Eaton Vance Pennsylvania Municipal Income Trust Report of Earnings

Jan 29, 2010, 13:18 ET from Eaton Vance Management

BOSTON, Jan. 29 /PRNewswire-FirstCall/ -- Eaton Vance Pennsylvania Municipal Income Trust (NYSE Amex: EVP) (the “Trust”), a closed-end management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2009.  The Trust’s fiscal year ended on November 30, 2009.

For the three months ended November 30, 2009, the Trust had net investment income of $600,128 ($0.222 per common share).  From this amount, the Trust paid dividends on preferred shares of $23,631 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $576,497, or $0.213 per common share. The Trust’s net investment income for the year ended November 30, 2009 was $2,513,425 ($0.928 per common share, before deduction of the preferred share dividends totaling $0.053 per common share), resulting in net investment income after the preferred dividends of $0.875 per common share. In comparison, for the three months ended November 30, 2008, the Trust had net investment income of $658,863 ($0.243 per common share).  From this amount, the Trust paid dividends on preferred shares of $252,654 (equal to $0.093 for each common share), resulting in net investment income after the preferred dividends of $406,209, or $0.150 per common share. The Trust’s net investment income for the year ended November 30, 2008 was $2,671,240 ($0.986 per common share, before deduction of the preferred share dividends totaling $0.299 per common share), resulting in net investment income after the preferred dividends of $0.687 per common share.  

Net realized and unrealized gains for the three months ended November 30, 2009 were $1,142,462 ($0.418 per common share). The Trust’s net realized and unrealized gains for the year ended November 30, 2009 were $8,061,519 ($2.973 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $9,078,891 ($3.353 per common share). The Trust’s net realized and unrealized losses for the year ended November 30, 2008 were $12,334,503 ($4.555 per common share).

On November 30, 2009, net assets of the Trust applicable to common shares were $36,255,200. The net asset value per common share on November 30, 2009 was $13.38 based on 2,709,670 common shares outstanding. In comparison, on November 30, 2008, net assets of the Trust applicable to common shares were $27,943,703. The net asset value per common share on November 30, 2008 was $10.32 based on 2,708,462 common shares outstanding.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $163.1 billion in assets as of December 31, 2009 offering individuals and institutions a broad array of investment products and wealth management solutions. The Company’s long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today’s most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

    
    
                  EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST
                         SUMMARY OF RESULTS OF OPERATIONS
                     (in thousands, except per share amounts)
                                             
                                      Three Months Ended      Year Ended
                                         November 30,         November 30, 
                                      ------------------     -------------
                                        2009      2008      2009      2008
                                        ----      ----      ----      ----
    Net investment income               $600      $659    $2,513    $2,671
    Net realized and unrealized gains 
     (losses) on investments           1,142    (9,079)    8,062   (12,335)
    Preferred dividends paid from net
     investment income (1)               (24)     (253)     (144)     (810)
                                         ---      ----      ----      ----
        Net increase (decrease) in 
         net assets from operations   $1,718   $(8,673)  $10,431  $(10,474)
                                      ======   =======   =======  ========
    
    Earnings per Common Share 
     Outstanding                            
    Net investment income             $0.222    $0.243    $0.928    $0.986
    Net realized and unrealized
     gains (losses) on investments     0.418    (3.353)    2.973    (4.555)
    Preferred dividends paid from
     net investment income (1)        (0.009)   (0.093)   (0.053)   (0.299)
                                      ------    ------    ------    ------
        Net increase (decrease)
         in net assets from 
          operations                  $0.631  $(3.203)    $3.848   $(3.868)
                                      ======  =======     ======   =======
    
    Net investment income             $0.222    $0.243    $0.928    $0.986
    Preferred dividends paid from
     net investment income (1)        (0.009)   (0.093)   (0.053)   (0.299)
    Net investment income after
     preferred dividends              $0.213    $0.150    $0.875    $0.687
    
    Net Asset Value at November 30
     (Common Shares)
        Net assets                                       $36,255   $27,944
        Shares outstanding                                 2,710     2,708
        Net asset value per share
          outstanding                                     $13.38    $10.32
                                             
    Market Value Summary (Common Shares)
      Market price on NYSE Amex at
       November 30                                        $13.05     $9.60
      High market price (period ended
       November 30)                                       $13.63    $13.70
      Low market price (period ended
       November 30)                                        $6.78     $7.50
    
    (1) During the years ended November 30, 2009 and November 30, 2008, the 
    Trust made a partial redemption of its preferred shares.

SOURCE Eaton Vance Management



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