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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Ohio Municipal Bond Fund

June 30, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.3%

      

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

    $ 700      $ 795,291  

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

      640        713,670  
     

 

 

  
      $ 1,508,961  
     

 

 

  

Education — 14.7%

      

Miami University, 5.00%, 9/1/41

    $ 500      $ 579,625  

Ohio Higher Educational Facility Commission, (Denison University), 5.00%, 11/1/42

      850        986,765  

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

      200        217,250  

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

      500        571,925  

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/42

      500        579,405  

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

      455        569,951  

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

      1,500        1,733,415  
     

 

 

  
      $ 5,238,336  
     

 

 

  

Electric Utilities — 4.0%

      

American Municipal Power, Inc., (Meldahl Hydroelectric), 4.00%, 2/15/34

    $ 615      $ 643,302  

American Municipal Power, Inc., (Meldahl Hydroelectric), 5.00%, 2/15/33

      180        206,584  

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

      500        573,260  
     

 

 

  
      $ 1,423,146  
     

 

 

  

Escrowed/Prerefunded — 12.5%

      

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

    $ 900      $ 967,725  

Canton Local School District, (School Facilities Construction and Improvement), Prerefunded to 5/1/21, 5.00%, 11/1/43

      1,000        1,142,720  

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

      500        508,795  

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

      250        254,352  

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

      105        116,799  

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

      290        326,958  

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

      1,040        1,137,833  
     

 

 

  
      $ 4,455,182  
     

 

 

  

General Obligations — 3.7%

      

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

    $ 270      $ 308,254  

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

      400        456,952  

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

      500        552,635  
     

 

 

  
      $ 1,317,841  
     

 

 

  

Hospital — 15.3%

      

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

    $ 865      $ 951,128  

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

      440        489,315  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 250      $ 286,358  

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

      260        266,695  

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

      500        542,745  

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

      755        815,626  

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

      500        512,180  

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

      500        552,105  

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

      170        183,559  

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

      565        642,269  

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

      165        185,561  
     

 

 

  
      $ 5,427,541  
     

 

 

  

Insured-Education — 0.2%

      

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

    $ 80      $ 85,332  
     

 

 

  
      $ 85,332  
     

 

 

  

Insured-Electric Utilities — 18.7%

      

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

    $ 40      $ 40,984  

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

      2,750        2,016,300  

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

      1,000        426,650  

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

      5,000        3,834,650  

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

      305        329,989  
     

 

 

  
      $ 6,648,573  
     

 

 

  

Insured-Escrowed/Prerefunded — 27.7%

      

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

    $ 660      $ 677,985  

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

      920        987,592  

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

      330        354,245  

Miami University, (AGM), (AMBAC), Prerefunded to 9/1/17, 3.25%, 9/1/26

      2,000        2,008,120  

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

      1,000        1,060,740  

Ohio University, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/33

      500        518,700  

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

      1,400        1,452,626  

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

      150        155,625  

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

      510        529,171  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      360        367,463  

University of Akron, Series 2008B, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

      640        653,165  

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

      1,000        1,085,730  
     

 

 

  
      $ 9,851,162  
     

 

 

  

Insured-General Obligations — 14.3%

      

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

    $ 445      $ 489,665  

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

      500        637,690  

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

      2,400        1,871,616  

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

      2,000        2,070,620  
     

 

 

  
      $ 5,069,591  
     

 

 

  

Insured-Hospital — 5.1%

      

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

    $ 1,760      $ 1,804,000  
     

 

 

  
      $ 1,804,000  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Special Tax Revenue — 11.7%

      

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

    $ 1,245      $ 1,071,148  

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

      3,665        3,049,280  

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

      250        49,663  
     

 

 

  
      $ 4,170,091  
     

 

 

  

Insured-Transportation — 4.4%

      

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

    $ 480      $ 531,235  

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

      500        548,475  

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

      475        479,769  
     

 

 

  
      $ 1,559,479  
     

 

 

  

Insured-Water and Sewer — 1.5%

      

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

    $ 535      $ 547,252  
     

 

 

  
      $ 547,252  
     

 

 

  

Other Revenue — 1.1%

      

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

    $ 350      $ 394,842  
     

 

 

  
      $ 394,842  
     

 

 

  

Senior Living/Life Care — 4.0%

      

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

    $ 525      $ 565,866  

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

      375        403,515  

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

      190        210,079  

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

      220        253,662  
     

 

 

  
      $ 1,433,122  
     

 

 

  

Special Tax Revenue — 1.6%

      

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

    $ 500      $ 568,540  
     

 

 

  
      $ 568,540  
     

 

 

  

Transportation — 3.4%

      

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

    $ 310      $ 111,095  

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

      1,000        1,085,670  
     

 

 

  
      $ 1,196,765  
     

 

 

  

Water and Sewer — 5.5%

      

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

    $ 1,000      $ 1,050,170  

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

      500        567,890  

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

      300        344,508  
     

 

 

  
      $ 1,962,568  
     

 

 

  

Total Tax-Exempt Investments — 153.7%
(identified cost $49,099,324)

       $ 54,662,324  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (6.3)%

       $ (2,250,429 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (41.3)%

       $ (14,672,693 ) 
     

 

 

  

Other Assets, Less Liabilities — (6.1)%

       $ (2,172,462 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 35,566,740  
     

 

 

  

 

3

 

 

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, 2017, 54.4% 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 1.2% to 18.7% 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.

FGIC

   -   Financial Guaranty Insurance Company

NPFG

   -   National Public Finance Guaranty Corp.

The Fund did not have any open financial instruments at June 30, 2017.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     45,459,933  
  

 

 

  

Gross unrealized appreciation

    $ 5,938,932  

Gross unrealized depreciation

      (56,541 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,882,391  
  

 

 

  

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, 2017, 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

    $ —      $ 54,662,324      $ —      $ 54,662,324  

Total Investments

    $     —      $     54,662,324      $     —      $     54,662,324  

The Fund held no investments or other financial instruments as of September 30, 2016 whose fair value was determined using Level 3 inputs. At June 30, 2017, 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.

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:   August 24, 2017

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 24, 2017
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2017