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 29, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 146.5%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 2.0%

      

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

    $ 835       $ 921,072   
     

 

 

  
      $ 921,072   
     

 

 

  

Education — 17.8%

      

Miami University, 4.00%, 9/1/39

    $ 500       $ 529,580   

Miami University, 5.00%, 9/1/33

      1,000         1,158,490   

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

      440         493,517   

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

      1,250         1,417,725   

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

      500         578,795   

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

      1,000         1,105,760   

Ohio State University, 5.00%, 12/1/28

      480         619,109   

Ohio State University, 5.00%, 12/1/30

      545         712,250   

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

      500         568,985   

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

      750         834,255   
     

 

 

  
      $ 8,018,466   
     

 

 

  

Electric Utilities — 2.5%

      

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

    $ 470       $ 536,373   

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

      500         583,865   
     

 

 

  
      $ 1,120,238   
     

 

 

  

Escrowed/Prerefunded — 14.6%

      

Barberton City School District, Prerefunded to 6/1/18, 4.50%, 12/1/33

    $ 900       $ 977,166   

Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30

      1,750         1,987,527   

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

      65         72,174   

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

      445         479,367   

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

      750         807,278   

Huber Heights City School District, Prerefunded to 12/1/19, 4.75%, 12/1/25

      595         681,495   

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

      180         187,256   

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

      195         202,860   

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

      625         650,194   

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

      20         26,645   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 12/1/28

      250         288,348   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 6/1/30

      210         242,212   
     

 

 

  
      $ 6,602,522   
     

 

 

  

General Obligations — 10.2%

      

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

    $ 335       $ 393,554   

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

      1,025         1,125,522   

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

      100         127,897   

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

      400         464,556   

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

      1,250         1,342,500   

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

      1,000         1,150,620   
     

 

 

  
      $ 4,604,649   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 22.2%

      

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

    $ 1,075       $ 1,209,902   

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

      560         618,542   

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

      500         558,845   

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

      800         887,240   

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

      250         291,283   

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

      750         887,062   

Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45

      315         323,933   

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

      500         504,250   

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

      500         550,510   

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

      800         877,056   

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

      500         561,235   

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

      1,000         1,123,230   

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

      555         610,428   

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

      565         655,790   

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

      165         189,620   

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43

      90         93,419   

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43

      80         87,181   
     

 

 

  
      $ 10,029,526   
     

 

 

  

Housing — 5.7%

      

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

    $ 2,500       $ 2,562,600   
     

 

 

  
      $ 2,562,600   
     

 

 

  

Industrial Development Revenue — 1.2%

      

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

    $ 555       $ 556,881   
     

 

 

  
      $ 556,881   
     

 

 

  

Insured-Education — 11.1%

      

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

    $ 750       $ 848,865   

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

      1,000         1,114,280   

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

      465         518,140   

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

      580         588,195   

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

      1,500         1,598,235   

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

      320         340,957   
     

 

 

  
      $ 5,008,672   
     

 

 

  

Insured-Electric Utilities — 11.0%

      

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

    $ 710       $ 496,368   

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

      2,000         819,920   

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

      815         649,881   

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

      3,000         2,302,920   

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

      305         310,755   

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

      200         203,386   

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

      155         155,679   
     

 

 

  
      $ 4,938,909   
     

 

 

  

Insured-Escrowed/Prerefunded — 10.0%

      

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

    $ 1,000       $ 1,146,070   

Buckeye Valley Local School District, (AGC), Prerefunded to 12/1/18, 5.00%, 12/1/36

      500         559,005   

Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36

      1,750         1,967,420   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 90       $ 98,744   

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

      510         559,546   

University of Akron, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      180         194,477   
     

 

 

  
      $ 4,525,262   
     

 

 

  

Insured-General Obligations — 11.6%

      

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

    $ 555       $ 628,870   

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

      2,455         1,622,878   

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

      1,000         1,305,760   

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

      1,500         1,531,590   

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

      150         161,885   
     

 

 

  
      $ 5,250,983   
     

 

 

  

Insured-Hospital — 1.4%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 21.35%, 2/1/29(1)(2)(3)

    $ 485       $ 613,021   
     

 

 

  
      $ 613,021   
     

 

 

  

Insured-Special Tax Revenue — 0.2%

      

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

    $ 540       $ 83,295   
     

 

 

  
      $ 83,295   
     

 

 

  

Insured-Transportation — 8.8%

      

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

    $ 600       $ 678,216   

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39

      140         156,596   

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

      1,000         1,278,090   

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

      1,000         1,304,040   

Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38

      590         557,786   
     

 

 

  
      $ 3,974,728   
     

 

 

  

Insured-Water and Sewer — 1.5%

      

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

    $ 665       $ 676,179   
     

 

 

  
      $ 676,179   
     

 

 

  

Other Revenue — 3.5%

      

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

    $ 1,000       $ 1,058,970   

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

      445         516,440   
     

 

 

  
      $ 1,575,410   
     

 

 

  

Senior Living/Life Care — 3.8%

      

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

    $ 650       $ 715,195   

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

      375         405,023   

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

      230         257,165   

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

      275         321,805   
     

 

 

  
      $ 1,699,188   
     

 

 

  

Special Tax Revenue — 4.3%

      

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

    $ 250       $ 296,207   

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

      500         586,825   

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

      180         218,992   

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

      290         349,659   

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

      155         172,273   

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

      170         189,100   

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

      110         123,776   
     

 

 

  
      $ 1,936,832   
     

 

 

  

Transportation — 0.5%

      

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

    $ 690       $ 233,772   
     

 

 

  
      $ 233,772   
     

 

 

  

Water and Sewer — 2.6%

      

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

    $ 500       $ 580,725   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 500       $ 578,780   
     

 

 

  
      $ 1,159,505   
     

 

 

  

Total Tax-Exempt Investments — 146.5%
(identified cost $58,416,552)

       $ 66,091,710   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (9.6)%

       $ (4,325,491 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (40.8)%

       $ (18,400,000 ) 
     

 

 

  

Other Assets, Less Liabilities — 3.9%

       $ 1,749,467   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 45,115,686   
     

 

 

  

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

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 29, 2016, 37.9% 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 1.7% to 15.9% of total investments.

 

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 29, 2016, the aggregate value of these securities is $613,021 or 1.4% 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 29, 2016.

 

(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.

Abbreviations:

 

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 did not have any open financial instruments at February 29, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $      58,325,330   
  

 

 

  

Gross unrealized appreciation

    $ 7,816,570   

Gross unrealized depreciation

      (50,190 ) 
  

 

 

  

Net unrealized appreciation

    $ 7,766,380   
  

 

 

  

 

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 29, 2016, 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

    $ —       $ 66,091,710       $ —       $ 66,091,710   

Total Investments

    $     —       $     66,091,710       $     —       $     66,091,710   

The carrying amount of the Institutional MuniFund Term Preferred Shares (iMTP Shares) at February 29, 2016 approximated its fair value. If measured at fair value, iMTP Shares would have been considered as Level 2 in the fair value hierarchy at February 29, 2016.

The Trust held no investments or other financial instruments as of November 30, 2015 whose fair value was determined using Level 3 inputs. At February 29, 2016, 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 25, 2016

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 25, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 25, 2016