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

December 31, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Bond Fund

December 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 156.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.0%

      

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

    $ 700      $ 754,565  

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

      515        595,855  
     

 

 

  
      $ 1,350,420  
     

 

 

  

Education — 7.3%

      

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

    $ 200      $ 207,858  

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

      500        553,455  

University of Cincinnati, 5.00%, 6/1/45(1)

      1,500        1,690,620  
     

 

 

  
      $ 2,451,933  
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 500      $ 534,675  
     

 

 

  
      $ 534,675  
     

 

 

  

Escrowed/Prerefunded — 5.2%

      

Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21,
5.25%, 12/1/33

    $ 270      $ 296,139  

Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.00%, 7/1/44

      105        109,805  

Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40

      290        304,903  

Ohio Turnpike Commission, Prerefunded to 2/15/20, 5.00%, 2/15/31

      1,000        1,035,880  
     

 

 

  
      $ 1,746,727  
     

 

 

  

General Obligations — 37.2%

      

Cleveland, 5.00%, 12/1/43(1)

    $ 2,225      $ 2,519,189  

Forest Hills Local School District, 5.00%, 12/1/46(1)

      2,225        2,478,361  

Ohio, 5.00%, 2/1/37(1)

      2,225        2,525,041  

Upper Arlington City School District, 5.00%, 12/1/48(1)

      2,225        2,535,165  

Will County, 5.00%, 11/15/45(1)

      2,225        2,459,938  
     

 

 

  
      $ 12,517,694  
     

 

 

  

Hospital — 20.0%

      

Allen County, (Mercy Health), 4.00%, 8/1/47(1)

    $ 900      $ 905,436  

Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47(1)

      2,200        2,452,472  

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

      250        277,485  

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

      260        237,944  

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

      500        538,265  

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

      755        811,406  

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

      500        527,675  

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

      170        176,836  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 565      $ 619,093  

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

      165        179,146  
     

 

 

  
      $ 6,725,758  
     

 

 

  

Insured – Education — 0.2%

      

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

    $ 80      $ 80,809  
     

 

 

  
      $ 80,809  
     

 

 

  

Insured – Electric Utilities — 20.1%

      

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

    $ 2,750      $ 2,068,082  

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

      1,000        448,840  

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

      5,000        3,907,700  

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

      305        319,570  
     

 

 

  
      $ 6,744,192  
     

 

 

  

Insured – Escrowed/Prerefunded — 7.2%

      

Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38

    $ 445      $ 471,366  

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

      920        930,037  

Youngstown State University, (AGC), Prerefunded to 6/15/19, 5.50%, 12/15/33

      1,000        1,016,900  
     

 

 

  
      $ 2,418,303  
     

 

 

  

Insured – General Obligations — 5.5%

      

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

    $ 2,400      $ 1,848,480  
     

 

 

  
      $ 1,848,480  
     

 

 

  

Insured – Special Tax Revenue — 12.6%

      

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

    $ 1,245      $ 1,100,928  

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

      3,665        3,144,167  
     

 

 

  
      $ 4,245,095  
     

 

 

  

Insured – Transportation — 3.0%

      

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

    $ 480      $ 514,843  

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

      475        486,880  
     

 

 

  
      $ 1,001,723  
     

 

 

  

Insured – Water and Sewer — 1.6%

      

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

    $ 535      $ 551,061  
     

 

 

  
      $ 551,061  
     

 

 

  

Senior Living/Life Care — 3.5%

      

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

    $ 525      $ 544,677  

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

      375        387,878  

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

      220        246,833  
     

 

 

  
      $ 1,179,388  
     

 

 

  

Special Tax Revenue — 15.1%

      

Cleveland, Income Tax Revenue, 5.00%, 10/1/39(1)

    $ 450      $ 511,272  

Cleveland, Income Tax Revenue, 5.00%, 10/1/43(1)

      1,800        2,032,830  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/38(1)

      1,100        1,280,169  

Franklin County, Sales Tax Revenue, 5.00%, 6/1/43(1)

      1,100        1,268,465  
     

 

 

  
      $ 5,092,736  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Water and Sewer — 12.0%

      

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

    $ 1,000      $ 1,040,200  

Texas Water Development Board, 4.00%, 10/15/47(1)

      2,900        2,979,953  
     

 

 

  
      $ 4,020,153  
     

 

 

  

Total Tax-Exempt Investments — 156.1%
(identified cost $49,757,576)

       $ 52,509,147  
     

 

 

  

Other Assets, Less Liabilities — (56.1)%

       $ (18,861,071 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 33,648,076  
     

 

 

  

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 December 31, 2018, 32.2% 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 2.8% to 16.4% of total investments.

 

(1)

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

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

NPFG

   -   National Public Finance Guaranty Corp.

The Fund did not have any open derivative instruments at December 31, 2018.

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 December 31, 2018, 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

    $     —      $ 52,509,147      $     —      $ 52,509,147  

Total Investments

    $ —      $     52,509,147      $ —      $     52,509,147  

 

3

 

 

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.

Subsequent Event

On December 21, 2018, the shareholders of the Fund approved an Agreement and Plan of Reorganization providing for the reorganization of the Fund into the Eaton Vance Municipal Bond Fund. The transaction was completed as of the close of business on January 18, 2019.

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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:   February 25, 2019

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:   February 25, 2019
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 25, 2019