E.vance Ins.mun.ii : Eaton Vance Insured Municipal Bond Fund II Report of Earnings

Eaton Vance Insured Municipal Bond Fund II (AMEX: EIV) (the ?Fund?), a closed-end management investment company, today announced the earnings of the Fund for the three months and year ended September 30, 2006. The Fund's fiscal year ended on September 30, 2006.

For the three months ended September 30, 2006, the Fund had net investment income of $2,605,716 ($0.263 per common share). From this amount, the Fund paid dividends on preferred shares of $737,805 (equal to $0.074 for each common share), resulting in net investment income after the preferred dividends of $1,867,911, or $0.189 per common share. The Fund's net investment income for the year ended September 30, 2006 was $10,500,454 ($1.058 per common share, before deduction of the preferred share dividends totaling $0.265 per common share), resulting in net investment income after the preferred dividends of $0.793 per common share. In comparison, for the three months ended September 30, 2005, the Fund had net investment income of $2,656,449 ($0.268 per common share). From this amount, the Fund paid dividends on preferred shares of $499,347 (equal to $0.050 for each common share), resulting in net investment income after the preferred dividends of $2,157,102, or $0.218 per common share. The Fund's net investment income for the year ended September 30, 2005 was $10,846,557 ($1.094 per common share, before deduction of the preferred share dividends totaling $0.169 per common share), resulting in net investment income after the preferred dividends of $0.925 per common share.

Net realized and unrealized gains for the three months ended September 30, 2006 were $7,879,486 ($0.794 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2006 were $6,006,360 ($0.605 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2005 were $3,426,565 ($0.346 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2005 were $3,581,429 ($0.359 per common share).

On September 30, 2006, net assets of the Fund applicable to common shares were $157,462,885. The net asset value per common share on September 30, 2006 was $15.86 based on 9,925,378 common shares outstanding. In comparison, on September 30, 2005, net assets of the Fund applicable to common shares were $151,936,585. The net asset value per common share on September 30, 2005 was $15.31 based on 9,921,077 common shares outstanding.

Common shares of the Fund are traded on the American Stock Exchange. The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $128.9 billion in assets under management on October 31, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.