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 six months ended March 31, 2007. The Fund's fiscal year ends on September 30, 2007.

For the three months ended March 31, 2007, the Fund had net investment income of $371,602 ($0.246 per common share). From this amount, the Fund paid dividends on preferred shares of $102,346 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $269,256, or $0.178 per common share. The Fund's net investment income for the six months ended March 31, 2007 was $741,796 ($0.491 per common share, before deduction of the preferred share dividends totaling $0.139 per common share), resulting in net investment income after the preferred dividends of $0.352 per common share. In comparison, for the three months ended March 31, 2006, the Fund had net investment income of $367,470 ($0.243 per common share). From this amount, the Fund paid dividends on preferred shares of $90,513 (equal to $0.060 for each common share), resulting in net investment income after the preferred dividends of $276,957, or $0.183 per common share. The Fund's net investment income for the six months ended March 31, 2006 was $747,004 ($0.494 per common share, before deduction of the preferred share dividends totaling $0.118 per common share), resulting in net investment income after the preferred dividends of $0.376 per common share.

Net realized and unrealized losses for the three months ended March 31, 2007 were $80,890 ($0.051 per common share). Net realized and unrealized gains for the six months ended March 31, 2007 were $59,676 ($0.042 per common share). Net realized and unrealized gains for the three months ended March 31, 2006 were $118,813 ($0.081 per common share). Net realized and unrealized gains for the six months ended March 31, 2006 were $84,711 ($0.058 per common share).

On March 31, 2007, net assets of the Fund applicable to common shares were $23,420,545. The net asset value per common share on March 31, 2007 was $15.49 based on 1,511,845 common shares outstanding. In comparison, on March 31, 2006, net assets of the Fund applicable to common shares were $22,692,313. The net asset value per common share on March 31, 2006 was $15.01 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 approximately $150.0 billion in assets under management on April 30, 2007. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122.