Eaton Vance Insured Michigan Municipal Bond Fund (AMEX:MIW) (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 $374,867 ($0.248 per common share). From this amount, the Fund paid dividends on preferred shares of $106,427 (equal to $0.070 for each common share), resulting in net investment income after the preferred dividends of $268,440, or $0.178 per common share. The Fund's net investment income for the year ended September 30, 2006 was $1,498,369 ($0.991 per common share, before deduction of the preferred share dividends totaling $0.252 per common share), resulting in net investment income after the preferred dividends of $0.739 per common share. In comparison, for the three months ended September 30, 2005, the Fund had net investment income of $383,274 ($0.254 per common share). From this amount, the Fund paid dividends on preferred shares of $67,716 (equal to $0.045 for each common share), resulting in net investment income after the preferred dividends of $315,558, or $0.209 per common share. The Fund's net investment income for the year ended September 30, 2005 was $1,568,355 ($1.039 per common share, before deduction of the preferred share dividends totaling $0.164 per common share), resulting in net investment income after the preferred dividends of $0.875 per common share.

Net realized and unrealized gains for the three months ended September 30, 2006 were $1,128,010 ($0.742 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2006 were $704,269 ($0.462 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2005 were $473,140 ($0.313 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2005 were $351,687 ($0.233 per common share).

On September 30, 2006, net assets of the Fund applicable to common shares were $23,334,634. The net asset value per common share on September 30, 2006 was $15.43 based on 1,511,845 common shares outstanding. In comparison, on September 30, 2005, net assets of the Fund applicable to common shares were $22,670,179. The net asset value per common share on September 30, 2005 was $15.00 based on 1,511,225 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.

EATON VANCE INSURED MICHIGAN MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
 
Three Months Ended Year Ended
September 30,   September 30,
2006  2005  2006  2005 
Gross investment income $450  $464  $1,793  $1,857 
Operating expenses ($75) ($81) ($295) ($289)
Net investment income $375  $383  $1,498  $1,568 
Net realized and unrealized gains (losses) on investments
$1,128  ($473) $704  $352 
Preferred dividend paid from net investment income ($106) ($67) ($381) ($247)
Net increase (decrease) in net assets from operations
$1,397  ($157) $1,821  $1,673 
 
Earnings per Share Outstanding
Gross investment income $0.298  $0.307  $1.186  $1.230 
Operating expenses ($0.050) ($0.053) ($0.195) ($0.191)
Net investment income $0.248  $0.254  $0.991  $1.039 
Net realized and unrealized gains (losses) on investments
$0.742  ($0.313) $0.462  $0.233 
Preferred dividend paid from net investment income ($0.070) ($0.045) ($0.252) ($0.164)
Net increase (decrease) in net assets from operations
$0.920  ($0.104) $1.201  $1.108 
 
Net investment income $0.248  $0.254  $0.991  $1.039 
Preferred dividend paid from net investment income ($0.070) ($0.045) ($0.252) ($0.164)
Net investment income after preferred dividend $0.178  $0.209  $0.739  $0.875 
 
Net Asset Value at September 30, (Common Shares)
Net assets (000) $23,335  $22,670 
Shares outstanding (000) 1,512  1,511 
Net asset value per share outstanding $15.43  $15.00 
 
Market Value Summary (Common Shares)
Market price on AMEX at September 30 $14.19  $16.20 
High market price (year ended September 30) $16.75  $16.92 
Low market price (year ended September 30) $13.60  $15.29