Eaton Vance Pennsylvania Municipal Income Trust

 

 

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)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Pennsylvania Municipal Income Trust

February 28, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 159.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.3%

 

Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)

    $ 378      $ 113,437  
     

 

 

  
   $ 113,437  
  

 

 

  

Education — 29.3%

 

Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39

    $ 500      $ 523,040  

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39

      750        854,737  

Delaware County Authority, (Villanova University), 4.00%, 8/1/45

      1,000        1,030,400  

Lehigh County General Purpose Authority, (Muhlenberg College), 5.00%, 2/1/32

      830        945,735  

Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32

      750        841,687  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24

      45        50,738  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25

      65        73,802  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26

      215        244,870  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/27

      90        101,853  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30

      130        144,546  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/31

      110        121,792  

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/40

      205        222,394  

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/27

      625        713,294  

Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/34

      470        526,395  

Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40

      440        469,691  

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/42

      600        653,298  

Pennsylvania State University, 5.00%, 9/1/34

      750        864,810  

Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/30

      600        681,600  

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

      750        821,408  

Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38

      250        283,645  
     

 

 

  
   $ 10,169,735  
  

 

 

  

Escrowed/Prerefunded — 31.6%

 

Allegheny County Higher Education Building Authority, (Duquesne University), Prerefunded to 3/1/21, 5.50%, 3/1/31

    $ 1,050      $ 1,166,109  

Chester County, Prerefunded to 7/15/19, 5.00%, 7/15/27

      395        413,332  

Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40

      555        595,792  

Cumberland County Municipal Authority, (Dickinson College), Prerefunded to 11/1/19, 5.00%, 11/1/39

      1,200        1,268,532  

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

      220        223,610  

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

      30        30,499  

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

      435        442,138  

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

      315        320,169  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Dauphin County General Authority, (Pinnacle Health System), Prerefunded to 6/1/19, 6.00%, 6/1/29

    $ 360      $ 380,027  

Northampton County General Purpose Authority, (Lehigh University), Prerefunded to 5/15/19, 5.00%, 11/15/39

      500        521,260  

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), Prerefunded to 3/1/20, 5.00%, 3/1/40

      625        666,094  

Pennsylvania Turnpike Commission, Prerefunded to 6/1/18, 5.625%, 6/1/29

      750        757,995  

Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39

      515        538,891  

Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39

      420        439,484  

Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39

      65        68,015  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      495        542,302  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      385        422,876  

Philadelphia School District, Prerefunded to 9/1/18, 6.00%, 9/1/38

      985        1,007,872  

Philadelphia School District, Prerefunded to 9/1/18, 6.00%, 9/1/38

      15        15,345  

Philadelphia, Gas Works Revenue, Prerefunded to 8/1/20, 5.25%, 8/1/40

      235        254,935  

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

      250        271,313  

Washington County Industrial Development Authority, (Washington and Jefferson College), Prerefunded to 5/1/20, 5.25%, 11/1/30

      575        619,580  
     

 

 

  
   $ 10,966,170  
  

 

 

  

General Obligations — 6.3%

 

Chester County, 5.00%, 7/15/27

    $ 105      $ 109,976  

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32

      1,000        1,233,930  

West York Area School District, 5.00%, 4/1/33

      750        830,242  
     

 

 

  
   $ 2,174,148  
  

 

 

  

Hospital — 24.7%

 

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34

    $ 500      $ 524,635  

Berks County Industrial Development Authority, (Tower Health), 5.00%, 11/1/37

      800        885,872  

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40

      195        205,335  

Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29

      390        407,624  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

      500        510,550  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35

      235        237,648  

Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39

      750        787,740  

Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital Obligated Group), Prerefunded to 6/1/22, 5.00%, 6/1/31

      1,095        1,232,368  

Montgomery County Higher Education and Health Authority, (Holy Redeemer Health System), 5.00%, 10/1/27

      500        544,035  

Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33

      250        266,712  

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/37

      500        568,535  

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31

      675        713,455  

Philadelphia Hospitals and Higher Education Facilities Authority, (Temple University Health System Obligated Group), 5.00%, 7/1/34

      455        488,652  

Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/34

      1,085        1,196,278  
     

 

 

  
   $ 8,569,439  
  

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Housing — 0.5%

 

East Hempfield Township Industrial Development Authority, (Student Services, Inc.), 5.00%, 7/1/39

    $ 175      $ 184,893  
     

 

 

  
   $ 184,893  
  

 

 

  

Industrial Development Revenue — 9.6%

 

Delaware County Industrial Development Authority, (Covanta), 5.00%, 7/1/43(2)

    $ 750      $ 753,878  

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39

      200        211,990  

Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42

      750        757,913  

Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39

      250        261,550  

Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31

      1,115        1,336,996  
     

 

 

  
   $ 3,322,327  
     

 

 

  

Insured-Education — 3.6%

 

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/29

    $ 375      $ 376,125  

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/32

      875        877,625  
     

 

 

  
   $ 1,253,750  
     

 

 

  

Insured-Electric Utilities — 2.9%

 

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

    $ 1,080      $ 1,001,354  
     

 

 

  
   $ 1,001,354  
     

 

 

  

Insured-Escrowed/Prerefunded — 12.9%

 

Bucks County Water and Sewer Authority, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/35

    $ 500      $ 544,515  

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), Prerefunded to 7/1/18, 5.00%, 7/1/35

      1,440        1,471,824  

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), Prerefunded to 4/1/18, 5.50%, 10/1/37

      500        501,760  

Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19

      2,000        1,947,480  
     

 

 

  
   $ 4,465,579  
     

 

 

  

Insured-General Obligations — 3.2%

 

Laurel Highlands School District, (AGM), 5.00%, 2/1/37

    $ 750      $ 825,997  

Luzerne County, (AGM), 5.00%, 11/15/29

      250        280,313  
     

 

 

  
   $ 1,106,310  
     

 

 

  

Insured-Hospital — 0.9%

 

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

    $ 250      $ 300,928  
     

 

 

  
   $ 300,928  
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 4.9%

 

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31

    $ 500      $ 517,805  

Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27

      1,195        1,197,665  
     

 

 

  
   $ 1,715,470  
     

 

 

  

Insured-Special Tax Revenue — 2.5%

 

Pittsburgh and Allegheny County Sports & Exhibition Authority, Sales Tax Revenue, (AGM), 5.00%, 2/1/31

    $ 610      $ 649,778  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    $ 1,235      $ 234,366  
     

 

 

  
      $ 884,144  
     

 

 

  

Insured-Transportation — 8.6%

      

Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29

    $ 1,005      $ 1,008,276  

Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41

      1,800        1,967,004  
     

 

 

  
      $ 2,975,280  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.7%

      

Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34

    $ 550      $ 609,499  
     

 

 

  
      $ 609,499  
     

 

 

  

Senior Living/Life Care — 0.3%

      

Lancaster Industrial Development Authority, (Garden Spot Village), 5.375%, 5/1/28

    $ 100      $ 110,774  
     

 

 

  
      $ 110,774  
     

 

 

  

Transportation — 9.7%

      

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35

    $ 465      $ 490,110  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

      285        300,233  

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41

      450        481,995  

Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30

      550        602,558  

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/23

      410        447,007  

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27

      970        1,048,560  
     

 

 

  
      $ 3,370,463  
     

 

 

  

Utilities — 1.1%

      

Philadelphia, Gas Works Revenue, 5.25%, 8/1/40

    $ 365      $ 390,313  
     

 

 

  
      $ 390,313  
     

 

 

  

Water and Sewer — 4.5%

      

Harrisburg Water Authority, 5.25%, 7/15/31

    $ 750      $ 759,690  

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

      750        802,605  
     

 

 

  
      $ 1,562,295  
     

 

 

  

Total Tax-Exempt Municipal Securities — 159.1%
(identified cost $53,143,522)

       $ 55,246,308  
     

 

 

  

Taxable Municipal Securities — 0.1%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.1%

      

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

    $ 58      $ 17,371  
     

 

 

  

Total Taxable Municipal Securities — 0.1%
(identified cost $57,903)

       $ 17,371  
     

 

 

  

Total Investments — 159.2%
(identified cost $53,201,425)

      

$

55,263,679

 

     

 

 

  

 

4

 

 

                                                 
              Value  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (12.1)%

       $ (4,200,192 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (48.7)%

       $ (16,908,005 ) 
     

 

 

  

Other Assets, Less Liabilities — 1.6%

       $ 564,425  
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 34,719,907  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at February 28, 2018, 24.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 11.3% of total investments.

 

(1) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2018, the aggregate value of these securities is $753,878 or 2.2% of the Trust’s net assets applicable to common shares.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

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.

FGIC

   -   Financial Guaranty Insurance Company

NPFG

   -   National Public Finance Guaranty Corp.
 

 

The Trust did not have any open derivative instruments at February 28, 2018.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•   Level 1 — quoted prices in active markets for identical investments

 

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

5

 

 

At February 28, 2018, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

    $ —      $ 55,246,308      $ —      $ 55,246,308  

Taxable Municipal Securities

      —        17,371        —        17,371  

Total Investments

    $     —      $     55,263,679      $     —      $     55,263,679  

The Trust held no investments or other financial instruments as of November 30, 2017 whose fair value was determined using Level 3 inputs. At February 28, 2018, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

6

 

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 26, 2018

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 26, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 26, 2018