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 |
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811-09151 |
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Eaton Vance Pennsylvania Municipal Income Trust |
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(Exact Name of Registrant as Specified in Charter) |
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The
Eaton Vance Building, |
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02109 |
(Address of Principal Executive Offices) |
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(Zip code) |
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Maureen A. Gemma Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109 |
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(Name and Address of Agent for Service) |
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Registrants Telephone Number, Including Area Code: |
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(617) 482-8260 |
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Date of Fiscal Year End: |
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November 30 |
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Date of Reporting Period: |
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August 31, 2008 |
Item 1. Schedule of Investments
Eaton Vance Pennsylvania Municipal Income Trust |
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as of August 31, 2008 |
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|
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PORTFOLIO OF INVESTMENTS (Unaudited) |
|
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Tax-Exempt Investments 172.7%
Principal Amount |
|
Security |
|
Value |
|
||
Bond Bank 2.8% |
|
|
|
||||
$ |
1,000 |
|
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 |
|
$ |
1,041,050 |
|
|
|
|
|
$ |
1,041,050 |
|
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Cogeneration 5.2% |
|
|
|
||||
$ |
315 |
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Carbon County Industrial Development Authority/Agency, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 |
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$ |
320,922 |
|
500 |
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Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13 |
|
488,885 |
|
||
500 |
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Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19 |
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499,960 |
|
||
675 |
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Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15 |
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634,358 |
|
||
|
|
|
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$ |
1,944,125 |
|
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Electric Utilities 3.2% |
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|
|
||||
$ |
600 |
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Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36 |
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$ |
602,322 |
|
600 |
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York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 |
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581,514 |
|
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|
|
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$ |
1,183,836 |
|
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Escrowed/Prerefunded 16.6% |
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|
|
||||
$ |
600 |
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Allegheny County Industrial Development Authority, (Residential Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 |
|
$ |
669,222 |
|
600 |
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Bucks County Industrial Development Authority, (Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27 |
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678,036 |
|
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1,500 |
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Chester County Health and Educational Facility Authority, (Devereux Foundation), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
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1,583,610 |
|
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500 |
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Monroe County Hospital Authority, (Pocono Medical Center), Prerefunded to 1/1/14, 6.00%, 1/1/43 |
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570,685 |
|
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925 |
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Montgomery County Higher Education and Health Authority, (Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30 |
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986,596 |
|
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1,000 |
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Pennsylvania Higher Educational Facilities Authority, (Drexel University), Prerefunded to 5/1/09, 6.00%, 5/1/29 |
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1,028,330 |
|
||
600 |
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Philadelphia Higher Education Facilities Authority, (Chestnut Hill College), Prerefunded to 10/1/09, 6.00%, 10/1/29 |
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636,204 |
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||
|
|
|
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$ |
6,152,683 |
|
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General Obligations 2.7% |
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|
|
||||
$ |
1,000 |
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Daniel Boone Area School District, 5.00%, 8/15/32 |
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$ |
1,002,310 |
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|
|
|
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$ |
1,002,310 |
|
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Health Care-Miscellaneous 0.3% |
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|
|
||||
$ |
100 |
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Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37 |
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$ |
94,227 |
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|
|
|
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$ |
94,227 |
|
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Hospital 10.7% |
|
|
|
||||
$ |
1,250 |
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Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
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$ |
1,217,575 |
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1,500 |
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Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 |
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1,336,410 |
|
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850 |
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Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 6.00%, 1/15/31 |
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894,106 |
|
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500 |
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Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 |
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517,785 |
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|
|
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$ |
3,965,876 |
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Housing 13.8% |
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|
|
||||
$ |
520 |
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Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 4.95%, 11/1/37 |
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$ |
440,778 |
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1,205 |
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Allegheny County Residential Finance Authority, (Single Family Mortgages), (AMT), 5.00%, 5/1/35 |
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1,039,843 |
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1
$ |
990 |
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Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 |
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$ |
803,444 |
|
1,200 |
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Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 |
|
1,088,412 |
|
||
1,000 |
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Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 |
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853,100 |
|
||
1,000 |
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Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 |
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875,610 |
|
||
|
|
|
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$ |
5,101,187 |
|
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Industrial Development Revenue 7.4% |
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|
|
||||
$ |
500 |
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New Morgan Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 |
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$ |
490,945 |
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1,000 |
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Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 |
|
994,190 |
|
||
500 |
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Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 |
|
406,585 |
|
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1,550 |
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Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 |
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871,255 |
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||
|
|
|
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$ |
2,762,975 |
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Insured-Education 26.7% |
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|
|
||||
$ |
500 |
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Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 |
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$ |
518,835 |
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1,900 |
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Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32(1) |
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1,912,445 |
|
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1,000 |
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Pennsylvania Higher Educational Facilities Authority, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 |
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1,007,430 |
|
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1,155 |
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Pennsylvania Higher Educational Facilities Authority, (Drexel University), (MBIA), 5.00%, 5/1/37 |
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1,149,687 |
|
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2,000 |
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Pennsylvania Higher Educational Facilities Authority, (State System Higher Education), (FSA), 5.00%, 6/15/24 |
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2,026,980 |
|
||
1,000 |
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Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), 5.00%, 4/1/33 |
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1,003,090 |
|
||
500 |
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Pennsylvania Higher Educational Facilities Authority, (University of the Sciences in Philadephia), (AGC), 5.00%, 11/1/37 |
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500,360 |
|
||
500 |
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State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/27 |
|
515,345 |
|
||
375 |
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State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/29 |
|
383,006 |
|
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875 |
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State Public School Building Authority, (Delaware County Community College), (FSA), 5.00%, 10/1/32 |
|
884,266 |
|
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|
|
|
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$ |
9,901,444 |
|
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Insured-Electric Utilities 1.6% |
|
|
|
||||
$ |
630 |
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Lehigh County Industrial Development Authority, (PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27 |
|
$ |
605,273 |
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|
|
|
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$ |
605,273 |
|
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Insured-Escrowed/Prerefunded 24.7% |
|
|
|
||||
$ |
650 |
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Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 |
|
$ |
693,297 |
|
2,600 |
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Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 |
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2,600,182 |
|
||
1,801 |
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Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
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1,924,038 |
|
||
2,500 |
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Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2) |
|
2,671,534 |
|
||
2,000 |
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Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 |
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1,253,780 |
|
||
|
|
|
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$ |
9,142,831 |
|
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Insured-General Obligations 3.2% |
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|
|
||||
$ |
1,000 |
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Puerto Rico, (FSA), Variable Rate, 9.32%, 7/1/27(3)(4) |
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$ |
1,187,420 |
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|
|
|
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$ |
1,187,420 |
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Insured-Hospital 14.5% |
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|
|
||||
$ |
500 |
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Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 |
|
$ |
490,205 |
|
1,440 |
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Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (FSA), 5.00%, 7/1/35(2) |
|
1,429,402 |
|
2
$ |
1,500 |
|
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 |
|
$ |
1,508,235 |
|
|
2,000 |
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Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 |
|
1,965,360 |
|
|||
|
|
|
|
$ |
5,393,202 |
|
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Insured-Lease Revenue/Certificates of Participation 3.2% |
|
|
|
|||||
$ |
1,195 |
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Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (FSA), 4.75%, 2/15/27 |
|
$ |
1,183,385 |
|
|
|
|
|
|
$ |
1,183,385 |
|
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Insured-Special Tax Revenue 7.0% |
|
|
|
|||||
$ |
1,000 |
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Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 |
|
$ |
1,006,880 |
|
|
9,870 |
|
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 |
|
706,593 |
|
|||
1,690 |
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Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 |
|
221,323 |
|
|||
3,350 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 |
|
413,390 |
|
|||
2,100 |
|
Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 |
|
243,600 |
|
|||
|
|
|
|
$ |
2,591,786 |
|
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Insured-Transportation 11.7% |
|
|
|
|||||
$ |
1,000 |
|
Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/38 |
|
$ |
1,000,690 |
|
|
500 |
|
Philadelphia Airport Commission, (FSA), (AMT), 5.00%, 6/15/27 |
|
472,580 |
|
|||
1,005 |
|
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 |
|
1,008,899 |
|
|||
1,800 |
|
Puerto Rico Highway and Transportation Authority,
(AGC), (CIFG), 5.25%, |
|
1,869,156 |
|
|||
|
|
|
|
$ |
4,351,325 |
|
||
Insured-Water and Sewer 5.8% |
|
|
|
|||||
$ |
585 |
|
Chester County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (AMT), 5.00%, 2/1/40 |
|
$ |
516,900 |
|
|
875 |
|
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (AMT), 5.00%, 11/1/36 |
|
777,236 |
|
|||
500 |
|
Delaware County Industrial Development Authority, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 |
|
502,090 |
|
|||
360 |
|
Philadelphia Water and Wastewater Revenue, (FGIC), 5.00%, 11/1/31 |
|
355,594 |
|
|||
|
|
|
|
$ |
2,151,820 |
|
||
Senior Living/Life Care 5.6% |
|
|
|
|||||
$ |
1,000 |
|
Cliff House Trust, (AMT), 6.625%, 6/1/27(5) |
|
$ |
645,420 |
|
|
500 |
|
Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 |
|
466,860 |
|
|||
500 |
|
Lancaster County Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31 |
|
504,450 |
|
|||
200 |
|
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 |
|
181,816 |
|
|||
300 |
|
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 |
|
261,891 |
|
|||
|
|
|
|
$ |
2,060,437 |
|
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Transportation 2.1% |
|
|
|
|||||
$ |
40 |
|
Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 |
|
$ |
40,269 |
|
|
485 |
|
Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 |
|
482,255 |
|
|||
270 |
|
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 |
|
266,233 |
|
|||
|
|
|
|
$ |
788,757 |
|
||
Water and Sewer 3.9% |
|
|
|
|||||
$ |
750 |
|
Harrisburg Water Authority, 5.25%, 7/15/31 |
|
$ |
744,030 |
|
|
750 |
|
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 |
|
705,330 |
|
|||
|
|
|
|
$ |
1,449,360 |
|
||
Total Tax-Exempt Investments 172.7% |
|
$ |
64,055,309 |
|
||||
Other Assets, Less Liabilities (12.0)% |
|
$ |
(4,465,259 |
) |
||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (60.7)% |
|
$ |
(22,510,136 |
) |
||||
Net Assets Applicable to Common Shares 100.0% |
|
$ |
37,079,914 |
|
||||
3
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 |
|
CIFG Assurance 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. In addition, 15.9% of the Trusts total investments at August 31,
2008 were invested in municipal obligations issued by Puerto Rico. 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,
2008, 57.1% 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 2.9% to
20.8% of total investments.
(1) |
|
Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. |
(2) |
|
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust. |
(3) |
|
Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2008. |
(4) |
|
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, 2008, the aggregate value of these securities is $1,187,420 or 3.2% of the Trusts net assets applicable to common shares. |
(5) |
|
Security is in default with respect to scheduled principal payments. |
A summary of financial instruments at August 31, 2008 is as follows:
Futures Contracts
Expiration |
|
Contracts |
|
Position |
|
Aggregate |
|
Value |
|
Net Unrealized |
|
||
12/08 |
|
95 U.S. Treasury Bond |
|
Short |
|
(11,185,918 |
) |
$ |
(11,144,688 |
) |
$ |
41,230 |
|
Interest Rate Swaps
Counterparty |
|
Notional |
|
Annual |
|
Floating |
|
Effective Date/ |
|
Net Unrealized Depreciation |
|
||
Lehman Brothers, Inc. |
|
$ |
1,825,000 |
|
4.985 |
% |
3-month USD- |
|
September 28,
2008 / |
|
$ |
(44,360 |
) |
Morgan Stanley Capital Services, Inc. |
|
925,000 |
|
5.428 |
|
3-month USD- |
|
September 10,
2008 / |
|
(88,901 |
) |
||
|
|
|
|
|
|
|
|
|
|
$ |
(133,261 |
) |
|
The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.
At August 31, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2008, as determined on a federal income tax basis, were as follows:
Aggregate cost |
|
$ |
59,269,091 |
|
Gross unrealized appreciation |
|
$ |
1,918,340 |
|
Gross unrealized depreciation |
|
(2,427,902 |
) |
|
Net unrealized depreciation |
|
$ |
(509,562 |
) |
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective December 1, 2007. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
4
· |
|
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 funds own assumptions in determining the fair value of investments) |
At August 31, 2008, the inputs used in valuing the Trusts investments, which are carried at value, were as follows:
Valuation Inputs |
|
Investment in |
|
Other Financial |
|
||
Level 1 Quoted Prices |
|
$ |
|
|
$ |
41,230 |
|
Level 2 Other Significant Observable Inputs |
|
64,055,309 |
|
(133,261 |
) |
||
Level 3 Significant Unobservable Inputs |
|
|
|
|
|
||
Total |
|
$ |
64,055,309 |
|
$ |
(92,031 |
) |
* Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.
5
Item 2. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions 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 registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants 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: |
|
October 23, 2008 |
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: |
|
October 23, 2008 |
|
|
|
By: |
|
/s/ Barbara E. Campbell |
|
|
Barbara E. Campbell |
|
|
Treasurer |
|
|
|
Date: |
|
October 23, 2008 |