medicine and Dentistry, (AMBAC), 5.00%, 4/15/32		4,632,288
			$	9,782,575
Insured-Sewer Revenue - 6.1%
$	900	Long Branch Sewer Authority, (FGIC), 4.75%, 6/1/23	$	935,055
	2,100	Passaic Valley Sewer Commissioners, (FGIC), 2.50%, 12/1/32		1,407,378
			$	2,342,433
Insured-Special Tax Revenue - 10.4%
$	10,000	Garden State New Jersey Preservation Trust, (FSA), 0.00%, 11/1/28	$	3,189,200
	750	New Jersey EDA, (Motor Vehicle Surcharges), (MBIA), 5.25%, 7/1/26		831,308
			$	4,020,508
Insured-Transportation - 22.5%
$	780	Delaware River and Bay Authority, (MBIA), 5.00%, 1/1/33	$	805,483
	800	Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/23		833,016
	1,500	Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/37		1,542,720
	1,290	Port Authority of New York and New Jersey, (FSA), Variable Rate, 9.955%, 11/1/27⁽¹⁾⁽²⁾		1,440,685

See notes to financial statements

Eaton Vance Insured New Jersey Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Transportation (continued)
$	1,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33	$	1,037,210
	950	South Jersey Transportation Authority, (AMBAC), 5.00%, 11/1/29		970,796
	2,000	South Jersey Transportation Authority, (FGIC), 5.00%, 11/1/33		2,073,440
			$	8,703,350
Insured-Water and Sewer - 4.7%
$	4,500	Middlesex County Improvements Authority Utilities System, (Perth Amboy), (AMBAC), 0.00%, 9/1/24	$	1,806,930
			$	1,806,930
Insured-Water Revenue - 4.7%
$	1,800	Bayonne Municipal Utilities Authority, Water Revenue, (XLCA), 4.75%, 4/1/33	$	1,806,534
			$	1,806,534
Lease Revenue / Certificates of Participation - 4.0%
$	1,500	New Jersey EDA, (School Facilities), 5.00%, 6/15/26	$	1,541,040
			$	1,541,040
Private Education - 3.3%
$	1,250	New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.25%, 7/1/32	$	1,282,288
			$	1,282,288
Senior Living / Life Care - 1.5%
$	600	New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25	$	593,184
			$	593,184
Special Tax Revenue - 5.1%
$	150	New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/24	$	156,275
	500	New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/31		512,845
	500	New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29		525,660
	750	New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/34		786,240
			$	1,981,020

Principal Amount (000's omitted)		Security	Value
Transportation - 8.2%
$	1,250	Port Authority of New York and New Jersey, 5.00%, 9/1/38	$	1,283,775
	1,825	South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33		1,872,304
			$	3,156,079
Total Tax-Exempt Investments - 156.3% (identified cost $57,333,808)			$	60,371,787
Other Assets, Less Liabilities - 2.0%		$		756,560
Auction Preferred Shares Plus Cumulative Unpaid Dividends - (58.3)%			$	(22,503,143	)
Net Assets Applicable to Common Shares - 100.0%			$	38,625,204

AMBAC - AMBAC Financial Group, Inc.

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New Jersey 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 March 31, 2005, 83.9% of the securities in the portfolio of 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 2.0% to 27.2% of total investments.

⁽¹⁾Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate value of the securities is $5,684,278 or 14.7% of the Fund's net assets.

⁽²⁾Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured New York Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 155.1%
Principal Amount (000's omitted)		Security	Value
	General Obligations - 5.9%
$	500	New York, 5.25%, 8/15/26	$	527,805
	1,650	New York, NY, 5.25%, 1/15/28		1,725,471
			$	2,253,276
	Hospital - 2.0%
$	750	Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32	$	777,412
			$	777,412
	Insured-Electric Utilities - 14.1%
$	6,800	Long Island Power Authority Electric Systems Revenue, (FSA), 0.00%, 6/1/22	$	3,086,316
	2,250	Long Island Power Authority, (NY Electric System), (AMBAC), 5.00%, 9/1/34		2,321,190
			$	5,407,506
	Insured-Escrowed / Prerefunded - 6.3%
$	1,000	Metropolitan Transportation Authority, Petroleum Tax Fund, (FGIC), Prerefunded to 11/15/11, 5.00%, 11/15/31	$	1,081,490
	580	New York City Trust Cultural Resources, (Museum of History), Prerefunded to 7/1/09, (AMBAC), Variable Rate, 12.109%, 7/1/29⁽¹⁾⁽²⁾		691,766
	500	Puerto Rico, Prerefunded to 7/1/12, (FGIC), Variable Rate, 9.274%, 7/1/32⁽¹⁾⁽²⁾		627,395
			$	2,400,651
	Insured-General Obligations - 10.1%
$	2,245	New York Dormitory Authority, (School Districts Financing Program), (MBIA), 5.00%, 10/1/30	$	2,312,193
	1,500	Sachem School District, (MBIA), 5.00%, 6/15/27		1,565,010
			$	3,877,203
	Insured-Hospital - 12.2%
$	1,250	New York City Health and Hospital Corp., (Health Systems), (AMBAC), 5.00%, 2/15/23	$	1,295,175
	6,125	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (MBIA), 0.00%, 7/1/26		2,214,616
	3,365	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (MBIA), 0.00%, 7/1/27		1,154,801
			$	4,664,592

Principal Amount (000's omitted)		Security	Value
	Insured-Lease Revenue / Certificates of Participation - 3.2%
$	1,000	Puerto Rico Public Building Authority, (CIFG), Variable Rate, 10.705%, 7/1/36⁽¹⁾⁽²⁾	$	1,230,860
			$	1,230,860
	Insured-Miscellaneous - 5.4%
$	2,000	New York City Cultural Resource Trust, (Museum of Modern Art), (AMBAC), 5.125%, 7/1/31	$	2,074,580
			$	2,074,580
	Insured-Private Education - 26.6%
$	1,000	New York City Industrial Development Agency, (New York University), (AMBAC), 5.00%, 7/1/31	$	1,023,900
	2,500	New York Dormitory Authority, (Brooklyn Law School), (XLCA), 5.125%, 7/1/30		2,596,900
	2,265	New York Dormitory Authority, (FIT Student Housing Corp.), (FGIC), 5.00%, 7/1/29		2,347,152
	1,500	New York Dormitory Authority, (Fordham University), (FGIC), 5.00%, 7/1/32		1,540,725
	1,000	New York Dormitory Authority, (New York University), (AMBAC), 5.00%, 7/1/31		1,024,450
	500	New York Dormitory Authority, (Skidmore College), (FGIC), 5.00%, 7/1/33		515,845
	1,125	New York Dormitory Authority, (University of Rochester), (MBIA), 5.00%, 7/1/27		1,148,805
			$	10,197,777
	Insured-Special Tax Revenue - 16.8%
$	2,000	Metropolitan Transportation Authority, Petroleum Tax Fund, (FGIC), 5.25%, 11/15/31	$	2,109,100
	2,450	New York City Transitional Finance Authority, (MBIA), 4.75%, 5/1/23		2,484,128
	1,900	Sales Tax Asset Recievables Corp., (AMBAC), 4.50%, 10/15/33		1,853,716
			$	6,446,944
	Insured-Transportation - 16.0%
$	835	Port Authority of New York and New Jersey, (FSA), Variable Rate, 9.955%, 11/1/27⁽¹⁾⁽²⁾	$	932,536
	1,000	Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 9.195%, 7/1/28⁽¹⁾⁽²⁾		1,085,130
	2,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33		2,074,420
	2,000	Triborough Bridge and Tunnel Authority, (MBIA), 5.00%, 11/15/32		2,056,680
			$	6,148,766

See notes to financial statements

Eaton Vance Insured New York Municipal Bond Fund II as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
	Insured-Water and Sewer - 14.4%
$	3,000	New York City Municipal Water Finance Authority, (AMBAC), 5.00%, 6/15/38⁽³⁾	$	3,075,900
	2,400	Niagara Falls, Public Water Authority and Sewer System, (MBIA), 5.00%, 7/15/34		2,468,544
			$	5,544,444
	Insured-Water Revenue - 2.7%
$	1,000	Buffalo Municipal Water Finance Authority, (FSA), 5.125%, 7/1/32	$	1,035,410
			$	1,035,410
	Other Revenue - 1.6%
$	500	Puerto Rico Infrastructure Financing Authority, Variable Rate, 11.608%, 10/1/32⁽¹⁾⁽²⁾	$	632,630
			$	632,630
	Private Education - 5.3%
$	1,000	Dutchess County, Industrial Development Agency, (Marist College), 5.00%, 7/1/22	$	1,024,720
	1,000	New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34		1,012,450
			$	2,037,170
	Transportation - 9.4%
$	1,000	Port Authority of New York and New Jersey, 5.00%, 9/1/38	$	1,027,020
	2,500	Triborough Bridge and Tunnel Authority, 5.125%, 1/1/31		2,574,500
			$	3,601,520

Principal Amount (000's omitted)		Security	Value
Water Revenue - 3.1%
$	1,250	New York Environmental Facilities Corp., 4.50%, 11/15/34	$	1,207,463
			$	1,207,463
Total Tax-Exempt Investments - 155.1% (identified cost $57,225,218)			$	59,538,204
Other Assets, Less Liabilities - 3.5%			$	1,348,723
Auction Preferred Shares Plus Cumulative Unpaid Dividends - (58.6)%			$	(22,502,543	)
Net Assets Applicable to Common Shares - 100.0%			$	38,384,384

AMBAC - AMBAC Financial Group, Inc.

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by New York 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 March 31, 2005, 82.3% of the securities in the portfolio of 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 2.1% to 29.4% of total investments.

⁽¹⁾Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2005, the aggregate value of the securities is $5,200,317 or 13.5% of the Fund's net assets.

⁽²⁾Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2005.

⁽³⁾Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

Eaton Vance Insured Ohio Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

	Tax-Exempt Investments - 156.5%
Principal Amount (000's omitted)		Security	Value
	Electric Utilities - 2.8%
$	1,000	Puerto Rico Electric Power Authority, 5.125%, 7/1/29	$	1,034,940
			$	1,034,940
	General Obligations - 2.8%
$	1,000	Granville School District, 5.00%, 12/1/24	$	1,033,410
			$	1,033,410
	Hospital - 2.6%
$	900	Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29	$	948,384
			$	948,384
	Insured-Bond Bank - 2.6%
$	1,000	Cleveland-Cuyahoga County Port Authority, (AMBAC), 4.50%, 8/1/36	$	958,300
			$	958,300
	Insured-Electric Utilities - 10.4%
$	4,000	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25	$	1,502,080
	1,775	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26		630,622
	5,000	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/27		1,679,700
			$	3,812,402
	Insured-Escrowed / Prerefunded - 1.7%
$	500	University of Akron, Prerefunded to 1/1/10, (FGIC), Variable Rate, 8.91%, 1/1/29⁽¹⁾⁽²⁾	$	616,100
			$	616,100
	Insured-General Obligations - 56.7%
$	1,500	Ashtabula School District, (Construction Improvements), (FGIC), 5.00%, 12/1/30(3)	$	1,541,715
	1,000	Cincinnati School District, (School Improvements), (FSA), 5.00%, 12/1/22		1,041,270
	1,000	Cleveland, Municipal School District, (FSA), 5.00%, 12/1/27		1,037,540
	1,500	Columbus School District, (FSA), 5.00%, 12/1/32		1,554,015
	2,500	Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32		2,576,975

Principal Amount (000's omitted)		Security	Value
	Insured-General Obligations (continued)
$	1,190	Jefferson County, (AMBAC), 4.75%, 12/1/34	$	1,181,491
	2,500	Olentangy School District, (School Facility Construction and Improvements), (MBIA), 5.00%, 12/1/30		2,569,525
	2,400	Plain School District, (FGIC), 0.00%, 12/1/27		750,816
	1,400	Powell, (FGIC), 5.50%, 12/1/32		1,517,110
	2,500	Springboro Community School District, (MBIA), 5.00%, 12/1/32		2,586,250
	750	Tecumseh School District, (FGIC), 4.75%, 12/1/31		754,868
	2,600	Trotwood-Madison School District, (School Improvements), (FGIC), 5.00%, 12/1/30		2,677,402
	1,000	Zanesville School District, (School Improvements), (MBIA), 5.05%, 12/1/29		1,041,650
			$	20,830,627
	Insured-Hospital - 7.1%
$	1,000	Hamilton County, (Cincinnati Childrens Hospital), (FGIC), 5.00%, 5/15/32	$	1,028,420
	1,500	Hamilton County, (Cincinnati Childrens Hospital), (FGIC), 5.125%, 5/15/28		1,564,875
			$	2,593,295
	Insured-Lease Revenue / Certificates of Participation - 10.8%
$	1,400	Cleveland, (Cleveland Stadium), (AMBAC), 5.25%, 11/15/27	$	1,463,252
	1,000	Puerto Rico Public Building Authority, (CIFG), Variable Rate, 10.705%, 7/1/36⁽¹⁾⁽⁴⁾		1,230,860
	235	Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36		248,959
	1,000	Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33		1,024,120
			$	3,967,191
	Insured-Pooled Loans - 0.9%
$	280	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 9.956%, 8/1/27⁽¹⁾⁽⁴⁾	$	314,723
			$	314,723
	Insured-Public Education - 14.6%
$	3,000	Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28	$	3,101,760
	1,170	Ohio University, (FSA), 5.25%, 12/1/23		1,254,100
	1,000	University of Cincinnati, (AMBAC), 5.00%, 6/1/31		1,027,810
			$	5,383,670

See notes to financial statements

Eaton Vance Insured Ohio Municipal Bond Fund as of March 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue - 15.9%
$	4,315	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/22	$	1,853,767
	5,000	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/23		2,025,450
	1,000	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/24		382,260
	875	Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7.089%, 7/1/28⁽¹⁾⁽²⁾		924,490
	615	Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 10.286%, 7/1/28⁽¹⁾⁽⁴⁾		667,177
			$	5,853,144
Insured-Transportation - 15.1%
$	4,500	Cleveland Airport System, (FSA), 5.00%, 1/1/31	$	4,588,605
	885	Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 9.195%, 7/1/28⁽¹⁾⁽⁴⁾		960,340
			$	5,548,945
Pooled Loans - 4.5%
$	1,500	Cleveland-Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	1,474,095
	190	Rickenbacker Port Authority Capital Funding, (Oasbo), 5.375%, 1/1/32		199,853
			$	1,673,948
Private Education - 8.0%
$	1,000	Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33	$	1,026,820
	1,000	Ohio Higher Educational Facilities Authority, (Oberlin College), Variable Rate, 7.41%, 10/1/29⁽¹⁾⁽²⁾		1,039,940
	850	Ohio Higher Educational Facilities Commission, (John Carroll University), 5.25%, 11/15/33		893,860
			$	2,960,620
	Total Tax-Exempt Investments - 156.5% (identified cost $55,526,265)		$	57,529,699
	Other Assets, Less Liabilities - 3.0%		$	1,107,185
	Auction Preferred Shares Plus Cumulative Unpaid Dividends - (59.5)%		$	(21,879,821	)
	Net Assets Applicable to Common Shares - 100.0%		$	36,757,063

AMBAC - AMBAC Financial Group, Inc.

CIFG - CDC IXIS Financial Guaranty North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Ohio 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 March 31, 2005, 86.7% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. T