Kansas Tax-Exempt Bond Fund

The Carret Kansas Tax-Exempt Bond Fund seeks to maximize tax efficiency and principal preservation through opportunistic portfolio management and fundamental credit analysis. We actively manage investment grade, intermediate duration Kansas-focused and select general market municipal obligations. Maturities range from 1 to 20 years and we maintain a weighted average portfolio maturity of between 3 and 12 years. Portfolios hold a diversified blend of issuers, sectors, and maturities aimed at delivering consistent, risk-adjusted returns with an emphasis on tax-efficient cash flows. We employ a high-level macro view with a bottom-up credit research process. Final security selection focuses on the economics and fundamentals of each municipality. We invest with a long-term approach, employing patience and discipline in being stewards of the Fund.

Our active investment process takes into account national and regional economic inputs, interest rate and credit trends, supply and demand flows, and relative market values and yields. Our market strategy thoughtfully considers how pricing, coupon, duration, rating, and call features work together. Our sector analysis focuses on credits from the major sectors of the U.S. municipal bond market, including general obligation, school district, pre-refunded, and essential purpose revenue bonds.

The fund will not invest in bonds that are subject to the Alternative Minimum Tax.