Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.7%
|
|
|
|
Michigan—99.7%
|
|
$1,200,000
|
|
Ann Arbor, MI Public School District, UT GO 2022 School Building and Site Bonds, 5.000%, 5/1/2040
|
$1,330,544
|
500,000
|
|
Ann Arbor, MI Public School District, UT GO School Building and Site Bonds (Series 2023), 4.000%, 5/1/2034
|
537,764
|
1,255,000
|
|
Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033
|
1,311,176
|
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
|
1,032,075
|
1,690,000
|
|
Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured Guaranty Municipal Corp. INS),
4.500%, 12/1/2023
|
1,691,517
|
400,000
|
|
Bloomfield Hills Schools, MI, UT GO Bonds (Series 2023), 5.000%, 5/1/2031
|
460,304
|
1,425,000
|
|
Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030
|
1,444,961
|
775,000
|
|
Crawford AuSable, MI School District, UT GO School Building and Site Bonds (Series 2022-1), (Assured Guaranty
Municipal Corp. INS), 4.000%, 5/1/2030
|
819,258
|
830,000
|
|
Dearborn Heights, MI, LT GO Capital Improvement Bonds (Series 2021), (Build America Mutual Assurance INS),
3.000%, 5/1/2026
|
820,663
|
2,000,000
|
|
Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), (United States Treasury PRF
11/1/2023@100), 5.000%, 5/1/2025
|
2,012,821
|
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
|
503,450
|
375,000
|
|
Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018), (Assured Guaranty Municipal Corp.
INS), 5.000%, 4/1/2031
|
406,932
|
450,000
|
|
Forest Hills, MI Public Schools, UT GO School Building and Site Bonds (Series 2023-III), 5.000%, 5/1/2031
|
515,442
|
1,000,000
|
|
Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), (Build America Mutual Assurance INS),
5.000%, 11/1/2025
|
1,013,902
|
200,000
|
|
Gerald R. Ford International Airport, Limited Tax Revenue Bonds (Series 2021), (Kent County, MI GTD), 5.000%, 1/1/2026
|
207,810
|
125,000
|
|
Gerald R. Ford International Airport, Limited Tax Revenue Bonds (Series 2021), (Kent County, MI GTD), 5.000%, 1/1/2028
|
133,557
|
670,000
|
|
Grand Rapids, MI Public Schools, UT GO Refunding Bonds (Series 2017), (Assured Guaranty Municipal Corp. INS),
5.000%, 5/1/2027
|
713,219
|
1,000,000
|
|
Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%, 1/1/2034
|
1,039,802
|
500,000
|
|
Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Water Supply System), Water Supply System Revenue
Senior Lien Bonds (Series 2022A), 5.000%, 7/1/2035
|
566,755
|
500,000
|
|
Huron Valley, MI School District, UT GO School Building and Site Bonds (Series 2023), (Michigan School Bond
Qualification and Loan Program GTD), 4.000%, 5/1/2034
|
543,550
|
500,000
|
|
Kent County, MI, Michigan Transportation Fund LT GO Bonds (Series 2021), 5.000%, 9/1/2026
|
532,533
|
420,000
|
|
L'Anse Creuse, MI Public Schools, UT GO Refunding Bonds (Series 2023), (Michigan School Bond Qualification and Loan
Program GTD), 5.000%, 5/1/2032
|
488,058
|
500,000
|
|
Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B) TOBs, 2.000%, Mandatory
Tender 7/1/2026
|
466,836
|
525,000
|
|
Lansing, MI Community College, College Building and Site Refunding Bonds (Series 2017), 5.000%, 5/1/2030
|
571,635
|
400,000
|
|
Livonia, MI Public School District, UT GO School Building and Site Bonds (Series 2023-II), (Assured Guaranty Municipal
Corp. INS), 5.000%, 5/1/2031
|
458,170
|
1,000,000
|
|
Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%, 4/15/2027
|
1,043,607
|
500,000
|
|
Michigan State Building Authority, Revenue Refunding Bonds (Series 2020-I), 5.000%, 10/15/2027
|
542,894
|
1,000,000
|
|
Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series 2015), 5.000%, 11/15/2026
|
1,023,796
|
750,000
|
|
Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital Revenue Refunding Bonds
(Series 2022A), 5.000%, 4/15/2030
|
834,856
|
500,000
|
|
Michigan State Finance Authority (Charter County of Wayne Criminal Justice Center Project), Senior Lien State Aid
Revenue Bonds (Series 2018), 5.000%, 11/1/2033
|
551,628
|
250,000
|
|
Michigan State Finance Authority (Clean Water Revolving Fund), Drinking Water Revolving Fund Revenue Bonds
(Series 2021B), 5.000%, 10/1/2027
|
270,906
|
1,000,000
|
|
Michigan State Finance Authority (Clean Water Revolving Fund), Revenue Refunding Bonds (Series 2018B),
5.000%, 10/1/2032
|
1,108,886
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Michigan—continued
|
|
$2,000,000
|
|
Michigan State Finance Authority (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
|
$2,027,316
|
1,000,000
|
|
Michigan State Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue & Refunding Bonds (Series 2015MI),
5.500%, 12/1/2026
|
1,035,568
|
500,000
|
|
Michigan State Finance Authority, Drinking Water Revolving Fund Revenue Bonds (Series 2023A), 5.000%, 10/1/2031
|
582,321
|
2,000,000
|
|
Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit Group), Revenue Bonds
(Series 1999B-3), 4.000%, 11/15/2032
|
2,046,149
|
250,000
|
|
Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue Refunding Bonds (Series 2017C),
5.000%, 12/1/2031
|
268,221
|
455,000
|
|
Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020B), 5.000%, 11/15/2028
|
506,983
|
585,000
|
|
Michigan State Trunk Line, State Trunk Line Fund Revenue Bonds (Series 2020B), 5.000%, 11/15/2033
|
671,643
|
1,250,000
|
|
Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B), 5.000%, 2/15/2034
|
1,371,388
|
400,000
|
|
Michigan State University Board of Trustees, General Revenue Bonds (Series 2023A), 5.000%, 2/15/2031
|
457,936
|
1,000,000
|
|
Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue Bonds (Series 2019) TOBs,
1.800%, Mandatory Tender 10/1/2024
|
967,393
|
500,000
|
|
Michigan Strategic Fund (DTE Electric Co.), Limited Obligation Revenue Bonds (Series 2023DT) TOBs, 3.875%, Mandatory
Tender 6/3/2030
|
497,155
|
500,000
|
|
Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation Revenue Refunding Bonds
(Series 2019), 5.000%, 11/15/2034
|
485,560
|
250,000
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior Current Interest Bonds
(Series 2020A Class 1), 5.000%, 6/1/2025
|
256,115
|
595,000
|
|
Oxford, MI Area Community Schools, UT GO Bonds (Series 2018I), (Michigan School Bond Qualification and Loan Program
GTD), 4.000%, 11/1/2032
|
620,384
|
1,000,000
|
|
Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Hospital Revenue Refunding Bonds
(Series 2014D), 5.000%, 9/1/2023
|
1,003,743
|
500,000
|
|
Saginaw, MI City School District, UT GO School Building and Site Bonds (Series 2021), (Michigan School Bond
Qualification and Loan Program GTD), 4.000%, 5/1/2027
|
515,514
|
500,000
|
|
Saline, MI Area Schools, School Building and Site Bonds (Series 2023-I), (Michigan School Bond Qualification and Loan
Program GTD), 5.000%, 5/1/2031
|
573,474
|
1,085,000
|
|
Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026
|
1,116,747
|
1,000,000
|
|
Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029
|
1,044,344
|
250,000
|
|
Troy, MI School District, UT GO School Building & Site Bonds (Series 2023), (Q-SBLF GTD), 5.000%, 5/1/2031
|
289,801
|
1,000,000
|
|
University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%, 4/1/2027
|
1,076,306
|
2,000,000
|
|
University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033
|
2,078,948
|
675,000
|
|
Warren, MI, LT GO Bonds (Series 2021), 4.000%, 6/1/2032
|
728,510
|
1,000,000
|
|
Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2027
|
1,021,580
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $47,027,504)
|
46,242,406
|
|
1
|
SHORT-TERM MUNICIPALS—1.3%
|
|
|
|
Michigan—1.3%
|
|
600,000
|
|
Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.920%, 6/1/2023
(IDENTIFIED COST $600,000)
|
600,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—101.0%
(IDENTIFIED COST $47,627,504)
|
46,842,406
|
|
|
OTHER ASSETS AND LIABILITIES - NET—(1.0)%2
|
(452,754)
|
|
|
TOTAL NET ASSETS—100%
|
$46,389,652
|