UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number

 

811-09149

 

 

 

 

 

 

Eaton Vance Ohio Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

 

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

 

 

 

Maureen A. Gemma
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Service)

 

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

 

 

 

Date of Fiscal Year End

 

November 30

 

 

 

Date of Reporting Period

 

February 29, 2008

 

 


 

Item 1. Schedule of Investments

 


 

Eaton Vance Ohio Municipal Income Trust

as of February 29, 2008

 

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

 

Tax-Exempt Investments — 164.6%

 

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Cogeneration — 1.5%

 

 

 

$

385

 

Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20

 

$

357,923

 

200

 

Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20

 

198,492

 

 

 

 

 

$

556,415

 

Electric Utilities — 2.1%

 

 

 

$

410

 

Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14

 

$

420,184

 

125

 

Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.74%, 7/1/25 (1) (2)

 

98,840

 

375

 

Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 7.74%, 7/1/37 (1) (2)

 

267,772

 

 

 

 

 

$

786,796

 

Escrowed/Prerefunded — 22.1%

 

 

 

$

1,000

 

Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25

 

$

1,089,270

 

1,000

 

Franklin County, (Cincinnati Children’s Hospital), Prerefunded to 5/1/09, 5.20%, 5/1/29

 

1,046,190

 

1,530

 

Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24

 

1,618,449

 

575

 

Highland County, (Joint Township Hospital District), Prerefunded to 12/1/09, 6.75%, 12/1/29

 

620,879

 

1,250

 

Parma, (Parma Community General Hospital Association), Prerefunded to 11/1/08, 5.35%, 11/1/18

 

1,285,575

 

1,750

 

Parma, (Parma Community General Hospital Association), Prerefunded to 11/1/08, 5.375%, 11/1/29

 

1,800,102

 

670

 

Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22

 

732,578

 

 

 

 

 

$

8,193,043

 

Health Care-Miscellaneous — 0.3%

 

 

 

$

100

 

Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37

 

$

93,841

 

 

 

 

 

$

93,841

 

Hospital — 11.1%

 

 

 

$

550

 

Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29

 

$

539,924

 

600

 

Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46

 

533,352

 

1,500

 

Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32

 

1,456,350

 

500

 

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

 

462,925

 

1,000

 

Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46

 

790,410

 

330

 

Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22

 

338,907

 

 

 

 

 

$

4,121,868

 

Housing — 10.0%

 

 

 

$

1,000

 

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

 

$

873,350

 

600

 

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

 

540,954

 

65

 

Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/36

 

57,709

 

2,500

 

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

 

2,220,525

 

 

 

 

 

$

3,692,538

 

 

1


 

Industrial Development Revenue — 13.2%

 

 

 

$

1,385

 

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

 

$

1,126,601

 

1,300

 

Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 (3)

 

1,327,235

 

2,250

 

Ohio Water Development Authority, (Anheuser-Busch), (AMT), 6.00%, 8/1/38

 

2,234,317

 

225

 

Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15

 

204,147

 

 

 

 

 

$

4,892,300

 

Insured-Education — 2.7%

 

 

 

$

730

 

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

 

$

539,047

 

500

 

University of Akron, (FSA), 5.00%, 1/1/38 (4)

 

476,165

 

 

 

 

 

$

1,015,212

 

Insured-Electric Utilities — 10.0%

 

 

 

$

2,000

 

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

 

$

726,560

 

3,000

 

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

 

1,014,240

 

2,225

 

Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34

 

1,942,180

 

 

 

 

 

$

3,682,980

 

Insured-Escrowed/Prerefunded — 14.0%

 

 

 

$

245

 

Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed to Maturity, 5.125%, 1/1/29 (5)

 

$

239,612

 

1,595

 

Hamilton County, Sales Tax Revenue, (AMBAC), Prerefunded to 12/1/10, 5.25%, 12/1/32

 

1,691,242

 

1,000

 

Lima City School District, (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/22

 

1,086,470

 

495

 

Lima City School District, (AMBAC), Prerefunded to 12/1/10, 6.00%, 12/1/22

 

544,312

 

1,000

 

Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30

 

1,076,130

 

500

 

University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24

 

536,770

 

 

 

 

 

$

5,174,536

 

Insured-General Obligations — 13.8%

 

 

 

$

2,455

 

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

 

$

652,318

 

1,800

 

Elyria City School District, (XLCA), 5.00%, 12/1/35

 

1,646,262

 

500

 

Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35

 

472,735

 

1,000

 

Puerto Rico, (FSA), Variable Rate, 11.337%, 7/1/27 (1) (2)

 

1,117,230

 

1,200

 

Puerto Rico, (MBIA), 5.50%, 7/1/20

 

1,234,044

 

 

 

 

 

$

5,122,589

 

Insured-Hospital — 6.9%

 

 

 

$

255

 

Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29

 

$

249,393

 

1,000

 

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

 

909,820

 

1,500

 

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

 

1,400,550

 

 

 

 

 

$

2,559,763

 

Insured-Lease Revenue/Certificates of Participation — 6.2%

 

 

 

$

1,800

 

Puerto Rico Public Finance Corp., (AMBAC), 5.125%, 6/1/24

 

$

1,828,908

 

500

 

Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33

 

474,305

 

 

 

 

 

$

2,303,213

 

Insured-Special Tax Revenue — 4.6%

 

 

 

$

405

 

Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32

 

$

396,183

 

9,905

 

Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54

 

567,457

 

1,690

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44

 

186,762

 

3,350

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45

 

348,601

 

2,100

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46

 

205,863

 

 

 

 

 

$

1,704,866

 

Insured-Transportation — 6.7%

 

 

 

$

450

 

Cleveland Airport System, (FSA), 5.00%, 1/1/31

 

$

423,693

 

1,000

 

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

 

1,035,540

 

1,000

 

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

 

1,032,360

 

 

 

 

 

$

2,491,593

 

Insured-Water and Sewer — 2.5%

 

 

 

$

310

 

Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/46

 

$

265,779

 

750

 

Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/47

 

642,053

 

 

 

 

 

$

907,832

 

 

2


 

Lease Revenue/Certificates of Participation — 3.4%

 

 

 

$

1,230

 

Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19

 

$

1,237,835

 

 

 

 

 

$

1,237,835

 

Other Revenue — 13.7%

 

 

 

$

7,345

 

Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47

 

$

389,946

 

710

 

Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47

 

640,746

 

3,000

 

Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 (6)

 

3,112,560

 

1,000

 

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

 

918,670

 

 

 

 

 

$

5,061,922

 

Pooled Loans — 14.0%

 

 

 

$

530

 

Cleveland-Cuyahoga County Port Authority, (Myers University), 5.60%, 5/15/25

 

$

496,319

 

550

 

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

 

521,598

 

1,020

 

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

 

1,024,121

 

1,245

 

Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32 (6)

 

1,214,697

 

325

 

Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25

 

283,342

 

750

 

Toledo-Lucas County Port Authority, 4.80%, 11/15/35

 

597,195

 

1,100

 

Toledo-Lucas County Port Authority, 5.40%, 5/15/19

 

1,043,581

 

 

 

 

 

$

5,180,853

 

Special Tax Revenue — 5.8%

 

 

 

$

600

 

Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18

 

$

630,996

 

1,400

 

Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30

 

1,515,682

 

 

 

 

 

$

2,146,678

 

Total Tax-Exempt Investments
(Identified cost $63,277,692)

 

$

60,926,673

 

 

 

 

 

 

Auction-Rate Securities — 1.3%

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Description

 

Value

 

$

500

 

Cuyahoga County, (University Hospitals of Cleveland), (AMBAC), Variable Rate, 7.99%, 1/15/29 (7)

 

$

500,000

 

Total Auction-Rate Securities
(identified cost $499,805)

 

$

500,000

 

Total Investments — 165.9%
(identified cost $63,777,497)

 

$

61,426,673

 

Other Assets, Less Liabilities — (2.4)%

 

$

(895,005

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (63.5)%

 

$

(23,508,409

)

Net Assets Applicable to Common Shares — 100.0%

 

$

37,023,259

 

 

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.

DRIVERS

—

Derivative Inverse Tax-Exempt Receipts

FGIC

—

Financial Guaranty Insurance Company

FSA

—

Financial Security Assurance, Inc.

MBIA

—

Municipal Bond Insurance Association

XLCA

—

XL Capital Assurance, Inc.

 

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 29, 2008, 41.5% 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 ranged from 3.3% to 14.2% of total investments.

 

3


 

(1)

 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2008, the aggregate value of the securities is $1,483,842 or 4.0% of the Trust’s net assets applicable to common shares.

(2)

 

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 29, 2008.

(3)

 

Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

(4)

 

When-issued security.

(5)

 

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(6)

 

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(7)

 

Security is subject to redemption at each auction date. The stated interest represents the rate in effect at February 28, 2008.

 

A summary of financial instruments at February 29, 2008 is as follows:

 

Futures Contracts

 

Expiration

 

 

 

 

 

Aggregate

 

 

 

Net Unrealized

 

Date

 

Contracts

 

Position

 

Cost

 

Value

 

Depreciation

 

6/08

 

18 U.S. Treasury Bond

 

Short

 

$

(2,078,984

)

$

(2,135,250

)

$

(56,266

)

 

Interest Rate Swaps

 

Counterparty

 

Notional Amount

 

Annual
Fixed
Rate Paid
By Fund

 

Floating
Rate Paid
To Fund

 

Effective Date/
Termination Date

 

Net Unrealized
Appreciation
(Depreciation)

 

Lehman Brothers, Inc.

 

$

1,625,000

 

4.985

%

3-month USD-LIBOR-BBA

 

September 28, 2008/
September 28, 2038

 

$

(8,784

)

Merrill Lynch Capital Services, Inc.

 

$

1,250,000

 

4.9025

%

3-month USD-LIBOR-BBA

 

July 9, 2008/
July 9, 2038

 

 

2,050

 

Morgan Stanley Capital Services, Inc.

 

$

1,000,000

 

5.428

%

3-month USD-LIBOR-BBA

 

September 10, 2008/
September 10, 2038

 

 

(75,918

)

 

 

 

 

 

 

 

 

 

 

$

(82,652

)

 

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

 

At February 29, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

 

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2008, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

61,029,336

 

Gross unrealized appreciation

 

 

1,491,994

 

Gross unrealized depreciation

 

(3,924,657

)

Net unrealized depreciation

 

$

(2,432,663

)

 

4


 

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective December 1, 2007.  FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

 

At February 29, 2008, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

 

 

Valuation Inputs

 

Investments in
Securities

 

Other Financial
Instruments*

 

Level 1

 

Quoted Prices

 

$

—

 

$

(56,266

)

Level 2

 

Other Significant Observable Inputs

 

 

61,426,673

 

 

(82,652

)

Level 3

 

Significant Unobservable Inputs

 

 

—

 

 

—

 

Total

 

 

 

$

61,426,673

 

$

(138,918

)

 

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.

 

The Trust generally uses a pricing vendor to provide evaluations for its investments in municipal bonds, which are derived from the vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the evaluation for a security. The Trust’s investments in interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of a swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. The Trust’s investments in futures contracts are valued based on the closing price on the primary exchange on which such contracts trade.

 

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 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 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 21, 2008

 

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 21, 2008

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

April 21, 2008