0001752724-21-040353.txt : 20210225 0001752724-21-040353.hdr.sgml : 20210225 20210225134750 ACCESSION NUMBER: 0001752724-21-040353 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210225 PERIOD START: 20210930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALPS Series Trust CENTRAL INDEX KEY: 0001558107 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22747 FILM NUMBER: 21678835 BUSINESS ADDRESS: STREET 1: 1290 BROADWAY, SUITE 1100 CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 303.623.2577 MAIL ADDRESS: STREET 1: 1290 BROADWAY, SUITE 1100 CITY: DENVER STATE: CO ZIP: 80203 0001558107 S000062895 Carret Kansas Tax-Exempt Bond Fund C000203690 Institutional Class Shares SEKSX C000203691 Class A Shares IKSTX NPORT-P 1 primary_doc.xml NPORT-P false 0001558107 XXXXXXXX S000062895 C000203690 C000203691 ALPS SERIES TRUST 811-22747 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Clay KS 183324FU1 750000.00000000 PA USD 820905.00000000 0.434148068300 Long DBT MUN US N 2 2036-10-01 Fixed 4.00000000 N N N N N N Mcpherson Ks Wtr Revenue N/A City of McPherson KS Water System Revenue 582692FF1 440000.00000000 PA USD 441029.60000000 0.233245197560 Long DBT MUN US N 2 2038-10-01 Fixed 2.00000000 N N N N N N Seward Cnty Ks Unif Sch Dist #480 N/A Seward County Unified School District No 480 Liberal 818461JQ9 2390000.00000000 PA USD 2861188.50000000 1.513182963092 Long DBT MUN US N 2 2029-09-01 Fixed 5.00000000 N N N N N N 2021-01-30 ALPS SERIES TRUST Erich Rettinger Erich Rettinger Treasurer XXXX NPORT-EX 2 fp0062703_carret_nportex.htm

CARRET KANSAS TAX-EXEMPT BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

 

   Principal Amount   Value
(Note 2)		 
MUNICIPAL BONDS (94.16%)          
Education  (44.08%)(a)          
Allen County Unified School District No. 257, General Obligation Unlimited Bonds          
3.000%, 09/01/2043  $2,415,000   $2,618,126 
Barton Community College, Certificate Participation Bonds          
4.000%, 12/01/2032   555,000    631,168 
4.000%, 12/01/2034   250,000    281,670 
Bourbon County Unified School District No. 234-Fort Scott, General Obligation Unlimited Bonds          
5.000%, 09/01/2025   355,000    412,908 
Butler County Unified School District No. 206 Remington, General Obligation Unlimited Bonds          
3.000%, 09/01/2034   1,000,000    1,064,450 
3.000%, 09/01/2035   510,000    541,763 
Butler County Unified School District No. 385 Andover, General Obligation Unlimited Bonds          
4.000%, 09/01/2030   690,000    828,669 
4.000%, 09/01/2031   500,000    591,835 
5.000%, 09/01/2032   2,750,000    3,469,510 
5.000%, 09/01/2034   2,000,000    2,502,280 
Butler County Unified School District No. 490 El Dorado, General Obligation Unlimited Bonds          
4.000%, 09/01/2034   1,000,000    1,176,640 
4.000%, 09/01/2036   500,000    584,920 
Douglas County Unified School District No. 497 Lawrence, General Obligation Unlimited Bonds          
4.000%, 09/01/2031   1,500,000    1,790,370 
4.000%, 09/01/2033   500,000    555,260 
Finney County Unified School District No. 457 Garden City, General Obligation Unlimited Bonds          
4.000%, 09/01/2031   1,500,000    1,742,860 
5.000%, 09/01/2027   800,000    997,792 
Ford County Unified School District No. 443 Dodge City, General Obligation Unlimited Bonds          
4.000%, 03/01/2030   1,150,000    1,349,180 
4.000%, 03/01/2034   1,000,000    1,151,600 
Franklin County Unified School District No. 290 Ottawa, General Obligation Unlimited Bonds          
4.000%, 09/01/2040   250,000    292,857 
5.000%, 09/01/2031   1,715,000    2,088,253 
5.000%, 09/01/2032   150,000    182,646 
5.000%, 09/01/2033   1,000,000    1,217,640 
Geary County Unified School District No. 475, General Obligation Unlimited Bonds          
4.000%, 09/01/2038   2,000,000    2,273,460 
4.000%, 09/01/2043   1,000,000    1,124,570 
Hutchinson Community College & Area Vocational School, Certificate Participation Bonds          
4.000%, 10/01/2037   1,700,000    1,748,178 
Johnson & Miami Counties Unified School District No. 230 Spring Hills, General Obligation Unlimited Bonds          
4.000%, 09/01/2031   400,000    473,752 
4.000%, 09/01/2033   1,000,000    1,176,680 
4.000%, 09/01/2035   1,000,000    1,172,610 
5.000%, 09/01/2030   1,970,000    2,444,593 
5.250%, 09/01/2029   1,500,000    1,548,690 
Johnson County Unified School District No. 229 Blue Valley, General Obligation Unlimited Bonds          
3.000%, 10/01/2032   1,155,000    1,360,301 

 

 

   Principal Amount   Value
(Note 2)		 
Education (continued)          
Johnson County Unified School District No. 232 De Soto, General Obligation Unlimited Bonds          
4.000%, 09/01/2031  $1,165,000   $1,423,140 
4.000%, 09/01/2032   1,745,000    2,126,178 
Johnson County Unified School District No. 233 Olathe, General Obligation Unlimited Bonds          
4.000%, 09/01/2031   1,000,000    1,180,990 
4.000%, 09/01/2033   905,000    1,036,883 
4.000%, 09/01/2035   790,000    903,894 
4.000%, 09/01/2036   480,000    548,117 
Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Unlimited Bonds          
5.000%, 10/01/2032   1,000,000    1,203,560 
Kansas Development Finance Authority, Revenue Bonds          
2.000%, 06/01/2032   1,000,000    1,021,170 
3.000%, 05/01/2030   450,000    467,132 
4.000%, 03/01/2028   610,000    672,165 
4.000%, 05/01/2034   1,000,000    1,039,670 
Leavenworth County Unified School District No. 453, General Obligation Unlimited Bonds          
4.000%, 09/01/2036   1,000,000    1,138,440 
Leavenworth County Unified School District No. 458, General Obligation Unlimited Bonds          
5.000%, 09/01/2037   1,165,000    1,453,990 
5.000%, 09/01/2038   1,000,000    1,243,990 
Leavenworth County Unified School District No. 464, General Obligation Unlimited Bonds          
4.000%, 09/01/2034   675,000    796,527 
4.000%, 09/01/2036   465,000    545,705 
Leavenworth County Unified School District No. 469, General Obligation Unlimited Bonds          
4.000%, 09/01/2030   900,000    952,785 
Lyon County Unified School District No. 253 Emporia, General Obligation Unlimited Bonds          
3.000%, 09/01/2044   1,000,000    1,074,550 
4.000%, 09/01/2030   325,000    389,616 
Miami County Unified School District No. 416 Louisburg, General Obligation Unlimited Bonds          
3.000%, 09/01/2035   500,000    560,740 
Montgomery County Unified School District No. 446 Independence, General Obligation Unlimited Bonds          
5.000%, 09/01/2030   1,715,000    2,135,707 
Riley County Unified School District No. 378 Riley, General Obligation Unlimited Bonds          
3.000%, 09/01/2039   925,000    993,903 
Riley County Unified School District No. 383 Manhattan-Ogden, General Obligation Unlimited Bonds          
5.000%, 09/01/2028   1,220,000    1,525,939 
Saline County Unified School District No. 305 Salina, General Obligation Unlimited Bonds          
4.000%, 09/01/2034   440,000    517,678 
Scott County Unified School District No. 466 Scott City, General Obligation Unlimited Bonds          
4.000%, 09/01/2037   1,000,000    1,106,700 
Sedgwick County Unified School District No. 260 Derby, General Obligation Unlimited Bonds          
3.500%, 10/01/2036   845,000    938,288 
5.000%, 10/01/2029   340,000    368,689 
Sedgwick County Unified School District No. 262 Valley Center, General Obligation Unlimited Bonds          
4.000%, 09/01/2030   500,000    555,535 
5.000%, 09/01/2033   750,000    878,055 
Sedgwick County Unified School District No. 264 Clearwater, General Obligation Unlimited Bonds          
4.000%, 09/01/2029   530,000    618,499 
Sedgwick County Unified School District No. 265 Goddard, General Obligation Unlimited Bonds          
5.000%, 10/01/2024   370,000    435,249 
Sedgwick County Unified School District No. 266 Maize, General Obligation Unlimited Bonds          
4.000%, 09/01/2032   750,000    903,315 

 

 

   Principal Amount   Value
(Note 2)		 
Education (continued)          
Sedgwick County Unified School District No. 267 Renwick, General Obligation Unlimited Bonds          
4.000%, 11/01/2033  $350,000   $416,349 
4.000%, 11/01/2034   425,000    505,402 
4.000%, 11/01/2035   635,000    754,170 
Sedgwick County Unified School District No. 268 Cheney, General Obligation Unlimited Bonds          
3.000%, 09/01/2029   615,000    647,989 
Seward County Unified School District No. 480 Liberal, General Obligation Unlimited Bonds          
4.000%, 09/01/2028   1,000,000    1,193,570 
4.000%, 09/01/2032   500,000    584,210 
5.000%, 09/01/2029   2,390,000    2,861,189 
Sumner County Unified School District No. 353 Wellington, General Obligation Unlimited Bonds          
5.000%, 09/01/2026   230,000    257,384 
University of Kansas Hospital Authority, Revenue Bonds          
5.000%, 09/01/2028   250,000    300,840 
5.000%, 09/01/2030   350,000    418,033 
5.000%, 09/01/2031   500,000    595,585 
Washburn University/Topeka, Revenue Bonds          
4.000%, 07/01/2041   330,000    357,819 
5.000%, 07/01/2035   500,000    568,735 
Wyandotte County Unified School District No. 202 Turner, General Obligation Unlimited Bonds          
4.000%, 09/01/2038   1,225,000    1,408,432 
4.000%, 09/01/2039   400,000    458,824 
Wyandotte County Unified School District No. 203 Piper, General Obligation Unlimited Bonds          
5.000%, 09/01/2038   1,000,000    1,267,310 
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Bonds          
5.000%, 09/01/2030   500,000    613,900 
Total Education        83,361,771 
           
General Obligation  (23.73%)          
Abilene Public Building Commission, Revenue Bonds          
4.000%, 12/01/2029   325,000    390,741 
4.000%, 12/01/2031   445,000    525,599 
Ashland Public Building Commission, Revenue Bonds          
5.000%, 09/01/2035   720,000    773,906 
City of Arkansas City, General Obligation Unlimited Bonds          
2.000%, 08/01/2035   1,000,000    1,036,690 
City of Concordia, General Obligation Unlimited Bonds          
2.000%, 11/01/2038   350,000    369,145 
2.000%, 11/01/2039   355,000    372,327 
2.000%, 11/01/2040   365,000    380,509 
City of Dodge City, Revenue Bonds          
4.000%, 06/01/2024   230,000    257,030 
City of Garden City, General Obligation Unlimited Bonds          
3.000%, 11/01/2028   950,000    1,096,908 
City of Haysville, Certificate Participation Bonds          
4.125%, 11/01/2032   460,000    456,789 
City of Lawrence, General Obligation Unlimited Bonds          
4.000%, 09/01/2030   470,000    555,455 
4.000%, 09/01/2031   445,000    520,161 
City of Manhattan, General Obligation Unlimited Bonds          
4.000%, 11/01/2031   400,000    497,332 
5.000%, 11/01/2025   570,000    697,703 

 

 

   Principal Amount   Value
(Note 2)		 
General Obligation (continued)          
5.000%, 11/01/2029  $800,000   $1,081,080 
City of Merriam, General Obligation Unlimited Bonds          
5.000%, 10/01/2027   1,670,000    2,177,329 
City of Olathe, General Obligation Unlimited Bonds          
4.000%, 10/01/2028   1,315,000    1,570,439 
City of Park City, General Obligation Unlimited Bonds          
5.375%, 12/01/2025   5,000    5,013 
City of Salina, General Obligation Unlimited Bonds          
3.000%, 10/01/2033   620,000    672,272 
3.000%, 10/01/2036   680,000    732,163 
City of Shawnee, General Obligation Unlimited Bonds          
4.000%, 12/01/2027   425,000    483,854 
City of Spring Hill, General Obligation Unlimited Bonds          
4.000%, 09/01/2029   810,000    977,702 
City of Topeka, General Obligation Unlimited Bonds          
2.000%, 08/15/2026   1,000,000    1,009,340 
City of Wichita, General Obligation Unlimited Bonds          
2.000%, 06/01/2035   400,000    414,120 
3.000%, 06/01/2029   515,000    595,752 
3.000%, 10/01/2030   720,000    812,657 
4.000%, 12/01/2029   250,000    253,175 
4.000%, 06/01/2030   820,000    981,892 
5.000%, 12/01/2025   500,000    616,375 
County of Clay, General Obligation Unlimited Bonds          
4.000%, 10/01/2036   750,000    820,905 
County of Geary, General Obligation Unlimited Bonds          
4.000%, 09/01/2030   415,000    483,687 
County of Johnson, General Obligation Unlimited Bonds          
3.000%, 09/01/2030   400,000    418,708 
4.000%, 09/01/2028   1,125,000    1,309,489 
County of Linn, General Obligation Unlimited Bonds          
4.000%, 07/01/2032   505,000    621,468 
Johnson County Public Building Commission, Revenue Bonds          
4.000%, 09/01/2029   650,000    764,023 
4.000%, 09/01/2030   500,000    584,855 
4.000%, 09/01/2031   1,500,000    1,739,880 
Kansas Development Finance Authority, Revenue Bonds          
2.000%, 11/01/2033   950,000    968,877 
2.000%, 11/01/2034   975,000    990,415 
4.000%, 11/01/2030   800,000    954,736 
4.000%, 11/01/2031   1,100,000    1,304,457 
5.000%, 04/01/2026   1,485,000    1,630,678 
5.000%, 09/01/2026   630,000    786,202 
5.000%, 04/01/2030   655,000    714,559 
5.000%, 04/01/2031   1,000,000    1,090,880 
5.000%, 04/01/2034   2,000,000    2,180,820 
Overland Park Transportation Development District, Revenue Bonds          
5.900%, 04/01/2032   775,000    775,186 
Unified Government of Greeley County, General Obligation Unlimited Bonds          
4.000%, 12/01/2029   250,000    288,473 
4.000%, 12/01/2032   100,000    112,653 

 

 

   Principal Amount   Value
(Note 2)		 
General Obligation (continued)          
Wyandotte County-Kansas City Unified Government, General Obligation Unlimited Bonds          
2.000%, 08/01/2033  $1,000,000   $1,042,650 
4.000%, 08/01/2029   685,000    821,137 
4.000%, 08/01/2030   1,060,000    1,255,199 
4.000%, 08/01/2031   930,000    977,114 
5.000%, 08/01/2025   815,000    985,905 
Wyandotte County-Kansas City Unified Government, Revenue Bonds          
4.875%, 10/01/2028   340,000    313,847 
5.000%, 12/01/2023   570,000    632,210 
Total General Obligation        44,882,471 
           
Health Care  (3.45%)          
City of Manhattan, Revenue Bonds          
5.000%, 11/15/2029   680,000    728,178 
City of Olathe, Revenue Bonds          
4.000%, 09/01/2030   450,000    459,042 
City of Wichita, Revenue Bonds          
5.000%, 11/15/2029   1,570,000    1,634,527 
Kansas Development Finance Authority, Revenue Bonds          
5.000%, 11/15/2032   1,500,000    1,587,975 
5.000%, 11/15/2034   350,000    370,136 
Lyon County Public Building Commission, Revenue Bonds          
5.000%, 12/01/2035   1,335,000    1,590,025 
Pawnee County Public Building Commission, Revenue Bonds          
4.000%, 02/15/2031   145,000    148,828 
Total Health Care        6,518,711 
           
Housing  (0.35%)          
Pratt County Public Building Commission, Revenue Bonds          
3.250%, 12/01/2032   655,000    655,858 
           
Public Services  (0.99%)          
Johnson County Park & Recreation District, Certificate Participation Bonds          
3.000%, 09/01/2028   1,165,000    1,291,845 
3.000%, 09/01/2029   535,000    589,592 
Total Public Services        1,881,437 
           
Transportation  (10.02%)          
Kansas Turnpike Authority, Revenue Bonds          
5.000%, 09/01/2031   630,000    849,750 
5.000%, 09/01/2032   500,000    670,045 
5.000%, 09/01/2036   1,000,000    1,319,030 
5.000%, 09/01/2037   1,000,000    1,314,250 
5.000%, 09/01/2038   1,150,000    1,506,293 
State of Kansas Department of Transportation, Revenue Bonds          
5.000%, 09/01/2028   1,500,000    1,914,495 
5.000%, 09/01/2029   1,000,000    1,210,440 
5.000%, 09/01/2031   3,020,000    3,814,230 
5.000%, 09/01/2032   500,000    627,150 
5.000%, 09/01/2033   1,445,000    1,727,021 

 

 

   Principal Amount   Value
(Note 2)		 
Transportation (continued)          
5.000%, 09/01/2034  $3,260,000   $3,998,318 
Total Transportation        18,951,022 
           
Utilities  (11.54%)          
City of Lawrence Water & Sewage System, Revenue Bonds          
4.000%, 11/01/2038   1,000,000    1,132,630 
City of McPherson Water System, Revenue Bonds          
2.000%, 10/01/2038   440,000    441,030 
City of Olathe Water & Sewer System, Revenue Bonds          
2.000%, 07/01/2034   540,000    558,446 
2.000%, 07/01/2035   550,000    566,709 
3.000%, 07/01/2030   675,000    759,895 
3.000%, 07/01/2031   555,000    622,094 
3.000%, 07/01/2032   745,000    826,429 
3.000%, 07/01/2033   755,000    833,143 
4.000%, 07/01/2024   250,000    278,017 
City of Topeka Combined Utility, Revenue Bonds          
2.000%, 08/01/2043   1,070,000    1,074,836 
4.000%, 08/01/2026   2,600,000    2,654,314 
City of Wichita Water & Sewer Utility, Revenue Bonds          
3.000%, 10/01/2029   1,180,000    1,312,833 
3.375%, 10/01/2039   1,000,000    1,097,580 
5.000%, 10/01/2025   1,000,000    1,034,960 
5.000%, 10/01/2028   2,650,000    2,742,644 
Kansas Power Pool, Revenue Bonds          
5.000%, 12/01/2023   200,000    216,574 
5.000%, 12/01/2028   700,000    840,294 
Wyandotte County-Kansas City Unified Government Utility System, Revenue Bonds          
3.000%, 09/01/2035   250,000    285,135 
3.000%, 09/01/2040   250,000    279,535 
5.000%, 09/01/2027   1,300,000    1,341,210 
5.000%, 09/01/2031   1,350,000    1,621,314 
5.000%, 09/01/2032   1,090,000    1,176,622 
5.000%, 09/01/2033   100,000    118,157 
Total Utilities        21,814,401 
           
TOTAL MUNICIPAL BONDS          
 (Cost $167,075,039)        178,065,671 

 

 

   Shares   Value
(Note 2)		 
SHORT TERM INVESTMENTS (5.14%)          
Money Market Fund (1.44%)          
Federated Treasury Obligations Fund (0.010%, 7-Day Yield)   2,711,925   $2,711,925 
Total Money Market Fund        2,711,925 

 

   Principal Amount     
U.S. Treasury Bills (3.70%)          
United States Treasury Bills          
0.000%, 03/18/2021(b)   3,500,000   $3,499,574 
0.000%, 06/17/2021(b)   3,500,000    3,498,844 
Total U.S. Treasury Bills        6,998,418 
           
TOTAL SHORT TERM INVESTMENTS          
 (Cost $9,709,920)        9,710,343 
           
TOTAL INVESTMENTS (99.30%)          
 (Cost $176,784,959)       $187,776,014 
           
OTHER ASSETS IN EXCESS OF LIABILITIES (0.70%)        1,330,454 
           
NET ASSETS (100.00%)       $189,106,468 

 

(a) To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. When sector categorization is broken down by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.
(b) Zero coupon bond.

 

 

 

Notes to Quarterly Portfolio of Investments
December 31, 2020 (Unaudited)

 

1. ORGANIZATION

 

ALPS Series Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Carret Kansas Tax-Exempt Bond Fund (the “Fund” or “Kansas Tax-Exempt Bond Fund”) formally known as the American Independence Kansas Tax-Exempt Bond Fund. On September 13, 2019, Carret Asset Management, LLC (the “Adviser” or “Carret”) became the adviser to the Kansas Tax-Exempt Bond Fund, changing the Fund’s name from American Independence to Carret. The Fund’s investment objective is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes. The Fund is considered non-diversified and may invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. The Fund currently offers Institutional Class Shares and Class A Shares. Each share class has identical rights to earnings, assets and voting privileges, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. The Board of Trustees (the “Board”) may establish additional funds and classes of shares at any time in the future without shareholder approval.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for investment companies (“U.S. GAAP”). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

 

Investment Valuation: The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

 

For equity securities and shares of registered investment companies that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day.

 

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security.

 

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value (“NAV”). Money market funds, representing short-term investments, are valued at their NAV.

 

When such prices or quotations are not available, or when the Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

 

Fair Value Measurements: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

 
 

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

 

Level 1 –

Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; 

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly); and
Level 3 –

Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

 

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2020:

 

Investments in Securities at Value*  Level 1 - Quoted and Unadjusted Prices   Level 2 - Other Significant Observable Inputs   Level 3 - Significant Unobservable Inputs   Total 
Municipal Bonds  $–   $178,065,671   $–   $178,065,671 
Short Term Investments                    
Money Market Fund   2,711,925    –    –    2,711,925 
U.S. Treasury Bills   –    6,998,418    –    6,998,418 
Total  $2,711,925   $185,064,089   $–   $187,776,014 

 

*For a detailed Sector breakdown, see the accompanying Portfolio of Investments.

 

There were no Level 3 securities held in the Fund at December 31, 2020.

 

Securities Purchased on a When-Issued Basis: The Fund may purchase securities on a “when-issued” basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time the Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. Normally, the settlement date occurs within one month of the purchase. No payment is made by the Fund and no interest accrues to the Fund during the period between purchase and settlement.

 

Cash & Cash Equivalents: The Fund considers its investment in a Federal Deposit Insurance Corporation (“FDIC”) insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Fund maintains cash balances, which, at times may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

 

Concentration of Credit Risk: The Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

 

The Fund invests primarily in debt obligations issued by the State of Kansas and its respective political subdivisions, agencies and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of Kansas specific municipal securities than are municipal bond funds that are not concentrated in these issuers to the same extent.

 

Trust Expenses: Some expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed to a fund are apportioned among all funds in the Trust based on average net assets of each fund, including Trustees’ fees and expenses.

 

Fund Expenses: Some expenses can be directly attributed to the Fund and are apportioned among the classes based on average net assets of each class.

 

 

Class Expenses: Expenses that are specific to a class of shares are charged directly to that share class. Fees provided under the distribution (Rule 12b-1) and/or shareholder service plans for a particular class of each Fund are charged to the operations of such class.

 

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis for financial reporting purposes). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned based on the effective yield method. Dividend income is recognized on the ex-dividend date. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets.

 

Distributions to Shareholders: Distributions from net investment income for the Fund are declared daily and paid monthly. Distributions from net realized capital gains, if any, are distributed at least annually. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year. A Fund may make additional distributions and dividends at other times if its investment adviser has determined that so may be necessary for the Fund to avoid or reduce taxes. Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes.

 

COVID-19 Risks: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.