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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

August 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 162.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 1.7%

 

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

    $ 615      $ 687,453  
     

 

 

  
   $ 687,453  
     

 

 

  

Education — 10.7%

 

Miami University, 4.00%, 9/1/39

    $ 500      $ 516,130  

Miami University, 5.00%, 9/1/33

      1,000        1,075,450  

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

      285        299,849  

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

      400        422,620  

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

      500        554,660  

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

      1,000        1,009,370  

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

      500        530,180  
     

 

 

  
   $ 4,408,259  
     

 

 

  

Electric Utilities — 1.3%

 

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

    $ 500      $ 542,985  
     

 

 

  
   $ 542,985  
     

 

 

  

Escrowed/Prerefunded — 12.8%

 

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

    $ 335      $ 370,748  

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

      155        162,383  

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

      170        178,357  

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

      750        836,640  

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

      175        179,359  

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

      1,000        1,012,750  

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

      155        163,849  

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

      850        902,318  

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

      350        373,142  

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

      20        24,410  

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

      1,000        1,076,720  
     

 

 

  
   $ 5,280,676  
     

 

 

  

General Obligations — 37.8%

 

Cleveland, 5.00%, 12/1/43(1)

    $ 2,775      $ 3,160,087  

Forest Hills Local School District, 5.00%, 12/1/46

      2,775        3,081,859  

Ohio, 5.00%, 2/1/37(1)

      2,775        3,146,933  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Upper Arlington City School District, 5.00%, 12/1/48(1)

    $ 2,775      $ 3,190,806  

Will County, IL, 5.00%, 11/15/45

      2,775        3,065,432  
     

 

 

  
   $ 15,645,117  
  

 

 

  

Hospital — 21.8%

 

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

    $ 1,000      $ 1,009,350  

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

      500        533,910  

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

      800        830,160  

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

      2,800        3,150,140  

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

      250        277,503  

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

      315        296,544  

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

      500        542,980  

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

      800        867,120  

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

      325        331,182  

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

      205        215,139  

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

      565        618,596  

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

      165        179,023  

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

      90        92,813  

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

      80        85,424  
     

 

 

  
   $ 9,029,884  
  

 

 

  

Industrial Development Revenue — 1.3%

 

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

    $ 555      $ 556,598  
     

 

 

  
   $ 556,598  
  

 

 

  

Insured-Education — 2.1%

 

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

    $ 750      $ 786,000  

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

      85        86,791  
     

 

 

  
   $ 872,791  
  

 

 

  

Insured-Electric Utilities — 12.5%

 

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

    $ 710      $ 520,757  

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

      2,000        874,960  

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

      815        673,549  

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

      3,000        2,378,970  

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

      305        329,003  

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

      200        216,834  

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

      155        166,436  
     

 

 

  
   $ 5,160,509  
  

 

 

  

Insured-Escrowed/Prerefunded — 4.9%

 

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

    $ 1,000      $ 1,018,650  

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

      555        593,911  

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

      425        434,350  
     

 

 

  
   $ 2,046,911  
  

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 6.9%

 

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

    $ 2,455      $ 1,628,917  

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

      1,000        1,242,950  
     

 

 

  
   $ 2,871,867  
     

 

 

  

Insured-Transportation — 9.1%

 

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

    $ 600      $ 647,514  

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

      140        152,459  

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

      1,000        1,130,030  

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

      1,000        1,179,310  

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

      590        647,395  
     

 

 

  
   $ 3,756,708  
     

 

 

  

Insured-Water and Sewer — 1.7%

 

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

    $ 665      $ 690,569  
     

 

 

  
   $ 690,569  
     

 

 

  

Other Revenue — 3.5%

 

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

    $ 940      $ 941,889  

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

      445        492,486  
     

 

 

  
   $ 1,434,375  
     

 

 

  

Senior Living/Life Care — 3.4%

 

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

    $ 650      $ 686,777  

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

      375        397,519  

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

      275        311,344  
     

 

 

  
   $ 1,395,640  
     

 

 

  

Special Tax Revenue — 15.5%

 

Cleveland, Income Tax Revenue, 5.00%, 10/1/39(1)

    $ 550      $ 627,649  

Cleveland, Income Tax Revenue, 5.00%, 10/1/43(1)

      2,200        2,502,852  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/38(1)

      1,400        1,638,756  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/43(1)

      1,400        1,628,466  
     

 

 

  
   $ 6,397,723  
     

 

 

  

Water and Sewer — 15.1%

 

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

    $ 500      $ 557,360  

Texas Water Development Board, 4.00%, 10/15/47(1)

      5,500        5,682,380  
     

 

 

  
   $ 6,239,740  
     

 

 

  

Total Tax-Exempt Investments — 162.1%
(identified cost $63,993,795)

       $ 67,017,805  
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (12.1)%

 

    $ (5,002,605 ) 
     

 

 

  

Other Assets, Less Liabilities — (50.0)%

 

    $ (20,666,571 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 41,348,629  
     

 

 

  

 

3

 

 

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, 2018, 23.0% 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 1.0% to 15.4% of total investments.

 

(1)

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

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 August 31, 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 August 31, 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

    $ —      $ 67,017,805      $ —      $ 67,017,805  

Total Investments

    $     —      $     67,017,805      $     —      $     67,017,805  

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.

Proposed Plan of Reorganization

In July 2018, the Trustees of the Trust approved an Agreement and Plan of Reorganization whereby Eaton Vance Municipal Income Trust (Municipal Income Trust) would acquire substantially all the assets and assume substantially all the liabilities of the Trust in exchange for common shares of Municipal Income Trust. The proposed reorganization is subject to approval by the shareholders of the Trust.

 

4

 

 

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 22, 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:   October 22, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 22, 2018