QUARTERLY HOLDING REPORT (unaudited)
for
KEYCO BOND FUND, INC.
June 30, 2021
| Long-Term State and Municipal Obligations - 97.2% | Principal Amount | Fair Value | ||||||
| Michigan - 43.0% | ||||||||
| Bay City, Michigan, School District, 3.5%, November 1, 2034 (Q-SBLF enhanced) | $ | 400,000 | $ | 419,872 | ||||
| Beaverton, Michigan, Schools, 2%, May 1, 2022 (Q-SBLF enhanced) | 280,000 | 284,018 | ||||||
| Beaverton, Michigan, Schools, 2%, May 1, 2023 (Q-SBLF enhanced) | 175,000 | 180,289 | ||||||
| Berkley, Michigan, School District, 4%, May 1, 2040 (Q-SBLF enhanced) | 500,000 | 550,495 | ||||||
| Center Line, Michigan, Public Schools, 5%, May 1, 2042 (Q-SBLF enhanced) | 500,000 | 610,460 | ||||||
| Chesaning, Michigan, Union Schools, 3%, May 1, 2022 (Q-SBLF enhanced) | 200,000 | 204,714 | ||||||
| Dansville, Michigan, Schools, 4%, May 1, 2042 (Q-SBLF enhanced) | 250,000 | 277,712 | ||||||
| Escanaba, Michigan, Area Public Schools, 3.25%, May 1, 2028 (Q-SBLF enhanced) | 400,000 | 422,828 | ||||||
| Fowlerville, Michigan, Community Schools, 3%, May 1, 2025 (Q-SBLF enhanced) | 500,000 | 509,690 | ||||||
| Fruitport, Michigan, Community Schools, 5%, May 1, 2043 (Q-SBLF enhanced) | 500,000 | 603,545 | ||||||
| Gibraltar, Michigan, School District, 5%, May 1, 2037 (Q-SBLF enhanced) | 250,000 | 309,397 | ||||||
| Godfrey-Lee, Michigan, Public Schools, 4%, May 1, 2046 (Q-SBLF enhanced) | 300,000 | 362,280 | ||||||
| Macomb Interceptor Drain, Drainage District, County of Macomb, Michigan, 4%, May 1, 2036 | 500,000 | 573,390 | ||||||
| Michigan State Building Authority, Revenue, 5%, October 15, 2029 | 250,000 | 275,373 | ||||||
| Michigan State Building Authority, Revenue, 4%, October 15, 2036 | 350,000 | 399,049 | ||||||
| Michigan State Building Authority, Revenue, 4%, April 15, 2040 | 250,000 | 277,285 | ||||||
| Michigan State Building Authority, Revenue, 5%, October 15, 2045 | 325,000 | 377,348 | ||||||
| Michigan State Housing Development Authority, Rental Housing Revenue, Series A-2, 4.5%, October 1, 2036 | 500,000 | 516,160 | ||||||
| Michigan State Housing Development Authority, Rental Housing Revenue, Series A, 4.625%, October 1, 2039 | 500,000 | 525,790 | ||||||
| Michigan State Trunk Line, 5%, November 15, 2022 | 250,000 | 266,710 | ||||||
| Niles, Michigan, Community Schools, 4%, May 1, 2035 (Q-SBLF enhanced) | 400,000 | 448,288 | ||||||
| Pinckney, Michigan, Community Schools, 5%, May 1 2035 (Q-SBLF enhanced) | 500,000 | 598,245 | ||||||
| Rockford, Michigan, Public Schools, 4%, May 1, 2039 (Q-SBLF enhanced) | 800,000 | 866,632 | ||||||
| University of Michigan, Revenue, 4%, April 1, 2043 | 250,000 | 292,057 | ||||||
| Walled Lake, Michigan, Consolidated School District, 5%, May 1, 2037 (Q-SBLF enhanced) | 485,000 | 538,622 | ||||||
| Warren Woods, Michigan, Public Schools, 5%, May 1, 2037 (Q-SBLF enhanced) | 250,000 | 306,702 | ||||||
| Woodhaven-Brownstown, Michigan, School District, 5%, May 1, 2040 (Q-SBLF enhanced) | 375,000 | 443,801 | ||||||
| 11,440,752 | ||||||||
| Arizona - 3.4% | ||||||||
| Arizona Board of Regents, University of Arizona System, Revenue, 5%, June 1, 2038 (Pre-refunded) | 250,000 | 272,963 | ||||||
| Arizona Board of Regents, University of Arizona System, Revenue, 4%, June 1, 2045 | 250,000 | 276,727 | ||||||
| Mesa, Arizona, Utility System, Revenue, 5%, July 1, 2035 (Pre-refunded) | 350,000 | 350,000 | ||||||
| 899,690 | ||||||||
| Colorado - 0.5% | ||||||||
| Meridian Metropolitan District, Colorado, 5%, December 1, 2041 (Pre-refunded) | 135,000 | 137,680 | ||||||
| District of Columbia - 1.1% | ||||||||
| District of Columbia, Income Tax Secured Revenue, 4%, May 1, 2045 | 250,000 | 297,942 | ||||||
| Florida - 2.4% | ||||||||
| Miami-Dade County, Florida, Subordinate Special Obligation Refunding, 5% October 1, 2035 (Pre-refunded) | 210,000 | 222,713 | ||||||
| Florida State Board of Education, Public Education, Capital Outlay, 2018 Series B, 4%, June 1, 2044 | 200,000 | 234,052 | ||||||
| St. Petersburg, Florida, Public Utility, Revenue, 4%, October 1, 2030 (Pre-refunded) | 175,000 | 183,414 | ||||||
| 640,179 | ||||||||
| Georgia - 3.1% | ||||||||
| Georgia State Housing and Finance Authority, 3.5%, December 1, 2030 | 300,000 | 316,611 | ||||||
| Georgia State Housing and Finance Authority, 3.45%, December 1, 2032 | 500,000 | 511,555 | ||||||
| 828,166 | ||||||||
| Hawaii - 3.1% | ||||||||
| Honolulu, Hawaii, City and County Wastewater System Revenue, Series A, 5%, July 1, 2041 (Pre-refunded) | 250,000 | 250,000 | ||||||
| Hawaii State, Series FG, 4%, October 1, 2036 | 500,000 | 578,660 | ||||||
| 828,660 | ||||||||
| Illinois - 2.9% | ||||||||
| Illinois Finance Authority, 4%, October 1, 2033 | 250,000 | 251,888 | ||||||
| Rock Island County, Illinois, Public Building Revenue, 4%, December 1, 2045 | 475,000 | 517,736 | ||||||
| 769,624 | ||||||||
| Indiana - 2.0% | ||||||||
| Greater Clark Building Corporation, Indiana, First Mortgage, Series 2018, 4%, January 15, 2038 | 455,000 | 529,151 | ||||||
| Maine - 1.0% | ||||||||
| Maine State Housing Authority, Mortgage Purchase, 2018 Series B, 3.75% November 15, 2038 | 250,000 | 269,843 | ||||||
| Maryland - 0.5% | ||||||||
| Montgomery County, Maryland, Housing Opportunities Commission, 0.55%, January 1, 2025 (FHA risk sharing mortgage insurance) | 135,000 | 135,016 | ||||||
| Minnesota - 0.8% | ||||||||
| N. St. Paul-Maplewood-Oakdale, Minnesota, Independent School District No. 622, 3%, February 1, 2022 (Minnesota School District Credit Enhancement Program) | 200,000 | 203,308 | ||||||
| Nebraska - 1.0% | ||||||||
| Omaha, Nebraska, Sanitary Sewer, Revenue, 4.25%, November 15, 2038 (Pre-refunded) | 250,000 | 253,830 | ||||||
| Nevada - 1.1% | ||||||||
| Clark County, Nevada, General Obligation (Limited Tax) Park Improvement, Series 2018, 4%, December 1, 2038 | 250,000 | 294,915 | ||||||
| New Hampshire - 3.7% | ||||||||
| New Hampshire Municipal Bond Bank, 2016 Series D, 4%, August 15, 2039 | 875,000 | 989,896 | ||||||
| New York - 9.9% | ||||||||
| New York, New York City, Transitional Finance Authority, Revenue, 4%, Fiscal 2017, August 1, 2035 | 275,000 | 314,886 | ||||||
| New York, New York City, Transitional Finance Authority, Revenue, 4%, Fiscal 2017, August 1, 2037 | 250,000 | 283,117 | ||||||
| New York, New York City, Transitional Finance Authority, Revenue, 4%, Fiscal 2017, August 1, 2041 | 335,000 | 374,574 | ||||||
| New York, New York City, Transitional Finance Authority, Revenue, 4%, Fiscal 2019, August 1, 2041 | 140,000 | 163,411 | ||||||
| New York, New York City, Transitional Finance Authority, Building Aid, Revenue, 4%, July 15, 2040 | 250,000 | 279,767 | ||||||
| New York, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue, Fiscal 2016 Subseries CC-1, 4%, June 15, 2038 | 75,000 | 86,409 | ||||||
| New York State Dormitory Authority, State, Personal Income Tax Revenue, Series 2018A, 4%, March 15, 2043 | 300,000 | 350,571 | ||||||
| New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds, Revenue, 4%, June 15, 2046 | 500,000 | 562,045 | ||||||
| New York State Mortgage Agency, 3.1%, April 1, 2028 | 200,000 | 205,082 | ||||||
| 2,619,862 | ||||||||
| North Carolina - 0.8% | ||||||||
| Appalachian State University, North Carolina, General Revenue, 4.5%, October 1, 2036 (Pre-refunded) | 200,000 | 202,174 | ||||||
| Ohio - 1.4% | ||||||||
| Fairborn, Ohio, City School District, 4%, December 1, 2043 | 345,000 | 383,574 | ||||||
| Pennsylvania - 5.3% | ||||||||
| Pennsylvania State, Series 1, 4%, June 15, 2033 | 550,000 | 603,306 | ||||||
| Pennsylvania State, Second Series, 4%, August 15, 2035 | 500,000 | 565,980 | ||||||
| West View, Pennsylvania, Water Authority, Revenue, 4%, November 15, 2039 | 200,000 | 228,726 | ||||||
| 1,398,012 | ||||||||
| South Dakota - 0.1% | ||||||||
| South Dakota Housing Development Authority, Homeownership Mortgage, 2018 Series A, 3.8%, November 1, 2038 | 25,000 | 27,154 | ||||||
| Texas - 7.2% | ||||||||
| Corpus Christi, Texas, Independent School District, 4%, August 15, 2034 (Texas Permanent School Fund guarantee) | 250,000 | 282,357 | ||||||
| Crosby, Texas, Independent School District, 5%, February 15, 2043 (Texas Permanent School Fund guarantee) | 250,000 | 275,423 | ||||||
| Houston, Texas, Independent School District, 4%, June 1, 2029 (Texas Permanent School Fund guarantee) | 350,000 | 374,657 | ||||||
| Prosper, Texas, 4%, February 15, 2035 | 265,000 | 294,471 | ||||||
| University of Houston, Texas, Revenue, 3%, February 15, 2028 | 340,000 | 357,275 | ||||||
| Waco, Texas, 3.125%, February 1, 2036 | 180,000 | 189,697 | ||||||
| Waxahachie, Texas, Independent School District, 5%, August 15, 2021 (Texas Permanent School Fund guarantee) | 145,000 | 145,848 | ||||||
| 1,919,728 |
| Virginia - 2.0% | ||||||||
| Richmond, Virginia, Public Utility, Revenue, 5%, January 15, 2043 (Pre-refunded) | 250,000 | 268,558 | ||||||
| Virginia College, Building Authority, Series, B, 4%, February 1, 2028 (Pre-refunded) | 250,000 | 255,643 | ||||||
| 524,201 | ||||||||
| Washington - 0.9% | ||||||||
| Washington State, Motor Vehicle Fuel Tax, Series B-1, 5%, August 1, 2041 (Pre-refunded) | 250,000 | 250,988 | ||||||
| Total long-term state and municipal obligations | ||||||||
| (Cost $24,203,233) - 97.2% | 25,844,345 | |||||||
| Money Market Fund - 1.9% | Shares | |||||||
| Goldman Sachs Financial Square Government Fund, Institutional Shares, .02% seven-day yield (Cost $518,944) | 518,944 | 518,944 | ||||||
| Total investments (Cost $24,722,177) - 99.1% | 26,363,289 | |||||||
| Other assets less liabilities, net - 0.9% | 229,919 | |||||||
| Net assets (100%) | $ | 26,593,208 | ||||||
Notes:
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. generally accepted accounting principles (GAAP) establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.
Level 2: Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instruments on an inactive market, prices for similar instruments in an active market, interest rates, yield curves, implied volatilities, credit spreads and market-collaborated inputs.
Level 3: Unobservable inputs for the asset or liability to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
A description of the valuation techniques applied to the Fund's major category of assets measured at fair value on a recurring basis is as follows. The fair value of the long-term state and municipal obligations is estimated using various techniques which may include information from actual trades for active issues. Evaluations are also based on reviews of current economic conditions, trading levels, spread relationships and the slope of the yield curve. Evaluations are also adjusted for various attributes such as discounts, premiums, credit, use of proceeds and callability. To the extent that the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the Fund's portfolio investments as of June 30, 2021, based on the inputs used to value them:
| Securities | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
| Long-term state and municipal obligations | $ | — | $ | 25,844,345 | $ | — | $ | 25,844,345 | ||||||||
| Money market fund | 518,944 | — | — | 518,944 | ||||||||||||
| Total | $ | 518,944 | $ | 25,844,345 | $ | — | $ | 26,363,289 | ||||||||