Eaton Vance Insured Michigan Municipal Bond Fund Report of Earnings

BOSTON, June 16 /PRNewswire-FirstCall/ -- Eaton Vance Insured Michigan
Municipal Bond Fund (NYSE Amex: MIW) (the "Fund"), a closed-end management
investment company, today announced the earnings of the Fund for the three and
six-month periods ended March 31, 2009. The Fund's fiscal year ends on
September 30, 2009.

For the three months ended March 31, 2009, the Fund had net investment income
of $352,573 ($0.233 per common share). From this amount, the Fund paid
dividends on preferred shares of $26,163 (equal to $0.017 for each common
share), resulting in net investment income after the preferred dividends of
$326,410, or $0.216 per common share. The Fund's net investment income for the
six months ended March 31, 2009 was $699,833 ($0.463 per common share, before
deduction of the preferred share dividends totaling $0.088 per common share),
resulting in net investment income after the preferred dividends of $0.375 per
common share. In comparison, for the three months ended March 31, 2008, the
Fund had net investment income of $378,258 ($0.250 per common share). From
this amount, the Fund paid dividends on preferred shares of $109,300 (equal to
$0.073 for each common share), resulting in net investment income after the
preferred dividends of $268,958, or $0.177 per common share. The Fund's net
investment income for the six months ended March 31, 2008 was $752,956 ($0.498
per common share, before deduction of the preferred share dividends totaling
$0.145 per common share), resulting in net investment income after the
preferred dividends of $0.353 per common share.

Net realized and unrealized gains for the three months ended March 31, 2009
were $1,092,547 ($0.725 per common share). The Fund's net realized and
unrealized losses for the six months ended March 31, 2009 were $431,510
($0.283 per common share). In comparison, net realized and unrealized losses
for the three months ended March 31, 2008 were $1,410,821 ($0.928 per common
share). The Fund's net realized and unrealized losses for the six months ended
March 31, 2008 were $1,774,577 ($1.169 per common share).

On March 31, 2009, net assets of the Fund applicable to common shares were
$18,610,110. The net asset value per common share on March 31, 2009 was
$12.31 based on 1,511,845 common shares outstanding. In comparison, on March
31, 2008, net assets of the Fund applicable to common shares were $21,166,635.
The net asset value per common share on March 31, 2008 was $14.00 based on
1,511,845 common shares outstanding.

The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance
Corp. (NYSE: EV), based in Boston, one of the oldest investment management
firms in the United States, with a history dating back to 1924. Eaton Vance
and its affiliates managed $127.2 billion in assets as of April 30, 2009
offering individuals and institutions a broad array of investment products and
wealth management solutions. The Company's long record of providing exemplary
service and attractive returns through a variety of market conditions has made
Eaton Vance the investment manager of choice for many of today's most
discerning investors. For more information about Eaton Vance, visit
www.eatonvance.com.

EATON VANCE INSURED MICHIGAN MUNICIPAL BOND FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)

Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
2009 2008 2009 2008
---- ---- ---- ----
Net investment income $353 $378 $700 $753
Net realized and unrealized
gains (losses) on investments 1,093 (1,411) (432) (1,775)
Preferred dividends paid from net
Investment income (1) (26) (109) (133) (219)
--- ---- ---- ----
Net increase (decrease) in net
assets from operations $1,420 $(1,142) $135 $(1,241)
====== ======= ==== =======

Earnings per Common Share Outstanding
-------------------------------------
Net investment income $0.233 $0.250 $0.463 $0.498
Net realized and unrealized
gains (losses) on investments 0.725 (0.928) (0.283) (1.169)
Preferred dividends paid from net
investment income (1) (0.017) (0.073) (0.088) (0.145)
------ ------ ------ ------
Net increase (decrease) in net
assets from operations $0.941 $(0.751) $0.092 $(0.816)
====== ======= ====== =======

Net investment income $0.233 $0.250 $0.463 $0.498
Preferred dividends paid from net
investment income (1) (0.017) (0.073) (0.088) (0.145)
------ ------ ------ ------
Net investment income after
preferred dividends (1) $0.216 $0.177 $0.375 $0.353
====== ====== ====== ======

Net Asset Value at
March 31 (Common Shares)
-------------------------
Net assets $18,610 $21,167
Shares outstanding 1,512 1,512
Net asset value per share
outstanding $12.31 $14.00

Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE Amex at
March 31 $10.74 $12.80
High market price (period ended
March 31) $10.74 $14.11
Low market price (period ended
March 31) $8.03 $12.42

(1) During the period ended March 31, 2009, the Fund made a partial
redemption of its preferred shares.

SOURCE Eaton Vance Management

Investor Contact, Eaton Vance Management, +1-800-262-1122