Eaton Vance Insured Massachusetts Municipal Bond Fund (AMEX:MAB) (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 $432,043 ($0.246 per common share). From this amount, the Fund paid dividends on preferred shares of $115,585 (equal to $0.066 for each common share), resulting in net investment income after the preferred dividends of $316,458, or $0.180 per common share. The Fund's net investment income for the year ended September 30, 2006 was $1,722,682 ($0.983 per common share, before deduction of the preferred share dividends totaling $0.256 per common share), resulting in net investment income after the preferred dividends of $0.727 per common share. In comparison, for the three months ended September 30, 2005, the Fund had net investment income of $448,002 ($0.256 per common share). From this amount, the Fund paid dividends on preferred shares of $82,910 (equal to $0.047 for each common share), resulting in net investment income after the preferred dividends of $365,092, or $0.209 per common share. The Fund's net investment income for the year ended September 30, 2005 was $1,802,336 ($1.031 per common share, before deduction of the preferred share dividends totaling $0.143 per common share), resulting in net investment income after the preferred dividends of $0.888 per common share.

Net realized and unrealized gains for the three months ended September 30, 2006 were $1,584,452 ($0.908 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2006 were $1,066,932 ($0.613 per common share). In comparison, net realized and unrealized losses for the three months ended September 30, 2005 were $580,359 ($0.333 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2005 were $508,431 ($0.290 per common share).

On September 30, 2006, net assets of the Fund applicable to common shares were $27,419,248. The net asset value per common share on September 30, 2006 was $15.64 based on 1,753,163 common shares outstanding. In comparison, on September 30, 2005, net assets of the Fund applicable to common shares were $26,441,449. The net asset value per common share on September 30, 2005 was $15.10 based on 1,750,744 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 MASSACHUSETTS 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 $515  $532  $2,058  $2,131 
Operating expenses (83) (84) (335) (329)
Net investment income $432  $448  $1,723  $1,802 
Net realized and unrealized gains (losses)
on investments $1,584  ($580) $1,067  $508 
Preferred dividends paid from net investment income ($116) ($83) ($448) ($251)
Net increase (decrease) in net assets
from operations $1,900  ($215) $2,342  $2,059 
 
Earnings per Common Share Outstanding
Gross investment income $0.293  $0.304  $1.174  $1.219 
Operating expenses (0.047) (0.048) (0.191) (0.188)
Net investment income $0.246  $0.256  $0.983  $1.031 
Net realized and unrealized gains (losses)
on investments $0.908  ($0.333) $0.613  $0.290 
Preferred dividends paid from net investment income ($0.066) ($0.047) ($0.256) ($0.143)
Net increase (decrease) in net assets
from operations $1.088  ($0.124) $1.340  $1.178 
 
Net investment income $0.246  $0.256  $0.983  $1.031 
Preferred dividends paid from net investment income (0.066) (0.047) (0.256) (0.143)
Net investment income after preferred dividends $0.180  $0.209  $0.727  $0.888 
 
Net Asset Value at September 30 (Common Shares)
Net assets (000) $27,419  $26,441 
Shares outstanding (000) 1,753  1,751 
Net asset value per share outstanding $15.64  $15.10 
 
Market Value Summary (Common Shares)
Market price on AMEX at September 30 $16.09  $17.35 
High market price (year ended September 30) $17.85  $18.50 
Low market price (year ended September 30) $14.43  $15.52