UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21226
Investment Company Act File Number
Eaton Vance Ohio Municipal Bond Fund
(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)
September 30
Date of Fiscal Year End
June 30, 2012
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Ohio Municipal Bond Fund
June 30, 2012
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments — 150.6%
| Security | Principal (000’s omitted) |
Value | ||||||
| Bond Bank — 13.8% |
||||||||
| Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23 |
$ | 1,060 | $ | 1,036,076 | ||||
| Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34 |
700 | 804,370 | ||||||
| Ohio Water Development Authority, Water Pollution Control, (Water Quality), |
1,250 | 1,430,862 | ||||||
| Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 |
1,140 | 1,353,465 | ||||||
|
|
|
|||||||
| $ | 4,624,773 | |||||||
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|
|
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| Education — 7.6% |
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| Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44 |
$ | 305 | $ | 325,395 | ||||
| Ohio State University, 5.00%, 12/1/30 |
1,325 | 1,673,078 | ||||||
| Wright State University, 5.00%, 5/1/31 |
500 | 547,220 | ||||||
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|
|
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| $ | 2,545,693 | |||||||
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|
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| Electric Utilities — 1.7% |
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| Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40 |
$ | 500 | $ | 556,705 | ||||
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|
|
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| $ | 556,705 | |||||||
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|
|
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| General Obligations — 4.7% |
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| Beavercreek City School District, 5.00%, 12/1/30 |
$ | 900 | $ | 1,007,856 | ||||
| County of Franklin, 5.00%, 12/1/27 |
500 | 572,420 | ||||||
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|
|
|||||||
| $ | 1,580,276 | |||||||
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|
|
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| Hospital — 8.7% |
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| Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 |
$ | 500 | $ | 529,740 | ||||
| Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36 |
500 | 539,895 | ||||||
| Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41 |
755 | 809,926 | ||||||
| Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40 |
460 | 497,283 | ||||||
| Ohio Hospital Facility Revenue, (Cleveland Clinic Health System), 5.00%, 1/1/32 |
500 | 553,405 | ||||||
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|
|
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| $ | 2,930,249 | |||||||
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|
|
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| Insured-Education — 19.5% |
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| Kent State University, (AGC), 5.00%, 5/1/26 |
$ | 1,000 | $ | 1,118,330 | ||||
| Kent State University, (AGC), 5.00%, 5/1/29 |
360 | 396,598 | ||||||
| Miami University, (AMBAC), (AGM), 3.25%, 9/1/26 |
2,000 | 2,013,700 | ||||||
| Ohio University, (AGM), 5.00%, 12/1/33 |
500 | 536,610 | ||||||
| University of Akron, Series B, (AGM), 5.00%, 1/1/38 |
1,000 | 1,062,430 | ||||||
| University of Cincinnati, (AMBAC), 5.00%, 6/1/31 |
315 | 319,577 | ||||||
| Youngstown State University, (AGC), 5.50%, 12/15/33 |
1,000 | 1,106,650 | ||||||
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|
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| $ | 6,553,895 | |||||||
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|
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| Insured-Electric Utilities — 19.9% |
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| American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), |
$ | 700 | $ | 768,236 | ||||
| Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 |
2,750 | 1,396,588 | ||||||
| Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 |
1,000 | 266,610 | ||||||
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25 |
1,635 | 994,129 | ||||||
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27 |
5,000 | 2,720,250 | ||||||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 |
500 | 552,365 | ||||||
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|
|
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| $ | 6,698,178 | |||||||
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|
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1
| Security | Principal (000’s omitted) |
Value | ||||||
| Insured-Escrowed/Prerefunded — 11.4% |
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| Cincinnati Technical and Community College, (AMBAC), Prerefunded to 10/1/13, 5.00%, 10/1/28 |
$ | 500 | $ | 528,935 | ||||
| Cuyahoga Community College District, (AMBAC), Prerefunded to 12/1/12, |
1,575 | 1,622,612 | ||||||
| Ohio University, (AGM), Prerefunded to 12/1/13, 5.25%, 12/1/23 |
1,170 | 1,251,748 | ||||||
| University of Cincinnati, (AMBAC), Prerefunded to 12/1/12, 5.00%, 6/1/31 |
435 | 443,852 | ||||||
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|
|
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| $ | 3,847,147 | |||||||
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|
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| Insured-General Obligations — 30.6% |
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| Brookfield Local School District, (AGM), 5.00%, 1/15/30 |
$ | 200 | $ | 216,516 | ||||
| Cincinnati City School District, (AGM), (FGIC), 5.25%, 12/1/30 |
500 | 643,855 | ||||||
| Cleveland Municipal School District, (AGM), 5.00%, 12/1/27 |
1,000 | 1,035,660 | ||||||
| Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 |
1,000 | 1,087,550 | ||||||
| Olentangy Local School District, (AGC), 5.00%, 12/1/36 |
1,400 | 1,516,466 | ||||||
| Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27 |
2,400 | 1,248,072 | ||||||
| St. Marys City School District, (AGM), 5.00%, 12/1/35 |
750 | 800,377 | ||||||
| Sylvania City School District, (AGC), 5.00%, 12/1/26 |
500 | 542,475 | ||||||
| Sylvania City School District, (AGC), 5.00%, 12/1/32 |
1,000 | 1,066,090 | ||||||
| Wapakoneta City School District, (AGM), 4.75%, 12/1/35 |
2,000 | 2,140,900 | ||||||
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| $ | 10,297,961 | |||||||
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| Insured-Hospital — 7.5% |
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| Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32 |
$ | 425 | $ | 430,253 | ||||
| Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28 |
1,500 | 1,522,425 | ||||||
| Lorain County, (Catholic Healthcare Partners), (AGM), 17.763%, 2/1/29(1)(2)(3) |
440 | 577,210 | ||||||
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| $ | 2,529,888 | |||||||
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|
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| Insured-Lease Revenue/Certificates of Participation — 3.4% |
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| Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36 |
$ | 235 | $ | 235,010 | ||||
| Summit County Port Authority, (Akron Civic Theatre), (AMBAC), 5.00%, 12/1/33 |
1,040 | 897,499 | ||||||
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| $ | 1,132,509 | |||||||
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|
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| Insured-Special Tax Revenue — 10.4% |
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| Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23 |
$ | 1,245 | $ | 788,508 | ||||
| Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24 |
3,665 | 2,199,733 | ||||||
| Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 |
4,145 | 350,957 | ||||||
| Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
1,070 | 160,725 | ||||||
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|
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| $ | 3,499,923 | |||||||
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|
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| Insured-Transportation — 3.2% |
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| Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30 |
$ | 480 | $ | 517,843 | ||||
| Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(4) |
500 | 557,360 | ||||||
|
|
|
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| $ | 1,075,203 | |||||||
|
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|
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| Other Revenue — 1.1% |
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| Summit County Port Authority, 5.00%, 12/1/31 |
$ | 350 | $ | 387,922 | ||||
|
|
|
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| $ | 387,922 | |||||||
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|
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| Special Tax Revenue — 1.3% |
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| Greater Cleveland Regional Transit Authority, (Reference & Capital Improvement), 5.00%, 12/1/31 |
$ | 380 | $ | 431,775 | ||||
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|
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| $ | 431,775 | |||||||
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2
| Security | Principal (000’s omitted) |
Value | ||||||
| Transportation — 3.3% |
||||||||
| Ohio Turnpike Commission, 5.00%, 2/15/31 |
$ | 1,000 | $ | 1,116,280 | ||||
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| $ | 1,116,280 | |||||||
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|
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| Water and Sewer — 2.5% |
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| Hamilton County Sewer System, 5.00%, 12/1/32 |
$ | 750 | $ | 830,505 | ||||
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|
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| $ | 830,505 | |||||||
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|
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| Total Tax-Exempt Investments — 150.6% |
$ | 50,638,882 | ||||||
|
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|
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| Auction Preferred Shares Plus Cumulative Unpaid Dividends — (50.5)% |
$ | (17,001,135 | ) | |||||
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|
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| Other Assets, Less Liabilities — (0.1)% |
$ | (19,219 | ) | |||||
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|
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| Net Assets Applicable to Common Shares — 100.0% |
$ | 33,618,528 | ||||||
|
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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. | ||
| CIFG |
- | CIFG Assurance North America, Inc. | ||
| FGIC |
- | Financial Guaranty Insurance Company | ||
| NPFG |
- | National Public Finance Guaranty Corp. | ||
| XLCA |
- | XL Capital Assurance, Inc. | ||
The Fund 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 June 30, 2012, 70.4% 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 0.5% to 21.3% 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 June 30, 2012, the aggregate value of these securities is $577,210 or 1.7% of the Fund’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 June 30, 2012. |
| (3) | Security is subject to a shortfall agreement which may require the Fund 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 Fund could ultimately be required to make under the agreement is $1,320,000. 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. |
| (4) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
A summary of open financial instruments at June 30, 2012 is as follows:
Futures Contracts
| Expiration Month/Year |
Contracts |
Position | Aggregate Cost | Value | Net Unrealized Depreciation |
|||||||||||
| 9/12 | 19 U.S. 30-Year Treasury Bond | Short | $ | (2,808,840 | ) | $ | (2,811,406 | ) | $ | (2,566 | ) | |||||
3
At June 30, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.
At June 30, 2012, 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 $2,566.
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2012, as determined on a federal income tax basis, were as follows:
| Aggregate cost |
$ | 45,636,114 | ||
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|
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| Gross unrealized appreciation |
$ | 5,089,525 | ||
| Gross unrealized depreciation |
(336,757 | ) | ||
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|
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| Net unrealized appreciation |
$ | 4,752,768 | ||
|
|
|
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 June 30, 2012, the hierarchy of inputs used in valuing the Fund’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 |
$ | — | $ | 50,638,882 | $ | — | $ | 50,638,882 | ||||||||
| Total Investments |
$ | — | $ | 50,638,882 | $ | — | $ | 50,638,882 | ||||||||
| Liability Description | ||||||||||||||||
| Futures Contracts |
$ | (2,566 | ) | $ | — | $ | — | $ | (2,566 | ) | ||||||
| Total |
$ | (2,566 | ) | $ | — | $ | — | $ | (2,566 | ) | ||||||
The Fund held no investments or other financial instruments as of September 30, 2011 whose fair value was determined using Level 3 inputs. At June 30, 2012, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
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.
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 Bond Fund | ||
| By: | /s/ Cynthia J. Clemson | |
| Cynthia J. Clemson | ||
| President | ||
Date: August 27, 2012
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: August 27, 2012
| By: | /s/ Barbara E. Campbell | |
| Barbara E. Campbell | ||
| Treasurer |
Date: August 27, 2012