as of 3/31/14
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|% Net Assets|
|1||MI Hospital Finance Authority ROLs||19.6|
|2||MI Tobacco Settlement Finance Authority||4.9|
|3||Wayne, MI Charter Cnty GO||4.5|
|4||Detroit, MI Local Devel. Finance Authority||3.8|
|5||Detroit, MI Sewer Disposal System||3.7|
|6||Puerto Rico Public Buildings Authority||3.4|
|7||MI Strategic Fund Limited Obligation (Wolverine Hu||3.3|
|8||MI Tobacco Settlement Finance Authority||3.0|
|9||Puerto Rico Sales Tax Financing Corp., Series A||2.5|
|10||Puerto Rico Infrastructure (Mepsi Campus)||2.3|
|11||Detroit, MI GO||2.2|
|12||Puerto Rico Public Finance Corp., Series B||2.2|
|13||MI Muni Bond Authority||2.1|
|14||MI HEFA (Kettering University)||2.1|
|15||Wayne, MI Charter Cnty Airport (Detroit Metropolit||2.1|
|16||MI Finance Authority (Crittendon Hospital MedicalC||2.0|
|17||Detroit, MI Water Supply System||2.0|
|18||MI Finance Authority (Old Redford Public School Ac||1.9|
|19||Royal Oak, MI Hospital Finance Authority (WilliamB||1.9|
|20||MI Tobacco Settlement Finance Authority||1.8|
|Alpha||R-squared||Sharpe Ratio||Standard Deviation (3 yr)|
Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.
R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.
Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).
Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.
Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.
Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.
*SEC Form N-MFP is available 60 days after the end of the month.
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