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Michigan Municipal Bond Fund - B (OMIBX)

Michigan Municipal Bond Fund - B (OMIBX)
 ! This share class currently has a limited offering, please see prospectus for more details on the offering. More Alerts >
 ! Proposed fund merger. Click here for more details. (3/11/2014)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 5/31/2014)
1. Michigan Municipal Bond Authority, Clean Water Revolving Fund 9.1%
2. Michigan State Comprehensive Transportation 5.5%
3. City of Detroit, Water Supply System, Senior Lien 4.6%
4. Michigan State Trunk Line 3.8%
5. Michigan State Comprehensive Transportation 3.7%
6. Ann Arbor Public School District 3.6%
7. City of Grand Rapids, Sanitation Sewer System 3.1%
8. Michigan State Housing Development Authority, Multi-Family Housing, Weston Apartments, Limited Obligation, Class A 2.9%
9. Pinckney Community Schools 2.9%
10. City of Jackson, Capital Appreciation, Downtown Development 2.9%
Total of top ten 42.1%
Portfolio breakdown* (as of 5/31/2014)
Municipal Bonds 98.5%
Short-Term Investments 1.5%

* Due to rounding, values may not total 100%.

Average life* (as of 5/31/2014)
Years 0-2 3.6%
Years 2-4 18.3%
Years 4-6 15.7%
Years 6-8 21.7%
Years 8-10 10.7%
Years 10-12 16.0%
Years 12-17 8.9%
Years 17-22 3.4%
Years 22+ 1.8%
Duration 4.83 years
Average Maturity 8.02 years
Average Life 4.68 years

* Due to rounding, values may not total 100%.

Contribution to duration (in years) (as of 5/31/2014)
Revenue 3.86
GO 0.97
Portfolio stats (as of 5/31/2014)
Number of Holdings 41
Fund Assets $66.36
(in millions)
Turnover Ratio 4.00%
(Trailing 12 month) (2/28/2014)
Yield to maturity 3.00%
Quality* (as of 5/31/2014)
AAA 16.7%
AA 61.1%
A 22.3%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.