N-Q 1 d81502dnq.htm EATON VANCE OHIO MUNICIPAL INCOME TRUST 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, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

August 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 150.3%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 3.4%

      

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

    $ 250       $ 285,005   

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

      210         239,667   

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

      875         919,275   
     

 

 

  
      $ 1,443,947   
     

 

 

  

Education — 18.4%

      

Miami University, 4.00%, 9/1/39

    $ 500       $ 516,815   

Miami University, 5.00%, 9/1/33

      1,000         1,146,710   

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

      440         479,490   

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

      1,250         1,410,112   

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

      500         563,265   

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

      1,000         1,111,260   

Ohio State University, 5.00%, 12/1/28

      480         598,267   

Ohio State University, 5.00%, 12/1/30

      545         682,918   

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

      500         564,685   

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

      750         820,650   
     

 

 

  
      $ 7,894,172   
     

 

 

  

Electric Utilities — 2.6%

      

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

    $ 470       $ 524,497   

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

      500         581,675   
     

 

 

  
      $ 1,106,172   
     

 

 

  

Escrowed/Prerefunded — 10.4%

      

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

    $ 1,750       $ 1,999,900   

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

      65         73,126   

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

      445         487,791   

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

      750         822,120   

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

      180         191,176   

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

      195         207,108   

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

      625         663,806   

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

      20         25,633   
     

 

 

  
      $ 4,470,660   
     

 

 

  

General Obligations — 14.4%

      

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

    $ 335       $ 377,649   

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

      900         952,344   

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

      1,025         1,132,471   

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

      100         120,463   

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

      595         666,233   

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

      400         447,672   

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

      1,250         1,303,500   

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

      1,000         1,164,970   
     

 

 

  
      $ 6,165,302   
     

 

 

  

Hospital — 22.3%

      

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

    $ 1,075       $ 1,183,059   

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

      560         603,910   

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

      500         549,465   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 800       $ 883,656   

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

      250         283,335   

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

      750         877,597   

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

      500         512,275   

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

      500         535,205   

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

      800         854,584   

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

      500         563,205   

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

      1,000         1,129,910   

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

      555         605,566   

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

      565         638,134   

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

      165         184,303   

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

      90         90,789   

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

      80         83,833   
     

 

 

  
      $ 9,578,826   
     

 

 

  

Housing — 6.0%

      

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

    $ 2,500       $ 2,565,275   
     

 

 

  
      $ 2,565,275   
     

 

 

  

Industrial Development Revenue — 1.3%

      

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

    $ 555       $ 556,870   
     

 

 

  
      $ 556,870   
     

 

 

  

Insured-Education — 11.7%

      

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

    $ 750       $ 843,030   

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

      1,000         1,109,980   

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

      465         516,285   

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

      580         584,663   

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

      1,500         1,609,170   

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

      320         343,290   
     

 

 

  
      $ 5,006,418   
     

 

 

  

Insured-Electric Utilities — 10.4%

      

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

    $ 710       $ 456,040   

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

      2,000         701,680   

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

      815         602,049   

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

      3,000         2,119,410   

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

      305         271,224   

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

      200         174,648   

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

      155         131,504   
     

 

 

  
      $ 4,456,555   
     

 

 

  

Insured-Escrowed/Prerefunded — 4.7%

      

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

    $ 1,000       $ 1,160,380   

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

      90         100,168   

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

      510         567,620   

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

      180         197,726   
     

 

 

  
      $ 2,025,894   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 17.6%

      

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

    $ 555       $ 618,392   

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

      500         550,775   

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

      2,455         1,467,034   

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

      1,000         1,262,440   

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

      1,500         1,503,645   

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

      1,750         1,990,415   

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

      150         162,591   
     

 

 

  
      $ 7,555,292   
     

 

 

  

Insured-Hospital — 1.4%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 18,423%, 2/1/29(1)(2)(3)

    $ 485       $ 614,902   
     

 

 

  
      $ 614,902   
     

 

 

  

Insured-Special Tax Revenue — 0.2%

      

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

    $ 540       $ 85,536   
     

 

 

  
      $ 85,536   
     

 

 

  

Insured-Transportation — 8.9%

      

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

    $ 600       $ 662,172   

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

      140         152,351   

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

      1,000         1,248,100   

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

      1,000         1,266,220   

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

      590         473,493   
     

 

 

  
      $ 3,802,336   
     

 

 

  

Insured-Water and Sewer — 1.5%

      

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

    $ 665       $ 632,748   
     

 

 

  
      $ 632,748   
     

 

 

  

Lease Revenue/Certificates of Participation — 0.1%

      

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

    $ 55       $ 59,497   
     

 

 

  
      $ 59,497   
     

 

 

  

Other Revenue — 3.6%

      

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

    $ 1,000       $ 1,069,700   

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

      445         497,359   
     

 

 

  
      $ 1,567,059   
     

 

 

  

Senior Living/Life Care — 3.9%

      

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

    $ 650       $ 695,214   

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

      375         394,590   

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

      230         249,035   

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

      275         314,325   
     

 

 

  
      $ 1,653,164   
     

 

 

  

Special Tax Revenue — 4.4%

      

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

    $ 250       $ 281,177   

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

      500         559,315   

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

      180         209,999   

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

      290         334,567   

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

      155         171,244   

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

      170         188,301   

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

      110         124,123   
     

 

 

  
      $ 1,868,726   
     

 

 

  

Transportation — 0.5%

      

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

    $ 690       $ 203,067   
     

 

 

  
      $ 203,067   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Water and Sewer — 2.6%

      

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

    $ 500       $ 567,110   

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

      500         560,645   
     

 

 

  
      $ 1,127,755   
     

 

 

  

Total Tax-Exempt Investments — 150.3%
(identified cost $58,135,627)

       $ 64,440,173   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.0)%

       $ (22,725,538 ) 
     

 

 

  

Other Assets, Less Liabilities — 2.7%

       $ 1,156,425   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 42,871,060   
     

 

 

  

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 August 31, 2015, 37.5% 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 1.6% to 15.2% 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, 2015, the aggregate value of these securities is $614,902 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 August 31, 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 cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     58,061,585   
  

 

 

  

Gross unrealized appreciation

    $ 6,560,864   

Gross unrealized depreciation

      (182,276 ) 
  

 

 

  

Net unrealized appreciation

    $ 6,378,588   
  

 

 

  

 

4

 

 

The Trust did not have any open financial instruments at August 31, 2015.

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, 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

    $ —       $ 64,440,173       $ —       $ 64,440,173   

Total Investments

    $     —       $     64,440,173       $     —       $     64,440,173   

The Trust held no investments or other financial instruments as of November 30, 2014 whose fair value was determined using Level 3 inputs. At August 31, 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:   October 26, 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:   October 26, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 26, 2015