| Municipal Bonds - 93.7% | | | |
| | | Principal Amount | Value |
| Guam - 0.4% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | | | |
| 6.25% 10/1/34 (a) | | $900,000 | $967,920 |
| 6.375% 10/1/43 (a) | | 735,000 | 788,336 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | | 1,000,000 | 1,067,025 |
|
| TOTAL GUAM | | | 2,823,281 |
|
| Ohio - 93.3% | | | |
| Akron Bath Copley Hosp. District Rev.: | | | |
| (Children's Hosp. Med. Ctr. Proj.) Series 2012: | | | |
| 5% 11/15/22 | | 1,000,000 | 1,051,863 |
| 5% 11/15/23 | | 3,245,000 | 3,411,711 |
| (Summa Health Sys.) Series 2016, 5% 11/15/25 | | 1,000,000 | 1,175,529 |
| Series 2016: | | | |
| 5% 11/15/22 | | 2,020,000 | 2,157,210 |
| 5% 11/15/23 | | 1,000,000 | 1,107,407 |
| 5% 11/15/26 | | 535,000 | 645,016 |
| 5.25% 11/15/32 | | 1,000,000 | 1,186,488 |
| 5.25% 11/15/34 | | 1,500,000 | 1,771,403 |
| 5.25% 11/15/41 | | 10,545,000 | 12,282,087 |
| 5.25% 11/15/46 | | 2,650,000 | 3,065,177 |
| Allen County Hosp. Facilities Rev.: | | | |
| (Mercy Health) Series 2017 A: | | | |
| 4% 8/1/36 | | 5,000,000 | 5,697,602 |
| 5% 8/1/42 | | 4,175,000 | 5,006,558 |
| Series 2020 A: | | | |
| 4% 12/1/40 | | 7,000,000 | 8,113,746 |
| 5% 12/1/35 | | 750,000 | 957,972 |
| American Muni. Pwr., Inc. Rev.: | | | |
| (Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 | | 3,005,000 | 3,534,673 |
| (Prairie State Energy Campus Proj.) Series 2015: | | | |
| 5% 2/15/28 | | 3,995,000 | 4,486,228 |
| 5% 2/15/42 | | 3,000,000 | 3,331,782 |
| Bonds Series 2019 A, 2.3%, tender 2/15/22 (b) | | 6,000,000 | 6,043,777 |
| Beavercreek City School District Series 2015, 5% 12/1/29 (Pre-Refunded to 12/1/24 @ 100) | | 1,500,000 | 1,754,916 |
| Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42 | | 1,000,000 | 1,167,078 |
| Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2: | | | |
| 4% 6/1/37 | | 2,000,000 | 2,322,058 |
| 4% 6/1/38 | | 1,000,000 | 1,153,798 |
| 4% 6/1/39 | | 1,000,000 | 1,148,655 |
| 4% 6/1/48 | | 5,750,000 | 6,411,884 |
| 5% 6/1/27 | | 1,000,000 | 1,230,263 |
| 5% 6/1/35 | | 2,000,000 | 2,520,627 |
| 5% 6/1/36 | | 2,000,000 | 2,504,810 |
| Butler County Hosp. Facilities Rev.: | | | |
| (Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 | | 5,030,000 | 5,030,000 |
| Series 2016 X, 5% 5/15/32 | | 3,950,000 | 5,356,238 |
| Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47 | | 8,535,000 | 10,097,630 |
| Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) Series 2014, 5% 12/15/26 | | 4,000,000 | 4,619,246 |
| Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29 (Pre-Refunded to 6/1/25 @ 100) | | 4,285,000 | 5,128,845 |
| Cleveland Arpt. Sys. Rev.: | | | |
| Series 2018 A: | | | |
| 5% 1/1/22 (a) | | 2,550,000 | 2,633,152 |
| 5% 1/1/43 (FSA Insured) (a) | | 1,750,000 | 2,043,193 |
| 5% 1/1/48 (FSA Insured) (a) | | 3,000,000 | 3,477,705 |
| Series 2019 B: | | | |
| 5% 1/1/22 (a) | | 1,000,000 | 1,032,609 |
| 5% 1/1/23 (a) | | 1,200,000 | 1,290,971 |
| 5% 1/1/24 (a) | | 1,200,000 | 1,339,773 |
| 5% 1/1/25 (a) | | 1,125,000 | 1,296,892 |
| 5% 1/1/26 (a) | | 710,000 | 841,164 |
| 5% 1/1/27 (a) | | 350,000 | 424,305 |
| Cleveland Gen. Oblig.: | | | |
| Series 2012: | | | |
| 5% 12/1/25 | | 25,000 | 26,966 |
| 5% 12/1/25 (Pre-Refunded to 12/1/22 @ 100) | | 2,325,000 | 2,512,593 |
| Series 2015: | | | |
| 5% 12/1/26 | | 1,500,000 | 1,794,875 |
| 5% 12/1/27 | | 2,000,000 | 2,381,019 |
| 5% 12/1/29 | | 1,250,000 | 1,481,218 |
| Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,885,000 | 2,127,879 |
| Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 | | 3,000,000 | 3,151,969 |
| Cleveland Income Tax Rev. Series 2018 A: | | | |
| 5% 10/1/29 | | 600,000 | 746,912 |
| 5% 10/1/30 | | 420,000 | 519,750 |
| 5% 10/1/31 | | 650,000 | 801,251 |
| 5% 10/1/33 | | 600,000 | 734,645 |
| 5% 10/1/36 | | 700,000 | 850,374 |
| 5% 10/1/39 | | 2,040,000 | 2,460,787 |
| 5% 10/1/43 | | 5,000,000 | 5,979,868 |
| Cleveland Muni. School District: | | | |
| Series 2013, 5% 12/1/24 | | 1,255,000 | 1,351,729 |
| Series 2015 A: | | | |
| 5% 12/1/24 | | 3,725,000 | 4,097,927 |
| 5% 12/1/27 | | 1,750,000 | 1,922,012 |
| Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016: | | | |
| 5% 11/15/34 | | 1,190,000 | 1,398,293 |
| 5% 11/15/35 | | 1,245,000 | 1,459,857 |
| 5% 11/15/36 | | 450,000 | 526,554 |
| 5% 11/15/45 | | 2,000,000 | 2,311,040 |
| Cleveland Pub. Library Facilities Series 2019 A: | | | |
| 4% 12/1/33 | | 425,000 | 507,018 |
| 4% 12/1/34 | | 370,000 | 440,117 |
| 4% 12/1/35 | | 620,000 | 735,181 |
| 4% 12/1/36 | | 1,400,000 | 1,654,156 |
| 4% 12/1/37 | | 1,115,000 | 1,313,315 |
| 4% 12/1/38 | | 650,000 | 763,379 |
| Cleveland Pub. Pwr. Sys. Rev.: | | | |
| Series 2018: | | | |
| 5% 11/15/23 (FSA Insured) | | 360,000 | 403,143 |
| 5% 11/15/24 (FSA Insured) | | 475,000 | 550,995 |
| 5% 11/15/25 (FSA Insured) | | 200,000 | 239,592 |
| 5% 11/15/26 (FSA Insured) | | 265,000 | 326,780 |
| 5% 11/15/27 (FSA Insured) | | 220,000 | 277,802 |
| 5% 11/15/28 (FSA Insured) | | 150,000 | 190,382 |
| 5% 11/15/29 (FSA Insured) | | 210,000 | 264,459 |
| 5% 11/15/30 (FSA Insured) | | 530,000 | 662,065 |
| 5% 11/15/32 (FSA Insured) | | 365,000 | 452,353 |
| 5% 11/15/34 (FSA Insured) | | 785,000 | 967,220 |
| 5% 11/15/36 (FSA Insured) | | 1,000,000 | 1,225,383 |
| 5% 11/15/38 (FSA Insured) | | 830,000 | 1,012,000 |
| Series 2020 A: | | | |
| 4% 11/15/35 (FSA Insured) | | 1,000,000 | 1,180,674 |
| 4% 11/15/36 (FSA Insured) | | 1,000,000 | 1,176,482 |
| 4% 11/15/37 (FSA Insured) | | 1,000,000 | 1,172,801 |
| Cleveland State Univ. Gen. Receipts Series 2012: | | | |
| 5% 6/1/24 | | 1,920,000 | 1,978,442 |
| 5% 6/1/25 | | 2,500,000 | 2,575,760 |
| 5% 6/1/26 | | 3,075,000 | 3,166,944 |
| Cleveland Wtr. Rev.: | | | |
| Series 2015 Y, 4% 1/1/28 | | 650,000 | 706,339 |
| Series 2020: | | | |
| 5% 1/1/29 | | 1,100,000 | 1,429,139 |
| 5% 1/1/30 | | 2,000,000 | 2,643,938 |
| 5% 1/1/31 | | 2,250,000 | 2,951,503 |
| 5% 1/1/32 | | 1,000,000 | 1,305,967 |
| Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | | 3,000,000 | 4,193,405 |
| Columbus City School District Series 2016 A, 5% 12/1/31 | | 5,000,000 | 6,032,327 |
| Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 | | 5,000,000 | 5,464,923 |
| Cuyahoga County Econ. Dev. Rev.: | | | |
| (The Cleveland Orchestra Proj.) Series 2019: | | | |
| 5% 1/1/29 | | 325,000 | 384,947 |
| 5% 1/1/30 | | 250,000 | 296,233 |
| 5% 1/1/31 | | 525,000 | 618,458 |
| 5% 1/1/32 | | 500,000 | 586,567 |
| 5% 1/1/33 | | 400,000 | 467,434 |
| 5% 1/1/34 | | 300,000 | 349,267 |
| 5% 1/1/35 | | 500,000 | 580,620 |
| 5% 1/1/36 | | 440,000 | 509,427 |
| 5% 1/1/37 | | 400,000 | 461,587 |
| 5% 1/1/39 | | 1,400,000 | 1,606,680 |
| 5% 1/1/40 | | 1,620,000 | 1,855,075 |
| Series 2020 D: | | | |
| 5% 12/1/26 | | 4,000,000 | 4,926,015 |
| 5% 12/1/27 | | 2,500,000 | 3,154,578 |
| Cuyahoga County Hosp. Rev. Series 2017: | | | |
| 5% 2/15/26 | | 1,750,000 | 2,057,558 |
| 5% 2/15/27 | | 1,700,000 | 2,045,294 |
| 5% 2/15/28 | | 2,385,000 | 2,864,868 |
| 5% 2/15/30 | | 3,000,000 | 3,555,987 |
| 5% 2/15/31 | | 1,500,000 | 1,770,798 |
| 5% 2/15/32 | | 1,450,000 | 1,706,630 |
| Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | | 5,000,000 | 5,184,782 |
| Fairview Park Gen. Oblig. Series 2012: | | | |
| 4% 12/1/23 | | 1,395,000 | 1,478,304 |
| 4% 12/1/24 | | 1,490,000 | 1,575,413 |
| Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019: | | | |
| 5% 12/1/44 | | 2,500,000 | 2,882,017 |
| 5% 12/1/51 | | 6,000,000 | 6,876,181 |
| Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | | | |
| 5% 12/1/25 | | 1,250,000 | 1,439,211 |
| 5% 12/1/26 | | 3,045,000 | 3,492,406 |
| 5% 12/1/32 (Pre-Refunded to 12/1/24 @ 100) | | 5,920,000 | 6,926,068 |
| Franklin County Hosp. Facilities Rev.: | | | |
| (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | | 3,600,000 | 4,141,120 |
| Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (b) | | 2,630,000 | 2,885,282 |
| Series 2016 C: | | | |
| 4% 11/1/40 | | 3,000,000 | 3,347,119 |
| 5% 11/1/33 | | 2,610,000 | 3,131,797 |
| 5% 11/1/34 | | 2,155,000 | 2,580,179 |
| Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48 | | 5,920,000 | 7,195,376 |
| Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 | | 720,000 | 862,720 |
| Greater Cleveland Reg'l. Transit Auth. Series 2012, 5% 12/1/23 | | 660,000 | 680,935 |
| Hamilton County Convention Facilities Auth. Rev. Series 2014: | | | |
| 5% 12/1/26 | | 1,000,000 | 1,077,508 |
| 5% 12/1/27 | | 3,825,000 | 4,114,258 |
| Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012: | | | |
| 5.25% 6/1/24 | | 3,000,000 | 3,150,558 |
| 5.25% 6/1/27 | | 3,000,000 | 3,135,616 |
| Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016: | | | |
| 5% 1/1/31 | | 1,350,000 | 1,487,827 |
| 5% 1/1/36 | | 3,450,000 | 3,754,127 |
| Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44 | | 775,000 | 847,204 |
| Kent State Univ. Revs.: | | | |
| Series 2016, 5% 5/1/30 | | 1,125,000 | 1,320,912 |
| Series 2020 A: | | | |
| 5% 5/1/45 | | 1,250,000 | 1,540,300 |
| 5% 5/1/50 | | 1,700,000 | 2,083,330 |
| Lake County Hosp. Facilities Rev. Series 2015: | | | |
| 5% 8/15/27 | | 770,000 | 897,792 |
| 5% 8/15/45 | | 11,000,000 | 12,463,672 |
| Lakewood City School District Series 2014 C, 5% 12/1/25 | | 1,300,000 | 1,513,809 |
| Lancaster City School District Series 2012, 5% 10/1/49 (Pre-Refunded to 10/1/22 @ 100) | | 140,000 | 149,964 |
| Lancaster Port Auth. Gas Rev.: | | | |
| Bonds Series 2019, 5%, tender 2/1/25 (b) | | 6,235,000 | 7,227,781 |
| Series 2019: | | | |
| 5% 2/1/22 | | 200,000 | 207,786 |
| 5% 2/1/23 | | 100,000 | 108,524 |
| 5% 8/1/24 | | 655,000 | 752,244 |
| Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019: | | | |
| 5% 8/1/45 | | 5,500,000 | 6,610,044 |
| 5% 8/1/49 | | 1,750,000 | 2,095,502 |
| Miami Univ. Series 2012, 4% 9/1/28 | | 2,195,000 | 2,289,935 |
| Miamisburg City School District Series 2016: | | | |
| 5% 12/1/28 | | 500,000 | 595,255 |
| 5% 12/1/29 | | 300,000 | 356,548 |
| Middleburg Heights Hosp. Rev. Series 2011, 5.25% 8/1/41 | | 3,000,000 | 3,049,857 |
| Milford Exempt Village School District Series 2015: | | | |
| 3.5% 12/1/31 | | 500,000 | 535,080 |
| 5% 12/1/28 | | 1,400,000 | 1,648,490 |
| Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021: | | | |
| 4% 8/1/37 | | 1,125,000 | 1,328,992 |
| 4% 8/1/41 | | 850,000 | 991,951 |
| 4% 8/1/51 | | 2,000,000 | 2,287,429 |
| 5% 8/1/32 | | 750,000 | 985,717 |
| 5% 8/1/36 | | 1,225,000 | 1,585,891 |
| 5% 8/1/38 | | 1,000,000 | 1,285,849 |
| 5% 8/1/39 | | 1,100,000 | 1,410,312 |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | | | |
| 5% 2/15/44 | | 4,005,000 | 4,157,965 |
| 5% 2/15/48 | | 3,495,000 | 3,623,339 |
| North Olmsted City School District Series 2015 A: | | | |
| 5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100) | | 220,000 | 248,016 |
| 5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100) | | 365,000 | 411,482 |
| Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A: | | | |
| 5% 10/1/32 | | 1,625,000 | 2,004,914 |
| 5% 10/1/33 | | 1,500,000 | 1,844,908 |
| 5% 10/1/35 | | 1,450,000 | 1,775,092 |
| 5% 10/1/36 | | 1,250,000 | 1,526,108 |
| 5% 10/1/37 | | 1,430,000 | 1,741,564 |
| Ohio Gen. Oblig. Series 2016 A, 5% 2/1/31 | | 4,255,000 | 5,057,203 |
| Ohio Higher Edl. Facility Commission Rev.: | | | |
| (Case Western Reserve Univ. Proj.): | | | |
| Series 2016, 5% 12/1/40 | | 2,000,000 | 2,377,922 |
| Series 2019 B: | | | |
| 5% 12/1/37 | | 835,000 | 1,050,235 |
| 5% 12/1/38 | | 1,100,000 | 1,379,615 |
| 5% 12/1/39 | | 775,000 | 969,686 |
| (Denison Univ. 2015 Proj.) Series 2015: | | | |
| 5% 11/1/28 | | 1,465,000 | 1,691,650 |
| 5% 11/1/29 | | 1,325,000 | 1,522,742 |
| 5% 11/1/30 | | 2,285,000 | 2,625,675 |
| (Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 | | 1,505,000 | 1,844,735 |
| (Kenyon College 2015 Proj.) Series 2015, 5% 7/1/41 | | 5,100,000 | 5,773,053 |
| (Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42 | | 4,000,000 | 4,638,603 |
| (Kenyon College 2020 Proj.) Series 2020: | | | |
| 5% 7/1/38 | | 2,500,000 | 3,130,512 |
| 5% 7/1/39 | | 2,640,000 | 3,296,484 |
| (Kenyon College, Oh. Proj.) Series 2017: | | | |
| 4% 7/1/36 | | 400,000 | 451,401 |
| 4% 7/1/37 | | 450,000 | 506,526 |
| 5% 7/1/28 | | 400,000 | 492,175 |
| 5% 7/1/29 | | 735,000 | 900,415 |
| 5% 7/1/30 | | 300,000 | 367,304 |
| 5% 7/1/31 | | 400,000 | 487,908 |
| 5% 7/1/33 | | 650,000 | 787,988 |
| 5% 7/1/35 | | 1,550,000 | 1,870,421 |
| 5% 7/1/42 | | 1,400,000 | 1,663,857 |
| (The College of Wooster 2018 Proj.) Series 2018: | | | |
| 5% 9/1/33 | | 1,445,000 | 1,773,257 |
| 5% 9/1/45 | | 4,255,000 | 5,151,732 |
| (Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48 | | 1,000,000 | 1,202,881 |
| (Univ. of Dayton 2020 Proj.) Series 2020: | | | |
| 4% 2/1/36 | | 900,000 | 1,045,526 |
| 5% 2/1/34 | | 1,000,000 | 1,268,149 |
| 5% 2/1/35 | | 800,000 | 1,011,862 |
| (Univ. of Dayton Proj.): | | | |
| Series 2013: | | | |
| 5% 12/1/23 | | 540,000 | 579,190 |
| 5% 12/1/24 | | 585,000 | 626,048 |
| 5% 12/1/25 | | 1,000,000 | 1,068,231 |
| 5% 12/1/26 | | 1,195,000 | 1,274,207 |
| 5% 12/1/27 | | 2,300,000 | 2,447,386 |
| Series 2018 B: | | | |
| 4% 12/1/33 | | 1,155,000 | 1,328,794 |
| 5% 12/1/21 | | 1,000,000 | 1,030,013 |
| 5% 12/1/23 | | 1,000,000 | 1,116,075 |
| 5% 12/1/25 | | 1,065,000 | 1,266,819 |
| 5% 12/1/27 | | 1,000,000 | 1,250,842 |
| 5% 12/1/29 | | 1,310,000 | 1,641,021 |
| 5% 12/1/31 | | 1,130,000 | 1,407,605 |
| 5% 12/1/35 | | 1,000,000 | 1,233,238 |
| 5% 12/1/36 | | 1,000,000 | 1,229,588 |
| (Xavier Univ. Proj.) Series 2015 C: | | | |
| 5% 5/1/26 | | 1,000,000 | 1,163,004 |
| 5% 5/1/28 | | 1,000,000 | 1,153,671 |
| 5% 5/1/29 | | 855,000 | 981,561 |
| 5% 5/1/31 | | 1,005,000 | 1,145,609 |
| Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b) | | 5,000,000 | 5,115,194 |
| Series 2019, 4% 10/1/49 | | 3,270,000 | 3,632,153 |
| Ohio Hosp. Facilities Rev.: | | | |
| Series 2017 A, 5% 1/1/32 | | 2,000,000 | 2,491,019 |
| Series 2019 B, 4% 1/1/40 | | 3,000,000 | 3,477,434 |
| Ohio Hosp. Rev.: | | | |
| Series 2013 A: | | | |
| 5% 1/15/27 | | 5,000,000 | 5,378,817 |
| 5% 1/15/28 | | 720,000 | 772,820 |
| Series 2016 A, 5% 1/15/41 | | 5,000,000 | 5,732,462 |
| Series 2020 A, 4% 1/15/50 | | 1,000,000 | 1,130,535 |
| Series 2020: | | | |
| 4% 11/15/37 | | 1,025,000 | 1,166,658 |
| 4% 11/15/39 | | 1,115,000 | 1,246,491 |
| 4% 11/15/41 | | 1,175,000 | 1,305,610 |
| 5% 11/15/33 | | 1,270,000 | 1,606,586 |
| 5% 11/15/35 | | 1,465,000 | 1,835,558 |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | | | |
| (Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 | | 5,795,000 | 6,542,622 |
| (Mtg. Backed Securities Programs) Series 2017 B, 4.5% 3/1/47 (a) | | 560,000 | 613,858 |
| Ohio Spl. Oblig.: | | | |
| (Ohio Gen. Oblig. Proj.) Series 2017 A: | | | |
| 5% 4/1/29 | | 2,535,000 | 3,129,818 |
| 5% 4/1/30 | | 2,250,000 | 2,759,819 |
| 5% 4/1/31 | | 2,000,000 | 2,443,801 |
| 5% 4/1/32 | | 1,115,000 | 1,358,357 |
| 5% 4/1/33 | | 1,850,000 | 2,247,047 |
| 5% 4/1/34 | | 1,000,000 | 1,211,180 |
| 5% 4/1/35 | | 2,395,000 | 2,895,867 |
| Series 2020 A: | | | |
| 5% 2/1/27 | | 1,325,000 | 1,643,094 |
| 5% 2/1/28 | | 1,865,000 | 2,369,112 |
| 5% 2/1/29 | | 2,875,000 | 3,728,859 |
| 5% 2/1/30 | | 1,045,000 | 1,375,244 |
| Ohio State Univ. Gen. Receipts: | | | |
| (Multiyear Debt Issuance Prog.) Series 2020 A: | | | |
| 5% 12/1/26 | | 6,770,000 | 8,405,019 |
| 5% 12/1/27 | | 6,845,000 | 8,713,224 |
| Series 2013 A: | | | |
| 5% 6/1/28 | | 2,000,000 | 2,189,568 |
| 5% 6/1/38 | | 3,500,000 | 3,823,391 |
| Series 2020 A, 5% 12/1/28 | | 7,010,000 | 9,086,366 |
| Ohio Tpk. Commission Tpk. Rev.: | | | |
| (Infrastructure Projs.): | | | |
| Series 2005 A, 0% 2/15/43 | | 10,000,000 | 5,718,654 |
| Series A3, 0% 2/15/37 | | 400,000 | 159,485 |
| Series A, 5% 2/15/46 | | 7,500,000 | 9,582,035 |
| Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | | 1,025,000 | 1,180,502 |
| Olentangy Local School District Series 2016, 5% 12/1/32 | | 1,275,000 | 1,516,614 |
| Port Auth. Econ. Dev. Rev.: | | | |
| (Univ. of Northwestern Ohio Proj.) Series 2021, 4% 12/1/35 (c) | | 1,300,000 | 1,460,577 |
| Series 2021, 4% 12/1/31 (c) | | 710,000 | 804,414 |
| Reynoldsburg City School District Series 2015, 4% 12/1/30 | | 2,375,000 | 2,645,745 |
| Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49 | | 2,000,000 | 2,433,177 |
| Scioto County Hosp. Facilities Rev. Series 2016: | | | |
| 5% 2/15/24 | | 1,000,000 | 1,124,176 |
| 5% 2/15/28 | | 5,030,000 | 5,976,786 |
| 5% 2/15/30 | | 3,860,000 | 4,517,213 |
| 5% 2/15/32 | | 2,550,000 | 2,966,355 |
| 5% 2/15/33 | | 2,460,000 | 2,854,578 |
| 5% 2/15/34 | | 4,450,000 | 5,151,573 |
| South-Western City School District Franklin & Pickway County (Intercept) Series 2012, 5% 12/1/36 (Pre-Refunded to 6/1/22 @ 100) | | 400,000 | 422,582 |
| Univ. of Akron Gen. Receipts Series 2016 A: | | | |
| 5% 1/1/23 | | 460,000 | 496,963 |
| 5% 1/1/25 | | 1,025,000 | 1,189,838 |
| 5% 1/1/33 | | 5,000,000 | 5,960,967 |
| Univ. of Cincinnati Gen. Receipts: | | | |
| Series 2010 F, 5% 6/1/32 | | 50,000 | 50,162 |
| Series 2012 C, 4% 6/1/28 | | 2,000,000 | 2,096,589 |
| Series 2016 A: | | | |
| 5% 6/1/32 | | 745,000 | 878,334 |
| 5% 6/1/33 | | 800,000 | 940,738 |
| 5% 6/1/34 | | 585,000 | 687,916 |
| Series 2016 C, 5% 6/1/41 | | 2,585,000 | 3,040,386 |
| Univ. of Toledo Gen. Receipts Series 2018 A: | | | |
| 5% 6/1/26 | | 600,000 | 723,879 |
| 5% 6/1/27 | | 350,000 | 432,967 |
| Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017: | | | |
| 4% 12/1/32 | | 1,500,000 | 1,685,204 |
| 5% 12/1/25 | | 1,500,000 | 1,782,740 |
| 5% 12/1/26 | | 1,890,000 | 2,304,153 |
| 5% 12/1/27 | | 1,340,000 | 1,668,336 |
| 5% 12/1/28 | | 1,400,000 | 1,719,685 |
| 5% 12/1/29 | | 825,000 | 1,004,236 |
| 5% 12/1/30 | | 1,700,000 | 2,058,666 |
| 5% 12/1/31 | | 750,000 | 905,000 |
| Wood County Hosp. Facilities Rev.: | | | |
| (Hosp. Proj.) Series 2012, 5% 12/1/27 (Pre-Refunded to 12/1/27 @ 100) | | 3,500,000 | 3,604,472 |
| (Wood County Hosp. Assoc. Proj.) Series 2012: | | | |
| 5% 12/1/32 (Pre-Refunded to 12/1/32 @ 100) | | 2,000,000 | 2,038,752 |
| 5% 12/1/42 (Pre-Refunded to 12/1/42 @ 100) | | 125,000 | 126,007 |
| Wright State Univ. Gen. Receipts Series 2011 A: | | | |
| 5% 5/1/21 | | 1,080,000 | 1,083,293 |
| 5% 5/1/23 | | 2,665,000 | 2,673,018 |
|
| TOTAL OHIO | | | 654,530,697 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $619,629,562) | | | 657,353,978 |
| TOTAL INVESTMENT IN SECURITIES - 93.7% | | | |
| (Cost $619,629,562) | | | 657,353,978 |
| NET OTHER ASSETS (LIABILITIES) - 6.3% | | | 44,112,714 |
| NET ASSETS - 100% | | | $701,466,692 |
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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