Fund Evaluator:
Carret Kansas Tax Exempt Bond Fund A (IKSTX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Carret Kansas Tax Exempt Bond Fund A Overview
Carret Kansas Tax Exempt Bond Fund A (IKSTX) is an actively managed Municipal Bond Muni Single State Interm fund. American Independence launched the fund in 2002.
The investment seeks to preserve capital while producing current income that is exempt from both federal and Kansas state income taxes. The fund seeks to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes by investing in bonds issued by Kansas municipalities. It will invest in municipal bonds with maturities ranging up to 20 years and which are rated, at time of purchase, investment grade. The fund is non-diversified.
About Carret Kansas Tax Exempt Bond Fund A (IKSTX)
There are 2 members of the management team with an average tenure of 9.59 years: Jason Graybill (2016), Neil Klein (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal 7 Yr 6-8 TR USD index with a weighting of 100%. Carret Kansas Tax Exempt Bond Fund A has 173 securities in its portfolio. The top 10 holdings constitute 13.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Carret Kansas Tax Exempt Bond Fund A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Carret Kansas Tax Exempt Bond Fund A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.4% (98.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Carret Kansas Tax Exempt Bond Fund A has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $710 million in total assets, which is below the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IKSTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Carret Kansas Tax Exempt Bond Fund A expense ratio is high compared to funds in the Muni Single State Interm category. Carret Kansas Tax Exempt Bond Fund A has an expense ratio of 0.80%, which is 4% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Carret Kansas Tax Exempt Bond Fund A has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Carret Kansas Tax Exempt Bond Fund A returned -1.5%, which earned it a grade of B, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Carret Kansas Tax Exempt Bond Fund A has a trailing yield of 1.95%, which is below the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Carret Kansas Tax Exempt Bond Fund A Grades
Year to date, the fund has returned -0.6%, 0.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.6% over the past year (grade of F), 2.2% over the past three years (grade of F) and -0.2% per year over the past five years (grade of F) and 1.0% per year over the past 10 years (grade of D).
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IKSTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IKSTX Return (NAV) | -1.5% | -0.9% | 2.6% | 2.2% | -0.2% | 1.0% |
| IKSTX Grade | B | F | F | F | F | D |
| +/- Category | 0.2% | -0.2% | -2.3% | -0.4% | -0.4% | -0.2% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| IKSTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
IKSTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IKSTX Return (NAV) | -0.6% | 4.5% | 0.3% | 4.0% | -8.3% | 0.4% | 4.7% | 5.4% | 0.7% | 2.6% | 0.2% |
| IKSTX Grade | F | B | D | D | D | C | B | D | D | F | B |
| +/- Category | -0.9% | 0.4% | -0.6% | -0.5% | -0.6% | -0.1% | 0.6% | -0.4% | -0.2% | -0.9% | 0.1% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 5.0% |
| Total Risk Index: | 0.41 - Low |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (50% Rank) |
| Beta: | 0.86 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $135 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Graybill Jason (2016), Klein Neil (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 173 |
| % in Top 10 Holdings: | 13.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | American Independence |
| Phone Number: | 833-287-7933 |
| Website: | www.clarkstonfunds.com |
| Status: | Open |
| Inception Date: | August 6, 2002 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Carret Kansas Tax Exempt Bond Fund Instl |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
