KANSAS MUNICIPAL FUND | ||||
Schedule of Investments October 31, 2022 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (99.7%) | ||||
Education (6.9%) | ||||
Coffeyville Community College 4.000% 06/01/2029 | 250,000 | 248,455 | ||
Coffeyville Community College 3.000% 06/01/2031 Callable @ 100.000 06/01/2030 | 790,000 | 718,995 | ||
Johnson County Community College Foundation Inc 4.000% 11/15/2023 | 870,000 | 877,543 | ||
Kansas Development Finance Authority 3.000% 10/01/2044 Callable @ 100.000 10/01/2027 | 500,000 | 347,005 | ||
Kansas Development Finance Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2028 | 500,000 | 473,125 | ||
Kansas Development Finance Authority 2.000% 05/01/2035 Callable @ 100.000 05/01/2029 | 960,000 | 716,304 | ||
Kansas Development Finance Authority 4.000% 05/01/2035 Callable @ 100.000 05/01/2030 | 275,000 | 264,250 | ||
Kansas Development Finance Authority 4.000% 05/01/2036 Callable @ 100.000 05/01/2030 | 290,000 | 276,718 | ||
Kansas Development Finance Authority 5.000% 06/01/2029 | 400,000 | 428,392 | ||
| 4,350,787 | |||
General Obligation (45.9%) | ||||
*Allen County Unified School District No 257 3.000% 09/01/2038 Callable @ 100.000 09/01/2028 | 1,000,000 | 779,550 | ||
City of Arkansas City KS 2.000% 08/01/2036 Callable @ 100.000 02/01/2028 | 500,000 | 365,225 | ||
City of Bonner Springs KS 3.000% 09/01/2044 Callable @ 100.000 09/01/2028 | 1,060,000 | 846,050 | ||
City of Burlingame KS 3.000% 09/01/2045 Callable @ 100.000 09/01/2027 | 365,000 | 254,686 | ||
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 Callable @ 100.000 09/01/2025 | 250,000 | 253,783 | ||
City of Emporia KS 4.000% 09/01/2025 | 485,000 | 496,029 | ||
City of Emporia KS 4.000% 09/01/2027 | 515,000 | 532,010 | ||
City of Gardner KS 5.000% 10/01/2028 | 580,000 | 625,060 | ||
Geary County Unified School District No 475 3.000% 09/01/2043 Callable @ 100.000 09/01/2031 | 500,000 | 351,965 | ||
#Harvey County Unified School District No 460 Hesston 5.000% 09/01/2031 | 410,000 | 442,292 | ||
City of Hillsboro KS 3.000% 09/01/2024 | 100,000 | 98,662 | ||
City of Hillsboro KS 3.000% 09/01/2027 Callable @ 100.000 09/01/2026 | 225,000 | 217,919 | ||
City of Hillsboro KS 3.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 230,000 | 218,261 | ||
City of Hillsboro KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2026 | 240,000 | 222,022 | ||
City of Hutchinson KS 2.500% 10/01/2040 Callable @ 100.000 10/01/2029 | 420,000 | 297,734 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2037 Callable @ 100.000 09/01/2027 | 500,000 | 530,395 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 2,000,000 | 2,137,140 | ||
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 Callable @ 100.000 10/01/2023 | 250,000 | 254,670 | ||
Johnson County Unified School District No 233 Olathe 5.000% 09/01/2026 | 250,000 | 264,957 | ||
Johnson County Unified School District No 233 Olathe 5.000% 09/01/2031 | 500,000 | 551,940 | ||
City of Lawrence KS 5.000% 09/01/2023 | 205,000 | 208,052 | ||
City of Lawrence KS 5.000% 09/01/2024 | 210,000 | 216,460 | ||
Leavenworth County Unified School District No 453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026 | 650,000 | 662,005 | ||
Leavenworth County Unified School District No 464 4.000% 09/01/2031 Callable @ 100.000 09/01/2027 | 500,000 | 506,815 | ||
City of Lenexa KS 5.000% 09/01/2023 | 275,000 | 278,776 | ||
City of Lenexa KS 5.000% 09/01/2024 | 245,000 | 252,472 | ||
City of Lenexa KS 5.000% 09/01/2025 | 250,000 | 261,487 | ||
City of Lenexa KS 5.000% 09/01/2026 | 325,000 | 344,926 | ||
City of Lenexa KS 5.000% 09/01/2027 | 345,000 | 371,148 | ||
City of Lenexa KS 5.000% 09/01/2028 | 310,000 | 337,512 | ||
City of Lenexa KS 5.000% 09/01/2029 | 345,000 | 379,124 | ||
City of Lenexa KS 5.000% 09/01/2030 | 395,000 | 436,218 | ||
City of Lenexa KS 5.000% 09/01/2031 | 420,000 | 469,014 | ||
City of Lenexa KS 5.000% 09/01/2032 | 310,000 | 348,570 | ||
County of Linn KS 3.000% 07/01/2036 Callable @ 100.000 07/01/2029 | 1,100,000 | 883,674 | ||
Linn County Unified School District No 362 Prairie View 3.000% 09/01/2035 Callable @ 100.000 09/01/2028 | 500,000 | 431,965 | ||
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2048 Callable @ 100.000 09/01/2027 | 1,000,000 | 866,880 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 10,000 | 10,006 | ||
City of Olathe KS 3.000% 10/01/2033 Callable @ 100.000 10/01/2029 | 855,000 | 794,304 | ||
#City of Overland Park KS 5.000% 09/01/2032 | 1,000,000 | 1,128,860 | ||
City of Ozawkie KS 3.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 335,000 | 280,214 | ||
City of Prairie Village KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027 | 1,500,000 | 1,126,800 | ||
County of Reno KS 3.000% 09/01/2036 Callable @ 100.000 09/01/2028 | 250,000 | 207,080 | ||
Rice County Unified School District No 444 4.000% 09/01/2031 Callable @ 100.000 09/01/2027 | 710,000 | 725,151 | ||
Riley County Unified School District No 378 Riley 4.000% 09/01/2028 Callable @ 100.000 09/01/2027 | 680,000 | 697,143 | ||
Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 1,000,000 | 988,670 | ||
County of Saline KS 3.000% 09/01/2033 Callable @ 100.000 09/01/2030 | 1,000,000 | 890,700 | ||
County of Saline KS 2.000% 09/01/2034 Callable @ 100.000 09/01/2030 | 500,000 | 381,195 | ||
County of Scott KS 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 522,870 | ||
City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | 355,000 | 336,583 | ||
County of Thomas KS 3.000% 12/01/2047 Callable @ 100.000 12/01/2029 | 1,000,000 | 679,390 | ||
City of Wichita KS 4.750% 09/01/2027 | 180,000 | 180,058 | ||
City of Wichita KS 2.000% 12/01/2038 Callable @ 100.000 12/01/2028 | 250,000 | 174,785 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2037 Callable @ 100.000 08/01/2028 | 410,000 | 305,971 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2038 Callable @ 100.000 08/01/2028 | 1,000,000 | 723,550 | ||
Wyandotte County Kansas City Unified Government 2.375% 08/01/2040 Callable @ 100.000 08/01/2028 | 1,000,000 | 709,530 | ||
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,057,620 | ||
| 28,915,928 | |||
Health Care (12.6%) | ||||
Ashland Public Building Commission 5.000% 09/01/2030 Callable @ 100.000 09/01/2023 | 1,020,000 | 1,025,365 | ||
Ashland Public Building Commission 5.000% 09/01/2035 Callable @ 100.000 09/01/2023 | 500,000 | 500,365 | ||
Ashland Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2024 | 550,000 | 555,880 | ||
Kansas Development Finance Authority 4.125% 11/15/2027 Callable @ 100.000 11/15/2022 | 100,000 | 100,040 | ||
City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,516,095 | ||
University of Kansas Hospital Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 500,000 | 453,695 | ||
University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 518,940 | ||
University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 1,000,000 | 839,810 | ||
University of Kansas Hospital Authority 5.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 2,000,000 | 2,043,940 | ||
University of Kansas Hospital Authority 3.000% 03/01/2041 Callable @ 100.000 03/01/2030 | 500,000 | 363,140 | ||
| 7,917,270 | |||
Other Revenue (8.1%) | ||||
Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | 750,000 | 691,597 | ||
Hoisington Public Building Commission 3.000% 11/01/2040 Callable @ 100.000 11/01/2029 | 660,000 | 510,470 | ||
Hoisington Public Building Commission 3.000% 11/01/2045 Callable @ 100.000 11/01/2029 | 500,000 | 332,050 | ||
Kansas Development Finance Authority 3.000% 11/01/2033 Callable @ 100.000 11/01/2027 | 1,000,000 | 869,360 | ||
City of Manhattan KS 5.000% 12/01/2026 | 255,000 | 255,184 | ||
City of Manhattan KS 4.500% 12/01/2025 | 415,000 | 411,651 | ||
*City of Manhattan KS 5.000% 12/01/2032 | 1,000,000 | 1,000,690 | ||
Washington County Public Building Commission 4.000% 09/01/2028 | 100,000 | 99,660 | ||
City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | 1,000,000 | 949,560 | ||
| 5,120,222 | |||
Pre-Refunded (16.5%) | ||||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 Callable @ 100.000 09/01/2024 | 250,000 | 257,910 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 Callable @ 100.000 09/01/2024 | 250,000 | 258,532 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 Callable @ 100.000 09/01/2024 | 250,000 | 257,850 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 Callable @ 100.000 09/01/2024 | 250,000 | 257,850 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 Callable @ 100.000 09/01/2024 | 500,000 | 515,700 | ||
Butler County Unified School District No 385 Andover 5.000% 09/01/2033 Callable @ 100.000 09/01/2027 | 350,000 | 373,306 | ||
County of Clay KS 4.000% 10/01/2036 Callable @ 100.000 10/01/2024 | 500,000 | 506,670 | ||
*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 3,000,000 | 3,141,150 | ||
Geary County Unified School District No 475 4.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 350,000 | 357,224 | ||
*Kansas Municipal Energy Agency 5.750% 07/01/2038 Callable @ 100.000 07/01/2023 | 1,000,000 | 1,011,580 | ||
Leavenworth County Unified School District No 458 5.000% 09/01/2029 Callable @ 100.000 09/01/2023 | 500,000 | 507,985 | ||
City of Manhattan KS 5.000% 11/15/2023 Callable @ 100.000 11/15/2022 | 250,000 | 250,172 | ||
City of Manhattan KS 5.000% 11/15/2024 Callable @ 100.000 11/15/2022 | 250,000 | 250,163 | ||
City of Manhattan KS 5.000% 11/15/2029 Callable @ 100.000 11/15/2022 | 500,000 | 500,265 | ||
Neosho County Unified School District No 413 4.000% 09/01/2031 Callable @ 100.000 09/01/2023 | 250,000 | 250,335 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 Callable @ 100.000 09/01/2024 | 405,000 | 419,414 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2029 Callable @ 100.000 09/01/2025 | 250,000 | 261,418 | ||
University of Kansas Hospital Authority 4.000% 03/01/2042 Callable @ 100.000 03/01/2027 | 795,000 | 818,890 | ||
Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025 Callable @ 100.000 09/01/2023 | 250,000 | 253,868 | ||
| 10,450,282 | |||
Transportation (1.2%) | ||||
State of Kansas Department of Transportation 5.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 500,000 | 520,995 | ||
State of Kansas Department of Transportation 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 250,000 | 257,092 | ||
| 778,087 | |||
Utilities (8.5%) | ||||
Kansas Municipal Energy Agency 5.000% 04/01/2030 Callable @ 100.000 04/01/2026 | 250,000 | 259,707 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 518,305 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2033 Callable @ 100.000 04/01/2026 | 745,000 | 774,331 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | 1,000,000 | 1,024,590 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 300,000 | 309,240 | ||
Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 500,000 | 495,350 | ||
Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | 500,000 | 447,270 | ||
City of McPherson KS Water System Revenue 2.000% 10/01/2037 Callable @ 100.000 10/01/2029 | 425,000 | 299,803 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 511,915 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 500,000 | 529,265 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 3.000% 09/01/2040 Callable @ 100.000 09/01/2030 | 250,000 | 183,783 | ||
| 5,353,559 | |||
TOTAL MUNICIPAL BONDS (COST: $69,282,205) | $ | 62,886,135 | ||
OTHER ASSETS LESS LIABILITIES (0.3%) | $ | 212,639 | ||
NET ASSETS (100.0%) | $ | 63,098,774 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of October 31, 2022. | ||||
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NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At October 31, 2022, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: | |
Kansas Municipal Fund | |
Investments at cost | $69,282,205 |
Unrealized appreciation | $118,448 |
Unrealized depreciation | ($6,514,518) |
Net unrealized appreciation (depreciation)* | ($6,396,070) |
*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 October 31, 2022: | ||||
Kansas Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $62,886,135 | $0 | $62,886,135 |
Total | $0 | $62,886,135 | $0 | $62,886,135 |