BOSTON, June 16 /PRNewswire-FirstCall/ -- Eaton Vance Insured Pennsylvania Municipal Bond Fund (NYSE Amex: EIP) (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 $629,592 ($0.214 per common share). The Fund paid $0 dividends from net investment income on preferred shares. The Fund's net investment income for the six months ended March 31, 2009 was $1,312,811 ($0.446 per common share, before deduction of the preferred share dividends totaling $0.059 per common share), resulting in net investment income after the preferred dividends of $0.387 per common share. In comparison, for the three months ended March 31, 2008, the Fund had net investment income of $732,139 ($0.249 per common share). From this amount, the Fund paid dividends on preferred shares of $210,350 (equal to $0.071 for each common share), resulting in net investment income after the preferred dividends of $521,789, or $0.178 per common share. The Fund's net investment income for the six months ended March 31, 2008 was $1,458,813 ($0.496 per common share, before deduction of the preferred share dividends totaling $0.090 per common share), resulting in net investment income after the preferred dividends of $0.406 per common share. Net realized and unrealized gains for the three months ended March 31, 2009 were $4,359,590 ($1.480 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2009 were $2,509,482 ($0.853 per common share). In comparison, net realized and unrealized losses for the three months ended March 31, 2008 were $3,486,126 ($1.180 per common share). The Fund's net realized and unrealized losses for the six months ended March 31, 2008 were $3,639,033 ($1.232 per common share). On March 31, 2009, net assets of the Fund applicable to common shares were $32,098,773. The net asset value per common share on March 31, 2009 was $10.90 based on 2,945,280 common shares outstanding. In comparison, on March 31, 2008, net assets of the Fund applicable to common shares were $40,737,750. The net asset value per common share on March 31, 2008 was $13.84 based on 2,943,645 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 http://www.eatonvance.com/. EATON VANCE INSURED PENNSYLVANIA 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 $630 $732 $1,313 $1,459 Net realized and unrealized gains (losses) on investments 4,360 (3,486) (2,509) (3,639) Preferred dividends paid from net investment income (1) - (210) (173) (266) Preferred dividends paid from net realized gains (1) (61) - (100) (223) --- --- ---- ---- Net increase (decrease) in net assets from operations $4,929 $(2,964) $(1,469) $(2,669) ====== ======= ======= ======= Earnings per Common Share Outstanding ------------------------- Net investment income $0.214 $0.249 $0.446 $0.496 Net realized and unrealized gains (losses) on investments 1.480 (1.180) (0.853) (1.232) Preferred dividends paid from net investment income (1) - (0.071) (0.059) (0.090) Preferred dividends paid from net realized gains (1) (0.021) - (0.034) (0.076) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.673 $(1.002) $(0.500) $(0.902) ====== ======= ======= ======= Net investment income $0.214 $0.249 $0.446 $0.496 Preferred dividends paid from net investment income (1) - (0.071) (0.059) (0.090) --- ------ ------ ------ Net investment income after preferred dividends (1) $0.214 $0.178 $0.387 $0.406 ====== ====== ====== ====== Net Asset Value at March 31 (Common Shares) --------------------------- Net assets $32,099 $40,738 Shares outstanding 2,945 2,944 Net asset value per share outstanding $10.90 $13.84 Market Value Summary (Common Shares) -------------------- Market price on NYSE Amex at March 31 $11.41 $13.85 High market price (period ended March 31) $13.55 $15.09 Low market price (period ended March 31) $7.33 $13.26 (1) During the period ended March 31, 2009, the Fund made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investors, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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