Edgar Filing: EATON VANCE OHIO MUNICIPAL BOND FUND

nvq

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, 2010

Date of Reporting Period

Item 1. Schedule of Investments


Eaton Vance Ohio Municipal Bond Fund	as of June 30, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 156.2%


Principal
Amount
(000’s omitted)		Security	Value
General Obligations — 4.8%
$	900	Beavercreek, School District, 5.00%, 12/1/30	$	954,450
	500	County of Franklin, 5.00%, 12/1/27⁽¹⁾		545,720

			$	1,500,170

Hospital — 6.1%
$	500	Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26	$	502,050
	980	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		895,583
	500	Ohio Higher Educational Facilities Commission, (Summa Health System), 5.75%, 11/15/40		493,595

			$	1,891,228

Insured-Electric Utilities — 19.9%
$	700	American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33	$	732,151
	2,750	Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		1,101,815
	1,000	Cleveland Public Power System, (NPFG), 0.00%, 11/15/38		201,060
	1,670	Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		791,613
	5,000	Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27		2,085,350
	755	Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34		746,401
	500	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		524,930

			$	6,183,320

Insured-General Obligations — 40.8%
$	320	Bowling Green City School District, (AGM), 5.00%, 12/1/34	$	329,411
	200	Brookfield Local School District, (AGM), 5.00%, 1/15/30		210,116
	1,000	Cleveland Municipal School District, (AGM), 5.00%, 12/1/27		1,034,810
	900	Clyde-Green Springs Exempted Village School District, (AGM), 4.50%, 12/1/31		901,161
	1,575	Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32		1,605,145
	1,000	Milford Exempt Village School District, (AGC), 5.25%, 12/1/36		1,056,350
	1,400	Olentangy Local School District, (AGC), 5.00%, 12/1/36		1,468,488
	230	Pickerington Local School District, (NPFG), 4.25%, 12/1/34		223,687
	2,400	Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27		921,072
	750	St. Mary’s School District, (AGM), 5.00%, 12/1/35		769,193
	500	Sylvania City School District, (AGC), 5.00%, 12/1/26		531,810
	1,000	Sylvania City School District, (AGC), 5.00%, 12/1/32		1,037,840
	500	Tecumseh School District, (FGIC), (NPFG), 4.75%, 12/1/31		503,150
	2,000	Wapakoneta City School District, (AGM), 4.75%, 12/1/35		2,046,980

			$	12,639,213

Insured-Hospital — 12.6%
$	820	Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32	$	807,093
	1,500	Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28		1,508,010
	440	Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 17.523%, 2/1/29^(2)(3)(4)		474,250
	1,250	Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46		1,131,250

			$	3,920,603

Insured-Lease Revenue/Certificates of Participation — 5.0%
$	495	Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36	$	495,371
	235	Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36		235,176
	1,000	Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33		821,810

			$	1,552,357

Insured-Public Education — 31.6%
$	1,750	Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28	$	1,735,387
	1,000	Kent State University, (AGC), 5.00%, 5/1/26		1,074,540
	360	Kent State University, (AGC), 5.00%, 5/1/29		380,239


Principal
Amount
(000’s omitted)		Security	Value
$	2,000	Miami University, (AGM), (AMBAC), 3.25%, 9/1/26	$	1,723,220
	500	Ohio University, (AGM), 5.00%, 12/1/33		516,480
	1,170	Ohio University, (AGM), 5.25%, 12/1/23		1,249,069
	1,000	University of Akron, (AGM), 5.00%, 1/1/38		1,031,540
	1,000	University of Cincinnati, (AMBAC), 5.00%, 6/1/31		1,013,360
	1,000	Youngstown State University, (AGC), 5.50%, 12/15/33		1,060,170

			$	9,784,005

Insured-Sewer Revenue — 2.5%
$	615	Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46	$	605,855
	180	Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47		177,082

			$	782,937

Insured-Special Tax Revenue — 10.6%
$	1,335	Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23	$	716,828
	3,665	Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24		1,849,689
	8,430	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		480,847
	1,525	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		161,040
	705	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		69,224

			$	3,277,628

Insured-Transportation — 8.0%
$	1,965	Cleveland Airport System, (AGM), 5.00%, 1/1/31	$	1,965,570
	500	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁵⁾		517,195

			$	2,482,765

Pooled Loans — 7.1%
$	1,335	Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23	$	1,013,679
	1,140	Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32⁽⁵⁾		1,197,498

			$	2,211,177

Private Education — 7.2%
$	850	Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33	$	856,732
	1,000	Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33		1,021,730
	350	Ohio Higher Educational Facilities Commission, (Kenyon College), 5.00%, 7/1/44		356,622

			$	2,235,084


Total Tax-Exempt Investments — 156.2% (identified cost $47,691,025)			$	48,460,487

Short-Term Investments — 1.0%


Principal
Amount
(000’s omitted)		Description	Value
$	302	State Street Bank and Trust Euro Time Deposit, 0.01%, 7/1/10	$	302,134


Total Short-Term Investments — 1.0% (identified cost $302,134)			$	302,134


Total Investments — 157.2% (identified cost $47,993,159)			$	48,762,621


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.8)%			$	(17,001,061	)


Other Assets, Less Liabilities — (2.4)%			$	(740,329	)


Net Assets Applicable to Common Shares — 100.0%			$	31,021,231

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.

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, 2010, 83.3% 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 2.1% to 25.1% of total investments.

(1)		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

(2)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at June 30, 2010.

(3)		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, 2010, the aggregate value of these securities is $474,250 or 1.5% of the Fund’s net assets applicable to common shares.

(4)		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.

(5)		Security represents the underlying municipal bond of an inverse floater.

A summary of financial instruments outstanding at June 30, 2010 is as follows:

Futures Contracts


Expiration			Aggregate						Net Unrealized
Date	Contracts	Position	Cost			Value			Depreciation
9/10	17 U.S. 10-Year Treasury Note	Short	$	(2,046,316	)	$	(2,083,297	)	$	(36,981	)
9/10	13 U.S. 30-Year Treasury Bond	Short		(1,612,440	)		(1,657,500	)		(45,060	)

									$	(82,041	)

Interest Rate Swaps

Annual

Effective Date/

Notional

Fixed Rate

Floating Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

JPMorgan Chase Co.

737,500

4.046

3-month USD-
LIBOR- BBA

September 17, 2010 /
September 17, 2040

(41,748

)

Merrill Lynch Capital Services, Inc.

750,000

4.140

3-month USD-
LIBOR- BBA

August 24, 2010 /
August 24, 2040

(57,043

)

(98,791

)

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, 2010, 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, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $180,832.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2010, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	46,944,242

Gross unrealized appreciation	$	2,178,969
Gross unrealized depreciation		(1,370,590	)

Net unrealized appreciation	$	808,379

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)

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, 2010, 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	$	—		$	48,460,487		$	—	$	48,460,487
Short-Term Investments		—			302,134			—		302,134


Total Investments	$	—		$	48,762,621		$	—	$	48,762,621



Liability Description
Futures Contracts	$	(82,041	)	$	—		$	—	$	(82,041	)
Interest Rate Swaps		—			(98,791	)		—		(98,791	)


Total	$	(82,041	)	$	(98,791	)	$	—	$	(180,832	)

The Fund held no investments or other financial instruments as of September 30, 2009 whose fair value was determined using Level 3 inputs.

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.

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/ Cynthia J. Clemson Cynthia J. Clemson
		President

Date:		August 25, 2010

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 25, 2010

By:		/s/ Barbara E. Campbell Barbara E. Campbell
		Treasurer

Date:		August 25, 2010