Eaton Vance Ohio Municipal Income Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-09149

Investment Company Act File Number

Eaton Vance Ohio 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

(Registrant’s Telephone Number, Including Area Code)

November 30

Date of Fiscal Year End

February 28, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

February 28, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 148.5%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 3.3%

      

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 12/1/28

    $ 250       $ 291,663   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30

      210         243,944   

Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32

      900         932,229   
     

 

 

  
      $ 1,467,836   
     

 

 

  

Education — 19.4%

      

Miami University, 4.00%, 9/1/39

    $ 500       $ 524,205   

Miami University, 5.00%, 9/1/33

      1,000         1,142,520   

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44

      440         484,462   

Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44

      1,250         1,429,687   

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33

      500         573,210   

Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36

      1,000         1,132,020   

Ohio State University, 5.00%, 12/1/28

      480         606,379   

Ohio State University, 5.00%, 12/1/30

      955         1,218,399   

University of Cincinnati, 5.00%, 6/1/34

      500         571,625   

Wright State University, 5.00%, 5/1/31

      750         833,535   
     

 

 

  
      $ 8,516,042   
     

 

 

  

Electric Utilities — 2.6%

      

American Municipal Power, Inc., (AMP Fremont Energy Center), Prerefunded to 2/15/19, 5.00%, 2/15/32

    $ 470       $ 530,273   

Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40

      500         590,335   
     

 

 

  
      $ 1,120,608   
     

 

 

  

Escrowed/Prerefunded — 3.9%

      

Central Ohio Solid Waste Authority, Prerefunded to 9/1/18, 5.125%, 9/1/27

    $ 65       $ 74,514   

Franklin County Convention Facilities Authority, Prerefunded to 12/1/17, 5.00%, 12/1/27

      445         498,008   

Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32

      750         839,782   

Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37

      180         195,082   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28

      20         26,031   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30

      70         92,625   
     

 

 

  
      $ 1,726,042   
     

 

 

  

General Obligations — 20.9%

      

Apollo Career Center Joint Vocational School District, 5.25%, 12/1/33

    $ 335       $ 384,332   

Barberton City School District, 4.50%, 12/1/33

      900         954,612   

Beavercreek City School District, 5.00%, 12/1/30

      1,750         2,040,868   

Central Ohio Solid Waste Authority, 5.125%, 9/1/27

      1,025         1,149,271   

Dayton City School District, 5.00%, 11/1/31

      100         123,265   

Huber Heights City School District, 4.75%, 12/1/25

      595         679,990   

Lakewood City School District, 5.00%, 11/1/39

      400         455,364   

Maple Heights City School District, 5.00%, 1/15/37

      820         875,867   

Oregon City School District, 4.00%, 12/1/30

      1,250         1,317,312   

Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37

      1,000         1,183,160   
     

 

 

  
      $ 9,164,041   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 21.8%

      

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32

    $ 1,075       $ 1,205,752   

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38

      560         615,933   

Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31

      500         559,415   

Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34

      800         900,168   

Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34

      250         289,552   

Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34

      750         899,287   

Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26

      500         521,890   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36

      500         544,410   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41

      800         868,672   

Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34

      500         572,965   

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39

      1,000         1,130,850   

Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40

      555         616,411   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27

      565         646,925   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29

      165         187,452   
     

 

 

  
      $ 9,559,682   
     

 

 

  

Housing — 5.9%

      

Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), (GNMA), 5.25%, 4/20/48

    $ 2,500       $ 2,581,475   
     

 

 

  
      $ 2,581,475   
     

 

 

  

Industrial Development Revenue — 1.3%

      

Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27

    $ 555       $ 555,000   
     

 

 

  
      $ 555,000   
     

 

 

  

Insured-Education — 12.0%

      

Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30

    $ 750       $ 850,537   

Kent State University, (AGC), 5.00%, 5/1/26

      1,000         1,132,660   

Kent State University, (AGC), 5.00%, 5/1/29

      465         524,757   

Miami University, (AMBAC), 3.25%, 9/1/26

      580         587,175   

University of Akron, Series A, (AGM), 5.00%, 1/1/38

      1,500         1,636,845   

University of Akron, Series B, (AGM), 5.00%, 1/1/38

      500         545,615   
     

 

 

  
      $ 5,277,589   
     

 

 

  

Insured-Electric Utilities — 10.5%

      

Cleveland Public Power System, (NPFG), 0.00%, 11/15/27

    $ 710       $ 454,996   

Cleveland Public Power System, (NPFG), 0.00%, 11/15/38

      2,000         719,920   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25

      815         605,194   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26

      3,000         2,133,750   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

      305         314,858   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

      200         205,992   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

      155         158,886   
     

 

 

  
      $ 4,593,596   
     

 

 

  

Insured-Escrowed/Prerefunded — 2.9%

      

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39

    $ 1,000       $ 1,186,420   

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

      90         102,080   
     

 

 

  
      $ 1,288,500   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 18.6%

      

Brooklyn City School District, (AGM), 5.00%, 12/1/38

    $ 555       $ 622,821   

Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36

      500         559,275   

Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30

      2,455         1,482,722   

Cincinnati School District, (NPFG), 5.25%, 12/1/30

      1,000         1,273,620   

Madeira City School District, (AGM), 3.50%, 12/1/27

      1,500         1,506,960   

Milford Exempt Village School District, (AGC), 5.25%, 12/1/36

      1,750         1,967,245   

St. Marys City School District, (AGM), 5.00%, 12/1/35

      660         727,597   
     

 

 

  
      $ 8,140,240   
     

 

 

  

Insured-Hospital — 1.5%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 24.216%, 2/1/29(1)(2)(3)

    $ 485       $ 647,436   
     

 

 

  
      $ 647,436   
     

 

 

  

Insured-Special Tax Revenue — 0.2%

      

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    $ 540       $ 72,166   
     

 

 

  
      $ 72,166   
     

 

 

  

Insured-Transportation — 7.3%

      

Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30

    $ 600       $ 667,836   

Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24

      1,000         1,269,080   

Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/26

      1,000         1,282,740   
     

 

 

  
      $ 3,219,656   
     

 

 

  

Insured-Water and Sewer — 1.5%

      

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

    $ 665       $ 671,989   
     

 

 

  
      $ 671,989   
     

 

 

  

Lease Revenue/Certificates of Participation — 0.1%

      

Franklin County Convention Facilities Authority, 5.00%, 12/1/27

    $ 55       $ 60,517   
     

 

 

  
      $ 60,517   
     

 

 

  

Other Revenue — 3.6%

      

Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27

    $ 1,000       $ 1,083,940   

Summit County Port Authority, 5.00%, 12/1/31

      445         505,863   
     

 

 

  
      $ 1,589,803   
     

 

 

  

Senior Living/Life Care — 3.8%

      

Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44

    $ 650       $ 697,268   

Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32

      375         401,190   

Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30

      230         253,262   

Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33

      275         321,486   
     

 

 

  
      $ 1,673,206   
     

 

 

  

Special Tax Revenue — 4.3%

      

Cleveland, Income Tax Revenue, (Bridges and Roadways Improvements), 5.00%, 10/1/32

    $ 250       $ 283,362   

Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35

      500         566,725   

Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/26

      180         214,416   

Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/28

      290         340,286   

Guam, Limited Obligation Bonds, 5.625%, 12/1/29

      155         171,974   

Guam, Limited Obligation Bonds, 5.75%, 12/1/34

      170         188,598   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

      110         126,254   
     

 

 

  
      $ 1,891,615   
     

 

 

  

Transportation — 0.5%

      

Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43

    $ 690       $ 213,134   
     

 

 

  
      $ 213,134   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Water and Sewer — 2.6%

      

Hamilton County, Sewer System, 5.00%, 12/1/38

    $ 500       $ 577,355   

Northeast Ohio Regional Sewer District, 5.00%, 11/15/43

      500         569,200   
     

 

 

  
      $ 1,146,555   
     

 

 

  

Total Tax-Exempt Investments — 148.5%
(identified cost $57,745,496)

       $ 65,176,728   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (51.8)%

       $ (22,725,244 ) 
     

 

 

  

Other Assets, Less Liabilities — 3.3%

       $ 1,439,649   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 43,891,133   
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

GNMA

   -   Government National Mortgage Association

NPFG

   -   National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by Ohio 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, 2015, 36.7% 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 0.9% to 15.3% of total investments.

 

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 28, 2015, the aggregate value of these securities is $647,436 or 1.5% of the Trust’s net assets applicable to common shares.

 

(2) Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at February 28, 2015.

 

(3) Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

The Trust did not have any open financial instruments at February 28, 2015.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 28, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     57,682,214   
  

 

 

  

Gross unrealized appreciation

    $ 7,541,143   

Gross unrealized depreciation

      (46,629 ) 
  

 

 

  

Net unrealized appreciation

    $ 7,494,514   
  

 

 

  

 

4

 

 

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 fund’s 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.

At February 28, 2015, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

    $     —       $     65,176,728       $     —       $     65,176,728   

Total Investments

    $ —       $ 65,176,728       $ —       $ 65,176,728   

The Trust held no investments or other financial instruments as of November 30, 2014 whose fair value was determined using Level 3 inputs. At February 28, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

5

 

 

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s 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 Commission’s 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 registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s 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 registrant’s internal control over financial reporting.

 

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 Ohio Municipal Income Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 20, 2015

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 20, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 20, 2015