UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-06083
| Name of Registrant: | Vanguard Ohio Tax-Free Funds |
| Address of Registrant: | P.O. Box 2600 |
| | Valley Forge, PA 19482 |
| Name and address of agent for service: | Anne E. Robinson, Esquire |
| | P.O. Box 876 |
| | Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: November 30
Date of reporting period: December 1, 2021—November 30, 2022
Item 1: Reports to Shareholders
Annual Report | November 30, 2022
Vanguard Ohio Long-Term
Tax-Exempt Fund
Contents
Your Fund’s Performance at a Glance
| 1 |
Advisor's Report
| 2 |
About Your Fund’s Expenses
| 5 |
Performance Summary
| 7 |
Financial Statements
| 9 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
| • | Despite some relief toward the close of the period, the 12 months ended November 30, 2022, were a volatile, challenging time for financial markets. Vanguard Ohio Long-Term Tax-Exempt Fund returned –10.81%. It lagged the –8.88% return of its benchmark index, which includes state- and municipal-issued bonds across the maturity spectrum. |
| • | The economic backdrop deteriorated early on as inflation soared to multidecade highs, fueled in part by higher energy and food prices in the wake of Russia’s invasion of Ukraine. Then price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check, which weighed on bond prices and increased fears of recession. |
| • | Munis were not immune to the run-up in Treasury yields, and the muni market experienced significant cash outflows. As a whole, however, their fundamentals remained solid, and they fared better than the taxable bond market. |
| • | The main driver of the fund’s relative underperformance was its longer duration compared to that of its benchmark index. Having more exposure to credit-sensitive segments than the benchmark also detracted. |
Market Barometer
| | Average Annual Total Returns
Periods Ended November 30, 2022 |
| | One Year | Three Years | Five Years |
| Stocks | | | |
| Russell 1000 Index (Large-caps) | -10.66% | 10.56% | 10.69% |
| Russell 2000 Index (Small-caps) | -13.01 | 6.44 | 5.45 |
| Russell 3000 Index (Broad U.S. market) | -10.80 | 10.28 | 10.33 |
| FTSE All-World ex US Index (International) | -11.40 | 2.23 | 1.86 |
| Bonds | | | |
Bloomberg U.S. Aggregate Float Adjusted Index
(Broad taxable market) | -12.91% | -2.56% | 0.24% |
Bloomberg Municipal Bond Index
(Broad tax-exempt market) | -8.64 | -0.77 | 1.40 |
| FTSE Three-Month U.S. Treasury Bill Index | 1.16 | 0.64 | 1.19 |
| CPI | | | |
| Consumer Price Index | 7.11% | 5.00% | 3.83% |
For the 12 months ended November 30, 2022, Vanguard Ohio Long-Term Tax-Exempt Fund returned –10.81%. The result lagged the –8.88% return of the benchmark, the Bloomberg OH Municipal Bond Index, which includes bonds across the maturity spectrum.
The fund’s 30-day SEC yield climbed from 1.35% to 3.66%. The 30-day SEC yield is a proxy for a fund’s potential annualized rate of income.
The fund is permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). As of the end of the fiscal year, however, it didn’t own such securities.
The investment environment
The period was defined by a historic rise in interest rates, which caused ripple effects across every sector of the financial markets and brought renewed volatility.
Concerns that had been weighing on market sentiment in late 2021 carried into 2022. Supply-chain bottlenecks persisted, labor remained in short supply in some sectors of the economy as unemployment rates continued to fall, and year-on-year inflation readings—which had been accelerating—climbed to multidecade highs across much of the world.
In late February, Russia’s invasion of Ukraine injected more uncertainty into the markets. Oil headed north of $100 per barrel and staple food prices soared. While energy prices eventually began to
Yields of Tax-Exempt Municipal Securities
(National Averages, AAA-Rated General Obligation Issues)
| | |
| Maturity | November 30,
2021 | November 30,
2022 |
| 2 years | 0.24% | 2.59% |
| 5 years | 0.61 | 2.65 |
| 10 years | 1.07 | 2.75 |
| 30 years | 1.55 | 3.57 |
| Source: Vanguard. |
cool amid slowing economic growth and the U.S. government’s release of some of its strategic oil reserves to boost supply, price increases broadened to other categories of goods and services, heightening concerns that inflation might remain stubbornly high.
In response, major central banks wound down their bond-purchasing programs and began raising short-term interest rates. The Federal Reserve was especially aggressive, raising the federal funds rate target by 3.75 percentage points in less than eight months.
All of this created a very challenging environment for bonds. Muni yields rose sharply even as the credit profile of many issuers remained solid overall. Ohio’s coffers have been bolstered by significant budget surpluses in 2021 and 2022. Moreover, its liquidity cushion has remained stable at $2.7 billion, higher than pre-COVID levels. The state’s solid finances led Fitch to upgrade Ohio’s general obligation rating by one notch to AAA in September 2022 and Moody’s to place it on positive outlook in October 2022. As for the major cities in the state, they have benefited from federal aid, strong tax revenues, and continued state support.
With muni returns turning negative in 2022, investors nevertheless pulled large amounts of cash out of this asset class, which put additional pressure on muni prices.
As a whole, the U.S. muni market finished the period down, returning roughly –9%,
as measured by the Bloomberg Municipal Bond Index.
Management of the fund
The main driver of the fund’s relative underperformance was its longer duration relative to its benchmark index. We were defensively positioned early in the period, given our expectation that rates would rise and spreads decompress. Our positioning included a duration similar to the benchmark’s, which is generally shorter than the fund’s because it includes municipals across the maturity spectrum. While that worked out well during the first wave of rate increases, our duration then drifted longer as relative valuations improved—a stance which weighed on performance as Fed rate hikes continued.
We were lighter than we typically are on credit exposure early in the period as well; even so, we were still carrying more than the benchmark. The widening in credit spreads that took place later on therefore dampened the fund’s relative performance.
In the second half of the period, we seized some opportunities to cycle out of shorter-call bonds and into bonds with a call of closer to 10 years, as they offer a better convexity profile, which will position the fund to capture more upside price performance in the future.
The fund was well-prepared in terms of liquidity going into 2022. With municipal bond valuations rich and the Fed expected to initiate a hiking cycle, we had increased our liquidity buffer because we anticipated
that some investors could head for the exits. This move helped the fund, even as the outflows proved to be of a higher magnitude than we had expected.
Outlook
The recent significant negative annual returns have understandably been distressing for muni investors.
With the repricing that has occurred, however, the outlook is substantially better than it was a year ago. That is likely to attract flows back into this asset class—especially given how strong fundamentals are from a credit standpoint.
Although the bond market may continue to see volatility as the Fed makes more rate hikes, today’s higher yields mean munis can offer a cushion against further price declines.
Energy supply-and-demand concerns, diminishing capital flows, declining trade volumes, and falling output per person will most likely lead to a global recession in the coming year. While we had upgraded the portfolio’s credit quality because of that outlook, we are open to opportunistically increasing our credit exposure given the widening in spreads that has taken place. At the same time, we are also favoring some sectors that tend to be more defensive in downturns.
Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment
opportunities that will add to the fund’s performance.
Stephen McFee, CFA, Portfolio Manager
Vanguard Fixed Income Group
December 13, 2022
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
| • | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
| • | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
| Six Months Ended November 30, 2022 | | | |
| Ohio Long-Term Tax-Exempt Fund | Beginning
Account Value
5/31/2022 | Ending
Account Value
11/30/2022 | Expenses
Paid During
Period |
| Based on Actual Fund Return | $1,000.00 | $974.60 | $0.64 |
| Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,024.42 | 0.66 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratio for that period is 0.13%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).
Ohio Long-Term Tax-Exempt Fund
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 30, 2012, Through November 30, 2022
Initial Investment of $10,000
| | | Average Annual Total Returns
Periods Ended November 30, 2022 | |
| | | One
Year | Five
Years | Ten
Years | Final Value
of a $10,000
Investment |
 | Ohio Long-Term Tax-Exempt Fund | -10.81% | 1.46% | 2.35% | $12,613 |
 | Bloomberg OH Municipal Bond Index | -8.88 | 1.29 | 2.07 | 12,279 |
 | Bloomberg Municipal Bond Index | -8.64 | 1.40 | 1.98 | 12,161 |
See Financial Highlights for dividend and capital gains information.
Ohio Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
| Under 1 Year | 10.4% |
| 1 - 3 Years | 1.4 |
| 3 - 5 Years | 3.6 |
| 5 - 10 Years | 14.2 |
| 10 - 20 Years | 35.5 |
| 20 - 30 Years | 27.4 |
| Over 30 Years | 7.5 |
The table reflects the fund’s investments, except for short-term investments and derivatives.
Ohio Long-Term Tax-Exempt Fund
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| Tax-Exempt Municipal Bonds (100.1%) |
| Ohio (99.3%) |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/28 | 1,000 | 1,102 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/29 | 165 | 176 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/30 | 100 | 108 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/31 | 300 | 322 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/33 | 555 | 526 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/35 | 1,600 | 1,472 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/36 | 1,000 | 910 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/37 | 2,185 | 1,969 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/38 | 250 | 223 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 3.000% | 11/15/40 | 5,725 | 4,230 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 5.250% | 11/15/41 | 500 | 508 |
| | Akron Bath Copley Joint Township Hospital District Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/42 | 2,000 | 1,931 |
| | Akron OH (Akron District Energy Project) COP | 4.000% | 12/1/30 | 535 | 550 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/26 | 3,350 | 3,506 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/28 | 285 | 300 |
| | Akron OH Income Tax Revenue | 3.000% | 12/1/29 | 1,820 | 1,827 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/29 | 610 | 641 |
| | Akron OH Income Tax Revenue | 3.000% | 12/1/30 | 1,870 | 1,869 |
| 1 | Akron OH Income Tax Revenue | 4.000% | 12/1/30 | 2,090 | 2,186 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/30 | 405 | 430 |
| | Akron OH Income Tax Revenue | 3.000% | 12/1/31 | 1,750 | 1,723 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/31 | 1,500 | 1,562 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/31 | 370 | 391 |
| | Akron OH Income Tax Revenue | 3.000% | 12/1/32 | 1,655 | 1,591 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/32 | 1,315 | 1,363 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/32 | 1,285 | 1,349 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/33 | 120 | 125 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/33 | 1,325 | 1,381 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/34 | 650 | 663 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/35 | 625 | 635 |
| | Akron OH Income Tax Revenue | 4.000% | 12/1/36 | 655 | 664 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/26 | 4,520 | 4,840 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/30 | 2,250 | 2,516 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/35 | 2,350 | 2,541 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/37 | 1,900 | 1,895 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/38 | 4,800 | 4,761 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/40 | 3,995 | 3,885 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/42 | 2,120 | 2,217 |
| | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/47 | 4,925 | 4,530 |
| 2 | Allen County OH Hospital Facilities Health, Hospital, Nursing Home Revenue VRDO | 1.020% | 12/1/22 | 2,500 | 2,500 |
| | Allen County Port Authority College & University Revenue | 4.000% | 12/1/31 | 1,415 | 1,385 |
| | Allen County Port Authority College & University Revenue | 4.000% | 12/1/35 | 1,305 | 1,211 |
| | Allen County Port Authority College & University Revenue | 4.000% | 12/1/40 | 2,160 | 1,899 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 5.000% | 2/15/33 | 100 | 112 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/35 | 180 | 180 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/36 | 225 | 223 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/37 | 300 | 294 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/38 | 375 | 365 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/39 | 450 | 434 |
| | American Municipal Power Inc. Electric Power & Light Revenue | 4.000% | 2/15/40 | 250 | 237 |
| | American Municipal Power Inc. Electric Power & Light Revenue (Combination Hydroelectric Projects) | 5.000% | 2/15/29 | 100 | 106 |
| | American Municipal Power Inc. Electric Power & Light Revenue (Combination Hydroelectric Projects) | 5.000% | 2/15/41 | 175 | 179 |
| | American Municipal Power Inc. Electric Power & Light Revenue (Greenup Hydroelectric Project) | 5.000% | 2/15/41 | 355 | 364 |
| | American Municipal Power Inc. Electric Power & Light Revenue (Meldahl Hydroelectric Project) | 5.000% | 2/15/30 | 1,250 | 1,319 |
| | American Municipal Power Inc. Electric Power & Light Revenue (Meldahl Hydroelectric Project) | 4.000% | 2/15/34 | 1,380 | 1,393 |
| | Apollo Joint Vocational School District GO | 5.000% | 12/1/28 | 705 | 777 |
| | Apollo Joint Vocational School District GO | 5.000% | 12/1/29 | 1,195 | 1,310 |
| | Apollo Joint Vocational School District GO | 5.000% | 12/1/30 | 365 | 399 |
| | Apollo Joint Vocational School District GO | 4.000% | 12/1/33 | 1,000 | 1,044 |
| | Apollo Joint Vocational School District GO | 4.000% | 12/1/35 | 1,470 | 1,522 |
| | Apollo Joint Vocational School District GO | 4.000% | 12/1/36 | 1,000 | 1,032 |
| | Ashland County-West Holmes Joint Vocational School District GO | 4.000% | 12/1/41 | 2,790 | 2,791 |
| | Ashland County-West Holmes Joint Vocational School District GO | 4.000% | 12/1/46 | 2,420 | 2,330 |
| | Ashland County-West Holmes Joint Vocational School District GO | 4.000% | 12/1/51 | 3,250 | 3,110 |
| | Athens City School District GO | 4.000% | 12/1/29 | 745 | 798 |
| | Athens City School District GO | 4.000% | 12/1/30 | 380 | 407 |
| | Athens City School District GO | 4.000% | 12/1/31 | 400 | 427 |
| | Athens City School District GO | 3.250% | 12/1/48 | 2,000 | 1,553 |
| 3 | Bellefontaine Finance & Development Authority Lease (Appropriation) Revenue | 3.000% | 12/1/46 | 1,085 | 838 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| 3 | Bellefontaine Finance & Development Authority Lease (Appropriation) Revenue | 3.000% | 12/1/47 | 1,120 | 855 |
| 3 | Bellefontaine Finance & Development Authority Lease (Appropriation) Revenue | 3.000% | 12/1/49 | 950 | 713 |
| | Belmont County OH BAN GO | 3.000% | 8/17/23 | 2,275 | 2,270 |
| 3 | Berea City School District COP | 2.500% | 10/1/23 | 250 | 249 |
| | Big Walnut Local School District GO | 5.000% | 12/1/42 | 920 | 991 |
| | Big Walnut Local School District GO | 3.250% | 12/1/48 | 2,975 | 2,383 |
| | Big Walnut Local School District GO | 3.500% | 12/1/55 | 290 | 236 |
| | Big Walnut Local School District GO | 5.000% | 12/1/55 | 4,275 | 4,563 |
| | Bluffton OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/24 | 125 | 129 |
| | Bluffton OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/29 | 2,110 | 2,230 |
| | Bluffton OH Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/34 | 2,000 | 2,004 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/28 | 300 | 324 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/29 | 435 | 470 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/33 | 1,075 | 1,154 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/33 | 600 | 667 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/34 | 550 | 608 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/35 | 735 | 808 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/36 | 435 | 476 |
| | Bowling Green State University College & University Revenue | 5.000% | 6/1/37 | 700 | 763 |
| | Bowling Green State University College & University Revenue | 4.000% | 6/1/38 | 500 | 502 |
| | Bowling Green State University College & University Revenue | 4.000% | 6/1/39 | 800 | 802 |
| | Bowling Green State University College & University Revenue | 4.000% | 6/1/40 | 1,005 | 1,003 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/31 | 500 | 536 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/32 | 500 | 535 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/33 | 3,600 | 3,833 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/34 | 4,350 | 4,606 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/35 | 3,840 | 4,045 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 4.000% | 6/1/37 | 2,000 | 1,898 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 4.000% | 6/1/38 | 3,350 | 3,154 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 3.000% | 6/1/48 | 7,525 | 5,388 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 4.000% | 6/1/48 | 18,830 | 16,382 |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Funded Revenue | 5.000% | 6/1/55 | 4,985 | 4,567 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/24 | 675 | 696 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/25 | 3,080 | 3,225 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/26 | 150 | 159 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/27 | 240 | 257 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/28 | 1,075 | 1,144 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/30 | 1,010 | 1,018 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/30 | 400 | 421 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/31 | 1,075 | 1,082 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/31 | 250 | 264 |
| | Butler County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/34 | 1,215 | 1,216 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/32 | 100 | 101 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/33 | 135 | 136 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/34 | 190 | 191 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/35 | 195 | 195 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/36 | 200 | 199 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/37 | 210 | 207 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/38 | 215 | 211 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/39 | 230 | 224 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/40 | 235 | 228 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/41 | 245 | 235 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/46 | 985 | 925 |
| | Butler County Port Authority Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/51 | 1,200 | 1,110 |
| | Butler County Transportation Improvement District Tax Allocation Revenue | 4.000% | 12/1/28 | 2,200 | 2,284 |
| | Centerville OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/27 | 380 | 377 |
| | Centerville OH Health, Hospital, Nursing Home Revenue | 5.250% | 11/1/37 | 1,500 | 1,421 |
| | Chillicothe OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/24 | 100 | 104 |
| | Chillicothe OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/25 | 450 | 473 |
| | Cincinnati City School District (School Improvement Project) COP | 5.000% | 6/15/31 | 500 | 537 |
| | Cincinnati City School District (School Improvement Project) COP | 5.000% | 6/15/32 | 400 | 428 |
| | Cincinnati City School District (School Improvement Project) COP | 5.000% | 6/15/33 | 400 | 428 |
| | Cincinnati City School District (School Improvement Project) COP | 3.250% | 6/15/34 | 565 | 557 |
| | Cincinnati City School District (School Improvement Project) COP | 3.375% | 6/15/35 | 670 | 656 |
| | Cincinnati City School District (School Improvement Project) COP | 3.500% | 6/15/36 | 445 | 431 |
| | Cincinnati City School District (School Improvement Project) COP | 3.500% | 6/15/37 | 1,000 | 959 |
| | Cincinnati City School District (School Improvement Project) COP | 3.625% | 6/15/38 | 800 | 771 |
| | Cincinnati OH GO | 4.000% | 12/1/29 | 1,010 | 1,067 |
| | Cincinnati OH GO | 4.000% | 12/1/30 | 500 | 528 |
| | Cincinnati OH GO | 4.000% | 12/1/30 | 1,310 | 1,395 |
| | Cincinnati OH Water System Water Revenue | 3.000% | 12/1/49 | 955 | 722 |
| | Clark Shawnee Local School District GO | 4.000% | 11/1/31 | 400 | 420 |
| | Clark Shawnee Local School District GO | 4.000% | 11/1/32 | 660 | 691 |
| | Clark Shawnee Local School District GO | 4.000% | 11/1/34 | 860 | 892 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/28 | 150 | 166 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/29 | 210 | 232 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/32 | 545 | 600 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/34 | 760 | 829 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 4.000% | 11/15/35 | 925 | 937 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/36 | 1,000 | 1,084 |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/37 | 595 | 644 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| 4 | Cleveland Department of Public Utilities Division of Public Power Electric Power & Light Revenue | 5.000% | 11/15/38 | 825 | 891 |
| | Cleveland Heights & University Heights City School District GO | 4.000% | 12/1/31 | 530 | 553 |
| | Cleveland Heights & University Heights City School District GO | 4.000% | 12/1/35 | 1,775 | 1,832 |
| | Cleveland Heights & University Heights City School District GO | 4.000% | 12/1/36 | 500 | 511 |
| | Cleveland Heights & University Heights City School District GO | 4.000% | 12/1/37 | 2,200 | 2,230 |
| | Cleveland Heights & University Heights City School District GO | 3.500% | 12/1/51 | 225 | 180 |
| | Cleveland OH GO | 3.000% | 12/1/28 | 895 | 903 |
| | Cleveland OH GO | 3.000% | 12/1/30 | 1,350 | 1,354 |
| | Cleveland OH GO | 4.000% | 12/1/30 | 2,610 | 2,789 |
| | Cleveland OH GO | 3.000% | 12/1/31 | 1,500 | 1,488 |
| | Cleveland OH GO | 3.000% | 12/1/31 | 1,000 | 992 |
| | Cleveland OH GO | 4.000% | 12/1/31 | 805 | 853 |
| | Cleveland OH GO | 3.000% | 12/1/32 | 1,825 | 1,768 |
| | Cleveland OH GO | 5.000% | 12/1/32 | 225 | 248 |
| | Cleveland OH GO | 3.000% | 12/1/33 | 990 | 947 |
| | Cleveland OH GO | 3.000% | 12/1/35 | 750 | 691 |
| | Cleveland OH GO | 3.000% | 12/1/36 | 795 | 714 |
| | Cleveland OH GO | 3.000% | 12/1/37 | 1,000 | 875 |
| | Cleveland OH GO | 5.000% | 12/1/43 | 2,075 | 2,212 |
| | Cleveland OH GO | 3.000% | 12/1/49 | 2,370 | 1,796 |
| | Cleveland OH Income Tax Revenue | 4.000% | 10/1/28 | 390 | 410 |
| | Cleveland OH Income Tax Revenue | 4.000% | 10/1/28 | 500 | 525 |
| | Cleveland OH Income Tax Revenue | 4.000% | 10/1/29 | 400 | 420 |
| | Cleveland OH Income Tax Revenue | 4.000% | 10/1/29 | 300 | 315 |
| | Cleveland OH Income Tax Revenue | 5.000% | 10/1/29 | 230 | 254 |
| | Cleveland OH Income Tax Revenue | 5.000% | 10/1/30 | 2,510 | 2,767 |
| | Cleveland OH Income Tax Revenue | 5.000% | 10/1/32 | 500 | 542 |
| | Cleveland OH Income Tax Revenue | 5.000% | 10/1/33 | 500 | 541 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/38 | 550 | 474 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/39 | 500 | 423 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/40 | 1,725 | 1,426 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/41 | 1,290 | 1,045 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/45 | 3,420 | 2,630 |
| | Cleveland OH Income Tax Revenue | 3.000% | 10/1/46 | 1,710 | 1,297 |
| | Cleveland OH Income Tax Revenue | 2.000% | 10/1/47 | 1,000 | 599 |
| | Cleveland State University College & University Revenue | 5.000% | 6/1/27 | 205 | 218 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/28 | 680 | 701 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue | 5.000% | 8/1/30 | 3,020 | 3,112 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue | 4.000% | 8/1/44 | 2,500 | 2,306 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.000% | 8/1/26 | 265 | 281 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.000% | 8/1/30 | 1,530 | 1,674 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.500% | 8/1/47 | 3,000 | 3,223 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.500% | 8/1/52 | 6,010 | 6,445 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.000% | 8/1/31 | 1,605 | 1,761 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.000% | 8/1/32 | 1,690 | 1,852 |
| | Cleveland-Cuyahoga County Port Authority Local or Guaranteed Housing Revenue (Euclid Avenue Dev Corp. Project) | 5.000% | 8/1/33 | 1,780 | 1,932 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 5.000% | 7/1/33 | 250 | 281 |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 5.000% | 7/1/35 | 300 | 334 |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 4.000% | 7/1/37 | 300 | 302 |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 4.000% | 7/1/40 | 350 | 343 |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 4.000% | 7/1/46 | 1,150 | 1,035 |
| | Cleveland-Cuyahoga County Port Authority Recreational Revenue | 4.000% | 7/1/51 | 1,100 | 969 |
| 5 | Cleveland-Cuyahoga County Port Authority Tax Allocation Revenue (Flats East Bank Project) | 4.500% | 12/1/55 | 2,500 | 1,951 |
| | Columbus City School District GO | 3.000% | 12/1/33 | 2,520 | 2,396 |
| | Columbus City School District GO | 5.000% | 12/1/42 | 450 | 475 |
| | Columbus Metropolitan Housing Authority Local or Guaranteed Housing Revenue | 2.250% | 8/1/36 | 2,000 | 1,592 |
| | Columbus OH GO | 4.000% | 4/1/30 | 4,015 | 4,230 |
| | Columbus OH GO | 5.000% | 4/1/30 | 130 | 150 |
| | Columbus OH GO | 4.000% | 7/1/30 | 1,200 | 1,237 |
| | Columbus OH GO | 5.000% | 4/1/31 | 125 | 144 |
| | Columbus OH GO | 5.000% | 4/1/37 | 3,835 | 4,270 |
| | Columbus OH GO | 5.000% | 4/1/39 | 4,500 | 4,974 |
| | Columbus OH GO | 5.000% | 4/1/40 | 3,000 | 3,301 |
| | Columbus OH GO | 5.000% | 4/1/41 | 2,400 | 2,630 |
| | Columbus OH GO VRDO | 1.810% | 12/1/22 | 3,650 | 3,650 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 5.000% | 5/1/26 | 150 | 160 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 5.000% | 5/1/30 | 335 | 373 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 5.000% | 5/1/32 | 700 | 776 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 4.000% | 5/1/39 | 1,345 | 1,349 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 3.000% | 5/1/44 | 6,810 | 5,520 |
| | Confluence Community Authority Lease (Appropriation) Revenue (Stadium & Sports Project) | 3.000% | 5/1/48 | 3,000 | 2,355 |
| | Cuyahoga Community College District College & University Revenue | 4.000% | 2/1/27 | 1,000 | 1,036 |
| | Cuyahoga Community College District GO | 4.000% | 12/1/30 | 1,800 | 1,862 |
| | Cuyahoga Community College District GO | 5.000% | 12/1/37 | 55 | 58 |
| | Cuyahoga County OH (Convention Hotel Project) COP | 4.000% | 12/1/34 | 1,700 | 1,709 |
| | Cuyahoga County OH (Convention Hotel Project) COP | 5.000% | 12/1/36 | 450 | 459 |
| | Cuyahoga County OH GO | 4.000% | 12/1/34 | 750 | 785 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 5.000% | 2/15/28 | 200 | 210 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 4.000% | 2/15/29 | 505 | 507 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 5.000% | 2/15/42 | 2,000 | 2,026 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 5.250% | 2/15/47 | 7,235 | 7,281 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 5.500% | 2/15/52 | 13,775 | 13,977 |
| | Cuyahoga County OH Health, Hospital, Nursing Home Revenue | 5.000% | 2/15/57 | 940 | 906 |
| 3 | Cuyahoga Falls City School District GO | 4.000% | 12/1/29 | 405 | 428 |
| 3 | Cuyahoga Falls City School District GO | 4.000% | 12/1/31 | 500 | 526 |
| 3 | Cuyahoga Falls City School District GO | 4.000% | 12/1/33 | 500 | 523 |
| 3 | Cuyahoga Falls City School District GO | 4.000% | 12/1/51 | 5,765 | 5,242 |
| | Cuyahoga Metropolitan Housing Authority Local or Guaranteed Housing Revenue | 2.000% | 12/1/31 | 1,000 | 870 |
| 6 | Cuyahoga Metropolitan Housing Authority Local or Guaranteed Housing Revenue PUT | 4.750% | 12/1/27 | 2,170 | 2,232 |
| | Dayton OH Water System Water Revenue | 4.000% | 12/1/29 | 265 | 276 |
| | Dayton OH Water System Water Revenue | 4.000% | 12/1/30 | 200 | 208 |
| | Dayton OH Water System Water Revenue | 4.000% | 12/1/31 | 280 | 290 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Dayton OH Water System Water Revenue | 4.000% | 12/1/32 | 300 | 311 |
| | Dayton OH Water System Water Revenue | 4.000% | 12/1/34 | 970 | 1,000 |
| | Delaware County OH Sales Tax Revenue | 3.500% | 12/1/31 | 2,750 | 2,774 |
| | Delhi Township OH GO | 4.000% | 12/1/29 | 150 | 160 |
| | Delhi Township OH GO | 4.000% | 12/1/30 | 160 | 172 |
| | Delhi Township OH GO | 4.000% | 12/1/31 | 145 | 157 |
| | Delhi Township OH GO | 4.000% | 12/1/32 | 310 | 333 |
| | Delhi Township OH GO | 4.000% | 12/1/33 | 400 | 424 |
| | Delhi Township OH GO | 4.000% | 12/1/34 | 815 | 859 |
| | Delhi Township OH GO | 4.000% | 12/1/35 | 430 | 448 |
| | Delhi Township OH GO | 4.000% | 12/1/36 | 320 | 333 |
| | Dublin OH GO | 5.000% | 12/1/31 | 500 | 560 |
| | Dublin OH GO | 5.000% | 12/1/32 | 550 | 615 |
| | Dublin OH GO | 3.000% | 12/1/35 | 1,135 | 1,053 |
| | Dublin OH GO | 3.000% | 12/1/36 | 990 | 895 |
| | East Knox Local School District GO | 3.000% | 11/1/56 | 1,100 | 809 |
| | Elyria OH GO | 4.000% | 12/1/25 | 470 | 487 |
| | Elyria OH GO | 4.000% | 12/1/27 | 670 | 696 |
| | Elyria OH GO | 4.000% | 12/1/28 | 695 | 722 |
| | Elyria OH GO | 4.000% | 12/1/31 | 225 | 233 |
| | Elyria OH GO | 4.000% | 12/1/32 | 280 | 290 |
| | Elyria OH GO | 4.000% | 12/1/33 | 440 | 454 |
| | Euclid City School District GO | 4.750% | 1/15/54 | 1,000 | 1,026 |
| | Fairborn City School District GO | 3.000% | 12/1/55 | 7,320 | 5,263 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/28 | 150 | 159 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/29 | 130 | 136 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/30 | 100 | 105 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/31 | 110 | 116 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/32 | 125 | 132 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/33 | 150 | 157 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/34 | 175 | 183 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/35 | 175 | 182 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 4.000% | 12/1/37 | 290 | 293 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 3.000% | 12/1/40 | 1,000 | 834 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 3.000% | 12/1/45 | 2,000 | 1,566 |
| 3 | Fairborn City School District Lease (Appropriation) Revenue | 3.000% | 12/1/50 | 2,640 | 1,956 |
| | Fairfield County OH GO | 2.000% | 12/1/41 | 800 | 537 |
| 3 | Fairless Local School District (School Facilities Project) COP | 3.000% | 12/1/45 | 4,210 | 3,267 |
| 3 | Fairless Local School District (School Facilities Project) COP | 3.000% | 12/1/49 | 3,365 | 2,526 |
| | Franklin City School District GO | 3.000% | 11/1/40 | 400 | 330 |
| | Franklin City School District GO | 3.000% | 11/1/50 | 1,500 | 1,110 |
| | Franklin City School District GO | 3.000% | 11/1/57 | 6,180 | 4,414 |
| | Franklin County Convention Facilities Authority Industrial Revenue | 5.000% | 12/1/32 | 565 | 590 |
| | Franklin County Convention Facilities Authority Industrial Revenue | 5.000% | 12/1/35 | 500 | 513 |
| | Franklin County Convention Facilities Authority Industrial Revenue | 5.000% | 12/1/38 | 620 | 629 |
| | Franklin County Convention Facilities Authority Industrial Revenue | 5.000% | 12/1/39 | 515 | 520 |
| | Franklin County Convention Facilities Authority Industrial Revenue | 5.000% | 12/1/51 | 4,000 | 3,858 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/26 | 200 | 214 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/28 | 500 | 552 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/29 | 530 | 593 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/32 | 135 | 151 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/34 | 100 | 111 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 4.000% | 12/1/40 | 1,225 | 1,222 |
| | Franklin County Convention Facilities Authority Lease (Appropriation) Revenue | 5.000% | 12/1/46 | 3,385 | 3,635 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/1/31 | 8,000 | 9,105 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/1/38 | 750 | 746 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/1/40 | 1,000 | 976 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/44 | 6,890 | 6,636 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 5.000% | 5/15/45 | 4,640 | 4,701 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 4.000% | 5/15/47 | 3,000 | 2,879 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 5.000% | 5/15/47 | 800 | 820 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 4.000% | 12/1/49 | 4,900 | 4,599 |
| | Franklin County OH Health, Hospital, Nursing Home Revenue | 5.250% | 11/15/55 | 1,100 | 961 |
| | Franklin County OH Sales Tax Revenue | 4.000% | 6/1/30 | 250 | 266 |
| | Franklin County OH Sales Tax Revenue | 5.000% | 6/1/43 | 6,000 | 6,433 |
| | Fremont City School District GO | 5.000% | 1/15/40 | 200 | 208 |
| | Fremont City School District GO | 4.000% | 1/15/55 | 1,575 | 1,494 |
| 3 | Gahanna-Jefferson City School District (School Facilities Project) COP | 3.000% | 12/1/34 | 1,430 | 1,323 |
| 4 | Gahanna-Jefferson City School District GO | 3.000% | 12/1/57 | 5,565 | 3,909 |
| | Grandview Heights City School District GO | 3.125% | 12/1/55 | 245 | 197 |
| | Great Oaks Career Campuses Board of Education COP | 4.000% | 12/1/29 | 500 | 535 |
| | Great Oaks Career Campuses Board of Education COP | 3.000% | 12/1/37 | 1,085 | 963 |
| | Great Oaks Career Campuses Board of Education COP | 3.000% | 12/1/41 | 2,000 | 1,703 |
| | Great Oaks Career Campuses Board of Education COP | 3.000% | 12/1/44 | 4,975 | 4,129 |
| | Great Oaks Career Campuses Board of Education COP | 3.000% | 12/1/46 | 7,065 | 5,465 |
| | Greene County Vocational School District GO | 5.000% | 12/1/29 | 300 | 336 |
| | Greene County Vocational School District GO | 4.000% | 12/1/34 | 700 | 731 |
| | Greene County Vocational School District GO | 4.000% | 12/1/38 | 1,250 | 1,258 |
| | Hamilton County OH GO | 5.000% | 12/1/29 | 2,005 | 2,199 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 2/1/29 | 425 | 432 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 2/1/30 | 1,360 | 1,382 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 1/1/36 | 3,250 | 3,132 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/15/39 | 1,515 | 1,568 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/15/42 | 6,120 | 6,246 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 1/1/46 | 3,750 | 3,411 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/15/47 | 3,000 | 3,055 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 3.750% | 8/15/50 | 4,485 | 3,832 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/15/50 | 2,000 | 1,801 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 4.000% | 9/15/50 | 4,945 | 4,298 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 9/15/50 | 6,000 | 6,012 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue | 5.000% | 1/1/51 | 2,210 | 1,975 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue (Life Enriching Communities Project) | 5.000% | 1/1/32 | 1,750 | 1,719 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue (Life Enriching Communities Project) | 5.000% | 1/1/42 | 4,655 | 4,335 |
| | Hamilton County OH Health, Hospital, Nursing Home Revenue (Life Enriching Communities Project) | 5.000% | 1/1/46 | 1,350 | 1,228 |
| 4,7 | Hamilton County OH Sales Tax Revenue | 0.000% | 12/1/27 | 370 | 313 |
| | Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/29 | 1,235 | 1,328 |
| | Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/30 | 2,550 | 2,728 |
| | Hamilton County OH Sales Tax Revenue | 4.000% | 12/1/32 | 860 | 892 |
| 3 | Hamilton OH Wastewater System Sewer Revenue | 4.000% | 10/1/30 | 200 | 209 |
| 3 | Hamilton OH Wastewater System Sewer Revenue | 4.000% | 10/1/31 | 190 | 199 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| 3 | Hamilton OH Wastewater System Sewer Revenue | 4.000% | 10/1/34 | 425 | 442 |
| 3 | Hamilton OH Wastewater System Sewer Revenue | 4.000% | 10/1/36 | 350 | 360 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/34 | 855 | 973 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/38 | 1,655 | 1,852 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/40 | 1,825 | 2,030 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/41 | 1,915 | 2,128 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/42 | 510 | 567 |
| | Hilliard OH Income Tax Revenue | 5.000% | 12/1/58 | 10,000 | 10,959 |
| 3 | Hillsdale Local School District COP | 4.000% | 12/1/34 | 1,235 | 1,271 |
| 3 | Hillsdale Local School District COP | 4.000% | 12/1/37 | 2,105 | 2,118 |
| 3 | Hillsdale Local School District COP | 4.000% | 12/1/39 | 1,325 | 1,303 |
| | Hudson City OH School District GO | 4.000% | 12/1/33 | 420 | 433 |
| | Indian Creek Local School District GO | 5.000% | 11/1/55 | 1,845 | 1,918 |
| | Indian Hill Exempted Village School District GO | 2.000% | 12/1/40 | 1,250 | 872 |
| | Indian Hill Exempted Village School District GO | 2.125% | 12/1/41 | 1,265 | 885 |
| | Kent City School District GO | 3.000% | 12/1/40 | 1,000 | 834 |
| | Kent State University College & University Revenue | 5.000% | 5/1/29 | 100 | 112 |
| | Kent State University College & University Revenue | 5.000% | 5/1/30 | 175 | 198 |
| | Kent State University College & University Revenue | 5.000% | 5/1/31 | 175 | 196 |
| | Kent State University College & University Revenue | 5.000% | 5/1/32 | 150 | 167 |
| | Kent State University College & University Revenue | 5.000% | 5/1/33 | 250 | 276 |
| | Kent State University College & University Revenue | 5.000% | 5/1/34 | 315 | 348 |
| | Kent State University College & University Revenue | 5.000% | 5/1/35 | 350 | 383 |
| | Kent State University College & University Revenue | 5.000% | 5/1/36 | 400 | 436 |
| | Kent State University College & University Revenue | 5.000% | 5/1/37 | 225 | 244 |
| | Kent State University College & University Revenue | 5.000% | 5/1/38 | 300 | 324 |
| | Kent State University College & University Revenue | 5.000% | 5/1/39 | 300 | 324 |
| | Kent State University College & University Revenue | 5.000% | 5/1/40 | 450 | 484 |
| | Kent State University College & University Revenue | 5.000% | 5/1/45 | 1,300 | 1,390 |
| | Kent State University College & University Revenue | 5.000% | 5/1/50 | 1,620 | 1,722 |
| | Kenton City School District GO | 4.000% | 11/1/52 | 1,895 | 1,801 |
| | Kenton City School District GO | 4.000% | 11/1/58 | 3,700 | 3,500 |
| | Kettering City School District COP | 5.000% | 12/1/31 | 260 | 290 |
| | Kettering City School District COP | 4.000% | 12/1/33 | 270 | 282 |
| | Kettering City School District COP | 4.000% | 12/1/35 | 375 | 388 |
| | Kettering City School District COP | 3.375% | 12/1/46 | 295 | 248 |
| 4 | Kettering City School District GO | 5.250% | 12/1/31 | 1,000 | 1,121 |
| | Lake Local School District/Wood County OH GO | 4.000% | 12/1/58 | 7,000 | 6,374 |
| | Lakewood City School District GO | 4.000% | 11/1/30 | 235 | 247 |
| | Lakewood City School District GO | 4.000% | 11/1/31 | 440 | 462 |
| | Lakewood City School District GO | 4.000% | 11/1/32 | 245 | 256 |
| | Lakewood City School District GO | 4.000% | 11/1/33 | 375 | 390 |
| | Lakewood City School District GO | 4.000% | 11/1/34 | 430 | 446 |
| 2 | Lancaster Port Authority Natural Gas Revenue | 5.000% | 2/1/24 | 555 | 564 |
| 2 | Lancaster Port Authority Natural Gas Revenue | 5.000% | 2/1/25 | 360 | 369 |
| 2 | Lancaster Port Authority Natural Gas Revenue PUT | 5.000% | 2/1/25 | 5,000 | 5,121 |
| | Lexington Local School District GO | 3.000% | 10/1/44 | 490 | 390 |
| | Liberty Community Infrastructure Financing Authority Revenue | 3.125% | 12/1/46 | 540 | 434 |
| | Liberty-Benton Local School District GO | 3.000% | 11/1/54 | 2,000 | 1,458 |
| | Licking Heights Local School District GO | 4.500% | 10/1/51 | 1,900 | 1,922 |
| | Licking Heights Local School District GO | 3.500% | 10/1/54 | 200 | 163 |
| | Licking Heights Local School District GO | 5.500% | 10/1/59 | 6,565 | 7,222 |
| | Logan Elm Local School District GO | 4.000% | 11/1/55 | 975 | 924 |
| 2,5 | Lucas County OH GO TOB VRDO | 0.990% | 12/1/22 | 13,855 | 13,855 |
| 4 | Lucas County OH Health, Hospital, Nursing Home Revenue | 4.125% | 11/15/42 | 480 | 469 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Lucas County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/45 | 1,350 | 1,012 |
| | Lucas County OH Health, Hospital, Nursing Home Revenue | 5.250% | 11/15/48 | 750 | 647 |
| | Mahoning County OH Sewer Revenue | 3.000% | 12/1/28 | 100 | 100 |
| | Mahoning County OH Sewer Revenue | 3.000% | 12/1/29 | 100 | 100 |
| | Mahoning County OH Sewer Revenue | 3.000% | 12/1/30 | 200 | 198 |
| | Mahoning County OH Sewer Revenue | 3.000% | 12/1/31 | 180 | 177 |
| | Mahoning County OH Sewer Revenue | 3.000% | 12/1/35 | 800 | 733 |
| | Mahoning County OH Sewer System Sewer Revenue | 2.125% | 12/1/40 | 100 | 70 |
| | Mariemont City School District GO | 4.000% | 12/1/31 | 1,040 | 1,106 |
| | Mariemont City School District GO | 4.000% | 12/1/32 | 1,265 | 1,341 |
| | Mariemont City School District GO | 4.000% | 12/1/33 | 1,045 | 1,099 |
| | Mariemont City School District GO | 3.000% | 12/1/34 | 555 | 522 |
| | Maumee OH GO | 3.000% | 12/1/33 | 1,225 | 1,165 |
| | Medina County OH GO | 4.000% | 12/1/29 | 165 | 172 |
| | Medina County OH GO | 4.000% | 12/1/31 | 160 | 166 |
| | Medina County OH GO | 3.000% | 12/1/35 | 270 | 250 |
| | Medina County OH GO | 3.000% | 12/1/37 | 500 | 444 |
| | Miami County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/28 | 100 | 108 |
| | Miami County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/45 | 7,615 | 7,799 |
| | Miami County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/49 | 7,255 | 7,387 |
| | Miami Trace Local School District GO | 5.000% | 12/1/48 | 3,730 | 3,868 |
| | Miami University College & University Revenue | 5.000% | 9/1/31 | 600 | 691 |
| | Miami University College & University Revenue | 5.000% | 9/1/31 | 165 | 190 |
| | Miami University College & University Revenue | 5.000% | 9/1/31 | 640 | 726 |
| | Miami University College & University Revenue | 5.000% | 9/1/32 | 1,065 | 1,214 |
| | Miami University College & University Revenue | 5.000% | 9/1/32 | 345 | 393 |
| | Miami University College & University Revenue | 5.000% | 9/1/33 | 1,055 | 1,196 |
| | Miami University College & University Revenue | 5.000% | 9/1/33 | 775 | 878 |
| | Miami University College & University Revenue | 5.000% | 9/1/34 | 1,035 | 1,169 |
| | Miami University College & University Revenue | 5.000% | 9/1/34 | 1,100 | 1,235 |
| | Miami University College & University Revenue | 5.000% | 9/1/35 | 760 | 853 |
| | Miami University College & University Revenue | 5.000% | 9/1/36 | 685 | 764 |
| | Miami Valley Career Technology Center GO | 4.000% | 12/1/33 | 725 | 753 |
| | Miami Valley Career Technology Center GO | 4.000% | 12/1/34 | 1,475 | 1,521 |
| | Miami Valley Career Technology Center GO | 5.000% | 12/1/44 | 4,550 | 4,835 |
| | Middleburg Heights OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/41 | 1,630 | 1,511 |
| | Middleburg Heights OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/41 | 550 | 509 |
| | Middleburg Heights OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/47 | 550 | 488 |
| | Middletown OH GO | 4.050% | 12/1/52 | 2,840 | 2,704 |
| 3 | Midview Local School District COP | 4.000% | 11/1/28 | 810 | 847 |
| 3 | Midview Local School District COP | 4.000% | 11/1/29 | 870 | 917 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/34 | 300 | 317 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/35 | 250 | 259 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/36 | 150 | 156 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/37 | 250 | 258 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/38 | 205 | 208 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/39 | 260 | 262 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/40 | 305 | 306 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/41 | 385 | 384 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/42 | 200 | 198 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/47 | 3,000 | 2,899 |
| | Milford Exempt Village School District GO | 4.000% | 12/1/51 | 1,785 | 1,702 |
| | Montgomery County OH Health, Hospital Nursing Home Revenue | 4.000% | 8/1/39 | 1,000 | 988 |
| | Montgomery County OH Health, Hospital Nursing Home Revenue | 4.000% | 8/1/40 | 5,000 | 4,888 |
| | Montgomery County OH Health, Hospital Nursing Home Revenue | 4.000% | 8/1/46 | 1,500 | 1,396 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/26 | 130 | 136 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/28 | 230 | 244 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/31 | 500 | 530 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/33 | 2,000 | 2,100 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/34 | 175 | 194 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/36 | 300 | 318 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 3.000% | 11/15/36 | 1,530 | 1,200 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/37 | 450 | 444 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/38 | 1,950 | 1,934 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/38 | 375 | 395 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 5.000% | 8/1/39 | 270 | 282 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 3.000% | 8/1/40 | 3,060 | 2,415 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/41 | 1,995 | 1,928 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/42 | 7,140 | 6,362 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 3.000% | 8/1/51 | 1,700 | 1,168 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/51 | 2,280 | 2,030 |
| | Montgomery County OH Health, Hospital, Nursing Home Revenue | 4.000% | 8/1/51 | 1,925 | 1,711 |
| | North Canton City School District GO | 3.000% | 11/1/56 | 4,060 | 2,933 |
| | North Royalton City School District GO | 4.000% | 12/1/34 | 1,415 | 1,440 |
| | Northeast Ohio Medical University College & University Revenue | 3.000% | 12/1/22 | 100 | 100 |
| | Northeast Ohio Medical University College & University Revenue | 3.000% | 12/1/23 | 75 | 75 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/24 | 100 | 103 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/25 | 125 | 130 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/26 | 100 | 105 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/28 | 100 | 107 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/29 | 230 | 247 |
| | Northeast Ohio Medical University College & University Revenue | 5.000% | 12/1/30 | 150 | 162 |
| | Northeast Ohio Medical University College & University Revenue | 4.000% | 12/1/35 | 750 | 721 |
| | Northeast Ohio Medical University College & University Revenue | 3.000% | 12/1/40 | 1,990 | 1,547 |
| | Northeast Ohio Medical University College & University Revenue | 4.000% | 12/1/45 | 450 | 397 |
| | Northeast Ohio Regional Sewer District Sewer Revenue | 4.000% | 11/15/34 | 6,775 | 6,935 |
| | Northeast Ohio Regional Sewer District Sewer Revenue | 3.000% | 11/15/40 | 205 | 170 |
| | Northeast Ohio Regional Sewer District Sewer Revenue | 4.000% | 11/15/43 | 1,275 | 1,267 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/29 | 785 | 825 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/30 | 865 | 917 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/34 | 790 | 824 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/35 | 1,390 | 1,445 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/36 | 1,495 | 1,533 |
| 4 | Northeastern Local School District/Clark County GO | 4.000% | 12/1/55 | 6,750 | 6,368 |
| | Northridge Local School District/Licking Knox & Del Counties GO | 4.000% | 10/1/30 | 100 | 107 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Northridge Local School District/Licking Knox & Del Counties GO | 4.000% | 10/1/31 | 200 | 213 |
| | Northridge Local School District/Licking Knox & Del Counties GO | 4.000% | 10/1/32 | 260 | 276 |
| | Northridge Local School District/Licking Knox & Del Counties GO | 4.000% | 10/1/33 | 180 | 190 |
| | Northridge Local School District/Licking Knox & Del Counties GO | 3.000% | 10/1/34 | 425 | 400 |
| | Northridge Local School District/Licking Knox & Del Counties GO | 3.000% | 10/1/35 | 380 | 350 |
| | Ohio (Voting System Acquisition Project) COP | 5.000% | 9/1/29 | 220 | 249 |
| | Ohio Air Quality Development Authority Electric Power & Light Revenue (Duke Energy Corp. Project) PUT | 4.000% | 6/1/27 | 12,600 | 12,616 |
| 8 | Ohio Appropriations Revenue | 5.000% | 12/15/26 | 1,035 | 1,125 |
| 8 | Ohio Appropriations Revenue | 5.000% | 12/15/27 | 1,710 | 1,888 |
| | Ohio Auto Parking Revenue | 3.125% | 11/15/34 | 435 | 425 |
| | Ohio Auto Parking Revenue | 3.375% | 11/15/39 | 2,020 | 1,895 |
| | Ohio GO | 5.000% | 5/1/23 | 3,725 | 3,765 |
| | Ohio GO | 5.000% | 5/1/27 | 235 | 257 |
| | Ohio GO | 5.000% | 5/1/28 | 215 | 240 |
| | Ohio GO | 5.000% | 5/1/29 | 360 | 407 |
| | Ohio GO | 5.000% | 5/1/30 | 350 | 401 |
| | Ohio GO | 5.000% | 5/1/31 | 775 | 900 |
| | Ohio GO | 5.000% | 5/1/32 | 600 | 705 |
| | Ohio GO | 5.000% | 3/1/33 | 100 | 115 |
| | Ohio GO | 5.000% | 5/1/33 | 650 | 757 |
| | Ohio GO | 5.000% | 5/1/34 | 700 | 810 |
| | Ohio GO | 5.000% | 5/1/36 | 1,255 | 1,350 |
| | Ohio GO | 5.000% | 6/15/36 | 120 | 133 |
| | Ohio GO | 4.000% | 5/1/38 | 225 | 231 |
| | Ohio GO | 5.000% | 3/1/39 | 1,585 | 1,688 |
| | Ohio GO | 5.000% | 3/1/39 | 500 | 555 |
| | Ohio GO VRDO | 1.700% | 12/7/22 | 5,000 | 5,000 |
| | Ohio GO VRDO | 1.700% | 12/7/22 | 5,500 | 5,500 |
| | Ohio GO VRDO | 1.830% | 12/7/22 | 2,765 | 2,765 |
| | Ohio Government Fund/Grant Revenue | 5.000% | 12/15/29 | 155 | 177 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/27 | 125 | 133 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/29 | 35 | 36 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/30 | 100 | 108 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/1/34 | 3,605 | 3,687 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 11/15/35 | 1,230 | 1,290 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/1/37 | 500 | 555 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/37 | 1,000 | 1,051 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/37 | 1,670 | 1,548 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/38 | 1,900 | 1,746 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/15/39 | 2,395 | 2,252 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 11/15/39 | 1,980 | 1,806 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/1/40 | 2,200 | 2,206 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/41 | 4,655 | 4,727 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/1/42 | 3,470 | 3,452 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/1/43 | 2,000 | 1,975 |
| | Ohio Health, Hospital, Nursing Home Revenue | 3.000% | 1/15/45 | 850 | 632 |
| | Ohio Health, Hospital, Nursing Home Revenue | 3.550% | 1/1/46 | 3,000 | 2,595 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/1/46 | 5,250 | 5,045 |
| | Ohio Health, Hospital, Nursing Home Revenue | 3.000% | 1/15/46 | 1,060 | 777 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/46 | 500 | 506 |
| | Ohio Health, Hospital, Nursing Home Revenue | 2.250% | 1/1/49 | 8,000 | 4,994 |
| | Ohio Health, Hospital, Nursing Home Revenue | 4.000% | 1/15/50 | 1,000 | 873 |
| | Ohio Health, Hospital, Nursing Home Revenue | 5.000% | 1/15/50 | 630 | 642 |
| 2 | Ohio Health, Hospital, Nursing Home Revenue VRDO | 1.000% | 12/1/22 | 820 | 820 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Ohio Higher Educational Facility Commission Auto Parking Revenue | 5.000% | 1/15/50 | 2,500 | 2,471 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/23 | 360 | 367 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 5/1/24 | 1,000 | 1,027 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/24 | 500 | 516 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 5/1/25 | 1,500 | 1,564 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/25 | 955 | 998 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/26 | 475 | 502 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 5/1/27 | 1,000 | 1,039 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/27 | 105 | 113 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/27 | 980 | 1,050 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/28 | 1,140 | 1,234 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/29 | 1,015 | 1,111 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 5/1/30 | 2,270 | 2,529 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/30 | 740 | 807 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 12/1/30 | 700 | 763 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/31 | 200 | 218 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 11/1/31 | 2,040 | 2,159 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 2/1/33 | 130 | 141 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 2/1/34 | 875 | 950 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/34 | 1,510 | 1,628 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 11/1/34 | 2,875 | 2,801 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 2/1/35 | 800 | 863 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/35 | 150 | 159 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 2/1/36 | 250 | 250 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 5/1/36 | 185 | 200 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 3.000% | 2/1/37 | 250 | 204 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 5/1/37 | 595 | 576 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 2/1/38 | 925 | 903 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 5/1/38 | 170 | 164 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 5/1/39 | 930 | 878 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 3.000% | 2/1/40 | 400 | 306 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 5/1/40 | 600 | 560 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 2/1/41 | 680 | 652 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 11/1/41 | 4,000 | 4,096 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 3.000% | 2/1/42 | 640 | 474 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 10/1/42 | 450 | 473 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 7/1/44 | 2,000 | 1,824 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 5.000% | 11/1/44 | 1,980 | 1,808 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 4.000% | 10/1/49 | 1,400 | 1,231 |
| | Ohio Higher Educational Facility Commission College & University Revenue | 6.000% | 12/1/52 | 2,000 | 2,119 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Case Western Reserve University Project) | 4.000% | 12/1/44 | 3,090 | 2,984 |
| | Ohio Higher Educational Facility Commission College & University Revenue (College of Wooster Project) | 5.000% | 9/1/38 | 1,225 | 1,311 |
| | Ohio Higher Educational Facility Commission College & University Revenue (College of Wooster Project) | 5.000% | 9/1/45 | 950 | 995 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.000% | 11/1/32 | 800 | 881 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.000% | 11/1/33 | 680 | 746 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.000% | 11/1/33 | 235 | 263 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.000% | 11/1/34 | 115 | 128 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.000% | 11/1/35 | 120 | 133 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 3.000% | 11/1/36 | 720 | 622 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 3.000% | 11/1/37 | 720 | 609 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 4.000% | 11/1/38 | 300 | 297 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 4.000% | 11/1/39 | 300 | 295 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 4.000% | 11/1/40 | 500 | 486 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Denison University Project) | 5.250% | 11/1/46 | 1,500 | 1,590 |
| | Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University Project) | 5.000% | 3/1/39 | 2,895 | 2,894 |
| | Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University Project) | 4.000% | 10/1/45 | 1,000 | 875 |
| | Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University Project) | 4.000% | 10/1/50 | 4,000 | 3,394 |
| | Ohio Higher Educational Facility Commission College & University Revenue (John Carroll University Project), Prere. | 5.000% | 12/1/26 | 1,505 | 1,632 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| 8 | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College 2023 Project) | 5.000% | 7/1/35 | 2,000 | 2,138 |
| 8 | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College 2023 Project) | 5.000% | 7/1/36 | 3,500 | 3,722 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College Project) | 5.000% | 7/1/23 | 115 | 117 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College Project) | 5.000% | 7/1/30 | 300 | 319 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College Project) | 5.000% | 7/1/31 | 550 | 585 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Kenyon College Project) | 5.000% | 7/1/32 | 275 | 292 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Otterbein University Project), ETM | 5.000% | 12/1/26 | 1,360 | 1,475 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Otterbein University Project), Prere. | 5.000% | 12/1/26 | 1,430 | 1,551 |
| | Ohio Higher Educational Facility Commission College & University Revenue (Tiffin University 2019 Project) | 5.000% | 11/1/39 | 4,890 | 4,586 |
| | Ohio Higher Educational Facility Commission College & University Revenue (University Findlay Project) | 5.000% | 3/1/44 | 2,890 | 2,853 |
| | Ohio Higher Educational Facility Commission College & University Revenue (University of Deyton Project) | 5.000% | 12/1/28 | 200 | 216 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/26 | 935 | 951 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/27 | 975 | 990 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/28 | 1,015 | 1,031 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/29 | 1,055 | 1,074 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/30 | 1,000 | 988 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/31 | 1,000 | 985 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/32 | 375 | 366 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/33 | 390 | 378 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/34 | 405 | 387 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/35 | 420 | 397 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/36 | 440 | 411 |
| 8 | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/39 | 1,000 | 910 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/42 | 1,360 | 1,288 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/45 | 1,325 | 1,234 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/46 | 1,500 | 1,386 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 5.250% | 1/1/47 | 2,000 | 2,076 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/50 | 3,600 | 3,292 |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue | 5.250% | 1/1/52 | 5,000 | 5,162 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Ohio Higher Educational Facility Commission Health, Hospital, Nursing Home Revenue VRDO | 1.000% | 12/1/22 | 14,900 | 14,900 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 5.000% | 9/1/25 | 935 | 988 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 2.450% | 9/1/37 | 5,285 | 4,179 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 2.450% | 9/1/51 | 1,595 | 1,127 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 3.000% | 3/1/52 | 4,000 | 3,866 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 5.000% | 3/1/52 | 5,000 | 5,181 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 3.250% | 9/1/52 | 3,495 | 3,379 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue | 5.750% | 3/1/54 | 5,000 | 5,385 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (First-Time Homebuyer Program) | 3.000% | 3/1/50 | 2,135 | 1,871 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) | 4.500% | 3/1/47 | 1,225 | 1,237 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) | 4.000% | 3/1/48 | 1,650 | 1,651 |
| | Ohio Housing Finance Agency Local or Guaranteed Housing Revenue VRDO | 1.800% | 12/7/22 | 5,530 | 5,530 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/27 | 200 | 218 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 6/1/28 | 160 | 178 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/30 | 275 | 314 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/32 | 1,405 | 1,597 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/33 | 1,000 | 1,129 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 10/1/36 | 1,000 | 1,079 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 10/1/37 | 115 | 124 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/38 | 5,585 | 6,126 |
| | Ohio Lease (Appropriation) Revenue | 5.000% | 4/1/40 | 4,000 | 4,352 |
| | Ohio Lease (Appropriation) Revenue (Administrative Building Fund Project) | 5.000% | 4/1/41 | 750 | 826 |
| | Ohio Lease (Appropriation) Revenue (Improvement Fund Projects) | 5.000% | 12/1/29 | 1,120 | 1,236 |
| | Ohio Lease (Appropriation) Revenue VRDO | 1.800% | 12/7/22 | 14,200 | 14,200 |
| | Ohio Lease (Appropriation) Revenue VRDO | 1.830% | 12/7/22 | 13,695 | 13,695 |
| | Ohio Lease (Appropriation) Revenue VRDO | 1.830% | 12/7/22 | 4,100 | 4,100 |
| | Ohio Lease (Appropriation) Revenue VRDO | 1.830% | 12/7/22 | 8,685 | 8,685 |
| | Ohio Special Obligation Revenue | 5.000% | 10/1/30 | 1,790 | 1,999 |
| | Ohio Special Obligation Revenue | 5.000% | 4/1/36 | 2,045 | 2,184 |
| | Ohio Special Obligation Revenue (Administrative Building Fund Project) | 5.000% | 4/1/32 | 890 | 1,026 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/38 | 1,000 | 1,018 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/39 | 1,000 | 1,013 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/40 | 4,000 | 4,027 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/41 | 1,000 | 1,002 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/42 | 1,000 | 996 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/43 | 2,000 | 1,974 |
| | Ohio State University College & University Revenue | 4.000% | 12/1/48 | 6,240 | 6,019 |
| | Ohio State University College & University Revenue | 2.500% | 12/1/51 | 3,450 | 2,216 |
| | Ohio State University College & University Revenue VRDO | 1.700% | 12/7/22 | 1,600 | 1,600 |
| | Ohio State University College & University Revenue VRDO | 1.700% | 12/7/22 | 13,200 | 13,200 |
| | Ohio State University College & University Revenue VRDO | 1.700% | 12/7/22 | 7,840 | 7,840 |
| | Ohio State University College & University Revenue VRDO | 1.860% | 12/7/22 | 3,200 | 3,200 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/28 | 125 | 139 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/30 | 865 | 959 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/31 | 1,300 | 1,512 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 4.000% | 2/15/32 | 3,000 | 3,122 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/32 | 1,300 | 1,530 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/33 | 495 | 546 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/33 | 1,000 | 1,188 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 0.000% | 2/15/36 | 1,825 | 1,061 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 0.000% | 2/15/37 | 7,975 | 4,375 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 0.000% | 2/15/38 | 9,615 | 4,991 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/38 | 430 | 488 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/39 | 8,355 | 9,428 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 0.000% | 2/15/40 | 3,155 | 1,462 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue | 5.000% | 2/15/51 | 9,170 | 9,919 |
| | Ohio Turnpike & Infrastructure Commission Highway Revenue (Infrastructure Projects) | 4.000% | 2/15/37 | 1,210 | 1,228 |
| 9 | Ohio Turnpike & Infrastructure Commission Highway Revenue, 5.700% coupon rate effective 2/15/23 | 0.000% | 2/15/34 | 500 | 578 |
| | Ohio Water Development Authority Intergovernmental Agreement Revenue | 5.000% | 12/1/34 | 3,420 | 3,963 |
| | Ohio Water Development Authority Intergovernmental Agreement Revenue | 5.000% | 12/1/35 | 135 | 156 |
| | Ohio Water Development Authority Intergovernmental Agreement Revenue | 5.000% | 6/1/46 | 220 | 242 |
| | Ohio Water Development Authority Lease Revenue | 5.000% | 6/1/27 | 1,190 | 1,299 |
| | Ohio Water Development Authority Lease Revenue | 5.000% | 6/1/31 | 105 | 120 |
| | Ohio Water Development Authority Lease Revenue | 5.000% | 12/1/38 | 4,625 | 5,131 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Lease Revenue | 5.000% | 12/1/35 | 2,680 | 3,008 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Lease Revenue | 5.000% | 12/1/36 | 9,470 | 10,562 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Lease Revenue | 5.000% | 12/1/44 | 1,885 | 2,043 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Revenue VRDO | 1.780% | 12/7/22 | 6,800 | 6,800 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/35 | 1,000 | 1,153 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/36 | 2,465 | 2,767 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 4.000% | 12/1/37 | 125 | 129 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/37 | 8,000 | 8,957 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/38 | 4,915 | 5,487 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/39 | 4,340 | 4,826 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 4.000% | 12/1/41 | 125 | 126 |
| | Ohio Water Development Authority Water Pollution Control Loan Fund Water Revenue | 5.000% | 12/1/50 | 5,000 | 5,377 |
| 8 | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/25 | 450 | 481 |
| 8 | Ohio Water Development Authority Water Revenue | 5.000% | 6/1/26 | 300 | 323 |
| 8 | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/26 | 475 | 517 |
| 8 | Ohio Water Development Authority Water Revenue | 5.000% | 6/1/27 | 400 | 439 |
| 8 | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/27 | 385 | 427 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 6/1/32 | 350 | 409 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/32 | 250 | 291 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Ohio Water Development Authority Water Revenue | 5.000% | 6/1/33 | 500 | 581 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/33 | 750 | 870 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 6/1/34 | 500 | 578 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/34 | 500 | 576 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/35 | 1,000 | 1,145 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/36 | 450 | 512 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/37 | 1,710 | 1,938 |
| | Ohio Water Development Authority Water Revenue | 5.000% | 12/1/39 | 1,250 | 1,406 |
| | Olentangy Local School District GO | 4.000% | 12/1/33 | 1,300 | 1,353 |
| | Olentangy Local School District GO | 4.000% | 12/1/34 | 500 | 514 |
| | Perry Local School District GO | 3.000% | 11/1/55 | 5,000 | 3,596 |
| 3 | Perry Local School District/Lake County COP | 3.000% | 12/1/34 | 675 | 605 |
| 3 | Perry Local School District/Lake County COP | 3.000% | 12/1/36 | 1,205 | 1,042 |
| 3 | Perry Local School District/Lake County COP | 3.000% | 12/1/38 | 1,215 | 1,018 |
| | Polaris Career Center COP | 5.000% | 11/1/36 | 410 | 430 |
| | Port of Greater Cincinnati Development Authority Revenue PUT | 4.375% | 6/15/26 | 1,000 | 920 |
| | Reynoldsburg OH GO | 3.550% | 12/1/42 | 640 | 574 |
| | Reynoldsburg OH GO | 3.600% | 12/1/48 | 670 | 576 |
| | Ross County OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/29 | 220 | 243 |
| | Ross County OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/44 | 335 | 342 |
| | Ross County OH Health, Hospital, Nursing Home Revenue | 5.000% | 12/1/49 | 4,430 | 4,498 |
| | Rossford Exempted Village School District COP | 5.000% | 12/1/37 | 900 | 993 |
| | Rossford Exempted Village School District COP | 4.000% | 12/1/42 | 670 | 649 |
| | Rossford Exempted Village School District COP | 4.000% | 12/1/47 | 1,000 | 950 |
| | Rossford Exempted Village School District COP | 4.125% | 12/1/51 | 900 | 863 |
| | Rossford Exempted Village School District GO | 4.000% | 12/1/53 | 2,180 | 2,049 |
| | Sharonville OH Income Tax Revenue | 4.000% | 12/1/39 | 550 | 552 |
| | Sharonville OH Income Tax Revenue | 4.000% | 12/1/40 | 560 | 560 |
| | Sharonville OH Income Tax Revenue | 4.000% | 12/1/41 | 550 | 547 |
| | Sharonville OH Income Tax Revenue | 4.000% | 12/1/42 | 750 | 731 |
| 3 | Sharonville OH Special Obligation Revenue | 4.000% | 12/1/29 | 1,400 | 1,505 |
| 3 | Sharonville OH Special Obligation Revenue | 4.000% | 12/1/31 | 1,510 | 1,623 |
| 3 | Sharonville OH Special Obligation Revenue | 4.000% | 12/1/32 | 1,565 | 1,661 |
| 3 | Southeast Local School District/Wayne County COP | 4.000% | 12/1/36 | 350 | 360 |
| 3 | Southeast Local School District/Wayne County COP | 4.000% | 12/1/37 | 350 | 357 |
| | Southwest Licking Local School District GO | 4.000% | 11/1/34 | 500 | 521 |
| | Southwest Licking Local School District GO | 3.375% | 11/1/47 | 120 | 100 |
| | Southwest Local School District/Hamilton County GO | 5.000% | 1/15/30 | 1,295 | 1,430 |
| | Southwest Local School District/Hamilton County GO | 4.000% | 1/15/43 | 3,000 | 2,965 |
| | Southwest Local School District/Hamilton County GO | 4.000% | 1/15/55 | 2,850 | 2,704 |
| | South-Western City School District GO | 3.000% | 12/1/33 | 250 | 238 |
| | South-Western City School District GO | 3.000% | 12/1/34 | 75 | 70 |
| | South-Western City School District GO | 3.000% | 12/1/35 | 145 | 134 |
| | Streetsboro City School District GO | 4.000% | 12/1/49 | 1,865 | 1,793 |
| | Summit County Green Local School District GO | 5.000% | 11/1/52 | 1,000 | 1,054 |
| | Summit County OH GO | 4.000% | 12/1/25 | 1,000 | 1,038 |
| | Summit County OH GO | 4.000% | 12/1/26 | 1,000 | 1,048 |
| | Summit County OH GO | 4.000% | 12/1/27 | 1,100 | 1,163 |
| | Summit County OH GO | 5.000% | 12/1/28 | 1,400 | 1,570 |
| | Summit County OH GO | 5.000% | 12/1/29 | 1,500 | 1,708 |
| | Summit County OH GO | 5.000% | 12/1/30 | 1,000 | 1,155 |
| | Toledo OH Water System Water Revenue | 5.000% | 11/15/37 | 5,040 | 5,619 |
| | Toledo-Lucas County Port Authority Auto Parking Revenue (University of Toledo Parking Project) | 4.000% | 1/1/57 | 2,000 | 1,477 |
| | Toledo-Lucas County Port Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/34 | 950 | 932 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Toledo-Lucas County Port Authority Local or Guaranteed Housing Revenue | 5.000% | 7/1/39 | 950 | 909 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 4.000% | 12/1/29 | 365 | 380 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 4.000% | 12/1/30 | 375 | 391 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 4.000% | 12/1/31 | 530 | 553 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 4.000% | 12/1/32 | 400 | 418 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 4.000% | 12/1/33 | 435 | 453 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 3.000% | 12/1/34 | 315 | 285 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 3.000% | 12/1/35 | 450 | 401 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 3.000% | 12/1/36 | 850 | 744 |
| 3 | Tuscarawas Valley Local School District (School Facilities Project) COP | 3.000% | 12/1/49 | 1,395 | 1,020 |
| | Union County OH GO | 5.000% | 12/1/27 | 215 | 236 |
| | Union County OH GO | 5.000% | 12/1/37 | 950 | 1,010 |
| | Union County OH GO | 5.000% | 12/1/38 | 615 | 653 |
| | Union County OH GO | 5.000% | 12/1/47 | 2,585 | 2,725 |
| | University of Akron College & University Revenue | 5.000% | 1/1/30 | 530 | 581 |
| | University of Cincinnati College & University Revenue | 3.500% | 6/1/32 | 1,230 | 1,221 |
| | University of Cincinnati College & University Revenue | 5.000% | 6/1/36 | 180 | 194 |
| | University of Cincinnati College & University Revenue | 3.000% | 6/1/39 | 1,530 | 1,293 |
| | University of Cincinnati College & University Revenue | 5.000% | 6/1/44 | 2,000 | 2,105 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/25 | 600 | 626 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/25 | 1,000 | 1,009 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/26 | 100 | 106 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/27 | 100 | 107 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/29 | 1,250 | 1,336 |
| | University of Toledo College & University Revenue | 5.000% | 6/1/30 | 1,230 | 1,349 |
| | Upper Arlington OH Nontax Special Obligation Revenue | 4.000% | 12/1/33 | 175 | 185 |
| | Upper Arlington OH Nontax Special Obligation Revenue | 4.000% | 12/1/34 | 150 | 156 |
| | Upper Arlington OH Nontax Special Obligation Revenue | 4.000% | 12/1/36 | 320 | 330 |
| | Upper Arlington OH Nontax Special Obligation Revenue | 4.000% | 12/1/51 | 3,000 | 2,866 |
| | Valley View Local School District GO | 3.000% | 11/1/51 | 1,225 | 903 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/26 | 350 | 360 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 225 | 237 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/28 | 830 | 897 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/29 | 145 | 149 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/30 | 800 | 873 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/31 | 870 | 891 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/32 | 1,070 | 1,156 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/36 | 1,000 | 977 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/37 | 1,000 | 970 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/39 | 500 | 478 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 5.000% | 7/1/39 | 760 | 769 |
| | Warren County OH Health, Hospital, Nursing Home Revenue | 4.000% | 7/1/45 | 2,175 | 2,019 |
| 3 | Warrensville Heights City School District GO | 5.000% | 12/1/34 | 115 | 119 |
| | West Carrollton City School District GO | 3.000% | 12/1/39 | 1,125 | 950 |
| | West Carrollton City School District GO | 4.000% | 12/1/56 | 1,580 | 1,447 |
| | Westerville City School District (School Facilities Project) COP | 5.000% | 12/1/36 | 475 | 509 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Westfall Local School District GO | 4.000% | 12/1/31 | 100 | 108 |
| | Westfall Local School District GO | 4.000% | 12/1/33 | 200 | 212 |
| | Westfall Local School District GO | 4.000% | 12/1/36 | 250 | 259 |
| | Westfall Local School District GO | 4.000% | 12/1/38 | 220 | 223 |
| | Westfall Local School District GO | 2.375% | 12/1/50 | 425 | 281 |
| | Wickliffe City School District GO | 3.000% | 12/1/39 | 400 | 337 |
| | Wickliffe City School District GO | 3.000% | 12/1/40 | 215 | 178 |
| | Wickliffe City School District GO | 4.000% | 12/1/50 | 3,080 | 2,938 |
| | Winton Woods City School District GO | 0.000% | 11/1/29 | 885 | 700 |
| | Winton Woods City School District GO | 0.000% | 11/1/30 | 1,005 | 765 |
| | Winton Woods City School District GO | 0.000% | 11/1/31 | 1,020 | 745 |
| | Winton Woods City School District GO | 0.000% | 11/1/32 | 1,140 | 799 |
| 3 | Winton Woods City School District GO | 4.000% | 11/1/53 | 3,000 | 2,829 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/28 | 570 | 626 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/29 | 595 | 663 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/30 | 240 | 270 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/31 | 840 | 923 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/31 | 245 | 279 |
| 3 | Wright State University College & University Revenue | 5.000% | 5/1/32 | 265 | 304 |
| | Wynford Local School District GO | 3.750% | 11/1/54 | 325 | 267 |
| 4 | Youngstown State University College & University Revenue | 4.000% | 12/15/30 | 250 | 267 |
| 4 | Youngstown State University College & University Revenue | 4.000% | 12/15/31 | 1,160 | 1,235 |
| 4 | Youngstown State University College & University Revenue | 4.000% | 12/15/32 | 1,250 | 1,323 |
| 4 | Youngstown State University College & University Revenue | 3.000% | 12/15/33 | 3,045 | 2,876 |
| | | | | | 1,284,968 |
| Guam (0.0%) |
| | Guam Miscellaneous Taxes Revenue | 4.000% | 1/1/42 | 205 | 178 |
| Puerto Rico (0.8%) |
| | Commonwealth of Puerto Rico GO | 5.375% | 7/1/25 | 539 | 546 |
| | Commonwealth of Puerto Rico GO | 5.625% | 7/1/27 | 3,169 | 3,242 |
| | Commonwealth of Puerto Rico GO | 5.625% | 7/1/29 | 322 | 329 |
| | Commonwealth of Puerto Rico GO | 5.750% | 7/1/31 | 918 | 942 |
| | Commonwealth of Puerto Rico GO | 0.000% | 7/1/33 | 405 | 222 |
| | Commonwealth of Puerto Rico GO | 4.000% | 7/1/35 | 185 | 157 |
| | Commonwealth of Puerto Rico GO | 4.000% | 7/1/46 | 54 | 41 |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/24 | 184 | 171 |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/27 | 1,072 | 863 |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/29 | 950 | 690 |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 0.000% | 7/1/31 | 70 | 45 |
Ohio Long-Term Tax-Exempt Fund
| | | Coupon | Maturity
Date | Face
Amount
($000) | Market
Value•
($000) |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/40 | 3,155 | 2,850 |
| | | | | | 10,098 |
| Total Tax-Exempt Municipal Bonds (Cost $1,398,051) | 1,295,244 |
| Total Investments (100.1%) (Cost $1,398,051) | 1,295,244 |
| Other Assets and Liabilities—Net (-0.1%) | (1,640) |
| Net Assets (100%) | 1,293,604 |
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| 1 | Securities with a value of $367,000 have been segregated as initial margin for open futures contracts. |
| 2 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 3 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 4 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 5 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, the aggregate value was $15,806,000, representing 1.2% of net assets. |
| 6 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 7 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 8 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2022. |
| 9 | Step bond. |
| | BAN—Bond Anticipation Note. |
| | COP—Certificate of Participation. |
| | ETM—Escrowed to Maturity. |
| | GO—General Obligation Bond. |
| | Prere.—Prerefunded. |
| | PUT—Put Option Obligation. |
| | TOB—Tender Option Bond. |
| | VRDO—Variable Rate Demand Obligation. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts |
| | | | ($000) |
| | Expiration | Number of
Long (Short)
Contracts | Notional
Amount | Value and
Unrealized
Appreciation
(Depreciation) |
| Long Futures Contracts | | | | |
| 2-Year U.S. Treasury Note | March 2023 | 85 | 17,456 | 46 |
| |
| Short Futures Contracts | | | | |
| Ultra Long U.S. Treasury Bond | March 2023 | (36) | (4,906) | (23) |
| | | | | 23 |
See accompanying Notes, which are an integral part of the Financial Statements.
Ohio Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
|
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $1,398,051) | 1,295,244 |
| Investment in Vanguard | 48 |
| Cash | 54 |
| Receivables for Investment Securities Sold | 7,810 |
| Receivables for Accrued Income | 17,719 |
| Receivables for Capital Shares Issued | 691 |
| Variation Margin Receivable—Futures Contracts | 77 |
| Other Assets | 30 |
| Total Assets | 1,321,673 |
| Liabilities | |
| Payables for Investment Securities Purchased | 21,063 |
| Payables for Capital Shares Redeemed | 6,086 |
| Payables for Distributions | 851 |
| Payables to Vanguard | 69 |
| Total Liabilities | 28,069 |
| Net Assets | 1,293,604 |
| At November 30, 2022, net assets consisted of: | |
| | |
| Paid-in Capital | 1,420,111 |
| Total Distributable Earnings (Loss) | (126,507) |
| Net Assets | 1,293,604 |
| |
| Net Assets | |
Applicable to 113,595,064 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) | 1,293,604 |
| Net Asset Value Per Share | $11.39 |
See accompanying Notes, which are an integral part of the Financial Statements.
Ohio Long-Term Tax-Exempt Fund
|
| | Year Ended
November 30, 2022 |
| | ($000) |
| Investment Income | |
| Income | |
| Interest | 40,224 |
| Total Income | 40,224 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 83 |
| Management and Administrative | 1,636 |
| Marketing and Distribution | 112 |
| Custodian Fees | 21 |
| Auditing Fees | 30 |
| Shareholders’ Reports | 39 |
| Trustees’ Fees and Expenses | 1 |
| Other Expenses | 15 |
| Total Expenses | 1,937 |
| Expenses Paid Indirectly | (3) |
| Net Expenses | 1,934 |
| Net Investment Income | 38,290 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold | (24,437) |
| Futures Contracts | 1,256 |
| Realized Net Gain (Loss) | (23,181) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities | (200,706) |
| Futures Contracts | 44 |
| Change in Unrealized Appreciation (Depreciation) | (200,662) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (185,553) |
See accompanying Notes, which are an integral part of the Financial Statements.
Ohio Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
|
| | Year Ended November 30, |
| | 2022
($000) | 2021
($000) |
| | | |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net Investment Income | 38,290 | 40,687 |
| Realized Net Gain (Loss) | (23,181) | 14,062 |
| Change in Unrealized Appreciation (Depreciation) | (200,662) | (11,887) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (185,553) | 42,862 |
| Distributions | | |
| Total Distributions | (51,684) | (52,499) |
| Capital Share Transactions | | |
| Issued | 283,630 | 300,102 |
| Issued in Lieu of Cash Distributions | 37,958 | 38,791 |
| Redeemed | (532,989) | (170,554) |
| Net Increase (Decrease) from Capital Share Transactions | (211,401) | 168,339 |
| Total Increase (Decrease) | (448,638) | 158,702 |
| Net Assets | | |
| Beginning of Period | 1,742,242 | 1,583,540 |
| End of Period | 1,293,604 | 1,742,242 |
See accompanying Notes, which are an integral part of the Financial Statements.
Ohio Long-Term Tax-Exempt Fund
For a Share Outstanding
Throughout Each Period | Year Ended November 30, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| Net Asset Value, Beginning of Period | $13.21 | $13.29 | $12.89 | $12.19 | $12.56 |
| Investment Operations | | | | | |
| Net Investment Income1 | .308 | .320 | .355 | .387 | .402 |
| Net Realized and Unrealized Gain (Loss) on Investments | (1.718) | .018 | .488 | .730 | (.304) |
| Total from Investment Operations | (1.410) | .338 | .843 | 1.117 | .098 |
| Distributions | | | | | |
| Dividends from Net Investment Income | (.307) | (.320) | (.354) | (.387) | (.402) |
| Distributions from Realized Capital Gains | (.103) | (.098) | (.089) | (.030) | (.066) |
| Total Distributions | (.410) | (.418) | (.443) | (.417) | (.468) |
| Net Asset Value, End of Period | $11.39 | $13.21 | $13.29 | $12.89 | $12.19 |
| Total Return2 | -10.81% | 2.59% | 6.68% | 9.28% | 0.79% |
| Ratios/Supplemental Data | | | | | |
| Net Assets, End of Period (Millions) | $1,294 | $1,742 | $1,584 | $1,409 | $1,168 |
| Ratio of Total Expenses to Average Net Assets | 0.13%3 | 0.13% | 0.13% | 0.13% | 0.13% |
| Ratio of Net Investment Income to Average Net Assets | 2.58% | 2.42% | 2.73% | 3.05% | 3.26% |
| Portfolio Turnover Rate | 86% | 43% | 30% | 26% | 39% |
| 1 | Calculated based on average units outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.13%. |
See accompanying Notes, which are an integral part of the Financial Statements.
Ohio Long-Term Tax-Exempt Fund
Notes to Financial Statements
Vanguard Ohio Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates.
Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended November 30, 2022, the fund’s average investments in long and short futures contracts represented 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
Ohio Long-Term Tax-Exempt Fund
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended November 30, 2022, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
| B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2022, the fund had contributed to Vanguard capital in the amount of
Ohio Long-Term Tax-Exempt Fund
$48,000, representing less than 0.01% of the fund’s net assets and 0.02% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2022, custodian fee offset arrangements reduced the fund’s expenses by $3,000 (an annual rate of less than 0.01% of average net assets). |
| D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2022, based on the inputs used to value them:
| | Level 1
($000) | Level 2
($000) | Level 3
($000) | Total
($000) |
| Investments | | | | |
| Assets | | | | |
| Tax-Exempt Municipal Bonds | — | 1,295,244 | — | 1,295,244 |
| Derivative Financial Instruments | | | | |
| Assets | | | | |
| Futures Contracts1 | 46 | — | — | 46 |
| Liabilities | | | | |
| Futures Contracts1 | 23 | — | — | 23 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
| E. | Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the inclusion of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities.
Ohio Long-Term Tax-Exempt Fund
As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| | Amount
($000) |
| Undistributed Ordinary Income | 854 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | (23,735) |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | (102,786) |
The tax character of distributions paid was as follows:
| | Year Ended November 30, |
| | 2022
Amount
($000) | 2021
Amount
($000) |
| Tax-Exempt Income | 38,143 | 40,611 |
| Ordinary Income* | 2,980 | 2,205 |
| Long-Term Capital Gains | 10,561 | 9,683 |
| Total | 51,684 | 52,499 |
| * | Includes short-term capital gains, if any. |
As of November 30, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| | Amount
($000) |
| Tax Cost | 1,398,030 |
| Gross Unrealized Appreciation | 3,331 |
| Gross Unrealized Depreciation | (106,117) |
| Net Unrealized Appreciation (Depreciation) | (102,786) |
| F. | During the year ended November 30, 2022, the fund purchased $1,289,451,000 of investment securities and sold $1,506,281,000 of investment securities, other than temporary cash investments. |
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2022, such purchases were $279,025,000 and sales were $232,150,000, resulting in net realized gain of $12,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
Ohio Long-Term Tax-Exempt Fund
| G. | Capital shares issued and redeemed were: |
| | Year Ended November 30, |
| | 2022
Shares
(000) | 2021
Shares
(000) |
| | | |
| Issued | 24,068 | 22,655 |
| Issued in Lieu of Cash Distributions | 3,122 | 2,934 |
| Redeemed | (45,458) | (12,909) |
| Net Increase (Decrease) in Shares Outstanding | (18,268) | 12,680 |
| H. | Management has determined that no events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in these financial statements. |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Ohio Tax-Free Funds and Shareholders of Vanguard Ohio Long-Term Tax-Exempt Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Ohio Long-Term Tax-Exempt Fund (the "Fund”) as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2023
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Tax information (unaudited)
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $10,561,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund designates 100% of its income dividends as exempt-interest dividends.
"Bloomberg®" and Bloomberg OH Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The Ohio Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Ohio Long-Term Tax-Exempt Fund or any member of the public regarding the advisability of investing in securities generally or in the Ohio Long-Term Tax-Exempt Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg OH Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the Ohio Long-Term Tax-Exempt Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the Ohio Long-Term Tax-Exempt Fund into consideration in determining, composing or calculating the Bloomberg OH Municipal Bond Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Ohio Long-Term Tax-Exempt Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Ohio Long-Term Tax-Exempt Fund customers, in connection with the administration, marketing or trading of the Ohio Long-Term Tax-Exempt Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG OH MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE OHIO LONG-TERM TAX-EXEMPT FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG OH MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG OH MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE OHIO LONG-TERM TAX-EXEMPT FUND OR BLOOMBERG OH MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2023 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2023, Bloomberg. All rights reserved.
This page intentionally left blank.
The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 206 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA. Trustee and vice chair of The Shipley School.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal (2002–2006), the advisory board of the University of California, Berkeley School of Engineering (2020–present), and the advisory board of Santa Clara University’s Leavey School of Business (2018–present).
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology
1 Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: adjunct professor of finance at the University of Notre Dame (2020–present). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Assistant professor (retired June 2020) of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of superintendence of the Institute for the Works of Religion, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law (2021–present), professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and
Rubenstein Fellow (2017–2020) at Duke University. Trustee (2017–present) of Amherst College and member of Amherst College Investment Committee (2019–present). Member of the Regenerative Crisis Response Committee (2020–present).
David A. Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company (2013–present). Trustee of Common Fund (2019–present).
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street Corporation.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
| Matthew Benchener | Thomas M. Rampulla |
| Joseph Brennan | Karin A. Risi |
| Mortimer J. Buckley | Anne E. Robinson |
| Gregory Davis | Michael Rollings |
| John James | Nitin Tandon |
| Chris D. Mclsaac | Lauren Valente |
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
CFA® is a registered trademark owned by CFA Institute.
© 2023 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q960 012023
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended November 30, 2022: $30,000
Fiscal Year Ended November 30, 2021: $30,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended November 30, 2022: $10,494,508
Fiscal Year Ended November 30, 2021: $11,244,694
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended November 30, 2022: $2,757,764
Fiscal Year Ended November 30, 2021: $2,955,181
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended November 30, 2022: $5,202,689
Fiscal Year Ended November 30, 2021: $2,047,574
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended November 30, 2022: $298,000
Fiscal Year Ended November 30, 2021: $280,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended November 30, 2022: $5,500,689
Fiscal Year Ended November 30, 2021: $2,327,574
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | VANGUARD OHIO TAX-FREE FUNDS | |
| | |
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| | | |
| | MORTIMER J. BUCKLEY | |
| | CHIEF EXECUTIVE OFFICER | |
Date: January 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | VANGUARD OHIO TAX-FREE FUNDS | |
| | |
| BY: | /s/ MORTIMER J. BUCKLEY* | |
| | | |
| | MORTIMER J. BUCKLEY | |
| | CHIEF EXECUTIVE OFFICER | |
Date: January 23, 2023
| | VANGUARD OHIO TAX-FREE FUNDS | |
| | |
| BY: | /s/ CHRISTINE BUCHANAN* | |
| | | |
| | CHRISTINE BUCHANAN | |
| | CHIEF FINANCIAL OFFICER | |
Date: January 23, 2023
| * By: | /s/ Anne E. Robinson | |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.
