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
(Registrants 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 (000s 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 Josephs 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 (000s 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 | |||||||
|
|
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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 Lukes 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 (000s 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 | ||||||
|
|
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$ | 3,322,327 | |||||||
|
|
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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 (000s omitted) |
Value | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
$ | 1,235 | $ | 234,366 | ||||
|
|
|||||||
$ | 884,144 | |||||||
|
|
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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 | |||||||
|
|
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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% |
$ | 55,246,308 | ||||||
|
|
|||||||
Taxable Municipal Securities 0.1% |
||||||||
Security | Principal Amount (000s 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% |
$ | 17,371 | ||||||
|
|
|||||||
Total Investments 159.2% |
$ |
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 |
$ | (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 issuers 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 Trusts net assets applicable to common shares. |
Abbreviations:
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 funds 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 Trusts 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 Trusts policy regarding the valuation of investments and other significant accounting policies, please refer to the Trusts 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 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.
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 |