Principal

Fair

Amount

Value

MUNICIPAL BONDS (87.1%)^

Education (7.2%)

NEBRASKA STATE COLLEGES 5.000% 07/01/2048 CALLABLE @ 100.000 07/01/2033

 1,000,000

$

1,029,970

SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2031

 1,000,000

1,026,620

2,056,590

General Obligation (51.7%)

CITY OF AURORA NE 5.000% 12/15/2028 CALLABLE @ 100.000 06/15/2026

 800,000

801,192

CITY OF BELLEVUE NE 4.000% 09/15/2049 CALLABLE @ 100.000 09/15/2029

 1,000,000

879,640

COUNTY OF BUTLER NE 5.000% 12/01/2043 CALLABLE @ 100.000 12/01/2028

 600,000

613,008

BROKEN BOW PUBLIC SCHOOLS 4.000% 12/15/2044 CALLABLE @ 100.000 03/18/2029

 500,000

477,955

CITY OF DAVID CITY NE 4.350% 06/15/2026

 500,000

499,980

FREMONT SCHOOL DISTRICT 5.000% 12/15/2043 CALLABLE @ 100.000 12/15/2033

 675,000

724,862

FREMONT SCHOOL DISTRICT 5.250% 12/15/2044 CALLABLE @ 100.000 12/15/2033

 210,000

228,570

FREMONT SCHOOL DISTRICT 5.250% 12/15/2045 CALLABLE @ 100.000 12/15/2033

 300,000

323,373

FREMONT SCHOOL DISTRICT 5.250% 12/15/2046 CALLABLE @ 100.000 12/15/2033

 395,000

421,935

FREMONT SCHOOL DISTRICT 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2033

 740,000

767,062

DOUGLAS COUNTY SANITARY & IMPROVEMENT DISTRICT NO 404 5.000% 11/15/2046 CALLABLE @ 100.000 05/15/2031

 375,000

371,644

WESTSIDE COMMUNITY SCHOOLS 4.375% 12/01/2043 CALLABLE @ 100.000 12/01/2031

 350,000

359,569

FILLMORE COUNTY SCHOOL DISTRICT NO 25 5.000% 06/15/2038 CALLABLE @ 100.000 06/15/2030

 555,000

589,271

COUNTY OF HALL NE 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029

 800,000

763,744

CITY OF HARTINGTON NE 4.500% 12/15/2040 CALLABLE @ 100.000 06/15/2029

 200,000

199,434

CITY OF HENDERSON NE 4.600% 12/15/2034 CALLABLE @ 100.000 12/15/2026

 210,000

210,193

CITY OF HENDERSON NE 4.850% 12/15/2036 CALLABLE @ 100.000 12/15/2026

 460,000

460,465

CITY OF HENDERSON NE 5.100% 12/15/2038 CALLABLE @ 100.000 12/15/2026

 500,000

500,665

NANCE COUNTY SCHOOL DISTRICT NO 30 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029

 500,000

477,340

NANCE COUNTY SCHOOL DISTRICT NO 30 4.125% 12/15/2049 CALLABLE @ 100.000 06/15/2029

 500,000

455,060

CITY OF NEBRASKA CITY NE 4.150% 07/15/2033 CALLABLE @ 100.000 07/15/2028

 100,000

100,379

CITY OF NEBRASKA CITY NE 5.000% 07/15/2038 CALLABLE @ 100.000 07/15/2028

 540,000

549,893

CITY OF NEBRASKA CITY NE 4.000% 01/15/2036 CALLABLE @ 100.000 02/22/2029

 265,000

261,611

CITY OF NEBRASKA CITY NE 4.350% 01/15/2039 CALLABLE @ 100.000 02/22/2029

 205,000

205,837

OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.500% 12/15/2043 CALLABLE @ 100.000 11/01/2028

 1,000,000

1,018,260

OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.750% 12/15/2047 CALLABLE @ 100.000 11/01/2028

 1,000,000

1,008,790

PAPILLION LA VISTA SCHOOL DISTRICT NO 27 5.000% 12/01/2042 CALLABLE @ 100.000 12/01/2035

 500,000

553,980

CITY OF WAHOO NE 4.750% 12/15/2033 CALLABLE @ 100.000 08/15/2026

 320,000

321,414

YORK COUNTY SCHOOL DISTRICT NO 96 4.000% 12/15/2044 CALLABLE @ 100.000 08/07/2029

 625,000

602,081

14,747,207

Housing (11.3%)

NEBRASKA INVESTMENT FINANCE AUTHORITY 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2033

1,000,000

997,020

NEBRASKA INVESTMENT FINANCE AUTHORITY 4.700% 09/01/2049 CALLABLE @ 100.000 09/01/2033

2,000,000

1,990,420

NEBRASKA INVESTMENT FINANCE AUTHORITY 4.550% 09/01/2044 CALLABLE @ 100.000 09/01/2033

 250,000

252,103

3,239,543

Other Revenue (4.0%)

CITY OF NORTH PLATTE NE 5.000% 12/15/2035 CALLABLE @ 100.000 06/15/2030

200,000

211,688

CITY OF OMAHA NE RIVERFRONT REDEVELOPMENT SPECIAL TAX REVENUE 4.000% 04/15/2049 CALLABLE @ 100.000 04/15/2034

1,000,000

923,640

1,135,328

Utilities (12.9%)

CUSTER PUBLIC POWER DISTRICT 4.125% 06/01/2039 CALLABLE @ 100.000 06/01/2029

 1,000,000

1,007,340

CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.400% 12/15/2029 CALLABLE @ 100.000 09/15/2026

 135,000

135,610

CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.550% 12/15/2034 CALLABLE @ 100.000 09/15/2026

 530,000

532,602

NEBRASKA PUBLIC POWER DISTRICT 5.000% 01/01/2036 CALLABLE @ 100.000 01/01/2027

 2,000,000

2,001,680

3,677,232

TOTAL MUNICIPAL BONDS (COST: $24,841,523)

$

24,855,900

OTHER ASSETS LESS LIABILITIES (12.9%)

$

3,687,223

NET ASSETS (100.0%)

$

28,543,123

^All portfolio securities are issued securities from the state of Nebraska.

The accompanying notes are an integral part of these financial statements.

NOTE: INVESTMENT IN SECURITIES (unaudited)

At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows:

Nebraska Municipal Fund

Investments at cost

$

24,841,523

Unrealized appreciation

$

311,585

Unrealized depreciation

(297,208)

Net unrealized appreciation/(depreciation)*

$

14,377

*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and 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 April 30, 2026:

Nebraska Municipal Fund

Level 1

Level 2

Level 3

Total

Municipal Bonds

$

-

$

24,855,900

$

-

$

24,855,900

Total

$

-

$

24,855,900

$

-

$

24,855,900