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, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Bond Fund

June 30, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 148.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 10.6%

  

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

    $ 835       $ 836,161   

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

      700         825,762   

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

      1,040         1,189,718   

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

      800         817,520   
     

 

 

  
   $ 3,669,161   
     

 

 

  

Education — 5.8%

      

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

    $ 305       $ 326,249   

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

      500         560,180   

Ohio State University, 5.00%, 12/1/30

      455         559,687   

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

      500         545,320   
     

 

 

  
   $ 1,991,436   
     

 

 

  

Electric Utilities — 1.7%

      

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

    $ 500       $ 581,510   
     

 

 

  
   $ 581,510   
     

 

 

  

Escrowed/Prerefunded — 5.4%

      

Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30

    $ 900       $ 1,028,133   

Franklin County, Prerefunded to 12/1/17, 5.00%, 12/1/27

      500         548,755   

Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32

      250         274,693   
     

 

 

  
   $ 1,851,581   
     

 

 

  

General Obligations — 10.0%

      

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

    $ 270       $ 303,383   

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

      1,000         1,097,880   

Dayton City School District, 5.00%, 11/1/31

      900         1,071,810   

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

      400         443,692   

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

      500         547,975   
     

 

 

  
   $ 3,464,740   
     

 

 

  

Hospital — 15.6%

      

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

    $ 865       $ 943,914   

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

      440         469,300   

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

      250         279,600   

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

      500         514,500   

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

      500         530,535   

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

      755         799,862   

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

      500         556,545   

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

      460         499,233   

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

      565         631,964   

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

      165         182,488   
     

 

 

  
   $ 5,407,941   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Education — 16.9%

      

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

    $ 1,000       $ 1,111,270   

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

      360         400,626   

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

      2,000         2,010,220   

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

      500         542,120   

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

      640         688,429   

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

      1,000         1,111,520   
     

 

 

  
   $ 5,864,185   
     

 

 

  

Insured-Electric Utilities — 16.6%

      

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

    $ 40       $ 43,451   

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

      2,750         1,730,135   

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

      1,000         345,000   

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

      5,000         3,328,950   

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

      305         289,899   
     

 

 

  
   $ 5,737,435   
     

 

 

  

Insured-Escrowed/Prerefunded — 14.4%

      

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/18, 5.25%, 2/15/33

    $ 660       $ 733,128   

Olentangy Local School District, (AGC), Prerefunded to 6/1/18, 5.00%, 12/1/36

      1,400         1,560,650   

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

      90         100,134   

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

      510         567,426   

Sylvania City School District, (AGC), Prerefunded to 6/1/17, 5.00%, 12/1/26

      500         540,965   

Sylvania City School District, (AGC), Prerefunded to 6/1/17, 5.00%, 12/1/32

      1,000         1,081,930   

University of Akron, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      360         396,115   
     

 

 

  
   $ 4,980,348   
     

 

 

  

Insured-General Obligations — 18.1%

      

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

    $ 445       $ 486,986   

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

      500         619,825   

Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36

      1,000         1,137,250   

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

      2,400         1,647,600   

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

      150         162,946   

Wapakoneta City School District, (AGM), Prerefunded to 6/1/18, 4.75%, 12/1/35

      2,000         2,215,140   
     

 

 

  
   $ 6,269,747   
     

 

 

  

Insured-Hospital — 1.6%

      

Lorain County, (Catholic Healthcare Partners), (AGM), 18.273%, 2/1/29(1)(2)(3)

    $ 440       $ 554,013   
     

 

 

  
   $ 554,013   
     

 

 

  

Insured-Special Tax Revenue — 10.6%

      

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

    $ 1,245       $ 954,566   

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

      3,665         2,682,670   

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

      250         32,715   
     

 

 

  
   $ 3,669,951   
     

 

 

  

Insured-Transportation — 4.2%

      

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

    $ 480       $ 527,112   

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

      500         484,225   

Puerto Rico Highway and Transportation Authority, (AGM), 5.00%, 7/1/32

      475         450,390   
     

 

 

  
   $ 1,461,727   
     

 

 

  

Insured-Water and Sewer — 1.5%

      

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

    $ 535       $ 516,403   
     

 

 

  
   $ 516,403   
     

 

 

  

Other Revenue — 1.1%

      

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

    $ 350       $ 389,351   
     

 

 

  
   $ 389,351   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Senior Living/Life Care — 4.0%

      

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

    $ 525       $ 554,122   

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

      375         390,581   

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

      190         203,330   

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

      220         249,122   
     

 

 

  
   $ 1,397,155   
     

 

 

  

Special Tax Revenue — 1.6%

      

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

    $ 500       $ 556,450   
     

 

 

  
   $ 556,450   
     

 

 

  

Transportation — 3.5%

      

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

    $ 310       $ 86,019   

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

      1,000         1,123,180   
     

 

 

  
   $ 1,209,199   
     

 

 

  

Water and Sewer — 5.6%

      

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

    $ 1,000       $ 1,030,650   

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

      500         554,480   

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

      300         341,424   
     

 

 

  
   $ 1,926,554   
     

 

 

  

Total Tax-Exempt Investments — 148.8%
(identified cost $46,109,632)

       $ 51,498,887   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.1)%

  

    $ (17,000,249 ) 
     

 

 

  

Other Assets, Less Liabilities — 0.3%

  

    $ 102,370   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

    $ 34,601,008   
     

 

 

  

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, 2015, 56.4% 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 or financial guaranty assurance agency ranged from 0.9% 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 June 30, 2015, the aggregate value of these securities is $554,013 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, 2015.

 

(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.

 

3

 

 

(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 $230,650.

The Fund did not have any open financial instruments at June 30, 2015.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     45,082,523   
  

 

 

  

Gross unrealized appreciation

    $ 5,688,095   

Gross unrealized depreciation

      (71,731 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,616,364   
  

 

 

  

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, 2015, 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

    $ —       $ 51,498,887       $ —       $ 51,498,887   

Total Investments

    $     —       $     51,498,887       $     —       $     51,498,887   

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At June 30, 2015, 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 24, 2015

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 24, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2015