KANSAS MUNICIPAL FUND
Schedule of Investments – October 31, 2024 (unaudited)
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (99.5%) | ||||
Education (10.8%) | ||||
KANSAS DEV FIN AUTH F 4.000% 04/01/2045 Callable @ 100.000 04/01/2032 | 1,000,000 | $ | 956,930 | |
KANSAS DEV FIN AUTH F 4.000% 04/01/2046 Callable @ 100.000 04/01/2032 | 1,000,000 | 951,950 | ||
KANSAS DEV FIN AUTH F 4.000% 04/01/2047 Callable @ 100.000 04/01/2032 | 1,000,000 | 947,300 | ||
KANSAS DEV FIN AUTH 3.000% 10/01/2044 Callable @ 100.000 10/01/2027 | 500,000 | 390,000 | ||
KS DEV FIN AUTH 4.000% 07/01/2033 Callable @ 100.000 07/01/2031 | 1,000,000 | 1,003,430 | ||
KS DEV FIN AUTH 4.000% 07/01/2036 Callable @ 100.000 07/01/2031 | 2,000,000 | 1,979,040 | ||
| 6,228,650 | |||
General Obligation (51.1%) | ||||
ATCHISON USD#409 REF 5.000% 09/01/2042 Callable @ 100.000 09/01/2031 | 610,000 | 650,748 | ||
BEL AIRE A 4.000% 11/01/2036 Callable @ 100.000 11/01/2031 | 285,000 | 292,706 | ||
BELLE PLAINE TEMP NTS 4.000% 09/01/2027 Callable @ 100.000 09/01/2025 | 500,000 | 500,060 | ||
BONNER SPRINGS A REF 3.000% 09/01/2044 Callable @ 100.000 09/01/2028 | 1,060,000 | 847,979 | ||
BUTLER CO UNIF SD#205 5.250% 09/01/2042 Callable @ 100.000 09/01/2032 | 1,520,000 | 1,664,050 | ||
COWLEY CO UNIF SD#465 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | 200,000 | 218,770 | ||
COWLEY CO UNIF SD#465 5.000% 09/01/2048 Callable @ 100.000 09/01/2033 | 500,000 | 537,000 | ||
DOUGLAS CO UNIF #348 5.000% 09/01/2044 Callable @ 100.000 09/01/2031 | 400,000 | 419,296 | ||
DOUGLAS USD#491 A REF 5.000% 09/01/2042 Callable @ 100.000 09/01/2032 | 1,000,000 | 1,067,540 | ||
EDGERTON A 4.000% 08/01/2037 Callable @ 100.000 08/01/2031 | 300,000 | 309,525 | ||
EMPORIA 4.000% 09/01/2038 Callable @ 100.000 09/01/2032 | 500,000 | 514,495 | ||
GARDEN CTY 5.000% 11/01/2029 | 500,000 | 550,495 | ||
GODDARD B REF 4.000% 10/01/2041 Callable @ 100.000 10/01/2032 | 335,000 | 328,417 | ||
GODDARD B REF 4.000% 10/01/2045 Callable @ 100.000 10/01/2032 | 365,000 | 344,472 | ||
GOVE CO USD #293 4.000% 09/01/2041 Callable @ 100.000 09/01/2030 | 655,000 | 656,487 | ||
GOVE CO USD #293 4.000% 09/01/2043 Callable @ 100.000 09/01/2030 | 250,000 | 246,995 | ||
HARVEY CO USD#440 REF 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | 1,000,000 | 1,048,140 | ||
HARVEY CO UNIF SD#460 5.000% 09/01/2031 | 410,000 | 455,883 | ||
HAYSVILLE 4.250% 10/01/2025 | 500,000 | 498,875 | ||
JEFFERSON CNTY343 REF 5.500% 09/01/2038 Callable @ 100.000 09/01/2030 | 265,000 | 287,467 | ||
JEFFERSON CNTY343 REF 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | 1,000,000 | 1,068,620 | ||
*JEFFERSON CNTY343 REF 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | 1,000,000 | 1,074,240 | ||
JOHNSON ETC SD #230 A 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 2,000,000 | 2,122,360 | ||
LEAVENWORTH USD #453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026 | 650,000 | 654,641 | ||
LEAVENWORTH USD #458 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | 1,000,000 | 1,044,510 | ||
MAIZE KS SER A 4.000% 10/01/2044 Callable @ 100.000 10/01/2031 | 1,030,000 | 1,008,463 | ||
MAIZE KS SER A 4.000% 10/01/2045 Callable @ 100.000 10/01/2031 | 1,075,000 | 1,037,343 | ||
MANHATTAN A REF 4.000% 11/01/2044 Callable @ 100.000 11/01/2034 | 880,000 | 858,651 | ||
MIAMI USD #368 UNREF 5.000% 09/01/2027 | 10,000 | 10,002 | ||
PRAIRIE VLG KS 4.000% 09/01/2040 Callable @ 100.000 09/01/2027 | 795,000 | 795,668 | ||
PRAIRIE VLG KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027 | 1,500,000 | 1,207,395 | ||
PRATT CO UNIF SD REF 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | 500,000 | 552,865 | ||
PRATT CO UNIF SD REF 5.000% 09/01/2042 Callable @ 100.000 09/01/2033 | 1,035,000 | 1,120,388 | ||
#RAWLINS CO USD #105 4.000% 09/01/2045 Callable @ 100.000 09/01/2031 | 1,000,000 | 978,010 | ||
RILEY CO SD #383 A 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,005,500 | ||
SALINA AIRPORT AUTH 4.000% 09/01/2040 Callable @ 100.000 09/01/2032 | 500,000 | 500,080 | ||
SALINA AIRPORT AUTH 4.000% 09/01/2043 Callable @ 100.000 09/01/2032 | 265,000 | 261,473 | ||
SEDGWICK CO USD #262 4.500% 09/01/2044 Callable @ 100.000 09/01/2031 | 650,000 | 652,613 | ||
SHAWNEE CO UNI SD#372 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | 650,000 | 697,729 | ||
SHAWNEE CO UNI SD#372 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | 780,000 | 829,577 | ||
S HUTCHINSON 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | 355,000 | 356,495 | ||
WICHITA SER 790A 4.750% 09/01/2027 | 180,000 | 180,126 | ||
| 29,456,149 | |||
Health Care (8.9%) | ||||
ASHLAND PUB BLDG 5.000% 09/01/2030 | 1,020,000 | 1,011,616 | ||
ASHLAND PUB BLDG 5.000% 09/01/2035 | 500,000 | 500,085 | ||
COLBY REV 5.500% 07/01/2026 Callable @ 100.000 01/01/2026 | 750,000 | 752,460 | ||
LAWRENCE HOSP A 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,013,630 | ||
UNIV KS HOSP REF IMPT 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 502,705 | ||
UNIV KS HOSP AUTH A 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 1,000,000 | 926,380 | ||
UNIV OF KS HOSP AUTH 3.000% 03/01/2041 Callable @ 100.000 03/01/2030 | 500,000 | 402,805 | ||
| 5,109,681 | |||
Housing (4.6%) | ||||
KANSAS DEV AUTH J 1 4.170% 11/01/2041 | 1,443,000 | 1,439,638 | ||
SHAWNEE CO A REV 4.700% 07/01/2044 Callable @ 100.000 07/01/2033 | 700,000 | 702,254 | ||
SHAWNEE CO A REV 5.000% 07/01/2049 Callable @ 100.000 07/01/2033 | 500,000 | 507,935 | ||
| 2,649,827 | |||
Other Revenue (7.9%) | ||||
BOURBON CO UNIF COPS 4.000% 09/01/2035 Callable @ 100.000 09/01/2033 | 355,000 | 358,536 | ||
*DICKINSON CO PUB BLDG 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | 750,000 | 751,837 | ||
MANHATTAN REV A 5.000% 12/01/2026 | 150,000 | 150,075 | ||
MANHATTAN 4.500% 12/01/2025 | 225,000 | 225,193 | ||
*MANHATTAN 5.000% 12/01/2032 | 1,000,000 | 1,000,130 | ||
SHAWNEE CNTY PBC 5.000% 09/01/2033 Callable @ 100.000 09/01/2032 | 230,000 | 254,716 | ||
SHAWNEE CNTY PBC 5.500% 09/01/2034 Callable @ 100.000 09/01/2032 | 210,000 | 241,649 | ||
WASHINGTON BLDG UNREF 4.000% 09/01/2028 | 100,000 | 100,035 | ||
WICHITA KS SALES TAX 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | 760,000 | 735,338 | ||
WYANDOTTE CO A 5.250% 03/01/2046 Callable @ 100.000 03/01/2034 | 750,000 | 709,163 | ||
| 4,526,672 | |||
Pre-Refunded (5.7%) | ||||
*FRANKLIN SD #290 A 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 3,000,000 | 3,037,500 | ||
SEWARD USD #480 B REF 5.000% 09/01/2029 Callable @ 100.000 09/01/2025 | 250,000 | 253,867 | ||
| 3,291,367 | |||
Transportation (0.4%) | ||||
KANSAS ST DEPT OF TRA 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 250,000 | 252,087 | ||
| 252,087 | |||
Utilities (10.1%) | ||||
KS MUNI ENERGY AGY A 5.000% 04/01/2030 Callable @ 100.000 04/01/2026 | 250,000 | 256,860 | ||
KS MUNI ENERGY AGY A 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 513,060 | ||
KS MUNI ENERGY AGY A 5.000% 04/01/2033 Callable @ 100.000 04/01/2026 | 745,000 | 765,160 | ||
KS MUNI ENERGY AGY A 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | 1,000,000 | 1,022,600 | ||
KS MUNI ENERGY AGY A 5.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 300,000 | 307,926 | ||
KANSAS PWR A DOGWOOD 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 500,000 | 504,540 | ||
KS PWR POOL A REV 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | 500,000 | 499,565 | ||
OLATHE STORMWATER REV 4.000% 10/01/2044 Callable @ 100.000 10/01/2032 | 445,000 | 439,260 | ||
TOPEKA REV B 4.000% 08/01/2049 Callable @ 100.000 08/01/2032 | 490,000 | 467,166 | ||
WYANDOTTE UNIF GOVT A 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 505,240 | ||
WYANDOTTE UNIF GOVT B 5.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 500,000 | 522,030 | ||
| 5,803,407 | |||
TOTAL MUNICIPAL BONDS (COST: $58,362,239) | $ | 57,317,840 | ||
OTHER ASSETS LESS LIABILITIES (0.5%) | $ | 307,826 | ||
NET ASSETS (100.0%) | $ | 57,625,666 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of October 31, 2024. | ||||
NOTE: INVESTMENT IN SECURITIES (unaudited) | ||
At October 31, 2024, 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 | $58,362,239 | |
Unrealized appreciation | $360,200 | |
Unrealized depreciation | $(1,404,599) | |
Net unrealized appreciation (depreciation)* | $(1,044,399) | |
*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, 2024: | ||||
Kansas Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $57,317,840 | $0 | $57,317,840 |
Total | $0 | $57,317,840 | $0 | $57,317,840 |
