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 nine months 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 $363,921 ($0.241 per common share). From this amount, the Fund paid dividends on preferred shares of $108,414 (equal to $0.072 for each common share), resulting in net investment income after the preferred dividends of $255,507, or $0.169 per common share. The Fund's net investment income for the nine months ended June 30, 2007 was $1,105,717 ($0.731 per common share, before deduction of the preferred share dividends totaling $0.211 per common share), resulting in net investment income after the preferred dividends of $0.520 per common share. In comparison, for the three months ended June 30, 2006, the Fund had net investment income of $376,498 ($0.249 per common share). From this amount, the Fund paid dividends on preferred shares of $97,066 (equal to $0.064 for each common share), resulting in net investment income after the preferred dividends of $279,432, or $0.185 per common share. The Fund's net investment income for the nine months ended June 30, 2006 was $1,123,502 ($0.743 per common share, before deduction of the preferred share dividends totaling $0.182 per common share), resulting in net investment income after the preferred dividends of $0.561 per common share.

Net realized and unrealized losses for the three months ended June 30, 2007 were $681,088 ($0.453 per common share). Net realized and unrealized losses for the nine months ended June 30, 2007 were $621,412 ($0.411 per common share). In comparison, net realized and unrealized losses for the three months ended June 30, 2006 were $508,452 ($0.338 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2006 were $423,741 ($0.280 per common share).

On June 30, 2007, net assets of the Fund applicable to common shares were $22,717,260. The net asset value per common share on June 30, 2007 was $15.03 based on 1,511,845 common shares outstanding. In comparison, on June 30, 2006, net assets of the Fund applicable to common shares were $22,190,660. The net asset value per common share on June 30, 2006 was $14.68 based on 1,511,845 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 MICHIGAN MUNICIPAL BOND FUND
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 $ 364 $ 377 $ 1,106 $ 1,124
Net realized and unrealized gains (losses) on investments
(681) (509) (621) (424)
Preferred dividends paid (108) (97) (319) (275)
Net increase (decrease) in net assets from operations
$ (425) $ (229) $ 166 $ 425
 
Earnings per Common Share Outstanding
Net investment income $ 0.241 $ 0.249 $ 0.731 $ 0.743
Net realized and unrealized gains (losses) on investments
(0.453) (0.338) (0.411) (0.280)
Preferred dividends paid (0.072) (0.064) (0.211) (0.182)
Net increase (decrease) in net assets from operations
$(0.284) $(0.153) $ 0.109 $ 0.281
 
Net investment income $ 0.241 $ 0.249 $ 0.731 $ 0.743
Preferred dividends paid (0.072) (0.064) (0.211) (0.182)
Net investment income after preferred dividends $ 0.169 $ 0.185 $ 0.520 $ 0.561
 
Net Asset Value at June 30 (Common Shares)
Net assets $ 22,717 $ 22,191
Shares outstanding 1,512 1,512
Net asset value per share outstanding $ 15.03 $ 14.68
 
Market Value Summary (Common Shares)
Market price on AMEX at June 30 $ 14.27 $ 13.61
High market price (period ended June 30) $ 15.10 $ 16.75
Low market price (period ended June 30) $ 13.98 $ 13.61

Eaton Vance Insured Michigan Municipal Bond Fund
Investor Contact: (800) 262-1122