Principal Amount | Value | ||
MUNICIPAL BONDS—96.8% | |||
Michigan—96.8% | |||
$1,255,000 | Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033 | $1,466,756 | |
1,000,000 | Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,167,720 | |
410,000 | Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.000%, 5/1/2027 | 485,809 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS), 4.500%, 12/1/2023 | 1,743,319 | |
1,425,000 | Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030 | 1,577,047 | |
2,000,000 | Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2025 | 2,276,820 | |
500,000 | Detroit, MI Downtown Development Authority, Tax Increment Revenue Refunding Bonds (Catalyst Development Series 2018A), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2035 | 558,960 | |
375,000 | Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (Assured Guaranty Municipal Corp. INS), 5.000%, 4/1/2031 | 452,824 | |
1,000,000 | Fennville, MI Public Schools, UT GO School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2035 | 1,221,970 | |
1,000,000 | Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS), 5.000%, 11/1/2025 | 1,139,870 | |
620,000 | Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 750,746 | |
670,000 | Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2027 | 832,106 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034 | 1,185,910 | |
500,000 | Grand Rapids, MI Sanitary Sewer System, Sanitary Sewer System Revenue Improvement and Refunding Bonds (Series 2014), 5.000%, 1/1/2022 | 539,630 | |
2,000,000 | Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Sewage Disposal System), Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 7/1/2029 | 2,581,140 | |
1,500,000 | Holland, MI Electric Utility System, Revenue Bonds (Series 2014A), 4.000%, 7/1/2022 | 1,566,480 | |
1,500,000 | Kent Hospital Finance Authority, MI (Spectrum Health), Revenue Refunding Bonds (Series 2011A), 5.000%, 11/15/2022 | 1,606,890 | |
1,000,000 | Kentwood, MI Public Schools, UT GO School Building and Site Bonds (Series 2019 II), 5.000%, 5/1/2032 | 1,259,590 | |
1,900,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.000%, 7/1/2024 | 2,009,896 | |
2,000,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2019A), 5.000%, 7/1/2035 | 2,512,140 | |
525,000 | Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030 | 654,990 | |
1,445,000 | Mason, MI Public School District, UT GO School Building and Site Bonds (Series 2018I), (Michigan School Bond Qualification and Loan Program GTD), 4.000%, 5/1/2032 | 1,651,447 | |
1,000,000 | Michigan Finance Authority Local Government Loan Program (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B), 5.000%, 10/1/2032 | 1,271,000 | |
1,000,000 | Michigan Finance Authority Local Government Loan Program (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 5.000%, 2/15/2035 | 1,247,460 | |
1,000,000 | Michigan Public Power Agency, Combustion Turbine No. 1 Project Refunding Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 5.000%, 1/1/2022 | 1,037,260 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013 1-A), 5.000%, 10/15/2022 | 553,955 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027 | 1,202,460 | |
1,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026 | 1,175,830 | |
500,000 | Michigan State Finance Authority Revenue (Charter County of Wayne Criminal Justice Center Project), Senior Lien State Aid Revenue Bonds (Series 2018), 5.000%, 11/1/2033 | 620,220 | |
2,000,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Water Supply System), Senior Lien Revenue Bonds (Series 2014 D-2), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2025 | 2,333,400 | |
250,000 | Michigan State Finance Authority Revenue (MidMichigan Obligated Group), Hospital Revenue Refunding Bonds (Series 2014), 5.000%, 6/1/2026 | 287,743 | |
1,500,000 | Michigan State Finance Authority Revenue (Public Lighting Authority ), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2022 | 1,618,500 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$2,000,000 | Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 1999B-3), 4.000%, 11/15/2032 | $2,263,240 | |
500,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2028 | 607,870 | |
1,000,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI), 5.500%, 12/1/2026 | 1,212,750 | |
250,000 | Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C), 5.000%, 12/1/2031 | 307,293 | |
1,000,000 | Michigan State Strategic Fund (Detroit Edison Co.), Ltd Obligation Refunding Revenue Bonds, (AMBAC Financial Group, Inc. INS), 7.000%, 5/1/2021 | 1,076,640 | |
2,600,000 | Michigan State Trunk Line, Refunding Revenue Bonds (Series 2009), 5.000%, 11/1/2020 | 2,607,462 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2022 | 537,335 | |
500,000 | Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2011), 5.000%, 11/15/2023 | 537,035 | |
1,250,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034 | 1,563,062 | |
1,000,000 | Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue Bonds (Series 2019) TOBs, 1.800%, Mandatory Tender 10/1/2024 | 1,001,050 | |
2,000,000 | Michigan Strategic Fund (I-75 Improvement Project), Limited Obligation Revenue Bonds (Series 2018), 5.000%, 6/30/2030 | 2,482,560 | |
1,000,000 | Michigan Strategic Fund (Michigan State), LT Obligation Revenue Bonds (Series 2011), 5.250%, 10/15/2022 | 1,073,810 | |
500,000 | Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation Revenue Refunding Bonds (Series 2019), 5.000%, 11/15/2034 | 586,655 | |
1,855,000 | Orchard View, MI Schools, UT GO Bonds, (United States Treasury PRF 5/1/2021@100), 4.000%, 5/1/2022 | 1,927,976 | |
1,000,000 | Roseville, MI Community Schools, UT GO 2018 School Building and Site Bonds, (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2031 | 1,231,560 | |
1,000,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds (Series 2014D), 5.000%, 9/1/2023 | 1,135,620 | |
1,670,000 | Saginaw, MI Water Supply System, Revenue Bonds (Series 2011A), (Assured Guaranty Municipal Corp. INS), 4.750%, 7/1/2025 | 1,768,747 | |
1,000,000 | Saline, MI Area Schools, UT GO Refunding Bonds (Series 2018), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2030 | 1,247,070 | |
1,085,000 | Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026 | 1,278,803 | |
1,000,000 | Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029 | 1,143,190 | |
250,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.000%, 4/1/2024 | 290,465 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027 | 1,253,970 | |
2,000,000 | University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033 | 2,312,100 | |
500,000 | Utica, MI Community Schools, School Building & Site & Refunding UT GO Bonds (Series 2015), (Michigan School Bond Qualification and Loan Program GTD), 5.000%, 5/1/2029 | 580,515 | |
1,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.000%, 12/1/2021 | 1,036,840 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021 | 2,141,120 | |
500,000 | West Bloomfield, MI School District, UT GO Public Improvement Bonds, (Assured Guaranty Municipal Corp. INS), 5.000%, 5/1/2029 | 614,510 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $70,079,203) | 74,409,136 | ||
1 | SHORT-TERM MUNICIPALS—2.4% | ||
Michigan—2.4% | |||
100,000 | Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.300%, 12/2/2019 | 100,000 | |
1,300,000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 1.200%, 12/2/2019 | 1,300,000 | |
500,000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 1.140%, 12/2/2019 | 500,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $1,900,000) | 1,900,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.2% (IDENTIFIED COST $71,979,203) | 76,309,136 | ||
OTHER ASSETS AND LIABILITIES - NET—0.8%2 | 581,087 | ||
TOTAL NET ASSETS—100% | $76,890,223 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Assets, other than investments in securities, less liabilities. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
AMBAC | —American Municipal Bond Assurance Corporation |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |