Eaton Vance Ohio Municipal Income

 

 

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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

Ohio Municipal Income Trust

February 28, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 154.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.4%

      

Ohio Water Development Authority, 4.00%, 6/1/36

    $ 500      $ 523,230  

Ohio Water Development Authority, 5.00%, 12/1/32

      500        582,890  

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

      665        736,700  
     

 

 

  
      $ 1,842,820  
     

 

 

  

Education — 20.1%

      

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

    $ 315      $ 350,721  

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

      450        519,300  

Miami University, 4.00%, 9/1/39

      500        516,765  

Miami University, 5.00%, 9/1/33

      1,000        1,095,170  

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

      1,050        1,188,348  

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

      285        298,449  

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

      400        421,944  

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

      500        557,550  

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

      500        563,705  

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

      1,000        1,028,290  

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

      480        583,872  

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

      545        663,614  

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

      500        538,355  
     

 

 

  
      $ 8,326,083  
     

 

 

  

Electric Utilities — 5.1%

      

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

    $ 470      $ 514,885  

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

      765        784,393  

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

      225        251,559  

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

      500        554,035  
     

 

 

  
      $ 2,104,872  
     

 

 

  

Escrowed/Prerefunded — 25.4%

      

Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21, 5.25%, 12/1/33

    $ 335      $ 377,337  

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

      900        907,110  

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

      1,750        1,826,912  

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

      1,025        1,044,629  

Cleveland, Income Tax Revenue, (Bridges and Roadways Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/32

      250        283,370  

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

      155        166,010  

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

      170        182,441  

Hancock County, (Blanchard Valley Regional Health Center), Prerefunded to 6/1/21, 6.25%, 12/1/34

      750        856,065  

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

      595        626,940  

Lakewood City School District, Prerefunded to 11/1/22, 5.00%, 11/1/39

      400        455,084  

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

      175        183,001  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,000      $ 1,033,800  

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

      155        166,820  

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

      850        919,657  

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

      350        380,590  

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

      20        24,538  

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

      1,000        1,097,130  
     

 

 

  
      $ 10,531,434  
     

 

 

  

General Obligations — 5.2%

      

Cuyahoga Community College District, 3.50%, 12/1/39(1)

    $ 575      $ 562,954  

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

      1,250        1,332,250  

Winton Woods City School District, 4.00%, 11/1/33

      250        262,467  
     

 

 

  
      $ 2,157,671  
     

 

 

  

Hospital — 26.1%

      

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

    $ 1,075      $ 1,156,883  

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

      560        616,538  

Allen County, (Mercy Health), 4.00%, 8/1/47(2)

      1,000        1,004,040  

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

      500        536,055  

Butler County, (UC Health), 4.00%, 11/15/37

      315        317,510  

Butler County, (UC Health), 5.00%, 11/15/28

      225        259,963  

Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/32

      765        893,199  

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

      800        845,688  

Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47

      560        625,402  

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

      250        281,865  

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

      315        317,281  

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

      500        546,260  

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

      800        871,544  

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

      325        335,686  

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

      975        998,078  

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

      205        217,868  

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

      565        626,082  

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

      165        182,361  

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

      90        92,692  

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

      80        85,517  
     

 

 

  
      $ 10,810,512  
     

 

 

  

Industrial Development Revenue — 1.3%

      

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

    $ 555      $ 556,782  
     

 

 

  
      $ 556,782  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Education — 2.1%

      

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

    $ 750      $ 798,330  

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

      85        88,307  
     

 

 

  
      $ 886,637  
     

 

 

  

Insured-Electric Utilities — 12.1%

      

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

    $ 710      $ 510,930  

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

      2,000        849,400  

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

      815        662,139  

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

      3,000        2,336,100  

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

      305        301,736  

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

      200        193,406  

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

      155        143,713  
     

 

 

  
      $ 4,997,424  
     

 

 

  

Insured-Escrowed/Prerefunded — 19.2%

      

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

    $ 1,000      $ 1,041,410  

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

      555        604,412  

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

      500        513,740  

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

      915        952,122  

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

      425        442,242  

Lorain County, (Catholic Healthcare Partners), (AGM), Prerefunded to
5/8/18, 5.00%, 2/1/29(2)

      940        946,345  

Lorain County, (Catholic Healthcare Partners), (AGM), Prerefunded to 5/8/18, 5.00%, 2/1/29

      1,000        1,006,750  

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

      1,750        1,801,327  

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

      150        151,388  

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

      510        514,717  
     

 

 

  
      $ 7,974,453  
     

 

 

  

Insured-General Obligations — 6.8%

      

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

    $ 2,455      $ 1,583,426  

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

      1,000        1,235,640  
     

 

 

  
      $ 2,819,066  
     

 

 

  

Insured-Special Tax Revenue — 0.2%

      

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

    $ 540      $ 102,476  
     

 

 

  
      $ 102,476  
     

 

 

  

Insured-Transportation — 8.9%

      

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

    $ 600      $ 654,678  

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

      140        153,558  

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

      1,000        1,144,940  

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

      1,000        1,191,160  

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

      590        552,971  
     

 

 

  
      $ 3,697,307  
     

 

 

  

Insured-Water and Sewer — 1.6%

      

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

    $ 665      $ 666,855  
     

 

 

  
      $ 666,855  
     

 

 

  

Other Revenue — 3.5%

      

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

    $ 940      $ 942,096  

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

      445        498,302  
     

 

 

  
      $ 1,440,398  
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Senior Living/Life Care — 4.0%

      

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

    $ 650      $ 687,460  

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

      375        400,298  

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

      230        252,420  

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

      275        318,293  
     

 

 

  
      $ 1,658,471  
     

 

 

  

Special Tax Revenue — 6.8%

      

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

    $ 500      $ 551,265  

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

      180        204,597  

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

      290        328,782  

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

      1,500        1,741,770  
     

 

 

  
      $ 2,826,414  
     

 

 

  

Transportation — 0.6%

      

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

    $ 690      $ 250,629  
     

 

 

  
      $ 250,629  
     

 

 

  

Water and Sewer — 1.4%

      

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

    $ 500      $ 562,235  
     

 

 

  
      $ 562,235  
     

 

 

  

Total Tax-Exempt Investments — 154.8%
(identified cost $60,518,572)

       $ 64,212,539  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (10.4)%

       $ (4,325,206 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (44.2)%

       $ (18,328,830 ) 
     

 

 

  

Other Assets, Less Liabilities — (0.2)%

       $ (78,057 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 41,480,446  
     

 

 

  

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 28, 2018, 32.9% 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 16.0% of total investments.

 

(1) When-issued security.

 

(2) 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.

NPFG

   -   National Public Finance Guaranty Corp.

    

 

 

The Trust did not have any open derivative instruments at February 28, 2018.

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, 2018, 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

    $     —      $ 64,212,539      $ —      $ 64,212,539  

Total Investments

    $     —      $     64,212,539      $     —      $     64,212,539  

The Trust held no investments or other financial instruments as of November 30, 2017 whose fair value was determined using Level 3 inputs. At February 28, 2018, 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:   April 26, 2018

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 26, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 26, 2018