EATON VANCE PENNSYLVANIA MUNICIPAL BOSTON, Nov. 24, 2014 /PRNewswire/ -- Eaton Vance Pennsylvania Municipal Income Trust (NYSE MKT: EVP) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and nine-month periods ended August 31, 2014. The Trust's fiscal year ends on November 30, 2014.
For the three months ended August 31, 2014, the Trust had net investment income of $508,846 ($0.187 per common share). From this amount, the Trust paid dividends on preferred shares of $5,669 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $503,177, or $0.185 per common share. The Trust's net investment income for the nine months ended August 31, 2014 was $1,554,197 ($0.571 per common share, before deduction of the preferred share dividends totaling $0.006 per common share), resulting in net investment income after the preferred dividends of $0.565 per common share. In comparison, for the three months ended August 31, 2013, the Trust had net investment income of $508,055 ($0.186 per common share). From this amount, the Trust paid dividends on preferred shares of $6,167 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $501,888, or $0.183 per common share. The Trust's net investment income for the nine months ended August 31, 2013 was $1,521,509 ($0.559 per common share, before deduction of the preferred share dividends totaling $0.011 per common share), resulting in net investment income after the preferred dividends of $0.548 per common share.
Net realized and unrealized gains for the three months ended August 31, 2014 were $141,987 ($0.050 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2014 were $2,827,812 ($1.039 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2013 were $4,566,958 ($1.672 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2013 were $6,577,317 ($2.418 per common share).
On August 31, 2014, net assets of the Trust applicable to common shares were $37,515,268. The net asset value per common share on August 31, 2014 was $13.79 based on 2,720,414 common shares outstanding. In comparison, on August 31, 2013, net assets of the Trust applicable to common shares were $33,497,188. The net asset value per common share on August 31, 2013 was $12.31 based on 2,720,414 common shares outstanding.
The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors - Closed-End Funds"). Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.
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 $297.7 billion in assets as of October 31, 2014, offering individuals and institutions a broad array of investment strategies 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 Nine Months Ended
August 31, August 31,
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2014 2013 2014 2013
---- ---- ---- ----
Net investment income $509 $508 $1,554 $1,522
Net realized and unrealized gains (losses)
on investments 142 (4,567) 2,828 (6,577)
Preferred dividends paid from net investment income (6) (6) (17) (29)
--- --- --- ---
Net increase (decrease) in net assets
from operations $645 $(4,065) $4,365 $(5,084)
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Earnings per Common Share Outstanding
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Net investment income $0.187 $0.186 $0.571 $0.559
Net realized and unrealized gains (losses)
on investments 0.050 (1.672) 1.039 (2.418)
Preferred dividends paid from net investment income (0.002) (0.003) (0.006) (0.011)
------ ------ ------ ------
Net increase (decrease) in net assets
from operations $0.235 $(1.489) $1.604 $(1.870)
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Net investment income $0.187 $0.186 $0.571 $0.559
Preferred dividends paid from net investment income (0.002) (0.003) (0.006) (0.011)
------ ------ ------ ------
Net investment income after preferred dividends $0.185 $0.183 $0.565 $0.548
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Net Asset Value at August 31 (Common Shares)
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Net assets $37,515 $33,497
Shares outstanding 2,720 2,720
Net asset value per share outstanding $13.79 $12.31
Market Value Summary (Common Shares)
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Market price on NYSE MKT at August 31 $12.03 $11.01
High market price (period ended August 31) $12.84 $15.53
Low market price (period ended August 31) $10.74 $10.90
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SOURCE Eaton Vance Management
