0001752724-21-248702.txt : 20211122 0001752724-21-248702.hdr.sgml : 20211122 20211122135217 ACCESSION NUMBER: 0001752724-21-248702 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211122 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MUNICIPAL TRUST CENTRAL INDEX KEY: 0000035373 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02628 FILM NUMBER: 211431430 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL BOND FUND/MA/ DATE OF NAME CHANGE: 19860327 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19850503 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND 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535000.00000000 PA USD 639709.34000000 0.088651209010 Long DBT MUN US N 2 2026-11-15 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 7/1/2038Q 67756DUJ3 2500000.00000000 PA USD 3109744.25000000 0.430949761456 Long DBT MUN US N 2 2038-07-01 Fixed 0.05000000 N N N N N N BUCKEYE OH TOB SETTLEMENT FING AUTH N/A BUCKEYE TOBAC 5% 6/1/2036 118217CS5 2000000.00000000 PA USD 2512764.80000000 0.348220079884 Long DBT MUN US N 2 2036-06-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 7/1/2035 67756DNZ5 1550000.00000000 PA USD 1848791.33000000 0.256206336789 Long DBT MUN US N 2 2035-07-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 12/01/35 Q 67756DQV1 1000000.00000000 PA USD 1224749.80000000 0.169726379959 Long DBT MUN US N 2 2035-12-01 Fixed 0.05000000 N N N N N N MONTGOMERY CNTY OH HOSP REV N/A MONTGMRY OH HSP 5% 8/1/2039 613520ND3 1100000.00000000 PA USD 1418835.22000000 0.196622825045 Long DBT MUN US N 2 2039-08-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2039 67759HNY6 1000000.00000000 PA USD 1295681.40000000 0.179556113096 Long DBT MUN US N 2 2039-04-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2035 67759HJX3 2395000.00000000 PA USD 2867587.39000000 0.397391554522 Long DBT MUN US N 2 2035-04-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 12/01/36 Q 67756DQW9 1000000.00000000 PA USD 1222506.80000000 0.169415544007 Long DBT MUN US N 2 2036-12-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 4% 10/1/2049 67756DUG9 3270000.00000000 PA USD 3629993.32000000 0.503046112342 Long DBT MUN US N 2 2049-10-01 Fixed 0.04000000 N N N N N N UNIVERSITY CINCINNATI OH GEN N/A UNIV CINCI 4% 6/1/2028 9141194L3 10000.00000000 PA USD 10359.49000000 0.001435622798 Long DBT MUN US N 2 2028-06-01 Fixed 0.04000000 N N N N N N ALLEN CNTY OHIO PORT AUTH ECONOMIC DEV REV N/A ALLEN CNTY OHO 4% 12/1/2035 01757TAB5 1300000.00000000 PA USD 1466747.75000000 0.203262565074 Long DBT MUN US N 2 2035-12-01 Fixed 0.04000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 11/1/2030 67756DYT7 300000.00000000 PA USD 395397.33000000 0.054794340416 Long DBT MUN US N 2 2030-11-01 Fixed 0.05000000 N N N N N N WOOD CNTY OHIO HOSP FACS REV N/A WOOD CNTY OH HO 5% 12/1/2042 978303BR5 40000.00000000 PA USD 42124.07000000 0.005837572629 Long DBT MUN US N 2 2042-12-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2037 67759HNW0 1680000.00000000 PA USD 2188290.22000000 0.303254246167 Long DBT MUN US N 2 2037-04-01 Fixed 0.05000000 N N N N N N CLEVELAND OH ARPT SYS REV N/A CLEVELAND ARPT 5% 1/1/2043@ 186352RU6 1750000.00000000 PA USD 2109379.13000000 0.292318711705 Long DBT MUN US N 2 2043-01-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 2/1/2027 67759HLS1 1325000.00000000 PA USD 1618599.46000000 0.224306243569 Long DBT MUN US N 2 2027-02-01 Fixed 0.05000000 N N N N N N MONTGOMERY CNTY OH HOSP REV N/A MONTGMRY OH HSP 4% 8/1/2051 613520NH4 2000000.00000000 PA USD 2332631.60000000 0.323257139742 Long DBT MUN US N 2 2051-08-01 Fixed 0.04000000 N N N N N N OHIO ST HOSP REV N/A OHIO ST HOSP RE 5% 1/15/2041 67756CCU0 5000000.00000000 PA USD 5778773.00000000 0.800824970047 Long DBT MUN US N 2 2041-01-15 Fixed 0.05000000 N N N N N N OHIO ST HOSP FAC REV ACTING N/A OH HOSP DA 5% 1/1/2032 Q 677561LZ3 1580000.00000000 PA USD 2121756.25000000 0.294033938580 Long DBT MUN US N 2 2032-01-01 Fixed 0.05000000 N N N N N N CITY OF CLEVELAND OH WATER POLLUTION CONTROL N/A CLEV OH WTR POL 5% 11/15/36 186423AV1 450000.00000000 PA USD 524977.65000000 0.072751639636 Long DBT MUN US N 2 2036-11-15 Fixed 0.05000000 N N N N N N LAKEWOOD OH CITY SCH DIST N/A LAKEWOOD OH CSD 5% 12/1/2025 512624QH3 1300000.00000000 PA USD 1489029.49000000 0.206350378657 Long DBT MUN US N 2 2025-12-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2039 67759HML5 1865000.00000000 PA USD 2370731.12000000 0.328536988416 Long DBT MUN US N 2 2039-04-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 12/1/2038 67756DVL7 1100000.00000000 PA USD 1386751.41000000 0.192176636177 Long DBT MUN US N 2 2038-12-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 9/1/2033 67756DSC1 1445000.00000000 PA USD 1779089.35000000 0.246547004948 Long DBT MUN US N 2 2033-09-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 12/1/25 67756A7S5 1000000.00000000 PA USD 1054375.30000000 0.146115804867 Long DBT MUN US N 2 2025-12-01 Fixed 0.05000000 N N N N N N ALLEN CNTY OH HOSP FACS REV N/A ALLEN CNTY HOSP 4% 8/1/2036 01757LGB6 5000000.00000000 PA USD 5768347.00000000 0.799380130262 Long DBT MUN US N 2 2036-08-01 Fixed 0.04000000 N N N N N N CLEVELAND OH WTR REV N/A CLEVE OH WTR 5% 1/1/2030 186427GH7 2000000.00000000 PA USD 2612423.40000000 0.362030813644 Long DBT MUN US N 2 2030-01-01 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2034 67759HJW5 1000000.00000000 PA USD 1199332.50000000 0.166204039056 Long DBT MUN US N 2 2034-04-01 Fixed 0.05000000 N N N N N N AKRON OH INCOME TAX REV N/A AKRON OH INC 4% 12/1/2033 Q 010056MU0 1300000.00000000 PA USD 1503867.56000000 0.208406645094 Long DBT MUN US N 2 2033-12-01 Fixed 0.04000000 N N N N N N UNIVERSITY TOLEDO OH GEN RECPT N/A UNIV TOLEDO 5% 6/1/2026 915138PJ4 600000.00000000 PA USD 712160.46000000 0.098691517913 Long DBT MUN US N 2 2026-06-01 Fixed 0.05000000 N N N N N N CLEVELAND OH WTR REV N/A CLEVE OH WTR 5% 1/1/2031 186427GJ3 2250000.00000000 PA USD 2913292.58000000 0.403725400377 Long DBT MUN US N 2 2031-01-01 Fixed 0.05000000 N N N N N N MIAMISBURG OH CTY SCH DIST N/A MIAMISBURG OH C 5% 12/1/28 593881LB9 500000.00000000 PA USD 588996.45000000 0.081623393829 Long DBT MUN US N 2 2028-12-01 Fixed 0.05000000 N N N N N N OHIO ST TPK COMMN TPK REV N/A OH TPK 0% 2/15/2037 67760HKN0 400000.00000000 PA USD 159986.92000000 0.022171059568 Long DBT MUN US N 2 2037-02-15 Fixed 0.00000000 N N N N N N MONTGOMERY CNTY OH HOSP REV N/A MONTGMRY OH HSP 5% 8/1/2036 613520NA9 1225000.00000000 PA USD 1593266.73000000 0.220795622414 Long DBT MUN US N 2 2036-08-01 Fixed 0.05000000 N N N N N N BUCKEYE OH TOB SETTLEMENT FING AUTH N/A BUCKEYE TOBAC 4% 6/1/2048 118217CX4 5750000.00000000 PA USD 6393932.15000000 0.886074002648 Long DBT MUN US N 2 2048-06-01 Fixed 0.04000000 N N N N N N CUYAHOGA CNTY OH ECON DEV REV N/A CUYAHOGA OH EDR 5% 1/1/2031 232263KF9 525000.00000000 PA USD 646828.46000000 0.089637779872 Long DBT MUN US N 2 2031-01-01 Fixed 0.05000000 N N N N N N WRIGHT ST UNIV OH GEN RCPTS N/A WRIGHT UNIV OH 5% 5/1/2027 Q 982354FQ0 545000.00000000 PA USD 647222.54000000 0.089692391656 Long DBT MUN US N 2 2027-05-01 Fixed 0.05000000 N N N N N N OLENTANGY LOC SCH DIST OH N/A OLENTANGY OH SD 5% 12/1/2032Q 680616C49 1275000.00000000 PA USD 1502515.97000000 0.208219341142 Long DBT MUN US N 2 2032-12-01 Fixed 0.05000000 N N N N N N SCIOTO CNTY OH HSP FACS REV N/A SCIOTO OH HSP 5% 2/15/2030 808878GV8 3860000.00000000 PA USD 4520095.51000000 0.626396875496 Long DBT MUN US N 2 2030-02-15 Fixed 0.05000000 N N N N N N HAMILTON CNTY OH HOSP FACS REV N/A HAMILTON HOSP 5% 2/1/2044 407272S53 775000.00000000 PA USD 845452.62000000 0.117163205595 Long DBT MUN US N 2 2044-02-01 Fixed 0.05000000 N N N N N N WRIGHT ST UNIV OH GEN RCPTS N/A WRIGHT UNIV OH 5% 5/1/2026 Q 982354FP2 520000.00000000 PA USD 603452.10000000 0.083626664329 Long DBT MUN US N 2 2026-05-01 Fixed 0.05000000 N N N N N N MIAMI CNTY OH HOSP FACS REV N/A MIAMI OH HSP 5% 8/1/2049 593328FQ5 1750000.00000000 PA USD 2118940.60000000 0.293643744533 Long DBT MUN US N 2 2049-08-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 7/1/2039Q 67756DUK0 2640000.00000000 PA USD 3275650.75000000 0.453941159092 Long DBT MUN US N 2 2039-07-01 Fixed 0.05000000 N N N N N N AKRON BATH COPLEY HSP DIST OH N/A AKRON BATH HSP 5.25% 11/15/2032 009730NU2 1000000.00000000 PA USD 1189770.70000000 0.164878960497 Long DBT MUN US N 2 2032-11-15 Fixed 0.05250000 N N N N N N WRIGHT ST UNIV OH GEN RCPTS N/A WRIGHT UNIV OH 5% 5/1/2025 Q 982354FN7 490000.00000000 PA USD 552886.01000000 0.076619192759 Long DBT MUN US N 2 2025-05-01 Fixed 0.05000000 N N N N N N CLEVELAND OH PUB PWR SYS REV N/A CLEVELND OH PWR 5% 11/15/2036 186398LM3 1000000.00000000 PA USD 1214771.60000000 0.168343596501 Long DBT MUN US N 2 2036-11-15 Fixed 0.05000000 N N N N N N OHIO ST SPL OBLIG N/A OHIO ST SPL OBL 5% 4/1/2029 67759HJR6 2535000.00000000 PA USD 3075524.36000000 0.426207553658 Long DBT MUN US N 2 2029-04-01 Fixed 0.05000000 N N N N N N CLEVELAND OH PUB PWR SYS REV N/A CLEVELND OH PWR 5% 11/15/2025 186398LA9 200000.00000000 PA USD 235632.34000000 0.032654036007 Long DBT MUN US N 2 2025-11-15 Fixed 0.05000000 N N N N N N CLEVELAND OHIO INCOME TAX REV N/A CLEVELAND OH IN 5% 10/1/2039 186387VA1 2040000.00000000 PA USD 2497655.84000000 0.346126273389 Long DBT MUN US N 2 2039-10-01 Fixed 0.05000000 N N N N N N SCIOTO CNTY OH HSP FACS REV N/A SCIOTO OH HSP 5% 2/15/2028 808878GT3 5030000.00000000 PA USD 5927622.61000000 0.821452616170 Long DBT MUN US N 2 2028-02-15 Fixed 0.05000000 N N N N N N NORTH OLMSTED OH CITY SCH DIST N/A N OLMSTED OH SD 5% 12/1/2028 661309HC1 365000.00000000 PA USD 402461.92000000 0.055773354487 Long DBT MUN US N 2 2028-12-01 Fixed 0.05000000 N N N N N N OHIO ST HIGHER EDL FAC COMMN N/A OH HI ED COM 5% 7/1/2031 67756DNV4 400000.00000000 PA USD 481163.72000000 0.066679885445 Long DBT MUN US N 2 2031-07-01 Fixed 0.05000000 N N N N N N 2021-10-30 Laura M. Del Prato Laura M. Del Prato Laura M. Del Prato President and Treasurer XXXX NPORT-EX 2 QTLY_188_20210930.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity® Ohio Municipal Income Fund
September 30, 2021
OFR-NPRT3-1121
1.807742.117
Municipal Bonds - 98.0%
 
 
Principal
Amount (a)
 
Value ($)
 
Guam - 0.4%
 
 
 
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:
 
 
 
 6.25% 10/1/34 (b)
 
545,000
592,829
 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (b)
 
355,000
395,855
 6.375% 10/1/43 (b)
 
355,000
385,713
 6.375% 10/1/43 (Pre-Refunded to 10/1/23 @ 100) (b)
 
380,000
424,673
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured)
 
1,000,000
1,044,935
TOTAL GUAM
 
 
2,844,005
Ohio - 97.6%
 
 
 
Akron Bath Copley Hosp. District Rev.:
 
 
 
 (Children's Hosp. Med. Ctr. Proj.) Series 2012:
 
 
 
5% 11/15/22
 
 
1,000,000
1,029,034
5% 11/15/23
 
 
3,270,000
3,364,582
 (Summa Health Sys.) Series 2016, 5% 11/15/25
 
1,000,000
1,164,412
 Series 2016:
 
 
 
5% 11/15/22
 
 
2,020,000
2,119,370
5% 11/15/23
 
 
1,000,000
1,091,521
5% 11/15/26
 
 
535,000
639,709
5.25% 11/15/32
 
 
1,000,000
1,189,771
5.25% 11/15/34
 
 
1,500,000
1,778,309
5.25% 11/15/41
 
 
10,545,000
12,427,095
5.25% 11/15/46
 
 
2,650,000
3,120,574
Akron Income Tax Rev. Series 2022:
 
 
 
 4% 12/1/22 (c)
 
1,025,000
1,051,579
 4% 12/1/23 (c)
 
1,025,000
1,085,973
 4% 12/1/24 (c)
 
1,075,000
1,170,789
 4% 12/1/25 (c)
 
1,400,000
1,561,411
 4% 12/1/26 (c)
 
1,120,000
1,272,295
 4% 12/1/27 (c)
 
1,180,000
1,359,877
 4% 12/1/28 (c)
 
1,380,000
1,613,750
 4% 12/1/29 (c)
 
1,500,000
1,770,321
 4% 12/1/30 (c)
 
1,210,000
1,418,521
 4% 12/1/31 (c)
 
1,105,000
1,285,968
 4% 12/1/32
 
1,285,000
1,491,088
 4% 12/1/33 (c)
 
1,300,000
1,503,868
Allen County Hosp. Facilities Rev.:
 
 
 
 (Mercy Health) Series 2017 A:
 
 
 
4% 8/1/36
 
 
5,000,000
5,768,347
5% 8/1/42
 
 
4,175,000
5,014,938
 Series 2020 A:
 
 
 
4% 12/1/40
 
 
7,000,000
8,201,967
5% 12/1/35
 
 
750,000
962,602
American Muni. Pwr., Inc. Rev.:
 
 
 
 (Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41
 
3,005,000
3,494,119
 (Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28
 
3,995,000
4,402,378
Beavercreek City School District Series 2015, 5% 12/1/29 (Pre-Refunded to 12/1/24 @ 100)
 
1,500,000
1,720,928
Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42
 
1,000,000
1,151,994
Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2:
 
 
 
 4% 6/1/37
 
2,000,000
2,323,417
 4% 6/1/38
 
1,000,000
1,158,257
 4% 6/1/39
 
1,000,000
1,154,818
 4% 6/1/48
 
5,750,000
6,393,932
 5% 6/1/27
 
1,000,000
1,213,977
 5% 6/1/35
 
2,000,000
2,518,247
 5% 6/1/36
 
2,000,000
2,512,765
Butler County Hosp. Facilities Rev. Series 2016 X, 5% 5/15/32
 
3,950,000
5,310,757
Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47
 
8,535,000
10,152,627
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) Series 2014, 5% 12/15/26 (Pre-Refunded to 12/15/24 @ 100)
 
4,000,000
4,596,358
Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29 (Pre-Refunded to 6/1/25 @ 100)
 
4,285,000
5,037,265
Cleveland Arpt. Sys. Rev.:
 
 
 
 Series 2018 A:
 
 
 
5% 1/1/22 (b)
 
 
2,550,000
2,579,074
5% 1/1/43 (FSA Insured) (b)
 
 
1,750,000
2,109,379
5% 1/1/48 (FSA Insured) (b)
 
 
3,000,000
3,604,616
 Series 2019 B:
 
 
 
5% 1/1/22 (b)
 
 
1,000,000
1,011,401
5% 1/1/23 (b)
 
 
1,200,000
1,269,551
5% 1/1/24 (b)
 
 
1,200,000
1,320,925
5% 1/1/25 (b)
 
 
1,125,000
1,284,147
5% 1/1/26 (b)
 
 
710,000
835,231
5% 1/1/27 (b)
 
 
700,000
846,384
Cleveland Gen. Oblig.:
 
 
 
 Series 2012:
 
 
 
5% 12/1/25
 
 
25,000
26,368
5% 12/1/25 (Pre-Refunded to 12/1/22 @ 100)
 
 
2,325,000
2,455,449
 Series 2015:
 
 
 
5% 12/1/26
 
 
1,500,000
1,773,768
5% 12/1/27
 
 
2,000,000
2,357,790
5% 12/1/29
 
 
1,250,000
1,469,114
 Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)
 
1,885,000
2,082,555
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 (Pre-Refunded to 6/1/23 @ 100)
 
3,000,000
3,210,859
Cleveland Income Tax Rev. Series 2018 A:
 
 
 
 5% 10/1/29
 
600,000
748,088
 5% 10/1/30
 
420,000
521,982
 5% 10/1/31
 
650,000
807,307
 5% 10/1/33
 
600,000
743,590
 5% 10/1/36
 
700,000
862,282
 5% 10/1/39
 
2,040,000
2,497,656
 5% 10/1/43
 
5,000,000
6,076,483
Cleveland Muni. School District:
 
 
 
 Series 2013, 5% 12/1/24
 
1,255,000
1,322,924
 Series 2015 A:
 
 
 
5% 12/1/24
 
 
3,725,000
4,010,630
5% 12/1/27
 
 
1,750,000
1,881,154
Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016:
 
 
 
 5% 11/15/34
 
1,190,000
1,392,484
 5% 11/15/35
 
1,245,000
1,454,639
 5% 11/15/36
 
450,000
524,978
 5% 11/15/45
 
2,000,000
2,304,312
Cleveland Pub. Library Facilities Series 2019 A:
 
 
 
 4% 12/1/33
 
425,000
507,392
 4% 12/1/34
 
370,000
440,428
 4% 12/1/35
 
620,000
736,666
 4% 12/1/36
 
1,400,000
1,659,717
 4% 12/1/37
 
1,115,000
1,318,095
 4% 12/1/38
 
650,000
766,610
Cleveland Pub. Pwr. Sys. Rev.:
 
 
 
 Series 2018:
 
 
 
5% 11/15/23 (FSA Insured)
 
 
360,000
395,110
5% 11/15/24 (FSA Insured)
 
 
475,000
541,612
5% 11/15/25 (FSA Insured)
 
 
200,000
235,632
5% 11/15/26 (FSA Insured)
 
 
265,000
321,429
5% 11/15/27 (FSA Insured)
 
 
220,000
273,435
5% 11/15/28 (FSA Insured)
 
 
150,000
187,674
5% 11/15/29 (FSA Insured)
 
 
210,000
261,052
5% 11/15/30 (FSA Insured)
 
 
530,000
653,502
5% 11/15/32 (FSA Insured)
 
 
365,000
447,148
5% 11/15/34 (FSA Insured)
 
 
785,000
956,808
5% 11/15/36 (FSA Insured)
 
 
1,000,000
1,214,772
5% 11/15/38 (FSA Insured)
 
 
830,000
1,004,032
 Series 2020 A:
 
 
 
4% 11/15/35 (FSA Insured)
 
 
1,000,000
1,174,839
4% 11/15/36 (FSA Insured)
 
 
1,000,000
1,172,097
4% 11/15/37 (FSA Insured)
 
 
1,000,000
1,168,792
Cleveland State Univ. Gen. Receipts Series 2012:
 
 
 
 5% 6/1/24
 
1,920,000
1,934,074
 5% 6/1/25
 
2,500,000
2,518,244
 5% 6/1/26
 
3,075,000
3,097,141
Cleveland Wtr. Rev.:
 
 
 
 Series 2015 Y, 4% 1/1/28
 
650,000
699,055
 Series 2020:
 
 
 
5% 1/1/29
 
 
1,100,000
1,409,096
5% 1/1/30
 
 
2,000,000
2,612,423
5% 1/1/31
 
 
2,250,000
2,913,293
5% 1/1/32
 
 
1,000,000
1,289,664
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37
 
3,000,000
4,181,048
Columbus City School District Series 2016 A, 5% 12/1/31
 
5,000,000
5,952,311
Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28
 
5,000,000
5,403,821
Cuyahoga County Econ. Dev. Rev.:
 
 
 
 (The Cleveland Orchestra Proj.) Series 2019:
 
 
 
5% 1/1/29
 
 
325,000
400,969
5% 1/1/30
 
 
250,000
309,954
5% 1/1/31
 
 
525,000
646,828
5% 1/1/32
 
 
500,000
613,728
5% 1/1/33
 
 
400,000
489,580
5% 1/1/34
 
 
300,000
366,088
5% 1/1/35
 
 
500,000
608,552
5% 1/1/36
 
 
440,000
533,576
5% 1/1/37
 
 
400,000
483,792
5% 1/1/39
 
 
1,400,000
1,685,805
5% 1/1/40
 
 
1,620,000
1,946,978
 Series 2020 D:
 
 
 
5% 12/1/26
 
 
4,000,000
4,857,674
5% 12/1/27
 
 
2,500,000
3,105,564
Cuyahoga County Hosp. Rev. Series 2017:
 
 
 
 5% 2/15/26
 
1,750,000
2,047,871
 5% 2/15/27
 
1,700,000
2,040,100
 5% 2/15/28
 
2,385,000
2,843,789
 5% 2/15/30
 
3,000,000
3,555,071
 5% 2/15/31
 
1,500,000
1,770,788
 5% 2/15/32
 
1,450,000
1,709,777
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43
 
5,000,000
5,151,355
Fairview Park Gen. Oblig. Series 2012:
 
 
 
 4% 12/1/23 (Pre-Refunded to 12/1/22 @ 100)
 
1,395,000
1,456,299
 4% 12/1/24 (Pre-Refunded to 12/1/22 @ 100)
 
1,490,000
1,555,473
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:
 
 
 
 5% 12/1/44
 
2,500,000
2,897,274
 5% 12/1/51
 
6,000,000
6,898,621
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014:
 
 
 
 5% 12/1/25
 
1,250,000
1,421,220
 5% 12/1/26
 
3,045,000
3,447,750
 5% 12/1/32 (Pre-Refunded to 12/1/24 @ 100)
 
5,920,000
6,791,929
Franklin County Hosp. Facilities Rev.:
 
 
 
 (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40
 
3,600,000
4,107,891
 Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (d)
 
2,630,000
2,823,705
 Series 2016 C:
 
 
 
4% 11/1/40
 
 
3,000,000
3,412,592
5% 11/1/33
 
 
2,610,000
3,175,381
5% 11/1/34
 
 
2,155,000
2,618,769
Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48
 
5,920,000
7,202,851
Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47
 
720,000
877,125
Greater Cleveland Reg'l. Transit Auth. Series 2012, 5% 12/1/23 (Pre-Refunded to 12/1/21 @ 100)
 
660,000
665,107
Hamilton County Convention Facilities Auth. Rev. Series 2014:
 
 
 
 5% 12/1/26
 
1,000,000
1,089,733
 5% 12/1/27
 
3,825,000
4,165,640
Hamilton County Healthcare Facilities Rev. (The Christ Hosp. Proj.) Series 2012:
 
 
 
 5.25% 6/1/24
 
3,000,000
3,089,428
 5.25% 6/1/27
 
3,000,000
3,088,417
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016:
 
 
 
 5% 1/1/31
 
1,350,000
1,505,718
 5% 1/1/36
 
3,450,000
3,813,982
Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44
 
775,000
845,453
Kent State Univ. Revs.:
 
 
 
 Series 2016, 5% 5/1/30
 
1,125,000
1,329,153
 Series 2020 A:
 
 
 
5% 5/1/45
 
 
1,250,000
1,542,956
5% 5/1/50
 
 
1,700,000
2,088,971
Lake County Hosp. Facilities Rev. Series 2015:
 
 
 
 5% 8/15/27
 
770,000
885,442
 5% 8/15/45
 
11,000,000
12,470,155
Lakewood City School District Series 2014 C, 5% 12/1/25
 
1,300,000
1,489,029
Lancaster City School District Series 2012, 5% 10/1/49 (Pre-Refunded to 10/1/22 @ 100)
 
140,000
146,683
Lancaster Port Auth. Gas Rev.:
 
 
 
 Bonds Series 2019, 5%, tender 2/1/25 (d)
 
6,235,000
7,106,173
 Series 2019:
 
 
 
5% 2/1/22
 
 
200,000
203,091
5% 2/1/23
 
 
100,000
106,206
5% 8/1/24
 
 
655,000
738,850
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:
 
 
 
 5% 8/1/45
 
5,500,000
6,680,343
 5% 8/1/49
 
1,750,000
2,118,941
Miami Univ. Series 2012, 4% 9/1/28
 
2,195,000
2,263,035
Miamisburg City School District Series 2016:
 
 
 
 5% 12/1/28
 
500,000
588,996
 5% 12/1/29
 
300,000
353,398
Milford Exempt Village School District Series 2015:
 
 
 
 3.5% 12/1/31
 
500,000
534,890
 5% 12/1/28
 
1,400,000
1,622,531
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021:
 
 
 
 4% 8/1/37
 
1,125,000
1,347,404
 4% 8/1/41
 
850,000
1,007,388
 4% 8/1/51
 
2,000,000
2,332,632
 5% 8/1/32
 
750,000
987,594
 5% 8/1/36
 
1,225,000
1,593,267
 5% 8/1/38
 
1,000,000
1,293,293
 5% 8/1/39
 
1,100,000
1,418,835
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:
 
 
 
 5% 2/15/44
 
4,005,000
4,165,954
 5% 2/15/48
 
3,495,000
3,630,944
North Olmsted City School District Series 2015 A:
 
 
 
 5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100)
 
220,000
242,580
 5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100)
 
365,000
402,462
Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A:
 
 
 
 5% 10/1/32
 
1,625,000
1,984,485
 5% 10/1/33
 
1,500,000
1,827,423
 5% 10/1/35
 
1,450,000
1,760,105
 5% 10/1/36
 
1,250,000
1,514,289
 5% 10/1/37
 
1,430,000
1,728,675
Ohio Gen. Oblig. Series 2016 A, 5% 2/1/31
 
4,255,000
4,987,960
Ohio Higher Edl. Facility Commission Rev.:
 
 
 
 (Case Western Reserve Univ. Proj.):
 
 
 
Series 2016, 5% 12/1/40
 
 
2,000,000
2,386,213
Series 2019 B:
 
 
 
 
5% 12/1/37
 
 
835,000
1,055,065
5% 12/1/38
 
 
1,100,000
1,386,751
5% 12/1/39
 
 
775,000
974,708
 (Denison Univ. 2015 Proj.) Series 2015:
 
 
 
5% 11/1/28
 
 
1,465,000
1,679,004
5% 11/1/29
 
 
1,325,000
1,517,958
5% 11/1/30
 
 
2,285,000
2,615,794
 (Denison Univ. 2021 Proj.) Series 2021:
 
 
 
4% 11/1/39
 
 
400,000
471,848
4% 11/1/45
 
 
900,000
1,043,327
5% 11/1/30
 
 
300,000
395,397
5% 11/1/33
 
 
300,000
392,519
5% 11/1/35
 
 
300,000
390,410
5% 11/1/41
 
 
300,000
384,062
 (Denison Univ., Proj.) Series 2017 B, 5% 11/1/26
 
1,505,000
1,821,905
 (Kenyon College 2015 Proj.) Series 2015, 5% 7/1/41
 
5,100,000
5,800,757
 (Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42
 
4,000,000
4,668,681
 (Kenyon College 2020 Proj.) Series 2020:
 
 
 
5% 7/1/38
 
 
2,500,000
3,109,744
5% 7/1/39
 
 
2,640,000
3,275,651
 (Kenyon College, Oh. Proj.) Series 2017:
 
 
 
4% 7/1/36
 
 
400,000
449,454
4% 7/1/37
 
 
450,000
504,588
5% 7/1/28
 
 
400,000
484,743
5% 7/1/29
 
 
735,000
887,777
5% 7/1/30
 
 
300,000
362,211
5% 7/1/31
 
 
400,000
481,164
5% 7/1/33
 
 
650,000
778,229
5% 7/1/35
 
 
1,550,000
1,848,791
5% 7/1/42
 
 
1,400,000
1,656,873
 (The College of Wooster 2018 Proj.) Series 2018:
 
 
 
5% 9/1/33
 
 
1,445,000
1,779,089
5% 9/1/45
 
 
4,255,000
5,132,458
 (Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48
 
1,000,000
1,198,504
 (Univ. of Dayton 2020 Proj.) Series 2020:
 
 
 
4% 2/1/36
 
 
900,000
1,054,065
5% 2/1/34
 
 
1,000,000
1,265,151
5% 2/1/35
 
 
800,000
1,009,426
 (Univ. of Dayton Proj.):
 
 
 
Series 2013:
 
 
 
 
5% 12/1/23
 
 
540,000
569,727
5% 12/1/24
 
 
585,000
617,153
5% 12/1/25
 
 
1,000,000
1,054,375
5% 12/1/26
 
 
1,195,000
1,259,261
5% 12/1/27
 
 
2,300,000
2,422,906
Series 2018 B:
 
 
 
 
4% 12/1/33
 
 
1,155,000
1,331,011
5% 12/1/21
 
 
1,000,000
1,007,249
5% 12/1/23
 
 
1,000,000
1,096,071
5% 12/1/25
 
 
1,065,000
1,249,294
5% 12/1/27
 
 
1,000,000
1,232,795
5% 12/1/29
 
 
1,310,000
1,621,580
5% 12/1/31
 
 
1,130,000
1,392,509
5% 12/1/35
 
 
1,000,000
1,224,750
5% 12/1/36
 
 
1,000,000
1,222,507
 (Xavier Univ. Proj.) Series 2015 C:
 
 
 
5% 5/1/26
 
 
1,000,000
1,145,738
5% 5/1/28
 
 
1,000,000
1,140,010
5% 5/1/29
 
 
855,000
973,208
5% 5/1/31
 
 
1,005,000
1,136,796
 Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (d)
 
5,000,000
5,159,485
 Series 2019, 4% 10/1/49
 
3,270,000
3,629,993
Ohio Hosp. Facilities Rev.:
 
 
 
 Series 2017 A, 5% 1/1/32
 
2,000,000
2,475,423
 Series 2019 B, 4% 1/1/40
 
3,000,000
3,491,565
 Series 2021 B:
 
 
 
5% 1/1/28 (c)
 
 
3,500,000
4,341,732
5% 1/1/29 (c)
 
 
4,150,000
5,269,201
5% 1/1/30 (c)
 
 
2,500,000
3,235,645
5% 1/1/31 (c)
 
 
2,180,000
2,871,606
5% 1/1/32 (c)
 
 
1,580,000
2,121,756
5% 1/1/33 (c)
 
 
2,410,000
3,229,991
5% 1/1/34 (c)
 
 
2,425,000
3,237,711
5% 1/1/35 (c)
 
 
230,000
306,059
5% 1/1/36 (c)
 
 
540,000
714,039
5% 1/1/37 (c)
 
 
250,000
328,913
5% 1/1/38 (c)
 
 
855,000
1,119,914
5% 1/1/39 (c)
 
 
925,000
1,208,118
Ohio Hosp. Rev.:
 
 
 
 Series 2013 A:
 
 
 
5% 1/15/27
 
 
5,000,000
5,278,811
5% 1/15/28
 
 
720,000
760,149
 Series 2016 A, 5% 1/15/41
 
5,000,000
5,778,773
 Series 2020 A, 4% 1/15/50
 
1,000,000
1,134,464
 Series 2020:
 
 
 
4% 11/15/37
 
 
1,025,000
1,179,476
4% 11/15/39
 
 
1,115,000
1,259,684
4% 11/15/41
 
 
1,175,000
1,320,810
5% 11/15/33
 
 
1,270,000
1,597,089
5% 11/15/35
 
 
1,465,000
1,831,520
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
 
 
 
 (Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50
 
5,520,000
6,173,036
 (Mtg. Backed Securities Programs) Series 2017 B, 4.5% 3/1/47 (b)
 
490,000
534,032
Ohio Spl. Oblig.:
 
 
 
 (Administrative Bldg. Fund Projs.) Series 2020 B, 5% 4/1/39
 
1,865,000
2,370,731
 (Ohio Gen. Oblig. Proj.) Series 2017 A:
 
 
 
5% 4/1/29
 
 
2,535,000
3,075,524
5% 4/1/30
 
 
2,250,000
2,728,499
5% 4/1/31
 
 
2,000,000
2,415,367
5% 4/1/32
 
 
1,115,000
1,343,135
5% 4/1/33
 
 
1,850,000
2,223,707
5% 4/1/34
 
 
1,000,000
1,199,333
5% 4/1/35
 
 
2,395,000
2,867,587
 Series 2020 A:
 
 
 
5% 2/1/27
 
 
1,325,000
1,618,599
5% 2/1/28
 
 
1,865,000
2,336,376
5% 2/1/29
 
 
2,875,000
3,684,970
5% 2/1/30
 
 
1,045,000
1,367,223
 Series 2021 A:
 
 
 
5% 4/1/34
 
 
1,430,000
1,885,377
5% 4/1/35
 
 
1,660,000
2,177,563
5% 4/1/37
 
 
1,680,000
2,188,290
5% 4/1/38
 
 
1,000,000
1,299,192
5% 4/1/39
 
 
1,000,000
1,295,681
5% 4/1/40
 
 
1,110,000
1,434,909
5% 4/1/41
 
 
750,000
966,803
Ohio State Univ. Gen. Receipts:
 
 
 
 (Multiyear Debt Issuance Prog.) Series 2020 A:
 
 
 
5% 12/1/26
 
 
6,770,000
8,275,389
5% 12/1/27
 
 
6,845,000
8,577,516
 Series 2013 A:
 
 
 
5% 6/1/28
 
 
2,000,000
2,145,559
5% 6/1/38
 
 
3,500,000
3,748,399
 Series 2020 A, 5% 12/1/28
 
7,010,000
8,996,649
Ohio Tpk. Commission Tpk. Rev.:
 
 
 
 (Infrastructure Proj.) Series 2005 A, 0% 2/15/43
 
10,000,000
5,873,706
 (Infrastructure Projs.) Series A3, 0% 2/15/37
 
400,000
159,987
 Series A:
 
 
 
5% 2/15/46
 
 
7,500,000
9,531,648
5% 2/15/51
 
 
4,000,000
5,061,843
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24
 
1,025,000
1,159,809
Olentangy Local School District Series 2016, 5% 12/1/32
 
1,275,000
1,502,516
Port Auth. Econ. Dev. Rev.:
 
 
 
 (Univ. of Northwestern Ohio Proj.) Series 2021, 4% 12/1/35
 
1,300,000
1,466,748
 Series 2021, 4% 12/1/31
 
710,000
801,246
Reynoldsburg City School District Series 2015, 4% 12/1/30
 
2,375,000
2,655,704
Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49
 
2,000,000
2,427,165
Scioto County Hosp. Facilities Rev. Series 2016:
 
 
 
 5% 2/15/24
 
1,000,000
1,105,963
 5% 2/15/28
 
5,030,000
5,927,623
 5% 2/15/30
 
3,860,000
4,520,096
 5% 2/15/32
 
2,550,000
2,974,950
 5% 2/15/33
 
2,460,000
2,863,802
 5% 2/15/34
 
4,450,000
5,171,092
South-Western City School District Franklin & Pickway County (Intercept) Series 2012, 5% 12/1/36 (Pre-Refunded to 6/1/22 @ 100)
 
400,000
412,814
Univ. of Akron Gen. Receipts Series 2016 A:
 
 
 
 5% 1/1/23
 
460,000
486,305
 5% 1/1/25
 
1,025,000
1,172,138
 5% 1/1/33
 
5,000,000
5,924,405
Univ. of Cincinnati Gen. Receipts:
 
 
 
 Series 2012 C:
 
 
 
4% 6/1/28
 
 
10,000
10,359
4% 6/1/28 (Pre-Refunded to 12/1/22 @ 100)
 
 
1,990,000
2,076,256
 Series 2016 A:
 
 
 
5% 6/1/32
 
 
745,000
885,071
5% 6/1/33
 
 
800,000
948,619
5% 6/1/34
 
 
585,000
692,347
 Series 2016 C, 5% 6/1/41
 
2,585,000
3,051,763
Univ. of Toledo Gen. Receipts Series 2018 A:
 
 
 
 5% 6/1/26
 
600,000
712,160
 5% 6/1/27
 
350,000
426,081
Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017:
 
 
 
 4% 12/1/32
 
1,500,000
1,721,293
 5% 12/1/25
 
1,500,000
1,768,343
 5% 12/1/26
 
1,890,000
2,293,115
 5% 12/1/27
 
1,340,000
1,667,305
 5% 12/1/28
 
1,400,000
1,731,506
 5% 12/1/29
 
825,000
1,014,192
 5% 12/1/30
 
1,700,000
2,078,652
 5% 12/1/31
 
750,000
914,156
Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012:
 
 
 
 5% 12/1/27 (Pre-Refunded to 12/1/22 @ 100)
 
2,330,000
2,456,525
 5% 12/1/27 (Pre-Refunded to 12/1/22 @ 100)
 
1,170,000
1,232,129
 5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100)
 
1,325,000
1,396,951
 5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100)
 
675,000
710,844
 5% 12/1/42 (Pre-Refunded to 12/1/22 @ 100)
 
40,000
42,124
 5% 12/1/42 (Pre-Refunded to 12/1/22 @ 100)
 
85,000
89,616
Wright State Univ. Gen. Receipts:
 
 
 
 Series 2021 A, 5% 5/1/26 (Build America Mutual Assurance Insured)
 
1,100,000
1,305,924
 Series 2022 A:
 
 
 
5% 5/1/23 (Build America Mutual Assurance Insured) (c)
 
 
520,000
547,210
5% 5/1/24 (Build America Mutual Assurance Insured) (c)
 
 
540,000
590,418
5% 5/1/25 (Build America Mutual Assurance Insured) (c)
 
 
490,000
552,886
5% 5/1/26 (Build America Mutual Assurance Insured) (c)
 
 
520,000
603,452
5% 5/1/27 (Build America Mutual Assurance Insured) (c)
 
 
545,000
647,223
5% 5/1/28 (Build America Mutual Assurance Insured) (c)
 
 
565,000
684,685
5% 5/1/29 (Build America Mutual Assurance Insured) (c)
 
 
600,000
739,597
5% 5/1/30 (Build America Mutual Assurance Insured) (c)
 
 
235,000
294,079
5% 5/1/31 (Build America Mutual Assurance Insured) (c)
 
 
250,000
316,703
5% 5/1/32 (Build America Mutual Assurance Insured) (c)
 
 
260,000
333,379
TOTAL OHIO
 
 
704,549,125
 
TOTAL MUNICIPAL BONDS
 (Cost $667,933,266)
 
 
 
707,393,130
 
 
 
 
Municipal Notes - 2.1%
 
 
Principal
Amount (a)
 
Value ($)
 
Ohio - 2.1%
 
 
 
Ohio Cap. Facilities Lease (Adult Correctional Bldg. Fund Proj.) Series 2019 C, 0.05% 10/7/21, VRDN (d)
 
10,000,000
10,000,000
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 I, 0.06% 10/7/21 (Liquidity Facility TD Banknorth, NA), VRDN (b)(d)
 
5,355,000
5,355,000
 
 
 
 
 
TOTAL MUNICIPAL NOTES
 (Cost $15,355,000)
 
 
 
15,355,000
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $683,288,266)
 
 
 
722,748,130
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(698,246)
NET ASSETS - 100.0%
722,049,884
 
 
Security Type Abbreviations
VRDN
-
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(d)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
 
 
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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