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)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Address of Principal Executive Offices)

Maureen A. Gemma
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(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, 2008
Date of Reporting Period

 

 

Item 1. Schedule of Investments

Eaton Vance Insured Ohio Municipal Bond Fund		as of December 31, 2008
PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 180.0%

Principal Amount
(000’s omitted)				Security		Value
General Obligations — 2.3%
$	500			County of Franklin, 5.00%, 12/1/27(1)		$	509,710
						$	509,710
Hospital — 4.1%
$	500			Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		$	334,950
	1,000			Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46			599,480
						$	934,430
Insured-Electric Utilities — 19.5%
$	700			American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33		$	666,862
	1,000			Cleveland Public Power System, (MBIA), 0.00%, 11/15/38			155,240
	1,670			Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25			606,711
	5,000			Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/27			1,565,900
	1,775			Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34			1,433,277
						$	4,427,990
Insured-General Obligations — 48.4%
$	400			Bowling Green City School District, (FSA), 5.00%, 12/1/34		$	362,304
	200			Brookfield Local School District, (FSA), 5.00%, 1/15/30			192,440
	1,000			Cleveland Municipal School District, (FSA), 5.00%, 12/1/27			991,500
	1,105			Clyde-Green Springs Exempted Village School District, (FSA), 4.50%, 12/1/31			951,670
	1,575			Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32			1,149,073
	1,000			Milford Exempt Village School District, (AGC), 5.25%, 12/1/36			974,230
	1,400			Olentangy Local School District, (AGC), 5.00%, 12/1/36			1,354,934
	430			Olentangy Local School District, (FSA), 4.50%, 12/1/32			365,547
	500			Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35			438,430
	540			Pickerington Local School District, (MBIA), 4.25%, 12/1/34			447,331
	2,400			Plain School District, (FGIC), (MBIA), 0.00%, 12/1/27			748,800
	750			St. Mary’s School District, (FSA), 5.00%, 12/1/35			699,600
	500			Tecumseh School District, (FGIC), (MBIA), 4.75%, 12/1/31			429,460
	2,000			Wapakoneta City School District, (FSA), 4.75%, 12/1/35			1,881,340
						$	10,986,659
Insured-Hospital — 13.5%
$	980			Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (MBIA), 5.00%, 5/15/32		$	800,944
	1,500			Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (MBIA), 5.125%, 5/15/28			1,291,485
	440			Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 15.738%, 2/1/29(2) (3) (4)			228,624
	1,250			Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46			749,350
						$	3,070,403
Insured-Lease Revenue/Certificates of Participation — 7.1%
$	795			Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36		$	584,365
	235			Puerto Rico Public Buildings Authority, Government Facilities Revenue, (XLCA), 5.25%, 7/1/36			172,737
	1,000			Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33			855,420
						$	1,612,522
Insured-Pooled Loans — 3.1%
$	830			Puerto Rico Municipal Finance Agency, (FSA), 5.00%, 8/1/27		$	705,508
						$	705,508

Principal Amount
(000’s omitted)				Security		Value
Insured-Public Education — 31.9%
$	3,000			Cincinnati Technical and Community College, (AMBAC), 5.00%, 10/1/28		$	2,384,220
	2,000			Miami University, (AMBAC), (FSA), 3.25%, 9/1/26 (5)			1,402,880
	500			Ohio University, (FSA), 5.00%, 12/1/33			452,480
	1,170			Ohio University, (FSA), 5.25%, 12/1/23			1,181,548
	1,000			University of Akron, (FSA), 5.00%, 1/1/38			917,130
	1,000			University of Cincinnati, (AMBAC), 5.00%, 6/1/31			898,000
						$	7,236,258
Insured-Sewer Revenue — 5.3%
$	755			Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46		$	602,958
	750			Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47			597,690
						$	1,200,648
Insured-Special Tax Revenue — 13.4%
$	1,335			Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23		$	526,177
	3,665			Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24			1,342,563
	8,430			Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54			309,718
	1,530			Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45			122,079
	705			Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46			52,113
	750			Trumbull County, (FSA), 5.00%, 12/1/37			673,065
						$	3,025,715
Insured-Transportation — 14.4%
$	3,065			Cleveland Airport System, (FSA), 5.00%, 1/1/31		$	2,856,028
	500			Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(6)			412,415
						$	3,268,443
Pooled Loans — 9.5%
$	1,450			Cuyahoga County Port Authority, (Garfield Heights), 5.25%, 5/15/23		$	1,060,617
	1,140			Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(6)			1,083,088
						$	2,143,705
Private Education — 7.5%
$	850			Ohio Higher Educational Facilities Authority, (John Carroll University), 5.25%, 11/15/33		$	731,425
	1,000			Ohio Higher Educational Facilities Authority, (Oberlin College), 5.00%, 10/1/33			976,330
						$	1,707,755
Total Tax-Exempt Investments — 180.0% (identified cost $47,286,440)						$	40,829,746
Other Assets, Less Liabilities — (5.0)%						$	(1,143,600	)
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (75.0)%						$	(17,002,409	)
Net Assets Applicable to Common Shares — 100.0%						$	22,683,737

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.
MBIA		-		Municipal Bond Insurance Association
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 December 31, 2008, 87.0% 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 2.4% to 33.9% of total investments.
(1)		Security (or a portion thereof) has been segregated 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 December 31, 2008, the aggregate value of these securities is $228,624 or 1.0% of the Fund’s net assets applicable to common shares.
(3)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2008.
(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 (or a portion thereof) has been pledged as collateral for open swap contracts.
(6)		Security represents the underlying municipal bond of a tender option bond trust.

A summary of financial instruments at December 31, 2008 is as follows:

Futures Contracts

Expiration										Aggregate								Net Unrealized
Date				Contracts		Position				Cost				Value				Depreciation
3/09				42 U.S. Treasury Bond		Short				$	(5,233,117	)		$	(5,797,969	)		$	(564,852	)
3/09				21 U.S. Treasury Note		Short					(2,578,989	)			(2,640,750	)			(61,761	)
																		$	(626,613	)

Interest Rate Swaps

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

3-month USD-

September 14, 2009 /

JPMorgan Chase Co.

$

737,500

4.743

%

LIBOR-BBA

September 14, 2039

$

(278,380

)

Merrill Lynch Capital Services, Inc.

3-month USD-

April 1, 2009 /

750,000

4.682

LIBOR-BBA

April 1, 2039

(283,350

)

Morgan Stanley Capital Services, Inc.

3-month USD-

June 11, 2009 /

875,000

4.691

LIBOR-BBA

June 11, 2039

(328,348

)

$

(890,078

)

The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At December 31, 2008, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost		$	46,104,964
Gross unrealized appreciation		$	366,951
Gross unrealized depreciation			(6,652,169	)
Net unrealized depreciation		$	(6,285,218	)

The Fund adopted Financial Accounting Standards Board 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.

At December 31, 2008, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

						Investments in				Other Financial
				Valuation Inputs		Securities				Instruments*
Level 1				Quoted Prices		$	—			$	(626,613	)
Level 2				Other Significant Observable Inputs			40,829,746				(890,078	)
Level 3				Significant Unobservable Inputs			—				—
Total						$	40,829,746			$	(1,516,691	)

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.

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 Insured Ohio Municipal Bond Fund

By:		/s/ Cynthia J. Clemson   Cynthia J. Clemson
		President
Date:		February 23, 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:		February 23, 2009
By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer
Date:		February 23, 2009