N-Q 1 a07-23602_1nq.htm N-Q

 

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

 

811-09151

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 Services)

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

Date of Fiscal Year End:

 

November 30

Date of Reporting Period:

 

August 31, 2007

 

 




Item 1. Schedule of Investments




Eaton Vance Pennsylvania Municipal Income Trust                                                                   as of August 31, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 170.1%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Cogeneration — 5.3%

 

 

 

$

440

 

Carbon County Industrial Development Authority, (Panther Creek Partners), (AMT), 6.65%, 5/1/10

 

$

456,544

 

500

 

Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13

 

506,090

 

500

 

Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19

 

505,145

 

675

 

Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15

 

667,129

 

 

 

 

 

$

2,134,908

 

Education — 1.6%

 

 

 

$

600

 

Philadelphia Higher Education Facilities Authority, (Chestnut Hill College), Prerefunded to 10/1/09, 6.00%, 10/1/29

 

$

635,592

 

 

 

 

 

$

635,592

 

Electric Utilities — 3.2%

 

 

 

$

600

 

Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36

 

$

652,230

 

600

 

York County, Industrial Development Authority, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20

 

611,976

 

 

 

 

 

$

1,264,206

 

Escrowed / Prerefunded — 15.7%

 

 

 

$

600

 

Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21

 

$

660,810

 

600

 

Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27

 

664,404

 

1,500

 

Chester County Health and Educational Facility Authority, (Devereux Foundation), Prerefunded to 11/1/09, 6.00%, 11/1/29

 

1,583,190

 

750

 

Lancaster County, Hospital Authority, Prerefunded to 9/15/13, 5.50%, 3/15/26

 

817,575

 

925

 

Montgomery County Higher Education and Health Authority, (Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30

 

992,183

 

1,500

 

Pennsylvania Higher Educational Facilities Authority, (Drexel University), Prerefunded to 5/1/09, 6.00%, 5/1/29

 

1,554,735

 

 

 

 

 

$

6,272,897

 

1




 

 

 

Hospital — 14.4%

 

 

 

$

1,000

 

Lancaster County, Hospital Authority, (Lancaster General Hospital), 4.50%, 3/15/36

 

$

907,360

 

1,250

 

Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32

 

1,257,487

 

1,000

 

Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43

 

940,170

 

500

 

Monroe County Hospital Authority, (Pocono Medical Center), Prerefunded to 1/1/14, 6.00%, 1/1/43

 

557,945

 

850

 

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31

 

903,601

 

740

 

Philadelphia Hospitals and Higher Education Facilities Authority, (Children’s Hospital), 4.50%, 7/1/37

 

676,922

 

500

 

Washington County, Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17

 

520,975

 

 

 

 

 

$

5,764,460

 

Housing — 14.3%

 

 

 

$

525

 

Allegheny County, Residential Finance Authority, Single Family Mortgages, 4.95%, 11/1/37

 

$

500,099

 

1,260

 

Allegheny County, Residential Finance Authority, Single Family Mortgages, 5.00%, 5/1/35

 

1,220,461

 

1,000

 

Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37

 

915,120

 

1,200

 

Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26

 

1,162,872

 

1,000

 

Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37

 

945,150

 

1,000

 

Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37

 

982,690

 

 

 

 

 

$

5,726,392

 

Industrial Development Revenue — 9.0%

 

 

 

$

500

 

New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19

 

$

502,330

 

1,000

 

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

 

1,065,140

 

500

 

Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27

 

461,055

 

1,550

 

Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26

 

1,550,543

 

 

 

 

 

$

3,579,068

 

Insured-Education — 21.7%

 

 

 

$

925

 

Cumberland County, Municipal College Authority, (Dickinson College), (MBIA), 4.50%, 5/1/37

 

$

872,497

 

1,900

 

Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 (5)

 

1,957,494

 

2




 

 

 

$

1,000

 

Northampton County Higher Education Facilities Authority, (Lafayette College), (MBIA), 5.00%, 11/1/27

 

$

1,005,120

 

1,000

 

Pennsylvania Higher Education Facilities Authority, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29

 

1,013,200

 

2,000

 

Pennsylvania Higher Education Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24

 

2,014,820

 

1,800

 

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Authority, (University Plaza), (MBIA), 5.00%, 7/1/33 (1)

 

1,816,434

 

 

 

 

 

$

8,679,565

 

Insured-Electric Utilities — 14.8%

 

 

 

$

1,380

 

Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27 (1)

 

$

1,382,121

 

1,801

 

Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29 (1)

 

1,897,038

 

2,500

 

Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29 (1)

 

2,633,959

 

 

 

 

 

$

5,913,118

 

Insured-Escrowed / Prerefunded — 13.9%

 

 

 

$

1,000

 

Allegheny County, Sanitation and Sewer Authority, (MBIA), Prerefunded to 12/1/10, 5.50%, 12/1/24

 

$

1,062,670

 

650

 

Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29

 

693,030

 

2,600

 

Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27

 

2,604,810

 

2,000

 

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

 

1,178,940

 

 

 

 

 

$

5,539,450

 

Insured-General Obligations — 8.0%

 

 

 

$

2,000

 

Philadelphia, (FSA), 5.00%, 3/15/28

 

$

2,024,180

 

1,000

 

Puerto Rico, (FSA), Variable Rate, 7.642%, 7/1/27 (2)(3)

 

1,150,560

 

 

 

 

 

$

3,174,740

 

Insured-Hospital — 16.8%

 

 

 

$

510

 

Dauphin County, General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27

 

$

515,615

 

500

 

Delaware County, General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26

 

500,405

 

1,190

 

Erie County, Hospital Authority, (Hamot Health Foundation), (CIFG), 4.75%, 11/1/32

 

1,146,767

 

1,500

 

Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29

 

1,532,115

 

3




 

 

 

$

3,000

 

Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28

 

$

3,018,120

 

 

 

 

 

$

6,713,022

 

Insured-Special Tax Revenue — 7.3%

 

 

 

$

1,000

 

Pittsburgh and Allegheny County, Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24

 

$

1,012,940

 

9,870

 

Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54

 

871,718

 

1,690

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44

 

255,832

 

3,350

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45

 

481,663

 

2,100

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46

 

286,671

 

 

 

 

 

$

2,908,824

 

Insured-Transportation — 11.3%

 

 

 

$

1,000

 

Allegheny County, Port Authority, (FGIC), 5.00%, 3/1/29

 

$

1,012,850

 

500

 

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

 

501,885

 

1,005

 

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

 

1,028,648

 

1,800

 

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

 

1,950,978

 

 

 

 

 

$

4,494,361

 

Insured-Water and Sewer — 2.2%

 

 

 

$

500

 

Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29

 

$

519,945

 

360

 

Philadelphia, Water and Wastewater, (FGIC), 5.00%, 11/1/31

 

364,223

 

 

 

 

 

$

884,168

 

Senior Living / Life Care — 5.4%

 

 

 

$

1,000

 

Cliff House Trust (AMT), 6.625%, 6/1/27 (4)

 

$

682,830

 

500

 

Crawford County, Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29

 

505,005

 

500

 

Lancaster County, Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31

 

513,250

 

200

 

Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24

 

189,252

 

300

 

Montgomery County, Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30

 

274,728

 

 

 

 

 

$

2,165,065

 

4




 

 

 

Transportation — 5.2%

 

 

 

$

1,200

 

Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28

 

$

1,214,136

 

105

 

Erie, Municipal Airport Authority, (AMT), 5.50%, 7/1/09

 

104,495

 

485

 

Erie, Municipal Airport Authority, (AMT), 5.875%, 7/1/16

 

482,978

 

270

 

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31

 

277,150

 

 

 

 

 

$

2,078,759

 

Total Tax-Exempt Investments — 170.1%
(identified cost $65,775,840)

 

$

67,928,595

 

Other Assets, Less Liabilities — (13.7)%

 

$

(5,491,891

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.4)%

 

$

(22,492,973

)

Net Assets Applicable to Common Shares — 100.0%

 

$

39,943,731

 

 

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 August 31, 2007, 56.4% 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 ranged from 4.6% to 17.7% of total investments.

(1)

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(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 August 31, 2007, the aggregate value of the securities is $1,150,560 or 2.9% of the Trust’s net assets applicable to common shares.

(3)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2007.

(4)

Security is in default with respect to scheduled principal payments.

(5)

Security (or a portion thereof) has been segregated to cover margin requirements on open financial future contracts.

 

5




 

 

A summary of financial instruments at August 31, 2007 is as follows:

Interest Rate Swaps

Counterparty

 

Notional
Amount

 

Annual
Fixed Rate
Paid By Trust

 

Floating Rate
Paid To Trust

 

Effective Date/
Termination Date

 

Unrealized
Appreciation/
(Depreciation)

 

Citibank, N.A.

 

$

925,000

 

 

5.732

%

 

3-month
USD-LIBOR-BBA

 

May 16, 2008/
May 16, 2038

 

 

$

(37,117

)

 

Lehman Brothers, Inc.

 

$

1,825,000

 

 

5.503

%

 

3-month
USD-LIBOR-BBA

 

September 28, 2008/
September 28, 2038

 

 

$

(10,395

)

 

Lehman Brothers, Inc.

 

$

2,500,000

 

 

3,896

%

 

USD-BMA
Municipal Swap Index

 

October 23, 2007/
October 23, 2037

 

 

$

96,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48,704

 

 

 

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest rate payment accruals.

At August 31, 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 August 31, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

59,517,064

 

Gross unrealized appreciation

 

$

2,982,607

 

Gross unrealized depreciation

 

(756,856

)

Net unrealized appreciation

 

$

2,225,751

 

 

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 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 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:

 

October 23, 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 and Principal Executive Officer

Date:

 

October 23, 2007

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

October 23, 2007