OKLAHOMA MUNICIPAL BOND | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (99.3%) | ||||
Education (10.9%) | ||||
Oklahoma Development Finance Authority 5.000% 06/01/2039 Callable @ 100.000 06/01/2024 | 19,000 | $ | 19,264 | |
Oklahoma Development Finance Authority 4.000% 08/01/2030 Callable @ 100.000 08/01/2024 | 280,000 | 285,337 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2031 Callable @ 100.000 08/01/2024 | 290,000 | 295,165 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2024 | 305,000 | 310,347 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2033 Callable @ 100.000 08/01/2024 | 315,000 | 320,412 | ||
Oklahoma State University 5.000% 08/01/2032 Callable @ 100.000 08/01/2028 | 250,000 | 280,180 | ||
Oklahoma State University 4.000% 09/01/2036 Callable @ 100.000 09/01/2030 | 370,000 | 387,701 | ||
University of Oklahoma/The 5.000% 07/01/2036 Callable @ 100.000 07/01/2025 | 500,000 | 516,935 | ||
University of Oklahoma/The 4.000% 07/01/2040 Callable @ 100.000 07/01/2025 | 650,000 | 652,457 | ||
University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2025 | 500,000 | 513,680 | ||
University of Oklahoma/The 5.000% 07/01/2029 Callable @ 100.000 07/01/2026 | 770,000 | 818,441 | ||
University of Oklahoma/The 5.000% 07/01/2034 | 735,000 | 865,411 | ||
University of Oklahoma/The 4.000% 07/01/2036 | 500,000 | 522,340 | ||
University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 200,000 | 223,724 | ||
| 6,011,394 | |||
General Obligation (7.2%) | ||||
City of Broken Arrow OK 4.000% 12/01/2037 Callable @ 100.000 12/01/2028 | 605,000 | 619,574 | ||
City of Broken Arrow OK 4.000% 12/01/2038 Callable @ 100.000 12/01/2028 | 610,000 | 613,520 | ||
City of Broken Arrow OK 3.125% 12/01/2035 Callable @ 100.000 12/01/2026 | 575,000 | 542,593 | ||
City of Midwest City OK 3.000% 06/01/2041 Callable @ 100.000 06/01/2029 | 500,000 | 423,085 | ||
City of Norman OK 3.000% 06/01/2027 | 765,000 | 778,311 | ||
Oklahoma County Independent School District No 52 Midwest City Del City 4.000% 07/01/2025 | 500,000 | 512,325 | ||
City of Stillwater OK 5.000% 06/01/2025 | 470,000 | 490,121 | ||
| 3,979,529 | |||
Health Care (6.4%) | ||||
Norman Regional Hospital Authority 3.250% 09/01/2039 Callable @ 100.000 09/01/2029 | 775,000 | 622,201 | ||
Oklahoma County Finance Authority 4.000% 04/01/2041 Callable @ 100.000 04/01/2031 | 250,000 | 252,063 | ||
Oklahoma County Finance Authority 4.000% 04/01/2046 Callable @ 100.000 04/01/2031 | 335,000 | 327,787 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2025 | 350,000 | 363,258 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2025 | 250,000 | 261,347 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2038 Callable @ 100.000 08/15/2025 | 250,000 | 250,360 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 825,000 | 782,991 | ||
Oklahoma Development Finance Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2025 | 250,000 | 250,733 | ||
Tulsa County Industrial Authority 3.000% 02/01/2037 Callable @ 100.000 02/01/2029 | 500,000 | 444,585 | ||
| 3,555,325 | |||
Housing (1.0%) | ||||
Oklahoma Housing Finance Agency 3.000% 09/01/2039 Callable @ 100.000 03/01/2028 | 430,000 | 414,129 | ||
Oklahoma Housing Finance Agency 3.200% 03/01/2042 Callable @ 100.000 03/01/2028 | 145,000 | 141,734 | ||
| 555,863 | |||
Other Revenue (49.9%) | ||||
Alfalfa County Educational Facilities Authority 5.000% 09/01/2029 | 500,000 | 552,170 | ||
*Caddo County Governmental Building Authority 5.000% 09/01/2040 Callable @ 100.000 09/01/2028 | 1,010,000 | 1,045,299 | ||
Cherokee County Economic Development Authority 5.000% 09/01/2024 | 500,000 | 511,190 | ||
Cherokee County Economic Development Authority 5.000% 09/01/2027 | 500,000 | 542,885 | ||
*Cleveland County Educational Facilities Authority 5.000% 06/01/2024 | 1,000,000 | 1,014,440 | ||
Cleveland County Public Facilities Authority 4.000% 05/01/2027 | 250,000 | 261,687 | ||
Cleveland County Public Facilities Authority 5.000% 05/01/2030 Callable @ 100.000 05/01/2027 | 650,000 | 714,993 | ||
Comanche County Educational Facilities Authority 4.000% 09/01/2024 | 200,000 | 199,456 | ||
Comanche County Educational Facilities Authority 4.000% 09/01/2026 | 295,000 | 297,876 | ||
Cushing Educational Facilities Authority 5.000% 09/01/2024 | 1,000,000 | 1,024,240 | ||
Cushing Educational Facilities Authority 5.000% 09/01/2028 | 1,000,000 | 1,109,800 | ||
Delaware County Educational Facilities Authority 5.000% 09/01/2024 | 500,000 | 510,000 | ||
Elk City Industrial Authority 3.000% 05/01/2034 Callable @ 100.000 05/01/2029 | 815,000 | 759,498 | ||
Elk City Industrial Authority 3.000% 05/01/2039 Callable @ 100.000 05/01/2029 | 330,000 | 276,616 | ||
Garfield County Educational Facilities Authority 5.000% 09/01/2029 Callable @ 100.000 09/01/2026 | 1,000,000 | 1,054,950 | ||
*Grady County School Finance Authority 5.000% 12/01/2027 Callable @ 100.000 12/01/2026 | 1,065,000 | 1,138,038 | ||
Grady County School Finance Authority 5.000% 09/01/2032 Callable @ 100.000 09/01/2028 | 370,000 | 409,790 | ||
Grady County School Finance Authority 5.000% 09/01/2031 | 250,000 | 285,312 | ||
Grady County School Finance Authority 5.000% 09/01/2032 | 250,000 | 283,345 | ||
Johnston County Educational Facilities Authority 4.000% 09/01/2031 | 905,000 | 1,003,926 | ||
Kay County Public Buildings Authority 5.000% 09/01/2023 | 500,000 | 501,820 | ||
Kay County Public Buildings Authority 5.000% 09/01/2027 | 500,000 | 540,340 | ||
Kay County Public Buildings Authority 5.000% 09/01/2029 | 520,000 | 564,299 | ||
Kingfisher County Educational Facilities Authority 3.000% 03/01/2033 Callable @ 100.000 03/01/2029 | 250,000 | 242,267 | ||
Mannford Public Works Authority 3.000% 01/01/2031 Callable @ 100.000 01/01/2029 | 500,000 | 483,055 | ||
Marshall County Educational Facilities Authority 4.000% 09/01/2036 Callable @ 100.000 09/01/2030 | 500,000 | 526,035 | ||
McClain County Economic Development Authority 4.000% 09/01/2029 | 250,000 | 268,215 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2027 Callable @ 100.000 10/01/2025 | 350,000 | 369,225 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2028 Callable @ 100.000 10/01/2025 | 400,000 | 422,632 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2029 Callable @ 100.000 10/01/2025 | 625,000 | 667,994 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2036 Callable @ 100.000 10/01/2025 | 230,000 | 242,740 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2039 Callable @ 100.000 10/01/2025 | 835,000 | 878,570 | ||
Oklahoma City Zoological Trust OK Sales Tax Revenue 4.000% 06/01/2036 Callable @ 100.000 06/01/2031 | 1,000,000 | 1,056,870 | ||
Oklahoma County Finance Authority 5.000% 09/01/2030 | 250,000 | 282,712 | ||
Oklahoma County Finance Authority 4.000% 09/01/2038 | 600,000 | 595,644 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2030 | 140,000 | 148,505 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2033 Callable @ 100.000 06/01/2030 | 145,000 | 154,892 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2030 | 150,000 | 160,557 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2030 | 155,000 | 164,441 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2040 Callable @ 100.000 06/01/2030 | 250,000 | 250,563 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2031 | 340,000 | 369,842 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2031 | 365,000 | 395,007 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2031 | 205,000 | 219,957 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2038 Callable @ 100.000 06/01/2029 | 290,000 | 292,906 | ||
Oklahoma Capitol Improvement Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2029 | 530,000 | 595,837 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2029 | 500,000 | 489,970 | ||
Oklahoma Capitol Improvement Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 940,000 | 802,384 | ||
Pontotoc County Educational Facilities Authority 4.000% 09/01/2034 Callable @ 100.000 09/01/2031 | 625,000 | 651,494 | ||
Pontotoc County Educational Facilities Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2031 | 1,000,000 | 947,100 | ||
Rogers County Educational Facilities Authority 5.000% 09/01/2024 | 250,000 | 256,093 | ||
Sand Springs Municipal Authority 4.250% 01/01/2035 | 250,000 | 250,145 | ||
Sand Springs Municipal Authority 4.000% 01/01/2036 | 500,000 | 501,355 | ||
Tulsa Public Facilities Authority 4.000% 03/01/2031 | 360,000 | 381,524 | ||
| 27,670,501 | |||
Pre-Refunded (3.9%) | ||||
Oklahoma City Water Utilities Trust 5.000% 07/01/2034 Callable @ 100.000 07/01/2025 | 100,000 | 104,413 | ||
Oklahoma City Water Utilities Trust 4.000% 07/01/2039 Callable @ 100.000 07/01/2025 | 175,000 | 179,657 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2038 Callable @ 100.000 06/01/2029 | 435,000 | 476,186 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2043 Callable @ 100.000 07/01/2026 | 500,000 | 521,640 | ||
*Oklahoma Municipal Power Authority 5.750% 01/01/2024 | 370,000 | 374,839 | ||
Okmulgee County Governmental Building Authority 4.250% 12/01/2035 Callable @ 100.000 12/01/2023 | 500,000 | 503,570 | ||
| 2,160,305 | |||
Transportation (4.0%) | ||||
Oklahoma Turnpike Authority 4.000% 01/01/2042 Callable @ 100.000 01/01/2027 | 600,000 | 603,156 | ||
Oklahoma Turnpike Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2027 | 100,000 | 101,910 | ||
*Tulsa Airports Improvement Trust 4.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 1,355,000 | 1,358,780 | ||
Tulsa Airports Improvement Trust 4.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 145,000 | 139,738 | ||
| 2,203,584 | |||
Utilities (16.0%) | ||||
Clinton Public Works Authority 4.000% 12/01/2034 Callable @ 100.000 12/01/2024 | 750,000 | 764,317 | ||
Clinton Public Works Authority 4.000% 12/01/2039 Callable @ 100.000 12/01/2024 | 500,000 | 491,560 | ||
*Coweta Public Works Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2026 | 1,000,000 | 1,045,750 | ||
Edmond Public Works Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2027 | 500,000 | 558,895 | ||
Miami Special Utility Authority 4.000% 12/01/2036 Callable @ 100.000 12/01/2026 | 500,000 | 514,990 | ||
Oklahoma Water Resources Board 5.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 250,000 | 259,703 | ||
Oklahoma Water Resources Board 5.000% 10/01/2033 Callable @ 100.000 10/01/2024 | 500,000 | 519,905 | ||
Oklahoma Water Resources Board 4.000% 10/01/2027 Callable @ 100.000 10/01/2026 | 400,000 | 416,668 | ||
Oklahoma Water Resources Board 4.000% 10/01/2038 Callable @ 100.000 10/01/2028 | 325,000 | 332,202 | ||
Oklahoma Water Resources Board 5.000% 10/01/2024 | 250,000 | 256,925 | ||
Oklahoma Water Resources Board 5.000% 10/01/2025 | 250,000 | 263,358 | ||
Oklahoma Water Resources Board 4.000% 10/01/2043 Callable @ 100.000 10/01/2028 | 830,000 | 835,337 | ||
Oklahoma Water Resources Board 4.000% 10/01/2048 Callable @ 100.000 10/01/2028 | 850,000 | 845,376 | ||
Oklahoma Water Resources Board 5.000% 10/01/2029 | 250,000 | 287,725 | ||
Oklahoma Water Resources Board 4.000% 10/01/2045 Callable @ 100.000 10/01/2030 | 955,000 | 961,618 | ||
Oklahoma Water Resources Board 4.000% 10/01/2050 Callable @ 100.000 10/01/2030 | 515,000 | 509,546 | ||
| 8,863,875 | |||
TOTAL MUNICIPAL BONDS (COST: $56,033,154) | $ | 55,000,376 | ||
SHORT-TERM INVESTMENTS (1.0%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 559,449 |
| 559,449 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $559,449) | $ | 559,449 | ||
TOTAL INVESTMENTS (Cost $56,592,603) (100.3%) | 55,559,825 | |||
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%) | $ | (164,681) | ||
NET ASSETS (100.0%) | $ | 55,395,144 | ||
*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: | |
Oklahoma Municipal Fund | |
Investments at cost | $56,592,603 |
Unrealized appreciation | $486,906 |
Unrealized depreciation | ($1,519,684) |
Net unrealized appreciation (depreciation)* | ($1,032,778) |
*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: | ||||
Oklahoma Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $55,000,376 | $0 | $55,000,376 |
Short-Term Investments | 559,449 | 0 | 0 | 559,449 |
Total | $559,449 | $55,000,376 | $0 | $55,559,825 |