- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
February 28 2012 - 2:36PM
Edgar (US Regulatory)
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
(Registrants Telephone Number, Including Area Code)
September 30
Date of Fiscal Year End
December 31, 2011
Date of Reporting Period
Item 1. Schedule of Investments
Eaton
Vance
Ohio Municipal Bond Fund
December 31, 2011
PORTFOLIO
OF INVESTMENTS (Unaudited)
Tax-Exempt
Investments 151.6%
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Principal
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Amount
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Security
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(000s omitted)
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Value
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Bond Bank 14.3%
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Cuyahoga County Port Authority, (Garfield Heights),
5.25%, 5/15/23
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$
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1,270
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$
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1,093,254
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Ohio Economic Development, (Ohio Enterprise Bond Fund),
6.00%, 12/1/34
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700
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777,770
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Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30
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1,250
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1,395,612
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Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
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1,140
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1,266,643
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$
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4,533,279
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Education 7.6%
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Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
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$
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305
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$
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314,263
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Ohio State University, 5.00%, 12/1/30
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1,325
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1,576,882
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Wright State University, 5.00%, 5/1/31
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500
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531,200
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$
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2,422,345
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Electric Utilities 1.7%
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Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
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$
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500
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$
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538,025
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$
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538,025
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General Obligations 4.9%
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Beavercreek City School District, 5.00%, 12/1/30
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$
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900
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$
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988,443
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County of Franklin,
5.00%, 12/1/27
(1)
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500
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554,570
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$
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1,543,013
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Hospital 6.5%
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Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
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$
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500
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$
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513,415
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Middleburg Heights Hospital Revenue, 5.25%, 8/1/36
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500
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512,660
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Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
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495
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501,687
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Ohio Hospital Facility Revenue, (Cleveland Clinic Health
System), 5.00%, 1/1/32
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500
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523,805
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$
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2,051,567
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Insured-Education 27.1%
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Cincinnati Technical and Community College, (AMBAC),
5.00%, 10/1/28
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$
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500
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$
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505,520
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Kent State University, (AGC), 5.00%, 5/1/26
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1,000
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1,100,680
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Kent State University, (AGC), 5.00%, 5/1/29
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360
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387,058
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Miami University, (AGM), (AMBAC), 3.25%, 9/1/26
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2,000
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1,928,460
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Ohio University, (AGM), 5.00%, 12/1/33
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500
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524,725
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Ohio University, (AGM), 5.25%, 12/1/23
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1,170
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1,251,654
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University of Akron, Series B, (AGM), 5.00%, 1/1/38
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1,000
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1,041,250
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University of Cincinnati, (AMBAC), 5.00%, 6/1/31
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750
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757,522
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Youngstown State University, (AGC), 5.50%, 12/15/33
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1,000
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1,076,850
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$
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8,573,719
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Insured-Electric Utilities 19.5%
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American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.25%, 2/15/33
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$
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700
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$
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744,933
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Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
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2,750
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1,304,188
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Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
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1,000
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246,520
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Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
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1,670
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913,824
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Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/27
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5,000
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2,413,150
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Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
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500
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556,300
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$
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6,178,915
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Insured-General Obligations 36.5%
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Brookfield Local School District, (AGM), 5.00%, 1/15/30
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$
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200
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$
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212,900
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Cincinnati City School District, (AGM), (FGIC),
5.25%, 12/1/30
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500
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609,760
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Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
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1,000
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1,032,250
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Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
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1,575
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1,607,445
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1
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Principal
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Amount
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Security
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(000s omitted)
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Value
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Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
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$
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1,000
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$
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1,060,910
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Olentangy Local School District, (AGC), 5.00%, 12/1/36
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1,400
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1,485,442
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Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
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2,400
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1,101,048
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St. Marys City School District, (AGM), 5.00%, 12/1/35
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750
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783,218
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Sylvania City School District, (AGC), 5.00%, 12/1/26
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500
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538,380
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Sylvania City School District, (AGC), 5.00%, 12/1/32
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1,000
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1,047,510
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Wapakoneta City School District, (AGM), 4.75%, 12/1/35
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2,000
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2,077,800
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$
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11,556,663
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Insured-Hospital 11.4%
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Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
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$
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425
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$
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411,519
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Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
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1,500
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1,500,900
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Lorain County, (Catholic Healthcare Partners), (AGM),
15.166%, 2/1/29
(2)(3)(4)
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440
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521,224
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Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
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1,250
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1,174,838
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$
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3,608,481
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Insured-Lease Revenue/Certificates of
Participation 3.5%
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Puerto Rico Public Buildings Authority, Government Facilities
Revenue, (XLCA), 5.25%, 7/1/36
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$
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235
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$
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235,306
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Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
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1,040
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862,170
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$
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1,097,476
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Insured-Special Tax Revenue 11.0%
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Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
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$
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1,245
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$
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740,314
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Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
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3,665
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2,034,002
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Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
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8,355
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586,270
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Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
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1,070
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138,319
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$
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3,498,905
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Insured-Transportation 1.7%
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Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41
(5)
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$
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500
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$
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527,555
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$
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527,555
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Transportation 3.4%
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Ohio Turnpike Commission, 5.00%, 2/15/31
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$
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1,000
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$
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1,089,370
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$
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1,089,370
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Water and Sewer 2.5%
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Hamilton County Sewer System Revenue, 5.00%, 12/1/32
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$
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750
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$
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812,160
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$
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812,160
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Total Tax-Exempt Investments 151.6%
(identified cost $45,678,936)
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$
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48,031,473
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Auction Preferred Shares Plus Cumulative Unpaid
Dividends (53.6)%
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$
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(17,000,720
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)
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Other Assets, Less Liabilities 2.0%
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$
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648,006
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Net Assets Applicable to Common Shares 100.0%
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$
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31,678,759
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The percentage shown for each investment category in the
Portfolio of Investments is based on net assets applicable to
common shares.
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AGC
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-
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Assured Guaranty Corp.
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AGM
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-
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Assured Guaranty Municipal Corp.
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AMBAC
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-
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AMBAC Financial Group, Inc.
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CIFG
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-
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CIFG Assurance North America, Inc.
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FGIC
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-
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Financial Guaranty Insurance Company
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NPFG
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-
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National Public Finance Guaranty Corp.
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XLCA
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-
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XL Capital Assurance, Inc.
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2
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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, 2011, 73.0% 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 0.5% to 21.2% of
total investments.
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(1)
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Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
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(2)
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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
December 31, 2011, the aggregate value of these
securities is $521,224 or 1.6% of the Funds net assets
applicable to common shares.
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(3)
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Security has been issued as a leveraged residual interest bond
with a variable interest rate. The stated interest rate
represents the rate in effect at December 31, 2011.
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(4)
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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 held by
the trust that issued the residual interest bond. 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 held by the trust
that issued the residual interest bond.
|
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(5)
|
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|
Security represents the municipal bond held by a trust that
issues residual interest bonds.
|
A summary of open financial instruments at
December 31, 2011 is as follows:
Futures Contracts
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Expiration
|
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Aggregate
|
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Net Unrealized
|
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Month/Year
|
|
Contracts
|
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Position
|
|
Cost
|
|
|
Value
|
|
|
Depreciation
|
|
3/12
|
|
10 U.S.
10-Year
Treasury Note
|
|
Short
|
|
$
|
(1,296,154
|
)
|
|
$
|
(1,311,250
|
)
|
|
$
|
(15,096
|
)
|
3/12
|
|
17 U.S.
30-Year
Treasury Bond
|
|
Short
|
|
|
(2,430,315
|
)
|
|
|
(2,461,813
|
)
|
|
|
(31,498
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(46,594
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
At December 31, 2011, 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 objective. Because the Fund holds
fixed-rate bonds, the value of these bonds may decrease if
interest rates rise. The Fund purchases and sells U.S. Treasury
futures contracts to hedge against changes in interest rates.
At December 31, 2011, the aggregate fair value of open
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
$46,594.
The cost and unrealized appreciation (depreciation) of
investments of the Fund at December 31, 2011, as
determined on a federal income tax basis, were as follows:
|
|
|
|
|
Aggregate cost
|
|
$
|
45,290,277
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
3,332,617
|
|
Gross unrealized depreciation
|
|
|
(841,421
|
)
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
2,491,196
|
|
|
|
|
|
|
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.
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|
|
|
|
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 funds 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.
3
At December 31, 2011, the hierarchy of inputs used in
valuing the Funds investments and open derivative
instruments, which are carried at value, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
Tax-Exempt Investments
|
|
$
|
|
|
|
$
|
48,031,473
|
|
|
$
|
|
|
|
$
|
48,031,473
|
|
|
|
Total Investments
|
|
$
|
|
|
|
$
|
48,031,473
|
|
|
$
|
|
|
|
$
|
48,031,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
(46,594
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(46,594
|
)
|
|
|
Total
|
|
$
|
(46,594
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(46,594
|
)
|
|
|
The Fund held no investments or other financial instruments as
of September 30, 2011 whose fair value was determined
using Level 3 inputs. At December 31, 2011, the
value of investments transferred between Level 1 and
Level 2, if any, during the fiscal year to date then ended
was not significant.
For information on the Funds policy regarding the
valuation of investments and other significant accounting
policies, please refer to the Funds 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 registrants principal executive officer and principal
financial officer that the effectiveness of the registrants 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 Commissions 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
registrants principal executive officer and principal financial officer in order to allow timely
decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants 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:
|
|
February 23, 2012
|
|
|
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, 2012
|
|
|
|
|
|
|
|
By:
|
|
/s/ Barbara E. Campbell
Barbara E. Campbell
|
|
|
|
|
Treasurer
|
|
|
|
|
|
|
|
Date:
|
|
February 23, 2012
|
|
|
Eaton Vance Ohio Municipal Bond Fund Common Shared of Befeficial Interest, $.01 Par Value (AMEX:EIO)
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