NEBRASKA MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (98.0%) | ||||
Education (4.7%) | ||||
County of Douglas NE 3.000% 09/01/2035 Callable @ 100.000 09/01/2031 | 310,000 | $ | 290,752 | |
Nebraska State Colleges Facilities Corp 5.000% 07/15/2033 Callable @ 100.000 07/15/2032 | 500,000 | 588,010 | ||
County of Saline NE 3.000% 02/15/2034 Callable @ 100.000 02/15/2029 | 365,000 | 353,247 | ||
County of Saline NE 3.000% 02/15/2035 Callable @ 100.000 02/15/2029 | 300,000 | 277,623 | ||
Southeast Community College 3.000% 03/15/2045 Callable @ 100.000 07/02/2025 | 500,000 | 401,820 | ||
University of Nebraska Facilities Corp 5.000% 07/15/2025 | 200,000 | 209,832 | ||
| 2,121,284 | |||
General Obligation (45.2%) | ||||
Kearney School District 5.000% 10/15/2027 | 940,000 | 1,040,119 | ||
Lyons Decatur Northeast Schools 5.000% 12/15/2027 Callable @ 100.000 06/15/2027 | 200,000 | 218,290 | ||
Lyons Decatur Northeast Schools 5.000% 12/15/2028 Callable @ 100.000 06/15/2027 | 140,000 | 152,923 | ||
Plattsmouth School District 3.000% 12/15/2039 Callable @ 100.000 08/21/2024 | 1,000,000 | 853,700 | ||
Cozad City School District 4.000% 06/15/2037 Callable @ 100.000 05/17/2027 | 500,000 | 505,595 | ||
Fremont School District 5.000% 12/15/2032 | 280,000 | 334,642 | ||
Fremont School District 4.000% 12/15/2033 | 250,000 | 270,935 | ||
*Omaha School District 5.000% 12/15/2029 Callable @ 100.000 12/15/2026 | 1,630,000 | 1,795,347 | ||
*Omaha School District 3.000% 12/15/2042 Callable @ 100.000 01/30/2030 | 1,000,000 | 844,890 | ||
Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2028 | 500,000 | 530,750 | ||
Elkhorn School District 4.000% 12/15/2037 Callable @ 100.000 12/15/2029 | 300,000 | 313,395 | ||
Douglas County School District No 15 3.000% 12/15/2041 Callable @ 100.000 09/29/2026 | 1,000,000 | 881,390 | ||
Douglas County School District No 15 4.000% 12/15/2029 Callable @ 100.000 12/15/2026 | 300,000 | 313,818 | ||
Douglas County School District No 17/NE 2.000% 12/15/2039 Callable @ 100.000 12/15/2030 | 500,000 | 363,180 | ||
Ralston Public Schools 3.000% 12/15/2041 Callable @ 100.000 12/15/2030 | 750,000 | 631,748 | ||
Douglas County School District No 59/NE 3.500% 06/15/2043 Callable @ 100.000 03/15/2024 | 500,000 | 450,355 | ||
Westside Community Schools 5.000% 12/01/2038 Callable @ 100.000 12/05/2024 | 235,000 | 241,547 | ||
Westside Community Schools 5.000% 12/01/2039 Callable @ 100.000 12/05/2024 | 250,000 | 256,670 | ||
City of Gretna NE 5.000% 12/15/2025 Callable @ 100.000 12/15/2024 | 600,000 | 618,846 | ||
City of Kearney NE 4.000% 05/15/2042 Callable @ 100.000 05/16/2027 | 720,000 | 701,856 | ||
City of La Vista NE 5.000% 09/15/2028 Callable @ 100.000 06/15/2027 | 500,000 | 545,500 | ||
Hershey Public Schools 4.000% 12/15/2027 Callable @ 100.000 12/15/2026 | 235,000 | 247,711 | ||
City of Lincoln NE 3.000% 12/01/2039 Callable @ 100.000 06/01/2029 | 685,000 | 617,103 | ||
City of Lincoln NE 5.000% 11/15/2026 | 410,000 | 445,896 | ||
City of Lincoln NE 5.000% 11/15/2027 | 290,000 | 323,043 | ||
City of Lincoln NE 5.000% 11/15/2030 | 500,000 | 594,530 | ||
City of Omaha NE 4.000% 04/15/2037 Callable @ 100.000 04/15/2029 | 500,000 | 513,795 | ||
City of Omaha NE 5.000% 04/15/2027 Callable @ 100.000 04/15/2026 | 955,000 | 1,034,637 | ||
City of Omaha NE 5.000% 04/15/2028 Callable @ 100.000 04/15/2026 | 500,000 | 542,345 | ||
City of Omaha NE 3.750% 01/15/2038 Callable @ 100.000 01/15/2027 | 500,000 | 510,670 | ||
Papio Missouri River Natural Resource District 3.000% 12/01/2041 Callable @ 100.000 10/12/2026 | 300,000 | 263,811 | ||
Polk County School District No 19 3.000% 06/15/2039 Callable @ 100.000 07/30/2024 | 455,000 | 392,001 | ||
Gretna Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2031 | 1,000,000 | 816,170 | ||
Gretna Public Schools 5.000% 12/15/2027 Callable @ 100.000 12/15/2025 | 500,000 | 529,340 | ||
Ashland Greenwood Public Schools 3.000% 12/15/2044 Callable @ 100.000 12/15/2030 | 950,000 | 740,592 | ||
Ashland Greenwood Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2030 | 1,000,000 | 775,870 | ||
| 20,213,010 | |||
Health Care (4.0%) | ||||
Douglas County Hospital Authority No 2 5.000% 05/15/2027 Callable @ 100.000 05/15/2026 | 200,000 | 215,132 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2031 Callable @ 100.000 07/01/2025 | 500,000 | 523,835 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2032 Callable @ 100.000 07/01/2025 | 335,000 | 350,082 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 450,000 | 470,938 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2034 Callable @ 100.000 07/01/2025 | 215,000 | 225,434 | ||
| 1,785,421 | |||
Housing (0.8%) | ||||
Nebraska Investment Finance Authority 3.850% 03/01/2038 Callable @ 100.000 09/01/2024 | 395,000 |
| 377,304 | |
| ||||
Other Revenue (3.3%) | ||||
City of Columbus NE 3.000% 06/15/2036 Callable @ 100.000 06/30/2026 | 750,000 | 730,583 | ||
Omaha Public Facilities Corp 4.000% 04/15/2032 Callable @ 100.000 04/15/2031 | 250,000 | 275,055 | ||
Papillion Municipal Facilities Corp 3.000% 12/15/2034 Callable @ 100.000 07/30/2024 | 435,000 | 435,052 | ||
| 1,440,690 | |||
Pre-Refunded (16.7%) | ||||
Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2025 | 300,000 | 309,501 | ||
Elkhorn School District 4.000% 12/15/2030 Callable @ 100.000 12/15/2026 | 500,000 | 529,065 | ||
City of Grand Island NE Sewer System Revenue 5.000% 09/15/2026 Callable @ 100.000 09/17/2023 | 250,000 | 253,475 | ||
Grand Island Public Schools 5.000% 12/15/2033 Callable @ 100.000 12/15/2024 | 500,000 | 517,280 | ||
Grand Island Public Schools 5.000% 12/15/2039 Callable @ 100.000 12/15/2024 | 500,000 | 515,905 | ||
Knox County School District N0 576 4.000% 12/15/2038 Callable @ 100.000 12/15/2023 | 590,000 | 594,230 | ||
Omaha Airport Authority 5.000% 12/15/2027 Callable @ 100.000 12/15/2026 | 500,000 | 535,015 | ||
Omaha Airport Authority 5.000% 12/15/2036 Callable @ 100.000 12/15/2026 | 1,000,000 | 1,043,380 | ||
Gretna Public Schools 5.000% 12/15/2035 Callable @ 100.000 12/15/2025 | 250,000 | 266,382 | ||
Scotts Bluff County School District No 32 5.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 250,000 | 266,043 | ||
University of Nebraska 5.000% 07/01/2035 Callable @ 100.000 07/01/2025 | 1,500,000 | 1,569,090 | ||
University of Nebraska 5.000% 05/15/2035 Callable @ 100.000 05/15/2025 | 500,000 | 522,625 | ||
University of Nebraska 5.000% 05/15/2033 Callable @ 100.000 11/15/2025 | 250,000 | 265,538 | ||
University of Nebraska 4.000% 07/01/2031 Callable @ 100.000 07/01/2026 | 250,000 | 260,510 | ||
| 7,448,039 | |||
Utilities (23.3%) | ||||
City of Columbus NE Combined Revenue 4.000% 12/15/2032 Callable @ 100.000 12/15/2026 | 100,000 | 104,583 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2033 Callable @ 100.000 06/15/2030 | 300,000 | 325,938 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2034 Callable @ 100.000 06/15/2030 | 300,000 | 322,695 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2035 Callable @ 100.000 06/15/2030 | 300,000 | 313,119 | ||
City of Grand Island NE Combined Utility System Revenue 4.000% 08/15/2037 Callable @ 100.000 08/15/2030 | 300,000 | 309,462 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2025 Callable @ 100.000 08/01/2023 | 275,000 | 276,251 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2027 Callable @ 100.000 08/01/2023 | 400,000 | 402,144 | ||
Metropolitan Utilities District of Omaha 4.000% 12/15/2026 | 250,000 | 249,848 | ||
Nebraska Public Power District 5.000% 01/01/2041 Callable @ 100.000 01/01/2026 | 250,000 | 263,605 | ||
*Nebraska Public Power District 5.000% 01/01/2036 Callable @ 100.000 01/01/2026 | 2,355,000 | 2,486,809 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2029 Callable @ 100.000 11/15/2024 | 250,000 | 260,648 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2030 Callable @ 100.000 11/15/2024 | 250,000 | 260,620 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2031 Callable @ 100.000 11/15/2024 | 500,000 | 521,865 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 250,000 | 258,095 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2037 Callable @ 100.000 04/01/2030 | 750,000 | 785,257 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2038 Callable @ 100.000 04/01/2030 | 400,000 | 412,668 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2039 Callable @ 100.000 04/01/2030 | 250,000 | 256,585 | ||
Omaha Public Power District 5.000% 02/01/2046 Callable @ 100.000 08/01/2030 | 1,000,000 | 1,086,810 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2032 Callable @ 100.000 02/01/2025 | 250,000 | 261,820 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2031 Callable @ 100.000 02/01/2026 | 445,000 | 477,378 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2032 Callable @ 100.000 02/01/2026 | 400,000 | 414,792 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2035 Callable @ 100.000 02/01/2026 | 365,000 | 376,501 | ||
| 10,427,493 | |||
TOTAL MUNICIPAL BONDS (COST: $45,713,439) | $ | 43,813,241 | ||
SHORT-TERM INVESTMENTS (0.9%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 410,294 |
| 410,294 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $410,294) | $ | 410,294 | ||
TOTAL INVESTMENTS (Cost $46,123,733) (98.9%) | 44,223,535 | |||
OTHER ASSETS LESS LIABILITIES (1.1%) | $ | 491,920 | ||
NET ASSETS (100.0%) | $ | 44,715,455 | ||
*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: | |
Nebraska Municipal Fund | |
Investments at cost | $46,123,733 |
Unrealized appreciation | 445,379 |
Unrealized depreciation | (2,345,577) |
Net unrealized appreciation (depreciation)* | ($1,900,198) |
*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: | ||||
Nebraska Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $43,813,241 | $0 | $43,813,241 |
Short-Term Investments | 410,294 | 0 | 0 | 410,294 |
Total | $410,294 | $43,813,241 | $0 | $44,223,535 |