Item 1. SCHEDULE OF INVESTMENTS
KANSAS MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2020 (unaudited) | ||||
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (94.9%) | ||||
| ||||
Education (2.6%) | ||||
Johnson County Community College Foundation Inc 4.000% 11/15/2023 | $ | 870,000 | $ | 955,556 |
Kansas Development Finance Authority 5.000% 06/01/2027 | 250,000 | 260,752 | ||
Kansas Development Finance Authority 3.000% 10/01/2044 | 500,000 | 479,165 | ||
| 1,695,473 | |||
General Obligation (36.5%) | ||||
*Allen County Unified School District No 257 3.000% 09/01/2038 | 1,000,000 | 1,007,820 | ||
City of Bonner Springs KS 3.000% 09/01/2044 | 1,060,000 | 1,094,249 | ||
City of Bonner Springs KS 2.000% 09/01/2040 | 325,000 | 280,592 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 | 250,000 | 286,065 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 | 250,000 | 288,602 | ||
City of Burlingame KS 3.000% 09/01/2045 | 365,000 | 353,203 | ||
County of Clay KS 4.000% 10/01/2036 | 500,000 | 533,415 | ||
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 | 250,000 | 279,793 | ||
Geary County Unified School District No 475 4.000% 09/01/2033 | 350,000 | 384,941 | ||
Greenwood County Unified School District No 389 Eureka 4.000% 09/01/2021 | 150,000 | 155,210 | ||
City of Hillsboro KS 3.000% 09/01/2024 | 100,000 | 101,094 | ||
City of Hillsboro KS 3.000% 09/01/2027 | 225,000 | 225,594 | ||
City of Hillsboro KS 3.000% 09/01/2028 | 230,000 | 231,670 | ||
City of Hillsboro KS 3.000% 09/01/2029 | 240,000 | 240,127 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 | 2,000,000 | 2,405,900 | ||
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 | 250,000 | 284,185 | ||
City of Junction City KS 5.000% 09/01/2025 | 5,000 | 5,029 | ||
Leavenworth County Unified School District No 453 4.000% 09/01/2037 | 650,000 | 711,035 | ||
Leavenworth County Unified School District No 464 4.000% 09/01/2031 | 500,000 | 554,320 | ||
County of Linn KS 3.000% 07/01/2036 | 1,100,000 | 1,132,934 | ||
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2039 | 750,000 | 814,298 | ||
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2048 | 1,000,000 | 1,030,540 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 10,000 | 10,564 | ||
Neosho County Unified School District No 413 4.000% 09/01/2031 | 250,000 | 266,413 | ||
Rice County Unified School District No 444 4.000% 09/01/2031 | 710,000 | 815,989 | ||
Riley County Unified School District No 378 Riley 4.000% 09/01/2028 | 680,000 | 787,760 | ||
Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 | 1,000,000 | 1,099,700 | ||
County of Scott KS 5.000% 04/01/2032 | 500,000 | 586,960 | ||
Sedgwick County Unified School District No 261 Haysville 5.000% 11/01/2021 | 5,000 | 5,017 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 | 405,000 | 456,228 | ||
County of Seward KS 5.000% 08/01/2034 | 240,000 | 242,378 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2034 | 500,000 | 548,210 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 | 85,000 | 92,698 | ||
City of South Hutchinson KS 4.000% 10/01/2038 | 355,000 | 366,857 | ||
County of Thomas KS 3.000% 12/01/2047 | 1,000,000 | 1,001,980 | ||
City of Topeka KS 3.000% 08/15/2020 | 500,000 | 502,810 | ||
City of Topeka KS 3.000% 08/15/2021 | 1,000,000 | 1,025,440 | ||
City of Topeka KS 3.000% 08/15/2022 | 500,000 | 521,780 | ||
City of Wichita KS 4.500% 09/01/2022 | 150,000 | 150,959 | ||
City of Wichita KS 4.750% 09/01/2027 | 180,000 | 181,028 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2038 | 1,000,000 | 950,760 | ||
Wyandotte County Kansas City Unified Government 2.375% 08/01/2040 | 1,000,000 | 943,520 | ||
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,210,760 | ||
| 24,168,427 | |||
Health Care (16.1%) | ||||
Ashland Public Building Commission 5.000% 09/01/2030 | 1,020,000 | 1,085,249 | ||
Ashland Public Building Commission 5.000% 09/01/2035 | 500,000 | 523,985 | ||
Ashland Public Building Commission 5.000% 09/01/2032 | 550,000 | 589,985 | ||
Kansas Development Finance Authority 4.125% 11/15/2027 | 100,000 | 106,694 | ||
City of Lawrence KS 5.000% 07/01/2043 | 1,500,000 | 1,741,410 | ||
City of Manhattan KS 5.000% 11/15/2023 | 250,000 | 274,307 | ||
City of Manhattan KS 5.000% 11/15/2024 | 250,000 | 274,017 | ||
City of Manhattan KS 5.000% 11/15/2029 | 500,000 | 542,060 | ||
City of Olathe KS 4.000% 09/01/2028 | 250,000 | 258,120 | ||
City of Olathe KS 4.000% 09/01/2030 | 295,000 | 303,708 | ||
University of Kansas Hospital Authority 4.000% 09/01/2040 | 500,000 | 525,895 | ||
University of Kansas Hospital Authority 5.000% 09/01/2035 | 500,000 | 567,320 | ||
University of Kansas Hospital Authority 4.000% 09/01/2048 | 1,000,000 | 1,068,800 | ||
University of Kansas Hospital Authority 5.000% 09/01/2048 | 2,000,000 | 2,346,800 | ||
University of Kansas Hospital Authority 3.000% 03/01/2041 | 500,000 | 478,720 | ||
| 10,687,070 | |||
Other Revenue (9.2%) | ||||
Dickson County Public Building Commission 4.000% 08/01/2038 | 750,000 | 831,030 | ||
Johnson County Public Building Commission 4.000% 09/01/2022 | 405,000 | 432,981 | ||
Kansas Development Finance Authority 4.125% 05/01/2031 | 500,000 | 500,040 | ||
Kansas Development Finance Authority 3.000% 11/01/2033 | 1,000,000 | 1,031,580 | ||
City of Manhattan KS 5.000% 12/01/2026 | 355,000 | 355,554 | ||
City of Manhattan KS 4.500% 12/01/2025 | 500,000 | 509,775 | ||
*City of Manhattan KS 5.000% 12/01/2032 | 1,000,000 | 1,020,870 | ||
Topeka Public Building Commission 5.000% 06/01/2022 | 255,000 | 257,583 | ||
Washington County Public Building Commission 4.000% 09/01/2028 | 100,000 | 106,064 | ||
City of Wichita KS 4.000% 09/01/2038 | 1,000,000 | 1,076,060 | ||
| 6,121,537 | |||
PreRefunded (16.9%) | ||||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 | 250,000 | 289,787 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 | 250,000 | 289,787 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 | 500,000 | 579,575 | ||
*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 | 3,000,000 | 3,534,180 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 | 135,000 | 147,897 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 | 140,000 | 153,374 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 | 115,000 | 125,958 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 | 110,000 | 120,482 | ||
Kansas Power Pool 4.500% 12/01/2028 | 500,000 | 509,485 | ||
Kansas Power Pool 5.000% 12/01/2031 | 750,000 | 767,798 | ||
Leavenworth County Unified School District No 458 5.000% 09/01/2029 | 500,000 | 564,570 | ||
Leavenworth County Unified School District No 469 4.000% 09/01/2030 | 320,000 | 340,957 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 135,000 | 142,439 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 105,000 | 110,799 | ||
City of Olathe KS 4.000% 09/01/2030 | 150,000 | 155,909 | ||
County of Seward KS 5.000% 08/01/2034 | 260,000 | 262,803 | ||
Seward County Unified School District No 480 Liberal 4.250% 09/01/2039 | 500,000 | 534,420 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 | 85,000 | 92,706 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 | 330,000 | 359,997 | ||
Washington County Public Building Commission 5.000% 09/01/2032 | 500,000 | 547,275 | ||
Washington County Public Building Commission 5.000% 09/01/2037 | 400,000 | 436,848 | ||
Washington County Public Building Commission 4.000% 09/01/2028 | 500,000 | 535,025 | ||
City of Wichita KS 5.000% 11/15/2029 | 300,000 | 317,814 | ||
Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025 | 250,000 | 281,758 | ||
| 11,201,643 | |||
Transportation (1.3%) | ||||
State of Kansas Department of Transportation 5.000% 09/01/2033 | 500,000 | 582,795 | ||
State of Kansas Department of Transportation 5.000% 09/01/2035 | 250,000 | 290,475 | ||
| 873,270 | |||
Utilities (12.3%) | ||||
*Kansas Municipal Energy Agency 5.750% 07/01/2038 | 1,000,000 | 1,111,050 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2030 | 250,000 | 291,767 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2032 | 500,000 | 575,465 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2033 | 745,000 | 852,593 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2038 | 1,000,000 | 1,128,130 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2035 | 300,000 | 341,286 | ||
Kansas Power Pool 4.000% 12/01/2031 | 500,000 | 538,000 | ||
City of Topeka KS Combined Utility Revenue 4.000% 08/01/2023 | 500,000 | 545,905 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036 | 250,000 | 260,870 | ||
*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032 | 1,250,000 | 1,347,437 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 | 500,000 | 568,665 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 | 500,000 | 600,250 | ||
| 8,161,418 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $60,603,669) | $ | 62,908,838 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (5.1%) | $ | 3,396,886 | ||
| ||||
NET ASSETS (100.0%) | $ | 66,305,724 | ||
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
MAINE MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2020 (unaudited) | ||||
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (94.3%) | ||||
| ||||
Education (9.6%) | ||||
Maine Educational Loan Authority 4.450% 12/01/2025 | $ | 100,000 | $ | 101,748 |
Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031 | 250,000 | 259,545 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026 | 940,000 | 1,096,529 | ||
| 1,457,822 | |||
General Obligation (24.7%) | ||||
City of Auburn ME 4.500% 09/01/2022 | 100,000 | 108,246 | ||
City of Biddeford ME 4.000% 10/01/2026 | 250,000 | 291,648 | ||
Town of Brunswick ME 2.500% 11/01/2041 | 500,000 | 468,925 | ||
City of Lewiston ME 2.750% 03/15/2038 | 100,000 | 98,674 | ||
City of Lewiston ME 2.750% 03/15/2039 | 250,000 | 249,083 | ||
City of Lewiston ME 2.750% 03/15/2040 | 250,000 | 249,045 | ||
State of Maine 4.000% 06/01/2020 | 150,000 | 150,401 | ||
City of Portland ME 4.250% 05/01/2029 | 150,000 | 150,548 | ||
City of Portland ME 4.125% 10/01/2029 | 100,000 | 100,674 | ||
City of Portland ME 5.000% 08/01/2021 | 125,000 | 132,181 | ||
City of Portland ME 5.000% 08/01/2022 | 125,000 | 132,230 | ||
Regional School Unit No 26 3.000% 09/01/2044 | 475,000 | 482,092 | ||
City of Saco ME 4.000% 04/01/2028 | 100,000 | 100,072 | ||
Town of Scarborough ME 4.000% 11/01/2028 | 100,000 | 109,090 | ||
Maine School Administrative District No 51 4.000% 10/15/2029 | 100,000 | 111,077 | ||
*Maine School Administrative District No 28 4.000% 05/01/2036 | 500,000 | 556,005 | ||
City of Waterville ME 4.000% 07/01/2025 | 135,000 | 140,250 | ||
Wells Ogunquit Community School District 4.000% 11/01/2024 | 100,000 | 109,928 | ||
| 3,740,169 | |||
Health Care (22.3%) | ||||
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 190,000 | 190,965 | ||
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023 | 190,000 | 191,493 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2020 | 250,000 | 251,780 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2040 | 250,000 | 251,458 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029 | 1,000,000 | 1,127,730 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030 | 500,000 | 566,195 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031 | 500,000 | 560,265 | ||
Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039 | 250,000 | 244,743 | ||
| 3,384,629 | |||
Housing (12.9%) | ||||
Maine State Housing Authority 4.000% 11/15/2035 | 435,000 | 454,671 | ||
Maine State Housing Authority 3.000% 11/15/2036 | 400,000 | 406,892 | ||
*Maine State Housing Authority 4.000% 11/15/2044 | 500,000 | 533,075 | ||
Maine State Housing Authority 3.350% 11/15/2044 | 155,000 | 157,347 | ||
Maine State Housing Authority 2.500% 11/15/2045 | 165,000 | 158,753 | ||
Maine State Housing Authority 5.000% 06/15/2024 | 250,000 | 251,465 | ||
| 1,962,203 | |||
Other Revenue (4.0%) | ||||
Maine Governmental Facilities Authority 4.000% 10/01/2024 | 200,000 | 207,990 | ||
Maine Municipal Bond Bank 4.000% 11/01/2038 | 125,000 | 130,077 | ||
Maine Municipal Bond Bank 5.000% 11/01/2025 | 125,000 | 138,130 | ||
Maine Municipal Bond Bank 5.000% 11/01/2027 | 100,000 | 116,679 | ||
Maine Municipal Bond Bank 4.900% 11/01/2024 | 5,000 | 5,058 | ||
| 597,934 | |||
PreRefunded (11.4%) | ||||
Town of Gorham ME 4.000% 10/01/2023 | 100,000 | 101,464 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2020 | 50,000 | 50,359 | ||
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 10,000 | 10,063 | ||
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023 | 10,000 | 10,076 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039 | 750,000 | 860,602 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034 | 250,000 | 289,400 | ||
Maine Health & Higher Educational Facilities Authority 4.000% 07/01/2024 | 270,000 | 287,396 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023 | 15,000 | 16,932 | ||
Regional School Unit No 1 Lower Kennebec Region School Unit 5.000% 02/01/2026 | 100,000 | 102,983 | ||
| 1,729,275 | |||
Transportation (3.9%) | ||||
Maine Turnpike Authority 4.000% 07/01/2032 | 250,000 | 267,635 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2022 | 100,000 | 108,546 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2023 | 100,000 | 111,092 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2024 | 100,000 | 110,813 | ||
| 598,086 | |||
Utilities (5.5%) | ||||
Kennebunk Light & Power District 5.000% 08/01/2022 | 315,000 | 316,584 | ||
Portland Water District 3.000% 11/01/2039 | 500,000 |
| 519,305 | |
| 835,889 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $13,866,367) | $ | 14,306,007 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (5.7%) | $ | 866,840 | ||
| ||||
NET ASSETS (100.0%) | $ | 15,172,847 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
NEBRASKA MUNICIPAL FUND | ||||
Schedule of Investments April 30, 2020 (unaudited) | ||||
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (97.6%) | ||||
| ||||
Education (0.5%) | ||||
Nebraska Educational Health & Social Services Finance Authority 5.050% 09/01/2030 | $ | 250,000 | $ | 262,795 |
| ||||
General Obligation (35.0%) | ||||
Kearney School District 3.000% 12/15/2024 | 350,000 | 375,806 | ||
Plattsmouth School District 3.000% 12/15/2039 | 1,000,000 | 1,001,480 | ||
Ponca Public Schools 3.000% 12/15/2026 | 355,000 | 377,511 | ||
Fremont School District 1.100% 12/15/2020 | 100,000 | 100,049 | ||
*Omaha School District 5.000% 12/15/2029 | 1,630,000 | 1,998,853 | ||
Omaha School District 3.000% 12/15/2042 | 1,000,000 | 1,007,930 | ||
Elkhorn School District 4.000% 12/15/2034 | 300,000 | 327,795 | ||
Elkhorn School District 4.000% 12/15/2030 | 500,000 | 564,110 | ||
Elkhorn School District 4.000% 12/15/2034 | 500,000 | 566,670 | ||
Elkhorn School District 4.000% 12/15/2037 | 300,000 | 339,510 | ||
Elkhorn School District 5.000% 06/15/2022 | 475,000 | 514,126 | ||
Douglas County School District No 59/NE 3.500% 06/15/2043 | 500,000 | 510,715 | ||
Westside Community Schools 5.000% 12/01/2038 | 235,000 | 261,781 | ||
Westside Community Schools 5.000% 12/01/2039 | 250,000 | 277,985 | ||
Hall County Airport Authority 5.000% 07/15/2030 | 410,000 | 430,750 | ||
Hall County Airport Authority 5.000% 07/15/2031 | 435,000 | 453,066 | ||
County of Kearney NE 4.000% 06/01/2024 | 350,000 | 385,620 | ||
Knox County School District N0 576 4.000% 12/15/2038 | 590,000 | 623,388 | ||
Lancaster County School District 001 5.000% 01/15/2023 | 750,000 | 829,688 | ||
City of Lincoln NE 3.000% 12/01/2039 | 685,000 | 700,145 | ||
Superior Public Schools 1.450% 12/15/2022 | 340,000 | 341,904 | ||
City of Omaha NE 4.000% 04/15/2037 | 500,000 | 570,300 | ||
City of Omaha NE 5.000% 04/15/2027 | 955,000 | 1,164,527 | ||
City of Omaha NE 5.000% 04/15/2028 | 500,000 | 605,855 | ||
City of Omaha NE 3.750% 01/15/2038 | 500,000 | 531,740 | ||
Polk County School District No 19 3.000% 06/15/2039 | 455,000 | 459,209 | ||
Gretna Public Schools 5.000% 12/15/2035 | 250,000 | 289,060 | ||
Sarpy County School District No 1 3.500% 12/15/2035 | 250,000 | 262,917 | ||
Scotts Bluff County School District No 32 5.000% 12/01/2031 | 250,000 | 292,992 | ||
City of Sidney NE 4.000% 12/15/2036 | 1,250,000 | 1,290,412 | ||
| 17,455,894 | |||
Health Care (3.8%) | ||||
Douglas County Hospital Authority No 2 5.000% 05/15/2027 | 200,000 | 239,854 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2031 | 500,000 | 549,285 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2032 | 335,000 | 366,339 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2033 | 450,000 | 489,780 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2034 | 215,000 | 234,275 | ||
| 1,879,533 | |||
Housing (4.0%) | ||||
Nebraska Investment Finance Authority 3.850% 03/01/2038 | 515,000 | 528,478 | ||
Nebraska Investment Finance Authority 3.450% 09/01/2033 | 420,000 | 447,649 | ||
Nebraska Investment Finance Authority 3.750% 09/01/2038 | 1,000,000 | 1,047,900 | ||
| 2,024,027 | |||
Other Revenue (0.9%) | ||||
Papillion Municipal Facilities Corp 3.000% 12/15/2034 | 435,000 |
| 444,292 | |
| ||||
PreRefunded (25.1%) | ||||
County of Douglas NE 5.500% 07/01/2030 | 350,000 | 352,775 | ||
*County of Douglas NE 5.875% 07/01/2040 | 1,500,000 | 1,512,810 | ||
Grand Island Public Schools 5.000% 12/15/2033 | 500,000 | 586,270 | ||
Grand Island Public Schools 5.000% 12/15/2039 | 500,000 | 586,270 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2023 | 250,000 | 264,452 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2024 | 250,000 | 264,452 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2025 | 250,000 | 264,452 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2032 | 250,000 | 264,452 | ||
*City of Lincoln NE Electric System Revenue 5.000% 09/01/2037 | 1,000,000 | 1,084,120 | ||
City of Lincoln NE 5.500% 08/15/2031 | 500,000 | 517,530 | ||
West Haymarket Joint Public Agency 5.000% 12/15/2042 | 750,000 | 799,455 | ||
*City of Omaha NE 5.000% 02/01/2027 | 1,000,000 | 1,072,300 | ||
Papio Missouri River Natural Resource District 4.000% 12/15/2030 | 1,000,000 | 1,003,760 | ||
University of Nebraska 5.000% 07/01/2035 | 1,500,000 | 1,759,200 | ||
University of Nebraska 5.000% 05/15/2035 | 500,000 | 590,720 | ||
University of Nebraska 5.000% 05/15/2033 | 250,000 | 296,390 | ||
University of Nebraska 5.000% 07/01/2042 | 1,000,000 | 1,060,770 | ||
University of Nebraska 5.000% 07/01/2038 | 250,000 | 270,785 | ||
| 12,550,963 | |||
Transportation (3.5%) | ||||
Omaha Airport Authority 5.000% 12/15/2027 | 500,000 | 589,360 | ||
Omaha Airport Authority 5.000% 12/15/2036 | 1,000,000 | 1,145,330 | ||
| 1,734,690 | |||
Utilities (24.8%) | ||||
*Central Plains Energy Project 5.000% 09/01/2027 | 2,000,000 | 2,115,820 | ||
Central Plains Energy Project 5.250% 09/01/2037 | 500,000 | 536,495 | ||
Central Plains Energy Project 5.000% 09/01/2042 | 500,000 | 529,775 | ||
City of Columbus NE Combined Revenue 4.000% 12/15/2032 | 100,000 | 111,397 | ||
City of Grand Island NE Sewer System Revenue 5.000% 09/15/2026 | 250,000 | 282,980 | ||
City of Hastings NE Combined Utility Revenue 4.000% 10/15/2032 | 500,000 | 526,640 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2025 | 275,000 | 303,077 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2027 | 400,000 | 438,268 | ||
Metropolitan Utilities District of Omaha 4.000% 12/15/2026 | 250,000 | 269,135 | ||
Municipal Energy Agency of Nebraska 5.000% 04/01/2030 | 500,000 | 536,705 | ||
Municipal Energy Agency of Nebraska 5.000% 04/01/2032 | 100,000 | 106,776 | ||
Nebraska Public Power District 5.000% 01/01/2041 | 250,000 | 286,440 | ||
*Nebraska Public Power District 5.000% 01/01/2036 | 2,355,000 | 2,709,098 | ||
Nebraska Public Power District 5.000% 01/01/2030 | 500,000 | 533,885 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2029 | 250,000 | 288,117 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2030 | 250,000 | 289,592 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2031 | 500,000 | 575,375 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2035 | 250,000 | 273,460 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2032 | 250,000 | 287,320 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2031 | 445,000 | 526,342 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2032 | 400,000 | 441,760 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2035 | 365,000 | 399,635 | ||
| 12,368,092 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST:46,975,325) | $ | 48,720,286 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (2.4%) | $ | 1,219,451 | ||
| ||||
NET ASSETS (100.0%) | $ | 49,939,737 | ||
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
OKLAHOMA MUNICIPAL BOND | ||||
Schedule of Investments April 30, 2020 (unaudited) | ||||
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (94.7%) | ||||
| ||||
Education (12.2%) | ||||
Oklahoma Agricultural & Mechanical Colleges 4.400% 08/01/2039 | $ | 630,000 | $ | 633,251 |
*Oklahoma City Community College/OK 4.375% 07/01/2030 | 750,000 | 753,645 | ||
Oklahoma Development Finance Authority 5.000% 06/01/2039 | 500,000 | 556,830 | ||
Oklahoma Development Finance Authority 5.000% 06/01/2029 | 250,000 | 287,370 | ||
Oklahoma Development Finance Authority 5.000% 06/01/2034 | 500,000 | 563,905 | ||
Oklahoma Development Finance Authority 5.000% 06/01/2039 | 500,000 | 559,120 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2030 | 280,000 | 305,491 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2031 | 290,000 | 314,418 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2032 | 305,000 | 329,479 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2033 | 315,000 | 338,786 | ||
Oklahoma State University 5.000% 08/01/2032 | 250,000 | 310,218 | ||
Oklahoma State University 4.000% 09/01/2036 | 370,000 | 416,668 | ||
University of Oklahoma/The 5.000% 07/01/2037 | 290,000 | 303,740 | ||
University of Oklahoma/The 5.000% 07/01/2036 | 500,000 | 571,805 | ||
University of Oklahoma/The 4.000% 07/01/2040 | 650,000 | 697,093 | ||
University of Oklahoma/The 5.000% 07/01/2038 | 500,000 | 571,495 | ||
| 7,513,314 | |||
General Obligation (6.6%) | ||||
City of Bartlesville OK 2.000% 12/01/2028 | 195,000 | 199,167 | ||
City of Broken Arrow OK 4.000% 12/01/2037 | 605,000 | 661,338 | ||
City of Broken Arrow OK 4.000% 12/01/2038 | 610,000 | 665,345 | ||
City of Broken Arrow OK 2.000% 12/01/2021 | 500,000 | 506,705 | ||
City of Broken Arrow OK 4.125% 08/01/2031 | 180,000 | 185,913 | ||
City of Broken Arrow OK 3.125% 12/01/2035 | 575,000 | 597,989 | ||
City of Lawton OK 2.000% 12/01/2022 | 500,000 | 509,885 | ||
City of Midwest City OK 3.000% 06/01/2041 | 500,000 | 502,230 | ||
City of Perkins OK 3.000% 06/01/2033 | 125,000 | 130,313 | ||
City of Perkins OK 3.000% 06/01/2034 | 115,000 | 116,919 | ||
| 4,075,804 | |||
Health Care (6.8%) | ||||
Norman Regional Hospital Authority 3.250% 09/01/2039 | 895,000 | 821,816 | ||
Norman Regional Hospital Authority 5.000% 09/01/2045 | 200,000 | 234,366 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2025 | 350,000 | 394,023 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2029 | 250,000 | 276,655 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2038 | 250,000 | 266,240 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2029 | 345,000 | 367,994 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2033 | 175,000 | 184,916 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2048 | 825,000 | 875,614 | ||
Oklahoma Development Finance Authority 5.000% 07/01/2035 | 250,000 | 225,383 | ||
Tulsa County Industrial Authority 3.000% 02/01/2037 | 500,000 | 499,325 | ||
| 4,146,332 | |||
Housing (1.7%) | ||||
Oklahoma Housing Finance Agency 3.000% 09/01/2039 | 1,000,000 |
| 1,016,770 | |
| ||||
Other Revenue (27.4%) | ||||
Bryan County School Finance Authority 4.000% 12/01/2028 | 385,000 | 448,733 | ||
Bryan County School Finance Authority 4.000% 12/01/2029 | 415,000 | 488,546 | ||
Bryan County School Finance Authority 4.000% 12/01/2030 | 435,000 | 507,297 | ||
Caddo County Governmental Building Authority 5.000% 09/01/2040 | 1,010,000 | 1,101,617 | ||
Elk City Industrial Authority 3.000% 05/01/2034 | 1,050,000 | 1,078,403 | ||
Elk City Industrial Authority 3.000% 05/01/2039 | 425,000 | 421,341 | ||
Garvin County Educational Facilities Authority 4.000% 09/01/2031 | 665,000 | 773,116 | ||
Goldsby Public Works Authority 3.000% 08/01/2021 | 165,000 | 166,899 | ||
Grady County School Finance Authority 5.000% 09/01/2032 | 370,000 | 445,783 | ||
Kingfisher County Educational Facilities Authority 3.000% 03/01/2033 | 250,000 | 259,208 | ||
Leflore County Public Facility Authority 3.000% 12/01/2032 | 500,000 | 510,275 | ||
Muskogee Industrial Trust 5.000% 09/01/2026 | 400,000 | 459,588 | ||
City of Oklahoma City OK 5.000% 03/01/2032 | 250,000 | 251,288 | ||
City of Oklahoma City OK 5.000% 03/01/2034 | 500,000 | 502,405 | ||
City of Oklahoma City OK 5.000% 03/01/2033 | 250,000 | 251,230 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2027 | 350,000 | 416,588 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2028 | 400,000 | 473,764 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2029 | 625,000 | 736,888 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2036 | 230,000 | 264,820 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2039 | 835,000 | 952,585 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2038 | 725,000 | 803,967 | ||
Oklahoma Capitol Improvement Authority 5.000% 07/01/2035 | 530,000 | 651,280 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 | 500,000 | 541,820 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2043 | 500,000 | 532,450 | ||
Okmulgee County Governmental Building Authority 4.250% 12/01/2035 | 500,000 | 531,355 | ||
Ottawa County Educational Facilities Authority 4.000% 09/01/2022 | 990,000 | 1,049,558 | ||
Sand Springs Municipal Authority 4.250% 01/01/2035 | 250,000 | 264,633 | ||
Sand Springs Municipal Authority 4.000% 01/01/2036 | 500,000 | 525,365 | ||
Tahlequah Public Facilities Authority 4.000% 04/01/2023 | 550,000 | 592,207 | ||
Tulsa Public Facilities Authority 3.000% 06/01/2031 | 200,000 | 208,742 | ||
Wagoner County School Development Authority 4.000% 09/01/2027 | 500,000 | 571,690 | ||
| 16,783,441 | |||
PreRefunded (4.4%) | ||||
*Grand River Dam Authority 5.250% 06/01/2040 | 2,000,000 | 2,007,040 | ||
Oklahoma Development Finance Authority 5.000% 02/15/2042 | 250,000 | 267,575 | ||
Oklahoma Turnpike Authority 5.000% 01/01/2030 | 250,000 | 257,130 | ||
Oklahoma Water Resources Board 4.000% 04/01/2025 | 150,000 | 159,089 | ||
| 2,690,834 | |||
Transportation (11.5%) | ||||
Oklahoma Capitol Improvement Authority 4.000% 10/01/2024 | 800,000 | 836,944 | ||
Oklahoma Capitol Improvement Authority 4.000% 10/01/2025 | 1,000,000 | 1,045,390 | ||
Oklahoma Turnpike Authority 5.000% 01/01/2028 | 250,000 | 251,935 | ||
Oklahoma Turnpike Authority 4.000% 01/01/2042 | 1,000,000 | 1,080,940 | ||
Oklahoma Turnpike Authority 4.000% 01/01/2038 | 100,000 | 108,221 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2023 | 420,000 | 435,456 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2024 | 230,000 | 238,160 | ||
Tulsa Airports Improvement Trust 5.250% 06/01/2025 | 245,000 | 254,268 | ||
Tulsa Airports Improvement Trust 5.250% 06/01/2026 | 360,000 | 373,414 | ||
Tulsa Airports Improvement Trust 4.000% 06/01/2035 | 1,355,000 | 1,434,295 | ||
Tulsa Airports Improvement Trust 4.000% 06/01/2036 | 145,000 | 153,361 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2027 | 300,000 | 357,285 | ||
Tulsa Parking Authority 4.000% 07/01/2025 | 500,000 | 516,350 | ||
| 7,086,019 | |||
Utilities (24.1%) | ||||
Clinton Public Works Authority 4.000% 12/01/2034 | 750,000 | 797,603 | ||
Clinton Public Works Authority 4.000% 12/01/2039 | 500,000 | 530,215 | ||
Coweta Public Works Authority 4.000% 08/01/2032 | 1,000,000 | 1,087,040 | ||
Edmond Public Works Authority 5.000% 07/01/2032 | 500,000 | 604,150 | ||
Glenpool Utility Services Authority 5.100% 12/01/2035 | 250,000 | 254,988 | ||
Miami Special Utility Authority 4.000% 12/01/2036 | 500,000 | 546,755 | ||
*Midwest City Municipal Authority 5.000% 03/01/2025 | 2,000,000 | 2,070,060 | ||
Oklahoma City Water Utilities Trust 5.000% 07/01/2031 | 250,000 | 261,843 | ||
Oklahoma City Water Utilities Trust 5.000% 07/01/2034 | 100,000 | 115,520 | ||
Oklahoma City Water Utilities Trust 4.000% 07/01/2039 | 175,000 | 188,031 | ||
*Oklahoma Municipal Power Authority 5.750% 01/01/2024 | 370,000 | 422,459 | ||
Oklahoma Water Resources Board 5.000% 04/01/2032 | 140,000 | 150,058 | ||
Oklahoma Water Resources Board 5.000% 10/01/2029 | 250,000 | 287,400 | ||
Oklahoma Water Resources Board 5.000% 10/01/2033 | 500,000 | 570,620 | ||
Oklahoma Water Resources Board 4.000% 10/01/2038 | 325,000 | 363,457 | ||
Oklahoma Water Resources Board 4.000% 10/01/2043 | 830,000 | 911,249 | ||
Oklahoma Water Resources Board 4.000% 10/01/2048 | 1,460,000 | 1,613,154 | ||
Sallisaw Municipal Authority 4.450% 01/01/2028 | 100,000 | 100,239 | ||
Sapulpa Municipal Authority 5.000% 04/01/2028 | 750,000 | 826,440 | ||
*Washington County Rural Water District No 3 3.000% 09/15/2041 | 3,000,000 | 3,049,529 | ||
| 14,750,810 | |||
| ||||
TOTAL MUNICIPAL BONDS (COST: $56,686,311 ) | $ | 58,063,324 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (5.3%) | $ | 3,254,945 | ||
| ||||
NET ASSETS (100.0%) | $ | 61,318,269 | ||
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
VIKING TAX-FREE FUND FOR MONTANA | ||||
Schedule of Investments April 30, 2020 (unaudited) | ||||
Principal | Fair | |||
| Amount |
| Value | |
MUNICIPAL BONDS (93.6%) | ||||
| ||||
Education (1.7%) | ||||
Montana State Board of Regents 4.000% 11/15/2025 | $ | 500,000 | $ | 538,615 |
Montana State Board of Regents 5.000% 11/15/2025 | 500,000 | 572,075 | ||
Montana State Board of Regents 5.000% 11/15/2030 | 240,000 | 264,934 | ||
| 1,375,624 | |||
General Obligation (43.5%) | ||||
City of Bozeman MT 4.000% 07/01/2028 | 540,000 | 596,738 | ||
City of Bozeman MT 4.000% 07/01/2034 | 500,000 | 577,940 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2030 | 225,000 | 253,377 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2032 | 240,000 | 267,276 | ||
City & County of Butte Silver Bow MT 4.500% 07/01/2034 | 850,000 | 970,607 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 | 700,000 | 796,887 | ||
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 | 455,000 | 553,694 | ||
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 | 1,000,000 | 1,121,830 | ||
City of Fort Benton MT 3.000% 07/01/2035 | 715,000 | 716,430 | ||
City of Fort Benton MT 3.000% 07/01/2040 | 770,000 | 758,866 | ||
Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034 | 500,000 | 518,605 | ||
Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035 | 300,000 | 309,024 | ||
Gallatin County School District No 72 Ophir 3.500% 07/01/2023 | 555,000 | 566,683 | ||
Gallatin County School District No 72 Ophir 3.750% 07/01/2024 | 645,000 | 658,751 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2025 | 420,000 | 429,547 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 | 610,000 | 675,874 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 | 260,000 | 286,840 | ||
Gallatin County School District No 27 Monforton 4.250% 06/15/2026 | 415,000 | 454,205 | ||
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 | 575,000 | 592,555 | ||
Gallatin County School District No 44 Belgrade 4.000% 06/01/2031 | 265,000 | 307,350 | ||
Gallatin County School District No 3 Manhattan 4.000% 07/01/2034 | 465,000 | 513,258 | ||
Missoula High School District No 1 4.000% 07/01/2032 | 275,000 | 308,800 | ||
Hellgate School District No 4 5.000% 06/15/2028 | 500,000 | 619,020 | ||
Hellgate School District No 4 5.000% 06/15/2029 | 500,000 | 615,125 | ||
Hellgate School District No 4 5.000% 06/15/2030 | 500,000 | 611,305 | ||
Desmet School District No 20 3.000% 07/01/2040 | 320,000 | 329,437 | ||
City of Missoula MT 4.000% 07/01/2031 | 250,000 | 278,615 | ||
*Missoula County Elementary School District No 1 4.000% 07/01/2032 | 500,000 | 554,680 | ||
Missoula County Elementary School District No 1 4.000% 07/01/2033 | 750,000 | 832,568 | ||
State of Montana 4.000% 08/01/2023 | 385,000 | 424,505 | ||
State of Montana 4.000% 08/01/2026 | 855,000 | 959,139 | ||
State of Montana 4.000% 08/01/2027 | 480,000 | 536,131 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037 | 250,000 | 278,023 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 | 965,000 | 1,071,362 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 | 355,000 | 392,655 | ||
County of Ravalli MT 4.250% 07/01/2027 | 150,000 | 150,390 | ||
County of Ravalli MT 4.350% 07/01/2028 | 155,000 | 155,403 | ||
County of Ravalli MT 4.400% 07/01/2029 | 165,000 | 165,429 | ||
County of Ravalli MT 4.250% 07/01/2030 | 755,000 | 830,341 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 | 250,000 | 279,500 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 | 250,000 | 278,453 | ||
Silver Bow County School District No 1 4.000% 07/01/2038 | 1,960,000 | 2,176,031 | ||
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 | 300,000 | 365,316 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 | 530,000 | 606,129 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 | 275,000 | 312,062 | ||
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 | 450,000 | 490,293 | ||
Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025 | 225,000 | 240,545 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2024 | 500,000 | 583,265 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2026 | 515,000 | 594,846 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2027 | 1,000,000 | 1,152,420 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2031 | 350,000 | 408,440 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2032 | 435,000 | 505,279 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2032 | 630,000 | 671,353 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2034 | 315,000 | 331,522 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2035 | 430,000 | 450,167 | ||
Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037 | 875,000 | 967,549 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 | 1,000,000 | 1,206,070 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 | 1,500,000 | 1,779,330 | ||
| 34,437,835 | |||
Health Care (14.0%) | ||||
Montana Facility Finance Authority 4.500% 07/01/2023 | 1,025,000 | 1,044,854 | ||
*Montana Facility Finance Authority 4.650% 07/01/2024 | 1,365,000 | 1,392,068 | ||
Montana Facility Finance Authority 4.750% 07/01/2025 | 380,000 | 387,608 | ||
Montana Facility Finance Authority 5.000% 07/01/2032 | 1,000,000 | 1,120,040 | ||
Montana Facility Finance Authority 5.000% 07/01/2033 | 1,000,000 | 1,113,730 | ||
Montana Facility Finance Authority 5.000% 08/15/2048 | 500,000 | 583,575 | ||
Montana Facility Finance Authority 4.000% 01/01/2038 | 1,000,000 | 1,078,410 | ||
Montana Facility Finance Authority 5.000% 06/01/2028 | 1,015,000 | 1,176,943 | ||
Montana Facility Finance Authority 5.000% 06/01/2029 | 915,000 | 1,069,406 | ||
Montana Facility Finance Authority 5.000% 06/01/2035 | 425,000 | 509,448 | ||
Montana Facility Finance Authority 5.000% 06/01/2036 | 700,000 | 834,540 | ||
County of Yellowstone MT 4.000% 10/01/2029 | 710,000 | 786,794 | ||
| 11,097,416 | |||
Housing (7.4%) | ||||
Montana Board of Housing 3.000% 12/01/2023 | 75,000 | 76,263 | ||
Montana Board of Housing 3.150% 06/01/2024 | 285,000 | 289,363 | ||
Montana Board of Housing 3.150% 12/01/2024 | 100,000 | 101,494 | ||
Montana Board of Housing 3.350% 06/01/2025 | 130,000 | 132,123 | ||
Montana Board of Housing 3.875% 12/01/2023 | 155,000 | 161,831 | ||
Montana Board of Housing 4.050% 06/01/2024 | 135,000 | 142,228 | ||
Montana Board of Housing 4.050% 12/01/2024 | 390,000 | 412,499 | ||
Montana Board of Housing 4.650% 12/01/2028 | 215,000 | 227,930 | ||
Montana Board of Housing 3.100% 06/01/2021 | 295,000 | 299,307 | ||
Montana Board of Housing 3.400% 12/01/2033 | 500,000 | 518,000 | ||
Montana Board of Housing 3.250% 12/01/2044 | 1,500,000 | 1,547,025 | ||
Montana Board of Housing 2.800% 12/01/2039 | 895,000 | 910,645 | ||
Montana Board of Housing 3.800% 12/01/2038 | 995,000 | 1,051,805 | ||
| 5,870,513 | |||
Other Revenue (9.3%) | ||||
City of Billings MT 5.500% 07/01/2026 | 275,000 | 279,252 | ||
City of Billings MT 4.700% 07/01/2021 | 25,000 | 25,006 | ||
City of Billings MT 4.800% 07/01/2022 | 70,000 | 69,531 | ||
City of Billings MT 4.375% 07/01/2029 | 490,000 | 491,994 | ||
*City of Billings MT 5.000% 07/01/2033 | 900,000 | 916,956 | ||
City of Billings MT 5.000% 07/01/2032 | 710,000 | 730,072 | ||
City & County of Butte Silver Bow MT 5.000% 07/01/2021 | 410,000 | 417,540 | ||
Gallatin County Rural Improvement District 5.500% 07/01/2025 | 470,000 | 471,288 | ||
*Gallatin County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,002,530 | ||
City of Kalispell MT 5.000% 07/01/2033 | 500,000 | 570,650 | ||
City of Livingston MT 4.000% 07/01/2034 | 525,000 | 540,167 | ||
Madison County Rural Improvement District 5.500% 07/01/2025 | 410,000 | 410,812 | ||
*Madison County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,001,750 | ||
City of Missoula MT 4.750% 07/01/2027 | 120,000 | 120,216 | ||
City of Missoula MT 6.000% 07/01/2030 | 200,000 | 200,964 | ||
City of Missoula MT 5.125% 07/01/2026 | 125,000 | 125,288 | ||
| 7,374,016 | |||
PreRefunded (9.9%) | ||||
City of Great Falls MT 5.550% 07/01/2029 | 275,000 | 275,778 | ||
Montana Facility Finance Authority 5.250% 06/01/2030 | 660,000 | 662,356 | ||
Montana Facility Finance Authority 5.125% 06/01/2026 | 1,000,000 | 1,003,990 | ||
Montana Facility Finance Authority 5.500% 01/01/2025 | 575,000 | 593,003 | ||
Montana Facility Finance Authority 5.750% 01/01/2031 | 815,000 | 841,871 | ||
Montana State Board of Regents 5.000% 11/15/2023 | 250,000 | 266,078 | ||
*Montana State Board of Regents 4.000% 05/15/2025 | 2,000,000 | 2,126,300 | ||
Montana State Board of Regents 4.000% 05/15/2026 | 1,145,000 | 1,217,307 | ||
*Montana Board of Housing 4.700% 12/01/2026 | 590,000 | 597,115 | ||
Montana Board of Housing 4.850% 06/01/2028 | 275,000 | 278,553 | ||
| 7,862,351 | |||
Transportation (3.1%) | ||||
City of Billings MT Airport Revenue 5.000% 07/01/2020 | 235,000 | 236,105 | ||
Missoula Parking Commission 4.000% 10/01/2026 | 835,000 | 916,104 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2024 | 100,000 | 100,205 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | 105,000 | 105,299 | ||
Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | 370,000 | 370,681 | ||
Missoula Special Improvement Districts/MT 4.625% 07/01/2023 | 240,000 | 240,792 | ||
Missoula Special Improvement Districts/MT 5.250% 07/01/2027 | 240,000 | 240,972 | ||
Missoula Special Improvement Districts/MT 5.500% 07/01/2031 | 235,000 | 235,877 | ||
| 2,446,035 | |||
Utilities (4.7%) | ||||
City of Billings MT 5.000% 07/01/2031 | 260,000 | 318,885 | ||
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 | 1,510,000 | 1,596,629 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 | 215,000 | 235,315 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 | 225,000 | 245,157 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 | 250,000 | 282,810 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 | 250,000 | 280,252 | ||
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 | 250,000 | 277,440 | ||
City of Red Lodge MT Water System Revenue 2.500% 07/01/2039 | 500,000 | 484,610 | ||
| 3,721,098 | |||
| ||||
TOTAL MUNICPAL BONDS (COST: $71,857,007) | $ | 74,184,888 | ||
| ||||
OTHER ASSETS LESS LIABILITIES (6.4%) | $ | 5,073,465 | ||
| ||||
NET ASSETS (100.0%) | $ | 79,258,353 | ||
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. | ||||
| ||||
VIKING TAX-FREE FUND FOR NORTH DAKOTA |
|
|
|
|
Schedule of Investments April 30, 2020 (unaudited) |
|
|
|
|
|
| Principal |
| Fair |
|
| Amount |
| Value |
MUNICIPAL BONDS (91.4%) |
|
|
|
|
|
|
|
|
|
Education (9.5%) |
|
|
|
|
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025 | $ | 415,000 | $ | 463,182 |
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 | 365,000 | 376,038 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 | 500,000 | 539,065 | ||
State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 | 250,000 | 254,578 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2044 | 500,000 | 549,645 | ||
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 | 200,000 | 168,482 | ||
State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 | 200,000 | 164,426 | ||
University of North Dakota 5.000% 04/01/2024 | 250,000 | 269,040 | ||
| 2,784,456 | |||
General Obligation (13.9%) |
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Dickinson Public School District No 1 4.000% 08/01/2034 | 400,000 | 435,000 | ||
City of Fargo ND 4.000% 05/01/2023 | 300,000 | 309,783 | ||
City of Grand Forks ND 4.000% 12/01/2039 | 470,000 | 519,059 | ||
City of Grand Forks ND 4.500% 05/01/2032 | 240,000 | 262,320 | ||
City of Horace ND 4.250% 05/01/2035 | 340,000 | 349,357 | ||
Mandan Public School District No 1 3.125% 08/01/2024 | 200,000 | 210,128 | ||
City of Minot ND Airport Revenue 3.500% 10/01/2025 | 570,000 | 599,104 | ||
City of Minot ND Airport Revenue 4.000% 10/01/2028 | 355,000 | 374,536 | ||
Nesson Public School District No 2 4.000% 08/01/2039 | 500,000 | 541,165 | ||
City of Williston ND 4.000% 05/01/2035 | 200,000 | 208,450 | ||
City of Williston ND 4.000% 05/01/2038 | 230,000 | 238,837 | ||
| 4,047,739 | |||
Health Care (18.5%) |
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County of Cass ND 5.000% 02/15/2033 | 445,000 | 521,682 | ||
County of Cass ND 4.125% 02/15/2037 | 595,000 | 635,139 | ||
*County of Cass ND 4.250% 02/15/2043 | 1,290,000 | 1,365,014 | ||
City of Fargo ND 5.500% 11/01/2020 | 500,000 | 512,925 | ||
City of Fargo ND 6.000% 11/01/2028 | 500,000 | 540,290 | ||
City of Grand Forks ND 5.000% 12/01/2022 | 500,000 | 525,750 | ||
City of Grand Forks ND 4.000% 12/01/2027 | 400,000 | 406,572 | ||
City of Grand Forks ND 5.000% 12/01/2032 | 250,000 | 258,310 | ||
City of Grand Forks ND 5.125% 12/01/2025 | 250,000 | 251,220 | ||
City of Grand Forks ND 3.000% 12/01/2020 | 135,000 | 135,216 | ||
City of Langdon ND 6.200% 01/01/2025 | 155,000 | 155,307 | ||
County of Ward ND 5.000% 06/01/2053 | 100,000 | 97,936 | ||
| 5,405,361 | |||
Housing (10.4%) |
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North Dakota Housing Finance Agency 3.050% 07/01/2021 | 150,000 | 151,059 | ||
*North Dakota Housing Finance Agency 3.550% 07/01/2040 | 1,000,000 | 1,025,240 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2033 | 250,000 | 262,818 | ||
North Dakota Housing Finance Agency 3.500% 07/01/2035 | 750,000 | 789,390 | ||
North Dakota Housing Finance Agency 2.950% 07/01/2039 | 250,000 | 250,465 | ||
North Dakota Housing Finance Agency 3.050% 07/01/2043 | 250,000 | 250,208 | ||
#North Dakota Housing Finance Agency 3.000% 07/01/2040 | 315,000 | 305,830 | ||
| 3,035,010 | |||
Other Revenue (21.9%) |
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County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032 | 400,000 | 416,940 | ||
City of Grand Forks ND 5.000% 12/15/2028 | 250,000 | 297,120 | ||
Jamestown Park District/ND 4.000% 07/01/2032 | 500,000 | 534,240 | ||
Jamestown Park District/ND 4.000% 07/01/2033 | 345,000 | 366,673 | ||
Jamestown Park District/ND 3.000% 07/01/2035 | 500,000 | 506,720 | ||
*City of Mandan ND 4.000% 09/01/2034 | 500,000 | 531,185 | ||
*City of Mandan ND 3.250% 09/01/2041 | 1,250,000 | 1,260,888 | ||
Minot Park District 3.000% 12/01/2028 | 250,000 | 258,598 | ||
Minot Park District 3.750% 12/01/2038 | 435,000 | 458,081 | ||
North Dakota Public Finance Authority 5.000% 06/01/2020 | 40,000 | 40,066 | ||
North Dakota Public Finance Authority 5.000% 06/01/2031 | 240,000 | 240,322 | ||
North Dakota Public Finance Authority 6.000% 06/01/2034 | 200,000 | 200,300 | ||
North Dakota Public Finance Authority 4.500% 06/01/2026 | 400,000 | 415,624 | ||
North Dakota Public Finance Authority 4.000% 06/01/2030 | 400,000 | 428,296 | ||
North Dakota Public Finance Authority 4.000% 06/01/2028 | 265,000 | 289,441 | ||
North Dakota Public Finance Authority 5.000% 06/01/2028 | 130,000 | 152,435 | ||
| 6,396,929 | |||
PreRefunded (4.7%) | ||||
County of Burleigh ND 5.000% 07/01/2022 | 300,000 | 327,789 | ||
County of Burleigh ND 4.500% 07/01/2032 | 250,000 | 268,953 | ||
County of Burleigh ND 5.000% 07/01/2035 | 500,000 | 523,385 | ||
Grand Forks Regional Airport Authority 4.500% 06/01/2028 | 230,000 | 238,779 | ||
| 1,358,906 | |||
Transportation (4.2%) |
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Grand Forks Regional Airport Authority 4.600% 06/01/2024 | 350,000 | 350,522 | ||
Grand Forks Regional Airport Authority 5.000% 06/01/2029 | 500,000 | 500,700 | ||
Grand Forks Regional Airport Authority 4.500% 06/01/2028 | 370,000 | 382,291 | ||
| 1,233,513 | |||
Utilities (8.3%) |
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City of Bismarck ND Water Revenue 3.000% 04/01/2021 | 495,000 | 498,673 | ||
*City of Bismarck ND Water Revenue 3.625% 04/01/2025 | 675,000 | 679,482 | ||
City of Bismarck ND Water Revenue 3.750% 04/01/2026 | 265,000 | 266,730 | ||
City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 | 290,000 | 279,154 | ||
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 | 485,000 | 463,636 | ||
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 | 250,000 | 240,603 | ||
| 2,428,278 | |||
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TOTAL MUNICIPAL BONDS (COST: $26,077,361) |
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| $ | 26,690,192 |
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OTHER ASSETS LESS LIABILITIES (8.6%) |
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| $ | 2,497,298 |
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NET ASSETS (100.0%) |
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| $ | 29,187,490 |
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of April 30, 2020. |
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NOTE: INVESTMENT IN SECURITIES (unaudited) | ||||||
As of April 30, 2020, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: | ||||||
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 | |
Investments at cost | $60,603,669 | $13,866,367 | $46,975,325 | $56,686,311 | $71,857,007 | $26,077,361 |
Unrealized appreciation | $2,637,767 | $491,656 | $1,845,403 | $1,788,559 | $2,703,304 | $827,223 |
Unrealized depreciation | ($332,598) | ($52,016) | ($100,442) | ($411,546) | ($375,424) | ($214,392) |
Net unrealized appreciation (depreciation)* | $2,305,169 | $439,640 | $1,744,961 | $1,377,013 | $2,327,880 | $612,831 |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) | ||||
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2020: | ||||
| ||||
Kansas Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $62,908,838 | $0 | $62,908,838 |
Total | $0 | $62,908,838 | $0 | $62,908,838 |
| ||||
Maine Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $14,306,007 | $0 | $14,306,007 |
Total | $0 | $14,306,007 | $0 | $14,306,007 |
| ||||
Nebraska Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $48,720,286 | $0 | $48,720,286 |
Total | $0 | $48,720,286 | $0 | $48,720,286 |
| ||||
Oklahoma Municipal Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $58,603,324 | $0 | $58,603,324 |
Total | $0 | $58,603,324 | $0 | $58,603,324 |
. | ||||
Viking Tax-Free Fund for Montana | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $74,184,888 | $0 | $74,184,888 |
Total | $0 | $74,184,888 | $0 | $74,184,888 |
| ||||
Viking Tax-Free Fund for North Dakota | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $26,690,192 | $0 | $26,690,192 |
Total | $0 | $26,690,192 | $0 | $26,690,192 |
Please refer to the Schedules of Investments for sector classification. There were no transfers into or out of Level 1 or Level 2 during the three months ended April 30, 2020. 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 the three months ended April 30, 2020.
A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is presented when a Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.