UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-09151
Investment Company Act File Number
Eaton Vance Pennsylvania Municipal Income Trust
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
November 30
Date of Fiscal Year End
February 28, 2007
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance Pennsylvania Municipal Income Trust
|
as of February 28, 2007 |
| Principal Amount (000’s omitted) |
|
Security |
|
Value |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Cogeneration — 5.4% |
|||||||||||
| $ 525 | Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 |
$ | 547,717 | ||||||||
| 500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 |
508,245 | |||||||||
| 500 | Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 |
505,325 | |||||||||
| 675 | Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 |
689,755 | |||||||||
| $ | 2,251,042 | ||||||||||
Education — 1.5% |
|||||||||||
| $ 600 | Philadelphia Higher Education Facilities Authority, (Chestnut Hill College), 6.00%, 10/1/29 |
$ | 615,534 | ||||||||
| $ | 615,534 | ||||||||||
Electric Utilities — 3.1% |
|||||||||||
| $ 600 | Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
$ | 663,408 | ||||||||
| 600 | York County, Industrial Development Authority, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 |
636,786 | |||||||||
| $ | 1,300,194 | ||||||||||
Escrowed / Prerefunded — 15.0% |
|||||||||||
| $ 600 | Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 |
$ | 668,250 | ||||||||
| 1,500 | Chester County Health and Educational Facility Authority, (Devereux Foundation), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
1,601,205 | |||||||||
| 750 | Lancaster County, Hospital Authority, Prerefunded to 9/15/13, 5.50%, 3/15/26 |
827,617 | |||||||||
| 925 | Montgomery County Higher Education and Health Authority, (Faulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30 |
1,006,650 | |||||||||
| 1,500 | Pennsylvania Higher Educational Facilities Authority, (Drexel University), Prerefunded to 5/1/09, 6.00%, 5/1/29 |
1,572,810 | |||||||||
| 600 | Philadelphia Authority for Industrial Development, (Franklin Institute), Escrowed to Maturity, 5.20%, 6/15/26 |
608,688 | |||||||||
| $ | 6,285,220 | ||||||||||
Hospital — 12.7% |
|||||||||||
| $1,000 | Lancaster County, Hospital Authority, (Lancaster General Hospital), 4.50%, 3/15/36 |
$ | 1,003,350 | ||||||||
| 1,250 | Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
1,327,275 | |||||||||
| 300 | Lehigh County, General Purpose Authority, RITES, Variable Rate, 5.95%, 8/15/33 (1)(2) |
300,000 | |||||||||
| 500 | Monroe County, Hospital Authority, (Pocono Medical Center), 6.00%, 1/1/43 |
542,120 | |||||||||
| 360 | Montgomery County, Higher Education and Health Authority, (Catholic Health East), 5.375%, 11/15/34 |
385,888 | |||||||||
| 850 | Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 |
920,660 | |||||||||
| 300 | St. Mary Hospital Authority, (Catholic Health East), 5.375%, 11/15/34 |
323,001 | |||||||||
| 500 | Washington County, Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 |
533,560 | |||||||||
| $ | 5,335,854 | ||||||||||
Housing — 13.4% |
|||||||||||
| $1,260 | Allegheny County, Residential Finance Authority, Single Family Mortgages, 5.00%, 5/1/35 |
$ | 1,299,677 | ||||||||
| 1,000 | Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 |
1,008,800 | |||||||||
| 1,200 | Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 |
1,233,876 | |||||||||
| 1,000 | Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 |
1,023,980 | |||||||||
| 1,000 | Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 |
1,043,100 | |||||||||
| $ | 5,609,433 | ||||||||||
Industrial Development Revenue — 8.9% |
|||||||||||
| $ 500 | New Morgan Industrial Development Authority, (New Morgan Landfill), (AMT), 6.50%, 4/1/19 |
$ | 500,000 | ||||||||
| 1,000 | Pennsylvania Economic Development Financing Authority, (Proctor & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 |
1,152,590 | |||||||||
| 500 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 |
526,395 | |||||||||
| 1,550 | Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 |
1,569,329 | |||||||||
| $ | 3,748,314 | ||||||||||
Insured-Education — 19.6% |
|||||||||||
| $1,900 | Lycoming County, College Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 (3) |
$ | 2,016,299 | ||||||||
| 1,000 | Northampton County Higher Education Facilities Authority, (Lafayette College), (MBIA), 5.00%, 11/1/27 |
1,011,540 | |||||||||
| 1,000 | Pennsylvania Higher Education Facilities Authority, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 |
1,039,600 | |||||||||
| 2,000 | Pennsylvania Higher Education Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24 (5) |
2,045,120 | |||||||||
| 250 | Pennsylvania Higher Education Facilities Authority, (Thomas Jefferson University), (AMBAC), 4.25%, 9/1/31 |
247,930 | |||||||||
| 1,800 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, (University Plaza), (MBIA), 5.00%,
7/1/33 (4) |
1,859,670 | |||||||||
| $ | 8,220,159 | ||||||||||
Insured-Electric Utilities — 14.2% |
|||||||||||
| $ 1,380 | Lehigh County Industrial Development Authority, Pollution Control, (FGIC), 4.75%, 2/15/27 (4) |
$ | 1,428,544 | ||||||||
| 1,801 | Puerto Rico Electric Power Authority, (FSA), 5.25%, 7/1/29 (4) |
1,896,588 | |||||||||
| 2,500 | Puerto Rico Electric Power Authority, (FSA), 5.25%, 7/1/29 (4) |
2,633,333 | |||||||||
| $ | 5,958,465 | ||||||||||
Insured-Escrowed/Prerefunded — 14.6% |
|||||||||||
| $1,000 | Allegheny County, Sanitation and Sewer Authority, (MBIA), Prerefunded to 12/1/10, 5.50%, 12/1/24 |
$ | 1,071,450 | ||||||||
| 650 | Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
700,791 | |||||||||
| 490 | Dauphin County, General Authority, (Pinnacle Health System), (MBIA), Prerefunded to 5/15/07, 5.50%, 5/15/27 |
496,757 | |||||||||
| 2,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 |
2,631,772 | |||||||||
| 2,000 | Westmoreland, Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 |
1,214,860 | |||||||||
| $ | 6,115,630 | ||||||||||
Insured-General Obligations — 7.7% |
|||||||||||
| $2,000 | Philadelphia, (FSA), 5.00%, 3/15/28 |
$ | 2,055,560 | ||||||||
| 1,000 | Puerto Rico, (FSA), Variable Rate, 12.684%, 7/1/27 (1)(2) |
1,185,960 | |||||||||
| $ | 3,241,520 | ||||||||||
Insured-Hospital — 13.4% |
|||||||||||
| $ 510 | Dauphin County, General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27 |
$ | 516,666 | ||||||||
| 500 | Delaware County, Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 |
510,685 | |||||||||
| 1,500 | Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 |
1,555,785 | |||||||||
| 3,000 | Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 |
3,061,110 | |||||||||
| $ | 5,644,246 | ||||||||||
Insured-Special Tax Revenue — 2.5% |
|||||||||||
| $1,000 | Pittsburgh and Allegheny County, Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 |
$ | 1,034,290 | ||||||||
| $ | 1,034,290 | ||||||||||
Insured-Transportation — 18.1% |
|||||||||||
| $1,000 | Allegheny County, Port Authority, (FGIC), 5.00%, 3/1/29 |
$ | 1,044,190 | ||||||||
| 800 | Pennsylvania Turnpike Commission, (FSA), 5.25%, 7/15/27 (4) |
1,002,455 | |||||||||
| 2,050 | Pennsylvania Turnpike Commission, (FSA), 5.25%, 1/15/23 (4) |
2,366,340 | |||||||||
| 1,005 | Philadelphia, Parking Authority, (AMBAC), 5.25%, 2/15/29 |
1,038,939 | |||||||||
| 1,800 | Puerto Rico Highway and Transportation Authority, (CIFG), 5.25%, 7/1/41 (4) |
2,158,722 | |||||||||
| $ | 7,610,646 | ||||||||||
Insured-Water and Sewer — 8.8% |
|||||||||||
| $ 500 | Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 |
$ | 527,025 | ||||||||
| 1,000 | Philadelphia, Water and Wastewater, (FGIC), 5.00%, 11/1/31 |
1,048,710 | |||||||||
| 2,000 | Pittsburgh, Water and Sewer Authority, (AMBAC), 5.125%, 12/1/31 (5) |
2,107,560 | |||||||||
| $ | 3,683,295 | ||||||||||
Senior Living / Life Care — 7.0% |
|||||||||||
| $ 600 | Bucks County Industrial Development Authority, (Pennswood), 6.00%, 10/1/27 |
$ | 651,030 | ||||||||
| 1,000 | Cliff House Trust (AMT), 6.625%, 6/1/27 (6) |
718,210 | |||||||||
| 500 | Crawford County, Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 |
516,435 | |||||||||
| $ 500 | Lancaster County, Hospital Authority, (Health Center), 5.875%, 6/1/31 |
$ | 531,865 | ||||||||
| 200 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 |
209,032 | |||||||||
| 300 | Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 |
312,390 | |||||||||
| $ | 2,938,962 | ||||||||||
Transportation — 5.3% |
|||||||||||
| $1,200 | Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28 |
$ | 1,255,956 | ||||||||
| 165 | Erie, Municipal Airport Authority, (AMT), 5.50%, 7/1/09 |
164,932 | |||||||||
| 490 | Erie, Municipal Airport Authority, (AMT), 5.875%, 7/1/16 |
495,067 | |||||||||
| 270 | Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 |
289,864 | |||||||||
| $ | 2,205,819 | ||||||||||
Total Tax-Exempt Investments — 171.2% |
|||||||||||
(identified cost $67,160,247) |
$ | 71,798,623 | |||||||||
Other Assets, Less Liabilities — (17.5)% |
$ | (7,345,486 | ) | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.7)% |
$ | (22,504,376 | ) | ||||||||
Net
Assets Applicable to Common Shares— 100.0% |
$ | 41,948,761 | |||||||||
AMBAC |
– | AMBAC Financial
Group, Inc. |
AMT |
– | Interest earned
from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
CIFG |
– | CDC IXIS Financial
Guaranty North America, Inc. |
FGIC |
– | Financial Guaranty
Insurance Company |
FSA |
– | Financial Security
Assurance, Inc. |
MBIA |
– | Municipal Bond
Insurance Association |
(1) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2007, the aggregate value of the securities is $1,485,960 or 3.5% of the Trust’s net assets applicable to common shares. |
(2) |
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2007. |
(3) |
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
(4) |
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust. |
(5) |
Security (or a portion thereof) has been segregated to cover when-issued securities. |
(6) |
Security is in default with respect to principal payments. |
A summary of financial instruments at February 28, 2007 is as follows:
Interest Rate Swaps
At February 28, 2007, the Trust had entered into an interest rate swap with Merrill Lynch Capital Services, Inc. whereby the Trust makes bi-annual payments at a fixed rate equal to 4.006% on the notional amount of $1,600,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 7, 2007. The value of the contract, which terminates August 7, 2037, is recorded as a payable for open interest rate swap contracts of $28,296, on February 28, 2007.
At February 28, 2007, the Trust had entered into an interest rate swap with Morgan Stanley Capital Services, Inc., whereby the Trust makes bi-annual payments at a fixed rate equal to 3.948% on the notional amount of $2,500,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is January 23, 2008. The value of the contract, which terminates January 23, 2038, is recorded as a payable for open interest rate swap contracts of $17,800, on February 28, 2007.
At February 28, 2007, the Trust had entered into an interest rate swap with Citibank N.A. whereby the Trust makes bi-annual payments at a fixed rate equal to 3.925% on the notional amount of $1,600,000. In exchange, the Trust receives bi-annual payments at a rate equal to the USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is August 16, 2007. The value of the contract, which terminates August 16, 2027, is recorded as a payable for open interest rate swap contracts of $17,598, on February 28, 2007.
At February 28, 2007, the Trust entered into an interest rate swap agreement with Lehman whereby the Trust makes bi-annual payments at a fixed rate equal to 3.896% on the notional amount of $2,500,000. In exchange the Trust receives bi-annual payments at a rate equal to the three months USD-BMA Municipal Swap Index on the same notional amount. The effective date of the interest rate swap is October 23, 2007. The value of the contract, which terminates on October 23, 2037, is recorded as a payable for open interest rate swap contracts of $940 on February 28, 2007.
At February 28, 2007, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) in value of the investments owned at February 28, 2007, as computed on a federal income tax basis, were as follows:
|
|
Aggregate cost |
$ |
58,884,644 |
|
|
Gross unrealized appreciation |
$ |
4,868,490 |
|
|
Gross unrealized depreciation |
|
(40,292) |
|
|
Net unrealized appreciation |
$ |
4,828,198 |
Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Pennsylvania Municipal Income Trust
|
By: |
/s/ Cynthia J. Clemson | ||
|
|
Cynthia J. Clemson |
| |
|
|
President |
| |
|
Date: |
April 25, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Cynthia J. Clemson | |
|
|
Cynthia J. Clemson |
|
President
|
Date: |
April 25, 2007 |
|
By: |
/s/ Barbara E. Campbell | |
|
|
Barbara E. Campbell |
|
Treasurer
|
Date: |
April 25, 2007 |