Eaton Vance Insured Pennsylvania Municipal Bond Fund (AMEX: EIP) (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 $726,134 ($0.247 per common share). From this amount, the Fund paid dividends on preferred shares of $201,502 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividends of $524,632, or $0.179 per common share. The Fund's net investment income for the six months ended March 31, 2007 was $1,453,652 ($0.494 per common share, before deduction of the preferred share dividends totaling $0.142 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 $725,704 ($0.247 per common share). From this amount, the Fund paid dividends on preferred shares of $177,583 (equal to $0.061 for each common share), resulting in net investment income after the preferred dividends of $548,121, or $0.186 per common share. The Fund's net investment income for the six months ended March 31, 2006 was $1,460,750 ($0.496 per common share, before deduction of the preferred share dividends totaling $0.116 per common share), resulting in net investment income after the preferred dividends of $0.380 per common share.

Net realized and unrealized gains for the three months ended March 31, 2007 were $27,087 ($0.007 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2007 were $560,029 ($0.188 per common share). In comparison, net realized and unrealized gains for the three months ended March 31, 2006 were $421,237 ($0.144 per common share). The Fund's net realized and unrealized gains for the six months ended March 31, 2006 were $534,321 ($0.182 per common share).

On March 31, 2007, net assets of the Fund applicable to common shares were $46,081,572. The net asset value per common share on March 31, 2007 was $15.66 based on 2,943,172 common shares outstanding. In comparison, on March 31, 2006, net assets of the Fund applicable to common shares were $44,434,239. The net asset value per common share on March 31, 2006 was $15.10 based on 2,943,172 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.

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,
2007  2006  2007  2006 
Net investment income $726  $726  $1,454  $1,461 
Net realized and unrealized gains (losses) on investments
$27  $421  $560  $534 
Preferred dividend paid from net investment income ($202) ($177) ($418) ($340)
Net increase (decrease) in net assets from operations
$551  $970  $1,596  $1,655 
 
Earnings per Share Outstanding
Net investment income $0.247  $0.247  $0.494  $0.496 
Net realized and unrealized gains (losses) on investments
$0.007  $0.144  $0.188  $0.182 
Preferred dividend paid from net investment income ($0.068) ($0.061) ($0.142) ($0.116)
Net increase (decrease) in net assets from operations
$0.186  $0.330  $0.540  $0.562 
 
Net investment income $0.247  $0.247  $0.494  $0.496 
Preferred dividend paid from net investment income ($0.068) ($0.061) ($0.142) ($0.116)
Net investment income after preferred dividend $0.179  $0.186  $0.352  $0.380 
 
Net Asset Value at March 31
Net assets (000) $46,082  $44,434 
Shares outstanding (000) 2,943  2,493 
Net asset value per share outstanding $15.66  $15.10 
 
Market Value Summary
Market price on AMEX at March 31 $15.16  $14.81 
High market price (period ended March 31) $15.35  $16.65 
Low market price (period ended March 31) $14.40  $14.81