Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
Bond Bank 10.0%
|
||||||||
$ | 1,270 |
Cuyahoga County Port Authority, (Garfield Heights),
5.25%, 5/15/23
|
$ | 1,047,991 | ||||
700 |
Ohio Economic Development, (Ohio Enterprise Bond Fund),
6.00%, 12/1/34
|
735,665 | ||||||
1,140 |
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
|
1,152,745 | ||||||
$ | 2,936,401 | |||||||
Electric Utilities 1.7%
|
||||||||
$ | 500 |
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
$ | 508,420 | ||||
$ | 508,420 | |||||||
General Obligations 7.6%
|
||||||||
$ | 900 |
Beavercreek, School District, 5.00%, 12/1/30
|
$ | 945,270 | ||||
750 |
Cincinnati, 5.00%, 12/1/36
|
773,093 | ||||||
500 |
County of Franklin,
5.00%, 12/1/27(1)
|
534,615 | ||||||
$ | 2,252,978 | |||||||
Hospital 5.4%
|
||||||||
$ | 500 |
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
$ | 502,530 | ||||
730 |
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46
|
604,936 | ||||||
500 |
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
480,135 | ||||||
$ | 1,587,601 | |||||||
Insured-Electric Utilities 21.3%
|
||||||||
$ | 700 |
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.25%, 2/15/33
|
$ | 721,462 | ||||
2,750 |
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
1,156,567 | ||||||
1,000 |
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
198,020 | ||||||
1,670 |
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
820,772 | ||||||
5,000 |
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/27
|
2,154,900 | ||||||
755 |
Ohio Water Development Authority, (Dayton Power & Light),
(FGIC), 4.80%, 1/1/34
|
715,219 | ||||||
500 |
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
508,320 | ||||||
$ | 6,275,260 | |||||||
Insured-General Obligations 37.7%
|
||||||||
$ | 200 |
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
$ | 205,780 | ||||
500 |
Cincinnati City School District, (Classroom Facilities
Construction & Improvement), (AGM), (FGIC),
5.25%, 12/1/30
|
556,830 | ||||||
1,000 |
Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
|
1,017,470 | ||||||
1,575 |
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
|
1,590,104 | ||||||
1,000 |
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
1,026,200 | ||||||
1,400 |
Olentangy Local School District, (AGC), 5.00%, 12/1/36
|
1,431,570 | ||||||
2,400 |
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
|
973,752 | ||||||
750 |
St. Marys School District, (AGM), 5.00%, 12/1/35
|
757,178 | ||||||
500 |
Sylvania City School District, (AGC), 5.00%, 12/1/26
|
522,220 | ||||||
1,000 |
Sylvania City School District, (AGC), 5.00%, 12/1/32
|
1,019,190 | ||||||
2,000 |
Wapakoneta City School District, (AGM), 4.75%, 12/1/35
|
1,995,620 | ||||||
$ | 11,095,914 | |||||||
Insured-Hospital 12.1%
|
||||||||
$ | 820 |
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
$ | 705,602 | ||||
1,500 |
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
1,373,715 |
Principal |
||||||||
Amount |
||||||||
(000s omitted) | Security | Value | ||||||
$ | 440 |
Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
18.033%, 2/1/29(2)(3)(4) |
$ | 451,563 | ||||
1,250 |
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
|
1,035,850 | ||||||
$ | 3,566,730 | |||||||
Insured-Lease Revenue/Certificates of
Participation 3.5%
|
||||||||
$ | 235 |
Puerto Rico Public Buildings Authority, Government Facilities
Revenue, (XLCA), 5.25%, 7/1/36
|
$ | 222,945 | ||||
1,000 |
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
804,120 | ||||||
$ | 1,027,065 | |||||||
Insured-Public Education 29.4%
|
||||||||
$ | 1,000 |
Cincinnati Technical and Community College, (AMBAC),
5.00%, 10/1/28
|
$ | 987,970 | ||||
1,000 |
Kent State University, (AGC), 5.00%, 5/1/26
|
1,039,010 | ||||||
360 |
Kent State University, (AGC), 5.00%, 5/1/29
|
368,053 | ||||||
2,000 |
Miami University, (AGM), (AMBAC), 3.25%, 9/1/26
|
1,704,440 | ||||||
500 |
Ohio University, (AGM), 5.00%, 12/1/33
|
505,955 | ||||||
1,170 |
Ohio University, (AGM), 5.25%, 12/1/23
|
1,252,614 | ||||||
1,000 |
University of Akron, (AGM), 5.00%, 1/1/38
|
1,011,340 | ||||||
750 |
University of Cincinnati, (AMBAC), 5.00%, 6/1/31
|
753,487 | ||||||
1,000 |
Youngstown State University, (AGC), 5.50%, 12/15/33
|
1,034,800 | ||||||
$ | 8,657,669 | |||||||
Insured-Sewer Revenue 2.5%
|
||||||||
$ | 615 |
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46
|
$ | 575,572 | ||||
180 |
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47
|
168,347 | ||||||
$ | 743,919 | |||||||
Insured-Special Tax Revenue 10.7%
|
||||||||
$ | 1,245 |
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
|
$ | 660,074 | ||||
3,665 |
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
|
1,812,379 | ||||||
8,430 |
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
457,159 | ||||||
1,525 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
162,550 | ||||||
705 |
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
69,964 | ||||||
$ | 3,162,126 | |||||||
Insured-Transportation 1.7%
|
||||||||
$ | 500 |
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(5)
|
$ | 487,470 | ||||
$ | 487,470 | |||||||
Private Education 1.1%
|
||||||||
$ | 350 |
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
$ | 332,147 | ||||
$ | 332,147 | |||||||
Public Education 4.8%
|
||||||||
$ | 1,325 |
Ohio State University, 5.00%, 12/1/30
|
$ | 1,418,147 | ||||
$ | 1,418,147 | |||||||
Transportation 3.5%
|
||||||||
$ | 1,000 |
Ohio Turnpike Commission, 5.00%, 2/15/31
|
$ | 1,039,350 | ||||
$ | 1,039,350 | |||||||
Water and Sewer 4.5%
|
||||||||
$ | 1,250 |
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30
|
$ | 1,333,500 | ||||
$ | 1,333,500 | |||||||
Total Tax-Exempt Investments 157.5%
(identified cost $47,052,496) |
$ | 46,424,697 | ||||||
Value | ||||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (57.7)%
|
$ | (17,000,510 | ) | |||||
Other Assets, Less Liabilities 0.2%
|
$ | 47,087 | ||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 29,471,274 | ||||||
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, 2011, 75.4% 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 ranged from 1.1% to 21.1% 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 residual interest bond. The stated interest rate represents the rate in effect at June 30, 2011. | |||||
(3)
|
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. | |||||
(4)
|
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, 2011, the aggregate value of these securities is $451,563 or 1.5% of the Funds net assets applicable to common shares. | |||||
(5)
|
Security represents the municipal bond held by a trust that issues residual interest bonds. |
Net Unrealized |
||||||||||||||||
Expiration |
Aggregate |
Appreciation |
||||||||||||||
Date | Contracts | Position | Cost | Value | (Depreciation) | |||||||||||
9/11
|
15 U.S. 10-Year Treasury Note | Short | $ | (1,825,285 | ) | $ | (1,834,922 | ) | $ | (9,637 | ) | |||||
9/11
|
28 U.S. 30-Year Treasury Bond | Short | (3,471,511 | ) | (3,444,875 | ) | 26,636 | |||||||||
$ | 16,999 | |||||||||||||||
Annual |
Floating |
Effective Date/ |
Net Unrealized |
|||||||||||||||
Notional |
Fixed Rate |
Rate |
Termination |
Appreciation |
||||||||||||||
Counterparty | Amount | Paid By Fund | Paid To Fund | Date | (Depreciation) | |||||||||||||
3-month | August 12, 2011/ | |||||||||||||||||
Bank of America
|
$ | 750,000 | 4.165 | % | USD-LIBOR-BBA | August 12, 2041 | $ | (8,372 | ) | |||||||||
3-month | September 9, 2011/ | |||||||||||||||||
JPMorgan Chase Co.
|
737,500 | 4.088 | USD-LIBOR-BBA | September 9, 2041 | 3,937 | |||||||||||||
$ | (4,435 | ) | ||||||||||||||||
Aggregate cost
|
$ | 46,523,882 | ||
Gross unrealized appreciation
|
$ | 1,576,390 | ||
Gross unrealized depreciation
|
(1,925,575 | ) | ||
Net unrealized depreciation
|
$ | (349,185 | ) | |
| 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments
|
$ | | $ | 46,424,697 | $ | | $ | 46,424,697 | ||||||||
Total Investments
|
$ | | $ | 46,424,697 | $ | | $ | 46,424,697 | ||||||||
Futures Contracts
|
$ | 26,636 | $ | | $ | | $ | 26,636 | ||||||||
Interest Rate Swaps
|
| 3,937 | | 3,937 | ||||||||||||
Total
|
$ | 26,636 | $ | 46,428,634 | $ | | $ | 46,455,270 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts
|
$ | (9,637 | ) | $ | | $ | | $ | (9,637 | ) | ||||||
Interest Rate Swaps
|
| (8,372 | ) | | (8,372 | ) | ||||||||||
Total
|
$ | (9,637 | ) | $ | (8,372 | ) | $ | | $ | (18,009 | ) | |||||
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President | ||||
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer | ||||