| Municipal Bonds - 95.7% | | | |
| | | Principal Amount | Value |
| Guam - 0.6% | | | |
| Guam Int'l. Arpt. Auth. Rev.: | | | |
| Series 2013 C, 6.25% 10/1/34 (a) | | $1,000,000 | $1,062,120 |
| Series C, 5% 10/1/21 (Escrowed to Maturity) (a) | | 1,860,000 | 1,901,189 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | | 1,175,000 | 1,268,048 |
|
| TOTAL GUAM | | | 4,231,357 |
|
| Michigan - 94.9% | | | |
| Battle Creek School District Series 2016: | | | |
| 5% 5/1/36 | | 1,500,000 | 1,814,445 |
| 5% 5/1/37 | | 1,175,000 | 1,417,779 |
| Bay City School District Rev. Series 2014: | | | |
| 5% 11/1/25 | | 1,000,000 | 1,164,520 |
| 5% 11/1/26 | | 1,000,000 | 1,164,520 |
| 5% 11/1/27 | | 700,000 | 813,799 |
| 5% 11/1/28 | | 250,000 | 290,158 |
| Brandon School District Series 2016 A: | | | |
| 5% 5/1/28 | | 2,515,000 | 3,034,825 |
| 5% 5/1/29 | | 1,250,000 | 1,505,838 |
| 5% 5/1/30 | | 1,250,000 | 1,503,325 |
| 5% 5/1/34 | | 2,475,000 | 2,955,497 |
| Chippewa Valley Schools Series 2016 A: | | | |
| 5% 5/1/32 | | 1,000,000 | 1,212,100 |
| 5% 5/1/33 | | 1,000,000 | 1,208,770 |
| 5% 5/1/34 | | 1,075,000 | 1,298,235 |
| 5% 5/1/35 | | 775,000 | 934,650 |
| Clarkston Cmnty. Schools Series 2016: | | | |
| 5% 5/1/28 | | 1,745,000 | 2,096,007 |
| 5% 5/1/29 | | 1,500,000 | 1,799,460 |
| Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured) | | 4,260,000 | 5,764,845 |
| Detroit Downtown Dev. Auth. Tax: | | | |
| Series 1, 5% 7/1/22 (FSA Insured) | | 500,000 | 538,630 |
| Series A: | | | |
| 5% 7/1/29 (FSA Insured) | | 1,340,000 | 1,531,834 |
| 5% 7/1/31 (FSA Insured) | | 1,775,000 | 2,020,678 |
| 5% 7/1/33 (FSA Insured) | | 2,000,000 | 2,268,160 |
| 5% 7/1/34 (FSA Insured) | | 1,750,000 | 1,981,893 |
| 5% 7/1/35 (FSA Insured) | | 2,750,000 | 3,107,940 |
| 5% 7/1/37 (FSA Insured) | | 2,000,000 | 2,254,860 |
| Detroit Gen. Oblig. Series 2018: | | | |
| 5% 4/1/21 | | 1,000,000 | 1,009,302 |
| 5% 4/1/22 | | 725,000 | 744,938 |
| 5% 4/1/23 | | 310,000 | 323,491 |
| Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/24 | | 5,000,000 | 5,363,100 |
| Detroit Swr. Disp. Rev. Series 2006, 5% 7/1/36 | | 10,000 | 10,036 |
| Detroit/Wayne Co. Stadium Auth. Series 2012: | | | |
| 5% 10/1/21 (FSA Insured) | | 2,000,000 | 2,089,826 |
| 5% 10/1/22 (FSA Insured) | | 2,645,000 | 2,879,030 |
| 5% 10/1/26 (FSA Insured) | | 4,850,000 | 5,197,551 |
| Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018: | | | |
| 5% 4/1/33 (FSA Insured) | | 735,000 | 916,905 |
| 5% 4/1/34 (FSA Insured) | | 520,000 | 645,653 |
| 5% 4/1/35 (FSA Insured) | | 500,000 | 617,740 |
| Farmington Pub. School District Gen. Oblig.: | | | |
| Series 2015: | | | |
| 5% 5/1/26 (FSA Insured) | | 1,385,000 | 1,660,809 |
| 5% 5/1/27 (FSA Insured) | | 1,425,000 | 1,705,212 |
| Series 2020, 4% 5/1/40 | | 3,000,000 | 3,547,650 |
| Fitzgerald Pub. School District Series 2019, 5% 5/1/37 | | 1,260,000 | 1,595,084 |
| Flint Hosp. Bldg. Auth. Rev. Series 2020: | | | |
| 4% 7/1/38 | | 1,800,000 | 1,894,626 |
| 4% 7/1/41 | | 1,395,000 | 1,453,590 |
| Forest Hills Pub. Schools Series 2015, 5% 5/1/21 | | 1,575,000 | 1,619,309 |
| Fraser Pub. School District Series 2006 B, 5% 5/1/29 | | 1,455,000 | 1,745,476 |
| Grand Rapids Pub. Schools: | | | |
| Series 2017, 5% 5/1/29 (FSA Insured) | | 480,000 | 602,117 |
| Series 2019: | | | |
| 5% 11/1/39 (FSA Insured) | | 1,200,000 | 1,519,632 |
| 5% 11/1/41 (FSA Insured) | | 1,300,000 | 1,630,278 |
| 5% 11/1/42 (FSA Insured) | | 1,400,000 | 1,747,466 |
| Grand Rapids San. Swr. Sys. Rev.: | | | |
| Series 2018: | | | |
| 5% 1/1/31 | | 475,000 | 605,250 |
| 5% 1/1/33 | | 250,000 | 315,148 |
| 5% 1/1/34 | | 550,000 | 690,657 |
| 5% 1/1/35 | | 400,000 | 500,984 |
| 5% 1/1/38 | | 655,000 | 812,311 |
| Series 2012, 5% 1/1/37 | | 1,250,000 | 1,370,875 |
| Series 2014: | | | |
| 5% 1/1/27 | | 1,300,000 | 1,489,514 |
| 5% 1/1/29 | | 800,000 | 916,064 |
| 5% 1/1/30 | | 2,000,000 | 2,288,060 |
| Series 2016, 5% 1/1/37 | | 1,250,000 | 1,501,363 |
| Grand Rapids Wtr. Supply Sys. Series 2016: | | | |
| 5% 1/1/31 | | 250,000 | 305,133 |
| 5% 1/1/32 | | 320,000 | 389,830 |
| 5% 1/1/33 | | 550,000 | 667,178 |
| 5% 1/1/34 | | 500,000 | 604,810 |
| 5% 1/1/35 | | 920,000 | 1,110,228 |
| 5% 1/1/36 | | 385,000 | 463,513 |
| 5% 1/1/46 | | 800,000 | 947,392 |
| Grand Traverse County Hosp. Fin. Auth.: | | | |
| Series 2011 A, 5.375% 7/1/35 | | 2,000,000 | 2,053,040 |
| Series 2014 A, 5% 7/1/47 | | 1,400,000 | 1,538,978 |
| Series 2019 A: | | | |
| 5% 7/1/44 | | 1,110,000 | 1,327,038 |
| 5% 7/1/49 | | 2,615,000 | 3,106,359 |
| Grand Valley Michigan State Univ. Rev.: | | | |
| Series 2014 B: | | | |
| 5% 12/1/25 | | 500,000 | 580,925 |
| 5% 12/1/26 | | 1,900,000 | 2,196,780 |
| 5% 12/1/28 | | 1,800,000 | 2,062,854 |
| Series 2018: | | | |
| 5% 12/1/34 | | 1,075,000 | 1,332,430 |
| 5% 12/1/35 | | 1,225,000 | 1,512,238 |
| 5% 12/1/37 | | 1,375,000 | 1,685,695 |
| 5% 12/1/38 | | 875,000 | 1,069,583 |
| 5% 12/1/43 | | 1,400,000 | 1,689,534 |
| Grandville Pub. Schools District Series 2020: | | | |
| 4% 5/1/39 (FSA Insured) | | 1,000,000 | 1,195,050 |
| 4% 5/1/40 (FSA Insured) | | 1,300,000 | 1,548,599 |
| Great Lakes Wtr. Auth. Sew Disp. Sys.: | | | |
| Series 2016 B, 5% 7/1/30 | | 2,000,000 | 2,466,220 |
| Series 2016 C, 5% 7/1/31 | | 7,000,000 | 8,526,350 |
| Series 2018 A: | | | |
| 5% 7/1/43 | | 10,000,000 | 12,083,700 |
| 5% 7/1/48 | | 5,000,000 | 5,998,050 |
| Series 2018 B, 5% 7/1/28 | | 1,125,000 | 1,447,909 |
| Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.: | | | |
| Series 2016 C, 5.25% 7/1/35 | | 2,000,000 | 2,448,880 |
| Series 2020 B: | | | |
| 5% 7/1/45 | | 1,850,000 | 2,314,350 |
| 5% 7/1/49 | | 1,300,000 | 1,621,087 |
| Grosse Pointe Pub. School Sys. Series 2019: | | | |
| 5% 5/1/38 | | 1,000,000 | 1,269,250 |
| 5% 5/1/39 | | 1,000,000 | 1,264,540 |
| Hudsonville Pub. Schools: | | | |
| Series 2013: | | | |
| 4% 5/1/24 | | 1,220,000 | 1,336,266 |
| 4% 5/1/25 | | 500,000 | 547,150 |
| 5% 5/1/22 | | 600,000 | 644,532 |
| Series 2017: | | | |
| 5% 5/1/31 | | 430,000 | 540,992 |
| 5% 5/1/32 | | 1,200,000 | 1,501,224 |
| 5% 5/1/34 | | 1,000,000 | 1,240,190 |
| 5% 5/1/35 | | 1,000,000 | 1,234,540 |
| Ingham, Eaton and Clinton Counties Lansing School District: | | | |
| Series 2012, 5% 5/1/22 | | 1,730,000 | 1,862,691 |
| Series II: | | | |
| 4% 5/1/21 | | 375,000 | 382,975 |
| 4% 5/1/22 | | 345,000 | 364,886 |
| 5% 5/1/23 | | 430,000 | 482,439 |
| 5% 5/1/24 | | 355,000 | 413,678 |
| Jackson County Series 2019, 4% 5/1/34 (Build America Mutual Assurance Insured) | | 2,310,000 | 2,707,597 |
| Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | | | |
| 4% 5/15/36 | | 2,000,000 | 2,204,480 |
| 5% 5/15/28 | | 780,000 | 939,900 |
| 5% 5/15/30 | | 5,000,000 | 5,967,250 |
| Kentwood Pub. Schools Series 2012, 4% 5/1/22 | | 1,000,000 | 1,060,920 |
| L'Anse Creuse Pub. Schools Series 2012, 5% 5/1/23 | | 1,500,000 | 1,541,400 |
| Lake Orion Cmnty. School District Series 2016, 5% 5/1/23 | | 1,915,000 | 2,148,534 |
| Lansing Board of Wtr. & Lt. Util. Rev. Series 2019 A: | | | |
| 5% 7/1/22 | | 230,000 | 249,288 |
| 5% 7/1/23 | | 340,000 | 385,091 |
| 5% 7/1/24 | | 375,000 | 442,005 |
| 5% 7/1/25 | | 375,000 | 458,423 |
| Lansing Cmnty. College: | | | |
| Series 2012: | | | |
| 5% 5/1/23 | | 1,135,000 | 1,220,806 |
| 5% 5/1/25 | | 350,000 | 375,998 |
| 5% 5/1/25 (Pre-Refunded to 5/1/22 @ 100) | | 1,190,000 | 1,279,893 |
| Series 2019, 5% 5/1/44 | | 3,000,000 | 3,746,340 |
| Lincoln Consolidated School District Series 2016 A: | | | |
| 5% 5/1/28 | | 2,025,000 | 2,480,220 |
| 5% 5/1/29 | | 1,430,000 | 1,748,847 |
| 5% 5/1/31 | | 500,000 | 606,325 |
| 5% 5/1/32 | | 1,000,000 | 1,209,030 |
| Macomb Interceptor Drain Drainage District Series 2017 A: | | | |
| 5% 5/1/33 | | 2,100,000 | 2,611,938 |
| 5% 5/1/34 | | 1,750,000 | 2,167,830 |
| Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A: | | | |
| 5% 7/1/29 | | 780,000 | 956,709 |
| 5% 7/1/30 | | 900,000 | 1,098,990 |
| 5% 7/1/31 | | 780,000 | 948,574 |
| 5% 7/1/32 | | 1,000,000 | 1,209,240 |
| 5% 7/1/33 | | 705,000 | 849,194 |
| Michigan Bldg. Auth. Rev.: | | | |
| (Facilities Prog.): | | | |
| Series 2015 1, 5% 10/15/50 | | 7,250,000 | 8,529,190 |
| Series I, 3% 10/15/45 | | 3,000,000 | 3,145,740 |
| Series I, 5% 4/15/38 | | 3,000,000 | 3,566,310 |
| Michigan Fin. Auth. Rev.: | | | |
| (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018: | | | |
| 5% 11/1/30 | | 1,000,000 | 1,290,370 |
| 5% 11/1/31 | | 750,000 | 961,845 |
| 5% 11/1/32 | | 1,000,000 | 1,276,010 |
| 5% 11/1/33 | | 3,250,000 | 4,127,923 |
| 5% 11/1/35 | | 1,000,000 | 1,259,140 |
| 5% 11/1/36 | | 1,250,000 | 1,567,825 |
| 5% 11/1/37 | | 1,500,000 | 1,871,730 |
| 5% 11/1/38 | | 1,595,000 | 1,984,467 |
| (Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24 | | 2,000,000 | 2,275,440 |
| (Detroit Wtr. and Sewage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj.): | | | |
| Series 2014 C3, 5% 7/1/22 (FSA Insured) | | 2,000,000 | 2,166,240 |
| Series 2014 D1, 5% 7/1/22 (FSA Insured) | | 2,000,000 | 2,166,240 |
| (Detroit Wtr. and Sewerage Dept. Sewage Disp. Sys. Rev. and Rev. Rfdg. Local Proj.) Series 2014 C, 5% 7/1/25 (FSA Insured) | | 1,850,000 | 2,143,669 |
| (Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/24 | | 2,940,000 | 3,459,763 |
| (Holland Cmnty. Hosp. Proj.) Series 2013 A: | | | |
| 5% 1/1/33 | | 1,250,000 | 1,348,313 |
| 5% 1/1/40 | | 3,000,000 | 3,210,870 |
| (Kalamazoo College Proj.) Series 2018, 4% 12/1/47 | | 2,610,000 | 2,799,982 |
| (Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (FSA Insured) | | 1,000,000 | 1,135,650 |
| (Mid-Michigan Health Sys. Proj.) Series 2014, 5% 6/1/39 | | 540,000 | 597,548 |
| (Trinity Health Proj.) Series 2017: | | | |
| 5% 12/1/30 | | 710,000 | 890,645 |
| 5% 12/1/37 | | 3,270,000 | 3,983,154 |
| 5% 12/1/42 | | 2,120,000 | 2,551,971 |
| (Trinity Health Proj.) Series 2015, 5% 12/1/33 (Pre-Refunded to 6/1/22 @ 100) | | 1,220,000 | 1,315,733 |
| Bonds: | | | |
| Series 2016 E1, 4%, tender 8/15/24 (b) | | 1,185,000 | 1,345,331 |
| Series 2019 B, 3.5%, tender 11/15/22 (b) | | 5,000,000 | 5,297,900 |
| Series 2019 MI2, 5%, tender 2/1/25 (b) | | 5,000,000 | 5,911,000 |
| Series 2010 A: | | | |
| 5% 12/1/27 | | 1,090,000 | 1,097,554 |
| 5% 12/1/27 (Pre-Refunded to 12/1/20 @ 100) | | 10,000 | 10,079 |
| Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | | 125,000 | 134,918 |
| Series 2012: | | | |
| 5% 11/15/24 | | 660,000 | 719,096 |
| 5% 11/15/25 | | 1,000,000 | 1,087,770 |
| 5% 11/15/26 | | 800,000 | 867,944 |
| 5% 11/1/42 | | 2,000,000 | 2,127,660 |
| 5% 11/15/42 | | 3,120,000 | 3,307,325 |
| Series 2013: | | | |
| 5% 10/1/25 | | 1,255,000 | 1,376,572 |
| 5% 8/15/30 | | 4,105,000 | 4,537,667 |
| Series 2014 H1: | | | |
| 5% 10/1/22 | | 1,000,000 | 1,046,870 |
| 5% 10/1/25 | | 2,250,000 | 2,655,338 |
| 5% 10/1/39 | | 4,725,000 | 5,426,993 |
| Series 2014: | | | |
| 5% 6/1/25 | | 1,000,000 | 1,152,390 |
| 5% 6/1/26 | | 700,000 | 802,221 |
| 5% 6/1/27 | | 700,000 | 797,797 |
| Series 2015 C: | | | |
| 5% 7/1/26 | | 570,000 | 682,786 |
| 5% 7/1/27 | | 1,215,000 | 1,451,014 |
| 5% 7/1/28 | | 1,500,000 | 1,787,520 |
| 5% 7/1/35 | | 2,100,000 | 2,457,672 |
| Series 2015 D1: | | | |
| 5% 7/1/34 | | 1,250,000 | 1,469,200 |
| 5% 7/1/35 | | 500,000 | 586,170 |
| Series 2015 D2, 5% 7/1/34 | | 1,000,000 | 1,172,340 |
| Series 2016 A, 5% 11/1/44 | | 6,190,000 | 7,061,119 |
| Series 2016: | | | |
| 5% 1/1/29 | | 1,000,000 | 1,187,840 |
| 5% 11/15/29 | | 2,950,000 | 3,596,965 |
| 5% 1/1/30 | | 1,000,000 | 1,182,880 |
| 5% 1/1/31 | | 1,170,000 | 1,378,517 |
| 5% 1/1/32 | | 1,895,000 | 2,224,124 |
| 5% 1/1/33 | | 1,915,000 | 2,238,214 |
| 5% 1/1/34 | | 2,135,000 | 2,488,172 |
| 5% 11/15/34 | | 1,135,000 | 1,357,165 |
| 5% 11/15/41 | | 11,710,000 | 13,750,468 |
| Series 2019 A: | | | |
| 4% 12/1/49 | | 7,000,000 | 7,872,550 |
| 4% 2/15/50 | | 4,000,000 | 4,449,800 |
| 4% 11/15/50 | | 8,750,000 | 9,786,700 |
| 5% 11/15/48 | | 3,020,000 | 3,682,044 |
| 5% 5/15/54 | | 1,000,000 | 1,144,580 |
| Series 2019 MI1, 5% 12/1/48 | | 2,000,000 | 2,434,460 |
| Michigan Gen. Oblig. Series 2020 A: | | | |
| 4% 5/15/40 | | 500,000 | 607,200 |
| 5% 5/15/30 | | 1,100,000 | 1,507,737 |
| Michigan Hosp. Fin. Auth. Rev.: | | | |
| Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (b) | | 3,650,000 | 3,830,529 |
| Series 2005 A4, 5% 11/1/22 | | 930,000 | 1,018,889 |
| Series 2010 F4, 5% 11/15/47 | | 3,000,000 | 3,754,830 |
| Series 2016: | | | |
| 5% 11/15/46 | | 3,500,000 | 4,147,045 |
| 5% 11/15/47 | | 18,000,000 | 21,314,325 |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | | | |
| Series 2019 B, 3.75% 6/1/50 | | 3,790,000 | 4,214,025 |
| Series A: | | | |
| 3.5% 12/1/50 | | 3,000,000 | 3,348,840 |
| 4% 12/1/48 | | 1,805,000 | 1,976,295 |
| Series C, 4.25% 6/1/49 | | 3,780,000 | 4,200,865 |
| Michigan State Univ. Revs.: | | | |
| Series 2019 B, 5% 2/15/48 | | 3,000,000 | 3,705,840 |
| Series 2019 C, 4% 2/15/44 | | 1,500,000 | 1,727,730 |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | | | |
| (Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | | 3,585,000 | 3,759,984 |
| (I-75 Impt. Proj.) Series 2018, 5% 12/31/26 (a) | | 310,000 | 370,875 |
| Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(b) | | 6,000,000 | 6,206,880 |
| Series 2020, 5% 5/15/44 | | 1,500,000 | 1,627,470 |
| Michigan Trunk Line Fund Rev. Series 2020 B: | | | |
| 4% 11/15/45 | | 6,000,000 | 7,032,480 |
| 5% 11/15/36 | | 6,000,000 | 7,957,620 |
| Milan Area Schools Series 2019, 5% 5/1/21 | | 950,000 | 975,425 |
| Novi Cmnty. School District Series I: | | | |
| 5% 5/1/43 | | 1,150,000 | 1,469,010 |
| 5% 5/1/44 | | 1,175,000 | 1,497,291 |
| Oakland Macomb Intercepto Series 2020 A, 5% 7/1/29 | | 1,500,000 | 2,007,090 |
| Oakland Univ. Rev.: | | | |
| Series 2012: | | | |
| 5% 3/1/24 | | 1,170,000 | 1,241,943 |
| 5% 3/1/25 | | 1,225,000 | 1,299,603 |
| 5% 3/1/26 | | 1,290,000 | 1,367,813 |
| Series 2013 A: | | | |
| 5% 3/1/25 | | 995,000 | 1,095,674 |
| 5% 3/1/26 | | 1,620,000 | 1,782,275 |
| 5% 3/1/27 | | 815,000 | 895,604 |
| 5% 3/1/38 | | 2,900,000 | 3,133,856 |
| Series 2014: | | | |
| 5% 3/1/28 | | 335,000 | 375,210 |
| 5% 3/1/29 | | 525,000 | 585,900 |
| 5% 3/1/39 | | 3,000,000 | 3,280,950 |
| Series 2016: | | | |
| 5% 3/1/28 | | 1,150,000 | 1,362,635 |
| 5% 3/1/41 | | 3,475,000 | 3,955,315 |
| Portage Pub. Schools: | | | |
| Series 2016: | | | |
| 5% 11/1/32 | | 2,500,000 | 3,021,075 |
| 5% 11/1/34 | | 1,250,000 | 1,500,788 |
| 5% 11/1/35 | | 1,300,000 | 1,557,725 |
| 5% 11/1/39 | | 755,000 | 895,732 |
| Series 2019, 4% 11/1/38 | | 2,000,000 | 2,329,940 |
| Rochester Cmnty. School District Series I, 5% 5/1/31 | | 1,500,000 | 1,846,395 |
| Rockford Pub. Schools Gen. Oblig. Series 2019 I: | | | |
| 4% 5/1/22 | | 1,575,000 | 1,665,783 |
| 5% 5/1/42 | | 3,050,000 | 3,830,953 |
| 5% 5/1/44 | | 3,100,000 | 3,882,378 |
| Roseville Cmnty. Schools: | | | |
| Series 2014: | | | |
| 5% 5/1/24 | | 780,000 | 907,413 |
| 5% 5/1/26 | | 1,385,000 | 1,665,684 |
| Series 2015: | | | |
| 5% 5/1/24 | | 570,000 | 663,110 |
| 5% 5/1/26 | | 1,715,000 | 2,062,562 |
| 5% 5/1/27 | | 1,795,000 | 2,152,456 |
| 5% 5/1/28 | | 1,885,000 | 2,255,666 |
| Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | | | |
| 5% 9/1/26 | | 1,000,000 | 1,137,930 |
| 5% 9/1/27 | | 1,175,000 | 1,332,579 |
| 5% 9/1/28 | | 1,870,000 | 2,112,146 |
| Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J: | | | |
| 4% 7/1/36 | | 770,000 | 906,444 |
| 4% 7/1/37 | | 820,000 | 961,466 |
| 4% 7/1/39 | | 1,430,000 | 1,665,106 |
| 4% 7/1/40 | | 490,000 | 565,009 |
| Saint Clair County Gen. Oblig. Series 2012, 5% 4/1/26 (Pre-Refunded to 4/1/22 @ 100) | | 1,495,000 | 1,601,997 |
| South Lyon Cmnty. Schools Series 2016: | | | |
| 5% 5/1/23 | | 1,575,000 | 1,748,927 |
| 5% 5/1/24 | | 3,200,000 | 3,683,200 |
| Walled Lake Consolidated School District Series 2020, 5% 5/1/36 | | 1,050,000 | 1,383,260 |
| Warren Consolidated School District: | | | |
| Series 2016: | | | |
| 5% 5/1/23 | | 810,000 | 905,434 |
| 5% 5/1/34 | | 5,630,000 | 6,830,598 |
| 5% 5/1/35 | | 1,250,000 | 1,512,788 |
| Series 2017: | | | |
| 4% 5/1/23 (FSA Insured) | | 750,000 | 815,085 |
| 4% 5/1/24 (FSA Insured) | | 750,000 | 838,763 |
| 4% 5/1/25 (FSA Insured) | | 500,000�� | 572,615 |
| Series 2018: | | | |
| 5% 5/1/30 | | 550,000 | 710,512 |
| 5% 5/1/32 | | 1,100,000 | 1,405,393 |
| 5% 5/1/34 | | 1,175,000 | 1,488,467 |
| 5% 5/1/35 | | 1,200,000 | 1,514,280 |
| 5% 5/1/36 | | 1,000,000 | 1,254,690 |
| 5% 5/1/37 | | 1,300,000 | 1,623,648 |
| 5% 5/1/38 | | 800,000 | 995,032 |
| Washtenaw Intermediate School District Series 2019, 5% 5/1/23 | | 2,000,000 | 2,238,940 |
| Wayne County Arpt. Auth. Rev.: | | | |
| Series 2011 A: | | | |
| 5% 12/1/21 (a) | | 5,000,000 | 5,269,200 |
| 5% 12/1/22 (a) | | 5,260,000 | 5,519,055 |
| Series 2012 A, 5% 12/1/23 | | 2,300,000 | 2,507,046 |
| Series 2012 B, 5% 12/1/32 (a) | | 1,500,000 | 1,610,835 |
| Series 2014 C: | | | |
| 5% 12/1/29 (a) | | 720,000 | 822,060 |
| 5% 12/1/31 (a) | | 860,000 | 975,937 |
| 5% 12/1/34 (a) | | 1,655,000 | 1,864,589 |
| Series 2015 D, 5% 12/1/40 (FSA Insured) | | 8,165,000 | 9,531,249 |
| Series 2015 F: | | | |
| 5% 12/1/25 (a) | | 2,735,000 | 3,256,920 |
| 5% 12/1/27 (a) | | 4,810,000 | 5,711,971 |
| Series 2015 G: | | | |
| 5% 12/1/35 | | 5,435,000 | 6,350,308 |
| 5% 12/1/36 | | 5,760,000 | 6,717,600 |
| Series 2017 A: | | | |
| 5% 12/1/22 | | 640,000 | 696,890 |
| 5% 12/1/37 | | 545,000 | 648,893 |
| 5% 12/1/42 | | 1,455,000 | 1,714,179 |
| Series 2017 B, 5% 12/1/47 (a) | | 450,000 | 515,790 |
| Series 2018 B, 5% 12/1/48 (a) | | 5,000,000 | 5,809,000 |
| Series 2018 D: | | | |
| 5% 12/1/30 (a) | | 4,365,000 | 5,360,569 |
| 5% 12/1/31 (a) | | 2,825,000 | 3,445,314 |
| 5% 12/1/32 (a) | | 2,945,000 | 3,569,222 |
| Wayne State Univ. Revs. Series 2019 A: | | | |
| 4% 11/15/38 | | 500,000 | 575,405 |
| 4% 11/15/39 | | 350,000 | 401,531 |
| West Ottawa Pub. School District Series 2014 1: | | | |
| 5% 5/1/30 | | 725,000 | 839,499 |
| 5% 5/1/32 | | 500,000 | 577,805 |
| 5% 5/1/34 | | 900,000 | 1,038,321 |
| 5% 5/1/35 | | 250,000 | 288,133 |
| Western Michigan Univ. Rev.: | | | |
| Series 2014: | | | |
| 5% 11/15/25 | | 320,000 | 377,434 |
| 5% 11/15/26 | | 400,000 | 471,432 |
| 5% 11/15/28 | | 650,000 | 762,307 |
| 5% 11/15/29 | | 750,000 | 879,255 |
| 5% 11/15/30 | | 855,000 | 1,002,727 |
| 5% 11/15/31 | | 700,000 | 820,946 |
| Series 2015 A: | | | |
| 5% 11/15/26 | | 1,000,000 | 1,196,110 |
| 5% 11/15/28 | | 2,505,000 | 2,983,680 |
| Series 2019 A, 5% 11/15/44 | | 2,000,000 | 2,416,600 |
| Ypsilanti School District Series A: | | | |
| 5% 5/1/29 | | 1,305,000 | 1,613,606 |
| 5% 5/1/30 | | 1,550,000 | 1,912,716 |
| 5% 5/1/32 | | 2,000,000 | 2,455,720 |
| Zeeland Pub. Schools Series A: | | | |
| 5% 5/1/27 | | 1,000,000 | 1,202,660 |
| 5% 5/1/28 | | 500,000 | 599,820 |
| 5% 5/1/29 | | 1,000,000 | 1,194,140 |
| 5% 5/1/30 | | 1,000,000 | 1,190,650 |
|
| TOTAL MICHIGAN | | | 662,830,362 |
|
| Puerto Rico - 0.2% | | | |
| Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 (c) | | 1,340,000 | 1,684,501 |
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $627,434,120) | | | 668,746,220 |
|
| Municipal Notes - 0.8% | | | |
| Michigan - 0.8% | | | |
| Michigan Fin. Auth. Rev. RAN Series 2020 A2, 4% 8/20/21, LOC JPMorgan Chase Bank | | 4,000,000 | $4,133,768 |
| Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev. Series 2005, 0.21% 10/1/20, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | | 1,230,000 | 1,230,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $5,362,386) | | | 5,363,768 |
| TOTAL INVESTMENT IN SECURITIES - 96.5% | | | |
| (Cost $632,796,506) | | | 674,109,988 |
| NET OTHER ASSETS (LIABILITIES) - 3.5% | | | 24,192,703 |
| NET ASSETS - 100% | | | $698,302,691 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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