0001752724-23-115460.txt : 20230525 0001752724-23-115460.hdr.sgml : 20230525 20230525090557 ACCESSION NUMBER: 0001752724-23-115460 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230525 DATE AS OF CHANGE: 20230525 PERIOD START: 20231231 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: 23956641 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: 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REV 54930022O46HOX5J1D14 MI FIN AUTH LTD 4% 2/1/2027 594479HM2 185000.00000000 PA USD 181465.43000000 0.035813986918 Long DBT MUN US N 2 2027-02-01 Fixed 0.04000000 N N N N N N MICHIGAN ST BLDG AUTH REV N/A MI BLDG 3% 10/15/2051 594615JZ0 1770000.00000000 PA USD 1346834.60000000 0.265811051425 Long DBT MUN US N 2 2051-10-15 Fixed 0.03000000 N N N N N N GRAND RAPIDS MI WTR SUPPLY SYS N/A GRAND RAPID WTR 5% 1/1/31 386316MY6 250000.00000000 PA USD 265386.93000000 0.052376720124 Long DBT MUN US N 2 2031-01-01 Fixed 0.05000000 N N N N N N MICHIGAN FIN AUTH RE N/A MICHIGAN FIN AU(MCLAREN HLTHCRE) 4% 2/15/50 59447TVE0 4000000.00000000 PA USD 3726854.80000000 0.735531440088 Long DBT MUN US N 2 2050-02-15 Fixed 0.04000000 N N N N N N WESTERN MI UNIV REVS N/A WESTRN MI UNIV 5% 11/15/2040 958638XY9 635000.00000000 PA USD 699085.34000000 0.137971365794 Long DBT MUN US N 2 2040-11-15 Fixed 0.05000000 N N N N N N DETROIT MI N/A DETROIT MI 5.50% 4/1/2035 2510934H0 1040000.00000000 PA USD 1118854.78000000 0.220816992275 Long DBT MUN US N 2 2035-04-01 Fixed 0.05500000 N N N N N N WESTERN MI UNIV REVS N/A WESTRN MI UNIV 5% 11/15/2036 958638XU7 400000.00000000 PA USD 448538.16000000 0.088523416248 Long DBT MUN US N 2 2036-11-15 Fixed 0.05000000 N N N N N N WARREN MI CSD N/A WARREN MI CSD 5% 5/1/2037 935341K48 1300000.00000000 PA USD 1420418.35000000 0.280333528020 Long DBT MUN US N 2 2037-05-01 Fixed 0.05000000 N N N N N N GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV N/A GREAT LAKES WTR 5% 7/1/2049 39081JDK1 1300000.00000000 PA USD 1372597.59000000 0.270895630823 Long DBT MUN US N 2 2049-07-01 Fixed 0.05000000 N N N N N N PUERTO RICO INDL TOURIST EDL MED and ENVIRONMENTAL CTL FACS FING AUTH HOSP REV N/A PR AFICA HOSP 5% 7/1/2030 74527EFL7 485000.00000000 PA USD 541372.04000000 0.106845095281 Long DBT MUN US N 2 2030-07-01 Fixed 0.05000000 N N N N N N DETROIT MI DOWNTOWN DEV AUTH TAX N/A DETROIT DWNTWN 5% 7/1/2029 251135GF0 1340000.00000000 PA USD 1371808.38000000 0.270739872470 Long DBT MUN US N 2 2029-07-01 Fixed 0.05000000 N N N N N N GERALD R FORD INTL ARPT AUTH MICH REV N/A GERALD R FORD I 5% 1/1/2032 @ 373695AN5 725000.00000000 PA USD 838026.56000000 0.165392781739 Long DBT MUN US N 2 2032-01-01 Fixed 0.05000000 N N N N N N WESTERN MI UNIV REVS N/A WESTRN MI UNIV 5% 11/15/2028 958638UL0 650000.00000000 PA USD 670671.37000000 0.132363589427 Long DBT MUN US N 2 2028-11-15 Fixed 0.05000000 N N N N N N WAYNE CNTY MICH ARPT AUTH REV N/A WAYNE CO MI AAR 5% 12/1/2037 @ 944514E53 1520000.00000000 PA USD 1647420.69000000 0.325134671881 Long DBT MUN US N 2 2037-12-01 Fixed 0.05000000 N N N N N N GRAND VALLEY MI ST UNIV REV N/A GRAND VLY MI UN 5% 12/1/2038 386545MS3 875000.00000000 PA USD 947570.49000000 0.187012353444 Long DBT MUN US N 2 2038-12-01 Fixed 0.05000000 N N N N N N PUERTO RICO COMWLTH N/A PR ST 5.625% 7/1/2029 74514L3H8 595000.00000000 PA USD 621156.85000000 0.122591412040 Long DBT MUN US N 2 2029-07-01 Fixed 0.05625000 N N N N N N 2023-04-30 Laura M. Del Prato Laura M. Del Prato Laura M. Del Prato President and Treasurer XXXX NPORT-EX 2 QTLY_181_20230331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Michigan Municipal Income Fund
March 31, 2023
MIR-NPRT1-0523
1.814644.118
Municipal Bonds - 92.7%
 
  
Principal
Amount (a)
 
Value ($)
 
Guam - 0.4%
 
  
  
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:
  
  
  
 6.25% 10/1/34 (b)
  
600,000
609,383
 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (b)
  
400,000
406,256
Guam Pwr. Auth. Rev. Series 2022 A, 5% 10/1/44
 
1,000,000
1,038,727
TOTAL GUAM
  
  
2,054,366
Michigan - 91.2%
 
  
  
Bay City School District Rev. Series 2014:
  
  
  
 5% 11/1/27
 
700,000
715,203
 5% 11/1/28
 
250,000
255,617
Bloomfield Hills Schools District Series 2020, 4% 5/1/50
 
1,500,000
1,466,600
Chippewa Valley Schools Series 2016 A:
  
  
  
 5% 5/1/32
 
1,000,000
1,049,620
 5% 5/1/33
 
1,000,000
1,048,352
 5% 5/1/34
 
1,075,000
1,124,260
Coopersville Area Pub. Schools Series 2022 I, 4.125% 5/1/52
 
750,000
740,072
Detroit Downtown Dev. Auth. Tax Series A:
  
  
  
 5% 7/1/29 (Assured Guaranty Muni. Corp. Insured)
 
1,340,000
1,371,808
 5% 7/1/31 (Assured Guaranty Muni. Corp. Insured)
 
1,775,000
1,814,296
 5% 7/1/33 (Assured Guaranty Muni. Corp. Insured)
 
2,000,000
2,040,105
 5% 7/1/34 (Assured Guaranty Muni. Corp. Insured)
 
1,750,000
1,782,736
 5% 7/1/37 (Assured Guaranty Muni. Corp. Insured)
 
2,000,000
2,027,420
Detroit Gen. Oblig.:
  
  
  
 Series 2018, 5% 4/1/23
 
310,000
310,000
 Series 2020:
 
  
  
5.5% 4/1/35
 
  
1,040,000
1,118,855
5.5% 4/1/36
 
  
435,000
464,209
5.5% 4/1/37
 
  
465,000
492,601
5.5% 4/1/38
 
  
490,000
516,812
 Series 2021 A:
 
  
  
5% 4/1/37
 
  
1,875,000
1,928,345
5% 4/1/39
 
  
1,210,000
1,232,657
Detroit Swr. Disp. Rev.:
  
  
  
 Series 2001 B, 5.5% 7/1/29 (Assured Guaranty Corp. Insured) (FGIC Insured)
 
25,000
27,487
 Series 2006, 5% 7/1/36
 
10,000
10,019
Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018:
  
  
  
 5% 4/1/33 (Assured Guaranty Muni. Corp. Insured)
 
735,000
811,185
 5% 4/1/34 (Assured Guaranty Muni. Corp. Insured)
 
520,000
571,825
 5% 4/1/35 (Assured Guaranty Muni. Corp. Insured)
 
500,000
546,387
Farmington Pub. School District Gen. Oblig. Series 2020, 4% 5/1/40
 
3,000,000
3,010,257
Fitzgerald Pub. School District Series 2019, 5% 5/1/37
 
1,260,000
1,405,101
Flint Hosp. Bldg. Auth. Rev. Series 2020:
  
  
  
 4% 7/1/38
 
1,800,000
1,649,844
 4% 7/1/41
 
1,395,000
1,199,915
Fraser Pub. School District Series 2006 B, 5% 5/1/29
 
1,455,000
1,522,560
Gerald R. Ford Int'l. Arpt. Auth. Rev. Series 2021:
  
  
  
 5% 1/1/26 (b)
  
225,000
238,848
 5% 1/1/27 (b)
  
325,000
351,635
 5% 1/1/28 (b)
  
235,000
258,259
 5% 1/1/29 (b)
  
525,000
584,475
 5% 1/1/30 (b)
  
425,000
478,959
 5% 1/1/31 (b)
  
725,000
827,558
 5% 1/1/32 (b)
  
725,000
838,027
 5% 1/1/33 (b)
  
1,000,000
1,153,246
 5% 1/1/34 (b)
  
1,000,000
1,148,709
 5% 1/1/35 (b)
  
850,000
967,550
 5% 1/1/36 (b)
  
600,000
675,423
 5% 1/1/37 (b)
  
700,000
770,172
 5% 1/1/38 (b)
  
1,170,000
1,277,485
 5% 1/1/39 (b)
  
1,000,000
1,086,476
 5% 1/1/40 (b)
  
1,000,000
1,080,255
 5% 1/1/41 (b)
  
1,100,000
1,182,744
 5% 1/1/46 (b)
  
2,000,000
2,117,664
 5% 1/1/51 (b)
  
3,000,000
3,152,819
Grand Rapids Pub. Schools:
  
  
  
 Series 2017, 5% 5/1/29 (Assured Guaranty Muni. Corp. Insured)
 
480,000
523,558
 Series 2019:
 
  
  
5% 11/1/39 (Assured Guaranty Muni. Corp. Insured)
 
  
1,200,000
1,303,455
5% 11/1/41 (Assured Guaranty Muni. Corp. Insured)
 
  
1,300,000
1,393,921
Grand Rapids San. Swr. Sys. Rev. Series 2018:
  
  
  
 5% 1/1/31
 
475,000
529,961
 5% 1/1/33
 
250,000
276,901
 5% 1/1/34
 
550,000
605,188
 5% 1/1/35
 
400,000
438,149
 5% 1/1/38
 
655,000
702,385
Grand Rapids Wtr. Supply Sys. Series 2016:
  
  
  
 5% 1/1/31
 
250,000
265,387
 5% 1/1/32
 
320,000
339,608
 5% 1/1/33
 
550,000
583,402
 5% 1/1/34
 
500,000
530,501
 5% 1/1/35
 
920,000
976,122
Grand Traverse County Hosp. Fin. Auth.:
  
  
  
 Series 2019 A:
 
  
  
5% 7/1/44
 
  
1,110,000
1,149,510
5% 7/1/49
 
  
2,615,000
2,686,344
 Series 2021, 3% 7/1/51
 
1,500,000
1,093,345
Grand Valley Michigan State Univ. Rev.:
  
  
  
 Series 2014 B:
 
  
  
5% 12/1/25
 
  
500,000
518,336
5% 12/1/26
 
  
1,900,000
1,967,171
5% 12/1/28
 
  
1,800,000
1,860,968
 Series 2018:
 
  
  
5% 12/1/34
 
  
1,075,000
1,189,911
5% 12/1/35
 
  
1,225,000
1,347,002
5% 12/1/37
 
  
1,375,000
1,494,581
5% 12/1/38
 
  
875,000
947,570
5% 12/1/43
 
  
1,400,000
1,500,847
Grandville Pub. Schools District Series 2020:
  
  
  
 4% 5/1/39 (Assured Guaranty Muni. Corp. Insured)
 
1,000,000
1,014,266
 4% 5/1/40 (Assured Guaranty Muni. Corp. Insured)
 
1,300,000
1,307,639
Great Lakes Wtr. Auth. Sew Disp. Sys.:
  
  
  
 Series 2016 B, 5% 7/1/27
 
15,000
16,201
 Series 2016 C, 5% 7/1/31
 
7,000,000
7,466,951
 Series 2018 A, 5% 7/1/43
 
10,000,000
10,549,649
 Series 2018 B:
 
  
  
5% 7/1/28
 
  
1,125,000
1,266,965
5% 7/1/29
 
  
15,000
17,229
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.:
  
  
  
 Series 2016 C, 5.25% 7/1/35
 
2,000,000
2,135,345
 Series 2020 B:
 
  
  
5% 7/1/45
 
  
1,850,000
1,971,553
5% 7/1/49
 
  
1,300,000
1,372,598
Grosse Pointe Pub. School Sys. Series 2019:
  
  
  
 5% 5/1/38
 
1,000,000
1,100,577
 5% 5/1/39
 
1,000,000
1,093,672
Hudsonville Pub. Schools Series 2017:
  
  
  
 5% 5/1/31
 
430,000
474,264
 5% 5/1/32
 
1,200,000
1,322,334
 5% 5/1/34
 
1,000,000
1,097,723
 5% 5/1/35
 
1,000,000
1,092,728
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:
  
  
  
 4% 5/15/36
 
1,985,000
1,987,789
 4% 5/15/36 (Pre-Refunded to 5/15/26 @ 100)
 
15,000
15,669
 5% 5/15/28
 
775,000
819,959
 5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100)
 
5,000
5,372
 5% 5/15/30
 
4,970,000
5,231,746
 5% 5/15/30 (Pre-Refunded to 5/15/26 @ 100)
 
30,000
32,231
Kentwood Econ. Dev. Corp.:
  
  
  
 Series 2021, 4% 11/15/45
 
500,000
377,591
 Series 2022:
 
  
  
4% 11/15/31
 
  
1,000,000
920,756
4% 11/15/43
 
  
2,250,000
1,739,368
Lansing Board of Wtr. & Lt. Util. Rev. Bonds Series 2021 B, 2%, tender 7/1/26 (c)
  
2,000,000
1,906,171
Lincoln Consolidated School District Series 2016 A:
  
  
  
 5% 5/1/29
 
1,430,000
1,528,921
 5% 5/1/31
 
500,000
533,824
 5% 5/1/32
 
1,000,000
1,067,344
Macomb Interceptor Drain Drainage District Series 2017 A:
  
  
  
 5% 5/1/33
 
2,100,000
2,295,531
 5% 5/1/34
 
1,750,000
1,909,650
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A:
  
  
  
 5% 7/1/29
 
780,000
834,925
 5% 7/1/30
 
900,000
962,508
 5% 7/1/31
 
780,000
832,424
 5% 7/1/32
 
1,000,000
1,065,291
 5% 7/1/33
 
705,000
749,680
Michigan Bldg. Auth. Rev.:
  
  
  
 (Facilities Prog.) Series I, 3% 10/15/45
 
6,000,000
4,810,947
 Series 2021 I, 3% 10/15/51
 
1,770,000
1,346,835
 Series 2022 I:
 
  
  
4% 10/15/52
 
  
1,250,000
1,208,817
5.25% 10/15/57
 
  
2,000,000
2,202,781
Michigan Fin. Auth. Rev.:
  
  
  
 (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018:
 
  
  
5% 11/1/30
 
  
1,000,000
1,113,818
5% 11/1/31
 
  
750,000
835,499
5% 11/1/32
 
  
1,000,000
1,114,000
5% 11/1/33
 
  
3,250,000
3,620,452
5% 11/1/35
 
  
1,000,000
1,111,888
5% 11/1/36
 
  
1,250,000
1,380,919
5% 11/1/37
 
  
1,500,000
1,648,465
5% 11/1/38
 
  
1,595,000
1,744,193
 (Detroit Wtr. And Sewerage Dept. Sewage Disp. Sys. Rev. And Rev. Rfdg. Local Proj. Bonds) Series 2014 C3, 5% 7/1/30 (Assured Guaranty Muni. Corp. Insured)
 
6,000,000
6,116,642
 (Detroit Wtr. And Sewerage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj. Bonds) Series 2015, 5% 7/1/30
 
10,000
10,435
 (Kalamazoo College Proj.) Series 2018:
 
  
  
4% 12/1/36
 
  
790,000
792,788
4% 12/1/47
 
  
2,610,000
2,447,674
 (Lawrence Technological Univ. Proj.) Series 2017, 5% 2/1/47
 
3,195,000
2,969,550
 (Trinity Health Proj.) Series 2017:
 
  
  
5% 12/1/30
 
  
710,000
780,285
5% 12/1/37
 
  
3,270,000
3,471,562
 Bonds:
 
  
  
Series 2015 D2, 1.2%, tender 4/13/28 (c)
 
  
3,000,000
2,725,710
Series 2016 E1, 4%, tender 8/15/24 (c)
 
  
1,335,000
1,350,866
 Series 2014 H1, 5% 10/1/39
 
4,725,000
4,822,423
 Series 2015 C:
 
  
  
5% 7/1/26
 
  
570,000
593,799
5% 7/1/27
 
  
1,465,000
1,526,491
5% 7/1/28
 
  
1,500,000
1,562,960
5% 7/1/35
 
  
2,100,000
2,172,904
 Series 2015 D1:
 
  
  
5% 7/1/34
 
  
1,250,000
1,298,884
5% 7/1/35
 
  
505,000
523,417
 Series 2015 D2, 5% 7/1/34
 
1,000,000
1,037,348
 Series 2016:
 
  
  
5% 11/15/28
 
  
2,655,000
2,802,134
5% 1/1/29
 
  
1,000,000
1,052,311
5% 11/15/29
 
  
2,950,000
3,102,095
5% 1/1/30
 
  
1,000,000
1,051,907
5% 1/1/31
 
  
1,170,000
1,230,378
5% 1/1/32
 
  
1,895,000
1,991,803
5% 1/1/33
 
  
1,915,000
2,011,182
5% 1/1/34
 
  
2,135,000
2,239,091
5% 11/15/34
 
  
1,135,000
1,181,319
5% 11/15/41
 
  
4,710,000
4,806,059
 Series 2019 A:
 
  
  
3% 12/1/49
 
  
2,000,000
1,479,369
4% 2/15/44
 
  
2,500,000
2,422,665
4% 12/1/49
 
  
8,180,000
7,755,343
4% 2/15/50
 
  
4,000,000
3,726,855
5% 11/15/48
 
  
9,865,000
10,034,971
 Series 2019 MI1, 5% 12/1/48
 
2,000,000
2,060,238
 Series 2020 A:
 
  
  
4% 6/1/35
 
  
2,000,000
2,005,145
4% 6/1/37
 
  
2,000,000
1,961,191
4% 6/1/40
 
  
2,000,000
1,901,932
4% 6/1/49
 
  
4,250,000
3,781,105
 Series 2020:
 
  
  
4% 11/1/55
 
  
2,500,000
2,383,049
5% 6/1/40
 
  
3,000,000
3,116,088
 Series 2021, 5% 9/1/38
 
1,270,000
1,373,395
 Series 2022:
 
  
  
4% 2/1/27
 
  
185,000
181,465
4% 2/1/32
 
  
285,000
272,018
4% 2/1/42
 
  
745,000
616,518
4% 4/15/42
 
  
2,000,000
1,958,357
4% 12/1/51
 
  
1,100,000
903,822
Michigan Gen. Oblig. Series 2020 A, 4% 5/15/40
 
500,000
512,546
Michigan Hosp. Fin. Auth. Rev.:
  
  
  
 Series 2010 F, 4% 11/15/47
 
290,000
272,399
 Series 2010 F4, 5% 11/15/47
 
5,050,000
5,259,360
 Series 2016, 5% 11/15/47
 
13,000,000
13,307,021
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2020 A1, 0.65% 10/1/24
 
300,000
288,824
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:
  
  
  
 Series 2019 B, 3.75% 6/1/50
 
2,710,000
2,711,980
 Series 2020 C, 3% 6/1/51
 
3,115,000
3,053,189
 Series 2021 A, 3% 6/1/52
 
3,315,000
3,241,849
 Series 2022 A, 5% 6/1/53
 
2,455,000
2,591,468
 Series 2022 D, 5.5% 6/1/53
 
2,500,000
2,704,690
 Series A:
 
  
  
3.5% 12/1/50
 
  
2,420,000
2,407,355
4% 12/1/48
 
  
1,040,000
1,043,473
 Series C, 4.25% 6/1/49
 
2,325,000
2,347,711
Michigan State Hsg. Dev. Auth. Series 2021 A:
  
  
  
 0.55% 4/1/25
 
2,750,000
2,586,309
 2.125% 10/1/36
 
1,775,000
1,395,754
Michigan State Univ. Revs. Series 2019 C, 4% 2/15/44
 
1,500,000
1,472,642
Michigan Strategic Fund Ltd. Oblig. Rev.:
  
  
  
 (I-75 Impt. Proj.):
 
  
  
Series 2017, 5% 6/30/25 (b)
 
  
1,100,000
1,123,586
Series 2018:
 
  
  
  
4.25% 12/31/38 (Assured Guaranty Muni. Corp. Insured) (b)
 
  
840,000
814,917
5% 12/31/25 (b)
 
  
1,260,000
1,295,437
5% 12/31/26 (b)
 
  
425,000
441,523
5% 6/30/29 (b)
 
  
35,000
36,869
 (The Detroit Edison Co. Exempt Facilities Proj.) Series 2008 ET2, 1.35% 8/1/29
 
2,000,000
1,769,819
 (The Detroit Edison Co. Poll. Cont. Bonds Proj.) Series 1995 CC, 1.45% 9/1/30
 
2,000,000
1,737,754
 Bonds:
 
  
  
(Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (b)(c)
 
  
6,000,000
5,842,115
(Graphic Packaging Int'l., LLC Coated Recycled Board Machine Proj.) Series 2021, 4%, tender 10/1/26 (b)(c)
 
  
5,000,000
4,931,132
 Series 2020:
 
  
  
4% 5/15/27
 
  
715,000
690,739
5% 5/15/44
 
  
1,500,000
1,334,809
Michigan Technological Univ. Series 2021, 4% 10/1/46
 
2,835,000
2,715,236
Michigan Trunk Line Fund Rev. Series 2020 B, 4% 11/15/45
 
1,500,000
1,499,416
Northern Michigan Univ. Revs. Series 2021:
  
  
  
 4% 6/1/39
 
900,000
901,819
 4% 6/1/40
 
500,000
495,099
 4% 6/1/41
 
1,385,000
1,356,691
 4% 6/1/46
 
1,850,000
1,759,212
 5% 6/1/32
 
375,000
438,550
 5% 6/1/33
 
365,000
424,554
 5% 6/1/34
 
375,000
434,065
 5% 6/1/35
 
375,000
430,400
 5% 6/1/36
 
400,000
454,835
 5% 6/1/37
 
675,000
761,422
Novi Cmnty. School District Series I:
  
  
  
 5% 5/1/43
 
1,150,000
1,253,388
 5% 5/1/44
 
1,175,000
1,277,348
Oakland Univ. Rev.:
  
  
  
 Series 2014:
 
  
  
5% 3/1/28
 
  
335,000
340,921
5% 3/1/29
 
  
525,000
534,185
 Series 2016:
 
  
  
5% 3/1/28
 
  
1,150,000
1,220,194
5% 3/1/41
 
  
1,475,000
1,526,989
 Series 2022 B:
 
  
  
5% 3/1/36
 
  
1,135,000
1,279,740
5% 3/1/37
 
  
1,265,000
1,403,940
Portage Pub. Schools:
  
  
  
 Series 2016:
 
  
  
5% 11/1/32
 
  
2,500,000
2,660,748
5% 11/1/34
 
  
1,250,000
1,323,556
 Series 2019, 4% 11/1/38
 
2,000,000
2,030,628
 Series 2021, 4% 11/1/42
 
1,000,000
985,934
Ravenna Pub. Schools Gen. Oblig. Series 2021, 4% 5/1/51
 
2,140,000
2,044,057
Rochester Cmnty. School District Series I, 5% 5/1/31
 
1,500,000
1,603,305
Saginaw City School District Series 2021, 4% 5/1/47
 
3,000,000
2,909,246
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:
  
  
  
 4% 7/1/36
 
770,000
780,298
 4% 7/1/37
 
820,000
827,159
 4% 7/1/39
 
1,430,000
1,431,180
 4% 7/1/40
 
490,000
487,162
Walled Lake Consolidated School District:
  
  
  
 Series 2020, 5% 5/1/36
 
1,050,000
1,195,479
 Series 2022, 5% 5/1/47
 
1,500,000
1,629,086
Warren Consolidated School District:
  
  
  
 Series 2016:
 
  
  
5% 5/1/34
 
  
5,630,000
5,961,297
5% 5/1/35
 
  
1,250,000
1,319,411
 Series 2017:
 
  
  
4% 5/1/24 (Assured Guaranty Muni. Corp. Insured)
 
  
750,000
760,084
4% 5/1/25 (Assured Guaranty Muni. Corp. Insured)
 
  
500,000
512,378
 Series 2018:
 
  
  
5% 5/1/32
 
  
1,100,000
1,225,246
5% 5/1/34
 
  
1,175,000
1,305,039
5% 5/1/35
 
  
1,200,000
1,329,621
5% 5/1/36
 
  
1,000,000
1,100,635
5% 5/1/37
 
  
1,300,000
1,420,418
5% 5/1/38
 
  
800,000
870,595
Waterford School District Series 2023, 5% 5/1/36
 
500,000
576,973
Wayne County Arpt. Auth. Rev.:
  
  
  
 Series 2012 B, 5% 12/1/32 (b)
  
1,500,000
1,501,117
 Series 2014 C:
 
  
  
5% 12/1/29 (b)
 
  
720,000
734,775
5% 12/1/31 (b)
 
  
860,000
876,529
5% 12/1/34 (b)
 
  
1,655,000
1,675,240
 Series 2015 D, 5% 12/1/40 (Assured Guaranty Muni. Corp. Insured)
 
8,165,000
8,463,147
 Series 2015 G:
 
  
  
5% 12/1/35
 
  
5,435,000
5,645,806
5% 12/1/36
 
  
5,760,000
5,964,049
 Series 2017 A:
 
  
  
5% 12/1/37
 
  
545,000
576,674
5% 12/1/42
 
  
1,455,000
1,513,736
 Series 2017 B, 5% 12/1/47 (b)
  
450,000
458,081
 Series 2018 B, 5% 12/1/48 (b)
  
5,000,000
5,100,375
 Series 2018 D:
 
  
  
5% 12/1/30 (b)
 
  
4,365,000
4,735,095
5% 12/1/31 (b)
 
  
2,825,000
3,061,790
5% 12/1/32 (b)
 
  
2,945,000
3,186,971
 Series 2021 A:
 
  
  
5% 12/1/36
 
  
1,000,000
1,136,036
5% 12/1/37
 
  
1,500,000
1,692,854
5% 12/1/38
 
  
1,250,000
1,403,191
5% 12/1/39
 
  
1,500,000
1,675,537
 Series 2021 B:
 
  
  
5% 12/1/35 (b)
 
  
1,225,000
1,348,827
5% 12/1/37 (b)
 
  
1,520,000
1,647,421
5% 12/1/46 (b)
 
  
1,280,000
1,343,335
Wayne State Univ. Revs. Series 2019 A:
  
  
  
 4% 11/15/38
 
1,000,000
1,007,447
 4% 11/15/39
 
800,000
800,778
Western Michigan Univ. Rev.:
  
  
  
 Series 2014:
 
  
  
5% 11/15/25
 
  
320,000
331,202
5% 11/15/26
 
  
400,000
413,746
5% 11/15/28
 
  
650,000
670,671
5% 11/15/29
 
  
750,000
773,372
5% 11/15/30
 
  
855,000
880,825
5% 11/15/31
 
  
700,000
720,028
 Series 2015 A:
 
  
  
5% 11/15/26
 
  
1,000,000
1,046,147
5% 11/15/28
 
  
2,505,000
2,609,577
 Series 2019 A, 5% 11/15/44
 
2,000,000
2,126,577
 Series 2021 A:
 
  
  
5% 11/15/27 (Assured Guaranty Muni. Corp. Insured)
 
  
300,000
331,242
5% 11/15/30 (Assured Guaranty Muni. Corp. Insured)
 
  
200,000
231,733
5% 11/15/31 (Assured Guaranty Muni. Corp. Insured)
 
  
150,000
174,519
5% 11/15/32 (Assured Guaranty Muni. Corp. Insured)
 
  
300,000
345,962
5% 11/15/34 (Assured Guaranty Muni. Corp. Insured)
 
  
400,000
456,604
5% 11/15/36 (Assured Guaranty Muni. Corp. Insured)
 
  
400,000
448,538
5% 11/15/38 (Assured Guaranty Muni. Corp. Insured)
 
  
625,000
695,060
5% 11/15/40 (Assured Guaranty Muni. Corp. Insured)
 
  
635,000
699,085
5% 11/15/51 (Assured Guaranty Muni. Corp. Insured)
 
  
5,000,000
5,363,379
5% 11/15/53 (Assured Guaranty Muni. Corp. Insured)
 
  
4,100,000
4,389,705
Ypsilanti School District Series A:
  
  
  
 5% 5/1/29
 
1,305,000
1,400,070
 5% 5/1/32
 
2,000,000
2,143,248
TOTAL MICHIGAN
  
  
462,342,086
Puerto Rico - 1.1%
 
  
  
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1:
  
  
  
 0% 7/1/33
 
1,643,730
930,837
 5.625% 7/1/27
 
195,000
201,470
 5.625% 7/1/29
 
595,000
621,157
 5.75% 7/1/31
 
1,410,000
1,495,252
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27
 
1,340,000
1,456,298
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021:
  
  
  
 4% 7/1/36
 
195,000
186,386
 5% 7/1/30
 
485,000
541,372
 5% 7/1/32
 
360,000
402,821
TOTAL PUERTO RICO
  
  
5,835,593
 
TOTAL MUNICIPAL BONDS
 (Cost $497,030,694)
  
  
  
470,232,045
 
  
  
  
Municipal Notes - 5.9%
 
  
Principal
Amount (a)
 
Value ($)
 
Michigan - 5.9%
 
  
  
Michigan Fin. Auth. Rev.:
  
  
  
 (Hosp. Proj.) Series 2016 E2, 3.93% 4/7/23, VRDN (c)
  
2,470,000
2,470,000
 Series 2016 E3, 3.95% 4/7/23, VRDN (c)
  
4,000,000
4,000,000
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2014 A, 3.88% 4/7/23 (Liquidity Facility Royal Bank of Canada), VRDN (b)(c)
  
9,200,000
9,200,000
Univ. of Michigan Rev.:
  
  
  
 Series 2008 A, 3.85% 4/3/23 (Liquidity Facility Wells Fargo Bank NA), VRDN (c)
  
4,500,000
4,500,000
 Series 2012 B, 3.68% 4/3/23, VRDN (c)
  
9,950,000
9,950,000
 
  
  
  
 
TOTAL MUNICIPAL NOTES
 (Cost $30,120,000)
  
  
  
30,120,000
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.6%
 (Cost $527,150,694)
 
  
 
500,352,045
NET OTHER ASSETS (LIABILITIES) - 1.4%  
6,874,842
NET ASSETS - 100.0%
507,226,887
 
  
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)
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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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 services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services 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 services. 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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