MAINE MUNICIPAL FUND | ||||
Schedule of Investments October 31, 2022 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (91.6%) | ||||
Education (9.3%) |
| |||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026 | 940,000 |
| 979,414 | |
General Obligation (25.2%) | ||||
City of Biddeford ME 4.000% 10/01/2026 | 250,000 | 257,798 | ||
Town of Brunswick ME 2.500% 11/01/2041 Callable @ 100.000 11/01/2030 | 500,000 | 348,300 | ||
Town of Kennebunk ME 2.000% 10/01/2035 Callable @ 100.000 10/01/2031 | 600,000 | 445,626 | ||
City of Lewiston ME 2.750% 03/15/2038 Callable @ 100.000 03/15/2027 | 100,000 | 76,990 | ||
City of Lewiston ME 2.750% 03/15/2039 Callable @ 100.000 03/15/2027 | 250,000 | 192,692 | ||
City of Lewiston ME 2.750% 03/15/2040 Callable @ 100.000 03/15/2027 | 250,000 | 188,827 | ||
Regional School Unit No 26 3.000% 09/01/2044 Callable @ 100.000 09/01/2029 | 475,000 | 333,422 | ||
Maine School Administrative District No 51 4.000% 10/15/2029 Callable @ 100.000 10/15/2024 | 100,000 | 101,505 | ||
*Maine School Administrative District No 28 4.000% 05/01/2036 Callable @ 100.000 05/01/2028 | 500,000 | 483,010 | ||
City of Waterville ME 4.000% 07/01/2025 | 135,000 | 135,027 | ||
Wells Ogunquit Community School District 4.000% 11/01/2024 | 100,000 | 100,996 | ||
| 2,664,193 | |||
Health Care (2.2%) | ||||
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 5,000 | 5,000 | ||
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023 | 40,000 | 39,627 | ||
Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 189,017 | ||
| 233,644 | |||
Housing (7.7%) | ||||
Maine State Housing Authority 3.000% 11/15/2036 Callable @ 100.000 11/15/2025 | 400,000 | 334,080 | ||
Maine State Housing Authority 3.350% 11/15/2044 Callable @ 100.000 05/15/2028 | 155,000 | 116,002 | ||
Maine State Housing Authority 2.500% 11/15/2045 Callable @ 100.000 11/15/2028 | 165,000 | 108,677 | ||
Maine State Housing Authority 2.250% 11/15/2045 Callable @ 100.000 05/15/2029 | 250,000 | 155,933 | ||
Maine State Housing Authority 5.000% 06/15/2037 Callable @ 100.000 06/15/2031 | 100,000 | 106,206 | ||
| 820,898 | |||
Other Revenue (5.1%) | ||||
Maine Municipal Bond Bank 4.000% 11/01/2038 Callable @ 100.000 11/01/2022 | 125,000 | 125,000 | ||
Maine Municipal Bond Bank 5.000% 11/01/2025 Callable @ 100.000 11/01/2022 | 125,000 | 125,000 | ||
Maine Municipal Bond Bank 5.000% 11/01/2027 Callable @ 100.000 11/01/2024 | 100,000 | 103,480 | ||
Maine Municipal Bond Bank 3.000% 11/01/2040 Callable @ 100.000 11/01/2030 | 250,000 | 185,967 | ||
| 539,447 | |||
Pre-Refunded (30.2%) | ||||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034 Callable @ 100.000 07/01/2024 | 250,000 | 256,743 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039 Callable @ 100.000 07/01/2024 | 750,000 | 769,987 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029 Callable @ 100.000 07/01/2024 | 1,000,000 | 1,027,300 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030 Callable @ 100.000 07/01/2024 | 500,000 | 512,995 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031 Callable @ 100.000 07/01/2024 | 500,000 | 506,665 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023 | 15,000 | 15,209 | ||
Town of Scarborough ME 4.000% 11/01/2028 Callable @ 100.000 11/01/2023 | 100,000 | 100,830 | ||
| 3,189,729 | |||
Transportation (6.3%) | ||||
Maine Turnpike Authority 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 250,000 | 250,402 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2023 | 100,000 | 101,379 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2024 Callable @ 100.000 07/01/2023 | 100,000 | 101,386 | ||
City of Portland ME General Airport Revenue 4.000% 01/01/2040 Callable @ 100.000 01/01/2030 | 250,000 | 212,548 | ||
| 665,715 | |||
Utilities (5.6%) | ||||
Portland Water District 3.000% 11/01/2039 Callable @ 100.000 11/01/2029 | 500,000 | 417,340 | ||
Portland Water District Water System Revenue 2.000% 11/01/2036 Callable @ 100.000 11/01/2031 | 250,000 |
| 176,553 | |
| 593,893 | |||
TOTAL MUNICIPAL BONDS (COST: $11,003,757) | $ | 9,686,933 | ||
OTHER ASSETS LESS LIABILITIES (8.4%) | $ | 885,795 | ||
NET ASSETS (100.0%) | $ | 10,572,728 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
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NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At October 31, 2022, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: | |
Maine Municipal Fund | |
Investments at cost | $11,003,757 |
Unrealized appreciation | $985 |
Unrealized depreciation | ($1,317,809) |
Net unrealized appreciation (depreciation)* | ($1,316,824) |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of market discount. |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) | ||||
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2022: | ||||
Maine Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $9,686,933 | $0 | $9,686,933 |
Total | $0 | $9,686,933 | $0 | $9,686,933 |