E.vance Ins.mich.fd : Eaton Vance Insured Michigan Municipal Bond Fund Report of Earnings

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 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 $370,194 ($0.245 per common share). From this amount, the Fund paid dividends on preferred shares of $108,265 (equal to $0.072 for each common share), resulting in net investment income after the preferred dividends of $261,929, or $0.173 per common share. In comparison, for the three months ended December 31, 2005, the Fund had net investment income of $379,534 ($0.251 per common share). From this amount, the Fund paid dividends on preferred shares of $87,482 (equal to $0.058 for each common share), resulting in net investment income after the preferred dividends of $292,052, or $0.193 per common share.

Net realized and unrealized gains for the three months ended December 31, 2006 were $140,566 ($0.093 per common share). Net realized and unrealized losses for the three months ended December 31, 2005 were $34,102 ($0.023 per common share).

On December 31, 2006, net assets of the Fund applicable to common shares were $23,488,904. The net asset value per common share on December 31, 2006 was $15.54 based on 1,511,845 common shares outstanding. In comparison, on December 31, 2005, net assets of the Fund applicable to common shares were $22,575,783. The net asset value per common share on December 31, 2005 was $14.93 based on 1,511,613 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.