E.vance Penn.mun. : Eaton Vance Pennsylvania Municipal Income Trust Report of Earnings
For the three months ended May 31, 2006, the Trust had net investment income of $670,318 ($0.248 per share). From this amount, the Trust paid dividends on preferred shares of $184,893 (equal to $0.068 for each common share), resulting in net investment income after the preferred dividend of $485,426, or $0.180 per common share. The Trust's net investment income for the six months ended May 31, 2006 increased to $1,344,980 ($.497 per share). From this amount, the Trust paid dividends on preferred shares of $353,098 (equal to $0.130 for each common share), resulting in net investment income after preferred dividend of $991,882 or $0.367 per common share. In comparison, for the three months ended May 31, 2005, the Trust had net investment income of $691,318 ($0.257 per share). From this amount, the Trust paid dividends on preferred shares of $132,343 (equal to $0.049 for each common share), resulting in net investment income after the preferred dividend of $558,975, or $0.208 per common share. The Trust's net investment income for the six months ended May 31, 2005 increased to $1,383,522 ($0.514 per share). From this amount, the Trust paid dividends on preferred shares of $229,414 (equal to $0.085 for each common share), resulting in net investment income after the preferred dividend of $1,154,108, or $0.429 per common share.
Net realized and unrealized losses for the three months ended May 31, 2006 were $503,370 ($0.192 per common share. The Trust's net realized and unrealized gains for the six months ended May 31, 2006 were $289,016 ($0.107 per common share). In comparison, net realized and unrealized losses for the three months ended May 31, 2005 were $216,998 ($0.086 per common share). The Trust's net realized and unrealized gains for the six months ended May 31, 2005 were $786,044 ($0.287 per common share).
On May 31, 2006, net assets of the Trust applicable to common shares were $40,502,963. The net asset value per common share on May 31, 2006 was $14.95 based on 2,708,462 common shares outstanding. In comparison, on May 31, 2005, net assets of the Trust applicable to common shares were $40,772,861. The net asset value per common share on May 31, 2005 was $15.11 based on 2,698,121 common shares outstanding.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp, which is listed on the New York Stock Exchange under the symbol EV. Eaton Vance and its affiliates had approximately $118.5 billion in assets under management on June 30, 2006. Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at (800) 262-1122. -0- *T EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST SUMMARY OF RESULTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended May 31, May 31, -------------------- --------------------- 2006 2005 2006 2005 ----------- -------- ----------- --------- Gross investment income $1,740 $889 $1,740 $1,776 Operating expenses (395) (197) (395) (392) ----------- -------- ----------- --------- Net investment income $1,345 $692 $1,345 $1,384 Net realized and unrealized gains (losses)on investments $289 ($217) $289 $786 Preferred dividends paid ($353) ($132) ($353) ($229) Net increase (decrease) in net assets from operations $1,281 $343 $1,281 $1,941 =========== ======== =========== ========= Earnings per Common Share Outstanding --------------------------- Gross investment income $0.643 $0.331 $0.643 $0.660 Operating expenses (0.146) (0.074) (0.146) (0.146) ----------- -------- ----------- --------- Net investment income $0.497 $0.257 $0.497 $0.514 Net realized and unrealized gains (losses) on investments $0.101 ($0.086) $0.101 $0.287 Preferred dividends paid ($0.130) ($0.049) ($0.130) ($0.085) Net increase (decrease) in net assets from operations $0.468 $0.122 $0.468 $0.716 =========== ======== =========== ========= Net investment income $0.497 $0.257 $0.497 $0.514 Preferred dividends paid (0.130) (0.049) (0.130) (0.085) ----------- -------- =========== --------- Net investment income after preferred dividends $0.367 $0.208 $0.367 $0.429 =========== ======== =========== ========= Net Asset Value at May 31, (Common Shares) ---------------------------- Net assets (000) $40,503 $40,773 Shares outstanding (000) 2,708 2,698 Net asset value per share outstanding $14.95 $15.11 Market Value Summary (Common Shares) --------------------------- Market price on AMEX at May 31 $14.45 $15.58 High market price (period ended May 31) $16.10 $16.36 Low market price (period ended May 31) $14.32 $14.90 *T