BOSTON, Sept. 11 /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 nine-month periods ended June 30, 2009. The Fund's fiscal year ends on September 30, 2009. For the three months ended June 30, 2009, the Fund had net investment income of $651,591 ($0.221 per common share). From this amount, the Fund paid dividends on preferred shares of $10,727 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $640,864, or $0.217 per common share. The Fund's net investment income for the nine months ended June 30, 2009 was $1,964,402 ($0.667 per common share, before deduction of the preferred share dividends totaling $0.063 per common share), resulting in net investment income after the preferred dividends of $0.604 per common share. In comparison, for the three months ended June 30, 2008, the Fund had net investment income of $749,008 ($0.254 per common share). From this amount, the Fund paid dividends on preferred shares of $191,513 (equal to $0.066 for each common share), resulting in net investment income after the preferred dividends of $557,495, or $0.188 per common share. The Fund's net investment income for the nine months ended June 30, 2008 was $2,207,821 ($0.750 per common share, before deduction of the preferred share dividends totaling $0.156 per common share), resulting in net investment income after the preferred dividends of $0.594 per common share. Net realized and unrealized gains for the three months ended June 30, 2009 were $2,645,823 ($0.899 per common share). The Fund's net realized and unrealized gains for the nine months ended June 30, 2009 were $136,341 ($0.046 per common share). In comparison, net realized and unrealized gains for the three months ended June 30, 2008 were $758,584 ($0.253 per common share). The Fund's net realized and unrealized losses for the nine months ended June 30, 2008 were $2,880,449 ($0.979 per common share). On June 30, 2009, net assets of the Fund applicable to common shares were $34,787,243. The net asset value per common share on June 30, 2009 was $11.81 based on 2,945,645 common shares outstanding. In comparison, on June 30, 2008, net assets of the Fund applicable to common shares were $41,548,558. The net asset value per common share on June 30, 2008 was $14.11 based on 2,943,875 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 $143.7 billion in assets as of July 31, 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 Nine Months Ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ----- ----- Net investment income $652 $749 $1,964 $2,208 Net realized and unrealized gains (losses) on investments 2,646 759 136 (2,880) Preferred dividends paid from net investment income(1) (11) (192) (184) (458) Preferred dividends paid from net realized gains (1) (32) - (132) (223) --- --- ---- ---- Net increase (decrease) in net assets from operations $3,255 $1,316 $1,784 $(1,353) ====== ====== ====== ======= Earnings per Common Share Outstanding ---------------------------------- Net investment income $0.221 $0.254 $0.667 $0.750 Net realized and unrealized gains (losses) on investments 0.899 0.253 0.046 (0.979) Preferred dividends paid from net investment income (1) (0.004) (0.066) (0.063) (0.156) Preferred dividends paid from net realized gains (1) (0.011) - (0.045) (0.076) ------ ------ ------ ------ Net increase (decrease) in net assets from operations $1.105 $0.441 $0.605 $(0.461) ====== ====== ====== ======= Net investment income $0.221 $0.254 $0.667 $0.750 Preferred dividends paid from net investment income (1) (0.004) (0.066) (0.063) (0.156) ------ ------ ------ ------ Net investment income after preferred dividends (1) $0.217 $0.188 $0.604 $0.594 ====== ====== ====== ====== Net Asset Value at June 30 (Common Shares) ---------------------------------- Net assets $34,787 $41,549 Shares outstanding 2,946 2,944 Net asset value per share outstanding $11.81 $14.11 Market Value Summary (Common Shares) ------------------------------------ Market price on NYSE Amex at June 30 $12.31 $13.18 High market price (period ended June 30) $13.55 $15.09 Low market price (period ended June 30) $7.33 $13.18 (1) During the nine months ended June 30, 2009, the Fund made a partial redemption of its preferred shares. DATASOURCE: Eaton Vance Management CONTACT: Investor Contact for Eaton Vance Management, +1-800-262-1122 Web Site: http://www.eatonvance.com/

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