Pennsylvania Municipal Income Trust

Overview

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	0.88	5.90	17.27	12.03	4.51	6.40
Market Price	2.83	7.52	21.31	15.84	5.90	6.81
3/31/2012	as of Mar 31, 2012
Fund at NAV	4.65	4.65	19.17	13.93	4.34	6.68
Market Price	6.80	6.80	21.98	20.23	5.62	7.14
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund's performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund's shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance results reflect the effects of leverage resulting from the Fund's issuance of Auction Preferred Shares. For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

Fund Facts as of Apr 30, 2012
Performance Inception	01/29/1999
Investment Objective	Current income
CUSIP	27826T101

Portfolio Management
Adam Weigold, CFA			Managed Fund since 2007

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Market price performance is shown before applicable commissions that a shareholder may encounter when purchasing or selling shares of the fund. All performance information is for common shares of the fund. Closed–end funds, unlike open–end funds, are not continuously offered. There is a one–time public offering and once issued, shares of closed–end funds are sold in the open market through a stock exchange. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV. There is no assurance that the fund will achieve its investment objective. The fund is subject to investment risks, including possible loss of principal invested. This data is provided for information only and is not intended for trading purposes.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Performance

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	0.88	5.90	17.27	12.03	4.51	6.40
Market Price	2.83	7.52	21.31	15.84	5.90	6.81
3/31/2012	as of Mar 31, 2012
Fund at NAV	4.65	4.65	19.17	13.93	4.34	6.68
Market Price	6.80	6.80	21.98	20.23	5.62	7.14
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund's performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund's shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Performance less than one year is cumulative. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance results reflect the effects of leverage resulting from the Fund's issuance of Auction Preferred Shares. For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	15.41	10.06	5.99	5.46	8.20	0.25	-29.01	48.11	-0.41	13.48
Market Price	18.61	24.11	0.36	8.20	-4.77	-6.37	-35.33	77.42	-0.21	17.13

Fund Facts
Performance Inception	01/29/1999

Yield Information¹ as of Apr 30, 2012
Distribution Rate at Market Price	5.69
Tax Equivalent Yield at Market Price	9.03

Distribution History²
Ex-Date	Distribution	Reinvest NAV
Apr 09, 2012	$0.06725	$14.00
Mar 08, 2012	$0.07225	$13.64
Feb 08, 2012	$0.07225	$14.10
Jan 06, 2012	$0.07225	$13.79
Dec 08, 2011	$0.07225	$13.41
Nov 08, 2011	$0.07225	$13.26
Oct 06, 2011	$0.07225	$12.90
Sep 08, 2011	$0.07225	$12.92
Aug 08, 2011	$0.07225	$12.93
Jul 07, 2011	$0.07225	$12.85
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

1. Distribution Rate at MKT is calculated by dividing the last distribution paid per share (annualized) by market price. Taxable Equivalent Yield is calculated by assuming the maximum federal income tax rate and respective, if applicable, state tax rates. It does not take into account local taxes.
2. The Fund's distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Fund Holdings^3,4 as of Mar 31, 2012
Holding	Coupon Rate	Maturity Date	Weighting
Montgomery County Higher Education & Health Authority	5.00%	06/01/2028	5.0117%
Westmoreland County Municipal Authority	0.00%	08/15/2019	4.5421%
Pennsylvania Turnpike Commission	4.75%	12/01/2027	4.2557%
Monroe County Hospital Authority/PA	5.25%	01/01/2043	4.0274%
County of Lehigh PA	5.00%	07/01/2035	3.9830%
Pennsylvania Economic Development Financing Authority	5.38%	03/01/2031	3.5158%
Cumberland County Municipal Authority	5.00%	11/01/2039	3.4150%
Pennsylvania Turnpike Commission	0.00%	12/01/2030	3.3965%
Philadelphia Authority for Industrial Development	4.75%	02/15/2027	3.3841%
Lehigh County General Purpose Authority	5.25%	07/01/2032	3.2785%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Attribution

No attribution information is available.

Morningstar Fact Sheet: This fact sheet is for information purposes only. It is prepared and presented by a third party. Eaton Vance is not responsible for its timeliness, accuracy or its content.

Management

Biography

Adam Weigold, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Adam Weigold is a vice president of Eaton Vance Management and senior portfolio manager on Eaton Vance's municipal bond team.

Adam joined Eaton Vance in 1998. He became a credit analyst in July 1999 and was named a portfolio manager in October 2007.

Adam earned a B.A. in history from Dartmouth College in 1998 and an M.B.A. from Boston University. He is a CFA charterholder (2003) and is a member of the Boston Security Analysts Society, the CFA Institute and the National Federation of Municipal Analysts.