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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 Insured 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, 2009
Date of Reporting Period
 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Signatures
Certifications

Table of Contents

 
Item 1. Schedule of Investments

Table of Contents

Eaton Vance Insured Ohio Municipal Bond Fund as of June 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Tax-Exempt Investments — 162.8%
 
                 
Principal
 		           
Amount
 		           
(000’s omitted)     Security   Value  
General Obligations — 1.9%
$ 500    
County of Franklin, 5.00%, 12/1/27(1)
  $ 529,925  
                 
            $ 529,925  
                 
Hospital — 4.1%
$ 500    
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
  $ 414,105  
  1,000    
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46
    750,140  
                 
            $ 1,164,245  
                 
Insured-Electric Utilities — 22.2%
$ 700    
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33
  $ 708,183  
  2,750    
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
    1,006,610  
  1,000    
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
    181,530  
  1,670    
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25
    660,051  
  5,000    
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27
    1,690,000  
  1,775    
Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34
    1,547,711  
  500    
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
    482,560  
                 
            $ 6,276,645  
                 
Insured-General Obligations — 46.1%
$ 320    
Bowling Green City School District, (FSA), 5.00%, 12/1/34
  $ 315,904  
  200    
Brookfield Local School District, (FSA), 5.00%, 1/15/30
    202,492  
  1,000    
Cleveland Municipal School District, (FSA), 5.00%, 12/1/27
    1,020,480  
  900    
Clyde-Green Springs Exempted Village School District, (FSA), 4.50%, 12/1/31
    844,326  
  1,575    
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
    1,511,968  
  1,000    
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36
    1,017,800  
  1,400    
Olentangy Local School District, (AGC), 5.00%, 12/1/36
    1,415,008  
  280    
Olentangy Local School District, (FSA), 4.50%, 12/1/32
    260,907  
  500    
Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35
    474,020  
  520    
Pickerington Local School District, (NPFG), 4.25%, 12/1/34
    473,268  
  2,400    
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
    800,760  
  750    
St. Mary’s School District, (FSA), 5.00%, 12/1/35
    732,765  
  500    
Sylvania City School District, (AGC), 5.00%, 12/1/26
    516,480  
  1,000    
Sylvania City School District, (AGC), 5.00%, 12/1/32
    1,002,550  
  500    
Tecumseh School District, (FGIC), (NPFG), 4.75%, 12/1/31
    466,015  
  2,000    
Wapakoneta City School District, (FSA), 4.75%, 12/1/35
    1,967,380  
                 
            $ 13,022,123  
                 
 
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Principal
 		           
Amount
 		           
(000’s omitted)     Security   Value  
Insured-Hospital — 13.1%
$ 980    
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32
  $ 894,024  
  1,500    
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28
    1,424,235  
  440    
Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 17.408%, 2/1/29(2)(3)(4)
    449,909  
  1,250    
Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
    937,675  
                 
            $ 3,705,843  
                 
Insured-Lease Revenue/Certificates of Participation — 6.4%
$ 795    
Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36
  $ 693,804  
  235    
Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36
    191,227  
  1,000    
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33
    925,630  
                 
            $ 1,810,661  
                 
Insured-Public Education — 31.8%
$ 3,000    
Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28
  $ 2,720,340  
  2,000    
Miami University, (AMBAC), (FSA), 3.25%, 9/1/26
    1,566,940  
  500    
Ohio University, (FSA), 5.00%, 12/1/33
    495,110  
  1,170    
Ohio University, (FSA), 5.25%, 12/1/23
    1,197,706  
  1,000    
University of Akron, (FSA), 5.00%, 1/1/38
    992,490  
  1,000    
University of Cincinnati, (AMBAC), 5.00%, 6/1/31
    989,450  
  1,000    
Youngstown State University, (AGC), 5.50%, 12/15/33
    1,019,950  
                 
            $ 8,981,986  
                 
Insured-Sewer Revenue — 4.7%
$ 755    
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46
  $ 662,090  
  750    
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47
    656,655  
                 
            $ 1,318,745  
                 
Insured-Special Tax Revenue — 10.0%
$ 1,335    
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
  $ 601,351  
  3,665    
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
    1,536,295  
  8,430    
Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54
    446,706  
  1,530    
Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45
    158,477  
  705    
Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46
    68,286  
                 
            $ 2,811,115  
                 
Insured-Transportation — 8.5%
$ 1,965    
Cleveland Airport System, (FSA), 5.00%, 1/1/31
  $ 1,931,949  
  500    
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(5)
    480,557  
                 
            $ 2,412,506  
                 
Pooled Loans — 7.7%
$ 1,395    
Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23
  $ 1,048,105  
  1,140    
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5)
    1,133,392  
                 
            $ 2,181,497  
                 
 
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Principal
 		           
Amount
 		           
(000’s omitted)     Security   Value  
Private Education — 6.3%
$ 850    
Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33
  $ 780,019  
  1,000    
Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33
    1,008,690  
                 
            $ 1,788,709  
                 
         
Total Tax-Exempt Investments — 162.8%
(identified cost $48,262,433)
  $ 46,004,000  
         
         
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.2)%
  $ (17,000,425 )
         
         
Other Assets, Less Liabilities — (2.6)%
  $ (745,227 )
         
         
Net Assets Applicable to Common Shares — 100.0%
  $ 28,258,348  
         
 
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.
         
AMBAC
  -   AMBAC Financial Group, Inc.
         
CIFG
  -   CIFG Assurance North America, Inc.
         
FGIC
  -   Financial Guaranty Insurance Company
         
FSA
  -   Financial Security Assurance, Inc.
         
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, 2009, 87.7% 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 2.6% to 26.0% of total investments.
         
(1)
      Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
         
(2)
      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2009, the aggregate value of these securities is $449,909 or 1.6% of the Fund’s net assets applicable to common shares.
         
(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 underlying the inverse floater. 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 underlying the inverse floater.
         
(4)
      Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2009.
         
(5)
      Security represents the underlying municipal bond of a tender option bond trust.
 
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A summary of financial instruments outstanding at June 30, 2009 is as follows:
 
Futures Contracts
 
                                 
                        Net Unrealized
 		 
Expiration
 		          Aggregate
 		          Appreciation
 		 
Date   Contracts   Position   Cost     Value     (Depreciation)  
9/09
  34 U.S. Treasury Bond   Short   $ (3,963,611 )   $ (4,024,219 )   $ (60,608 )
9/09
  21 U.S. Treasury Note   Short     (2,470,572 )     (2,441,578 )     28,994  
                                 
                            $ (31,614 )
                                 
 
Interest Rate Swaps
 
                                 
          Annual
 		    Floating
 		         
    Notional
 		    Fixed Rate
 		    Rate
 		  Effective Date/
 		  Net Unrealized
 		 
Counterparty   Amount     Paid By Fund     Paid To Fund   Termination Date   Depreciation  
JPMorgan Chase Co. 
  $ 737,500       4.743     3-month USD-
LIBOR-BBA 		  September 14, 2009 /
September 14, 2039 		  $ (66,387 )
Merrill Lynch Capital Services, Inc. 
    750,000       4.517     3-month USD-
LIBOR-BBA 		  December 1, 2009 /
December 1, 2039 		    (32,562 )
                                 
                            $ (98,949 )
                                 
 
The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.
 
At June 30, 2009, 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 objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Fund may enter into interest rate swap contracts. The Fund may also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.
 
At June 30, 2009, the aggregate fair value of derivative instruments (not accounted for as hedging instruments under Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 133) in an asset position and in a liability position and whose primary underlying risk exposure is interest rate risk was $28,994 and $159,557, respectively.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 47,164,651  
         
Gross unrealized appreciation
  $ 1,045,039  
Gross unrealized depreciation
    (3,215,690 )
         
Net unrealized depreciation
  $ (2,170,651 )
         
 
The Fund adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective October 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
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At June 30, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description
  (Level 1)     (Level 2)     (Level 3)     Total  
Tax-Exempt Investments
  $ —     $ 46,004,000     $ —     $ 46,004,000  
Futures Contracts
    28,994       —       —       28,994  
                                 
Total
  $ 28,994     $ 46,004,000     $ —     $ 46,032,994  
                                 
                                 
Liability Description
                       
Futures Contracts
  $ (60,608 )   $ —     $ —     $ (60,608 )
Interest Rate Swaps
    —       (98,949 )     —       (98,949 )
                                 
Total
  $ (60,608 )   $ (98,949 )   $ —     $ (159,557 )
                                 
 
The Fund held no investments or other financial instruments as of September 30, 2008 whose fair value was determined using Level 3 inputs.
 
For information on the Fund’s policy regarding 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.
 
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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.

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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 Insured Ohio Municipal Bond Fund
 
         
By:
  /s/ Cynthia J. Clemson    
         
    Cynthia J. Clemson    
    President    
         
Date:
  August 20, 2009    
 
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 20, 2009    
         
By:
  /s/ Barbara E. Campbell    
         
    Barbara E. Campbell    
    Treasurer    
         
Date:
  August 20, 2009