Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—89.8%
|
|
|
|
Michigan—89.8%
|
|
$1,200,000
|
|
Ann Arbor, MI Public School District, UT GO 2022 School Building and Site Bonds, 5.000%,
5/1/2040
|
$ 1,320,842
|
500,000
|
|
Ann Arbor, MI Public School District, UT GO School Building and Site Bonds (Series
2023), 4.000%, 5/1/2034
|
534,752
|
1,255,000
|
|
Ann Arbor, MI, LT GO Capital Improvement Bonds (Series 2019A), 4.000%, 5/1/2033
|
1,300,957
|
1,690,000
|
|
Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), (Assured
Guaranty Municipal Corp. INS),
4.500%, 12/1/2023
|
1,690,000
|
400,000
|
|
Bloomfield Hills Schools, MI, UT GO Bonds (Series 2023), 5.000%, 5/1/2031
|
454,395
|
1,425,000
|
|
Calhoun County, MI Transportation Fund, Revenue Bonds, 4.000%, 11/1/2030
|
1,436,599
|
415,000
|
|
Chippewa Valley, MI Schools, UT GO Refunding Bonds (Series 2016A), (Michigan School
Bond Qualification and Loan Program
INS), 5.000%, 5/1/2029
|
429,123
|
450,000
|
|
Coldwater, MI, Water Supply and Wastewater System Revenue Bonds (Series 2016), (Assured
Guaranty Municipal Corp. INS),
4.000%, 8/1/2041
|
450,103
|
400,000
|
|
Corunna, MI Public Schools, UT GO School Building and Site Bonds (Series 2016), (Michigan
School Bond Qualification and
Loan Program GTD), 5.000%, 5/1/2033
|
417,615
|
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
|
813,460
|
830,000
|
|
Dearborn Heights, MI, LT GO Capital Improvement Bonds (Series 2021), (Build America
Mutual Assurance INS),
3.000%, 5/1/2026
|
827,983
|
980,000
|
|
Detroit, MI City School District, UT GO Refunding Bonds (Series 2020A), (Michigan
School Bond Qualification and Loan Program
INS), 5.000%, 5/1/2030
|
1,082,722
|
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
|
502,808
|
375,000
|
|
Downriver Utility Wastewater Authority, Sewer System Revenue Bonds (Series 2018),
(Assured Guaranty Municipal Corp. INS),
5.000%, 4/1/2031
|
403,794
|
400,000
|
|
Farmington, MI Public School District, School Building and Site and Refunding Bonds
(Series 2015), (Assured Guaranty
Municipal Corp. INS), 5.000%, 5/1/2029
|
409,627
|
500,000
|
|
Fennville, MI Public Schools, UT GO School Building and Site Bonds (Series 2018),
(Michigan School Bond Qualification and
Loan Program GTD), 5.000%, 5/1/2035
|
542,001
|
450,000
|
|
Forest Hills, MI Public Schools, UT GO School Building and Site Bonds (Series 2023-III),
5.000%, 5/1/2031
|
510,233
|
880,000
|
|
Fremont, MI Public School District, UT GO Refunding Bonds (Series 2019), (Michigan
School Bond Qualification and Loan
Program INS), 5.000%, 5/1/2031
|
955,116
|
1,500,000
|
|
Genesee County, MI (Genesee County, MI Water Supply System), LT GO Revenue Bonds (Series
2015), (Build America Mutual
Assurance INS), 5.250%, 2/1/2040
|
1,521,442
|
200,000
|
|
Gerald R. Ford International Airport, LT Revenue Bonds (Series 2021), (Kent County,
MI GTD), 5.000%, 1/1/2026
|
206,917
|
125,000
|
|
Gerald R. Ford International Airport, LT Revenue Bonds (Series 2021), (Kent County,
MI GTD), 5.000%, 1/1/2028
|
133,365
|
865,000
|
|
Grand Rapids, MI (Grand Rapids, MI Sanitary Sewer System), Water Supply System Revenue
Improvement and Refunding Bonds,
(Series 2016), 5.000%, 1/1/2035
|
888,912
|
500,000
|
|
Grand Rapids, MI (Grand Rapids, MI Water Supply System), Water Supply System Revenue
Improvement and Refunding Bonds,
(Series 2016), 5.000%, 1/1/2034
|
514,529
|
1,000,000
|
|
Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2016), 5.000%,
1/1/2034
|
1,029,057
|
1,500,000
|
|
Great Lakes, MI Water Authority (Great Lakes, MI Water Authority Sewage Disposal System),
Sewage Disposal System Revenue
Refunding Senior Lien Bonds (Series 2016B), (Assured Guaranty Municipal Corp. INS),
5.000%, 7/1/2034
|
1,559,193
|
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
|
566,417
|
1,185,000
|
|
Grosse Pointe, MI Public School System, UT GO School Building and Site and Refunding
Bonds (Series 2019), 5.000%, 5/1/2035
|
1,290,293
|
455,000
|
|
Harrison, MI Community Schools, UT GO School Building and Site Bonds (Series 2023-III),
(Michigan School Bond Qualification
and Loan Program INS), 5.000%, 5/1/2032
|
505,276
|
1,500,000
|
|
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
|
1,606,784
|
1,970,000
|
|
Kalamazoo, MI (Kalamazoo, MI Wastewater System Revenue), Wastewater System Revenue
Bonds (Series 2023),
5.000%, 10/1/2045
|
2,111,510
|
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
|
483,100
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Michigan—continued
|
|
$ 500,000
|
|
Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2021B), 2.000%,
Mandatory Tender 7/1/2026
|
$ 471,295
|
1,010,000
|
|
Lincoln, MI Consolidated School District, UT GO School Building and Site Bonds (Series
2018A), (Michigan School Bond
Qualification and Loan Program INS), 5.000%, 5/1/2042
|
1,050,799
|
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
|
452,972
|
1,000,000
|
|
Michigan Finance Authority (Michigan Finance Authority Drinking Water Revolving Fund),
Clean Water Revolving Fund Revenue
and Refunding Bonds (Series 2016B), 5.000%, 10/1/2027
|
1,058,413
|
1,000,000
|
|
Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.000%,
4/15/2027
|
1,035,212
|
500,000
|
|
Michigan State Building Authority, Revenue Refunding Bonds Facilities Program (Series
2023-II), 5.000%, 10/15/2029
|
560,884
|
1,000,000
|
|
Michigan State Comprehensive Transportation Fund, Refunding Revenue Bonds (Series
2015), 5.000%, 11/15/2026
|
1,017,083
|
750,000
|
|
Michigan State Finance Authority (Beaumont Health Spectrum Health System), Hospital
Revenue Refunding Bonds
(Series 2022A), 5.000%, 4/15/2030
|
827,232
|
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
|
540,777
|
250,000
|
|
Michigan State Finance Authority (Clean Water Revolving Fund), Drinking Water Revolving
Fund Revenue Bonds (Series 2021B),
5.000%, 10/1/2027
|
270,317
|
1,000,000
|
|
Michigan State Finance Authority (Clean Water Revolving Fund), Revenue Refunding Bonds
(Series 2018B), 5.000%, 10/1/2032
|
1,091,843
|
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
|
2,016,568
|
1,000,000
|
|
Michigan State Finance Authority (Trinity Healthcare Credit Group), Hospital Revenue
& Refunding Bonds (Series 2015MI),
5.500%, 12/1/2026
|
1,032,412
|
500,000
|
|
Michigan State Finance Authority, Drinking Water Revolving Fund Revenue Bonds (Series
2023A), 5.000%, 10/1/2031
|
576,824
|
2,000,000
|
|
Michigan State Hospital Finance Authority (Ascension Health Alliance Senior Credit
Group), Revenue Bonds (Series 1999B-3),
4.000%, 11/15/2032
|
2,033,903
|
250,000
|
|
Michigan State Hospital Finance Authority (Trinity Healthcare Credit Group), Revenue
Refunding Bonds (Series 2017C),
5.000%, 12/1/2031
|
266,622
|
150,000
|
|
Michigan State Trunk Line, State Trunk Line Fund Bonds (Series 2023), 5.000%, 11/15/2033
|
180,169
|
455,000
|
|
Michigan State Trunk Line, State Trunk Line Fund Refunding Bonds (Series 2020B), 5.000%,
11/15/2028
|
505,790
|
585,000
|
|
Michigan State Trunk Line, State Trunk Line Fund Revenue Bonds (Series 2020B), 5.000%,
11/15/2033
|
667,211
|
1,250,000
|
|
Michigan State University Board of Trustees, General Revenue Bonds (Series 2019B),
5.000%, 2/15/2034
|
1,365,327
|
400,000
|
|
Michigan State University Board of Trustees, General Revenue Bonds (Series 2023A),
5.000%, 2/15/2031
|
454,468
|
1,000,000
|
|
Michigan Strategic Fund (Consumers Energy), Variable Rate Limited Obligation Revenue
Bonds (Series 2019), 1.800%,
Mandatory Tender 10/1/2024
|
980,795
|
500,000
|
|
Michigan Strategic Fund (DTE Electric Co.), Limited Obligation Revenue Bonds (Series
2023DT), 3.875%, Mandatory
Tender 6/3/2030
|
488,840
|
1,915,000
|
|
Michigan Strategic Fund (Michigan Senate), LT GO Bonds (Series 2015A), 5.250%, 10/15/2040
|
1,965,011
|
500,000
|
|
Michigan Strategic Fund (United Methodist Retirement Community, Inc.), Limited Obligation
Revenue Refunding Bonds
(Series 2019), 5.000%, 11/15/2034
|
471,380
|
315,000
|
|
Michigan Technological University Board of Trustees, General Revenue Bonds (Series
2023C), (Assured Guaranty Municipal
Corp. INS), 5.000%, 10/1/2028
|
344,524
|
200,000
|
|
Michigan Technological University Board of Trustees, General Revenue Bonds (Series
2023C), (Assured Guaranty Municipal
Corp. INS), 5.000%, 10/1/2029
|
221,496
|
250,000
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Senior
Current Interest Bonds
(Series 2020A Class 1), 5.000%, 6/1/2025
|
254,528
|
455,000
|
|
Monroe County, MI Public Schools, UT GO School Building and Site Bonds (Series 2023-II),
(Michigan School Bond Qualification
and Loan Program INS), 4.375%, 5/1/2043
|
462,539
|
470,000
|
|
Muskegon, MI Public Schools, School Building and Site Bonds (Series 2022-II), (Michigan
School Bond Qualification and Loan
Program INS), 5.000%, 5/1/2025
|
482,583
|
785,000
|
|
North Gratiot, MI Interceptor - Lenox Local Drain Drainage District, Drainage District
Refunding Bonds (Series 2018),
5.000%, 5/1/2031
|
848,293
|
1,585,000
|
|
Orchard View, MI Schools, UT GO Refunding Bonds (Series 2017), (Michigan School Bond
Qualification and Loan Program INS),
4.000%, 5/1/2028
|
1,625,693
|
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
|
615,601
|
695,000
|
|
Richmond Community Schools/MI, School Building and Site Bonds (Series 2020-I), (Michigan
School Bond Qualification and
Loan Program INS), 5.000%, 5/1/2032
|
769,904
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Michigan—continued
|
|
$ 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
|
$ 515,974
|
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
|
567,637
|
1,085,000
|
|
Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.000%, 5/1/2026
|
1,110,813
|
1,000,000
|
|
Southfield, MI, UT GO 2018 Street Improvement Bonds, 4.000%, 5/1/2029
|
1,037,097
|
250,000
|
|
Troy, MI School District, UT GO School Building & Site Bonds (Series 2023), (Q-SBLF
GTD), 5.000%, 5/1/2031
|
286,504
|
1,000,000
|
|
University of Michigan (The Regents of), General Revenue Bonds (Series 2017A), 5.000%,
4/1/2027
|
1,071,910
|
2,000,000
|
|
University of Michigan (The Regents of), Revenue Bonds (Series 2018A), 4.000%, 4/1/2033
|
2,050,922
|
450,000
|
|
Utica, MI Community Schools, UT GO School Building and Site and Refunding Bonds (Series
2019), (Michigan School Bond
Qualification and Loan Program GTD), 5.000%, 5/1/2033
|
498,231
|
470,000
|
|
Warren, MI Consolidated School District, UT GO School Building and Site Bonds (Series
2018), (Michigan School Bond
Qualification and Loan Program INS), 5.000%, 5/1/2037
|
496,611
|
675,000
|
|
Warren, MI, LT GO Bonds (Series 2021), 4.000%, 6/1/2032
|
712,848
|
1,000,000
|
|
Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F),
5.000%, 12/1/2027
|
1,016,383
|
455,000
|
|
Wayne State University, MI, General Revenue Bonds (Series 2018A), 5.000%, 11/15/2027
|
470,061
|
410,000
|
|
West Bloomfield, MI School District, UT GO School Building and Site Bonds (Series
2017), (Assured Guaranty Municipal Corp.
INS), 5.000%, 5/1/2030
|
441,986
|
1,730,000
|
|
Zeeland, MI Public Schools, UT GO School Building and Site Bonds (Series 2023), (Build
America Mutual Assurance INS),
5.000%, 5/1/2043
|
1,872,226
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $65,936,587)
|
65,655,436
|
|
1
|
SHORT-TERM MUNICIPALS—14.5%
|
|
|
|
Michigan—14.5%
|
|
5,500,000
|
|
Green Lake Township, MI (Interlochen Center), (Series 2004) Daily VRDNs, (PNC Bank,
N.A. LOC), 3.200%, 12/1/2023
|
5,500,000
|
4,305,000
|
|
Michigan State Finance Authority (Ascension Health Alliance Senior Credit Group),
(Series E-3) Weekly VRDNs,
3.150%, 12/6/2023
|
4,305,000
|
800,000
|
|
Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs,
3.370%, 12/1/2023
|
800,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $10,605,000)
|
10,605,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—104.3%
(IDENTIFIED COST $76,541,587)
|
76,260,436
|
|
|
OTHER ASSETS AND LIABILITIES - NET—(4.3%)2
|
(3,154,732)
|
|
|
TOTAL NET ASSETS—100%
|
$73,105,704
|
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.
|
The following acronym(s) are used throughout this portfolio:
|
|
|
GO
|
—General Obligation
|
|
GTD
|
—Guaranteed
|
|
INS
|
—Insured
|
|
LOC
|
—Letter of Credit
|
|
LT
|
—Limited Tax
|
|
Q-SBLF
|
—Qualified State Bond Loan Fund
|
|
UT
|
—Unlimited Tax
|
|
VRDNs
|
—Variable Rate Demand Notes
|