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

August 31, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

August 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 151.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 6.0%

      

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22

    $ 1,020       $ 1,033,556   

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

      250         293,385   

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

      210         245,288   

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

      945         1,012,095   
     

 

 

  
      $ 2,584,324   
     

 

 

  

Education — 19.5%

      

Miami University, 4.00%, 9/1/39

    $ 500       $ 516,465   

Miami University, 5.00%, 9/1/33

      1,000         1,120,490   

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

      440         467,988   

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

      1,250         1,345,738   

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

      500         569,845   

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

      1,000         1,134,010   

Ohio State University, 5.00%, 12/1/28

      480         611,587   

Ohio State University, 5.00%, 12/1/30

      955         1,199,958   

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

      500         557,985   

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

      750         833,595   
     

 

 

  
      $ 8,357,661   
     

 

 

  

Electric Utilities — 2.5%

      

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

    $ 470       $ 519,674   

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

      500         559,960   
     

 

 

  
      $ 1,079,634   
     

 

 

  

Escrowed/Prerefunded — 0.9%

      

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

    $ 65       $ 75,988   

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

      180         199,287   

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

      20         26,119   

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

      70         92,209   
     

 

 

  
      $ 393,603   
     

 

 

  

General Obligations — 20.9%

      

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

    $ 335       $ 376,942   

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

      900         937,971   

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

      1,750         1,999,970   

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

      1,025         1,160,515   

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

      595         682,144   

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

      400         449,104   

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

      820         882,812   

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

      1,250         1,320,600   

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

      1,000         1,177,620   
     

 

 

  
      $ 8,987,678   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 22.0%

      

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

    $ 1,075       $ 1,196,926   

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

      560         607,678   

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

      500         543,410   

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

      800         867,512   

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

      250         286,958   

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

      750         870,150   

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

      500         529,950   

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

      500         539,645   

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

      800         859,416   

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

      500         572,040   

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

      1,000         1,121,060   

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

      555         611,255   

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

      565         645,445   

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

      165         186,023   
     

 

 

  
      $ 9,437,468   
     

 

 

  

Housing — 6.3%

      

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.625%, 9/1/27

    $ 90       $ 92,102   

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

      2,500         2,594,475   
     

 

 

  
      $ 2,686,577   
     

 

 

  

Industrial Development Revenue — 1.3%

      

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

    $ 555       $ 556,149   
     

 

 

  
      $ 556,149   
     

 

 

  

Insured-Education — 12.2%

      

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

    $ 750       $ 819,795   

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

      1,000         1,133,990   

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

      465         527,296   

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

      580         586,438   

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

      1,500         1,642,815   

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

      500         547,605   
     

 

 

  
      $ 5,257,939   
     

 

 

  

Insured-Electric Utilities — 12.7%

      

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

    $ 1,000       $ 1,098,890   

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

      710         434,328   

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

      2,000         655,640   

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

      815         582,970   

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

      3,000         2,048,010   

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

      305         301,538   

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

      200         190,860   

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

      155         144,499   
     

 

 

  
      $ 5,456,735   
     

 

 

  

Insured-General Obligations — 19.0%

      

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

    $ 555       $ 596,053   

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

      500         562,735   

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

      2,455         1,392,231   

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

      1,000         1,272,130   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,500       $ 1,513,845   

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

      1,750         1,970,622   

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

      750         828,443   
     

 

 

  
      $ 8,136,059   
     

 

 

  

Insured-Hospital — 1.5%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 15.436%, 2/1/29(1)(2)(3)

    $ 485       $ 624,874   
     

 

 

  
      $ 624,874   
     

 

 

  

Insured-Special Tax Revenue — 0.2%

      

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

    $ 540       $ 73,818   
     

 

 

  
      $ 73,818   
     

 

 

  

Insured-Transportation — 7.4%

      

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

    $ 600       $ 661,656   

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

      1,000         1,240,130   

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

      1,000         1,289,710   
     

 

 

  
      $ 3,191,496   
     

 

 

  

Insured-Water and Sewer — 1.5%

      

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

    $ 665       $ 631,178   
     

 

 

  
      $ 631,178   
     

 

 

  

Lease Revenue/Certificates of Participation — 1.3%

      

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

    $ 500       $ 555,475   
     

 

 

  
      $ 555,475   
     

 

 

  

Other Revenue — 3.5%

      

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

    $ 1,000       $ 1,026,690   

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

      445         495,686   
     

 

 

  
      $ 1,522,376   
     

 

 

  

Senior Living/Life Care — 2.2%

      

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

    $ 375       $ 398,887   

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

      230         251,082   

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

      275         308,127   
     

 

 

  
      $ 958,096   
     

 

 

  

Special Tax Revenue — 5.0%

      

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

    $ 500       $ 562,355   

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

      500         558,580   

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

      180         213,064   

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

      290         339,657   

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

      155         171,422   

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

      170         188,336   

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

      110         126,534   
     

 

 

  
      $ 2,159,948   
     

 

 

  

Transportation — 0.5%

      

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

    $ 690       $ 196,070   
     

 

 

  
      $ 196,070   
     

 

 

  

Water and Sewer — 4.6%

      

Hamilton County, Sewer System, 5.00%, 12/1/32

    $ 750       $ 826,597   

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

      500         573,955   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 500       $ 567,725   
     

 

 

  
      $ 1,968,277   
     

 

 

  

Total Tax-Exempt Investments — 151.0%
(identified cost $58,312,392)

       $ 64,815,435   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.9)%

       $ (22,725,305 ) 
     

 

 

  

Other Assets, Less Liabilities — 1.9%

       $ 832,989   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 42,923,119   
     

 

 

  

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.

FNMA

   -   Federal National Mortgage Association

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 August 31, 2014, 36.1% 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 14.9% 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 August 31, 2014, the aggregate value of these securities is $624,874 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 August 31, 2014.

 

(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 Fund did not have any open financial instruments at August 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 58,264,953   
  

 

 

  

Gross unrealized appreciation

    $ 6,609,534   

Gross unrealized depreciation

      (59,052 ) 
  

 

 

  

Net unrealized appreciation

    $ 6,550,482   
  

 

 

  

 

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 August 31, 2014, 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

    $ —       $ 64,815,435       $ —       $ 64,815,435   

Total Investments

    $ —       $     64,815,435       $ —       $     64,815,435   

The Trust held no investments or other financial instruments as of November 30, 2013 whose fair value was determined using Level 3 inputs. At August 31, 2014, 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:   October 27, 2014

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:   October 27, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 27, 2014