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 ended December 31, 2006. The Fund's fiscal year ends on September 30, 2007.

For the three months ended December 31, 2006, the Fund had net investment income of $2,597,382 ($0.262 per common share). From this amount, the Fund paid dividends on preferred shares of $732,015 (equal to $0.074 for each common share), resulting in net investment income after the preferred dividends of $1,865,367, or $0.188 per common share. In comparison, for the three months ended December 31, 2005, the Fund had net investment income of $2,659,947 ($0.268 per common share). From this amount, the Fund paid dividends on preferred shares of $529,133 (equal to $0.053 for each common share), resulting in net investment income after the preferred dividends of $2,130,814, or $0.215 per common share.

Net realized and unrealized gains for the three months ended December 31, 2006 were $2,880,532 ($0.290 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2005 were $222,501 ($0.022 per common share).

On December 31, 2006, net assets of the Fund applicable to common shares were $160,305,174. The net asset value per common share on December 31, 2006 was $16.15 based on 9,925,378 common shares outstanding. In comparison, on December 31, 2005, net assets of the Fund applicable to common shares were $151,853,395. The net asset value per common share on December 31, 2005 was $15.30 based on 9,924,010 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 $135.5 billion in assets under management on January 31, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (617) 482-8260.

EATON VANCE INSURED MUNICIPAL BOND FUND II
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
 
Three Months Ended Three Months Ended
  December 31,   December 31,
2006  2005 
Net investment income $2,597  $2,660 
Net realized and unrealized gains (losses) on investments
$2,881  $223 
Preferred dividends paid from net investment income ($732) ($529)
Net increase (decrease) in net assets from operations
$4,746  $2,354 
 
Earnings per Common Share Outstanding
Net investment income $0.262  $0.268 
Net realized and unrealized gains (losses) on investments
$0.290  $0.022 
Preferred dividends paid from net investment income ($0.074) ($0.053)
Net increase (decrease) in net assets from operations
$0.478  $0.237 
 
Net investment income $0.262  $0.268 
Preferred dividends paid from net investment income (0.074) (0.053)
Net investment income after preferred dividends $0.188  $0.215 
 
Net Asset Value at December 31 (Common Shares)
Net assets (000) $160,305  $151,853 
Shares outstanding (000) 9,925  9,924 
Net asset value per share outstanding $16.15  $15.30 
 
Market Value Summary (Common Shares)
Market price on AMEX at December 31 $15.35  $17.00 
High market price (three months ended December 31) $15.78  $17.00 
Low market price (three months ended December 31) $15.09  $16.15