N-CSR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09277
Viking Mutual Funds
(Exact name of registrant as specified in charter)
1 Main Street North, Minot, ND |
| 58703 |
(Address of principal offices) |
| (Zip code) |
Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702
(Name and address of agent for service)
Registrant’s telephone number, including area code: 701-852-5292
Date of fiscal year end: July 31st
Date of reporting period: July 31, 2018
Item 1. REPORTS TO STOCKHOLDERS.
Viking Mutual Funds
Kansas Municipal Fund
Maine Municipal Fund
Nebraska Municipal Fund
Oklahoma Municipal Fund
Viking Tax-Free Fund for Montana
Viking Tax-Free Fund for North Dakota
Annual Report
July 31, 2018
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Investment Adviser | Principal Underwriter |
Transfer Agent | Custodian |
Independent Registered Public Accounting Firm | |
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*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA | |
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DEAR SHAREHOLDERS:
Enclosed is the report of the operations for the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund (each a “Fund”, and collectively the “Funds”) for the year ended July 31, 2018. Each Fund’s portfolio and related financial statements are presented within for your review.
Economic Recap
The Federal Open Market Committee’s (“FOMC” or “Committee”) statement in mid-June noted that the labor market has continued to strengthen and that economic activity has been rising at a solid rate.The Committee also noted that job gains have been strong in recent months, and the unemployment rate has declined. Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow steadily. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity and strong labor market conditions. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent, its second raise of 2018. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.
Municipal Bond Market Recap
Municipal market returns were positive in the third quarter of 2017. Municipals continue to perform well as investors looked for relative safety in higher quality assets amid increasing tensions between the United States and North Korea, along with continued gridlock in Washington. The supply/demand dynamic also remained positive for municipals. Issuance for the quarter came in at $77.9 billion nationally, a 26.3% decrease over the same quarter of 2016.
Returns were again positive for the municipal market in the fourth quarter 2017, marking four consecutive quarters of positive returns for the year. Issuance was significantly above average in the fourth quarter as issuers feared the tax bill in Congress would eliminate the tax-exempt status of private activity and advance refunding bonds. Though it didn’t go that far it did eliminate the tax exempt status of municipal advance refunding bonds. It also limits the amount of state and local taxes that households may deduct to $10,000 which could increase demand for bonds that are exempt from state tax. The robust supply was met with strong demand as investors expected the supply in early 2018 to be very light due to the large amount of issuance pulled forward into 2017. Issuance for the quarter came in at $129.2 billion nationally, a 31.1% increase over the same quarter last year.
The municipal market posted a negative first quarter of 2018, following four quarters of positive returns in 2017. Issuance was significantly below average as issuers, unsure of the potential impact from tax legislation, pulled forward a large amount of issuance in 2017 that was slated for early 2018. As a result, January’s issuance was the slowest start to a new year since 2011. Municipal yields rose with Treasury yields over the quarter due to stronger economic data, rising inflation, and the expectation of a more aggressive pace of Fed rate hikes. Interest rates spiked in January, but stabilized late in the quarter at new higher levels. Issuance for the first quarter came in at $56.3 billion nationally, a 31.0% decrease from the same quarter last year.
Municipal market returns were positive in the second quarter of 2018. As issuance continued to come in below historical averages during the quarter. April returns were negative as seasonal tax selling and higher rates pushed the municipal market lower. Rates peaked in mid-May, with the 10 year Treasury yields hitting their highest levels since 2011, before pulling back on geopolitical concerns to finish the month lower. June continued the strength from May and finished the quarter on a positive note as heavy calls and maturing bonds drove demand and resulted in net negative supply. Issuance for the quarter came in at $81.9 billion nationally, a 13.1% decrease from the same quarter last year. The second quarter strength continued into July as returns were positive for the month. However, rates were mixed, moving down slightly on the short end of the curve and up slightly on the intermediate to long end of the curve.
Fund Performance and Outlook
Over the course of the annual period, the yield curve flattened as rates on the short end of the curve (i.e. 1-8 years) increased 60 or more basis points, while rates on bonds with intermediate and longer maturities (i.e. 9-30 years) increased 20-60 basis points. Lower-rated investment grade muni bonds performed in-line to slightly better than their higher-rated counterparts.
We continue to follow a disciplined strategy of investing to maximize tax-exempt income while seeking value in the municipal market. The Portfolio Management Team (the “Team”) continues to place emphasis on preservation of capital via high quality, higher coupon, and/or lower duration bonds.The Team believes a heavy concentration in AA rated bonds and an intermediate maturity structure should provide adequate liquidity, should we experience a stressed environment. The Team has also used the recent rise in rates to sell bonds that were purchased when rates were at historic lows, in favor of bonds with similar characteristics (e.g. coupon and maturity structure) that offer higher yields.
The Kansas Municipal Fund began the period at $10.78 per share and ended the period at $10.53 per share for a total return of 0.32%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.88% and 9.7 years, respectively.
The Maine Municipal Fund began the period at $10.88 per share and ended the period at $10.64 per share for a total return of 0.04%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.74% and 9.7 years, respectively.
The Nebraska Municipal Fund began the period at $10.46 per share and ended the period at $10.25 per share for a total return of 0.34%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.90% and 11.7 years, respectively.
The Oklahoma Municipal Fund began the period at $11.74 per share and ended the period at $11.47 per share for a total return of -0.04%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.68% and 11.7 years, respectively.
Income exempt from federal income taxes and each Fund’s respective state tax with preservation of capital remains the primary objective of the Funds.
If you would like more frequent updates, please visit the Funds’ website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.
Sincerely,
The Portfolio Management Team
The views expressed are those of The Portfolio Management Team of Viking Fund Management, LLC (“Viking Fund Management”, “VFM”, or the “Adviser”). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.
*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.16%, 1.33%, 1.21%, and 1.19%, respectively, for Class A, and 0.92%, 1.11%, 0.97%, and 0.96%, respectively, for Class I. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%, 0.98%, 0.98%, and 0.98%, respectively, for Class A and 0.73%, 0.73%, 0.73%, and 0.73%, respectively, for Class I. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% for Class A and 0.73% for Class I of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
You should consider each Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.
Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.
For investors subject to the alternative minimum tax, a portion of the each Fund’s dividends may be taxable. Distributions of capital gains are generally taxable.
DEAR SHAREHOLDERS:
Enclosed is the report of the operations for the Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota (each a “Fund”, and collectively the “Funds”) for the seven months ended July 31, 2018. Each Fund’s portfolio and related financial statements are presented within for your review.
Economic Recap
The Federal Open Market Committee’s (“FOMC” or “Committee”) statement in mid-June noted that the labor market has continued to strengthen and that economic activity has been rising at a solid rate.The Committee also noted that job gains have been strong in recent months, and the unemployment rate has declined. Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow steadily. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity and strong labor market conditions. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent, its second raise of 2018. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.
Municipal Bond Market Recap
The municipal market posted a negative first quarter of 2018, following four quarters of positive returns in 2017. Issuance was significantly below average as issuers, unsure of the potential impact from tax legislation, pulled forward a large amount of issuance in 2017 that was slated for early 2018. As a result, January’s issuance was the slowest start to a new year since 2011. Municipal yields rose with Treasury yields over the quarter due to stronger economic data, rising inflation, and the expectation of a more aggressive pace of Fed rate hikes. Interest rates spiked in January, but stabilized late in the quarter at new higher levels. Issuance for the first quarter came in at $56.3 billion nationally, a 31.0% decrease from the same quarter last year. State issuance in Montana was down 14.3% in the first quarter of 2018 vs 2017, while North Dakota issuance decreased 47.5%.
Municipal market returns were positive in the second quarter of 2018. As issuance continued to come in below historical averages during the quarter. April returns were negative as seasonal tax selling and higher rates pushed the municipal market lower. Rates peaked in mid-May, with the 10 year Treasury yields hitting their highest levels since 2011, before pulling back on geopolitical concerns to finish the month lower. June continued the strength from May and finished the quarter on a positive note as heavy calls and maturing bonds drove demand and resulted in net negative supply. Issuance for the quarter came in at $81.9 billion nationally, a 13.1% decrease from the same quarter last year. State issuance in Montana was down 75.6% in the second quarter of 2018 vs 2017, while North Dakota issuance increased 27.2%. The second quarter strength continued into July as returns were positive for the month. However, rates were mixed, moving down slightly on the short end of the curve and up slightly on the intermediate to long end of the curve.
Fund Performance and Outlook
In the first seven months of 2018, the yield curve steepened as rates on the very short end of the curve (i.e. 1-2 years) increased only modestly, while rates on bonds with intermediate and longer maturities (i.e. 7-30 years) increased 40-50 basis points. Lower-rated investment grade muni bonds performed in-line with their higher-rated counterparts.
Over the course of the year, the Portfolio Management Team (the “Team”) continued to maintain a shorter maturity structure than in past years and also made a concerted effort to purchase bonds with higher coupons when possible.
Tax-Free Fund for MT and Tax-Free Fund for ND provided a total return for Class A shares of -0.74%* and -0.40%*, respectively (at net asset value with distributions reinvested) and a total return for Class I shares of -0.59%* and -0.25%*, respectively (at net asset value with distributions reinvested) for the seven month period ended July 31, 2018 compared to the Funds’ benchmark, the Barclays Capital Municipal Bond Index which returned -.01% and the Morningstar Muni Single State Intermediate Category which returned -0.38%.
Despite the continued relative scarcity of Montana and North Dakota municipal bonds throughout the period, each Fund was able to obtain an adequate supply of investment grade bonds of various maturities. Each Fund may also invest in non-rated bonds should we deem they are of investment grade equivalent.Although we refrain from making large bets on the direction of rates, we have taken the opportunity to shorten the Funds’ maturity structures over the last few years in anticipation of an eventual rise in rates.A shorter maturity structure should provide a somewhat greater degree of stability of each Fund’s share price should muni prices become volatile.The highest level of current income that is exempt from federal and each Fund’s state income taxes and is consistent with preservation of capital remains the investment objective of each Fund.
The current 3.8% Medicare surtax on investment income established by the Patient Protection and Affordable Care Act (municipals are exempt) combined with the higher marginal tax rates at the federal and state levels boost the appeal of tax-exempt income. The federal marginal tax rate for taxpayers with adjusted gross incomes of $500,000 ($600,000 for married filing jointly) is 37.0%. The after-tax yield of a 10-year U.S. Treasury Note yielding 2.96% falls to approximately 1.75% at the 37.0% federal tax rate plus the 3.8% Medicare surtax.
Finally, we recommend that shareholders view their investment as long-term. As difficult as they may be, periods of panic (and euphoria) tend to be transitory in nature and it’s the long-term investors that may be rewarded with the long-term benefits of tax-free income and relatively low volatility that muni bonds have provided for decades.
If you would like more frequent updates, please visit the Funds’ website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.
Sincerely,
The Portfolio Management Team
The views expressed are those of The Portfolio Management Team of Viking Fund Management, LLC (“Viking Fund Management”, “VFM”, or the “Adviser”). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.
*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 1.31%, respectively, for Class A, and 0.91% and 1.06%, respectively, for Class I. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.98%, respectively, for Class A and 0.73% and 0.73%, respectively, for Class A. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% for Class A and 0.73% for Class I of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
You should consider each Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.
Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.
For investors subject to the alternative minimum tax, a portion of the each Fund’s dividends may be taxable. Distributions of capital gains are generally taxable.
KANSAS MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 0.32% | 1.70% | 2.78% | 3.25% | 4.01% |
Class A With sales charge (2.50%) | -2.22% | 0.84% | 2.26% | 2.98% | 3.91% |
Class I Without sales charge | N/A | N/A | N/A | N/A | 0.41% |
* November 15, 1990 for Class A; November 1, 2017 for Class I |
The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.16% and 0.92%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
MAINE MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 0.04% | 1.27% | 2.17% | 3.01% | 4.12% |
Class A With sales charge (2.50%) | -2.47% | 0.42% | 1.65% | 2.75% | 4.02% |
Class I Without sales charge | N/A | N/A | N/A | N/A | 0.16% |
* December 5, 1991 for Class A; November 1, 2017 for Class I |
The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.33% and 1.11%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
NEBRASKA MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 0.34% | 1.71% | 3.14% | 3.22% | 3.53% |
Class A With sales charge (2.50%) | -2.19% | 0.85% | 2.61% | 2.96% | 3.43% |
Class I Without sales charge | N/A | N/A | N/A | N/A | 0.43% |
* November 17, 1993 for Class A; November 1, 2017 for Class I |
The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.21% and 0.97%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
OKLAHOMA MUNICIPAL FUND
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | -0.04% | 1.86% | 2.94% | 3.60% | 3.75% |
Class A With sales charge (2.50%) | -2.53% | 1.00% | 2.42% | 3.34% | 3.63% |
Class I Without sales charge | N/A | N/A | N/A | N/A | 0.14% |
* September 25, 1996 for Class A; November 1, 2017 for Class I |
The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.19% and 0.96%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. and 0.73%, respectively The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.
VIKING TAX-FREE FUND FOR MONTANA
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | -0.16% | 1.57% | 2.61% | 3.24% | 3.71% |
Class A With sales charge (2.50%) | -2.66% | 0.72% | 2.10% | 2.98% | 3.57% |
Class I Without sales charge | 0.09% | N/A | N/A | N/A | -0.01% |
* August 3, 1999 for Class A; August 1, 2016 for Class I |
The total annual fund operating expense ratio for Class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 0.91%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends.
VIKING TAX-FREE FUND FOR NORTH DAKOTA
PERFORMANCE (unaudited)
Comparison of change in value of a $10,000 investment
Average Annual Total Returns for the periods ended July 31, 2018
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | -0.06% | 1.58% | 2.60% | 3.25% | 3.80% |
Class A With sales charge (2.50%) | -2.51% | 0.72% | 2.08% | 2.98% | 3.66% |
Class I Without sales charge | 0.09% | N/A | N/A | N/A | -0.04% |
* August 3, 1999 for Class A; August 1, 2016 for Class I |
The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.31% and 1.06%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.
Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.
The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.
The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends.
KANSAS MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2018
General Obligation | 43.7% |
Health Care | 20.6% |
Utilities | 16.1% |
Other Revenue | 12.8% |
Transportation | 2.8% |
Cash Equivalents and Other | 2.6% |
Education | 1.4% |
Housing | 0.0% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (97.4%) | ||||
| ||||
Education (1.4%) | ||||
Kansas Development Finance Authority5.000% 09/01/2039 | $ | 200,000 | $ | 205,804 |
Kansas Development Finance Authority5.000% 06/01/2027 | 250,000 | 268,307 | ||
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2020 | 345,000 | 346,080 | ||
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2020 | 15,000 | 15,047 | ||
| 835,238 | |||
General Obligation (43.7%) | ||||
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2027 | 250,000 | 284,655 | ||
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2028 | 250,000 | 281,962 | ||
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2029 | 250,000 | 279,582 | ||
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2030 | 250,000 | 278,427 | ||
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2031 | 500,000 | 555,385 | ||
Butler County Unified School District No 402 Augusta5.250% 09/01/2021 | 560,000 | 561,747 | ||
Butler County Unified School District No 402 Augusta4.000% 09/01/2030 | 250,000 | 273,617 | ||
Butler County Unified School District No 385 Andover5.000% 09/01/2018 | 500,000 | 501,485 | ||
County of Clay KS4.000% 10/01/2036 | 500,000 | 514,110 | ||
Cowley County Unified School District No 470 Arkansas City 5.500% 09/01/2021 | 100,000 | 100,319 | ||
Cowley County Unified School District No 470 Arkansas City 4.750% 09/01/2027 | 490,000 | 491,490 | ||
Dickinson County Unified School District No 473 Chapman 5.000% 09/01/2027 | 325,000 | 337,451 | ||
Dickinson County Unified School District No 473 Chapman 4.400% 09/01/2029 | 100,000 | 103,188 | ||
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 | 250,000 | 272,262 | ||
Douglas County Unified School District No 491 Eudora5.500% 09/01/2024 | 250,000 | 250,832 | ||
Douglas County Unified School District No 491 Eudora5.000% 09/01/2023 | 375,000 | 389,242 | ||
Douglas County Unified School District No 491 Eudora5.125% 09/01/2029 | 250,000 | 259,830 | ||
*Franklin County Unified School District No 290 Ottawa5.000% 09/01/2040 | 3,000,000 | 3,295,680 | ||
Harvey County Unified School District No 373 Newton4.000% 09/01/2018 | 250,000 | 250,607 | ||
Harvey County Unified School District No 373 Newton5.000% 09/01/2023 | 200,000 | 200,628 | ||
Harvey County Unified School District No 373 Newton5.000% 09/01/2025 | 1,000,000 | 1,003,140 | ||
Jackson County Unified School District No 336 Holton5.000% 09/01/2029 | 135,000 | 151,600 | ||
Jackson County Unified School District No 336 Holton5.000% 09/01/2034 | 140,000 | 157,214 | ||
Jackson County Unified School District No 336 Holton5.000% 09/01/2029 | 115,000 | 129,092 | ||
Jackson County Unified School District No 336 Holton5.000% 09/01/2034 | 110,000 | 123,479 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 4.000% 09/01/2036 | 500,000 | 522,710 | ||
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 | 250,000 | 284,347 | ||
Johnson County Unified School District No 233 Olathe4.000% 09/01/2018 | 150,000 | 150,383 | ||
City of Junction City KS5.000% 09/01/2025 | 5,000 | 5,002 | ||
City of Junction City KS4.250% 09/01/2021 | 100,000 | 103,006 | ||
City of Junction City KS4.400% 09/01/2022 | 100,000 | 103,166 | ||
City of Junction City KS4.500% 09/01/2023 | 100,000 | 103,273 | ||
Leavenworth County Unified School District No 4535.250% 03/01/2024 | 200,000 | 208,550 | ||
Leavenworth County Unified School District No 4534.750% 09/01/2025 | 300,000 | 311,880 | ||
*Leavenworth County Unified School District No 4535.125% 03/01/2029 | 1,000,000 | 1,042,410 | ||
Leavenworth County Unified School District No 4585.000% 09/01/2029 | 500,000 | 557,640 | ||
Leavenworth County Unified School District No 4694.000% 09/01/2030 | 320,000 | 338,845 | ||
Leavenworth County Unified School District No 4694.000% 09/01/2032 | 835,000 | 865,411 | ||
Wichita County Unified School District 467 Leoti5.000% 10/01/2018 | 100,000 | 100,630 | ||
City of Manhattan KS5.000% 11/01/2028 | 130,000 | 131,108 | ||
Miami County Unified School District No 368 Paola5.000% 09/01/2027 | 135,000 | 147,859 | ||
Miami County Unified School District No 368 Paola5.000% 09/01/2027 | 105,000 | 115,034 | ||
Miami County Unified School District No 368 Paola5.000% 09/01/2027 | 10,000 | 10,875 | ||
Neosho County Unified School District No 4134.000% 09/01/2031 | 250,000 | 260,450 | ||
City of Newton KS5.000% 09/01/2021 | 100,000 | 103,798 | ||
City of Newton KS4.750% 09/01/2029 | 435,000 | 450,355 | ||
City of Park City KS5.100% 12/01/2020 | 200,000 | 209,764 | ||
City of Park City KS5.500% 12/01/2024 | 100,000 | 105,408 | ||
City of Park City KS6.000% 12/01/2029 | 500,000 | 530,330 | ||
City of Park City KS5.375% 12/01/2025 | 250,000 | 262,665 | ||
County of Scott KS5.000% 04/01/2032 | 500,000 | 568,255 | ||
Sedgwick County Unified School District No 261 Haysville5.000% 11/01/2021 | 5,000 | 5,008 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2018 | 100,000 | 100,321 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2028 | 485,000 | 486,557 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2028 | 15,000 | 15,039 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2024 | 245,000 | 245,715 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2024 | 5,000 | 5,015 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 | 595,000 | 689,385 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 | 405,000 | 448,930 | ||
Sedgwick County Unified School District No 265 Goddard4.250% 10/01/2020 | 750,000 | 753,990 | ||
Sedgwick County Unified School District No 265 Goddard4.500% 10/01/2026 | 250,000 | 251,370 | ||
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2019 | 215,000 | 215,673 | ||
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2019 | 10,000 | 10,032 | ||
County of Seward KS5.000% 08/01/2034 | 260,000 | 277,701 | ||
County of Seward KS5.000% 08/01/2034 | 240,000 | 253,754 | ||
Seward County Unified School District No 480 Liberal5.000% 09/01/2034 | 500,000 | 562,950 | ||
Seward County Unified School District No 480 Liberal4.250% 09/01/2039 | 500,000 | 546,390 | ||
Seward County Unified School District No 480 Liberal5.000% 09/01/2033 | 85,000 | 95,725 | ||
Seward County Unified School District No 480 Liberal5.000% 09/01/2033 | 85,000 | 94,742 | ||
Seward County Unified School District No 480 Liberal5.000% 09/01/2033 | 330,000 | 367,960 | ||
City of Wichita KS4.500% 09/01/2022 | 150,000 | 151,593 | ||
City of Wichita KS4.750% 09/01/2027 | 180,000 | 181,831 | ||
Wyandotte County Unified School District No 202 Turner5.250% 09/01/2018 | 100,000 | 100,350 | ||
Wyandotte County Unified School District No 202 Turner5.000% 09/01/2025 | 250,000 | 283,988 | ||
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,160,600 | ||
| 25,944,797 | |||
Health Care (20.6%) | ||||
Ashland Public Building Commission5.000% 09/01/2030 | 1,020,000 | 1,075,376 | ||
Ashland Public Building Commission5.000% 09/01/2035 | 500,000 | 522,250 | ||
Ashland Public Building Commission5.000% 09/01/2032 | 550,000 | 583,253 | ||
Kansas Development Finance Authority5.000% 06/15/2039 | 1,000,000 | 1,019,950 | ||
Kansas Development Finance Authority5.000% 01/01/2040 | 435,000 | 457,433 | ||
Kansas Development Finance Authority5.000% 01/01/2040 | 65,000 | 66,912 | ||
Kansas Development Finance Authority5.150% 11/15/2023 | 5,000 | 5,210 | ||
Kansas Development Finance Authority5.250% 11/15/2024 | 5,000 | 5,215 | ||
Kansas Development Finance Authority5.500% 11/15/2029 | 5,000 | 5,232 | ||
Kansas Development Finance Authority5.150% 11/15/2023 | 245,000 | 255,635 | ||
Kansas Development Finance Authority5.250% 11/15/2024 | 245,000 | 256,846 | ||
Kansas Development Finance Authority5.500% 11/15/2029 | 95,000 | 99,082 | ||
Kansas Development Finance Authority5.000% 05/15/2025 | 250,000 | 256,293 | ||
Kansas Development Finance Authority5.000% 05/15/2035 | 1,000,000 | 1,027,080 | ||
Kansas Development Finance Authority5.000% 03/01/2028 | 755,000 | 785,940 | ||
Kansas Development Finance Authority4.125% 11/15/2027 | 100,000 | 105,220 | ||
City of Lawrence KS5.000% 07/01/2043 | 1,500,000 | 1,665,960 | ||
City of Manhattan KS5.000% 11/15/2023 | 250,000 | 277,078 | ||
City of Manhattan KS5.000% 11/15/2024 | 250,000 | 276,033 | ||
City of Manhattan KS5.000% 11/15/2029 | 500,000 | 540,350 | ||
City of Olathe KS5.000% 09/01/2030 | 250,000 | 259,138 | ||
City of Olathe KS4.000% 09/01/2028 | 250,000 | 258,080 | ||
City of Olathe KS4.000% 09/01/2030 | 445,000 | 457,286 | ||
University of Kansas Hospital Authority4.000% 09/01/2040 | 500,000 | 505,500 | ||
University of Kansas Hospital Authority5.000% 09/01/2035 | 500,000 | 552,505 | ||
University of Kansas Hospital Authority5.000% 03/01/2031 | 500,000 | 568,705 | ||
City of Wichita KS5.000% 11/15/2029 | 300,000 | 330,291 | ||
| 12,217,853 | |||
Other Revenue (12.8%) | ||||
City of Dodge City KS5.000% 06/01/2021 | 310,000 | 319,052 | ||
City of Dodge City KS4.400% 06/01/2025 | 350,000 | 358,516 | ||
City of Dodge City KS4.500% 06/01/2028 | 100,000 | 102,516 | ||
*City of Dodge City KS5.250% 06/01/2031 | 1,000,000 | 1,031,260 | ||
Kansas Development Finance Authority4.125% 05/01/2031 | 500,000 | 513,830 | ||
Kansas Development Finance Authority5.000% 11/01/2034 | 500,000 | 516,525 | ||
Kansas Development Finance Authority5.000% 05/01/2035 | 250,000 | 254,718 | ||
City of Manhattan KS5.000% 12/01/2026 | 470,000 | 480,913 | ||
City of Manhattan KS4.500% 12/01/2025 | 500,000 | 524,990 | ||
*City of Manhattan KS5.000% 12/01/2032 | 1,000,000 | 1,057,300 | ||
County of Neosho KS4.000% 10/01/2023 | 500,000 | 513,010 | ||
Topeka Public Building Commission5.000% 06/01/2022 | 255,000 | 260,554 | ||
Washington County Public Building Commission5.000% 09/01/2032 | 500,000 | 560,645 | ||
Washington County Public Building Commission5.000% 09/01/2037 | 400,000 | 448,516 | ||
Washington County Public Building Commission4.000% 09/01/2028 | 500,000 | 539,860 | ||
Washington County Public Building Commission4.000% 09/01/2028 | 100,000 | 105,203 | ||
| 7,587,408 | |||
Transportation (2.8%) | ||||
State of Kansas Department of Transportation5.000% 09/01/2033 | 500,000 | 574,950 | ||
State of Kansas Department of Transportation5.000% 09/01/2034 | 500,000 | 571,830 | ||
State of Kansas Department of Transportation5.000% 09/01/2035 | 250,000 | 283,678 | ||
Kansas Development Finance Authority4.625% 10/01/2026 | 250,000 | 251,265 | ||
| 1,681,723 | |||
Utilities (16.1%) | ||||
*Kansas Municipal Energy Agency5.750% 07/01/2038 | 1,000,000 | 1,117,140 | ||
Kansas Municipal Energy Agency5.000% 04/01/2030 | 250,000 | 279,345 | ||
Kansas Municipal Energy Agency5.000% 04/01/2032 | 500,000 | 554,515 | ||
Kansas Municipal Energy Agency5.000% 04/01/2033 | 745,000 | 823,575 | ||
Kansas Municipal Energy Agency5.000% 04/01/2038 | 1,000,000 | 1,090,910 | ||
Kansas Municipal Energy Agency5.000% 04/01/2035 | 300,000 | 329,661 | ||
Kansas Power Pool4.500% 12/01/2028 | 500,000 | 517,980 | ||
Kansas Power Pool5.000% 12/01/2031 | 750,000 | 808,208 | ||
Kansas Power Pool4.000% 12/01/2031 | 500,000 | 526,720 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2024 | 200,000 | 203,954 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2029 | 500,000 | 509,885 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036 | 250,000 | 266,335 | ||
*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032 | 1,250,000 | 1,382,125 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 | 500,000 | 551,840 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 | 500,000 | 569,905 | ||
| 9,532,098 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $56,402,765) | $ | 57,799,117 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (2.6%) | $ | 1,517,332 | ||
| ||||
NET ASSETS (100.0%) | $ | 59,316,449 | ||
| ||||
*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
MAINE MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2018
Health Care | 27.6% |
General Obligation | 32.9% |
Education | 17.0% |
Transportation | 11.8% |
Housing | 3.4% |
Other Revenue | 3.3% |
Utilities | 2.8% |
Cash Equivalents and Other | 1.2% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (98.8%) | ||||
| ||||
Education (17.0%) | ||||
Maine Educational Loan Authority5.875% 12/01/2039 | $ | 105,000 | $ | 107,555 |
Maine Educational Loan Authority4.450% 12/01/2025 | 100,000 | 104,189 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039 | 750,000 | 836,415 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2034 | 250,000 | 279,115 | ||
Maine Health & Higher Educational Facilities Authority4.750% 07/01/2031 | 250,000 | 264,305 | ||
Maine Health & Higher Educational Facilities Authority4.000% 07/01/2024 | 270,000 | 290,458 | ||
*Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026 | 940,000 | 1,088,830 | ||
Regional School Unit No 1 Lower Kennebec Region School Unit 5.000% 02/01/2026 | 100,000 | 107,482 | ||
| 3,078,349 | |||
General Obligation (32.9%) | ||||
City of Auburn ME4.500% 09/01/2022 | 100,000 | 110,004 | ||
City of Bangor ME4.000% 09/01/2024 | 155,000 | 155,305 | ||
City of Biddeford ME4.000% 10/01/2026 | 250,000 | 279,755 | ||
Town of Gorham ME4.000% 10/01/2023 | 100,000 | 105,630 | ||
Town of Gray ME4.000% 10/15/2026 | 280,000 | 288,187 | ||
Town of Gray ME4.000% 10/15/2027 | 280,000 | 288,187 | ||
State of Maine4.000% 06/01/2020 | 150,000 | 158,146 | ||
*State of Maine5.000% 06/01/2025 | 500,000 | 593,285 | ||
Maine State Housing Authority5.000% 06/15/2024 | 250,000 | 263,035 | ||
City of Portland ME4.250% 05/01/2029 | 150,000 | 152,552 | ||
City of Portland ME4.125% 10/01/2029 | 100,000 | 102,166 | ||
City of Portland ME5.000% 08/01/2021 | 125,000 | 138,174 | ||
City of Portland ME5.000% 08/01/2022 | 125,000 | 138,135 | ||
City of Portland ME5.000% 04/01/2028 | 250,000 | 301,153 | ||
City of Saco ME4.000% 04/01/2028 | 100,000 | 102,988 | ||
City of Saco ME5.000% 10/01/2030 | 250,000 | 302,585 | ||
Town of Scarborough ME4.000% 11/01/2028 | 100,000 | 106,673 | ||
Maine School Administration District No 154.000% 11/01/2026 | 145,000 | 163,245 | ||
Maine School Administration District No 154.000% 11/01/2027 | 145,000 | 164,136 | ||
Maine School Administrative District No 514.250% 10/15/2029 | 250,000 | 258,022 | ||
Maine School Administrative District No 514.000% 10/15/2029 | 100,000 | 109,506 | ||
Maine School Administrative District No 284.000% 05/01/2036 | 500,000 | 522,160 | ||
City of Waterville ME4.000% 07/01/2025 | 135,000 | 143,244 | ||
Wells Ogunquit Community School District4.000% 11/01/2024 | 100,000 | 112,614 | ||
City of Westbrook ME5.000% 10/15/2026 | 490,000 | 574,500 | ||
Town of Yarmouth ME5.000% 11/15/2028 | 250,000 | 308,085 | ||
| 5,941,472 | |||
Health Care (27.6%) | ||||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2020 | 50,000 | 53,246 | ||
Maine Health & Higher Educational Facilities Authority4.500% 07/01/2031 | 10,000 | 10,555 | ||
Maine Health & Higher Educational Facilities Authority5.250% 07/01/2023 | 10,000 | 10,698 | ||
Maine Health & Higher Educational Facilities Authority4.500% 07/01/2031 | 190,000 | 196,502 | ||
Maine Health & Higher Educational Facilities Authority5.250% 07/01/2023 | 190,000 | 201,962 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2020 | 250,000 | 265,280 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2040 | 250,000 | 261,720 | ||
*Maine Health & Higher Educational Facilities Authority5.000% 07/01/2029 | 1,000,000 | 1,097,750 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2030 | 500,000 | 552,565 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2031 | 500,000 | 547,700 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2023 | 15,000 | 17,164 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2023 | 235,000 | 267,632 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2022 | 30,000 | 30,069 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039 | 195,000 | 201,133 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026 | 35,000 | 36,101 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039 | 415,000 | 424,416 | ||
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026 | 80,000 | 82,294 | ||
Maine Health & Higher Educational Facilities Authority5.125% 07/01/2039 | 245,000 | 252,916 | ||
Maine Health & Higher Educational Facilities Authority5.125% 07/01/2039 | 470,000 | 482,103 | ||
| 4,991,806 | |||
Housing (3.4%) | ||||
Maine State Housing Authority4.000% 11/15/2035 | 435,000 | 441,734 | ||
Maine State Housing Authority4.000% 11/15/2030 | 170,000 | 173,357 | ||
| 615,091 | |||
Other Revenue (3.3%) | ||||
Maine Governmental Facilities Authority4.000% 10/01/2024 | 200,000 | 210,372 | ||
Maine Municipal Bond Bank4.000% 11/01/2038 | 125,000 | 128,513 | ||
Maine Municipal Bond Bank5.000% 11/01/2025 | 125,000 | 140,119 | ||
Maine Municipal Bond Bank5.000% 11/01/2027 | 100,000 | 115,819 | ||
Maine Municipal Bond Bank4.900% 11/01/2024 | 5,000 | 5,006 | ||
| 599,829 | |||
Transportation (11.8%) | ||||
*Maine Municipal Bond Bank5.000% 09/01/2024 | 1,000,000 | 1,037,100 | ||
Maine Municipal Bond Bank5.000% 09/01/2024 | 210,000 | 244,329 | ||
Maine Turnpike Authority4.000% 07/01/2032 | 250,000 | 258,163 | ||
City of Portland ME General Airport Revenue5.250% 01/01/2035 | 250,000 | 257,433 | ||
City of Portland ME General Airport Revenue5.000% 07/01/2022 | 100,000 | 110,538 | ||
City of Portland ME General Airport Revenue5.000% 07/01/2023 | 100,000 | 112,142 | ||
City of Portland ME General Airport Revenue5.000% 07/01/2024 | 100,000 | 111,315 | ||
| 2,131,020 | |||
Utilities (2.8%) | ||||
*Kennebunk Light & Power District5.000% 08/01/2022 | 500,000 |
| 500,415 | |
| ||||
TOTAL MUNICIPAL BONDS (COST: $17,523,909) | $ | 17,857,982 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (1.2%) | $ | 209,414 | ||
| ||||
NET ASSETS (100.0%) | $ | 18,067,396 | ||
| ||||
* Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
NEBRASKA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2018
Utilities | 31.6% |
General Obligation | 27.6% |
Education | 16.3% |
Health Care | 10.3% |
Other Revenue | 5.9% |
Transportation | 4.9% |
Cash Equivalents and Other | 1.7% |
Housing | 1.7% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (98.3%) | ||||
| ||||
Education (16.3%) | ||||
County of Douglas NE5.500% 07/01/2030 | $ | 350,000 | $ | 375,606 |
*County of Douglas NE5.875% 07/01/2040 | 1,500,000 | 1,620,300 | ||
Douglas County Hospital Authority No 24.750% 09/01/2028 | 200,000 | 200,520 | ||
Nebraska Educational Health & Social Services Finance Authority 5.050% 09/01/2030 | 250,000 | 269,230 | ||
Nebraska Elementary & Secondary School Finance Authority4.750% 09/01/2028 | 250,000 | 250,608 | ||
University of Nebraska5.000% 07/01/2035 | 1,500,000 | 1,689,405 | ||
University of Nebraska5.000% 05/15/2035 | 500,000 | 564,210 | ||
University of Nebraska5.000% 05/15/2033 | 250,000 | 285,855 | ||
University of Nebraska4.000% 07/01/2024 | 250,000 | 254,722 | ||
University of Nebraska4.500% 05/15/2030 | 250,000 | 262,282 | ||
University of Nebraska5.000% 05/15/2035 | 275,000 | 290,922 | ||
University of Nebraska5.000% 07/01/2042 | 1,000,000 | 1,079,690 | ||
University of Nebraska5.000% 07/01/2038 | 250,000 | 274,080 | ||
| 7,417,430 | |||
General Obligation (27.6%) | ||||
*Omaha School District5.000% 12/15/2029 | 1,630,000 | 1,933,865 | ||
Elkhorn School District4.000% 12/15/2034 | 300,000 | 314,133 | ||
Elkhorn School District4.000% 12/15/2030 | 500,000 | 531,475 | ||
Elkhorn School District4.000% 12/15/2034 | 500,000 | 529,390 | ||
Hall County Airport Authority5.000% 07/15/2030 | 410,000 | 436,207 | ||
Hall County Airport Authority5.000% 07/15/2031 | 435,000 | 462,205 | ||
Grand Island Public Schools5.000% 12/15/2033 | 500,000 | 559,595 | ||
Grand Island Public Schools5.000% 12/15/2039 | 500,000 | 561,175 | ||
City of Omaha NE5.000% 04/15/2025 | 750,000 | 878,595 | ||
City of Omaha NE5.000% 04/15/2027 | 955,000 | 1,122,765 | ||
City of Omaha NE5.000% 04/15/2028 | 500,000 | 583,790 | ||
City of Omaha NE5.000% 10/15/2025 | 45,000 | 46,834 | ||
City of Omaha NE5.000% 10/15/2025 | 205,000 | 213,563 | ||
Papillion La Vista School District5.000% 12/01/2028 | 250,000 | 252,800 | ||
Papio Missouri River Natural Resource District4.000% 12/15/2030 | 1,000,000 | 1,023,020 | ||
Platte County School District No 1 Columbus Public Schools5.000% 12/15/2039 | 750,000 | 835,147 | ||
City of Ralston NE4.500% 09/15/2031 | 400,000 | 360,808 | ||
Gretna Public Schools5.000% 12/15/2035 | 250,000 | 280,820 | ||
Scotts Bluff County School District No 325.000% 12/01/2031 | 250,000 | 284,682 | ||
City of Sidney NE4.000% 12/15/2036 | 1,250,000 | 1,290,787 | ||
| 12,501,656 | |||
Health Care (10.3%) | ||||
Douglas County Hospital Authority No 25.500% 01/01/2030 | 500,000 | 520,670 | ||
Douglas County Hospital Authority No 25.000% 05/15/2027 | 200,000 | 230,152 | ||
Douglas County Hospital Authority No 35.500% 11/01/2038 | 795,000 | 802,696 | ||
Douglas County Hospital Authority No 35.500% 11/01/2038 | 415,000 | 419,017 | ||
Lincoln County Hospital Authority No 15.000% 11/01/2023 | 250,000 | 271,377 | ||
Lincoln County Hospital Authority No 15.000% 11/01/2024 | 250,000 | 270,745 | ||
Lincoln County Hospital Authority No 15.000% 11/01/2025 | 250,000 | 270,662 | ||
Lincoln County Hospital Authority No 15.000% 11/01/2032 | 250,000 | 261,312 | ||
Madison County Hospital Authority No 15.000% 07/01/2031 | 500,000 | 540,730 | ||
Madison County Hospital Authority No 15.000% 07/01/2032 | 335,000 | 361,227 | ||
Madison County Hospital Authority No 15.000% 07/01/2033 | 450,000 | 483,808 | ||
Madison County Hospital Authority No 15.000% 07/01/2034 | 215,000 | 230,465 | ||
| 4,662,861 | |||
Housing (1.7%) | ||||
Hospital Authority No 1 of Lancaster County5.500% 01/01/2030 | 250,000 | 260,335 | ||
Sarpy County Hospital Authority No 15.500% 01/01/2030 | 500,000 | 520,670 | ||
| 781,005 | |||
Other Revenue (5.9%) | ||||
West Haymarket Joint Public Agency5.000% 12/15/2042 | 750,000 | 816,757 | ||
Nebraska Cooperative Republican Platte Enhancement Project5.125% 12/15/2033 | 250,000 | 252,002 | ||
Nebraska Cooperative Republican Platte Enhancement Project5.000% 12/15/2038 | 160,000 | 161,682 | ||
Omaha Public Facilities Corp4.000% 11/15/2031 | 115,000 | 115,523 | ||
*City of Omaha NE5.000% 02/01/2027 | 1,000,000 | 1,107,530 | ||
Upper Republican Natural Resource District4.000% 12/15/2024 | 200,000 | 202,794 | ||
| 2,656,288 | |||
Transportation (4.9%) | ||||
City of Lincoln NE5.500% 08/15/2031 | 500,000 | 541,400 | ||
Omaha Airport Authority5.000% 12/15/2027 | 500,000 | 578,745 | ||
Omaha Airport Authority5.000% 12/15/2036 | 1,000,000 | 1,123,830 | ||
| 2,243,975 | |||
Utilities (31.6%) | ||||
*Central Plains Energy Project5.000% 09/01/2027 | 2,000,000 | 2,198,460 | ||
Central Plains Energy Project5.250% 09/01/2037 | 500,000 | 554,650 | ||
Central Plains Energy Project5.000% 09/01/2042 | 500,000 | 549,615 | ||
City of Columbus NE Combined Revenue4.000% 12/15/2032 | 100,000 | 105,616 | ||
City of Grand Island NE Sewer System Revenue5.000% 09/15/2026 | 250,000 | 281,153 | ||
City of Hastings NE Combined Utility Revenue4.000% 10/15/2032 | 500,000 | 522,610 | ||
*City of Lincoln NE Electric System Revenue5.000% 09/01/2037 | 1,000,000 | 1,091,070 | ||
City of Lincoln NE Solid Waste Management Revenue4.000% 08/01/2025 | 275,000 | 300,493 | ||
City of Lincoln NE Solid Waste Management Revenue4.000% 08/01/2027 | 400,000 | 431,940 | ||
City of Lincoln NE Water Revenue4.000% 08/15/2025 | 250,000 | 255,853 | ||
City of Lincoln NE Water Revenue4.500% 08/15/2034 | 250,000 | 255,270 | ||
Metropolitan Utilities District of Omaha4.000% 12/15/2026 | 250,000 | 267,280 | ||
Municipal Energy Agency of Nebraska5.125% 04/01/2024 | 195,000 | 199,721 | ||
Municipal Energy Agency of Nebraska5.000% 04/01/2030 | 500,000 | 543,945 | ||
Municipal Energy Agency of Nebraska5.000% 04/01/2032 | 100,000 | 108,399 | ||
Nebraska Public Power District5.000% 01/01/2041 | 250,000 | 281,000 | ||
*Nebraska Public Power District5.000% 01/01/2036 | 2,355,000 | 2,623,494 | ||
Nebraska Public Power District5.000% 01/01/2030 | 500,000 | 547,395 | ||
City of Omaha NE Sewer Revenue5.000% 11/15/2029 | 250,000 | 285,678 | ||
City of Omaha NE Sewer Revenue5.000% 11/15/2030 | 250,000 | 284,213 | ||
City of Omaha NE Sewer Revenue5.000% 11/15/2031 | 500,000 | 566,565 | ||
City of Omaha NE Sewer Revenue4.000% 04/01/2035 | 250,000 | 261,298 | ||
Omaha Public Power District Nebraska City Station Unit 25.000% 02/01/2032 | 250,000 | 280,818 | ||
Omaha Public Power District Nebraska City Station Unit 25.000% 02/01/2031 | 445,000 | 506,134 | ||
Omaha Public Power District Nebraska City Station Unit 24.000% 02/01/2032 | 400,000 | 419,688 | ||
Omaha Public Power District Nebraska City Station Unit 24.000% 02/01/2035 | 365,000 | 380,863 | ||
Southern Public Power District5.000% 12/15/2023 | 250,000 | 253,438 | ||
| 14,356,659 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $43,713,121) | $ | 44,619,874 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (1.7%) | $ | 768,186 | ||
| ||||
NET ASSETS (100.0%) | $ | 45,388,060 | ||
| ||||
*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
OKLAHOMA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2018
Utilities | 34.6% |
Other Revenue | 29.1% |
Education | 17.7% |
Transportation | 7.0% |
Health Care | 6.7% |
General Obligation | 3.0% |
Cash Equivalents and Other | 1.9% |
Housing | 0.0% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (98.1%) | ||||
| ||||
Education (17.7%) | ||||
Okarche Economic Development Authority5.000% 09/01/2023 | $ | 250,000 | $ | 276,360 |
Oklahoma Agricultural & Mechanical Colleges5.000% 07/01/2039 | 140,000 | 144,403 | ||
Oklahoma Agricultural & Mechanical Colleges4.400% 08/01/2039 | 740,000 | 764,627 | ||
*Oklahoma City Community College/OK4.375% 07/01/2030 | 750,000 | 772,950 | ||
Oklahoma Development Finance Authority4.400% 12/01/2029 | 250,000 | 256,470 | ||
Oklahoma Development Finance Authority5.000% 06/01/2039 | 500,000 | 550,690 | ||
Oklahoma Development Finance Authority5.000% 06/01/2029 | 250,000 | 283,475 | ||
Oklahoma Development Finance Authority5.000% 06/01/2034 | 500,000 | 558,990 | ||
Oklahoma Development Finance Authority5.000% 06/01/2039 | 500,000 | 548,730 | ||
Oklahoma Development Finance Authority4.000% 08/01/2030 | 280,000 | 294,795 | ||
Oklahoma Development Finance Authority4.000% 08/01/2031 | 290,000 | 304,512 | ||
Oklahoma Development Finance Authority4.000% 08/01/2032 | 305,000 | 319,411 | ||
Oklahoma Development Finance Authority4.000% 08/01/2033 | 315,000 | 329,005 | ||
University of Oklahoma/The5.000% 07/01/2037 | 290,000 | 315,242 | ||
University of Oklahoma/The5.000% 07/01/2036 | 500,000 | 554,230 | ||
University of Oklahoma/The4.000% 07/01/2040 | 650,000 | 670,637 | ||
University of Oklahoma/The5.000% 07/01/2038 | 500,000 | 551,570 | ||
| 7,496,097 | |||
General Obligation (3.0%) | ||||
City of Broken Arrow OK4.125% 08/01/2031 | 180,000 | 187,925 | ||
*City of Oklahoma City OK4.000% 03/01/2024 | 1,000,000 | 1,088,330 | ||
| 1,276,255 | |||
Health Care (6.7%) | ||||
Oklahoma Development Finance Authority5.000% 08/15/2025 | 350,000 | 410,942 | ||
Oklahoma Development Finance Authority5.000% 08/15/2029 | 250,000 | 282,987 | ||
Oklahoma Development Finance Authority4.000% 08/15/2038 | 250,000 | 254,285 | ||
Oklahoma Development Finance Authority5.000% 08/15/2024 | 220,000 | 245,487 | ||
Oklahoma Development Finance Authority5.000% 08/15/2025 | 220,000 | 248,239 | ||
Oklahoma Development Finance Authority5.000% 08/15/2029 | 345,000 | 389,329 | ||
Oklahoma Development Finance Authority5.000% 08/15/2033 | 175,000 | 194,680 | ||
Oklahoma Development Finance Authority5.000% 02/15/2042 | 250,000 | 276,135 | ||
Oklahoma Development Finance Authority5.000% 07/01/2035 | 250,000 | 267,655 | ||
Tulsa County Industrial Authority4.600% 02/01/2035 | 250,000 | 256,120 | ||
| 2,825,859 | |||
Other Revenue (29.1%) | ||||
Caddo County Governmental Building Authority5.000% 09/01/2040 | 1,010,000 | 1,081,760 | ||
Collinsville Municipal Authority5.000% 03/01/2035 | 275,000 | 291,258 | ||
Collinsville Municipal Authority5.000% 03/01/2040 | 250,000 | 264,780 | ||
Grady County School Finance Authority5.000% 09/01/2032 | 370,000 | 419,010 | ||
City of Oklahoma City OK5.000% 03/01/2032 | 250,000 | 262,753 | ||
City of Oklahoma City OK5.000% 03/01/2034 | 500,000 | 520,280 | ||
City of Oklahoma City OK5.000% 03/01/2033 | 250,000 | 260,793 | ||
Oklahoma City Public Property Authority4.500% 10/01/2031 | 155,000 | 155,071 | ||
Oklahoma City Public Property Authority5.000% 10/01/2027 | 350,000 | 400,320 | ||
Oklahoma City Public Property Authority5.000% 10/01/2028 | 400,000 | 455,048 | ||
Oklahoma City Public Property Authority5.000% 10/01/2029 | 625,000 | 706,688 | ||
Oklahoma City Public Property Authority5.000% 10/01/2036 | 230,000 | 253,271 | ||
Oklahoma City Public Property Authority5.000% 10/01/2039 | 835,000 | 913,098 | ||
#Oklahoma Capitol Improvement Authority4.000% 07/01/2043 | 500,000 | 508,850 | ||
Oklahoma Water Resources Board5.000% 10/01/2029 | 250,000 | 285,963 | ||
Oklahoma Water Resources Board5.000% 10/01/2033 | 500,000 | 564,700 | ||
Oklahoma Water Resources Board5.000% 10/01/2029 | 250,000 | 292,475 | ||
Okmulgee County Governmental Building Authority4.250% 12/01/2035 | 500,000 | 517,995 | ||
Pawnee County Public Programs Authority4.875% 02/01/2030 | 145,000 | 152,176 | ||
*Rogers County Industrial Development Authority4.900% 04/01/2035 | 500,000 | 527,100 | ||
Sand Springs Municipal Authority4.250% 01/01/2035 | 250,000 | 269,085 | ||
Sand Springs Municipal Authority4.000% 01/01/2036 | 500,000 | 517,870 | ||
Tahlequah Public Facilities Authority4.000% 04/01/2023 | 550,000 | 586,020 | ||
Tulsa County Industrial Authority3.000% 09/01/2027 | 245,000 | 245,399 | ||
Tulsa Airports Improvement Trust5.000% 06/01/2023 | 420,000 | 450,836 | ||
Tulsa Airports Improvement Trust5.000% 06/01/2024 | 230,000 | 245,796 | ||
Tulsa Airports Improvement Trust5.250% 06/01/2025 | 245,000 | 262,821 | ||
Tulsa Airports Improvement Trust5.250% 06/01/2026 | 360,000 | 385,200 | ||
Tulsa Parking Authority4.000% 07/01/2025 | 500,000 | 522,980 | ||
| 12,319,396 | |||
Transportation (7.0%) | ||||
Oklahoma Capitol Improvement Authority4.000% 10/01/2024 | 800,000 | 852,344 | ||
Oklahoma Capitol Improvement Authority4.000% 10/01/2025 | 1,000,000 | 1,061,570 | ||
Oklahoma Turnpike Authority5.000% 01/01/2028 | 250,000 | 267,275 | ||
Oklahoma Turnpike Authority4.000% 01/01/2031 | 500,000 | 516,985 | ||
Oklahoma Turnpike Authority5.000% 01/01/2030 | 250,000 | 269,953 | ||
| 2,968,127 | |||
Utilities (34.6%) | ||||
Clinton Public Works Authority4.000% 12/01/2034 | 750,000 | 779,610 | ||
Clinton Public Works Authority4.000% 12/01/2039 | 500,000 | 513,120 | ||
Coweta Public Works Authority4.000% 08/01/2032 | 1,000,000 | 1,024,080 | ||
Glenpool Utility Services Authority5.100% 12/01/2035 | 250,000 | 266,315 | ||
*Grand River Dam Authority5.250% 06/01/2040 | 2,000,000 | 2,119,160 | ||
Grand River Dam Authority5.000% 06/01/2033 | 500,000 | 558,465 | ||
Holdenville Public Works Authority5.000% 11/01/2033 | 620,000 | 676,129 | ||
Miami Special Utility Authority4.000% 12/01/2036 | 500,000 | 518,890 | ||
*Midwest City Municipal Authority5.000% 03/01/2025 | 2,000,000 | 2,151,020 | ||
Oklahoma City Water Utilities Trust4.000% 07/01/2034 | 250,000 | 255,875 | ||
Oklahoma City Water Utilities Trust5.000% 07/01/2031 | 250,000 | 270,728 | ||
Oklahoma City Water Utilities Trust5.000% 07/01/2034 | 100,000 | 113,229 | ||
Oklahoma City Water Utilities Trust4.000% 07/01/2039 | 175,000 | 181,328 | ||
Oklahoma City Water Utilities Trust5.000% 07/01/2034 | 250,000 | 286,765 | ||
*Oklahoma Municipal Power Authority5.750% 01/01/2024 | 1,180,000 | 1,260,157 | ||
Oklahoma Municipal Power Authority5.000% 01/01/2038 | 575,000 | 640,291 | ||
Oklahoma Water Resources Board5.000% 04/01/2028 | 500,000 | 511,860 | ||
Oklahoma Water Resources Board5.000% 04/01/2032 | 140,000 | 153,352 | ||
Oklahoma Water Resources Board4.000% 04/01/2025 | 150,000 | 160,203 | ||
Sallisaw Municipal Authority4.450% 01/01/2028 | 100,000 | 102,578 | ||
Sapulpa Municipal Authority5.000% 04/01/2028 | 750,000 | 824,663 | ||
Seminole Utilities Authority3.150% 09/01/2025 | 380,000 | 384,598 | ||
Seminole Utilities Authority3.300% 09/01/2026 | 315,000 | 321,092 | ||
Tulsa Metropolitan Utility Authority5.000% 10/01/2025 | 500,000 | 596,960 | ||
| 14,670,468 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $40,719,608) | $ | 41,556,202 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (1.9%) | $ | 794,299 | ||
| ||||
NET ASSETS (100.0%) | $ | 42,350,501 | ||
| ||||
* Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. | ||||
| ||||
#When-issued purchase as of July 31, 2018. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
VIKING TAX-FREE FUND FOR MONTANA
PORTFOLIO MARKET SECTORS July 31, 2018
General Obligation | 42.0% |
Health Care | 20.0% |
Other Revenue | 10.1% |
Education | 9.7% |
Housing | 6.8% |
Transportation | 5.8% |
Utilities | 4.4% |
Cash Equivalents and Other | 1.2% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (98.8%) | ||||
| ||||
Education (9.7%) | ||||
Gallatin County School District No 44 Belgrade3.500% 06/15/2028 | $ | 575,000 | $ | 596,988 |
Montana State Board of Regents5.000% 11/15/2023 | 250,000 | 275,750 | ||
*Montana State Board of Regents4.000% 05/15/2025 | 2,000,000 | 2,144,980 | ||
Montana State Board of Regents4.000% 05/15/2026 | 1,145,000 | 1,215,177 | ||
Montana State Board of Regents4.000% 11/15/2025 | 500,000 | 537,250 | ||
Montana State Board of Regents5.000% 11/15/2025 | 500,000 | 571,920 | ||
Montana State Board of Regents5.000% 11/15/2030 | 240,000 | 270,881 | ||
Montana State Board of Regents5.000% 11/15/2043 | 1,000,000 | 1,136,470 | ||
University of Montana/Missoula MT5.375% 05/15/2019 | 75,000 | 76,151 | ||
| 6,825,567 | |||
General Obligation (42.0%) | ||||
City of Bozeman MT4.000% 07/01/2028 | 540,000 | 589,847 | ||
City & County of Butte Silver Bow MT4.000% 07/01/2026 | 115,000 | 127,591 | ||
City & County of Butte Silver Bow MT4.000% 07/01/2028 | 215,000 | 235,223 | ||
City & County of Butte Silver Bow MT4.000% 07/01/2030 | 225,000 | 241,495 | ||
City & County of Butte Silver Bow MT4.000% 07/01/2032 | 240,000 | 254,434 | ||
City & County of Butte Silver Bow MT4.500% 07/01/2034 | 850,000 | 933,776 | ||
Cascade County Elementary School District No 1 Great Falls 5.000% 07/01/2027 | 1,120,000 | 1,350,205 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2029 | 925,000 | 1,023,235 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2030 | 935,000 | 1,025,732 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 | 700,000 | 762,636 | ||
Cascade County High School District A Great Falls4.000% 07/01/2028 | 610,000 | 679,955 | ||
Cascade County High School District A Great Falls5.000% 07/01/2027 | 1,110,000 | 1,328,315 | ||
Cascade County High School District A Great Falls4.000% 07/01/2030 | 670,000 | 735,017 | ||
Flathead County School District No 29 Somers4.000% 07/01/2031 | 270,000 | 290,944 | ||
Flathead County School District No 44 Whitefish4.000% 07/01/2033 | 265,000 | 283,213 | ||
Flathead County School District No 44 Whitefish4.000% 07/01/2034 | 350,000 | 372,193 | ||
Flathead County School District No 44 Whitefish4.000% 07/01/2035 | 365,000 | 388,145 | ||
Gallatin County School District No 72 Ophir3.500% 07/01/2023 | 555,000 | 580,857 | ||
Gallatin County School District No 72 Ophir3.750% 07/01/2024 | 645,000 | 675,096 | ||
Gallatin County School District No 72 Ophir4.000% 07/01/2025 | 420,000 | 441,349 | ||
Gallatin County School District No 7 Bozeman4.000% 12/01/2032 | 915,000 | 990,597 | ||
Gallatin County School District No 7 Bozeman4.000% 12/01/2033 | 515,000 | 555,798 | ||
Gallatin County School District No 27 Monforton4.250% 06/15/2026 | 415,000 | 459,077 | ||
Meagher County K 12 School District No 8 White Sulphur4.000% 07/01/2028 | 475,000 | 528,276 | ||
Missoula High School District No 14.000% 07/01/2032 | 275,000 | 294,525 | ||
Hellgate School District No 45.000% 06/15/2028 | 500,000 | 583,735 | ||
Hellgate School District No 45.000% 06/15/2029 | 500,000 | 579,855 | ||
Hellgate School District No 45.000% 06/15/2030 | 500,000 | 576,900 | ||
City of Missoula MT4.000% 07/01/2026 | 350,000 | 389,056 | ||
City of Missoula MT4.000% 07/01/2031 | 250,000 | 268,155 | ||
*Missoula County Elementary School District No 14.000% 07/01/2032 | 1,200,000 | 1,289,592 | ||
Missoula County Elementary School District No 14.000% 07/01/2033 | 750,000 | 799,440 | ||
State of Montana4.000% 08/01/2023 | 385,000 | 427,658 | ||
State of Montana4.000% 08/01/2026 | 855,000 | 946,622 | ||
State of Montana4.000% 08/01/2027 | 480,000 | 525,202 | ||
County of Ravalli MT4.250% 07/01/2027 | 150,000 | 152,056 | ||
County of Ravalli MT4.350% 07/01/2028 | 155,000 | 157,646 | ||
County of Ravalli MT4.400% 07/01/2029 | 165,000 | 167,724 | ||
County of Ravalli MT4.250% 07/01/2030 | 755,000 | 811,549 | ||
Valley County K 12 School District No 1 A Glasgow/MT4.250% 07/01/2031 | 450,000 | 484,141 | ||
Yellowstone County School District No 2 Billings5.000% 06/15/2024 | 500,000 | 586,830 | ||
Yellowstone County School District No 2 Billings5.000% 06/15/2026 | 515,000 | 593,939 | ||
Yellowstone County School District No 2 Billings5.000% 06/15/2027 | 1,000,000 | 1,155,370 | ||
Yellowstone County School District No 2 Billings5.000% 06/15/2031 | 350,000 | 400,792 | ||
Yellowstone County School District No 2 Billings5.000% 06/15/2032 | 435,000 | 496,661 | ||
Yellowstone County School District No 8 Elder Grove5.000% 07/01/2026 | 660,000 | 771,144 | ||
Yellowstone County K 12 School District No 26 Lockwood5.000% 07/01/2037 | 1,000,000 | 1,142,140 | ||
Yellowstone County K 12 School District No 26 Lockwood5.000% 07/01/2038 | 1,000,000 | 1,140,180 | ||
| 29,593,918 | |||
Health Care (20.0%) | ||||
Montana Facility Finance Authority4.500% 07/01/2023 | 1,025,000 | 1,077,726 | ||
*Montana Facility Finance Authority4.650% 07/01/2024 | 1,365,000 | 1,435,775 | ||
Montana Facility Finance Authority4.750% 07/01/2025 | 380,000 | 399,737 | ||
Montana Facility Finance Authority5.250% 06/01/2030 | 660,000 | 700,062 | ||
Montana Facility Finance Authority5.125% 06/01/2026 | 1,000,000 | 1,069,710 | ||
Montana Facility Finance Authority4.750% 01/01/2040 | 705,000 | 724,500 | ||
Montana Facility Finance Authority4.500% 01/01/2024 | 1,000,000 | 1,029,700 | ||
Montana Facility Finance Authority5.000% 01/01/2024 | 400,000 | 416,132 | ||
Montana Facility Finance Authority5.500% 01/01/2025 | 575,000 | 626,532 | ||
Montana Facility Finance Authority5.750% 01/01/2031 | 815,000 | 892,841 | ||
Montana Facility Finance Authority5.000% 06/01/2028 | 1,015,000 | 1,145,184 | ||
Montana Facility Finance Authority5.000% 06/01/2029 | 915,000 | 1,032,788 | ||
Montana Facility Finance Authority5.000% 06/01/2025 | 380,000 | 435,499 | ||
Montana Facility Finance Authority5.000% 06/01/2035 | 425,000 | 482,044 | ||
Montana Facility Finance Authority5.000% 06/01/2036 | 700,000 | 789,579 | ||
*Montana Facility Finance Authority5.000% 06/01/2022 | 1,100,000 | 1,103,883 | ||
County of Yellowstone MT4.000% 10/01/2029 | 710,000 | 759,927 | ||
| 14,121,619 | |||
Housing (6.8%) | ||||
Montana Board of Housing2.650% 06/01/2021 | 120,000 | 121,943 | ||
Montana Board of Housing2.650% 12/01/2021 | 265,000 | 269,166 | ||
Montana Board of Housing3.000% 06/01/2023 | 145,000 | 147,549 | ||
Montana Board of Housing3.000% 12/01/2023 | 75,000 | 76,621 | ||
Montana Board of Housing3.150% 06/01/2024 | 310,000 | 316,674 | ||
Montana Board of Housing3.150% 12/01/2024 | 110,000 | 112,015 | ||
Montana Board of Housing3.350% 06/01/2025 | 140,000 | 141,674 | ||
Montana Board of Housing3.875% 12/01/2023 | 170,000 | 179,381 | ||
Montana Board of Housing4.050% 06/01/2024 | 155,000 | 164,559 | ||
Montana Board of Housing4.050% 12/01/2024 | 430,000 | 455,976 | ||
Montana Board of Housing4.650% 12/01/2028 | 235,000 | 249,955 | ||
*Montana Board of Housing4.700% 12/01/2026 | 655,000 | 677,231 | ||
Montana Board of Housing4.850% 06/01/2028 | 305,000 | 312,823 | ||
Montana Board of Housing3.850% 06/01/2019 | 440,000 | 444,312 | ||
Montana Board of Housing2.650% 06/01/2019 | 145,000 | 145,653 | ||
Montana Board of Housing2.900% 06/01/2020 | 145,000 | 146,180 | ||
Montana Board of Housing3.100% 06/01/2021 | 360,000 | 369,763 | ||
#Montana Board of Housing3.400% 12/01/2033 | 500,000 | 497,425 | ||
| 4,828,900 | |||
Other Revenue (10.1%) | ||||
City of Billings MT5.500% 07/01/2026 | 300,000 | 311,511 | ||
City of Billings MT4.550% 07/01/2020 | 30,000 | 30,031 | ||
City of Billings MT4.700% 07/01/2021 | 70,000 | 70,146 | ||
City of Billings MT4.800% 07/01/2022 | 70,000 | 69,559 | ||
City of Billings MT4.375% 07/01/2029 | 490,000 | 500,270 | ||
*City of Billings MT5.000% 07/01/2033 | 900,000 | 924,849 | ||
City of Bozeman MT4.950% 07/01/2028 | 200,000 | 204,796 | ||
City & County of Butte Silver Bow MT5.000% 07/01/2021 | 600,000 | 615,294 | ||
Gallatin County Rural Improvement District5.500% 07/01/2025 | 535,000 | 535,294 | ||
*Gallatin County Rural Improvement District6.000% 07/01/2030 | 1,000,000 | 1,001,370 | ||
City of Great Falls MT5.550% 07/01/2029 | 275,000 | 283,938 | ||
City of Helena MT4.625% 01/01/2024 | 270,000 | 273,521 | ||
City of Helena MT5.000% 01/01/2029 | 175,000 | 177,553 | ||
City of Kalispell MT5.000% 07/01/2033 | 500,000 | 566,135 | ||
Missoula Parking Commission4.000% 10/01/2026 | 835,000 | 896,874 | ||
City of Missoula MT5.125% 07/01/2026 | 125,000 | 125,181 | ||
Montana Facility Finance Authority6.300% 10/01/2020 | 505,000 | 505,460 | ||
| 7,091,782 | |||
Transportation (5.8%) | ||||
City of Billings MT Airport Revenue4.750% 07/01/2019 | 350,000 | 357,665 | ||
City of Billings MT Airport Revenue5.000% 07/01/2020 | 235,000 | 245,201 | ||
Madison County Rural Improvement District5.500% 07/01/2025 | 770,000 | 771,186 | ||
*Madison County Rural Improvement District6.000% 07/01/2030 | 1,000,000 | 1,000,920 | ||
City of Missoula MT4.750% 07/01/2027 | 160,000 | 160,315 | ||
City of Missoula MT6.000% 07/01/2030 | 200,000 | 207,886 | ||
Missoula Special Improvement Districts/MT4.600% 07/01/2024 | 100,000 | 100,142 | ||
Missoula Special Improvement Districts/MT4.600% 07/01/2025 | 105,000 | 105,161 | ||
Missoula Special Improvement Districts/MT5.400% 07/01/2029 | 370,000 | 378,014 | ||
Missoula Special Improvement Districts/MT4.000% 07/01/2019 | 60,000 | 60,652 | ||
Missoula Special Improvement Districts/MT4.625% 07/01/2023 | 240,000 | 245,904 | ||
Missoula Special Improvement Districts/MT5.250% 07/01/2027 | 240,000 | 247,296 | ||
Missoula Special Improvement Districts/MT5.500% 07/01/2031 | 235,000 | 241,714 | ||
| 4,122,056 | |||
Utilities (4.4%) | ||||
City of Billings MT5.000% 07/01/2028 | 400,000 | 475,480 | ||
City of Billings MT5.000% 07/01/2031 | 260,000 | 304,944 | ||
City of Billings MT Storm Sewer Revenue4.000% 07/01/2025 | 215,000 | 233,256 | ||
City of Billings MT Storm Sewer Revenue4.000% 07/01/2026 | 225,000 | 241,828 | ||
City of Billings MT Storm Sewer Revenue4.000% 07/01/2028 | 250,000 | 271,303 | ||
City of Billings MT Storm Sewer Revenue4.000% 07/01/2029 | 250,000 | 268,195 | ||
City of Dillon MT Water & Sewer System Revenue4.000% 07/01/2033 | 250,000 | 268,480 | ||
*City of Forsyth MT5.000% 05/01/2033 | 1,000,000 | 1,065,450 | ||
| 3,128,936 | |||
| ||||
TOTAL MUNICPAL BONDS (COST: $68,383,652) | $ | 69,712,778 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (1.2%) | $ | 838,831 | ||
| ||||
NET ASSETS (100.0%) | $ | 70,551,609 | ||
| ||||
*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued purchases when they occur. | ||||
| ||||
#When-issued purchase as of July 31, 2018 | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
VIKING TAX-FREE FUND FOR NORTH DAKOTA
PORTFOLIO MARKET SECTORS (July 31, 2018)
Other Revenue | 22.8% |
General Obligation | 21.1% |
Health Care | 17.4% |
Education | 13.1% |
Utilities | 9.3% |
Housing | 8.6% |
Transportation | 6.3% |
Cash Equivalents and Other | 1.4% |
100.0% |
Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.
These percentages are based on net assets and are subject to change.
SCHEDULE OF INVESTMENTS July 31, 2018
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (98.6%) | ||||
| ||||
Education (13.1%) | ||||
Barnes County North Public School District Building Authority4.000% 05/01/2022 | $ | 250,000 | $ | 257,925 |
State Board of Higher Education of the State of North Dakota4.000% 04/01/2025 | 415,000 | 457,911 | ||
State Board of Higher Education of the State of North Dakota4.000% 04/01/2028 | 365,000 | 390,488 | ||
State Board of Higher Education of the State of North Dakota4.000% 04/01/2026 | 435,000 | 469,452 | ||
State Board of Higher Education of the State of North Dakota4.000% 04/01/2033 | 500,000 | 518,845 | ||
State Board of Higher Education of the State of North Dakota3.250% 08/01/2028 | 280,000 | 286,521 | ||
State Board of Higher Education of the State of North Dakota3.250% 08/01/2029 | 290,000 | 292,532 | ||
State Board of Higher Education of the State of North Dakota5.000% 04/01/2025 | 160,000 | 163,666 | ||
University of North Dakota5.000% 04/01/2024 | 250,000 | 275,385 | ||
| 3,112,725 | |||
General Obligation (21.1%) | ||||
City of Bismarck ND3.000% 05/01/2023 | 500,000 | 511,825 | ||
Bismarck Public School District No 14.000% 05/01/2026 | 750,000 | 800,122 | ||
Dickinson Public School District No 14.000% 08/01/2034 | 400,000 | 418,136 | ||
City of Fargo ND5.000% 05/01/2026 | 400,000 | 466,188 | ||
City of Fargo ND4.000% 05/01/2023 | 300,000 | 317,934 | ||
City of Grand Forks ND4.500% 05/01/2032 | 240,000 | 255,977 | ||
Mandan Public School District No 13.125% 08/01/2024 | 200,000 | 208,606 | ||
City of Minot ND Airport Revenue3.500% 10/01/2025 | 570,000 | 590,491 | ||
City of Minot ND Airport Revenue4.000% 10/01/2028 | 355,000 | 369,310 | ||
Pembina County Water Resource District4.000% 05/01/2038 | 530,000 | 552,180 | ||
*West Fargo Public School District No 64.000% 05/01/2023 | 500,000 | 531,000 | ||
| 5,021,769 | |||
Health Care (17.4%) | ||||
County of Burleigh ND5.000% 07/01/2022 | 300,000 | 337,584 | ||
County of Burleigh ND4.500% 07/01/2032 | 250,000 | 273,912 | ||
County of Burleigh ND5.000% 07/01/2035 | 500,000 | 543,340 | ||
County of Burleigh ND5.050% 11/01/2018 | 125,000 | 125,130 | ||
City of Fargo ND5.500% 11/01/2020 | 500,000 | 544,330 | ||
City of Fargo ND6.000% 11/01/2028 | 500,000 | 562,145 | ||
City of Grand Forks ND5.000% 12/01/2022 | 500,000 | 541,440 | ||
City of Grand Forks ND4.000% 12/01/2027 | 400,000 | 409,260 | ||
City of Grand Forks ND5.000% 12/01/2032 | 250,000 | 261,715 | ||
City of Grand Forks ND5.125% 12/01/2025 | 250,000 | 257,337 | ||
City of Grand Forks ND3.000% 12/01/2020 | 135,000 | 134,062 | ||
City of Langdon ND6.200% 01/01/2025 | 155,000 | 155,202 | ||
| 4,145,457 | |||
Housing (8.6%) | ||||
North Dakota Housing Finance Agency3.650% 01/01/2020 | 60,000 | 61,260 | ||
North Dakota Public Finance Authority4.500% 06/01/2026 | 400,000 | 425,708 | ||
North Dakota Housing Finance Agency3.050% 07/01/2021 | 150,000 | 153,971 | ||
*North Dakota Housing Finance Agency3.100% 01/01/2026 | 1,165,000 | 1,170,569 | ||
North Dakota Housing Finance Agency3.550% 07/01/2033 | 250,000 | 250,225 | ||
| 2,061,733 | |||
Other Revenue (22.8%) | ||||
Bismarck Parks & Recreation District3.500% 04/01/2025 | 280,000 | 282,878 | ||
Bismarck Parks & Recreation District3.650% 04/01/2027 | 295,000 | 297,620 | ||
County of Burleigh ND Multi County Sales Tax Revenue4.000% 11/01/2032 | 400,000 | 410,640 | ||
City of Grand Forks ND5.000% 12/15/2027 | 500,000 | 577,840 | ||
City of Grand Forks ND5.000% 12/15/2028 | 250,000 | 286,578 | ||
Jamestown Park District/ND4.000% 07/01/2032 | 500,000 | 517,955 | ||
Jamestown Park District/ND4.000% 07/01/2033 | 345,000 | 354,957 | ||
*City of Mandan ND4.000% 09/01/2034 | 500,000 | 511,005 | ||
North Dakota Public Finance Authority5.000% 06/01/2020 | 80,000 | 80,362 | ||
North Dakota Public Finance Authority5.000% 06/01/2031 | 240,000 | 240,890 | ||
North Dakota Public Finance Authority5.500% 10/01/2027 | 250,000 | 251,668 | ||
North Dakota Public Finance Authority6.000% 06/01/2034 | 200,000 | 207,006 | ||
North Dakota Public Finance Authority4.000% 06/01/2030 | 400,000 | 419,540 | ||
North Dakota Public Finance Authority4.000% 06/01/2028 | 265,000 | 284,109 | ||
North Dakota Public Finance Authority5.000% 06/01/2028 | 130,000 | 148,915 | ||
*County of Ward ND3.000% 04/01/2022 | 300,000 | 305,382 | ||
West Fargo Park District Building Authority4.000% 05/01/2030 | 240,000 | 254,460 | ||
| 5,431,805 | |||
Transportation (6.3%) | ||||
Grand Forks Regional Airport Authority4.600% 06/01/2024 | 350,000 | 357,508 | ||
Grand Forks Regional Airport Authority5.000% 06/01/2029 | 500,000 | 512,250 | ||
Grand Forks Regional Airport Authority4.500% 06/01/2028 | 230,000 | 246,367 | ||
Grand Forks Regional Airport Authority4.500% 06/01/2028 | 370,000 | 387,967 | ||
| 1,504,092 | |||
Utilities (9.3%) | ||||
City of Bismarck ND Water Revenue3.000% 04/01/2021 | 495,000 | 500,143 | ||
*City of Bismarck ND Water Revenue3.625% 04/01/2025 | 675,000 | 681,554 | ||
City of Bismarck ND Water Revenue3.750% 04/01/2026 | 265,000 | 267,480 | ||
*County of McLean ND4.875% 07/01/2026 | 750,000 | 778,980 | ||
| 2,228,157 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $22,897,163) | $ | 23,505,738 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (1.4%) | $ | 324,303 | ||
| ||||
NET ASSETS (100.0%) | $ | 23,830,041 | ||
| ||||
*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued purchases when they occur. As of July 31, 2018, there were no such purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Assets and Liabilities July 31, 2018
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
ASSETS | ||||||||
Investments in securities, at cost | $ | 56,402,765 | $ | 17,523,909 | $ | 43,713,121 | ||
Investments in securities, at value | $ | 57,799,117 | $ | 17,857,982 | $ | 44,619,874 | ||
Cash and cash equivalents | 651,297 | 99,523 | 432,012 | |||||
Receivable for Fund shares sold | 107,664 | 0 | 25,249 | |||||
Accrued interest receivable | 888,632 | 150,011 | 435,774 | |||||
Receivable from affiliate | 9,587 | 5,575 | 9,208 | |||||
Prepaid expenses | 463 | 2,303 | 0 | |||||
Total assets | $ | 59,456,760 | $ | 18,115,394 | $ | 45,522,117 | ||
LIABILITIES | ||||||||
Payable for Fund shares redeemed | $ | 32,906 | $ | 13,022 | $ | 38,241 | ||
Dividends payable | 30,202 | 5,781 | 31,213 | |||||
Trustees’ fees payable | 3,096 | 942 | 2,361 | |||||
Payable to affiliates | 55,372 | 20,765 | 43,670 | |||||
Accrued expenses | 18,735 | 7,488 | 18,572 | |||||
Total liabilities | $ | 140,311 | $ | 47,998 | $ | 134,057 | ||
NET ASSETS | $ | 59,316,449 | $ | 18,067,396 | $ | 45,388,060 | ||
NET ASSETS ARE REPRESENTED BY: | ||||||||
Capital stock outstanding, no par value, unlimited shares authorized | $ | 58,526,687 | $ | 18,118,491 | $ | 45,206,759 | ||
Accumulated undistributed net realized gain (loss) on investments | (614,870) | (403,174) | (726,742) | |||||
Accumulated undistributed net investment income (loss) | 8,280 | 18,006 | 1,290 | |||||
Unrealized appreciation (depreciation) on investments |
| 1,396,352 |
| 334,073 |
| 906,753 | ||
NET ASSETS | $ | 59,316,449 | $ | 18,067,396 | $ | 45,388,060 | ||
Net Assets - Class A | $ | 56,488,518 | $ | 17,742,402 | $ | 45,182,299 | ||
Net Assets - Class I | $ | 2,827,931 | $ | 324,994 | $ | 205,761 | ||
Shares outstanding - Class A |
| 5,363,076 |
| 1,666,931 | 4,406,224 | |||
Shares outstanding - Class I |
| 268,350 |
| 30,527 | 20,075 | |||
Net asset value per share - Class A* | $10.53 | $10.64 | $10.25 | |||||
Net asset value per share - Class I | $10.54 | $10.65 | $10.25 | |||||
Public offering price per share – Class A | $10.80 | $10.91 | $10.51 | |||||
* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Assets and Liabilities July 31, 2018
Oklahoma |
| |||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund | Fund For MT | Fund For ND | ||||||
ASSETS | ||||||||
Investments in securities, at cost | $ | 40,719,608 | $ | 68,383,652 | $ | 22,897,163 | ||
| ||||||||
Investments in securities, at value | $ | 41,556,202 | $ | 69,712,778 | $ | 23,505,738 | ||
Cash and cash equivalents | 938,151 | 1,073,792 | 156,237 | |||||
Receivable for Fund shares sold | 0 | 726 | 0 | |||||
Accrued interest receivable | 462,338 | 414,677 | 208,736 | |||||
Receivable from affiliate | 8,817 | 11,147 | 6,316 | |||||
Prepaid expenses | 881 | 5,046 | 1,331 | |||||
Total assets | $ | 42,966,389 | $ | 71,218,166 | $ | 23,878,358 | ||
LIABILITIES | ||||||||
Payable for securities purchased | $ | 510,150 | $ | 500,000 | $ | 0 | ||
Payable for Fund shares redeemed | 22,394 | 55,222 | 3,634 | |||||
Dividends payable | 25,897 | 31,212 | 11,249 | |||||
Trustees’ fees payable | 2,240 | 3,644 | 1,223 | |||||
Payable to affiliates | 40,815 | 64,157 | 26,590 | |||||
Accrued expenses | 14,392 | 12,322 | 5,621 | |||||
Total liabilities | $ | 615,888 | $ | 666,557 | $ | 48,317 | ||
| ||||||||
NET ASSETS | $ | 42,350,501 | $ | 70,551,609 | $ | 23,830,041 | ||
NET ASSETS ARE REPRESENTED BY: | ||||||||
Capital stock outstanding, no par value, unlimited shares authorized | $ | 41,805,490 | $ | 72,208,719 | $ | 24,052,482 | ||
Accumulated undistributed net realized gain (loss) on investments | (291,590) | (2,992,441) | (839,055) | |||||
Accumulated undistributed net investment income (loss) | 7 | 6,205 | 8,039 | |||||
Unrealized appreciation (depreciation) on investments |
| 836,594 |
| 1,329,126 |
| 608,575 | ||
| ||||||||
NET ASSETS | $ | 42,350,501 | $ | 70,551,609 | $ | 23,830,041 | ||
| ||||||||
Net Assets - Class A | $ | 41,361,719 | $ | 62,912,605 | $ | 22,909,970 | ||
Net Assets - Class I | $ | 988,782 | $ | 7,639,004 | $ | 920,071 | ||
Shares outstanding - Class A |
| 3,606,638 |
| 6,381,251 |
| 2,275,508 | ||
Shares outstanding - Class I |
| 86,154 |
| 774,695 |
| 91,359 | ||
Net asset value per share - Class A* | $11.47 | $9.86 | $10.07 | |||||
Net asset value per share - Class I | $11.48 | $9.86 | $10.07 | |||||
Public offering price per share – Class A (sales charge of 2.50%) | $11.76 | $10.11 | $10.33 | |||||
* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Operations For the year ended July 31, 2018
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
INVESTMENT INCOME | ||||||||
Interest | $ | 2,224,032 | $ | 608,956 | $ | 1,580,935 | ||
Total investment income | $ | 2,224,032 | $ | 608,956 | $ | 1,580,935 | ||
| ||||||||
EXPENSES | ||||||||
Investment advisory fees | $ | 305,000 | $ | 93,530 | $ | 236,495 | ||
Distribution (12b-1) fees - Class A | 150,814 | 46,121 | 118,185 | |||||
Transfer agent fees | 77,688 | 26,935 | 61,247 | |||||
Administrative service fees | 118,326 | 59,114 | 99,144 | |||||
Professional fees | 16,366 | 6,752 | 13,244 | |||||
Reports to shareholders | 3,497 | 1,190 | 2,472 | |||||
License, fees, and registrations | 3,868 | 2,734 | 15,216 | |||||
Audit fees | 11,476 | 3,521 | 8,925 | |||||
Trustees’ fees | 5,133 | 1,574 | 3,976 | |||||
Transfer agent out-of-pockets | 5,306 | 2,486 | 4,134 | |||||
Custodian fees | 6,100 | 2,160 | 4,617 | |||||
Legal fees | 3,392 | 1,041 | 2,637 | |||||
Insurance expense | 1,968 | 695 | 1,542 | |||||
Total expenses | $ | 708,934 | $ | 247,853 | $ | 571,834 | ||
Less expenses waived or reimbursed (See Note 7) |
| (112,862) |
| (65,175) |
| (108,390) | ||
Total net expenses | $ | 596,072 | $ | 182,678 | $ | 463,444 | ||
|
|
|
|
|
|
| ||
NET INVESTMENT INCOME (LOSS) | $ | 1,627,960 | $ | 426,278 | $ | 1,117,491 | ||
| ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
Net realized gain (loss) from investment transactions | $ | (137,630) | $ | (12,711) | $ | 26,731 | ||
Net change in unrealized appreciation (depreciation) of investments | (1,311,083) | (405,551) | (948,194) | |||||
Net realized and unrealized gain (loss) on investments | $ | (1,448,713) | $ | (418,262) | $ | (921,463) | ||
| ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 179,247 | $ | 8,016 | $ | 196,028 | ||
| ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Operations For the period/year ended July 31, 2018
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund* | Fund For MT^ | Fund For ND^ | ||||||
INVESTMENT INCOME | ||||||||
Interest | $ | 1,471,799 | $ | 1,449,734 | $ | 488,627 | ||
Total investment income | $ | 1,471,799 | $ | 1,449,734 | $ | 488,627 | ||
| ||||||||
EXPENSES | ||||||||
Investment advisory fees | $ | 225,444 | $ | 208,618 | $ | 69,939 | ||
Distribution (12b-1) fees - Class A | 111,862 | 94,724 | 33,854 | |||||
Transfer agent fees | 58,595 | 53,586 | 20,303 | |||||
Administrative service fees | 96,050 | 79,471 | 40,640 | |||||
Professional fees | 12,737 | 11,266 | 4,755 | |||||
Reports to shareholders | 2,108 | 1,896 | 1,030 | |||||
License, fees, and registrations | 4,632 | 2,373 | 3,310 | |||||
Audit fees | 8,534 | 6,901 | 2,299 | |||||
Trustees’ fees | 3,789 | 3,647 | 1,224 | |||||
Transfer agent out-of-pockets | 4,322 | 4,909 | 1,561 | |||||
Custodian fees | 4,803 | 4,637 | 1,706 | |||||
Legal fees | 2,521 | 2,081 | 693 | |||||
Insurance expense | 1,487 | 1,372 | 486 | |||||
Total expenses | $ | 536,884 | $ | 475,481 | $ | 181,800 | ||
Less expenses waived or reimbursed (See Note 7) |
| (95,940) |
| (76,156) |
| (45,626) | ||
Total net expenses | $ | 440,944 | $ | 399,325 | $ | 136,174 | ||
|
|
|
|
|
|
| ||
NET INVESTMENT INCOME (LOSS) | $ | 1,030,855 | $ | 1,050,409 | $ | 352,453 | ||
| ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
Net realized gain (loss) from investment transactions | $ | (107,098) | $ | (263,793) | $ | (17,437) | ||
Net change in unrealized appreciation (depreciation) of investments | (945,588) | (1,382,278) | (442,240) | |||||
Net realized and unrealized gain (loss) on investments | $ | (1,052,686) | $ | (1,646,071) | $ | (459,677) | ||
| ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (21,831) | $ | (595,662) | $ | (107,224) | ||
| ||||||||
* Year ended July 31, 2018. | ||||||||
^ Seven months ended July 31, 2018. | ||||||||
| ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Operations For the year ended December 31, 2018
Tax-Free | Tax-Free | |||
| Fund for MT |
| Fund for ND | |
INVESTMENT INCOME | ||||
Interest | $ | 2,578,113 | $ | 905,729 |
Total investment income | $ | 2,578,113 | $ | 905,729 |
| ||||
EXPENSES | ||||
Investment advisory fees | $ | 380,620 | $ | 130,406 |
Distribution (12b-1) fees - Class A | 181,174 | 63,977 | ||
Transfer agent fees | 97,347 | 37,295 | ||
Administrative service fees | 142,557 | 72,497 | ||
Professional fees | 18,472 | 8,118 | ||
Reports to shareholders | 3,264 | 1,764 | ||
License, fees, and registrations | 4,176 | 5,676 | ||
Audit fees | 13,843 | 4,733 | ||
Trustees’ fees | 5,628 | 1,926 | ||
Transfer agent out-of-pockets | 3,610 | 4,208 | ||
Custodian fees | 7,976 | 2,920 | ||
Legal fees | 5,424 | 1,852 | ||
Insurance expense | 2,439 | 846 | ||
Total expenses | $ | 866,530 | $ | 336,218 |
Less expenses waived or reimbursed (See Note 7) |
| (129,647) |
| (81,950) |
Total net expenses | $ | 736,883 | $ | 254,268 |
|
|
|
|
|
NET INVESTMENT INCOME (LOSS) | $ | 1,841,230 | $ | 651,461 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Net realized gain (loss) from investment transactions | $ | (388,203) | $ | 12,516 |
Net change in unrealized appreciation (depreciation) of investments |
| 1,446,092 |
| 155,303 |
Net realized and unrealized gain (loss) on investments | $ | 1,057,889 | $ | 167,819 |
| ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,899,119 | $ | 819,280 |
|
|
|
|
|
|
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|
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the year ended July 31, 2018
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,627,960 | $ | 426,278 | $ | 1,117,491 | ||
Net realized gain (loss) from investment transactions | (137,630) | (12,711) | 26,731 | |||||
Net change in unrealized appreciation (depreciation) of investments | (1,311,083) | (405,551) | (948,194) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 179,247 | $ | 8,016 | $ | 196,028 | ||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||
Net investment income - Class A | $ | (1,606,596) | $ | (418,250) | $ | (1,116,640) | ||
Net investment income - Class I | (20,406) | (6,541) | (671) | |||||
Total distributions | $ | (1,627,002) | $ | (424,791) | $ | (1,117,311) | ||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 5,420,737 | $ | 1,149,545 | $ | 1,693,419 | ||
Proceeds from sale of shares - Class I + | 2,879,395 | 481,557 | 285,932 | |||||
Proceeds from reinvested dividends - Class A | 1,200,642 | 347,531 | 778,996 | |||||
Proceeds from reinvested dividends - Class I + | 7,836 | 5,218 | 481 | |||||
Cost of shares redeemed - Class A | (10,477,690) | (3,157,383) | (6,463,663) | |||||
Cost of shares redeemed - Class I + | (41,998) | (153,756) | (80,495) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | (1,011,078) | $ | (1,327,288) | $ | (3,785,330) | ||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (2,458,833) | $ | (1,744,063) | $ | (4,706,613) | ||
NET ASSETS, BEGINNING OF PERIOD | 61,775,282 | 19,811,459 | 50,094,673 | |||||
NET ASSETS, END OF PERIOD | $ | 59,316,449 | $ | 18,067,396 | $ | 45,388,060 | ||
|
|
|
| |||||
Accumulated undistributed net investment income | $ | 8,280 | $ | 18,006 | $ | 1,290 | ||
| ||||||||
+ Class I operations commenced on November 1, 2017. | ||||||||
| ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the period/year ended July 31, 2018
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund* | Fund For MT^ | Fund For ND^ | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,030,855 | $ | 1,050,409 | $ | 352,453 | ||
Net realized gain (loss) from investment transactions | (107,098) | (263,793) | (17,437) | |||||
Net change in unrealized appreciation (depreciation) of investments | (945,588) | (1,382,278) | (442,240) | |||||
Net increase (decrease) in net assets resulting from operations | $ | (21,831) | $ | (595,662) | $ | (107,224) | ||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||
Net investment income - Class A | $ | (1,021,728) | $ | (944,426) | $ | (339,390) | ||
Net investment income - Class I | (9,066) | (105,873) | (12,353) | |||||
Total distributions | $ | (1,030,794) | $ | (1,050,299) | $ | (351,743) | ||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 2,336,830 | $ | 2,769,242 | $ | 1,881,712 | ||
Proceeds from sale of shares - Class I + | 1,030,157 | 2,934,014 | 300,032 | |||||
Proceeds from reinvested dividends - Class A | 639,407 | 736,221 | 255,272 | |||||
Proceeds from reinvested dividends - Class I + | 7,328 | 48,904 | 10,501 | |||||
Cost of shares redeemed - Class A | (7,937,619) | (8,056,170) | (2,328,498) | |||||
Cost of shares redeemed - Class I + | (47,012) | (420,383) | (27,591) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | (3,970,909) | $ | (1,988,172) | $ | 91,428 | ||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (5,023,534) | $ | (3,634,133) | $ | (367,539) | ||
NET ASSETS, BEGINNING OF PERIOD | 47,374,035 | 74,185,742 | 24,197,580 | |||||
NET ASSETS, END OF PERIOD | $ | 42,350,501 | $ | 70,551,609 | $ | 23,830,041 | ||
|
|
|
| |||||
Accumulated undistributed net investment income | $ | 7 | $ | 6,205 | $ | 8,039 | ||
| ||||||||
* Year ended July 31, 2018. | ||||||||
^ Seven months ended July 31, 2018. | ||||||||
+ Class I operations commenced on November 1, 2017 for Oklahoma Municipal Fund. | ||||||||
| ||||||||
| ||||||||
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the year ended July 31, 2017
Kansas | Maine | Nebraska | Oklahoma | |||||||||
Municipal | Municipal | Municipal | Municipal | |||||||||
Fund | Fund | Fund | Fund | |||||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 1,681,751 | $ | 467,841 | $ | 1,167,452 | $ | 1,073,667 | ||||
Net realized gain (loss) from investment transactions |
| (253,811) |
| (390,463) |
| (492,161) |
| (87,991) | ||||
Net change in unrealized appreciation (depreciation) on investments |
| (1,626,406) |
| (401,692) |
| (1,124,529) |
| (1,368,876) | ||||
Net increase (decrease) in net assets resulting from operations | $ | (198,466) | $ | (324,314) | $ | (449,238) | $ | (383,200) | ||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||
Net investment income- Class A | $ | (1,680,455) | $ | (466,098) | $ | (1,167,219) | $ | (1,073,720) | ||||
Total distributions- Class A | $ | (1,680,455) | $ | (466,098) | $ | (1,167,219) | $ | (1,073,720) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Proceeds from sale of shares- Class A | $ | 6,369,077 | $ | 3,536,640 | $ | 9,282,002 | $ | 9,051,600 | ||||
Proceeds from reinvested dividends- Class A | 1,186,586 | 371,287 | 800,377 | 673,134 | ||||||||
Cost of shares redeemed- Class A | (4,390,351) | (3,519,043) | (4,588,291) | (7,611,812) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 3,165,312 | $ | 388,884 | $ | 5,494,088 | $ | 2,112,922 | ||||
| ||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 1,286,391 | $ | (401,528) | $ | 3,877,631 | $ | 656,002 | ||||
NET ASSETS, BEGINNING OF PERIOD | $ | 60,488,891 | $ | 20,212,987 | $ | 46,217,042 | $ | 46,718,033 | ||||
NET ASSETS, END OF PERIOD | $ | 61,775,282 | $ | 19,811,459 | $ | 50,094,673 | $ | 47,374,035 | ||||
Accumulated undistributed net investment income (loss) | $ | 7,322 | $ | 16,517 | $ | 1,109 | $ | (53) | ||||
|
|
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|
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|
|
The accompanying notes are an integral part of these financial statements. |
FINANCIAL STATEMENTS
Statements of Changes in Net Assets For the year ended December 31, 2017
Tax-Free | Tax-Free | |||
| Fund for MT |
| Fund for ND | |
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||
Net investment income (loss) | $ | 1,841,230 | $ | 651,461 |
Net realized gain (loss) from investment transactions |
| (388,203) |
| 12,516 |
Net change in unrealized appreciation (depreciation) on investments |
| 1,446,092 |
| 155,303 |
Net increase (decrease) in net assets resulting from operations | $ | 2,899,119 | $ | 819,280 |
| ||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||
Net investment income - Class A | $ | (1,741,882) | $ | (636,887) |
Net investment income - Class I | (96,666) | (13,406) | ||
Total distributions | $ | (1,838,548) | $ | (650,293) |
| ||||
CAPITAL SHARE TRANSACTIONS | ||||
Proceeds from sale of shares - Class A | $ | 6,992,434 | $ | 3,014,897 |
Proceeds from sale of shares - Class I | 4,955,361 | 299,947 | ||
Proceeds from reinvested dividends - Class A | 1,174,851 | 479,025 | ||
Proceeds from reinvested dividends - Class I | 44,625 | 10,039 | ||
Cost of shares redeemed - Class A | (16,067,897) | (5,498,565) | ||
Cost of shares redeemed - Class I | (665,065) | (48,007) | ||
Net increase (decrease) in net assets resulting from capital share transactions | $ | (3,565,691) | $ | (1,742,664) |
| ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (2,505,120) | $ | (1,573,677) |
NET ASSETS, BEGINNING OF PERIOD | $ | 76,690,862 | $ | 25,771,257 |
NET ASSETS, END OF PERIOD | $ | 74,185,742 | $ | 24,197,580 |
| ||||
Accumulated undistributed net investment income | $ | 6,095 | $ | 7,329 |
Statements of Changes in Net Assets For the year ended December 30, 2016
Tax-Free | Tax-Free | |||
| Fund for MT |
| Fund for ND | |
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||
Net investment income (loss) | $ | 1,995,856 | $ | 675,057 |
Net realized gain (loss) from investment transactions |
| (551,409) |
| (127,251) |
Net change in unrealized appreciation (depreciation) on investments |
| (2,002,888) |
| (578,191) |
Net increase (decrease) in net assets resulting from operations | $ | (558,441) | $ | (30,385) |
| ||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||
Net investment income - Class A | $ | (1,990,381) | $ | (670,541) |
Net investment income - Class I + | (4,734) | (3,295) | ||
Total distributions | $ | (1,995,115) | $ | (673,836) |
| ||||
CAPITAL SHARE TRANSACTIONS | ||||
Proceeds from sale of shares - Class A | $ | 18,045,397 | $ | 3,944,247 |
Proceeds from sale of shares - Class I + | 848,581 | 409,022 | ||
Proceeds from reinvested dividends - Class A | 1,327,137 | 524,042 | ||
Proceeds from reinvested dividends - Class I + | 4,633 | 2,349 | ||
Cost of shares redeemed - Class A | (10,782,950) | (4,439,248) | ||
Cost of shares redeemed - Class I + | (9,529) | (9,559) | ||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 9,433,269 | $ | 430,853 |
| ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 6,879,713 | $ | (273,368) |
NET ASSETS, BEGINNING OF PERIOD | $ | 69,811,149 | $ | 26,044,625 |
NET ASSETS, END OF PERIOD | $ | 76,690,862 | $ | 25,771,257 |
| ||||
Accumulated undistributed net investment income | $ | 3,543 | $ | 6,161 |
|
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|
|
+ Class I operations commenced on August 1, 2016. | ||||
| ||||
The accompanying notes are an integral part of these financial statements. |
NOTES TO FINANCIAL STATEMENTS
NOTE 1: Organization
Viking Mutual Funds (the “Trust”) was organized as a Delaware business trust on March 30, 1999 and commenced operations on August 3, 1999. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of six series (the “Funds”).
The Kansas Municipal Fund (“KS Muni Fund”), Maine Municipal Fund (“ME Muni Fund”), Nebraska Municipal Fund (“NE Muni Fund”), and Oklahoma Municipal Fund (“OK Muni Fund”), Viking Tax-Free Fund for Montana (“Tax-Free Fund for MT”), and Viking Tax-Free Fund for North Dakota (“Tax-Free Fund for ND”), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund’s respective state income tax as is consistent with preservation of capital.
The Board of Trustees approved, on February 2, 2018, a change of fiscal year-end for Tax-Free Fund for MT and Tax-Free Fund for ND from December 31 to July 31, therefore, this report is for the seven months ended July 31, 2018 for these two Funds.
On May 18, 2017, the Board of Trustees approved the reorganization of each series of the Integrity Managed Portfolios (Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, the “Predecessor Funds”), into the corresponding series of Viking Mutual Funds (with the same names, the “Successor Funds”), and the addition of I shares to each corresponding series. The reorganization was also approved by each Fund’s shareholders at a special meeting held on September 21, 2017. Effective at the close of business on October 31, 2017, the Successor Funds acquired all of the assets and liabilities of the corresponding Predecessor Funds in a tax-free exchange for shares of beneficial interest of the Successor Funds. As a result of the reorganization, the Successor Funds are the accounting successor of the corresponding Predecessor Funds. The reorganization was accomplished by a tax-free exchange of shares of each Predecessor Fund’s shares, value at the Predecessor Fund’s net assets for the exact same shares and value of the corresponding Successor Fund’s shares.For financial reporting purposes, assets received and shares issued by the Successor Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Funds were carried forward to align ongoing reporting of the corresponding Successor Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.Immediately prior to the reorganization, the Shares outstanding, net assets, Accumulated undistributed net realized gain (loss) on investments, Accumulated undistributed net investment income (loss) and Unrealized appreciation (depreciation) on investments were as followed:
|
|
| Accumulated |
| Accumulated net |
| Unrealized | |||
|
|
|
| Shares |
| undistributed net |
| realized (loss) on |
| appreciation on |
|
| Net Assets |
| Outstanding |
| investment income/(loss) |
| investments |
| investments |
KS Muni Fund |
| $61,755,660 |
| 5,754,318 |
| $7,733 |
| ($470,517) |
| $2,397,485 |
ME Muni Fund |
| $18,852,895 |
| 1,739,373 |
| $17,876 |
| ($395,012) |
| $663,312 |
NE Muni Fund |
| $48,463,329 |
| 4,650,052 |
| $1,092 |
| ($749,898) |
| $1,693,539 |
OK Muni Fund |
| $46,914,818 |
| 4,014,519 |
| ($20,677) |
| ($444,800) |
| $1,581,561 |
Each Fund in the Trust currently offers both Class A and Class I shares. Class A shares are sold with an initial sales charge of 2.50% and a distribution fee of up to 0.25% on an annual basis. Class I shares are sold without sales charge or distribution fee. The two classes of shares represent interest in each Fund’s same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate distribution and certain other class expenses and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.
Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.
NOTE 2: Summary of Significant Accounting Policies
Investment security valuation—Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by the Funds’ administrative services agent, Integrity Fund Services, LLC (“Integrity Fund Services” or “IFS”). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Refer to Note 3 for further disclosures related to the inputs used to value the Funds’ investments. Shares of a registered investment company, including money market funds that are not traded on an exchange are valued at the investment company’s net asset value per share.
When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds’ Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Contingent deferred sales charge—In the case of investments into the Funds of $500,000 or more, a 1.00% contingent deferred sales charge (“CDSC”) may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).
Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.
As of and during the period/year ended July 31, 2018, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period/year, the Funds did not incur any interest or penalties.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years, which include the current and prior three tax years, are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Premiums and discounts—Premiums and discounts on municipal securities are accreted and amortized using the effective yield method over the lives of the respective securities.
Security transactions, investment income, expenses and distributions—Income and expenses are recorded on an accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification basis. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatment for market discount and capital loss carryforwards. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.
Use of estimates—The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.
Multiple class allocations—The Funds simultaneously use the settled shares method to allocate income and fund-wide expenses and use the relative net assets method to allocate gains and losses. Class-specific expenses, distribution fees, and any other items that are specifically attributable to a particular class are charged directly to such class.
Organizational expenses—All organizational and offering expenses related to the reorganization and addition of I shares to Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund were borne by the Investment Advisor and are not subject to future recoupment. As a result, organizational and offering expenses are not reflected in the Statements of Assets and Liabilities.
NOTE 3: Fair Value Measurements
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 July 31, 2018:
Level 1 | Level 2 | Level 3 | Total | ||||||||||
KS Muni Fund | Municipal Bonds | $ | 0 | $ | 57,799,117 | $ | 0 | $ | 57,799,117 | ||||
Total | $ | 0 | $ | 57,799,117 | $ | 0 | $ | 57,799,117 | |||||
|
| ||||||||||||
ME Muni Fund | Municipal Bonds | $ | 0 | $ | 17,857,982 | $ | 0 | $ | 17,857,982 | ||||
Total | $ | 0 | $ | 17,857,982 | $ | 0 | $ | 17,857,982 | |||||
|
| ||||||||||||
NE Muni Fund | Municipal Bonds | $ | 0 | $ | 44,619,874 | $ | 0 | $ | 44,619,874 | ||||
Total | $ | 0 | $ | 44,619,874 | $ | 0 | $ | 44,619,874 | |||||
|
| ||||||||||||
OK Muni Fund | Municipal Bonds | $ | 0 | $ | 41,556,202 | $ | 0 | $ | 41,556,202 | ||||
Total | $ | 0 | $ | 41,556,202 | $ | 0 | $ | 41,556,202 | |||||
|
| ||||||||||||
Tax-Free | Municipal Bonds | $ | 0 | $ | 69,712,778 | $ | 0 | $ | 69,712,778 | ||||
Fund for MT | Total | $ | 0 | $ | 69,712,778 | $ | 0 | $ | 69,712,778 | ||||
| |||||||||||||
Tax-Free | Municipal Bonds | $ | 0 | $ | 23,505,738 | $ | 0 | $ | 23,505,738 | ||||
Fund for ND | Total | $ | 0 | $ | 23,505,738 | $ | 0 | $ | 23,505,738 |
See Schedule of Investments to view by type of obligation. The Funds did not hold any Level 3 assets during the period/year ended July 31, 2018. There were no transfers into or out of Level 1 or Level 2 during the period/year ended July 31, 2018. The Funds consider transfers into or out of Level 1 and Level 2 as of the end of the reporting period. The Funds did not hold any derivative instruments at any time during the period/year ended July 31, 2018.
NOTE 4: Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the period/year ended July 31, 2018, were as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | |||||||
Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | |||||||
Purchases | $12,654,861 | $1,980,668 | $4,134,341 | $5,677,075 | $11,719,107 | $1,835,747 | ||||||
Sales | $12,630,536 | $2,805,208 | $6,514,675 | $7,172,662 | $11,661,026 | $1,771,978 |
NOTE 5: Capital Share Transactions
Period/Year Ended 7/31/18: | KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||
Class A | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | ||||||
Shares sold | 507,788 | 107,088 | 163,569 | 201,015 | 280,416 | 186,198 | ||||||
Shares issued from reinvestments | 112,907 | 32,389 | 75,378 | 55,266 | 74,574 | 25,314 | ||||||
Shares redeemed | (985,634) | (292,662) | (623,299) | (686,011) | (814,865) | (230,542) | ||||||
Net increase (decrease) | (364,939) | (153,185) | (384,352) | (429,730) | (459,875) | (19,030) | ||||||
| ||||||||||||
|
| KS Muni |
| ME Muni |
| NE Muni |
| OK Muni |
| Tax-Free |
| Tax-Free |
Class I | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | ||||||
Shares sold | 271,590 | 44,479 | 27,880 | 89,610 | 296,915 | 29,765 | ||||||
Shares issued from reinvestments | 740 | 489 | 47 | 638 | 4,953 | 1,041 | ||||||
Shares redeemed | (3,980) | (14,441) | (7,852) | (4,094) | (42,423) | (2,719) | ||||||
Net increase (decrease) | 268,350 | 30,527 | 20,075 | 86,154 | 259,445 | 28,087 | ||||||
| ||||||||||||
Year Ended 7/31/17* and 12/31/17^: | KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||
Class A | Fund* | Fund* | Fund* | Fund* | Fund for MT^ | Fund for ND^ | ||||||
Shares sold | 588,008 | 323,622 | 884,199 | 769,237 | 695,195 | 292,668 | ||||||
Shares issued from reinvestments | 110,018 | 34,094 | 76,788 | 57,561 | 116,868 | 46,603 | ||||||
Shares redeemed | (406,064) | (324,669) | (441,003) | (651,227) | (1,597,587) | (534,065) | ||||||
Net increase (decrease) | 291,962 | 33,047 | 519,984 | 175,571 | (785,524) | (194,794) | ||||||
| ||||||||||||
Class I | ||||||||||||
Shares sold |
|
|
|
|
|
|
| 494,381 | 29,066 | |||
Shares issued from reinvestments |
|
|
|
|
|
|
| 4,433 | 976 | |||
Shares redeemed |
|
|
|
|
|
|
| (66,028) | (4,661) | |||
Net increase (decrease) |
|
|
|
|
|
|
| 432,786 | 25,381 |
Year Ended 12/30/16: | Tax-Free | Tax-Free | ||
Class A | Fund for MT | Fund for ND | ||
Shares sold | 1,749,393 | 374,263 | ||
Shares issued from reinvestments | 129,262 | 49,843 | ||
Shares redeemed | (1,058,209) | (422,651) | ||
Net increase (decrease) | 820,446 | 1,455 | ||
|
|
|
|
|
Class I | ||||
Shares sold | 82,963 | 38,603 | ||
Shares issued from reinvestments | 462 | 227 | ||
Shares redeemed | (961) | (939) | ||
Net increase (decrease) | 82,464 | 37,891 |
NOTE 6: Income Tax Information
At July 31, 2018, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | |||||||||||||
Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | |||||||||||||
Investments at cost | $ | 56,392,142 | $ | 17,505,935 | $ | 43,711,833 | $ | 40,719,604 | $ | 68,377,448 | $ | 22,889,125 | ||||||
Unrealized appreciation | $ | 1,560,252 | $ | 355,622 | $ | 1,052,026 | $ | 1,002,637 | $ | 1,529,970 | $ | 642,968 | ||||||
Unrealized depreciation | (153,277) | (3,576) | (143,985) | (166,039) | (194,640) | (26,355) | ||||||||||||
Net unrealized appreciation* | $ | 1,406,975 | $ | 352,046 | $ | 908,041 | $ | 836,598 | $ | 1,335,330 | $ | 616,613 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
* | Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount. | |||||||||||||||||
The tax character of distributions accrued were as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||||||||
Period ended 7/31/18: | Fund* | Fund* | Fund* | Fund* | Fund for MT^ | Fund for ND^ | |||||||||||
Tax-exempt income | $ | 1,627,002 | $ | 424,791 | $ | 1,117,311 | $ | 1,030,794 | $ | 1,050,299 | $ | 351,743 | |||||
Capital gains | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||
| |||||||||||||||||
Year ended 7/31/17* and 12/31/17^: | |||||||||||||||||
Tax-exempt income | $ | 1,680,455 | $ | 466,068 | $ | 1,167,219 | $ | 1,073,720 | $ | 1,838,548 | $ | 650,293 | |||||
Capital gains | $ | 0 | $ | 30 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Year Ended 12/30/16 |
| Tax-Free Fund for MT |
| Tax-Free Fund for ND |
Tax-exempt income |
| $1,995,115 |
| $673,836 |
As of July 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||||||||
Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | ||||||||||||
Undistributed tax-exempt income | $ | 27,860 | $ | 5,813 | $ | 31,215 | $ | 25,901 | $ | 31,213 | $ | 11,251 | |||||
Undistributed capital gain | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Accumulated capital and other losses | (614,870) | (403,174) | (726,742) | (291,590) | (2,992,441) | (839,055) | |||||||||||
Post-October losses deferred | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Unrealized appreciation/(depreciation)* | 1,406,975 | 352,046 | 908,041 | 836,598 | 1,335,330 | 616,613 | |||||||||||
Total accumulated earnings/(deficit) | $ | 819,965 | $ | (45,315) | $ | 212,514 | $ | 570,909 | $ | (1,625,898) | $ | (211,191) |
The Funds’ capital loss carryforward amounts as of July 31, 2018 are as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||||||||
Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | ||||||||||||
Non-expiring S-T losses | $ | 503,162 | $ | 346,309 | $ | 676,090 | $ | 149,594 | $ | 1,926,177 | $ | 563,128 | |||||
Non-expiring L-T losses | 111,708 | 56,865 | 50,652 | 141,996 | 1,066,264 | 275,927 | |||||||||||
Total | $ | 614,870 | $ | 403,174 | $ | 726,742 | $ | 291,590 | $ | 2,992,441 | $ | 839,055 |
For the period/year ended July 31, 2018, OK Muni Fund, Tax-Free Fund for MT, and Tax-Free Fund for ND reclassified net realized loss of $260,308, $106,551, and $75,200, respectively, to paid-in capital due to expired capital loss carryforwards.
NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates
Viking Fund Management (“VFM”), the Funds’ investment adviser; Integrity Funds Distributor, LLC (“Integrity Funds Distributor” or “IFD”), the Funds’ underwriter and distributor; and IFS, the Funds’ transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC (“Corridor Investors” or “Corridor”), the Funds’ sponsor. A Trustee of the Funds is also a Governor of Corridor.
VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the “Advisory Agreement”) provides for fees to be computed at an annual rate of 0.50% of each Fund’s average daily net assets. VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses and acquired fund fees and expenses, until November 29, 2018 (April 29, 2019 for Tax-Free Fund for MT and Tax-Free Fund for ND) so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2018 (April 29, 2019 for Tax-Free Fund for MT and Tax-Free Fund for ND), the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. There are no recoupment provisions in place for waived/reimbursed fees. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.
Period/Year Ended 12/31/18 | Payable 12/31/18 | |||||||
Advisory Fees* | Advisory Fees Waived | Advisory Fees* | ||||||
KS Muni Fund | $ | 192,138 | $ | 112,862 | $ | 15,753 | ||
ME Muni Fund | $ | 28,355 | $ | 65,175 | $ | 2,132 | ||
NE Muni Fund | $ | 128,105 | $ | 108,390 | $ | 10,089 | ||
OK Muni Fund | $ | 129,504 | $ | 95,940 | $ | 9,204 | ||
Tax-Free Fund for MT | $ | 132,462 | $ | 76,156 | $ | 18,781 | ||
Tax-Free Fund for ND | $ | 24,313 | $ | 45,626 | $ | 3,849 | ||
* After waivers and reimbursements, if any. |
Year Ended 12/31/17 | ||||
Advisory Fees* | Advisory Fees Waived | |||
Tax-Free Fund for MT | $ | 267,672 | $ | 112,948 |
Tax-Free Fund for ND | $ | 60,519 | $ | 69,887 |
*After waivers. |
IFD serves as the principal underwriter and distributor for the Funds and receives sales charges deducted from Fund share sales proceeds and CDSC from applicable Fund share redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse their principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called “Distribution Plan expenses.” The Funds currently pay an annual distribution fee of up to 0.25% of the average daily net assets. Certain Officers of the Funds are also Officers and Governors of IFD.
Period/Year Ended 12/31/18 | Payable 12/31/18 | ||||||||||
Sales Charges | CDSC | Distribution Fees | Distribution Fees | ||||||||
KS Muni Fund - A | $ | 77,539 | $ | 0 | $ | 150,814 | $ | 12,077 | |||
ME Muni Fund - A | $ | 18,125 | $ | 0 | $ | 46,121 | $ | 3,781 | |||
NE Muni Fund - A | $ | 18,471 | $ | 0 | $ | 118,185 | $ | 9,610 | |||
OK Muni Fund - A | $ | 32,931 | $ | 0 | $ | 111,862 | $ | 8,801 | |||
Tax-Free Fund for MT - A | $ | 30,506 | $ | 1,134 | $ | 94,724 | $ | 13,433 | |||
Tax-Free Fund for ND - A | $ | 13,325 | $ | 0 | $ | 33,854 | $ | 4,887 |
Year Ended 12/31/17 | ||||||||
Sales | Distribution | Distribution | ||||||
Charges | CDSC | Fees* | Fees Waived | |||||
Tax-Free Fund for MT - A | $ | 87,838 | $ | 0 | $ | 181,174 | $ | 0 |
Tax-Free Fund for ND - A | $ | 41,511 | $ | 0 | $ | 63,977 | $ | 0 |
*After waivers. |
IFS acts as the Funds’ transfer agent for a monthly variable fee equal to 0.14% of the Funds’ average daily net assets on an annual basis for the Funds’ first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. Sub-transfer agent out-of-pocket expenses are included in the transfer agent fees below and in the transfer agent out-of-pocket balance on the Statements of Operations. IFS also acts as the Funds’ administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% of the Funds’ average daily net assets on an annual basis for the Funds’ first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. Certain Officers of the Funds are also Officers and Governors of IFS.
Period/Year Ended 12/31/18 | Payable 12/31/18 | ||||||||||
Transfer | Admin. | Transfer | Admin. | ||||||||
Agency Fees | Service Fees | Agency Fees | Service Fees | ||||||||
KS Muni Fund | $ | 82,994 | $ | 118,326 | $ | 7,802 | $ | 10,153 | |||
ME Muni Fund | $ | 29,421 | $ | 59,114 | $ | 4,062 | $ | 5,215 | |||
NE Muni Fund | $ | 65,381 | $ | 99,144 | $ | 6,303 | $ | 8,460 | |||
OK Muni Fund | $ | 62,917 | $ | 96,050 | $ | 5,890 | $ | 8,103 | |||
Tax-Free Fund for MT | $ | 58,495 | $ | 79,471 | $ | 9,359 | $ | 11,437 | |||
Tax-Free Fund for ND | $ | 21,864 | $ | 40,640 | $ | 5,634 | $ | 5,904 |
Year Ended 12/31/17 | ||||||||
Transfer | Transfer | Admin. | Admin. | |||||
Agency | Agency | Service | Service | |||||
Fees* | Fees Waived | Fees* | Fees Waived | |||||
Tax-Free Fund for MT | $ | 94,170 | $ | 6,787 | $ | 132,645 | $ | 9,912 |
Tax-Free Fund for ND | $ | 37,407 | $ | 4,096 | $ | 64,530 | $ | 7,967 |
*After waivers. |
NOTE 8: Principal Risks
The Funds invest primarily in municipal securities from a specific state. The Funds may also invest in municipal securities of U.S. territories and possessions (such as Puerto Rico, the U.S. Virgin Islands, and Guam). Each Fund is therefore more susceptible to political, economic, legislative, or regulatory factors adversely affecting issuers of municipal securities in its specific state or U.S. territories and possessions.
Interest rate risk is the risk that bond prices will decline in value because of changes in interest rates. There is normally an inverse relationship between the fair value of securities sensitive to prevailing interest rates and actual changes in interest rates. The longer the average maturity of a Fund’s portfolio, the greater its interest rate risk.
KANSAS MUNICIPAL FUND CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | |||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||
7/31/18 | 7/31/17 | 7/29/16 | 7/31/15 | 7/31/14 | |||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.78 | $ | 11.13 | $ | 10.87 | $ | 10.85 | $ | 10.56 | |||||
| |||||||||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income (loss) | $ | 0.28 | $ | 0.30 | $ | 0.31 | $ | 0.31 | $ | 0.32 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.25) | (0.35) | 0.26 | 0.02 | 0.29 | ||||||||||
Total from investment operations | $ | 0.03 | $ | (0.05) | $ | 0.57 | $ | 0.33 | $ | 0.61 | |||||
| |||||||||||||||
Distributions from net investment income | $ | (0.28) | $ | (0.30) | $ | (0.31) | $ | (0.31) | $ | (0.32) | |||||
| |||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.53 | $ | 10.78 | $ | 11.13 | $ | 10.87 | $ | 10.85 | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
Total Return (excludes any applicable sales charge) | 0.32% | (0.42%) | 5.30% | 3.03% | 5.81% | ||||||||||
| |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||
Net assets, end of period (in thousands) | $56,489 | $61,775 | $60,489 | $58,578 | $59,516 | ||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98% | 0.98% | 0.98% | 0.98% | 1.01% | ||||||||||
Ratio of expenses to average net assets before waivers | 1.16% | 1.15% | 1.18% | 1.16% | 1.16% | ||||||||||
Ratio of net investment income to average net assets2 | 2.67% | 2.76% | 2.81% | 2.80% | 2.95% | ||||||||||
Portfolio turnover rate | 21.27% | 6.85% | 12.10% | 10.87% | 6.63% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
KANSAS MUNICIPAL FUND CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Period | |||
From | |||
11/1/17* to | |||
7/31/18 | |||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.74 | |
| |||
Income (loss) from investment operations: | |||
Net investment income (loss) | $ | 0.23 | |
Net realized and unrealized gain (loss) on investments1 | (0.20) | ||
Total from investment operations | $ | 0.03 | |
|
|
| |
Distributions from net investment income | $ | (0.23) | |
| |||
NET ASSET VALUE, END OF PERIOD | $ | 10.54 | |
|
|
| |
Total Return (excludes any applicable sales charge) | 0.31%# | ||
| |||
RATIOS/SUPPLEMENTAL DATA | |||
Net assets, end of period (in thousands) | $2,828 | ||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | ||
Ratio of expenses to average net assets before waivers | 0.92%^ | ||
Ratio of net investment income to average net assets2 | 2.99%^ | ||
Portfolio turnover rate | 21.27%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
MAINE MUNICIPAL FUND CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | |||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||
7/31/18 | 7/31/17 | 7/29/16 | 7/31/15 | 7/31/14 | |||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.88 | $ | 11.31 | $ | 10.99 | $ | 11.00 | $ | 10.79 | |||||
| |||||||||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income (loss) | $ | 0.24 | $ | 0.25 | $ | 0.27 | $ | 0.27 | $ | 0.29 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.24) | (0.43) | 0.33 | (0.01) | 0.21 | ||||||||||
Total from investment operations | $ | 0.00 | $ | (0.18) | $ | 0.60 | $ | 0.26 | $ | 0.50 | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
Less Distributions: | |||||||||||||||
Distributions from net investment income | $ | (0.24) | $ | (0.25) | $ | (0.27) | $ | (0.27) | $ | (0.29) | |||||
Distributions from net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | ||||||||||
Total distributions | $ | (0.24) | $ | (0.25) | $ | (0.28) | $ | (0.27) | $ | (0.29) | |||||
| |||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.64 | $ | 10.88 | $ | 11.31 | $ | 10.99 | $ | 11.00 | |||||
| |||||||||||||||
Total Return (excludes any applicable sales charge) | 0.04% | (1.55%) | 5.44% | 2.37% | 4.72% | ||||||||||
| |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||
Net assets, end of period (in thousands) | $17,742 | $19,811 | $20,213 | $17,475 | $17,451 | ||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98% | 0.98% | 0.98% | 0.98% | 1.01% | ||||||||||
Ratio of expenses to average net assets before waivers | 1.33% | 1.25% | 1.29% | 1.28% | 1.28% | ||||||||||
Ratio of net investment income to average net assets2 | 2.28% | 2.31% | 2.39% | 2.45% | 2.70% | ||||||||||
Portfolio turnover rate | 10.91% | 21.81% | 1.88% | 16.18% | 11.27% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
MAINE MUNICIPAL FUND CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Period | |||
From | |||
11/1/17* to | |||
7/31/18 | |||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.84 | |
| |||
Income (loss) from investment operations: | |||
Net investment income (loss) | $ | 0.20 | |
Net realized and unrealized gain (loss) on investments1 | (0.19) | ||
Total from investment operations | $ | 0.01 | |
|
|
| |
Distributions from net investment income | $ | (0.20) | |
| |||
NET ASSET VALUE, END OF PERIOD | $ | 10.65 | |
|
|
| |
Total Return (excludes any applicable sales charge) | 0.12%# | ||
| |||
RATIOS/SUPPLEMENTAL DATA | |||
Net assets, end of period (in thousands) | $325 | ||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | ||
Ratio of expenses to average net assets before waivers | 1.11%^ | ||
Ratio of net investment income to average net assets2 | 2.53%^ | ||
Portfolio turnover rate | 10.91%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
NEBRASKA MUNICIPAL FUND CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | |||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||
7/31/18 | 7/31/17 | 7/29/16 | 7/31/15 | 7/31/14 | |||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.46 | $ | 10.82 | $ | 10.48 | $ | 10.40 | $ | 9.99 | |||||
| |||||||||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income (loss) | $ | 0.24 | $ | 0.25 | $ | 0.27 | $ | 0.29 | $ | 0.29 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.21) | (0.36) | 0.34 | 0.08 | 0.41 | ||||||||||
Total from investment operations | $ | 0.03 | $ | (0.11) | $ | 0.61 | $ | 0.37 | $ | 0.70 | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
Distributions from net investment income | $ | (0.24) | $ | (0.25) | $ | (0.27) | $ | (0.29) | $ | (0.29) | |||||
| |||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.25 | $ | 10.46 | $ | 10.82 | $ | 10.48 | $ | 10.40 | |||||
| |||||||||||||||
Total Return (excludes any applicable sales charge) | 0.34% | (1.01%) | 5.94% | 3.54% | 7.14% | ||||||||||
| |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||
Net assets, end of period (in thousands) | $45,182 | $50,095 | $46,217 | $41,189 | $39,734 | ||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98% | 0.98% | 0.98% | 0.98% | 1.01% | ||||||||||
Ratio of expenses to average net assets before waivers | 1.21% | 1.18% | 1.20% | 1.19% | 1.20% | ||||||||||
Ratio of net investment income to average net assets2 | 2.36% | 2.35% | 2.58% | 2.72% | 2.89% | ||||||||||
Portfolio turnover rate | 8.99% | 22.92% | 7.47% | 11.76% | 3.88% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
NEBRASKA MUNICIPAL FUND CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Period | |||
From | |||
11/1/17* to | |||
7/31/18 | |||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.42 | |
| |||
Income (loss) from investment operations: | |||
Net investment income (loss) | $ | 0.20 | |
Net realized and unrealized gain (loss) on investments1 | (0.17) | ||
Total from investment operations | $ | 0.03 | |
|
|
| |
Distributions from net investment income | $ | (0.20) | |
| |||
NET ASSET VALUE, END OF PERIOD | $ | 10.25 | |
|
|
| |
Total Return (excludes any applicable sales charge) | 0.32%# | ||
| |||
RATIOS/SUPPLEMENTAL DATA | |||
Net assets, end of period (in thousands) | $206 | ||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | ||
Ratio of expenses to average net assets before waivers | 0.97%^ | ||
Ratio of net investment income to average net assets2 | 2.63%^ | ||
Portfolio turnover rate | 8.99%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
OKLAHOMA MUNICIPAL FUND CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Year | Year | Year | Year | Year | |||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||
7/31/18 | 7/31/17 | 7/29/16 | 7/31/15 | 7/31/14 | |||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.74 | $ | 12.10 | $ | 11.64 | $ | 11.60 | $ | 11.20 | |||||
| |||||||||||||||
Income (loss) from investment operations: | |||||||||||||||
Net investment income (loss) | $ | 0.27 | $ | 0.27 | $ | 0.28 | $ | 0.29 | $ | 0.31 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.27) | (0.36) | 0.46 | 0.04 | 0.40 | ||||||||||
Total from investment operations |
| 0.00 | $ | (0.09) | $ | 0.74 | $ | 0.33 | $ | 0.71 | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
Distributions from net investment income | $ | (0.27) | $ | (0.27) | $ | (0.28) | $ | (0.29) | $ | (0.31) | |||||
| |||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 11.47 | $ | 11.74 | $ | 12.10 | $ | 11.64 | $ | 11.60 | |||||
| |||||||||||||||
Total Return (excludes any applicable sales charge) | (0.04%) | (0.71%) | 6.47% | 2.82% | 6.42% | ||||||||||
| |||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||
Net assets, end of period (in thousands) | $41,362 | $47,374 | $46,718 | $42,427 | $38,795 | ||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98% | 0.98% | 0.98% | 0.98% | 1.01% | ||||||||||
Ratio of expenses to average net assets before waivers | 1.19% | 1.16% | 1.19% | 1.18% | 1.19% | ||||||||||
Ratio of net investment income to average net assets2 | 2.28% | 2.30% | 2.40% | 2.44% | 2.72% | ||||||||||
Portfolio turnover rate | 13.03% | 5.30% | 10.58% | 14.53% | 1.41% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
OKLAHOMA MUNICIPAL FUND CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Period | |||
From | |||
11/1/17* to | |||
7/31/18 | |||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.69 | |
| |||
Income (loss) from investment operations: | |||
Net investment income (loss) | $ | 0.22 | |
Net realized and unrealized gain (loss) on investments1 | (0.21) | ||
Total from investment operations | $ | 0.01 | |
|
|
| |
Distributions from net investment income | $ | (0.22) | |
| |||
NET ASSET VALUE, END OF PERIOD | $ | 11.48 | |
|
|
| |
Total Return (excludes any applicable sales charge) | 0.10%# | ||
| |||
RATIOS/SUPPLEMENTAL DATA | |||
Net assets, end of period (in thousands) | $989 | ||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | ||
Ratio of expenses to average net assets before waivers | 0.96%^ | ||
Ratio of net investment income to average net assets2 | 2.62%^ | ||
Portfolio turnover rate | 13.03%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
VIKING TAX-FREE FUND FOR MONTANA CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Seven | |||||||||||||||||
Months | Year | Year | Year | Year | Year | ||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||
7/31/18 | 12/31/17 | 12/30/16 | 12/31/15 | 12/31/14 | 12/31/13 | ||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.08 | $ | 9.95 | $ | 10.26 | $ | 10.23 | $ | 9.83 | $ | 10.50 | |||||
| |||||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||
Net investment income (loss) | $ | 0.14 | $ | 0.24 | $ | 0.27 | $ | 0.29 | $ | 0.29 | $ | 0.28 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.22) | 0.13 | (0.31) | 0.03 | 0.40 | (0.67) | |||||||||||
Total from investment operations | $ | (0.08) | $ | 0.37 | $ | (0.04) | $ | 0.32 | $ | 0.69 | $ | (0.39) | |||||
| |||||||||||||||||
Less Distributions: | |||||||||||||||||
Dividends from net investment income | $ | (0.14) | $ | (0.24) | $ | (0.27) | $ | (0.29) | $ | (0.29) | $ | (0.28) | |||||
Total distributions | $ | (0.14) | $ | (0.24) | $ | (0.27) | $ | (0.29) | $ | (0.29) | $ | (0.28) | |||||
| |||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 9.86 | $ | 10.08 | $ | 9.95 | $ | 10.26 | $ | 10.23 | $ | 9.83 | |||||
| |||||||||||||||||
Total Return (excludes any applicable sales charge) | (0.74%)# | 3.77% | (0.43%) | 3.21% | 7.08% | (3.80%) | |||||||||||
| |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period (in thousands) | $62,913 | $68,990 | $75,870 | $69,811 | $68,064 | $69,452 | |||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98%^ | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||||
Ratio of expenses to average net assets before waivers | 1.17%^ | 1.15% | 1.16% | 1.15% | 1.14% | 1.15% | |||||||||||
Ratio of net investment income to average net assets2 | 2.52%^ | 2.42% | 2.63% | 2.87% | 2.86% | 2.71% | |||||||||||
Portfolio turnover rate | 16.63%# | 20.44% | 16.58% | 11.91% | 13.20% | 32.66% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
VIKING TAX-FREE FUND FOR MONTANA CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Seven | Period | ||||||||
Months | Year | From | |||||||
Ended | Ended | 8/1/16* to | |||||||
7/31/18 | 12/31/17 | 12/30/16 | |||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.08 | $ | 9.95 | $ | 10.41 | |||
| |||||||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) | $ | 0.16 | $ | 0.27 | $ | 0.12 | |||
Net realized and unrealized gain (loss) on investments1 | (0.22) | 0.13 | (0.46) | ||||||
Total from investment operations | $ | (0.06) | $ | 0.40 | $ | (0.34) | |||
| |||||||||
Less Distributions: | |||||||||
Dividends from net investment income | $ | (0.16) | $ | (0.27) | $ | (0.12) | |||
Total distributions | $ | (0.16) | $ | (0.27) | $ | (0.12) | |||
| |||||||||
NET ASSET VALUE, END OF PERIOD | $ | 9.86 | $ | 10.08 | $ | 9.95 | |||
| |||||||||
Total Return (excludes any applicable sales charge) | (0.59%)# | 4.03% | (3.32%)# | ||||||
| |||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||
Net assets, end of period (in thousands) | $7,639 | $5,196 | $821 | ||||||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | 0.73% | 0.73%^ | ||||||
Ratio of expenses to average net assets before waivers | 0.91%^ | 0.90% | 0.92%^ | ||||||
Ratio of net investment income to average net assets2 | 2.77%^ | 2.65% | 2.74%^ | ||||||
Portfolio turnover rate | 16.63%# | 20.44% | 16.58%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS A
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Seven | |||||||||||||||||
Months | Year | Year | Year | Year | Year | ||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||
7/31/18 | 12/31/17 | 12/30/16 | 12/31/15 | 12/31/14 | 12/31/13 | ||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.26 | $ | 10.20 | $ | 10.47 | $ | 10.39 | $ | 9.94 | $ | 10.62 | |||||
| |||||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||
Net investment income (loss) | $ | 0.15 | $ | 0.26 | $ | 0.27 | $ | 0.27 | $ | 0.28 | $ | 0.28 | |||||
Net realized and unrealized gain (loss) on investments1 | (0.19) | 0.06 | (0.27) | 0.08 | 0.45 | (0.68) | |||||||||||
Total from investment operations | $ | (0.04) | $ | 0.32 | $ | 0.00 | $ | 0.35 | $ | 0.73 | $ | (0.40) | |||||
| |||||||||||||||||
Less Distributions: | |||||||||||||||||
Dividends from net investment income | $ | (0.15) | $ | (0.26) | $ | (0.27) | $ | (0.27) | $ | (0.28) | $ | (0.28) | |||||
Total distributions | $ | (0.15) | $ | (0.26) | $ | (0.27) | $ | (0.27) | $ | (0.28) | $ | (0.28) | |||||
| |||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.07 | $ | 10.26 | $ | 10.20 | $ | 10.47 | $ | 10.39 | $ | 9.94 | |||||
| |||||||||||||||||
Total Return (excludes any applicable sales charge) | (0.40%)# | 3.12% | (0.08%) | 3.43% | 7.43% | (3.80%) | |||||||||||
| |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period (in thousands) | $22,910 | $23,548 | $25,385 | $26,045 | $25,449 | $24,140 | |||||||||||
Ratio of expenses to average net assets after waivers2 | 0.98%^ | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||||
Ratio of expenses to average net assets before waivers | 1.31%^ | 1.30% | 1.27% | 1.24% | 1.23% | 1.24% | |||||||||||
Ratio of net investment income to average net assets2 | 2.54%^ | 2.51% | 2.53% | 2.62% | 2.75% | 2.73% | |||||||||||
Portfolio turnover rate | 7.57%# | 11.14% | 13.28% | 19.05% | 18.46% | 37.28% |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS I
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for the periods indicated
Seven | Period | ||||||||
Months | Year | From | |||||||
Ended | Ended | 8/1/16* to | |||||||
7/31/18 | 12/31/17 | 12/30/16 | |||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.26 | $ | 10.20 | $ | 10.65 | |||
| |||||||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss) | $ | 0.16 | $ | 0.28 | $ | 0.12 | |||
Net realized and unrealized gain (loss) on investments1 | (0.19) | 0.06 | (0.45) | ||||||
Total from investment operations | $ | (0.03) | $ | 0.34 | $ | (0.33) | |||
| |||||||||
Less Distributions: | |||||||||
Dividends from net investment income | $ | (0.16) | $ | (0.28) | $ | (0.12) | |||
Total distributions | $ | (0.16) | $ | (0.28) | $ | (0.12) | |||
| |||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.07 | $ | 10.26 | $ | 10.20 | |||
| |||||||||
Total Return (excludes any applicable sales charge) | (0.25%)# | 3.38% | (3.11%)# | ||||||
| |||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||
Net assets, end of period (in thousands) | $920 | $649 | $386 | ||||||
Ratio of expenses to average net assets after waivers2 | 0.73%^ | 0.73% | 0.73%^ | ||||||
Ratio of expenses to average net assets before waivers | 1.06%^ | 1.04% | 1.05%^ | ||||||
Ratio of net investment income to average net assets2 | 2.78%^ | 2.75% | 2.82%^ | ||||||
Portfolio turnover rate | 7.57%# | 11.14% | 13.28%# |
1 | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
2 | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
^ | Annualized |
# | Not Annualized. |
* | Commencement of operations. |
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.
The accompanying notes are an integral part of these financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
Viking Mutual Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Viking Mutual Funds, comprising the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota (the “Funds”), as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five periods in the period then ended for the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, and the related statements of operations for the seven months ended July 31, 2018 and for the year ended December 31, 2017, the statements of changes in net assets for the seven months ended July 31, 2018 and for the years ended December 31, 2017 and 2016, including the related notes, and the financial highlightsfor each of the periods indicated in the period ended July 31, 2018 for the Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated in the period ended July 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits.We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of July 31, 2018, or by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received.Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies advised by Viking Fund Management since 2009.
COHEN & COMPANY, LTD.
Cleveland, Ohio
September 13, 2018
EXPENSE EXAMPLE (unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the one-half year period shown below and held for the entire one-half year period.
Actual expenses - The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an account value of $8,600 divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate column for your share class in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes - The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses |
| ||
Account | Account | Paid | Annualized |
| |
Value | Value | During | Expense |
| |
| 1/31/18 | 7/31/18 | Period* | Ratio |
|
Kansas Municipal Fund |
| ||||
Actual - Class A | $1,000.00 | $1,006.00 | $4.87 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,007.20 | $3.63 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
Maine Municipal Fund |
| ||||
Actual - Class A | $1,000.00 | $1,006.70 | $4.88 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,008.90 | $3.64 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
Nebraska Municipal Fund |
| ||||
Actual - Class A | $1,000.00 | $1,006.20 | $4.87 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,008.40 | $3.64 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
Oklahoma Municipal Fund |
| ||||
Actual - Class A | $1,000.00 | $1,006.60 | $4.88 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,008.70 | $3.64 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
Viking Tax-Free Fund of Montana |
| ||||
Actual - Class A | $1,000.00 | $1,007.50 | $4.88 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,008.70 | $3.64 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
Viking Tax-Free Fund of North Dakota |
| ||||
Actual - Class A | $1,000.00 | $1,006.50 | $4.88 | 0.98% |
|
Actual - Class I | $1,000.00 | $1,007.80 | $3.63 | 0.73% |
|
Hypothetical - Class A (5% return before expenses) | $1,000.00 | $1,019.93 | $4.91 | 0.98% |
|
Hypothetical - Class I (5% return before expenses) | $1,000.00 | $1,021.17 | $3.66 | 0.73% |
|
*Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied 181 days in the one-half year period, and divided by 365 days in the fiscal year (to reflect the one-half year period). | |||||
BOARD OF TRUSTEES AND OFFICERS (unaudited)
The Board of Trustees (“Board”) of the Funds consists of four Trustees (the “Trustees”). These same individuals, unless otherwise noted, also serve as trustees for the five series of The Integrity. Three Trustees are not “interested persons” (75% of the total) as defined under the 1940 Act (the “Independent Trustees”). The remaining Trustee is “interested” (the “Interested Trustees”) by virtue of his affiliation with Viking Fund Management, LLC and its affiliates.”
For the purposes of this section, the “Fund Complex” consists of the five series of The Integrity Funds and the six series of Viking Mutual Funds.
Each Trustee serves a Fund until its termination; or until the Trustee’s retirement, resignation, or death; or otherwise as specified in the Funds’ organizational documents. Each Officer serves an annual term. The tables that follow show information for each Trustee and Officer of the Funds.
INDEPENDENT TRUSTEES |
|
Name, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex | Principal Occupations for Past Five Years |
Wade A. Dokken | Principal occupation(s): Member, WealthVest Financial Partners (2009 to present); Co-President, WealthVest Marketing (2009 to present), Trustee: Integrity Managed Portfolios (2016 to 2018), The Integrity Funds (2016 to present), and Viking Mutual Funds (2016 to present) Other Directorships Held: Not Applicable |
R. James Maxson | Principal occupation(s): Attorney: Maxson Law Office P.C. (2002 to present); Trustee: Integrity Managed Portfolios (1999 to 2018), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Peoples State Bank of Velva, St. Joseph’s Community Health Foundation and St. Joseph’s Foundation, Minot Community Land Trust |
Jerry M. Stai | Principal occupation(s): Minot State University (1999 to present); Non-Profit Specialist, Bremer Bank (2006 to 2014); Trustee: Integrity Managed Portfolios (2006 to 2018), The Integrity Funds (2006 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
The Statement of Additional Information (“SAI”) contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.
INTERESTED TRUSTEE |
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Name, Position with Trust, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex | Principal Occupations for Past Five Years |
Robert E. Walstad(1) | Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Portfolio Manager (2010 to 2013): Viking Fund Management, LLC; Trustee and Chairman: Integrity Managed Portfolios (1996 to 2018), The Integrity Funds (2003 to present),and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
(1) Trustee who is an “interested person” of the Funds as defined in the 1940 Act. Mr. Walstad is an interested person by virtue of being an Officer of the Funds and ownership in Corridor Investors, LLC the parent company of Viking Fund Management, Integrity Fund Services, and Integrity Fund Distributors.
OTHER OFFICERS |
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Name, Position with Trust, Date of Birth, and Date Service Began | Principal Occupations for Past Five Years |
Shannon D. Radke | Principal occupation(s): Governor, CEO, and President (2009 to present): Corridor Investors, LLC; Governor and President (1998 to present) and Senior Portfolio Manager (1999 to present): Viking Fund Management, LLC; Governor and President (2009 to present): Integrity Fund Services, LLC and Integrity Funds Distributor, LLC; President: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds (2009 to present), and Viking Mutual Funds (1999 to present) Other Directorships Held: Not Applicable |
Peter A. Quist | Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Attorney (inactive); Vice President: Integrity Managed Portfolios (1996 to 2018); The Integrity Funds (2003 to present); and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
Adam C. Forthun | Principal occupation(s): Fund Accounting Manager (2008 to present) and Chief Operating Officer (2013 to present): Integrity Fund Services, LLC; Treasurer: Integrity Managed Portfolios (2008 to 2018), The Integrity Funds (2008 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
Brent M. Wheeler MF CCO: August 2009 Secretary: October 2009 | Principal occupation(s): Mutual Fund Chief Compliance Officer: Integrity Managed Portfolios (2005 to 2018), The Integrity Funds, (2005 to present), and Viking Mutual Funds (2009 to present); Secretary: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable |
The SAI contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.
PRIVACY POLICY
Rev. 11/2017
FACTS | WHAT DOES INTEGRITY VIKING FUNDS DO WITH YOUR PERSONAL INFORMATION? |
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Why? | Financial companies choose how they share your personal information.Federal law gives consumers the right to limit some but not all sharing.Federal law also requires us to tell you how we collect, share, and protect your personal information.Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us.This information can include:
· Social Security number, name, address · Account balance, transaction history, account transactions · Investment experience, wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business.In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Integrity Viking Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Integrity Viking Funds share? | Can you limit this sharing? |
For our everyday business purposes- such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes- to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes- information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes- information about your creditworthiness | No | We don’t share |
For non-affiliates to market to you | No | We don’t share |
Questions? | Call 1-800-601-5593 or go to www.integrityvikingfunds.com |
PRIVACY POLICY (Continued)
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Who we are | |
Who is providing this notice? | Integrity Viking Funds (a family of investment companies) |
What we do | |
How does Integrity Viking Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.These measures include computer safeguards and secured files and buildings. We
· train employees on privacy, information security and protection of client information. · limit access to nonpublic personal information to those employees requiring such information in performing their job functions. |
How does Integrity Viking Funds collect my personal information? | We collect your personal information, for example, when you:
· open an account or seek financial or tax advice · provide account information or give us your contact information · make a wire transfer
We also collect your personal information from other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only:
· sharing for affiliates’ everyday business purposes-information about your creditworthiness · affiliates from using your information to market to you · sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control.They can be financial and nonfinancial companies
· The Integrity Funds · Viking Mutual Funds · Corridor Investors, LLC · Viking Fund Management, LLC · Integrity Funds Distributor, LLC · Integrity Fund Services, LLC |
Non-affiliates | Companies not related by common ownership or control.They can be financial and nonfinancial companies.
Integrity Viking Funds does not share with non-affiliates so they can market to you. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you.
Integrity Viking Funds doesn’t jointly market. |
Integrity Viking Funds includes:
· The Integrity Funds
· Viking Mutual Funds
PROXY VOTING OF FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in each Fund’s portfolio is available, without charge and upon request, by calling 800-276-1262. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through the Funds’ website at www.integrityvikingfunds.com. The information is also available from the Electronic Data Gathering Analysis and Retrieval (“EDGAR”) database on the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
Within 60 days of the end of its second and fourth fiscal quarters, the Funds provide a complete schedule of portfolio holdings in their semi-annual and annual reports on the Form N-CSR(S). These reports are filed electronically with the SEC and are delivered to the shareholders of the Funds. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q and N-CSR(S) are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q and N-CSR(S) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090. You may also access this information from the Funds’ website at www.integrityvikingfunds.com.
SHAREHOLDER INQUIRIES AND MAILINGS
Direct inquiries regarding the Funds to: | Direct inquiries regarding account information to: |
To reduce their expenses, the Funds may mail only one copy of its prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive additional copies of these documents, please call Integrity Funds Distributor at 800-276-1262 or contact your financial institution. Integrity Funds Distributor will begin sending you individual copies 30 days after receiving your request.
Integrity Viking Funds are sold by prospectus only. An investor should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You may obtain a prospectus at no cost from your financial adviser or at www.integrityvikingfunds.com. Please read the prospectus carefully before investing.
Equity Funds
Integrity Dividend Harvest Fund
Integrity Energized Dividend Fund
Integrity Growth & Income Fund
Williston Basin/Mid-North America Stock Fund
Corporate Bond Fund
Integrity High Income Fund
State-Specific Tax-Exempt Bond Funds
Kansas Municipal Fund
Maine Municipal Fund
Nebraska Municipal Fund
Oklahoma Municipal Fund
Viking Tax-Free Fund for Montana
Viking Tax-Free Fund for North Dakota
Item 2. CODE OF ETHICS.
At the end of the period covered by this report, the registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR that applies to the registrant’s principal executive officer and principal financial officer (herein referred to as the “Code”). There were no amendments to the Code during the period covered by this report. The registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period of this report. The Code is available on the Integrity Viking Funds website at http://www.integrityvikingfunds.com. A copy of the Code is also available, without charge, upon request by calling 800-601-5593. The Code is filed herewith pursuant to Item 12(a)(1) as EX-99.CODE ETH.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that Jerry Stai is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stai is “independent” for purposes of Item 3 of Form N-CSR.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
| (a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen Fund Audit Services, Ltd. (“Cohen”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $42,194 for the period ended July 31, 2018, and $18,300 for the year ended December 31, 2017. | ||
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| (b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the period ended July 31, 2018, and $0 for the year ended December 31, 2017. | ||
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| (c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,000 for the period ended July 31, 2018, and $5,000 for the year ended December 31, 2017. Such services included review of excise distribution calculations (if applicable), preparation of the Trust’s federal, state, and excise tax returns, tax services related to mergers, and routine counseling. | ||
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| (d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen, other than the services reported in paragraphs (a) through (c) of this Item: None. | ||
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| (e) | (1) | Audit Committee Pre-Approval Policies and Procedures | |
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| The registrant’s audit committee has adopted policies and procedures that require the audit committee to pre-approve all audit and non-audit services provided to the registrant by the principal accountant. |
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| (2) | Percentage of services referred to in 4(b) through 4(d) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X | |
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| 0% of the services described in paragraphs (b) through (d) of Item 4 were not pre-approved by the audit committee. |
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| (f) | All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year-end were performed by Cohen’s full-time permanent employees. | ||
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| (g) | Non-Audit Fees: None. | ||
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| (h) | Principal Accountant’s Independence: The registrant’s auditor did not provide any non-audit services to the registrant’s investment adviser or any entity controlling, controlled by, or controlled with the registrant’s investment adviser that provides ongoing services to the registrant. |
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
Item 6. INVESTMENTS.
The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable
Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees in the last fiscal half-year.
Item 11. CONTROLS AND PROCEDURES.
| (a) | Based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the registrant’s principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. |
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| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. EXHIBITS.
| (a) | (1) | Code of ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99. CODE ETH. |
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| (2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the 1940 Act (17 CFR 270.30a-2) is filed and attached hereto as EX-99. CERT. |
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| (3) | Not applicable. |
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| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Viking Mutual Funds
By: /s/ Shannon D. Radke
Shannon D. Radke
President
Date: September 21, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Shannon D. Radke
Shannon D. Radke
President
Date: September 21, 2018
By: /s/ Adam Forthun
Adam Forthun
Treasurer
Date: September 21, 2018