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, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

Ohio Municipal Bond Fund

June 30, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 145.2%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.5%

  

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

    $ 700       $ 832,902   

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

      740         873,207   
     

 

 

  
   $ 1,706,109   
     

 

 

  

Education — 6.9%

  

Kent State University, 5.00%, 5/1/30

    $ 365       $ 466,068   

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

      305         344,992   

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

      500         611,365   

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

      455         625,934   

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

      500         578,385   
     

 

 

  
   $ 2,626,744   
     

 

 

  

Electric Utilities — 1.6%

  

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

    $ 500       $ 590,000   
     

 

 

  
   $ 590,000   
     

 

 

  

Escrowed/Prerefunded — 7.9%

  

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

    $ 900       $ 1,011,168   

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

      500         531,525   

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

      250         265,543   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 6/1/30

      1,040         1,187,919   
     

 

 

  
   $ 2,996,155   
     

 

 

  

General Obligations — 6.7%

  

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

    $ 270       $ 321,025   

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

      1,000         1,161,320   

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

      400         481,896   

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

      500         584,250   
     

 

 

  
   $ 2,548,491   
     

 

 

  

Hospital — 17.2%

  

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

    $ 865       $ 1,000,096   

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

      440         502,951   

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

      250         304,187   

Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45

      260         284,664   

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

      500         501,875   

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

      500         567,965   

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

      755         856,079   

Montgomery County, (Kettering Health Network Obligated Group), 4.00%, 8/1/47

      500         543,645   

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

      500         576,155   

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

      460         521,884   

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

      565         669,706   

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

      165         194,269   
     

 

 

  
   $ 6,523,476   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Education — 10.1%

  

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

    $ 80       $ 88,349   

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

      30         33,131   

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

      2,000         2,033,380   

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

      500         536,330   

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

      1,000         1,126,930   
     

 

 

  
   $ 3,818,120   
     

 

 

  

Insured-Electric Utilities — 17.9%

  

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

    $ 40       $ 42,708   

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

      2,750         2,052,133   

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

      1,000         483,430   

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

      5,000         3,903,500   

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

      305         317,349   
     

 

 

  
   $ 6,799,120   
     

 

 

  

Insured-Escrowed/Prerefunded — 21.5%

  

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

    $ 660       $ 709,916   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26

      920         1,030,667   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29

      330         369,696   

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

      1,000         1,111,010   

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

      1,400         1,517,754   

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

      90         97,570   

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

      510         552,896   

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

      150         162,586   

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

      500         520,075   

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

      1,000         1,040,150   

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

      360         383,969   

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

      640         682,214   
     

 

 

  
   $ 8,178,503   
     

 

 

  

Insured-General Obligations — 14.0%

  

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

    $ 445       $ 509,725   

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

      500         698,095   

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

      2,400         1,935,504   

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

      2,000         2,158,680   
     

 

 

  
   $ 5,302,004   
     

 

 

  

Insured-Hospital — 4.9%

  

Lorain County, (Catholic Healthcare Partners), (AGM), 5.00%, 2/1/29(1)

    $ 1,760       $ 1,876,512   
     

 

 

  
   $ 1,876,512   
     

 

 

  

Insured-Special Tax Revenue — 10.9%

  

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

    $ 1,245       $ 1,063,703   

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

      3,665         3,048,364   

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

      250         45,580   
     

 

 

  
   $ 4,157,647   
     

 

 

  

 

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Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Transportation — 4.1%

  

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

    $ 480       $ 556,853   

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

      500         519,550   

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

      475         476,282   
     

 

 

  
   $ 1,552,685   
     

 

 

  

Insured-Water and Sewer — 1.5%

  

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

    $ 535       $ 555,892   
     

 

 

  
   $ 555,892   
     

 

 

  

Other Revenue — 1.1%

  

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

    $ 350       $ 419,017   
     

 

 

  
   $ 419,017   
     

 

 

  

Senior Living/Life Care — 4.0%

  

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

    $ 525       $ 607,918   

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

      375         417,255   

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

      190         221,318   

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

      220         267,960   
     

 

 

  
   $ 1,514,451   
     

 

 

  

Special Tax Revenue — 1.6%

  

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

    $ 500       $ 600,760   
     

 

 

  
   $ 600,760   
     

 

 

  

Transportation — 3.3%

  

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

    $ 310       $ 130,538   

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

      1,000         1,135,400   
     

 

 

  
   $ 1,265,938   
     

 

 

  

Water and Sewer — 5.5%

  

Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(1)(2)

    $ 1,000       $ 1,107,510   

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

      500         603,380   

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

      300         364,545   
     

 

 

  
   $ 2,075,435   
     

 

 

  

Total Tax-Exempt Investments — 145.2%
(identified cost $47,126,577)

       $ 55,107,059   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.9)%

  

    $ (2,250,273 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (38.9)%

  

    $ (14,750,000 ) 
     

 

 

  

Other Assets, Less Liabilities — (0.4)%

       $ (142,500 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 37,964,286   
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

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, 2016, 58.5% 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 or financial guaranty assurance agency ranged from 1.3% to 19.5% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $307,510.

 

3

 

 

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

FGIC

   -   Financial Guaranty Insurance Company

NPFG

   -   National Public Finance Guaranty Corp.

The Fund did not have any open financial instruments at June 30, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     44,730,970   
  

 

 

  

Gross unrealized appreciation

    $ 8,269,291   

Gross unrealized depreciation

      (13,202 ) 
  

 

 

  

Net unrealized appreciation

    $ 8,256,089   
  

 

 

  

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, 2016, 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

    $ —       $ 55,107,059       $ —       $ 55,107,059   

Total Investments

    $     —       $     55,107,059       $     —       $     55,107,059   

The Fund held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At June 30, 2016, 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 22, 2016

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 22, 2016
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 22, 2016