MAINE MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (89.8%) | ||||
Education (9.5%) |
| |||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026 | 940,000 | $ | 997,537 | |
General Obligation (22.9%) | ||||
City of Biddeford ME 4.000% 10/01/2026 | 250,000 | 263,855 | ||
Town of Brunswick ME 2.500% 11/01/2041 Callable @ 100.000 11/01/2030 | 500,000 | 395,520 | ||
City of Lewiston ME 2.750% 03/15/2038 Callable @ 100.000 03/15/2027 | 100,000 | 85,821 | ||
City of Lewiston ME 2.750% 03/15/2039 Callable @ 100.000 03/15/2027 | 250,000 | 214,715 | ||
City of Lewiston ME 2.750% 03/15/2040 Callable @ 100.000 03/15/2027 | 250,000 | 210,760 | ||
Regional School Unit No 26 3.000% 09/01/2044 Callable @ 100.000 09/01/2029 | 475,000 | 382,019 | ||
Maine School Administrative District No 51 4.000% 10/15/2029 Callable @ 100.000 10/15/2024 | 100,000 | 102,687 | ||
*Maine School Administrative District No 28 4.000% 05/01/2036 Callable @ 100.000 05/01/2028 | 500,000 | 518,575 | ||
City of Waterville ME 4.000% 07/01/2025 | 135,000 | 134,626 | ||
Wells Ogunquit Community School District 4.000% 11/01/2024 | 100,000 | 101,261 | ||
| 2,409,839 | |||
Health Care (2.4%) | ||||
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 5,000 | 5,003 | ||
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023 | 40,000 | 39,891 | ||
Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 209,990 | ||
| 254,884 | |||
Housing (8.4%) | ||||
Maine State Housing Authority 3.000% 11/15/2036 Callable @ 100.000 11/15/2025 | 400,000 | 365,228 | ||
Maine State Housing Authority 3.350% 11/15/2044 Callable @ 100.000 05/15/2028 | 155,000 | 128,683 | ||
Maine State Housing Authority 2.500% 11/15/2045 Callable @ 100.000 11/15/2028 | 165,000 | 122,324 | ||
Maine State Housing Authority 2.250% 11/15/2045 Callable @ 100.000 05/15/2029 | 250,000 | 160,093 | ||
Maine State Housing Authority 5.000% 06/15/2037 Callable @ 100.000 06/15/2031 | 100,000 | 111,167 | ||
| 887,495 | |||
Other Revenue (5.3%) | ||||
Maine Municipal Bond Bank 4.000% 11/01/2038 | 125,000 | 125,005 | ||
Maine Municipal Bond Bank 5.000% 11/01/2025 | 125,000 | 124,741 | ||
Maine Municipal Bond Bank 5.000% 11/01/2027 Callable @ 100.000 11/01/2024 | 100,000 | 104,033 | ||
Maine Municipal Bond Bank 3.000% 11/01/2040 Callable @ 100.000 11/01/2030 | 250,000 | 208,523 | ||
| 562,302 | |||
Pre-Refunded (30.2%) | ||||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034 Callable @ 100.000 07/01/2024 | 250,000 | 255,120 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039 Callable @ 100.000 07/01/2024 | 750,000 | 765,188 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029 Callable @ 100.000 07/01/2024 | 1,000,000 | 1,020,720 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030 Callable @ 100.000 07/01/2024 | 500,000 | 509,895 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031 Callable @ 100.000 07/01/2024 | 500,000 | 510,535 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023 | 15,000 | 15,054 | ||
Town of Scarborough ME 4.000% 11/01/2028 Callable @ 100.000 11/01/2023 | 100,000 | 100,435 | ||
| 3,176,947 | |||
Transportation (6.7%) | ||||
Maine Turnpike Authority 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 250,000 | 253,440 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2023 | 100,000 | 100,423 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2024 Callable @ 100.000 07/01/2023 | 100,000 | 100,455 | ||
City of Portland ME General Airport Revenue 4.000% 01/01/2040 Callable @ 100.000 01/01/2030 | 250,000 | 241,785 | ||
| 696,103 | |||
Utilities (4.4%) | ||||
Portland Water District 3.000% 11/01/2039 Callable @ 100.000 11/01/2029 | 500,000 | 463,755 | ||
| 463,755 | |||
TOTAL MUNICIPAL BONDS (COST: $10,074,761) | $ | 9,448,862 | ||
SHORT-TERM INVESTMENTS (9.2%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 970,072 |
| 970,072 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $970,072) | $ | 970,072 | ||
TOTAL INVESTMENTS (Cost $11,044,833) (99.0%) | 10,418,934 | |||
OTHER ASSETS LESS LIABILITIES (1.0%) | $ | 99,782 | ||
NET ASSETS (100.0%) | $ | 10,518,716 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
(a) Seven day yield as of April 30, 2023. |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At January 31, 2023, 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 | $11,044,833 |
Unrealized appreciation | 18,134 |
Unrealized depreciation | (644,033) |
Net unrealized appreciation (depreciation)* | ($625,899) |
*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 January 31, 2023: | ||||
Maine Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $9,448,862 | $0 | $9,448,862 |
Short-Term Investments | 970,072 | 0 | 0 | 970,072 |
Total | $970,072 | $9,448,862 | $0 | $10,418,934 |