Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Bond Bank 14.3%
|
||||||||
Cuyahoga County Port Authority, (Garfield Heights),
5.25%, 5/15/23
|
$ | 1,270 | $ | 1,093,254 | ||||
Ohio Economic Development, (Ohio Enterprise Bond Fund),
6.00%, 12/1/34
|
700 | 777,770 | ||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30
|
1,250 | 1,395,612 | ||||||
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
|
1,140 | 1,266,643 | ||||||
$ | 4,533,279 | |||||||
Education 7.6%
|
||||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
$ | 305 | $ | 314,263 | ||||
Ohio State University, 5.00%, 12/1/30
|
1,325 | 1,576,882 | ||||||
Wright State University, 5.00%, 5/1/31
|
500 | 531,200 | ||||||
$ | 2,422,345 | |||||||
Electric Utilities 1.7%
|
||||||||
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
$ | 500 | $ | 538,025 | ||||
$ | 538,025 | |||||||
General Obligations 4.9%
|
||||||||
Beavercreek City School District, 5.00%, 12/1/30
|
$ | 900 | $ | 988,443 | ||||
County of Franklin,
5.00%, 12/1/27(1)
|
500 | 554,570 | ||||||
$ | 1,543,013 | |||||||
Hospital 6.5%
|
||||||||
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
$ | 500 | $ | 513,415 | ||||
Middleburg Heights Hospital Revenue, 5.25%, 8/1/36
|
500 | 512,660 | ||||||
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
495 | 501,687 | ||||||
Ohio Hospital Facility Revenue, (Cleveland Clinic Health
System), 5.00%, 1/1/32
|
500 | 523,805 | ||||||
$ | 2,051,567 | |||||||
Insured-Education 27.1%
|
||||||||
Cincinnati Technical and Community College, (AMBAC),
5.00%, 10/1/28
|
$ | 500 | $ | 505,520 | ||||
Kent State University, (AGC), 5.00%, 5/1/26
|
1,000 | 1,100,680 | ||||||
Kent State University, (AGC), 5.00%, 5/1/29
|
360 | 387,058 | ||||||
Miami University, (AGM), (AMBAC), 3.25%, 9/1/26
|
2,000 | 1,928,460 | ||||||
Ohio University, (AGM), 5.00%, 12/1/33
|
500 | 524,725 | ||||||
Ohio University, (AGM), 5.25%, 12/1/23
|
1,170 | 1,251,654 | ||||||
University of Akron, Series B, (AGM), 5.00%, 1/1/38
|
1,000 | 1,041,250 | ||||||
University of Cincinnati, (AMBAC), 5.00%, 6/1/31
|
750 | 757,522 | ||||||
Youngstown State University, (AGC), 5.50%, 12/15/33
|
1,000 | 1,076,850 | ||||||
$ | 8,573,719 | |||||||
Insured-Electric Utilities 19.5%
|
||||||||
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.25%, 2/15/33
|
$ | 700 | $ | 744,933 | ||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
2,750 | 1,304,188 | ||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
1,000 | 246,520 | ||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
1,670 | 913,824 | ||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/27
|
5,000 | 2,413,150 | ||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
500 | 556,300 | ||||||
$ | 6,178,915 | |||||||
Insured-General Obligations 36.5%
|
||||||||
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
$ | 200 | $ | 212,900 | ||||
Cincinnati City School District, (AGM), (FGIC),
5.25%, 12/1/30
|
500 | 609,760 | ||||||
Cleveland Municipal School District, (AGM), 5.00%, 12/1/27
|
1,000 | 1,032,250 | ||||||
Cuyahoga Community College District, (AMBAC), 5.00%, 12/1/32
|
1,575 | 1,607,445 |
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
$ | 1,000 | $ | 1,060,910 | ||||
Olentangy Local School District, (AGC), 5.00%, 12/1/36
|
1,400 | 1,485,442 | ||||||
Plain School District, (FGIC), (NPFG), 0.00%, 12/1/27
|
2,400 | 1,101,048 | ||||||
St. Marys City School District, (AGM), 5.00%, 12/1/35
|
750 | 783,218 | ||||||
Sylvania City School District, (AGC), 5.00%, 12/1/26
|
500 | 538,380 | ||||||
Sylvania City School District, (AGC), 5.00%, 12/1/32
|
1,000 | 1,047,510 | ||||||
Wapakoneta City School District, (AGM), 4.75%, 12/1/35
|
2,000 | 2,077,800 | ||||||
$ | 11,556,663 | |||||||
Insured-Hospital 11.4%
|
||||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
$ | 425 | $ | 411,519 | ||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
1,500 | 1,500,900 | ||||||
Lorain County, (Catholic Healthcare Partners), (AGM),
15.166%, 2/1/29(2)(3)(4)
|
440 | 521,224 | ||||||
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), (AMBAC), 4.75%, 1/15/46
|
1,250 | 1,174,838 | ||||||
$ | 3,608,481 | |||||||
Insured-Lease Revenue/Certificates of
Participation 3.5%
|
||||||||
Puerto Rico Public Buildings Authority, Government Facilities
Revenue, (XLCA), 5.25%, 7/1/36
|
$ | 235 | $ | 235,306 | ||||
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
1,040 | 862,170 | ||||||
$ | 1,097,476 | |||||||
Insured-Special Tax Revenue 11.0%
|
||||||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/23
|
$ | 1,245 | $ | 740,314 | ||||
Hamilton County Sales Tax, (AMBAC), 0.00%, 12/1/24
|
3,665 | 2,034,002 | ||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
8,355 | 586,270 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
1,070 | 138,319 | ||||||
$ | 3,498,905 | |||||||
Insured-Transportation 1.7%
|
||||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(5)
|
$ | 500 | $ | 527,555 | ||||
$ | 527,555 | |||||||
Transportation 3.4%
|
||||||||
Ohio Turnpike Commission, 5.00%, 2/15/31
|
$ | 1,000 | $ | 1,089,370 | ||||
$ | 1,089,370 | |||||||
Water and Sewer 2.5%
|
||||||||
Hamilton County Sewer System Revenue, 5.00%, 12/1/32
|
$ | 750 | $ | 812,160 | ||||
$ | 812,160 | |||||||
Total Tax-Exempt Investments 151.6%
(identified cost $45,678,936) |
$ | 48,031,473 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (53.6)%
|
$ | (17,000,720 | ) | |||||
Other Assets, Less Liabilities 2.0%
|
$ | 648,006 | ||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 31,678,759 | ||||||
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 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. | ||||||
(1)
|
Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |||||
(2)
|
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. | |||||
(3)
|
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. | |||||
(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 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. | |||||
(5)
|
Security represents the municipal bond held by a trust that issues residual interest bonds. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Month/Year | Contracts | 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 | ) | ||||||||||||||
Aggregate cost
|
$ | 45,290,277 | ||
Gross unrealized appreciation
|
$ | 3,332,617 | ||
Gross unrealized depreciation
|
(841,421 | ) | ||
Net unrealized appreciation
|
$ | 2,491,196 | ||
| 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
|
$ | | $ | 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 | ) | ||||||
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
February 23, 2012 |
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
February 23, 2012 | |||
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
February 23, 2012 |