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 and nine-month periods ended June 30, 2007. The Fund's fiscal year ends on September 30, 2007.

For the three months ended June 30, 2007, the Fund had net investment income of $2,574,934 ($0.259 per common share). From this amount, the Fund paid dividends on preferred shares of $768,788 (equal to $0.078 for each common share), resulting in net investment income after the preferred dividends of $1,806,146, or $0.181 per common share. The Fund's net investment income for the nine months ended June 30, 2007 was $7,765,901 ($0.782 per common share, before deduction of the preferred share dividends totaling $0.224 per common share), resulting in net investment income after the preferred dividends of $0.558 per common share. In comparison, for the three months ended June 30, 2006, the Fund had net investment income of $2,631,150 ($0.265 per common share). From this amount, the Fund paid dividends on preferred shares of $732,852 (equal to $0.074 for each common share), resulting in net investment income after the preferred dividends of $1,898,298, or $0.191 per common share. The Fund's net investment income for the nine months ended June 30, 2006 was $7,894,738 ($0.795 per common share, before deduction of the preferred share dividends totaling $0.191 per common share), resulting in net investment income after the preferred dividends of $0.604 per common share.

Net realized and unrealized losses for the three months ended June 30, 2007 were $5,333,050 ($0.543 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2007 were $3,356,550 ($0.338 per common share). In comparison, net realized and unrealized losses for the three months ended June 30, 2006 were $4,067,703 ($0.419 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2006 were $1,873,126 ($0.189 per common share).

On June 30, 2007, net assets of the Fund applicable to common shares were $154,049,419. The net asset value per common share on June 30, 2007 was $15.52 based on 9,926,977 common shares outstanding. In comparison, on June 30, 2006, net assets of the Fund applicable to common shares were $149,652,188. The net asset value per common share on June 30, 2006 was $15.08 based on 9,925,378 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 over $150 billion in assets under management as of August 15, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.

EATON VANCE INSURED MUNICIPAL BOND FUND II
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
         
Three Months Ended Nine Months Ended
June 30, June 30,
2007 2006 2007 2006
Net investment income $ 2,575 $ 2,631 $ 7,766 $ 7,895
Net realized and unrealized gains (losses) on investments
(5,333) (4,068) (3,357) (1,873)
Preferred dividends paid (769) (733) (2,220) (1,894)
Net increase (decrease) in net assets from operations
$ (3,527) $ (2,170) $ 2,189 $ 4,128
 
Earnings per Common Share Outstanding
Net investment income $ 0.259 $ 0.265 $ 0.782 $ 0.795
Net realized and unrealized gains (losses) on investments
(0.543) (0.419) (0.338) (0.189)
Preferred dividends paid (0.078) (0.074) (0.224) (0.191)
Net increase (decrease) in net assets from operations
$ (0.362) $ (0.228) $ 0.220 $ 0.415
 
Net investment income $ 0.259 $ 0.265 $ 0.782 $ 0.795
Preferred dividends paid (0.078) (0.074) (0.224) (0.191)
Net investment income after preferred dividends $ 0.181 $ 0.191 $ 0.558 $ 0.604
 
Net Asset Value at June 30 (Common Shares)
Net assets $ 154,049 $ 149,652
Shares outstanding 9,927 9,925
Net asset value per share outstanding $ 15.52 $ 15.08
 
Market Value Summary (Common Shares)
Market price on AMEX at June 30 $ 14.80 $ 13.94
High market price (period ended June 30) $ 16.10 $ 17.00
Low market price (period ended June 30) $ 14.65 $ 13.84
 

 

Eaton Vance Insured Municipal Bond Fund II
Investor Contact: 800-262-1122