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:		September 30, 2006

Item 1. Reports to Stockholders

Annual Report September 30, 2006

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 (the "SEC") 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 its underlying Portfolio if applicable 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 most recent 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 September 30, 2006

TABLE OF CONTENTS

Management’s Discussion of Fund Performance		2

Performance Information and Portfolio Composition

Insured Municipal Bond Fund II		3
Insured California Municipal Bond Fund II		4
Insured Florida Municipal Bond Fund		5
Insured Massachusetts Municipal Bond Fund		6
Insured Michigan Municipal Bond Fund		7
Insured New Jersey Municipal Bond Fund		8
Insured New York Municipal Bond Fund II		9
Insured Ohio Municipal Bond Fund		10
Insured Pennsylvania Municipal Bond Fund		11

Financial Statements		12

Federal Tax Information		72

Dividend Reinvestment Plan		73

Board of Trustees’ Annual Approval of the Investment Advisory Agreements		75

Management and Organization		78

Eaton Vance Insured Municipal Bond Funds as of September 30, 2006

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Eaton Vance Insured Municipal Bond Funds (the “Funds”) are designed to provide current income exempt from regular federal income tax, federal alternative minimum tax and, in state specific funds, state personal income taxes. The Funds invest primarily in high-grade municipal securities that are insured as to the timely payment of principal and interest.

Economic and Market Conditions

Third quarter economic growth slowed to 1.6%, following the 2.6% growth rate achieved in the second quarter. With higher mortgage rates in the market, led largely by the persistent Federal Reserve (the “Fed”) tightening, the housing market continued to soften, with building permits and existing home sales leading the way. However, energy prices declined significantly in the quarter, somewhat offsetting the impact of a weakening housing market. The economy continued to create jobs over the period, with the unemployment rate standing at 4.6% as of September 30, 2006.

Inflation expectations moderated with the lower energy prices, although the core Consumer Price Index – measured on a year-over-year basis – has demonstrated a slow but steady rise. The Fed, which raised short-term rates 17 times since June 2004, is currently in a pausing mode, awaiting further economic inputs to determine the future direction of interest rate moves. At September 30, 2006, the Federal Funds rate stood at 5.25%.

Municipal market supply for the first half of the year was lower than that experienced in 2005. As a result, municipals have generally outperformed Treasury bonds for the year ended September 30, 2006, as demand has remained strong. At September 30, 2006, long-term AAA-rated, insured municipal bonds yielded 90% of U.S. Treasury bonds with similar maturities.*

For the year ended September 30, 2006, the Lehman Brothers Municipal Bond Index† (the “Index”), an unmanaged index of municipal bonds, posted a gain of 4.45%. For more information about each Fund’s performance and that of funds in the same Lipper Classification†, see the Performance Information and Portfolio Composition pages that follow.

Management Discussion

The Funds invest primarily in bonds with stated maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds. Given the flattening of the yield curve for other fixed-income securities over the past 18 months — with shorter-maturity yields rising more than longer-maturity yields — management felt that the long end of the municipal curve was a relatively attractive place to be positioned. However, given the leveraged nature of the Funds, rising short-term rates have increased the borrowing costs associated with the leverage. As borrowing costs have risen, the income generated by the Funds has declined. Please see the Performance Information and Portfolio Composition pages that follow for a description of each Fund’s leverage as of September 30, 2006.

Because of the mixed economic backdrop of contained inflation expectations, a weakened housing market and continued growth in the labor market, Fund management continued to maintain a somewhat cautious outlook on interest rates. In this environment, Fund management continued to focus on finding relative value within the marketplace – in issuer names, coupons, maturities and sectors. Relative value trading, which seeks to capitalize on undervalued securities, has enhanced the Funds’ returns during the period.

* Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Fund’s yield.

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

Past performance is no guarantee of future results.

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.

The views expressed throughout this report are those of the 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 the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a 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 September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	0.13	%
Life of Fund (11/29/02)	8.59

Average Annual Total Return (by net asset value)
One Year	9.56	%
Life of Fund (11/29/02)	9.60

Market Yields

Market Yield(2)	5.10	%(4)
Taxable Equivalent Market Yield(3)	7.85	(4)

Index Performance(5)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(6)

Lipper Insured Municipal Debt Funds (Leveraged) Classification - Average Annual Total Returns
One Year	5.12	%
Life of Fund (11/30/02)	6.27

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 sold, 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.

Portfolio Manager: William H. Ahern, CFA

Rating Distribution(7),(8)

By total investments

Fund Statistics(8)

• Number of Issues:		73
• Average Maturity:		26.6 years
• Average Effective Maturity:		9.9 years
• Average Rating:		AAA
• Average Call Protection:		8.8 years
• Average Dollar Price:		$95.26
• Leverage:*		35.2%

*The leverage amount is a percentage 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).

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result.(3) Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) The dividend declared on October 31, 2006 reflects a reduction of the monthly dividend of $0.001667 per share. (5) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (6) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Insured Municipal Debt Funds (Leveraged) Classification (closed end) contained 26 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (7) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (8) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured California Municipal Bond Fund II as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	4.49	%
Life of Fund (11/29/02)	6.85

Average Annual Total Return (by net asset value)
One Year	9.15	%
Life of Fund (11/29/02)	8.15

Market Yields

Market Yield(2)		4.96	%
Taxable Equivalent Market Yield(3)		8.41

Index Performance(4)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(5)

Lipper California Insured Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.80	%
Life of Fund (11/30/02)	6.53

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 sold, 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.

Portfolio Manager: Cynthia J. Clemson

Rating Distribution(6),(7)

By total investments

Fund Statistics(7)

• Number of Issues:		48
• Average Maturity:		25.4 years
• Average Effective Maturity:		9.6 years
• Average Rating:		AAA
• Average Call Protection:		8.6 years
• Average Dollar Price:		$94.71
• Leverage:*		36.2%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Insured Municipal Debt Funds Classification (closed end) contained 13 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (6) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (7) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Florida Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	1.37	%
Life of Fund (11/29/02)	6.35

Average Annual Total Return (by net asset value)
One Year	7.64	%
Life of Fund (11/29/02)	7.82

Market Yields

Market Yield(2)	4.93	%(4)
Taxable Equivalent Market Yield(3)	7.58	(4)

Index Performance(5)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(6)

Lipper Florida Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.28	%
Life of Fund (11/30/02)	6.53

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 sold, 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.

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution(7),(8)

By total investments

Fund Statistics(8)

• Number of Issues:		52
• Average Maturity:		24.5 years
• Average Effective Maturity:		8.6 years
• Average Rating:		AAA
• Average Call Protection:		8.1 years
• Average Dollar Price:		$96.18
• Leverage:*		36.3%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) The dividend declared on October 31, 2006 reflects a reduction of the monthly dividend of $0.002917 per share. (5) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (6) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Florida Municipal Debt Funds Classification (closed end) contained 17 and 16 funds for the 1-year and Life-of-Fund time periods, respectively. Lipper Averages are available as of month end only. (7) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (8) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Massachusetts Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	-2.28	%
Life of Fund (11/29/02)	9.63

Average Annual Total Return (by net asset value)
One Year	9.14	%
Life of Fund (11/29/02)	8.82

Market Yields

Market Yield(2)	4.52	%(4)
Taxable Equivalent Market Yield(3)	7.34	(4)

Index Performance(5)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(6)

Lipper Other States Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.34	%
Life of Fund (11/30/02)	7.12

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution(7),(8)

By total investments

Fund Statistics(8)

• Number of Issues:		40
• Average Maturity:		27.1 years
• Average Effective Maturity:		12.2 years
• Average Rating:		AAA
• Average Call Protection:		11.0 years
• Average Dollar Price:		$103.69
• Leverage:*		36.1%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) The dividend declared on October 31, 2006 reflects a reduction of the monthly dividend of $0.003333 per share. (5) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (6) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed end) contained 46 funds for the 1-year and Life-of-Fund time periods, respectively. Lipper Averages are available as of month end only. (7) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (8) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Michigan Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	-7.67	%
Life of Fund (11/29/02)	5.76

Average Annual Total Return (by net asset value)
One Year	8.44	%
Life of Fund (11/29/02)	8.09

Market Yields

Market Yield(2)	4.71	%
Taxable Equivalent Market Yield(3)	7.54

Index Performance(4)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(5)

Lipper Michigan Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.39	%
Life of Fund (11/30/02)	6.90

Portfolio Manager: William H. Ahern, CFA

Rating Distribution(6),(7)

By total investments

Fund Statistics(7)

• Number of Issues:		34
• Average Maturity:		23.7 years
• Average Effective Maturity:		8.4 years
• Average Rating:		AA+
• Average Call Protection:		7.7 years
• Average Dollar Price:		$96.14
• Leverage:*		36.6%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 37.54% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed end) contained 7 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (6) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (7) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured New Jersey Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	6.53	%
Life of Fund (11/29/02)	10.26

Average Annual Total Return (by net asset value)
One Year	9.65	%
Life of Fund (11/29/02)	9.27

Market Yields

Market Yield(2)	4.51	%(4)
Taxable Equivalent Market Yield(3)	7.62	(4)

Index Performance(5)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(6)

Lipper New Jersey Municipal Debt Funds Classification - Average Annual Total Returns
One Year	6.11	%
Life of Fund (11/30/02)	7.84

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution(7),(8)

By total investments

Fund Statistics(8)

• Number of Issues:		52
• Average Maturity:		24.6 years
• Average Effective Maturity:		11.4 years
• Average Rating:		AA+
• Average Call Protection:		10.8 years
• Average Dollar Price:		$88.23
• Leverage:*		35.6%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) The dividend declared on October 31, 2006 reflects a reduction of the monthly dividend of $0.0025 per share. (5) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (6) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed end) contained 13 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (7) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (8) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured New York Municipal Bond Fund II as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	4.75	%
Life of Fund (11/29/02)	6.84

Average Annual Total Return (by net asset value)
One Year	9.02	%
Life of Fund (11/29/02)	9.34

Market Yields

Market Yield(2)	4.83	%
Taxable Equivalent Market Yield(3)	8.05

Index Performance(4)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(5)

Lipper New York Insured Municipal Debt Funds Classification - Average Annual Total Returns
One Year	4.88	%
Life of Fund (11/30/02)	6.65

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution(6),(7)

By total investments

Fund Statistics(7)

• Number of Issues:		46
• Average Maturity:		27.5 years
• Average Effective Maturity:		10.8 years
• Average Rating:		AA+
• Average Call Protection:		9.6 years
• Average Dollar Price:		$99.76
• Leverage:*		35.8%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 40.01% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Insured Municipal Debt Funds Classification (closed end) contained 12 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (6) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (7) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Ohio Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One	5.69	%
Life of Fund (11/29/02)	6.37

Average Annual Total Return (by net asset value)
One Year	8.58	%
Life of Fund (11/29/02)	7.73

Market Yields

Market Yield(2)	4.60	%
Taxable Equivalent Market Yield(3)	7.65

Index Performance(4)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(5)

Lipper Other States Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.34	%
Life of Fund (11/30/02)	7.12

Portfolio Manager: William H. Ahern, CFA

Rating Distribution(6),(7)

By total investments

Fund Statistics(7)

• Number of Issues:		45
• Average Maturity:		23.4 years
• Average Effective Maturity:		9.4 years
• Average Rating:		AA+
• Average Call Protection:		9.2 years
• Average Dollar Price:		$95.48
• Leverage:*		36.2%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 39.88% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed end) contained 46 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (6) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (7) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Pennsylvania Municipal Bond Fund as of September 30, 2006

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance as of 9/30/06(1)

Average Annual Total Return (by share price, American Stock Exchange)
One Year	1.68	%
Life of Fund (11/29/02)	7.53

Average Annual Total Return (by net asset value)
One Year	9.00	%
Life of Fund (11/29/02)	8.36

Market Yields

Market Yield(2)	4.66	%
Taxable Equivalent Market Yield(3)	7.40

Index Performance(4)

Lehman Brothers Municipal Bond Index - Average Annual Total Returns
One Year	4.45	%
Life of Fund (11/30/02)	5.00

Lipper Averages(5)

Lipper Pennsylvania Municipal Debt Funds Classification - Average Annual Total Returns
One Year	5.48	%
Life of Fund (11/30/02)	7.17

Portfolio Manager: Thomas M. Metzold, CFA

Rating Distribution(6),(7)

By total investments

Fund Statistics(7)

• Number of Issues:		58
• Average Maturity:		23.9 years
• Average Effective Maturity:		9.6 years
• Average Rating:		AAA
• Average Call Protection:		9.0 years
• Average Dollar Price:		$96.55
• Leverage:*		36.3%

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Fund’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares. (2) The Fund’s market yield is calculated by dividing the last dividend per share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. (3) Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (4) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Index performance is available as of month end only. (5) The Lipper Averages are the average total returns at net asset value of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed end) contained 9 funds for the 1-year and Life-of-Fund time periods. Lipper Averages are available as of month end only. (6) As of 9/30/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (7) As of 9/30/06. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Eaton Vance Insured Municipal Bond Fund II as of September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 155.7%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 1.1%
$	1,600	Sabine River Authority, TX, (TXU Energy Co. LLC), 5.20%, 5/1/28	$	1,657,952
			$	1,657,952
Escrowed / Prerefunded — 1.2%
$	1,250	Capital Trust Agency, FL, (Seminole Tribe Convention), Prerefunded to 10/1/12, 8.95%, 10/1/33⁽¹⁾	$	1,544,012
	390	New York City, NY, Prerefunded to 1/15/13, 5.25%, 1/15/33		427,381
			$	1,971,393
General Obligations — 7.0%
$	4,500	California, 5.25%, 4/1/30	$	4,733,505
	2,215	California, 5.50%, 11/1/33		2,435,459
	3,610	New York City, NY, 5.25%, 1/15/33		3,818,550
			$	10,987,514
Hospital — 9.6%
$	1,275	Brevard County, FL, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36	$	1,314,895
	3,335	California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34		3,436,117
	400	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25		411,700
	900	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		918,099
	750	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		786,990
	380	Cuyahoga County, OH, (Cleveland Clinic Health System), 5.50%, 1/1/29		406,577
	500	Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33		525,780
	1,000	Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.375%, 11/15/35		1,053,480
	1,000	Lehigh County, PA, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32		1,053,590
	5,000	South Miami, FL, Health Facility Authority, (Baptist Health), 5.25%, 11/15/33		5,217,100
			$	15,124,328
Insured-Electric Utilities — 14.1%
$	1,000	Burlington, KS, PCR, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31	$	1,071,520

Principal Amount (000's omitted)		Security	Value
Insured-Electric Utilities (continued)
$	22,685	Chelan County, WA, Public Utility District No. 1, (Columbia River), (MBIA), 0.00%, 6/1/23	$	10,820,064
	3,900	JEA, FL, Electric System Revenue, (FSA), 5.00%, 10/1/34		4,013,880
	3,835	Long Island Power Authority, NY, Electric Systems Revenue, (FGIC), Variable Rate, 7.05%, 12/1/23⁽¹⁾⁽²⁾		4,678,086
	1,500	Municipal Energy Agency, NE, (Power Supply System), (FSA), 5.00%, 4/1/36		1,562,925
			$	22,146,475
Insured-General Obligations — 23.2%
$	1,600	Alvin, TX, Independent School District, (MBIA), 3.25%, 2/15/27	$	1,335,920
	2,550	Butler County, KS, Unified School District No. 394, (FSA), 3.50%, 9/1/24		2,286,483
	1,640	California, (XLCA), Variable Rate, 7.078%, 10/1/28⁽¹⁾⁽²⁾		1,853,626
	1,515	Chicago, IL, (MBIA), 5.00%, 1/1/42		1,564,556
	10,000	Chicago, IL, Board of Education, (FGIC), 0.00%, 12/1/23		4,696,400
	17,000	Coast Community College District, CA, (Election of 2002), (FSA), 0.00%, 8/1/33		4,226,710
	4,830	King County, WA, (MBIA), 5.25%, 1/1/34		4,956,642
	1,100	Louisiana, (FSA), 4.25%, 5/1/25		1,070,300
	1,325	North Las Vegas, NV, Wastewater Reclamation System, (MBIA), 4.25%, 10/1/33)⁽³⁾		1,272,517
	2,080	Philadelphia, PA, (FSA), Variable Rate, 6.997%, 9/15/31⁽¹⁾⁽²⁾		2,272,109
	770	Phoenix, AZ, (AMBAC), 3.00%, 7/1/28		619,550
	5,490	Port Orange, FL, Capital Improvements, (FGIC), 5.00%, 10/1/35		5,750,445
	10,000	Washington, (Motor Vehicle Fuel), (MBIA), 0.00%, 12/1/23		4,712,200
			$	36,617,458
Insured-Hospital — 3.4%
$	3,000	Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (FSA), Variable Rate, 7.76%, 8/15/38⁽¹⁾⁽²⁾	$	4,519,260
	815	Washington Health Facilities Authority, (Providence Health Care), (FGIC), 4.50%, 10/1/35		806,524
			$	5,325,784
Insured-Industrial Development Revenue — 1.7%
$	2,590	Monroe County, GA, Development Authority, Pollution Control, (Georgia Power Co.), (AMBAC), 4.90%, 7/1/36	$	2,639,832
			$	2,639,832

See notes to financial statements

Eaton Vance Insured Municipal Bond Fund II as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation — 2.8%
$	4,250	Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34	$	4,465,050
			$	4,465,050
Insured-Other Revenue — 1.0%
$	1,500	Golden State Tobacco Securitization Corp., CA, (AGC), 5.00%, 6/1/45	$	1,556,550
			$	1,556,550
Insured-Private Education — 3.7%
$	2,500	Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59	$	3,142,725
	2,500	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		2,647,575
			$	5,790,300
Insured-Public Education — 5.9%
$	3,500	College of Charleston, SC, Academic and Administrative Facilities, (XLCA), 5.125%, 4/1/30	$	3,689,980
	5,335	University of California, (AMBAC), 5.00%, 9/1/27		5,543,118
			$	9,233,098
Insured-Sewer Revenue — 2.4%
$	1,100	Marysville, OH, Wastewater Treatment System, (XLCA), 4.75%, 12/1/46	$	1,105,489
	2,575	Tacoma, WA, Sewer Revenue, (FGIC), 5.00%, 12/1/31		2,659,460
			$	3,764,949
Insured-Special Assessment Revenue — 1.5%
$	2,165	San Jose, CA, Redevelopment Agency Tax, (MBIA), Variable Rate, 7.075%, 8/1/32⁽¹⁾⁽²⁾	$	2,356,213
			$	2,356,213
Insured-Special Tax Revenue — 7.0%
$	4,000	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (MBIA), 5.25%, 6/15/42	$	4,281,080
	2,500	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45		2,542,675
	4,000	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44		4,182,280
			$	11,006,035

Principal Amount (000's omitted)		Security	Value
Insured-Transportation — 30.4%
$	1,000	Central, TX, Regional Mobility Authority, (FGIC), 5.00%, 1/1/45	$	1,034,440
	11,900	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/22		5,941,670
	12,390	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/24		5,610,192
	1,600	Harris County, TX, (MBIA), 4.50%, 8/15/36⁽³⁾		1,577,920
	13,885	Nevada Department of Business and Industry, (Las Vegas Monorail -1st Tier), (AMBAC), 0.00%, 1/1/20		7,788,096
	5,000	South Carolina Transportation Infrastructure, (AMBAC), 5.25%, 10/1/31		5,285,600
	10,000	Texas Turnpike Authority, (AMBAC), 5.00%, 8/15/42⁽⁴⁾		10,299,500
	10,000	Triborough Bridge and Tunnel Authority, NY, (MBIA), 5.00%, 11/15/32		10,408,600
			$	47,946,018
Insured-Utilities — 4.0%
$	6,000	Philadelphia, PA, Gas Works Revenue, (FSA), 5.00%, 8/1/32	$	6,258,900
			$	6,258,900
Insured-Water and Sewer — 9.4%
$	2,240	Atlanta, GA, Water and Sewer, (FGIC), 5.00%, 11/1/38⁽⁵⁾	$	2,288,205
	8,155	Birmingham, AL, Waterworks and Sewer Board, (MBIA), 5.00%, 1/1/37		8,480,548
	600	Fort Lauderdale, FL, Water and Sewer, (MBIA), 4.25%, 9/1/33⁽³⁾		579,888
	1,950	New York City, NY, Municipal Water Finance Authority, (Water and Sewer System), (AMBAC), 5.00%, 6/15/38		2,029,287
	1,275	Pittsburgh, PA, Water and Sewer Authority, (AMBAC), Variable Rate, 7.376%, 12/1/27⁽¹⁾⁽²⁾		1,483,297
			$	14,861,225
Insured-Water Revenue — 24.8%
$	4,895	Atlanta, GA, Water and Wastewater, (MBIA), 5.00%, 11/1/39	$	5,054,871
	2,330	Contra Costa, CA, Water District, (FSA), Variable Rate, 7.077%, 10/1/32⁽¹⁾⁽²⁾		2,614,703
	3,450	Detroit, MI, Water Supply System, (MBIA), Variable Rate, 6.88%, 7/1/34⁽¹⁾⁽²⁾		3,867,105
	6,500	Los Angeles, CA, Department of Water and Power, Water Revenue, (FGIC), 5.00%, 7/1/43		6,723,340
	6,260	Massachusetts Water Resources Authority, (AMBAC), 4.00%, 8/1/40		5,683,141

See notes to financial statements

Eaton Vance Insured Municipal Bond Fund II as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Water Revenue (continued)
$	7,000	Metropolitan Water District, CA, (FGIC), 5.00%, 10/1/36	$	7,313,040
	2,870	San Antonio, TX, Water Revenue, (FGIC), 5.00%, 5/15/23		3,028,941
	4,610	Texas Southmost Regional Water Authority, (MBIA), 5.00%, 9/1/32		4,775,776
			$	39,060,917
Special Tax Revenue — 1.5%
$	750	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24	$	788,347
	1,480	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29		1,591,918
			$	2,380,265
	Total Tax-Exempt Investments — 155.7% (identified cost $228,328,350)		$	245,150,256
	Other Assets, Less Liabilities — (0.1)%		$	(178,802	)
	Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.6)%		$	(87,508,569	)
	Net Assets Applicable to Common Shares — 100.0%		$	157,462,885

AGC - Assured Guaranty Corp.

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 September 30, 2006, 86.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.6% to 33.9% 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 September 30, 2006, the aggregate value of the securities is $25,188,411 or 16.0% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽³⁾ When-issued security.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 156.2%
Principal Amount (000's omitted)		Security	Value
General Obligations — 4.3%
$	900	California, 5.25%, 4/1/30	$	946,701
	1,465	California, 5.50%, 11/1/33		1,610,811
			$	2,557,512
Hospital — 15.9%
$	1,850	California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34	$	1,906,092
	2,940	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35		3,033,404
	1,000	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		1,034,230
	1,400	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41		1,441,510
	1,900	California Statewide Communities Development Authority, (Kaiser Permanente), 5.25%, 3/1/45		2,003,151
			$	9,418,387
Insured-Electric Utilities — 6.6%
$	1,475	Glendale Electric, (MBIA), 5.00%, 2/1/32	$	1,536,817
	1,650	Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.53%, 7/1/29⁽¹⁾⁽²⁾		1,842,060
	455	Sacramento Municipal Electric Utility District, (FSA), Variable Rate, 7.076%, 8/15/28⁽¹⁾⁽³⁾		511,657
			$	3,890,534
Insured-Escrowed/Prerefunded — 7.6%
$	4,000	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/36	$	4,498,080
			$	4,498,080
Insured-General Obligations — 39.3%
$	1,250	California, (AMBAC), 5.00%, 4/1/27	$	1,309,962
	415	California, (XLCA), Variable Rate, 7.078%, 10/1/28⁽¹⁾⁽³⁾		469,058
	5,000	Clovis Unified School District, (FGIC), 0.00%, 8/1/20		2,775,050
	6,675	Coast Community College District, (FSA), 0.00%, 8/1/35		1,482,851
	2,000	Laguna Salada Union School District, (FGIC), 0.00%, 8/1/22		1,006,920
	2,350	Long Beach Unified School District, (Election of 1999), (FSA), 5.00%, 8/1/31		2,431,944
	1,945	Los Osos Community Services, Wastewater Assessment District, (MBIA), 5.00%, 9/2/33		2,023,422

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations (continued)
$	1,000	Mount Diablo Unified School District, (FSA), 5.00%, 8/1/25	$	1,058,320
	735	San Diego Unified School District, (MBIA), Variable Rate, 8.575%, 7/1/24⁽¹⁾⁽³⁾		1,116,921
	4,300	San Mateo County Community College District, (Election of 2001), (FGIC), 0.00%, 9/1/21		2,262,488
	1,750	Santa Ana Unified School District, (MBIA), 5.00%, 8/1/32		1,820,070
	1,620	Santa Clara Unified School District, (Election of 2004), (FSA), 4.375%, 7/1/30		1,619,903
	1,000	Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28		1,055,990
	3,200	Union Elementary School District, (FGIC), 0.00%, 9/1/22		1,605,248
	2,600	Union Elementary School District, (FGIC), 0.00%, 9/1/23		1,240,720
			$	23,278,867
Insured-Lease Revenue / Certificates of Participation — 20.2%
$	4,000	Anaheim Public Financing Authority Lease Revenue, (FSA), 5.00%, 3/1/37	$	4,063,360
	4,250	California Public Works Board Lease Revenue, (Department of General Services), (AMBAC), 5.00%, 12/1/27⁽⁴⁾		4,436,447
	2,250	Orange County Water District, Certificates of Participation, (MBIA), 5.00%, 8/15/34		2,344,568
	1,075	San Jose Financing Authority, (Civic Center), (AMBAC), 5.00%, 6/1/32		1,115,087
			$	11,959,462
Insured-Public Education — 13.8%
$	4,000	California State University, (AMBAC), 5.00%, 11/1/33	$	4,156,040
	3,790	University of California, (FGIC), 5.125%, 9/1/31		3,991,211
			$	8,147,251
Insured-Special Assessment Revenue — 17.8%
$	2,500	Cathedral City Public Financing Authority, (Housing Redevelopment), (MBIA), 5.00%, 8/1/33	$	2,609,350
	2,500	Cathedral City Public Financing Authority, (Tax Allocation Redevelopment), (MBIA), 5.00%, 8/1/33		2,609,350
	1,750	Irvine Public Facility and Infrastructure Authority Assessment, (AMBAC), 5.00%, 9/2/26		1,807,505
	2,000	Murrieta Redevelopment Agency Tax, (MBIA), 5.00%, 8/1/32		2,089,780

See notes to financial statements

Eaton Vance Insured California Municipal Bond Fund II as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Assessment Revenue (continued)
$	1,335	San Jose Redevelopment Agency Tax, (MBIA), Variable Rate, 7.075%, 8/1/32⁽¹⁾⁽³⁾	$	1,452,907
			$	10,568,892
Insured-Special Tax Revenue — 12.6%
$	2,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	773,760
	1,060	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		262,668
	8,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		1,434,560
	1,000	San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.00%, 7/1/31		1,035,190
	3,750	San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AMBAC), 5.125%, 7/1/36		3,937,463
			$	7,443,641
Insured-Transportation — 4.6%
$	6,670	San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/27	$	2,703,351
			$	2,703,351
Insured-Utilities — 3.1%
$	1,750	Los Angeles Department of Water and Power, (FGIC), 5.125%, 7/1/41	$	1,813,210
			$	1,813,210
Insured-Water Revenue — 6.1%
$	835	Contra Costa Water District, (FSA), Variable Rate, 7.077%, 10/1/32⁽¹⁾⁽³⁾	$	937,029
	1,500	Los Angeles, Department of Water and Power, Water Revenue, (MBIA), 3.00%, 7/1/30		1,178,310
	1,560	San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33		1,517,100
			$	3,632,439
Water Revenue — 4.3%
$	2,500	California Water Resource, (Central Valley), 5.00%, 12/1/29	$	2,557,550
			$	2,557,550
	Total Tax-Exempt Investments — 156.2% (identified cost $87,131,179)		$	92,469,176

Principal Amount (000's omitted)	Security	Value
Other Assets, Less Liabilities — 0.8%		$	489,722
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.0)%		$	(33,759,430	)
Net Assets Applicable to Common Shares — 100.0%		$	59,199,468

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 September 30, 2006, 84.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 26.8% 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 September 30, 2006, the aggregate value of the securities is $6,329,632 or 10.7% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽³⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 153.1%
Principal Amount (000's omitted)		Security	Value
Hospital — 13.7%
$	1,150	Brevard County Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36	$	1,185,983
	500	Highlands County Health Facilities Authority, (Adventist Glenoaks Hospital/Adventist Healthcare), 5.00%, 11/15/31		517,385
	1,050	Highlands County, Health Facilities Authority, (Adventist Health), 5.25%, 11/15/23		1,100,295
	500	Orange County Health Facilities Authority, (Orlando Regional Healthcare), 5.125%, 11/15/39		523,415
	1,000	Orange County, Health Facilities Authority, (Orlando Regional Healthcare), 4.75%, 11/15/36		1,005,320
	1,000	South Miami, Health Facility Authority Hospital Revenue, (Baptist Health), 5.25%, 11/15/33		1,043,420
			$	5,375,818
Insured-Electric Utilities — 12.2%
$	1,500	Deltona, Utility System Revenue, (MBIA), 5.00%, 10/1/33	$	1,568,010
	1,600	Jacksonville Electric Authority, Electric System Revenue, (FSA), 4.75%, 10/1/34		1,612,672
	1,000	Lakeland Energy System, (XLCA), 4.75%, 10/1/36		1,020,360
	500	Puerto Rico Electric Power Authority, (FSA), Variable Rate, 6.53%, 7/1/29⁽¹⁾⁽²⁾		558,200
			$	4,759,242
Insured-Escrowed / Prerefunded — 3.1%
$	1,025	Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30	$	1,192,751
			$	1,192,751
Insured-General Obligations — 8.9%
$	1,345	Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32	$	1,405,216
	2,000	Florida Board of Education Capital Outlay, (Public Education), (MBIA), 5.00%, 6/1/32		2,089,540
			$	3,494,756
Insured-Hospital — 11.1%
$	1,000	Coral Gables, Health Facilities Authority, (Baptist Health System of South Florida), (FSA), 5.00%, 8/15/29	$	1,050,060

Principal Amount (000's omitted)		Security	Value
Insured-Hospital (continued)
$	1,500	Miami-Dade County, Health Facilities Authority, (Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26	$	1,571,130
	1,510	Sarasota County, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.25%, 7/1/24⁽⁴⁾		1,703,884
			$	4,325,074
Insured-Other Revenue — 9.2%
$	1,500	Miami-Dade County, (Professional Sports Franchise), (MBIA), 4.75%, 10/1/30	$	1,517,715
	2,000	Village Center Community Development District, (MBIA), 5.00%, 11/1/32		2,095,000
			$	3,612,715
Insured-Pooled Loans — 3.7%
$	1,520	Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/23	$	741,076
	1,520	Florida Municipal Loan Council Revenue, (MBIA), 0.00%, 4/1/24		707,089
			$	1,448,165
Insured-Private Education — 4.4%
$	700	Broward County Educational Facilities Authority, (Nova Southeastern University), (AGC), 4.50%, 4/1/36	$	692,664
	1,000	Broward County Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/36		1,049,770
			$	1,742,434
Insured-Sewer Revenue — 2.7%
$	1,000	Pinellas County, Sewer, (FSA), 5.00%, 10/1/32	$	1,045,950
			$	1,045,950
Insured-Special Assessment Revenue — 7.4%
$	2,780	Julington Creek, Plantation Community Development District, (MBIA), 5.00%, 5/1/29	$	2,902,681
			$	2,902,681
Insured-Special Tax Revenue — 37.3%
$	1,000	Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/27	$	1,056,610
	1,250	Bay County, Sales Tax, (AMBAC), 5.125%, 9/1/32		1,320,762
	1,000	Dade County, Residual Certificates, (AMBAC), Variable Rate, 6.995%, 10/1/35⁽¹⁾⁽³⁾		1,045,410
	1,500	Jacksonville Capital Improvements, (AMBAC), 5.00%, 10/1/30		1,560,285
	3,750	Jacksonville Transportation Revenue, (MBIA), 5.00%, 10/1/31		3,874,762

See notes to financial statements

Eaton Vance Insured Florida Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue (continued)
$	1,275	Jacksonville, Excise Tax, (FGIC), 5.125%, 10/1/27	$	1,348,109
	600	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/35		139,650
	8,000	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/39		1,498,400
	225	Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37		229,561
	440	Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 6.832%, 7/1/28⁽¹⁾⁽³⁾		475,394
	750	Orange County Tourist Development, (AMBAC), Variable Rate, 7.37%, 10/1/30⁽¹⁾⁽³⁾		869,430
	445	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		172,162
	2,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		394,620
	1,120	Sunrise Public Facilities, (MBIA), 0.00%, 10/1/20		618,912
			$	14,604,067
Insured-Transportation — 13.5%
$	1,500	Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27	$	1,503,960
	1,605	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/24		733,148
	1,950	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/25		849,479
	1,700	Port Palm Beach District, (Improvements), (XLCA), 0.00%, 9/1/26		705,993
	330	Puerto Rico Highway and Transportation Authority, (FSA), Variable Rate, 7.075%, 7/1/32⁽¹⁾⁽³⁾		371,857
	940	Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7.077%, 7/1/36⁽¹⁾⁽³⁾		1,120,048
			$	5,284,485
Insured-Utilities — 7.2%
$	1,550	Daytona Beach, Utility System Revenue, (AMBAC), 5.00%, 11/15/32	$	1,616,898
	4,675	Port St. Lucie, Utility System Revenue, (MBIA), 0.00%, 9/1/32		1,206,103
			$	2,823,001
Insured-Water and Sewer — 18.7%
$	1,000	Emerald Coast, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31	$	1,022,870
	1,500	Jacksonville Electric Authority, Water and Sewer System, (MBIA), 4.75%, 10/1/30		1,527,495
	2,000	Marco Island Utility System, (MBIA), 5.00%, 10/1/27		2,104,280

Principal Amount (000's omitted)		Security	Value
Insured-Water and Sewer (continued)
$	1,000	Marion County Utility System, (MBIA), 5.00%, 12/1/33	$	1,046,210
	1,000	Sunrise Utility System, (AMBAC), 5.00%, 10/1/28		1,078,260
	500	Tampa Bay Water Utility System, (FGIC), Variable Rate, 5.44%, 10/1/27⁽¹⁾⁽²⁾		525,745
			$	7,304,860
	Total Tax-Exempt Investments — 153.1% (identified cost $56,663,674)		$	59,915,999
	Other Assets, Less Liabilities — 4.4%		$	1,723,762
	Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.5)%		$	(22,510,941	)
	Net Assets Applicable to Common Shares — 100.0%		$	39,128,820

AGC - Assured Guaranty Corp.

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 September 30, 2006, 91.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.9% to 48.9% 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 September 30, 2006, the aggregate value of the securities is $4,966,084 or 12.7% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽³⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 Massachusetts Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 154.9%
Principal Amount (000's omitted)		Security	Value
Escrowed / Prerefunded — 2.5%
$	600	Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32	$	685,272
			$	685,272
Hospital — 9.8%
$	1,000	Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29	$	1,054,130
	1,500	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.75%, 7/1/32		1,628,025
			$	2,682,155
Insured-Electric Utilities — 2.9%
$	750	Puerto Rico Electric Power Authority, (FGIC), 5.00%, 7/1/35	$	793,815
			$	793,815
Insured-Escrowed/Prerefunded — 21.6%
$	3,000	Massachusetts College Building Authority, (MBIA), Escrowed to Maturity, 0.00%, 5/1/26	$	1,301,220
	1,600	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), Prerefunded to 1/1/12, 5.375%, 1/1/42		1,750,880
	1,000	Puerto Rico, (FGIC), Prerefunded to 7/1/12, Variable Rate, 7.072%, 7/1/32⁽¹⁾⁽²⁾		1,223,680
	1,500	University of Massachusetts Building Authority, (AMBAC), Prerefunded to 11/1/14, 5.125%, 11/1/34		1,647,975
			$	5,923,755
Insured-General Obligations — 8.8%
$	2,000	Massachusetts, (MBIA), 5.25%, 8/1/28	$	2,324,880
	75	Sandwich, (MBIA), 4.50%, 7/15/29		76,378
			$	2,401,258
Insured-Hospital — 4.7%
$	1,210	Massachusetts Health and Educational Facilities Authority, (New England Medical Center), (FGIC), 5.00%, 5/15/25	$	1,272,254
			$	1,272,254

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation — 15.0%
$	1,750	Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34	$	1,838,550
	1,000	Plymouth County Correctional Facility, (AMBAC), 5.00%, 4/1/22		1,042,110
	1,000	Puerto Rico Public Buildings Authority, (CIFG), Variable Rate, 7.825%, 7/1/36⁽¹⁾⁽²⁾		1,241,210
			$	4,121,870
Insured-Other — 4.6%
$	1,000	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	1,254,370
			$	1,254,370
Insured-Pooled Loans — 3.3%
$	800	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 7.075%, 8/1/27⁽¹⁾⁽²⁾	$	914,840
			$	914,840
Insured-Private Education — 24.2%
$	1,000	Massachusetts Development Finance Agency, (Boston University), (XLCA), 5.375%, 5/15/39	$	1,159,370
	1,000	Massachusetts Development Finance Agency, (Boston University), (XLCA), 6.00%, 5/15/59		1,257,090
	585	Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32		687,088
	250	Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), Variable Rate, 7.78%, 9/1/32⁽¹⁾⁽²⁾		380,890
	1,500	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		1,588,545
	750	Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/35		778,762
	500	Massachusetts Development Finance Agency, (Western New England College), (AGC), 5.00%, 9/1/33		525,125
	250	Massachusetts Industrial Finance Agency, (Tufts University), (MBIA), 4.75%, 2/15/28		252,307
			$	6,629,177
Insured-Public Education — 11.3%
$	700	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	847,196
	1,000	Massachusetts Health and Educational Facilities Authority, (University of Massachusetts), (FGIC), 5.125%, 10/1/34		1,057,340

See notes to financial statements

Eaton Vance Insured Massachusetts Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Public Education (continued)
$	1,150	Massachusetts Health and Educational Facilities Authority, (Worcester State College), (AMBAC), 5.00%, 11/1/32	$	1,199,243
			$	3,103,779
Insured-Special Tax Revenue — 9.0%
$	1,280	Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32⁽³⁾	$	1,335,744
	750	Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33		695,812
	250	Massachusetts School Building Authority, Sales Tax, (FSA), 5.00%, 8/15/30		264,778
	500	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		175,995
			$	2,472,329
Insured-Transportation — 14.2%
$	5,700	Massachusetts Turnpike Authority, (MBIA), 0.00%, 1/1/28	$	2,218,098
	1,250	Massachusetts Turnpike Authority, Metropolitan Highway System, (AMBAC), 5.00%, 1/1/39		1,283,888
	335	Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7.077%, 7/1/36⁽¹⁾⁽²⁾		399,166
			$	3,901,152
Insured-Water and Sewer — 13.6%
$	1,250	Massachusetts Water Resources Authority, (AMBAC), 4.00%, 8/1/40	$	1,134,813
	2,500	Massachusetts Water Resources Authority, (FSA), 5.00%, 8/1/32		2,597,875
			$	3,732,688
Nursing Home — 2.7%
$	745	Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc./Edgecombe), 5.15%, 7/1/31	$	749,537
			$	749,537
Private Education — 6.7%
$	500	Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), 5.75%, 7/1/33	$	534,300
	750	Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33		775,898
	500	Massachusetts Health and Educational Facilities Authority, (Boston College), 5.125%, 6/1/24		527,740
			$	1,837,938

Principal Amount (000's omitted)	Security	Value
Total Tax-Exempt Investments — 154.9% (identified cost $39,416,040)		$	42,476,189
Other Assets, Less Liabilities — 1.6%		$	446,031
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.5)%		$	(15,502,972	)
Net Assets Applicable to Common Shares — 100.0%		$	27,419,248

AGC - Assured Guaranty Corp.

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 September 30, 2006, 86.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.9% to 27.6% 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 September 30, 2006, the aggregate value of the securities is $4,159,786 or 15.2% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 156.6%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 5.6%
$	1,250	Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29	$	1,309,112
			$	1,309,112
Hospital — 20.0%
$	400	Michigan Hospital Finance Authority, (Chelsea Community Hospital), 5.00%, 5/15/30	$	406,000
	1,000	Michigan Hospital Finance Authority, (Oakwood Hospital), 5.75%, 4/1/32		1,075,070
	1,500	Michigan Hospital Finance Authority, (Sparrow Obligation Group), 5.625%, 11/15/36		1,584,480
	1,500	Michigan Hospital Finance Authority, (Trinity Health), 5.375%, 12/1/30		1,589,430
			$	4,654,980
Insured-Electric Utilities — 2.3%
$	500	Michigan Strategic Fund, Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	526,620
			$	526,620
Insured-Escrowed / Prerefunded — 25.8%
$	750	Detroit School District, (School Bond Loan Fund), Prerefunded to 5/1/12, (FSA), 5.125%, 5/1/31	$	808,275
	1,150	Michigan Hospital Finance Authority, (St. John Health System), Escrowed to Maturity, (AMBAC), 5.00%, 5/15/28		1,181,061
	1,000	Michigan Trunk Line, Prerefunded to 11/1/11, (FSA), 5.00%, 11/1/25		1,066,690
	1,095	Puerto Rico, (FGIC), Prerefunded to 7/1/12, Variable Rate, 7.072%, 7/1/32⁽¹⁾⁽²⁾		1,339,930
	1,500	Reed City Public Schools, Prerefunded to 5/1/14, (FSA), 5.00%, 5/1/29		1,629,495
			$	6,025,451
Insured-General Obligations — 21.4%
$	325	Brandon School District, (FSA), 4.50%, 5/1/35	$	324,727
	1,960	Grand Rapids and Kent County, Joint Building Authority, (Devos Place), (MBIA), 0.00%, 12/1/27		760,794
	4,000	Grand Rapids and Kent County, Joint Building Authority, (MBIA), 0.00%, 12/1/30		1,338,680
	750	Greenville, Public Schools, (MBIA), 5.00%, 5/1/25		784,012
	1,330	Okemos, Public School District, (MBIA), 0.00%, 5/1/19		786,203
	1,000	Van Buren Township, (Local Development Authority), (XLCA), 4.50%, 10/1/31		997,760
			$	4,992,176

Principal Amount (000's omitted)		Security	Value
Insured-Hospital — 9.3%
$	500	Michigan Hospital Finance Authority, Mid-Michigan Obligation Group, (AMBAC), 5.00%, 4/15/32	$	516,320
	1,590	Royal Oak, Hospital Finance Authority Revenue, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35		1,659,880
			$	2,176,200
Insured-Lease Revenue / Certificates of Participation — 18.6%
$	1,750	Michigan House of Representatives, (AMBAC), 0.00%, 8/15/22	$	883,680
	2,615	Michigan House of Representatives, (AMBAC), 0.00%, 8/15/23		1,258,600
	3,100	Michigan State Building Authority, (FGIC), 0.00%, 10/15/30		962,891
	1,000	Puerto Rico Public Buildings Authority, (CIFG), Variable Rate, 7.825%, 7/1/36⁽¹⁾⁽²⁾		1,241,210
			$	4,346,381
Insured-Public Education — 10.1%
$	1,500	Central Michigan University, (AMBAC), 5.05%, 10/1/32⁽³⁾	$	1,575,105
	750	Lake Superior State University, (AMBAC), 5.125%, 11/15/26		789,443
			$	2,364,548
Insured-Sewer Revenue — 5.6%
$	1,250	Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31	$	1,310,275
			$	1,310,275
Insured-Special Tax Revenue — 17.9%
$	1,500	Lansing, Building Authority, (MBIA), 5.00%, 6/1/29	$	1,570,440
	1,500	Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30		1,565,805
	1,000	Ypsilanti, Community Utilities Authority, (San Sewer System), (FGIC), 5.00%, 5/1/32		1,038,180
			$	4,174,425
Insured-Utility — 6.9%
$	1,000	Lansing, Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/25	$	1,058,810
	510	Lansing, Board Water Supply, Steam and Electric Utility, (FSA), 5.00%, 7/1/26		536,046
			$	1,594,856

See notes to financial statements

Eaton Vance Insured Michigan Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Water Revenue — 10.9%
$	1,600	Detroit Water Supply System, (FGIC), 5.00%, 7/1/30	$	1,650,720
	800	Detroit, Water Supply System, (MBIA), Variable Rate, 6.88%, 7/1/34⁽¹⁾⁽²⁾		896,720
			$	2,547,440
Private Education — 2.2%
$	500	Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35	$	514,495
			$	514,495
	Total Tax-Exempt Investments — 156.6% (identified cost $34,040,011)		$	36,536,959
	Other Assets, Less Liabilities — 1.3%		$	302,704
	Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.9)%		$	(13,505,029	)
	Net Assets Applicable to Common Shares — 100.0%		$	23,334,634

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 September 30, 2006, 82.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.4% to 25.6% 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 September 30, 2006, the aggregate value of the securities is $3,477,860 or 14.9% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 153.9%
Principal Amount (000's omitted)		Security	Value
Hospital — 8.3%
$	100	Camden County, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25	$	102,925
	180	Camden County, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		183,620
	150	Camden County, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		157,398
	1,300	Camden County, Improvement Authority, (Cooper Health System), 5.75%, 2/15/34		1,397,253
	610	New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33		636,242
	575	New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.75%, 7/1/23		620,770
	250	New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), 5.125%, 7/1/35		258,220
			$	3,356,428
Insured-Escrowed / Prerefunded — 4.7%
$	1,550	Puerto Rico, (FGIC), Prerefunded to 7/1/12, Variable Rate, 7.072%, 7/1/32⁽¹⁾⁽²⁾	$	1,896,704
			$	1,896,704
Insured-General Obligations — 30.0%
$	2,260	Bayonne, (FSA), 0.00%, 7/1/22	$	1,156,103
	2,415	Bayonne, (FSA), 0.00%, 7/1/23		1,178,134
	1,500	Bordentown, Regional School District Board of Education, (FGIC), 5.00%, 1/15/30⁽³⁾		1,570,935
	2,000	Hudson County Improvement Authority, (MBIA), 0.00%, 12/15/38		453,540
	5,500	Irvington Township, (FSA), 0.00%, 7/15/26		2,323,860
	2,960	Jackson Township, School District, (MBIA), 2.50%, 6/15/27		2,259,753
	1,250	Jersey City, (FSA), 5.25%, 9/1/23		1,350,225
	530	Madison Borough, Board of Education, (MBIA), 4.75%, 7/15/35		543,960
	350	Monroe Township Board of Education, (MBIA), 4.50%, 4/1/33		352,289
	1,000	Old Bridge Township Board of Education, (MBIA), 4.375%, 7/15/32		1,005,010
			$	12,193,809
Insured-Hospital — 9.3%
$	2,750	New Jersey Health Care Facilities Financing Authority, (Englewood Hospital), (MBIA), 5.00%, 8/1/31	$	2,859,120
	900	New Jersey Health Care Facilities Financing Authority, (Jersey City Medical Center), (AMBAC), 5.00%, 8/1/41		925,938
			$	3,785,058

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation — 14.1%
$	445	Gloucester County, Improvements Authority, (MBIA), 4.75%, 9/1/30	$	458,862
	2,670	Lafayette Yard, Community Development Corporation, (Hotel and Conference Center), (FGIC), 5.00%, 4/1/35		2,748,551
	1,250	Middlesex County, (MBIA), 5.00%, 8/1/31		1,290,825
	1,000	Puerto Rico Public Buildings Authority, (CIFG), Variable Rate, 7.825%, 7/1/36⁽¹⁾⁽²⁾		1,241,210
			$	5,739,448
Insured-Pooled Loans — 2.7%
$	950	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 7.075%, 8/1/27⁽¹⁾⁽²⁾	$	1,086,372
			$	1,086,372
Insured-Private Education — 2.6%
$	1,000	New Jersey Educational Facilities Authority, (Kean University), (FGIC), 5.00%, 7/1/28	$	1,049,870
			$	1,049,870
Insured-Public Education — 18.5%
$	1,200	New Jersey Economic Development Authority, (School Facilities), (FGIC), 5.00%, 7/1/33	$	1,248,240
	1,500	New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.125%, 7/1/30		1,586,655
	3,990	University of New Jersey Medicine and Dentistry, (AMBAC), 5.00%, 4/15/32		4,176,253
	475	University of New Jersey Medicine and Dentistry, Certificates of Participation, (MBIA), 5.00%, 6/15/36		496,755
			$	7,507,903
Insured-Sewer Revenue — 3.7%
$	690	Passaic Valley, Sewer Commissioners, (FGIC), 2.50%, 12/1/32	$	498,442
	2,500	Rahway Valley, Sewerage Authority, (MBIA), 0.00%, 9/1/27		999,550
			$	1,497,992
Insured-Special Tax Revenue — 14.3%
$	10,000	Garden State, New Jersey Preservation Trust, (FSA), 0.00%, 11/1/28	$	3,782,600
	1,555	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		601,598
	890	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		220,542
	6,500	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		1,222,975
			$	5,827,715

See notes to financial statements

Eaton Vance Insured New Jersey Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Transportation — 23.0%
$	6,155	New Jersey Transportation Trust Fund Authority, (AMBAC), 0.00%, 12/15/36	$	1,571,679
	600	New Jersey Turnpike Authority, (FSA), 5.25%, 1/1/30		698,304
	800	Newark, Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/23		843,968
	1,500	Newark, Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/37		1,569,030
	1,290	Port Authority of New York and New Jersey, (FSA), Variable Rate, 7.035%, 11/1/27⁽¹⁾⁽²⁾		1,498,593
	1,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33		1,046,870
	2,000	South Jersey, Transportation Authority, (FGIC), 5.00%, 11/1/33		2,108,000
			$	9,336,444
Insured-Water and Sewer — 5.1%
$	4,500	Middlesex County, Improvements Authority Utilities System, (Perth Amboy), (AMBAC), 0.00%, 9/1/24	$	2,077,290
			$	2,077,290
Private Education — 3.2%
$	1,250	New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.25%, 7/1/32	$	1,302,888
			$	1,302,888
Senior Living / Life Care — 1.5%
$	600	New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25	$	610,392
			$	610,392
Special Tax Revenue — 5.0%
$	150	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24	$	157,670
	500	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31		526,445
Special Tax Revenue (continued)
$	500	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29	$	537,810
	750	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34		801,690
			$	2,023,615

Principal Amount (000's omitted)		Security	Value
Transportation — 7.9%
$	1,250	Port Authority of New York and New Jersey, 5.00%, 9/1/38	$	1,306,975
	1,825	South Jersey, Port Authority, (Marine Terminal), 5.10%, 1/1/33		1,895,591
			$	3,202,566
Total Tax-Exempt Investments — 153.9% (identified cost $57,912,957)			$	62,494,494
Other Assets, Less Liabilities — 1.6%			$	634,790
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.5)%			$	(22,509,629	)
Net Assets Applicable to Common Shares — 100.0%			$	40,619,655

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

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 September 30, 2006, 83.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.0% to 22.7% 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 September 30, 2006, the aggregate value of the securities is $5,722,879 or 14.1% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 153.8%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 1.7%
$	665	Long Island Power Authority, Electric System Revenue, 5.00%, 12/1/35	$	694,253
			$	694,253
General Obligations — 8.3%
$	1,000	New York, 5.00%, 6/1/30	$	1,048,030
	1,650	New York, 5.25%, 1/15/28		1,750,006
	500	New York City, 5.25%, 8/15/26		536,090
			$	3,334,126
Hospital — 2.0%
$	750	Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32	$	798,202
			$	798,202
Industrial Development Revenue — 2.9%
$	1,160	New York City Industrial Development Agency, (Liberty-IAC/Interactive Corp.), 5.00%, 9/1/35	$	1,181,274
			$	1,181,274
Insured-Electric Utilities — 5.9%
$	2,250	Long Island Power Authority, (AMBAC), 5.00%, 9/1/34	$	2,362,118
			$	2,362,118
Insured-Escrowed / Prerefunded — 3.2%
$	580	New York City Cultural Resource Trust, (Museum of History), (AMBAC), Prerefunded to 7/1/19, Variable Rate, 9.189%, 7/1/29⁽¹⁾⁽²⁾	$	693,912
	500	Puerto Rico, (FGIC), Prerefunded to 7/1/12, Variable Rate, 7.072%, 7/1/32⁽¹⁾⁽²⁾		611,840
			$	1,305,752
Insured-General Obligations — 9.7%
$	2,245	New York Dormitory Authority, (School Districts Financing Program), (MBIA), 5.00%, 10/1/30	$	2,340,053
	1,500	Sachem School District, (MBIA), 5.00%, 6/15/27		1,586,985
			$	3,927,038
Insured-Lease Revenue / Certificates of Participation — 3.1%
$	1,000	Puerto Rico Public Buildings Authority, (CIFG), Variable Rate, 7.825%, 7/1/36⁽¹⁾⁽²⁾	$	1,241,210
			$	1,241,210

Principal Amount (000's omitted)		Security	Value
Insured-Other Revenue — 23.6%
$	1,930	New York City Cultural Resource Trust, (American Museum of Natural History), (MBIA), 5.00%, 7/1/44	$	2,011,967
	2,000	New York City Cultural Resource Trust, (Museum of Modern Art), (AMBAC), 5.125%, 7/1/31		2,112,420
	2,000	New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42		2,036,460
	1,750	New York City Industrial Development Agency, (Yankee Stadium), (FGIC), 4.50%, 3/1/39		1,746,973
	1,575	New York City Industrial Development Agency, (Yankee Stadium), (MBIA), 4.75%, 3/1/46		1,603,649
			$	9,511,469
Insured-Private Education — 22.1%
$	1,000	New York City Industrial Development Agency, (New York University), (AMBAC), 5.00%, 7/1/31	$	1,033,440
	2,500	New York Dormitory Authority, (Brooklyn Law School), (XLCA), 5.125%, 7/1/30		2,632,375
	2,265	New York Dormitory Authority, (FIT Student Housing Corp.), (FGIC), 5.00%, 7/1/29		2,387,582
	605	New York Dormitory Authority, (Fordham University), (FGIC), 5.00%, 7/1/32		633,447
	1,000	New York Dormitory Authority, (New York University), (AMBAC), 5.00%, 7/1/31		1,033,440
	500	New York Dormitory Authority, (Skidmore College), (FGIC), 5.00%, 7/1/33		524,690
	625	New York Dormitory Authority, (University of Rochester), (MBIA), 5.00%, 7/1/27		643,438
			$	8,888,412
Insured-Public Education — 4.3%
$	1,500	New York Dormitory Authority, (Educational Housing Services), (AMBAC), 5.25%, 7/1/30	$	1,726,560
			$	1,726,560
Insured-Special Tax Revenue — 14.0%
$	700	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45	$	711,949
	400	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44		418,228
	1,385	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		535,829
	1,700	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35		463,488
	740	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		183,372
	2,500	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/33		752,350

See notes to financial statements

Eaton Vance Insured New York Municipal Bond Fund II as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue (continued)
$	14,975	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/45	$	2,560,126
			$	5,625,342
Insured-Transportation — 21.9%
$	2,000	Metropolitan Transportation Authority, Transportation Revenue Bonds, (FGIC), 5.25%, 11/15/31	$	2,141,320
	835	Port Authority of New York and New Jersey, (FSA), Variable Rate, 7.035%, 11/1/27⁽¹⁾⁽²⁾		970,020
	1,000	Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7.164%, 7/1/28⁽¹⁾⁽²⁾		1,085,400
	375	Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41		436,298
	2,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.00%, 7/1/33		2,093,740
	2,000	Triborough Bridge and Tunnel Authority, (MBIA), 5.00%, 11/15/32		2,081,720
			$	8,808,498
Insured-Water and Sewer — 14.0%
$	3,000	New York City Municipal Water Finance Authority, (AMBAC), 5.00%, 6/15/38⁽³⁾	$	3,121,980
	2,400	Niagara Falls Public Water Authority and Sewer System, (MBIA), 5.00%, 7/15/34		2,504,976
			$	5,626,956
Insured-Water Revenue — 5.5%
$	2,215	New York Environmental Facilities Corp., (MBIA), 4.25%, 6/15/28	$	2,200,890
			$	2,200,890
Other Revenue — 1.5%
$	500	Puerto Rico Infrastructure Financing Authority, Variable Rate, 7.218%, 10/1/32⁽¹⁾⁽²⁾	$	617,555
			$	617,555
Private Education — 5.1%
$	1,000	Dutchess County, Industrial Development Agency, (Marist College), 5.00%, 7/1/22	$	1,041,490
	1,000	New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34		1,035,880
			$	2,077,370

Principal Amount (000's omitted)		Security	Value
Transportation — 2.6%
$	1,000	Port Authority of New York and New Jersey, 5.00%, 9/1/38	$	1,045,580
			$	1,045,580
Water Revenue — 2.4%
$	950	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 4.50%, 6/15/36	$	952,537
			$	952,537
Total Tax-Exempt Investments — 153.8% (identified cost $58,887,609)			$	61,925,142
Other Assets, Less Liabilities — 2.1%			$	846,127
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.9)%			$	(22,508,135	)
Net Assets Applicable to Common Shares— 100.0%			$	40,263,134

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 September 30, 2006, 82.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.6% to 28.3% 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 September 30, 2006, the aggregate value of the securities is $5,219,937 or 13.0% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 155.0%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 2.7%
$	1,000	Puerto Rico Electric Power Authority, 5.125%, 7/1/29	$	1,053,850
			$	1,053,850
Hospital — 3.9%
$	900	Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29	$	962,946
	500	Miami, (Upper Valley Medical Center), 5.25%, 5/15/26		532,230
			$	1,495,176
Insured-Electric Utilities — 17.6%
$	1,500	Ohio Air Quality Development Authority, (Dayton Power & Light Co.), (FGIC), 4.80%, 1/1/34	$	1,537,515
	4,000	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25		1,787,920
	1,775	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26		756,505
	5,000	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/27		2,031,100
	600	Puerto Rico Electric Power Authority, RITES, (MBIA), Variable Rate, 6.468%, 7/1/33⁽¹⁾⁽²⁾		648,540
			$	6,761,580
Insured-Escrowed / Prerefunded — 3.2%
$	615	Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 6.832%, 7/1/28⁽¹⁾⁽²⁾	$	664,471
	500	University of Akron, (FGIC), Prerefunded to 1/1/10, Variable Rate, 7.44%, 1/1/29⁽¹⁾⁽³⁾		576,730
			$	1,241,201
Insured-General Obligations — 50.9%
$	1,500	Ashtabula, School District, (Construction Improvements), (FGIC), 5.00%, 12/1/30⁽⁴⁾	$	1,564,155
	1,000	Cleveland, Municipal School District, (FSA), 5.00%, 12/1/27		1,056,320
	1,500	Columbus, School District, (FSA), 5.00%, 12/1/32		1,635,480
	2,075	Cuyahoga, Community College District, (AMBAC), 5.00%, 12/1/32		2,170,886
	500	Hilliard, School District, (MBIA), 5.00%, 12/1/27		536,020
	600	Lakota, School District, (FGIC), 5.25%, 12/1/26		695,394
	2,500	Olentangy, School District, (School Facility Construction and Improvements), (MBIA), 5.00%, 12/1/30		2,606,925
	2,400	Plain, School District, (FGIC), 0.00%, 12/1/27		899,952

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations (continued)
$	1,400	Powell, (FGIC), 5.50%, 12/1/32	$	1,521,744
	2,500	Springboro, Community School District, (MBIA), 5.00%, 12/1/32		2,629,050
	500	Tecumseh, School District, (FGIC), 4.75%, 12/1/31		513,085
	2,600	Trotwood-Madison, City School District, (School Improvements), (FGIC), 5.00%, 12/1/30		2,714,062
	1,000	Zanesville, School District, (School Improvements), (MBIA), 5.05%, 12/1/29		1,056,720
			$	19,599,793
Insured-Hospital — 6.8%
$	1,000	Hamilton County, (Cincinnati Children's Hospital), (FGIC), 5.00%, 5/15/32	$	1,045,590
	1,500	Hamilton County, (Cincinnati Children's Hospital), (FGIC), 5.125%, 5/15/28		1,586,175
			$	2,631,765
Insured-Lease Revenue / Certificates of Participation — 9.2%
$	1,000	Cleveland, (Cleveland Stadium), (AMBAC), 5.25%, 11/15/27	$	1,033,850
	1,000	Puerto Rico Public Buildings Authority, (CIFG), Variable Rate, 7.825%, 7/1/36⁽¹⁾⁽²⁾		1,241,210
	235	Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36		250,700
	1,000	Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33		1,034,200
			$	3,559,960
Insured-Pooled Loans — 0.8%
$	280	Puerto Rico Municipal Finance Agency, (FSA), Variable Rate, 7.075%, 8/1/27⁽¹⁾⁽²⁾	$	320,194
			$	320,194
Insured-Public Education — 14.2%
$	3,000	Cincinnati, Technical and Community College, (AMBAC), 5.00%, 10/1/28	$	3,152,700
	1,170	Ohio University, (FSA), 5.25%, 12/1/23		1,269,450
	1,000	University of Cincinnati, (AMBAC), 5.00%, 6/1/31		1,041,660
			$	5,463,810
Insured-Sewer Revenue — 2.9%
$	1,100	Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/46	$	1,105,489
			$	1,105,489

See notes to financial statements

Eaton Vance Insured Ohio Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue — 12.9%
$	4,315	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/22	$	2,148,050
	5,000	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/23		2,372,000
	1,000	Hamilton County, Sales Tax, (AMBAC), 0.00%, 12/1/24		452,630
			$	4,972,680
Insured-Transportation — 14.7%
$	4,000	Cleveland, Airport System, (FSA), 5.00%, 1/1/31	$	4,114,640
	885	Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7.164%, 7/1/28⁽¹⁾⁽²⁾		960,579
	500	Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41		581,730
			$	5,656,949
Pooled Loans — 7.3%
$	1,500	Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	1,545,045
	1,150	Rickenbacker, Port Authority, Oasbo Expanded Asset Pooled Loan, 5.375%, 1/1/32		1,277,627
			$	2,822,672
Private Education — 7.9%
$	850	Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33	$	902,564
	1,000	Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33		1,042,880
	1,000	Ohio Higher Educational Facilities Authority, (Oberlin College), Variable Rate, 5.94%, 10/1/29⁽¹⁾⁽³⁾		1,097,420
			$	3,042,864
	Total Tax-Exempt Investments — 155.0% (identified cost $56,048,774)		$	59,727,983
	Other Assets, Less Liabilities — 1.8%		$	678,587
	Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.8)%		$	(21,875,000	)
	Net Assets Applicable to Common Shares — 100.0%		$	38,531,570

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 September 30, 2006, 85.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.3% to 25.2% 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 September 30, 2006, the aggregate value of the securities is $5,509,144 or 14.3% of the Fund's net assets applicable to common shares.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽³⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at September 30, 2006.

⁽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 Pennsylvania Municipal Bond Fund as of September 30, 2006

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 155.8%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 0.8%
$	325