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, 2006

 

 



Item 1. Schedule of Investments



Eaton Vance Pennsylvania Municipal Income Trust                                                                   as of August 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 155.5%

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

 

$

554,421

 

500

 

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

 

499,990

 

500

 

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

 

505,740

 

675

 

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

 

674,649

 

 

 

 

 

$

2,234,800

 

Education — 1.5%

 

 

 

600

 

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

 

612,450

 

 

 

 

 

$

612,450

 

Electric Utilities — 3.1%

 

 

 

600

 

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

 

644,526

 

600

 

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

 

633,942

 

 

 

 

 

$

1,278,468

 

Escrowed / Prerefunded — 13.3%

 

 

 

600

 

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

 

667,512

 

1,500

 

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

 

1,618,500

 

925

 

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

 

1,020,506

 

1,500

 

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

 

1,591,260

 

600

 

Philadelphia Authority for Industrial Development, (Franklin Institute), Escrowed to Maturity, 5.20%, 6/15/26

 

613,650

 

 

 

 

 

$

5,511,428

 

Hospital — 11.6%

 

 

 

750

 

Lancaster County, Hospital Authority, 5.50%, 3/15/26

 

800,160

 

1,250

 

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

 

1,311,887

 

1



 

 

 

$

500

 

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

 

$

534,455

 

360

 

Montgomery County, Higher Education and Health Authority, (Catholic Health East), 5.375%, 11/15/34

 

380,527

 

850

 

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

 

926,636

 

300

 

St. Mary Hospital Authority, (Catholic Health East), 5.375%, 11/15/34

 

316,308

 

500

 

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

 

531,975

 

 

 

 

 

$

4,801,948

 

Housing — 10.9%

 

 

 

1,260

 

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

 

1,276,796

 

1,200

 

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

 

1,217,184

 

1,000

 

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

 

1,003,820

 

1,000

 

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

 

1,026,590

 

 

 

 

 

$

4,524,390

 

Industrial Development Revenue — 8.9%

 

 

 

500

 

New Morgan Industrial Development Authority, (New Morgan Landfill), (AMT), 6.50%, 4/1/19

 

499,930

 

1,000

 

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

 

1,129,890

 

500

 

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

 

511,460

 

1,550

 

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

 

1,550,449

 

 

 

 

 

$

3,691,729

 

Insured-Education — 16.4%

 

 

 

1,900

 

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

 

2,017,268

 

1,000

 

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

 

1,015,590

 

1,000

 

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

 

1,041,360

 

2,000

 

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

 

2,051,100

 

600

 

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (University of Puerto Rico), (MBIA), Variable Rate, 7.735%, 7/1/33 (2)(3)

 

660,060

 

 

 

 

 

$

6,785,378

 

2



 

 

 

Insured-Electric Utilities — 5.2%

 

 

 

$

460

 

Lehigh County Industrial Development Authority, Pollution Control, (FGIC), Variable Rate, 6.92%, 2/15/27 (2)(3)

 

$

486,441

 

600

 

Puerto Rico Electric Power Authority, (FSA), Variable Rate, 8.40%, 7/1/29 (2)(3)

 

701,172

 

835

 

Puerto Rico Electric Power Authority, DRIVERS, (FSA), Variable Rate, 8.41%, 7/1/29 (2)(3)

 

975,798

 

 

 

 

 

$

2,163,411

 

Insured-Escrowed/Prerefunded — 16.2%

 

 

 

1,000

 

Allegheny County, Sanitation and Sewer Authority, (MBIA), Prerefunded to 12/01/10, 5.50%, 12/1/24

 

1,079,830

 

650

 

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

 

708,383

 

490

 

Dauphin County, General Authority, (Pinnacle Health System), (MBIA), Prerefunded to 5/15/07, 5.50%, 5/15/27

 

501,437

 

2,600

 

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

 

2,631,902

 

595

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Prerefunded to 1/1/08, Variable Rate, 7.445%, 7/1/28 (2)(3)

 

644,076

 

2,000

 

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

 

1,156,920

 

 

 

 

 

$

6,722,548

 

Insured-General Obligations — 11.5%

 

 

 

1,000

 

Butler, Area School District, (FGIC), 0.00%, 9/15/28

 

363,100

 

1,410

 

McKeesport, Area School District, (FSA), 0.00%, 10/1/34

 

377,274

 

2,000

 

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

 

2,051,980

 

1,000

 

Puerto Rico, (FSA), Variable Rate, 6.32%, 7/1/27 (2)(3)

 

1,179,390

 

2,295

 

Reading, School District, (FGIC), 0.00%, 1/15/30

 

776,651

 

 

 

 

 

$

4,748,395

 

Insured-Hospital — 13.7%

 

 

 

510

 

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

 

520,445

 

500

 

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

 

508,515

 

1,500

 

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

 

1,561,890

 

3,000

 

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

 

3,070,860

 

 

 

 

 

$

5,661,710

 

3



 

 

 

Insured-Special Tax Revenue — 6.2%

 

 

 

$

1,000

 

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

 

$

1,036,550

 

6,000

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/36

 

1,526,580

 

 

 

 

 

$

2,563,130

 

Insured-Transportation — 10.4%

 

 

 

1,000

 

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

 

1,035,700

 

950

 

Pennsylvania Turnpike Commission, (FSA), Variable Rate, 8.33%, 1/15/23 (2)(3)

 

1,380,815

 

1,005

 

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

 

1,042,677

 

600

 

Puerto Rico Highway and Transportation Authority, RITES, (CIFG), Variable Rate, 7.431%, 7/1/41 (2)(3)(4)

 

869,496

 

 

 

 

 

$

4,328,688

 

Insured-Water and Sewer — 8.9%

 

 

 

500

 

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

 

533,090

 

1,000

 

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

 

1,034,500

 

2,000

 

Pittsburgh, Water and Sewer Authority, (AMBAC), 5.125%, 12/1/31 (5)

 

2,101,840

 

 

 

 

 

$

3,669,430

 

Senior Living / Life Care — 7.0%

 

 

 

600

 

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

 

642,228

 

1,000

 

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

 

702,690

 

500

 

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

 

514,260

 

500

 

Lancaster County, Hospital Authority, (Health Center), 5.875%, 6/1/31

 

528,320

 

200

 

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

 

204,322

 

300

 

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

 

304,374

 

 

 

 

 

$

2,896,194

 

Transportation — 5.3%

 

 

 

1,200

 

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

 

1,244,532

 

165

 

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

 

165,823

 

4



 

 

 

$

490

 

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

 

$

490,711

 

270

 

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

 

289,683

 

 

 

 

 

$

2,190,749

 

Total Tax-Exempt Investments — 155.5%
(identified cost $59,853,289)

 

$

64,384,846

 

Other Assets, Less Liabilities — (1.1)%

 

$

(473,516

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.4)%

 

$

(22,506,379

)

Net Assets Applicable to Common Shares — 100.0%

 

$

41,404,951

 

 

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, 2006, 56.9% 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 1.4% to 24.3% of total investments.

(1)

When-issued security.

(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, 2006, the aggregate value of the securities is $6,897,248 or 16.7% 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, 2006.

(4)

Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security.

(5)

Security (or a portion thereof) has been segregated to cover when-issued securities.

(6)

Security is in default with respect to principal payments.

 

See notes to financial statements.

5



 

 

A summary of financial instruments at August 31, 2006 is as follows:

Interest Rate Swaps

At August 31, 2006, the Fund had entered into an interest rate swap agreement with JP Morgan Chase whereby the Fund makes bi-annual payments at a fixed rate equal to 5.77% on the notional amount of $10,000,000. In exchange the Fund receives quarterly payments at a rate equal to the three month USD-LIBOR on the same notional amount. The effective date of the interest rate swap is February 26, 2007. The value of the contract, which terminates on February 26, 2037, is recorded as a receivable for open swap contracts of $274,022 on August 31, 2006.

At August 31, 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 August 31, 2006, as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

59,753,051

 

Gross unrealized appreciation

 

$

4,689,662

 

Gross unrealized depreciation

 

(57,867

)

Net unrealized appreciation

 

$

4,631,795

 

 

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.



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 Fund

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President and Principal Executive Officer

Date:

 

October 19, 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:

 

October 19, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

October 19, 2006