Fund Description

The fund invests at least 80% of net assets plus any borrowings (measured at purchase) in Kansas municipal bonds whose income, in bond counsel's opinion, is exempt from regular federal income tax, federal alternative minimum tax, and Kansas taxes, or seeks to have at least 80% of distributed income exempt from such taxes; this 80% policy is fundamental. It may also invest in obligations of U.S. territories, commonwealths, and possessions with interest exempt from federal and Kansas income tax. It seeks to maximize tax-exempt dividends and minimize net realized capital gains. Except as described below, the municipal securities in which the fund invests will be rated investment grade at purchase by at least one NRSRO, or if unrated deemed comparable; up to 10% may be unrated and up to 5% high yield. Average weighted maturity is typically five to twelve years.