KANSAS MUNICIPAL FUND |
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Schedule of Investments April 30, 2023 (unaudited) |
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Principal |
Fair |
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Amount |
|
Value |
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MUNICIPAL BONDS (98.9%) |
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Education (9.5%) |
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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 |
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General Obligation (44.3%) |
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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 |
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Health Care (12.7%) |
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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 |
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Other Revenue (8.2%) |
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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 |
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Pre-Refunded (14.8%) |
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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 |
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Transportation (1.2%) |
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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%) |
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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%) |
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(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. |
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(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) |
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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: |
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Kansas Municipal Fund |
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|
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 |