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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

August 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 1.8%

 

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

    $ 705      $ 803,305  
     

 

 

  
   $ 803,305  
     

 

 

  

Education — 19.8%

 

Bowling Green State University, 5.00%, 6/1/42

    $ 315      $ 364,726  

Kent State University, 5.00%, 5/1/30

      450        539,622  

Miami University, 4.00%, 9/1/39

      500        529,415  

Miami University, 5.00%, 9/1/33

      1,000        1,134,550  

Ohio Higher Educational Facility Commission, (Denison University), 5.00%, 11/1/42

      1,050        1,227,922  

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

      285        309,664  

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

      400        437,828  

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

      500        575,610  

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/42

      500        582,740  

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

      1,000        1,050,930  

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

      480        609,206  

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

      545        691,082  

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

      500        553,585  
     

 

 

  
   $ 8,606,880  
     

 

 

  

Electric Utilities — 5.0%

 

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

    $ 470      $ 527,683  

American Municipal Power, Inc., (Meldahl Hydroelectric), 4.00%, 2/15/34

      765        809,431  

American Municipal Power, Inc., (Meldahl Hydroelectric), 5.00%, 2/15/33

      225        260,753  

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

      500        572,955  
     

 

 

  
   $ 2,170,822  
     

 

 

  

Escrowed/Prerefunded — 21.9%

 

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

    $ 900      $ 925,137  

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

      1,750        1,876,070  

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

      1,025        1,069,413  

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

      445        449,780  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29

      155        171,267  

Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34

      170        188,314  

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

      595        645,879  

Montgomery County, (Catholic Health Initiatives), Prerefunded to 5/1/19, 5.50%, 5/1/34

      175        188,326  

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), Prerefunded to 1/1/19, 5.50%, 1/1/39

      1,000        1,061,780  

Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to
7/1/20, 5.00%, 7/1/44

      155        172,183  

Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to
7/1/20, 5.25%, 7/1/44

      850        950,147  

Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40

      350        394,114  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 20      $ 25,982  

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

      250        273,000  

Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), Prerefunded to 12/1/20, 5.25%, 12/1/37

      1,000        1,137,970  
     

 

 

  
   $ 9,529,362  
     

 

 

  

General Obligations — 5.1%

 

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

    $ 335      $ 383,810  

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

      400        462,016  

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

      1,250        1,370,212  
     

 

 

  
   $ 2,216,038  
     

 

 

  

Hospital — 20.0%

 

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

    $ 1,075      $ 1,186,531  

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

      560        633,674  

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

      500        546,660  

Franklin County, (Nationwide Children’s Hospital), Prerefunded to 11/1/19, 5.00%, 11/1/34

      800        870,144  

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

      250        288,523  

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

      750        850,905  

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

      315        325,228  

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

      500        543,775  

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

      800        864,800  

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

      325        340,428  

Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/43

      975        1,031,686  

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

      205        221,031  

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

      565        644,614  

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

      165        186,207  

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

      90        92,583  

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

      80        86,697  
     

 

 

  
   $ 8,713,486  
     

 

 

  

Housing — 5.6%

 

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

    $ 2,430      $ 2,460,618  
     

 

 

  
   $ 2,460,618  
     

 

 

  

Industrial Development Revenue — 1.3%

 

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

    $ 555      $ 556,587  
     

 

 

  
   $ 556,587  
     

 

 

  

Insured-Education — 2.1%

 

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

    $ 750      $ 816,975  

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

      85        90,615  
     

 

 

  
   $ 907,590  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Electric Utilities — 12.1%

 

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

    $ 710      $ 533,118  

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

      2,000        881,700  

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

      815        685,986  

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

      3,000        2,443,050  

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

      305        327,713  

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

      200        211,748  

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

      155        164,458  
     

 

 

  
   $ 5,247,773  
     

 

 

  

Insured-Escrowed/Prerefunded — 18.9%

 

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

    $ 1,000      $ 1,071,180  

Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38

      555        626,762  

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

      500        526,340  

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26

      915        978,968  

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29

      425        454,712  

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

      1,750        1,847,387  

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

      510        526,187  

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

      150        154,749  

University of Akron, Series 2008A, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      1,500        1,521,120  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      180        182,552  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      320        324,506  
     

 

 

  
   $ 8,214,463  
     

 

 

  

Insured-General Obligations — 6.8%

 

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

    $ 2,455      $ 1,710,472  

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

      1,000        1,271,410  
     

 

 

  
   $ 2,981,882  
     

 

 

  

Insured-Hospital — 4.5%

 

Lorain County, (Catholic Healthcare Partners), (AGM), 5.00%, 2/1/29(1)

    $ 1,940      $ 1,981,089  
     

 

 

  
   $ 1,981,089  
     

 

 

  

Insured-Special Tax Revenue — 0.3%

 

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

    $ 540      $ 112,304  
     

 

 

  
   $ 112,304  
     

 

 

  

Insured-Transportation — 9.0%

 

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

    $ 600      $ 665,910  

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

      140        156,304  

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

      1,000        1,216,710  

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

      1,000        1,271,180  

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

      590        630,333  
     

 

 

  
   $ 3,940,437  
     

 

 

  

Insured-Water and Sewer — 1.6%

 

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

    $ 665      $ 677,715  
     

 

 

  
   $ 677,715  
     

 

 

  

Other Revenue — 3.5%

      

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

    $ 1,000      $ 1,007,230  

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

      445        504,083  
     

 

 

  
      $ 1,511,313  
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Senior Living/Life Care — 3.9%

      

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

    $ 650      $ 703,840  

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

      375        405,735  

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

      230        255,670  

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

      275        318,530  
     

 

 

  
      $ 1,683,775  
     

 

 

  

Special Tax Revenue — 7.4%

      

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

    $ 250      $ 285,750  

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

      500        571,500  

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

      180        213,739  

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

      290        343,467  

Hamilton County, Sales Tax Revenue, 5.00%, 12/1/29

      1,500        1,828,095  
     

 

 

  
      $ 3,242,551  
     

 

 

  

Transportation — 0.6%

      

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

    $ 690      $ 254,299  
     

 

 

  
      $ 254,299  
     

 

 

  

Water and Sewer — 2.6%

      

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

    $ 500      $ 583,540  

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

      500        570,060  
     

 

 

  
      $ 1,153,600  
     

 

 

  

Total Tax-Exempt Investments — 153.8%
(identified cost $61,085,496)

       $ 66,965,889  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (9.9)%

       $ (4,325,318 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (42.0)%

       $ (18,305,443 ) 
     

 

 

  

Other Assets, Less Liabilities — (1.9)%

       $ (793,478 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 43,541,650  
     

 

 

  

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 August 31, 2017, 35.9% 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 0.9% to 16.2% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

4

 

 

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 derivative instruments at August 31, 2017.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     59,586,097  
  

 

 

  

Gross unrealized appreciation

    $ 5,991,744  

Gross unrealized depreciation

      (66,952 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,924,792  
  

 

 

  

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, 2017, 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

    $ —      $ 66,965,889      $ —      $ 66,965,889  

Total Investments

    $     —      $     66,965,889      $     —      $     66,965,889  

The Trust held no investments or other financial instruments as of November 30, 2016 whose fair value was determined using Level 3 inputs. At August 31, 2017, 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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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 24, 2017

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 24, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 24, 2017