Eaton Vance Ohio Municipal Bond Fund Report of Earnings

Dec 22, 2010, 14:50 ET from Eaton Vance Management

BOSTON, Dec. 22, 2010 /PRNewswire-FirstCall/ -- Eaton Vance Ohio Municipal Bond Fund (NYSE Amex: EIO) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and year ended September 30, 2010.  The Fund's fiscal year ended on September 30, 2010.

For the three months ended September 30, 2010, the Fund had net investment income of $510,893 ($0.203 per common share).  From this amount, the Fund paid dividends on preferred shares of $17,820 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $493,073, or $0.196 per common share. The Fund's net investment income for the year ended September 30, 2010 was $2,088,302 ($0.828 per common share, before deduction of the preferred share dividends totaling $0.028 per common share), resulting in net investment income after the preferred dividends of $0.800 per common share. In comparison, for the three months ended September 30, 2009, the Fund had net investment income of $534,733 ($0.212 per common share).  From this amount, the Fund paid dividends on preferred shares of $20,613 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $514,120, or $0.204 per common share. The Fund's net investment income for the year ended September 30, 2009 was $2,130,212 ($0.846 per common share, before deduction of the preferred share dividends totaling $0.101 per common share), resulting in net investment income after the preferred dividends of $0.745 per common share.

Net realized and unrealized gains for the three months ended September 30, 2010 were $1,672,267 ($0.668 per common share). The Fund's net realized and unrealized losses for the year ended September 30, 2010 were $159,727 ($0.058 per common share). In comparison, net realized and unrealized gains for the three months ended September 30, 2009 were $4,379,536 ($1.741 per common share). The Fund's net realized and unrealized gains for the year ended September 30, 2009 were $4,005,890 ($1.592 per common share).

On September 30, 2010, net assets of the Fund applicable to common shares were $32,725,804.  The net asset value per common share on September 30, 2010 was $12.96 based on 2,526,031 common shares outstanding.  In comparison, on September 30, 2009, net assets of the Fund applicable to common shares were $32,710,107.  The net asset value per common share on September 30, 2009 was $12.98 based on 2,519,783 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $185.2 billion in assets as of October 31, 2010 offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

EATON VANCE OHIO MUNICIPAL BOND FUND

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

Year Ended

September 30,

September 30,

2010

2009

2010

2009

Net investment income

$    511

$    535

$   2,088

$   2,130

Net realized and unrealized gains (losses)

 on investments

1,672

4,380

(160)

4,006

Preferred dividends paid from net investment income (1)

(18)

(21)

(70)

(255)

Net increase (decrease) in net assets

 from operations

$ 2,165

$ 4,894

$   1,858

$   5,881

Earnings per Common Share Outstanding

Net investment income

$ 0.203

$ 0.212

$   0.828

$   0.846

Net realized and unrealized gains (losses)

 on investments

0.668

1.741

(0.058)

1.592

Preferred dividends paid from net investment income (1)

(0.007)

(0.008)

(0.028)

(0.101)

Net increase (decrease) in net assets

 from operations

$ 0.864

$ 1.945

$   0.742

$   2.337

Net investment income

$ 0.203

$ 0.212

$   0.828

$   0.846

Preferred dividends paid from net investment income (1)

(0.007)

(0.008)

(0.028)

(0.101)

Net investment income after preferred dividends (1)

$ 0.196

$ 0.204

$   0.800

$   0.745

Net Asset Value at September 30 (Common Shares)

Net assets

$ 32,726

$ 32,710

Shares outstanding

2,526

2,520

Net asset value per share outstanding

$   12.96

$   12.98

Market Value Summary (Common Shares)

Market price on NYSE Amex at September 30

$   14.10

$   13.25

High market price (period ended September 30)

$   14.50

$   13.90

Low market price (period ended September 30)

$   12.21

$     6.70

(1) During the year ended September 30, 2009, the Fund made a partial redemption of its preferred shares.

SOURCE Eaton Vance Management



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