Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Bond Bank 12.5%
|
||||||||
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25
|
$ | 550 | $ | 565,713 | ||||
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22
|
1,020 | 1,061,912 | ||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/28
|
250 | 275,997 | ||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30
|
250 | 272,448 | ||||||
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32
|
1,245 | 1,317,198 | ||||||
Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25
|
295 | 259,146 | ||||||
Toledo-Lucas County Port Authority, 5.40%, 5/15/19
|
1,100 | 994,290 | ||||||
$ | 4,746,704 | |||||||
Education 15.1%
|
||||||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44
|
$ | 440 | $ | 442,781 | ||||
Ohio Higher Educational Facility Commission, (Kenyon College),
5.25%, 7/1/44
|
1,250 | 1,280,075 | ||||||
Ohio Higher Educational Facility Commission, (University of
Dayton), 5.50%, 12/1/36
|
1,000 | 1,042,040 | ||||||
Ohio State University, 5.00%, 12/1/28
|
500 | 567,550 | ||||||
Ohio State University, 5.00%, 12/1/30
|
1,675 | 1,904,357 | ||||||
University of Cincinnati, 5.00%, 6/1/34
|
500 | 514,705 | ||||||
$ | 5,751,508 | |||||||
Electric Utilities 2.0%
|
||||||||
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14
|
$ | 255 | $ | 255,033 | ||||
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40
|
500 | 522,310 | ||||||
$ | 777,343 | |||||||
Escrowed/Prerefunded 2.7%
|
||||||||
Mahoning County, (Career and Technical Center), Prerefunded to
12/1/11, 6.25%, 12/1/36
|
$ | 1,000 | $ | 1,014,610 | ||||
$ | 1,014,610 | |||||||
General Obligations 22.0%
|
||||||||
Barberton City School District, 4.50%, 12/1/33
|
$ | 900 | $ | 902,907 | ||||
Beavercreek City School District, 5.00%, 12/1/30
|
1,750 | 1,875,772 | ||||||
Central Ohio Solid Waste Authority, 5.125%, 9/1/27
|
1,090 | 1,182,018 | ||||||
Columbus,
5.00%, 7/1/23(1)
|
500 | 547,845 | ||||||
Columbus City School District, 5.00%, 12/1/29
|
1,000 | 1,080,200 | ||||||
Huber Heights City School District, 4.75%, 12/1/25
|
595 | 642,422 | ||||||
Maple Heights City School District, 5.00%, 1/15/37
|
1,000 | 1,030,550 | ||||||
Symmes Township, Hamilton County, (Parkland
Acquisition & Improvement), 5.25%, 12/1/37
|
1,000 | 1,092,960 | ||||||
$ | 8,354,674 | |||||||
Hospital 15.0%
|
||||||||
Butler County, (Kettering Health Network Obligated Group),
5.25%, 4/1/31
|
$ | 500 | $ | 491,570 | ||||
Franklin County, (Nationwide Childrens Hospital),
5.00%, 11/1/34
|
800 | 808,496 | ||||||
Hancock County, (Blanchard Valley Regional Health Center),
6.25%, 12/1/34
|
750 | 779,310 | ||||||
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
500 | 506,820 | ||||||
Montgomery County, (Catholic Health Initiatives),
5.50%, 5/1/34
|
500 | 522,845 | ||||||
Ohio Higher Educational Facility Commission, (Cleveland Clinic
Health System), 5.50%, 1/1/39
|
1,000 | 1,042,140 | ||||||
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40
|
600 | 588,294 | ||||||
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46
|
730 | 624,946 | ||||||
Richland County, (MedCentral Health Systems),
6.375%, 11/15/22
|
330 | 333,917 | ||||||
$ | 5,698,338 | |||||||
Housing 10.8%
|
||||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.625%, 9/1/27
|
$ | 950 | $ | 920,749 | ||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.75%, 3/1/37
|
425 | 408,893 |
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 5.00%, 9/1/31
|
$ | 295 | $ | 295,794 | ||||
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48
|
2,500 | 2,487,725 | ||||||
$ | 4,113,161 | |||||||
Industrial Development Revenue 7.8%
|
||||||||
Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27
|
$ | 555 | $ | 484,104 | ||||
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38
|
2,250 | 2,251,237 | ||||||
Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15
|
225 | 230,837 | ||||||
$ | 2,966,178 | |||||||
Insured-Education 13.1%
|
||||||||
Hamilton County, (University Heights Community Urban Development
Corp.), (AGM), 5.00%, 6/1/30
|
$ | 750 | $ | 792,660 | ||||
Kent State University, (AGC), 5.00%, 5/1/26
|
1,000 | 1,077,390 | ||||||
Kent State University, (AGC), 5.00%, 5/1/29
|
465 | 490,547 | ||||||
Miami University, (AMBAC), 3.25%, 9/1/26
|
635 | 581,330 | ||||||
University of Akron, Series A, (AGM), 5.00%, 1/1/38
|
1,500 | 1,543,755 | ||||||
University of Akron, Series B, (AGM), 5.00%, 1/1/38
|
500 | 514,310 | ||||||
$ | 4,999,992 | |||||||
Insured-Electric Utilities 13.4%
|
||||||||
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.75%, 2/15/39
|
$ | 1,000 | $ | 1,077,420 | ||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
|
710 | 311,946 | ||||||
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
|
2,000 | 437,640 | ||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25
|
830 | 425,267 | ||||||
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/26
|
3,000 | 1,442,520 | ||||||
Ohio Water Development Authority, (Dayton Power &
Light), (FGIC), 4.80%, 1/1/34
|
425 | 421,464 | ||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30
|
210 | 212,623 | ||||||
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34
|
250 | 247,195 | ||||||
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
|
500 | 520,140 | ||||||
$ | 5,096,215 | |||||||
Insured-General Obligations 17.9%
|
||||||||
Brookfield Local School District, (AGM), 5.00%, 1/15/30
|
$ | 200 | $ | 209,824 | ||||
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36
|
500 | 522,995 | ||||||
Canal Winchester Local School District, (NPFG),
0.00%, 12/1/30
|
2,455 | 908,055 | ||||||
Cincinnati City School District, (FGIC) (NPFG),
5.25%, 12/1/30
|
1,000 | 1,149,830 | ||||||
Madeira City School District, (AGM), 3.50%, 12/1/27
|
1,500 | 1,396,470 | ||||||
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
1,750 | 1,829,747 | ||||||
St. Marys City School District, (AGM), 5.00%, 12/1/35
|
750 | 771,353 | ||||||
$ | 6,788,274 | |||||||
Insured-Hospital 6.4%
|
||||||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32
|
$ | 545 | $ | 489,759 | ||||
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28
|
1,500 | 1,403,130 | ||||||
Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
17.913%, 2/1/29(2)(3)(4) |
485 | 537,535 | ||||||
$ | 2,430,424 | |||||||
Insured-Lease Revenue/Certificates of
Participation 1.1%
|
||||||||
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
|
$ | 500 | $ | 406,820 | ||||
$ | 406,820 | |||||||
Insured-Special Tax Revenue 3.2%
|
||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54
|
$ | 9,905 | $ | 600,243 | ||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
3,340 | 394,654 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
2,100 | 231,672 | ||||||
$ | 1,226,569 | |||||||
Principal |
||||||||
Amount |
||||||||
Security | (000s omitted) | Value | ||||||
Insured-Transportation 6.2%
|
||||||||
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24
|
$ | 1,000 | $ | 1,163,320 | ||||
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26
|
1,000 | 1,195,760 | ||||||
$ | 2,359,080 | |||||||
Insured-Water and Sewer 2.2%
|
||||||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46
|
$ | 215 | $ | 211,835 | ||||
Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47
|
625 | 615,388 | ||||||
$ | 827,223 | |||||||
Lease Revenue/Certificates of
Participation 1.4%
|
||||||||
Franklin County Convention Facilities Authority,
5.00%, 12/1/27
|
$ | 500 | $ | 533,790 | ||||
$ | 533,790 | |||||||
Other Revenue 3.7%
|
||||||||
Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47
|
$ | 710 | $ | 500,053 | ||||
Riversouth Authority, (Lazarus Building Redevelopment),
5.75%, 12/1/27
|
1,000 | 909,900 | ||||||
$ | 1,409,953 | |||||||
Special Tax Revenue 1.2%
|
||||||||
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
|
$ | 155 | $ | 157,540 | ||||
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
|
170 | 171,370 | ||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
110 | 116,806 | ||||||
$ | 445,716 | |||||||
Total Tax-Exempt Investments 157.7%
(identified cost $59,099,725) |
$ | 59,946,572 | ||||||
Auction Preferred Shares Plus Cumulative Unpaid
Dividends (59.8)%
|
$ | (22,725,171 | ) | |||||
Other Assets, Less Liabilities 2.1%
|
$ | 785,235 | ||||||
Net Assets Applicable to Common Shares 100.0%
|
$ | 38,006,636 | ||||||
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. | ||||
AMT
|
- | Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. | ||||
FGIC
|
- | Financial Guaranty Insurance Company | ||||
NPFG
|
- | National Public Finance Guaranty Corp. | ||||
XLCA
|
- | XL Capital Assurance, Inc. | ||||
The Trust 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 August 31, 2011, 40.3% 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 1.4% to 17.6% 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 August 31, 2011, the aggregate value of these securities is $537,535 or 1.4% of the Trusts net assets applicable to common shares. | |||||
(3)
|
Security is subject to a shortfall agreement which may require the Trust 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 Trust could ultimately be required to make under the agreement is $1,455,000. 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 has been issued as a leveraged residual interest bond. The stated interest rate represents the rate in effect at August 31, 2011. |
Expiration |
Aggregate |
Net Unrealized |
||||||||||||||
Date | Contracts | Position | Cost | Value | Appreciation | |||||||||||
12/11
|
3 U.S. 10-Year Treasury Note | Short | $ | (387,370 | ) | $ | (387,094 | ) | $ | 276 | ||||||
12/11
|
17 U.S. 30-Year Treasury Bond | Short | (2,313,529 | ) | (2,312,531 | ) | 998 | |||||||||
$ | 1,274 | |||||||||||||||
Annual |
||||||||||||||||
Notional |
Fixed Rate |
Floating Rate |
Effective Date/ |
Net Unrealized |
||||||||||||
Counterparty | Amount | Paid By Trust | Paid To Trust | Termination Date | Appreciation | |||||||||||
Bank of America
|
$ | 750,000 | 3.256 | % |
3-month USD- LIBOR-BBA |
November 11, 2011/ November 11, 2041 |
$ | 5,318 |
Aggregate cost
|
$ | 58,978,319 | ||
Gross unrealized appreciation
|
$ | 2,725,604 | ||
Gross unrealized depreciation
|
(1,757,351 | ) | ||
Net unrealized appreciation
|
$ | 968,253 | ||
| 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
|
$ | | $ | 59,946,572 | $ | | $ | 59,946,572 | ||||||||
Total Investments
|
$ | | $ | 59,946,572 | $ | | $ | 59,946,572 | ||||||||
Futures Contracts
|
$ | 1,274 | $ | | $ | | $ | 1,274 | ||||||||
Interest Rate Swaps
|
| 5,318 | | 5,318 | ||||||||||||
Total
|
$ | 1,274 | $ | 59,951,890 | $ | | $ | 59,953,164 | ||||||||
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
October 25, 2011 |
By:
|
/s/ Cynthia J. Clemson
|
|||
President | ||||
Date:
|
October 25, 2011 | |||
By:
|
/s/ Barbara E. Campbell
|
|||
Treasurer | ||||
Date:
|
October 25, 2011 |