Eaton Vance Ohio Municipal Bond Fund

 

 

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, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Bond Fund

June 30, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 151.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 11.3%

      

Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23

    $ 915       $ 906,445   

Ohio Economic Development, (Ohio Enterprise Bond Fund), 6.00%, 12/1/34

      700         804,363   

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

      1,040         1,193,483   

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

      870         952,546   
     

 

 

  
   $ 3,856,837   
     

 

 

  

Education — 8.8%

      

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

    $ 305       $ 320,717   

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

      500         561,130   

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

      1,270         1,562,925   

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

      500         550,495   
     

 

 

  
   $ 2,995,267   
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 500       $ 553,865   
     

 

 

  
   $ 553,865   
     

 

 

  

Escrowed/Prerefunded — 0.2%

      

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

    $ 55       $ 70,881   
     

 

 

  
   $ 70,881   
     

 

 

  

General Obligations — 14.6%

      

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

    $ 270       $ 301,099   

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

      900         1,014,453   

Canton Local School District, (School Facilities Construction and Improvement), 5.00%, 11/1/43

      1,000         1,074,400   

Franklin County, 5.00%, 12/1/27

      500         559,265   

Lakewood City School District, 5.00%, 11/1/39

      400         437,140   

Marysville Exempted Village School District, 4.00%, 12/1/26

      1,000         1,056,590   

Napoleon Area City School District, (School Facilities Construction and Improvement), 5.00%, 12/1/36

      500         542,645   
     

 

 

  
   $ 4,985,592   
     

 

 

  

Hospital — 15.9%

      

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

    $ 865       $ 936,873   

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

      440         470,884   

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

      250         282,970   

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

      500         531,345   

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

      500         533,450   

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

      755         801,697   

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.00%, 1/1/32

      500         551,070   

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

      460         502,508   

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

      565         634,636   

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

      165         183,006   
     

 

 

  
   $ 5,428,439   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Education — 18.4%

      

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

    $ 1,000       $ 1,130,090   

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

      360         401,267   

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

      2,000         2,010,840   

Ohio University, (AGM), 5.00%, 12/1/33

      500         544,160   

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

      1,000         1,082,050   

Youngstown State University, (AGC), 5.50%, 12/15/33

      1,000         1,103,800   
     

 

 

  
   $ 6,272,207   
     

 

 

  

Insured-Electric Utilities — 17.9%

      

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33

    $ 700       $ 768,789   

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

      2,750         1,613,837   

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

      1,000         300,780   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27

      5,000         3,122,200   

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

      305         304,195   
     

 

 

  
   $ 6,109,801   
     

 

 

  

Insured-General Obligations — 29.1%

      

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

    $ 445       $ 472,158   

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

      500         619,575   

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

      1,000         1,119,990   

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

      1,400         1,545,684   

Plain School District, (NPFG), 0.00%, 12/1/27

      2,400         1,563,984   

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

      750         819,285   

Sylvania City School District, (AGC), 5.00%, 12/1/26

      500         552,605   

Sylvania City School District, (AGC), 5.00%, 12/1/32

      1,000         1,086,580   

Wapakoneta City School District, (AGM), 4.75%, 12/1/35

      2,000         2,138,640   
     

 

 

  
   $ 9,918,501   
     

 

 

  

Insured-Hospital — 1.6%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 18.303%, 2/1/29(1)(2)(3)

    $ 440       $ 560,296   
     

 

 

  
   $ 560,296   
     

 

 

  

Insured-Special Tax Revenue — 10.1%

      

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23

    $ 1,245       $ 899,562   

Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24

      3,665         2,521,447   

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

      250         33,112   
     

 

 

  
   $ 3,454,121   
     

 

 

  

Insured-Transportation — 3.0%

      

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

    $ 480       $ 522,029   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41

      500         485,945   
     

 

 

  
   $ 1,007,974   
     

 

 

  

Other Revenue — 1.1%

  

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

    $ 350       $ 383,576   
     

 

 

  
   $ 383,576   
     

 

 

  

Senior Living/Life Care — 2.5%

      

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

    $ 375       $ 393,259   

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

      190         204,569   

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

      220         243,261   
     

 

 

  
   $ 841,089   
     

 

 

  

Special Tax Revenue — 3.3%

      

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

    $ 500       $ 560,755   

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

      500         553,895   
     

 

 

  
   $ 1,114,650   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 3.5%

      

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

    $ 310       $ 80,640   

Ohio Turnpike Commission, 5.00%, 2/15/31

      1,000         1,114,980   
     

 

 

  
   $ 1,195,620   
     

 

 

  

Water and Sewer — 8.1%

      

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

    $ 750       $ 825,165   

Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(4)(5)

      1,000         1,032,810   

Northeast Ohio Regional Sewer District, 5.00%, 11/15/43

      500         557,785   

Toledo Sewerage System Revenue, 5.00%, 11/15/28

      300         340,956   
     

 

 

  
   $ 2,756,716   
     

 

 

  

Total Tax-Exempt Investments — 151.0%
(identified cost $46,424,491)

       $ 51,505,432   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.8)%

  

    $ (17,000,160 ) 
     

 

 

  

Other Assets, Less Liabilities — (1.2)%

  

    $ (403,355 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

    $ 34,101,917   
     

 

 

  

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.

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, 2014, 53.0% 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 0.9% to 17.0% 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, 2014, the aggregate value of these securities is $560,296 or 1.6% 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, 2014.

 

(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.

 

(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $232,810.

 

3

 

 

The Fund did not have any open financial instruments at June 30, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     45,379,736   
  

 

 

  

Gross unrealized appreciation

    $ 5,432,101   

Gross unrealized depreciation

      (106,405 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,325,696   
  

 

 

  

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, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —       $ 51,505,432       $ —       $ 51,505,432   

Total Investments

    $     —       $     51,505,432       $     —       $     51,505,432   

The Fund held no investments or other financial instruments as of September 30, 2013 whose fair value was determined using Level 3 inputs. At June 30, 2014, 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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   August 25, 2014

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:   August 25, 2014
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 25, 2014