KANSAS MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (98.9%) | ||||
Education (9.5%) | ||||
Coffeyville Community College 4.000% 06/01/2029 | 250,000 | $ | 263,393 | |
Coffeyville Community College 3.000% 06/01/2031 Callable @ 100.000 06/01/2030 | 790,000 | 782,843 | ||
Kansas Development Finance Authority 3.000% 10/01/2044 Callable @ 100.000 10/01/2027 | 500,000 | 393,545 | ||
Kansas Development Finance Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2028 | 500,000 | 500,375 | ||
Kansas Development Finance Authority 4.000% 05/01/2035 Callable @ 100.000 05/01/2030 | 275,000 | 290,097 | ||
Kansas Development Finance Authority 4.000% 05/01/2036 Callable @ 100.000 05/01/2030 | 290,000 | 302,212 | ||
Kansas Development Finance Authority 5.000% 06/01/2029 | 400,000 | 451,372 | ||
Kansas Development Finance Authority 4.000% 07/01/2033 Callable @ 100.000 07/01/2031 | 1,000,000 | 1,041,080 | ||
Kansas Development Finance Authority 4.000% 07/01/2036 Callable @ 100.000 07/01/2031 | 2,000,000 | 2,008,260 | ||
| 6,033,177 | |||
General Obligation (44.3%) | ||||
City of Gardner KS 5.000% 10/01/2028 | 580,000 | 653,208 | ||
City of Bonner Springs KS 3.000% 09/01/2044 Callable @ 100.000 09/01/2028 | 1,060,000 | 894,258 | ||
City of Burlingame KS 3.000% 09/01/2045 Callable @ 100.000 09/01/2027 | 365,000 | 279,426 | ||
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 Callable @ 100.000 09/01/2025 | 250,000 | 259,493 | ||
City of Emporia KS 4.000% 09/01/2025 | 485,000 | 501,262 | ||
City of Emporia KS 4.000% 09/01/2027 | 515,000 | 549,943 | ||
City of Garden City KS 5.000% 11/01/2029 | 500,000 | 574,170 | ||
Harvey County Unified School District No 460 Hesston 5.000% 09/01/2031 | 410,000 | 476,551 | ||
City of Hillsboro KS 3.000% 09/01/2024 | 100,000 | 99,363 | ||
City of Hillsboro KS 3.000% 09/01/2027 Callable @ 100.000 09/01/2026 | 225,000 | 226,469 | ||
City of Hillsboro KS 3.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 230,000 | 230,478 | ||
City of Hillsboro KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2026 | 240,000 | 236,988 | ||
City of Hutchinson KS 2.500% 10/01/2040 Callable @ 100.000 10/01/2029 | 420,000 | 335,412 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2037 Callable @ 100.000 09/01/2027 | 500,000 | 546,515 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 2,000,000 | 2,200,700 | ||
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 Callable @ 100.000 10/01/2023 | 250,000 | 252,915 | ||
Johnson County Unified School District No 233 Olathe 4.000% 09/01/2036 Callable @ 100.000 09/01/2031 | 1,000,000 | 1,057,270 | ||
Johnson County Unified School District No 233 Olathe 5.000% 09/01/2026 | 250,000 | 269,860 | ||
Johnson County Unified School District No 233 Olathe 5.000% 09/01/2031 | 500,000 | 594,250 | ||
Johnson County Unified School District No 512 Shawnee Mission 4.000% 10/01/2032 Callable @ 100.000 10/01/2026 | 1,000,000 | 1,041,570 | ||
Johnson County Unified School District No 512 Shawnee Mission 5.000% 10/01/2036 Callable @ 100.000 10/01/2033 | 1,000,000 | 1,181,450 | ||
Leavenworth County Unified School District No 453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026 | 650,000 | 680,179 | ||
Leavenworth County Unified School District No 464 4.000% 09/01/2031 Callable @ 100.000 09/01/2027 | 500,000 | 529,875 | ||
City of Lenexa KS 5.000% 09/01/2028 | 310,000 | 350,291 | ||
City of Lenexa KS 5.000% 09/01/2029 | 345,000 | 397,909 | ||
City of Lenexa KS 5.000% 09/01/2030 | 395,000 | 462,383 | ||
City of Lenexa KS 5.000% 09/01/2031 | 420,000 | 502,085 | ||
City of Lenexa KS 5.000% 09/01/2032 | 310,000 | 376,213 | ||
County of Linn KS 3.000% 07/01/2036 Callable @ 100.000 07/01/2029 | 1,100,000 | 998,558 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 10,000 | 9,901 | ||
Nemaha County Unified School District No 115 5.000% 09/01/2031 | 250,000 | 290,378 | ||
City of Olathe KS 3.000% 10/01/2033 Callable @ 100.000 10/01/2029 | 855,000 | 877,452 | ||
City of Overland Park KS 5.000% 09/01/2032 | 1,000,000 | 1,218,260 | ||
City of Prairie Village KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027 | 1,500,000 | 1,282,620 | ||
Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,028,720 | ||
County of Saline KS 3.000% 09/01/2033 Callable @ 100.000 09/01/2030 | 1,000,000 | 997,560 | ||
County of Scott KS 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 536,250 | ||
City of Shawnee KS 5.000% 12/01/2025 | 1,000,000 | 1,053,850 | ||
City of Shawnee KS 5.000% 12/01/2029 | 560,000 | 643,031 | ||
City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | 355,000 | 359,026 | ||
City of Wichita KS 4.750% 09/01/2027 | 180,000 | 178,205 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2037 Callable @ 100.000 08/01/2028 | 410,000 | 344,535 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2038 Callable @ 100.000 08/01/2028 | 1,000,000 | 809,520 | ||
Wyandotte County Kansas City Unified Government 2.375% 08/01/2040 Callable @ 100.000 08/01/2028 | 1,000,000 | 797,970 | ||
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,077,440 | ||
| 28,263,762 | |||
Health Care (12.7%) | ||||
Ashland Public Building Commission 5.000% 09/01/2030 Callable @ 100.000 09/01/2023 | 1,020,000 | 1,025,967 | ||
Ashland Public Building Commission 5.000% 09/01/2035 Callable @ 100.000 09/01/2023 | 500,000 | 502,170 | ||
Ashland Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2024 | 550,000 | 562,606 | ||
City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,532,070 | ||
University of Kansas Hospital Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 500,000 | 500,640 | ||
University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 523,260 | ||
University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 1,000,000 | 950,450 | ||
University of Kansas Hospital Authority 5.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 2,000,000 | 2,099,620 | ||
University of Kansas Hospital Authority 3.000% 03/01/2041 Callable @ 100.000 03/01/2030 | 500,000 | 409,450 | ||
| 8,106,233 | |||
Other Revenue (8.2%) | ||||
Bourbon County Unified School District No 234 Fort Scott 4.000% 09/01/2035 Callable @ 100.000 09/01/2033 | 355,000 | 366,591 | ||
Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | 750,000 | 753,840 | ||
Hoisington Public Building Commission 3.000% 11/01/2040 Callable @ 100.000 11/01/2029 | 660,000 | 572,537 | ||
Hoisington Public Building Commission 3.000% 11/01/2045 Callable @ 100.000 11/01/2029 | 500,000 | 377,225 | ||
City of Manhattan KS 5.000% 12/01/2026 | 205,000 | 205,180 | ||
City of Manhattan KS 4.500% 12/01/2025 | 325,000 | 325,117 | ||
*City of Manhattan KS 5.000% 12/01/2032 | 1,000,000 | 1,001,120 | ||
County of Shawnee KS 5.000% 09/01/2033 Callable @ 100.000 09/01/2032 | 230,000 | 267,890 | ||
County of Shawnee KS 5.500% 09/01/2034 Callable @ 100.000 09/01/2032 | 210,000 | 253,728 | ||
Washington County Public Building Commission 4.000% 09/01/2028 | 100,000 | 100,110 | ||
City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,017,770 | ||
| 5,241,108 | |||
Pre-Refunded (14.8%) | ||||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 Callable @ 100.000 09/01/2024 | 250,000 | 256,603 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 Callable @ 100.000 09/01/2024 | 250,000 | 257,070 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 Callable @ 100.000 09/01/2024 | 250,000 | 256,438 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 Callable @ 100.000 09/01/2024 | 250,000 | 256,437 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 Callable @ 100.000 09/01/2024 | 500,000 | 512,875 | ||
Butler County Unified School District No 385 Andover 5.000% 09/01/2033 Callable @ 100.000 09/01/2027 | 350,000 | 384,874 | ||
County of Clay KS 4.000% 10/01/2036 Callable @ 100.000 10/01/2024 | 500,000 | 506,645 | ||
*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 3,000,000 | 3,156,720 | ||
Geary County Unified School District No 475 4.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 350,000 | 361,361 | ||
*Kansas Municipal Energy Agency 5.750% 07/01/2038 Callable @ 100.000 07/01/2023 | 1,000,000 | 1,003,750 | ||
Leavenworth County Unified School District No 458 5.000% 09/01/2029 Callable @ 100.000 09/01/2023 | 500,000 | 503,255 | ||
Neosho County Unified School District No 413 4.000% 09/01/2031 Callable @ 100.000 09/01/2023 | 250,000 | 250,115 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 Callable @ 100.000 09/01/2024 | 405,000 | 417,429 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2029 Callable @ 100.000 09/01/2025 | 250,000 | 262,767 | ||
University of Kansas Hospital Authority 4.000% 03/01/2042 Callable @ 100.000 03/01/2027 | 795,000 | 842,374 | ||
Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025 Callable @ 100.000 09/01/2023 | 250,000 | 251,568 | ||
| 9,480,281 | |||
Transportation (1.2%) | ||||
State of Kansas Department of Transportation 5.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 500,000 | 521,310 | ||
State of Kansas Department of Transportation 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 250,000 | 263,080 | ||
| 784,390 | |||
Utilities (8.2%) | ||||
Kansas Municipal Energy Agency 5.000% 04/01/2030 Callable @ 100.000 04/01/2026 | 250,000 | 266,275 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 532,170 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2033 Callable @ 100.000 04/01/2026 | 745,000 | 795,913 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | 1,000,000 | 1,045,840 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 300,000 | 319,032 | ||
Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 500,000 | 512,780 | ||
Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | 500,000 | 502,015 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 524,145 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 500,000 | 542,945 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 3.000% 09/01/2040 Callable @ 100.000 09/01/2030 | 250,000 | 205,433 | ||
| 5,246,548 | |||
TOTAL MUNICIPAL BONDS (COST: $64,562,294) | $ | 63,155,499 | ||
SHORT-TERM INVESTMENTS (0.5%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 281,792 |
| 281,792 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $281,792) | $ | 281,792 | ||
TOTAL INVESTMENTS (Cost $64,844,086) (99.4%) | 63,437,291 | |||
OTHER ASSETS LESS LIABILITIES (0.6%) | $ | 409,229 | ||
NET ASSETS (100.0%) | $ | 63,846,520 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
(a) Seven day yield as of April 30, 2023. |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At April 30, 2023, 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 | $64,844,086 |
Unrealized appreciation | 762,577 |
Unrealized depreciation | (2,169,372) |
Net unrealized appreciation (depreciation)* | (1,406,795) |
*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 April 30, 2023: | ||||
Kansas Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $63,155,499 | $0 | $63,155,499 |
Short-Term Investments | 281,792 | 0 | 0 | 281,792 |
Total | $281,792 | $63,155,499 | $0 | $63,437,291 |