0001104659-06-029550.txt : 20060501 0001104659-06-029550.hdr.sgml : 20060501 20060501124954 ACCESSION NUMBER: 0001104659-06-029550 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060228 FILED AS OF DATE: 20060501 DATE AS OF CHANGE: 20060501 EFFECTIVENESS DATE: 20060501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074687 IRS NUMBER: 046880053 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09151 FILM NUMBER: 06793626 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-Q 1 a06-6993_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number		811-9151
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)		(Zip code)
Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and Address of Agent for Service)
Registrant’s Telephone Number, Including Area Code:		(617) 482-8260
Date of Fiscal Year End:		November 30
Date of Reporting Period:		February 28, 2006

Item 1. Schedule of Investments

Eaton Vance Pennsylvania Municipal Income Trust as of February 28, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 156.5%

Principal
Amount
(000’s omitted)		Security	Value
Cogeneration — 5.2%
$	425	Carbon County IDA, (Panther Creek Partners), (AMT), 6.65%, 5/1/10	$	449,012
500		Pennsylvania EDA, (Northampton Generating), (AMT), 6.50%, 1/1/13	499,975
500		Pennsylvania EDA, (Northampton Generating), (AMT), 6.60%, 1/1/19	503,840
675		Pennsylvania EDA, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15	672,590
			$	2,125,417
Education — 1.5%
600		Philadelphia HEFA, (Chestnut Hill College), 6.00%, 10/1/29	616,416
			$	616,416
Electric Utilities — 3.1%
600		Pennsylvania EDA, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36	640,020
600		York County IDA, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20	634,896
			$	1,274,916
Escrowed / Prerefunded — 3.9%
1,500		Pennsylvania HEFA, (Drexel University), Prerefunded to 5/1/09, 6.00%, 5/1/29	1,611,300
			$	1,611,300
Health Care - Miscellaneous — 5.4%
600		Allegheny County IDA, (Residential Resources, Inc.), 6.50%, 9/1/21	639,450
1,500		Chester County HEFA, (Devereux Foundation), 6.00%, 11/1/29	1,576,860
			$	2,216,310
Hospital — 11.7%
750		Lancaster County Hospital Authority, 5.50%, 3/15/26	790,898
1,250		Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32	1,296,150
500		Monroe County Hospital Authority, (Pocono Medical Center), 6.00%, 1/1/43	535,820
360		Montgomery County Higher Education and Health Authority, (Catholic Health East), 5.375%, 11/15/34	379,580
850		Pennsylvania HEFA, (UPMC Health System), 6.00%, 1/15/31	930,274

$	300	St. Mary Hospital Authority, (Catholic Health East), 5.375%, 11/15/34	$	319,530
500		Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17	534,510
			$	4,786,762
Industrial Development Revenue — 8.3%
500		New Morgan IDA, (New Morgan Landfill), (AMT), 6.50%, 4/1/19	499,925
1,000		Pennsylvania EDA, (Proctor & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31	1,134,620
500		Pennsylvania EDA, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27	512,745
1,550		Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26	1,270,582
			$	3,417,872
Insured-Education — 21.8%
1,900		Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 (1)	2,030,853
1,000		Northampton County HEFA, (Lafayette College), (MBIA), 5.00%, 11/1/27	1,022,040
1,000		Pennsylvania HEFA, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29	1,052,570
2,000		Pennsylvania HEFA, (State System Higher Education), (FSA), 5.00%, 6/15/24	2,076,760
2,000		Pennsylvania HEFA, (Temple University), (MBIA), 5.00%, 4/1/29	2,060,940
600		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (MBIA), Variable Rate, 8.495%, 7/1/33 (2)(3)	677,922
			$	8,921,085
Insured-Electric Utilities — 7.7%
1,390		Lehigh County IDA, (PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27	1,422,067
600		Puerto Rico Electric Power Authority, (FSA), Variable Rate, 9.19%, 7/1/29 (2)(3)	722,112
835		Puerto Rico Electric Power Authority, DRIVERS, (FSA), Variable Rate, 9.19%, 7/1/29 (2)(3)	1,004,939
			$	3,149,118
Insured-Escrowed/Prerefunded — 19.8%
1,000		Allegheny County Sanitation and Sewer Authority, (MBIA), Prerefunded to 12/1/10, 5.50%, 12/1/24	1,087,040
650		Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29	717,509

$	490	Dauphin County General Authority, (Pinnacle Health System), (MBIA), Prerefunded to 5/15/07, 5.50%, 5/15/27	$	506,812
3,100		Pennsylvania Turnpike Commision, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27	3,159,985
800		Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/06, Variable Rate, 10.084%, 7/1/26 (2)(3)	853,832
595		Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 8.151%, 7/1/28 (2)(3)	660,908
2,000		Westmoreland County Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19	1,127,880
			$	8,113,966
Insured-Gas Utilities — 3.5%
1,325		Philadelphia Natural Gas Works, (FSA), Variable Rate, 6.66%, 7/1/28 (4)	1,418,028
			$	1,418,028
Insured-General Obligations — 7.9%
2,000		Philadelphia, (FSA), 5.00%, 3/15/28	2,059,720
1,000		Puerto Rico, (FSA), Variable Rate, 9.36%, 7/1/27 (2)(3)	1,191,940
			$	3,251,660
Insured-Hospital — 13.9%
510		Dauphin County General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27	525,275
500		Delaware County Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26	509,765
1,500		Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29	1,575,975
3,000		Montgomery County HEFA, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28	3,088,140
			$	5,699,155
Insured-Special Tax Revenue — 6.2%
1,000		Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24	1,050,050
6,000		Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/36	1,492,740
			$	2,542,790
Insured-Transportation — 10.6%
1,000		Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29	1,039,670
950		Pennsylvania Turnpike Commission, (FSA), Variable Rate, 9.12%, 1/15/23 (2)(3)	1,396,766
1,005		Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29	1,051,572
600		Puerto Rico Highway and Transportation Authority, (CIFG), Variable Rate, 9.26%, 7/1/41 (2)(3)	874,734
			$	4,362,742

Insured-Water and Sewer — 9.9%
$	500	Delaware County IDA, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29	$	538,040
1,000		Philadelphia Water and Wastewater, (FGIC), 5.00%, 11/1/31	1,042,250
2,000		Pittsburgh Water and Sewer Authority, (AMBAC), 5.125%, 12/1/31	2,125,400
320		Saxonburg Water and Sewer Authority, (AGC), 5.00%, 3/1/35	334,221
			$	4,039,911
Miscellaneous — 1.5%
600		Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26	604,080
			$	604,080
Nursing Home — 1.2%
250		Clarion County IDA, (Beverly Enterprises, Inc.), 5.875%, 5/1/07	250,238
260		Cumberland County IDA, (Beverly Enterprises, Inc.), 5.50%, 10/1/08	260,203
			$	510,441
Senior Living / Life Care — 7.9%
600		Bucks County IDA, (Pennswood), 6.00%, 10/1/27	640,254
1,000		Cliff House Trust (AMT), 6.625%, 6/1/27	589,910
500		Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29	514,920
500		Lancaster County Hospital Authority, (Health Center), 5.875%, 6/1/31	528,265
925		Montgomery County HEFA, (Faulkeways at Gwynedd), 6.75%, 11/15/30	978,641
			$	3,251,990
Transportation — 5.5%
1,200		Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28	1,247,736
225		Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09	227,338
495		Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16	497,336
270		Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31	290,741
			$	2,263,151
Total Tax-Exempt Investments — 156.5% (identified cost $59,625,018)			$	64,177,110
Other Assets, Less Liabilities — (1.6)%			$	(663,659	)
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.9)%			$	(22,501,846	)
Net Assets Applicable to Common Shares — 100.0%			$	41,011,605

AGC	—	Assured Guaranty 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.
CIFG	—	CDC IXIS Financial Guaranty North America, Inc.
FGIC	—	Financial Guaranty Insurance Company
FSA	—	Financial Security Assurance, Inc.
MBIA	—	Municipal Bond Insurance Association

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, 2006, 64.7% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 25.3% of total investments.

(1)		Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)		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, 2006, the aggregate value of the securities is $7,383,153 or 18.0% of the Trust’s net assets.
(3)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2006.
(4)		Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2006.

A summary of financial instruments at February 28, 2006 is as follows:

Futures Contracts

Expiration				Aggregate						Net Unrealized
Date	Contracts	Position		Cost			Value			Depreciation
06/06	125 U.S. Treasury Bond		Short	$	(14,063,922	)	$	(14,136,719	)		$	(72,797	)

At February 28, 2006, 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, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost	$	59,574,803
Gross unrealized appreciation	$	4,776,874
Gross unrealized depreciation	(174,567		)
Net unrealized appreciation	$	4,602,307

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 and Principal Executive Officer
Date:		April 18, 2006

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 and Principal Executive Officer
Date:		April 18, 2006
By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer and Principal Financial Officer
Date:		April 18, 2006

EX-99.CERT 2 a06-6993_1ex99dcert.htm CERTIFICATION

Exhibit 99.CERT

Eaton Vance Pennsylvania Municipal Income Trust

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Cynthia J. Clemson, certify that:

1. I have reviewed this report on Form N-Q of Eaton Vance Pennsylvania Municipal Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is being filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:		/s/ Cynthia J. Clemson
		Cynthia J. Clemson
		President
Date:		April 18, 2006

Eaton Vance Pennsylvania Municipal Income Trust

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Barbara E. Campbell, certify that:

1. I have reviewed this report on Form N-Q of Eaton Vance Pennsylvania Municipal Income Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer
Date:		April 18, 2006