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 28, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Income Trust

February 28, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 147.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 7.9%

      

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25

    $ 550       $ 574,832   

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22

      1,020         1,052,824   

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

      250         300,597   

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

      250         296,540   

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

      1,060         1,220,972   
     

 

 

  
      $ 3,445,765   
     

 

 

  

Education — 19.0%

      

Miami University, 5.00%, 9/1/33

    $ 1,000       $ 1,148,800   

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

      440         473,383   

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

      1,250         1,375,612   

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

      1,000         1,170,570   

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

      480         621,274   

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

      1,605         2,089,758   

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

      500         573,020   

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

      750         844,965   
     

 

 

  
      $ 8,297,382   
     

 

 

  

Electric Utilities — 2.5%

      

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

    $ 470       $ 532,143   

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

      500         569,855   
     

 

 

  
      $ 1,101,998   
     

 

 

  

Escrowed/Prerefunded — 2.0%

      

Columbus, Prerefunded to 7/1/14, 5.00%, 7/1/23

    $ 500       $ 532,175   

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

      180         209,587   

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

      20         27,186   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30

      70         96,138   
     

 

 

  
      $ 865,086   
     

 

 

  

General Obligations — 22.2%

      

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

    $ 900       $ 959,544   

Beavercreek City School District, 5.00%, 12/1/30

      1,750         2,026,640   

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

      1,090         1,262,013   

Columbus City School District, 5.00%, 12/1/29

      1,000         1,170,460   

Cuyahoga County, 4.00%, 12/1/37

      500         526,740   

Dayton, 4.00%, 12/1/30

      500         534,180   

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

      595         681,251   

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

      820         913,669   

Ohio, 4.50%, 2/1/32

      400         453,440   

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

      1,000         1,180,060   
     

 

 

  
   $ 9,707,997   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 15.3%

  

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

    $ 500       $ 558,755   

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

      800         880,088   

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

      750         891,142   

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

      500         536,265   

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

      500         555,835   

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

      800         885,672   

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

      500         569,505   

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

      1,000         1,168,290   

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

      555         628,488   
     

 

 

  
   $ 6,674,040   
     

 

 

  

Housing — 8.2%

      

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.625%, 9/1/27

    $ 770       $ 802,371   

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.75%, 3/1/37

      85         87,087   

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 5.00%, 9/1/31

      50         51,513   

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

      2,500         2,646,950   
     

 

 

  
   $ 3,587,921   
     

 

 

  

Industrial Development Revenue — 1.3%

      

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

    $ 555       $ 554,978   
     

 

 

  
   $ 554,978   
     

 

 

  

Insured-Education — 12.3%

      

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

    $ 750       $ 851,078   

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

      1,000         1,165,650   

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

      465         528,128   

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

      635         650,056   

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

      1,500         1,648,890   

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

      500         549,630   
     

 

 

  
   $ 5,393,432   
     

 

 

  

Insured-Electric Utilities — 12.7%

      

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

    $ 1,000       $ 1,144,730   

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

      710         399,020   

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

      2,000         611,020   

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

      815         538,177   

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

      3,000         1,887,840   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30

      210         214,677   

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

      250         255,645   

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

      500         521,945   
     

 

 

  
   $ 5,573,054   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 17.3%

      

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

    $ 500       $ 574,875   

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

      2,455         1,276,919   

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

      1,000         1,348,490   

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

      1,500         1,528,890   

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

      1,750         1,995,455   

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

      750         827,813   
     

 

 

  
      $ 7,552,442   
     

 

 

  

Insured-Hospital — 5.7%

      

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32

    $ 280       $ 284,550   

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28

      1,500         1,528,545   

Lorain County, (Catholic Healthcare Partners), (AGM), 18.213%, 2/1/29(1) (2) (3)

      485         662,937   
     

 

 

  
      $ 2,476,032   
     

 

 

  

Insured-Special Tax Revenue — 0.4%

      

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

    $ 1,230       $ 200,773   
     

 

 

  
      $ 200,773   
     

 

 

  

Insured-Transportation — 7.5%

      

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

    $ 600       $ 683,316   

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

      1,000         1,285,350   

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

      1,000         1,305,820   
     

 

 

  
      $ 3,274,486   
     

 

 

  

Lease Revenue/Certificates of Participation — 1.3%

      

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

    $ 500       $ 579,970   
     

 

 

  
      $ 579,970   
     

 

 

  

Other Revenue — 3.5%

      

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

    $ 1,000       $ 1,027,450   

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

      445         510,655   
     

 

 

  
      $ 1,538,105   
     

 

 

  

Senior Living/Life Care — 0.9%

      

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

    $ 375       $ 403,504   
     

 

 

  
      $ 403,504   
     

 

 

  

Special Tax Revenue — 2.4%

      

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

    $ 180       $ 214,738   

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

      290         340,750   

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

      155         173,130   

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

      170         190,499   

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

      110         129,391   
     

 

 

  
      $ 1,048,508   
     

 

 

  

Water and Sewer — 5.3%

      

Cincinnati, Water System Revenue, 5.00%, 12/1/37

    $ 1,250       $ 1,450,125   

Hamilton County, Sewer System, 5.00%, 12/1/32

      750         851,512   
     

 

 

  
      $ 2,301,637   
     

 

 

  

Total Tax-Exempt Investments — 147.7%
(identified cost $57,142,551)

       $ 64,577,110   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.0)%

       $ (22,725,223 ) 
     

 

 

  

Other Assets, Less Liabilities — 4.3%

       $ 1,864,689   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 43,716,576   
     

 

 

  

 

3

 

 

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.

FGIC

   -   Financial Guaranty Insurance Company

FNMA

   -   Federal National Mortgage Association

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 February 28, 2013, 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 ranged from 1.0% to 18.1% 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 February 28, 2013, the aggregate value of these securities is $662,937 or 1.5% 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 28, 2013.

 

(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.

A summary of open financial instruments at February 28, 2013 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
6/13    18 U.S. 30-Year Treasury Bond    Short    $     (2,587,652 )    $     (2,588,063 )    $     (411 ) 

At February 28, 2013, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At February 28, 2013, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $411.

 

4

 

 

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 28, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     57,049,285   
  

 

 

  

Gross unrealized appreciation

    $ 7,582,470   

Gross unrealized depreciation

      (54,645 ) 
  

 

 

  

Net unrealized appreciation

    $ 7,527,825   
  

 

 

  

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, 2013, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1     Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —      $     64,577,110       $     —       $     64,577,110   

Total Investments

    $ —      $ 64,577,110       $ —       $ 64,577,110   
Liability Description                               

Futures Contracts

    $ (411 )    $ —       $ —       $ (411 ) 

Total

    $     (411 )    $ —       $ —       $ (411 ) 

The Trust held no investments or other financial instruments as of November 30, 2012 whose fair value was determined using Level 3 inputs. At February 28, 2013, 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/ Cynthia J. Clemson

  Cynthia J. Clemson
  President
Date:   April 24, 2013

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/ Cynthia J. Clemson

  Cynthia J. Clemson
  President
Date:   April 24, 2013

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   April 24, 2013