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, 2021
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, 2021
Investment Adviser | Principal Underwriter |
Transfer Agent | Custodian Kansas City, MO 55479 |
Independent Registered Public Accounting Firm Cleveland, OH 44115 | |
*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA
IMPORTANT NOTE: Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Integrity Viking Funds’ (the “Funds”) annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, shareholder reports will be available on the Funds’ website (https://www.integrityvikingfunds.com/Documents), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you hold Fund shares through a financial intermediary and you already elected to receive shareholder reports electronically through your financial intermediary, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by notifying your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to continue receiving paper copies of your shareholder reports, or if you are a direct investor, by calling the Funds at 800-601-5593. Your election to receive reports in paper will apply to all Funds you hold directly or through your financial intermediary, as applicable.
DEAR SHAREHOLDERS:
Enclosed is the annual report for 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 (each a “Fund” and collectively the “Funds”) For the year ended July 31, 2021 (“the period”). The Funds’ portfolios and related financial statements are presented within for your review.
Economic Recap
During the period ended July 31, 2021, the Federal Open Market Committee (“FOMC” or “Committee”) remained committed to using its full range of tools to support the U.S. economy. With progress on vaccinations and strong policy support, indicators of economic activity and employment continued to strengthen. Going forward, the Federal Reserve seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. In its last meeting, the Committee decided to keep the target range for the federal funds rate at 0 to ¼ percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.
Municipal Bond Market Recap
During the period, municipal bonds delivered positive total returns as demand remained strong for the asset class. Municipal budgets looked much stronger than expected and investors looking for higher after-tax yields continued to buy municipal bonds pushing prices higher over the period. Other factors contributing to the positive returns for municipal bonds included continued accommodative monetary policy and the passage of the American Rescue Plan which provided another $350 billion of COVID-19 relief to state and local governments. Investment grade municipal bonds, as measured by the Bloomberg Barclays Municipal Bond Index, posted a 3.29% total return for the period.
Lower rated, investment grade (i.e. BBB) municipal bonds vastly outperformed their higher rated counterparts during the period. Longer maturity (i.e. 20+ years) bonds also outperformed intermediate (i.e. 10-19 year) and shorter maturities (i.e. 1-9 year) across all credit qualities. Municipal issuance during the period totaled approximately $334.2 billion nationally, a 1.35% decrease from the preceding 12-month period. Issuance in the first half of the period lagged issuance in the preceding period’s first half. Issuance rebounded in the second half of the period to levels above the previous period’s second half bringing the total in line with last year.
Fund Performance
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 had total returns of 1.05%*, 1.00%*, 0.38%*, 2.03%*, 1.57%*, and 1.57%* for Class A shares and 1.30%*, 1.16%*, 0.63%*, 2.29%*, 1.82%*, and 1.83%* for Class I shares, respectively, during the annual period ended July 31, 2021. These compare to the Morningstar Muni Single State Intermediate Category which returned 1.93% for the period. The Funds’ returns also compare to the Bloomberg Barclays Capital Municipal Index’s return of 3.29%. The Funds underperformed the index during the period due to having a lower duration than the index. Additionally, the index is unmanaged, incurs no expenses, and it is not possible to invest directly in an unmanaged index.
The current 3.8% Medicare surtax on investment income established by the Patient Protection and Affordable Care Act (municipals are exempt) combined with the high 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 $523,601 ($628,301 for married filing jointly) in 2021 is 37.0%. The after-tax yield of a 10-year U.S. Treasury Note yielding 1.23% falls to approximately 0.73% at the 37.0% federal tax rate plus the 3.8% Medicare surtax.
We continue to focus on purchasing higher quality municipal bonds and believe security selection remains important.
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 municipal 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 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 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 1.15%, 1.40%, 1.18%, 1.14%, 1.13%, and 1.24% respectively, for Class A, and 0.90%, 1.15%, 0.93%, 0.89%, 0.88%, and 0.99% 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%, 0.98%, 0.98%, and 0.98%, respectively, for Class A, and 0.73%, 0.73%, 0.73%, 0.73%, 0.73%, and 0.73%, respectively, for Class I. Each Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 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, 2021 with the approval of the Funds’ 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 1.05% | 3.93% | 2.32% | 3.11% | 4.00% |
Class A With sales charge (2.50%) | -1.51% | 3.05% | 1.79% | 2.85% | 3.92% |
Class I Without sales charge | 1.30% | 4.15% | N/A | N/A | 3.40% |
* 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 1.15% and 0.90%, 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, 2021 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, 2021 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 1.00% | 2.83% | 1.38% | 2.54% | 3.99% |
Class A With sales charge (2.50%) | -1.51% | 1.98% | 0.87% | 2.28% | 3.90% |
Class I Without sales charge | 1.16% | 3.05% | N/A | N/A | 2.47% |
* 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 1.40% and 1.15%, 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, 2021 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, 2021 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 0.38% | 3.25% | 1.80% | 2.94% | 3.50% |
Class A With sales charge (2.50%) | -2.17% | 2.39% | 1.28% | 2.68% | 3.41% |
Class I Without sales charge | 0.63% | 3.47% | N/A | N/A | 2.86% |
* 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 1.18% and 0.93%, 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, 2021 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, 2021 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 2.03% | 3.96% | 2.21% | 3.20% | 3.78% |
Class A With sales charge (2.50%) | -0.52% | 3.10% | 1.69% | 2.93% | 3.67% |
Class I Without sales charge | 2.29% | 4.22% | N/A | N/A | 3.39% |
* 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 1.14% and 0.89%, 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, 2021 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, 2021 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 1.57% | 3.77% | 2.14% | 3.01% | 3.71% |
Class A With sales charge (2.50%) | -1.01% | 2.90% | 1.62% | 2.74% | 3.59% |
Class I Without sales charge | 1.82% | 4.03% | N/A | N/A | 2.39% |
* 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 1.13% and 0.88%, 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, 2021 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, 2021 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, 2021
| 1 year | 3 year | 5 year | 10 year | Since Inception* |
Class A Without sales charge | 1.57% | 3.24% | 1.79% | 2.84% | 3.73% |
Class A With sales charge (2.50%) | -1.00% | 2.36% | 1.28% | 2.58% | 3.61% |
Class I Without sales charge | 1.83% | 3.49% | N/A | N/A | 2.07% |
* 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 1.24% and 0.99%, 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, 2021 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, 2021 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, 2021
General Obligation | 43.0% |
Utilities | 14.5% |
Pre-Refunded | 13.4% |
Health Care | 12.2% |
Other Revenue | 8.6% |
Education | 3.7% |
Cash Equivalents and Other | 3.5% |
Transportation | 1.1% |
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, 2021
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (96.5%) | ||||
Education (3.7%) | ||||
Johnson County Community College Foundation Inc 4.000% 11/15/2023 | $ | 870,000 | $ | 946,673 |
Kansas Development Finance Authority 2.000% 05/01/2035 Callable @ 100.000 05/01/2029 | 960,000 | 997,133 | ||
Kansas Development Finance Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2028 | 500,000 | 557,150 | ||
Kansas Development Finance Authority 3.000% 10/01/2044 Callable @ 100.000 10/01/2027 | 500,000 | 520,745 | ||
| 3,021,701 | |||
General Obligation (43.0%) | ||||
*Allen County Unified School District No 257 3.000% 09/01/2038 Callable @ 100.000 09/01/2028 | 1,000,000 | 1,077,930 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 Callable @ 100.000 09/01/2024 | 250,000 | 284,158 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 Callable @ 100.000 09/01/2024 | 250,000 | 285,830 | ||
City of Arkansas City KS 2.000% 08/01/2036 Callable @ 100.000 02/01/2028 | 500,000 | 518,900 | ||
City of Bonner Springs KS 2.000% 09/01/2040 Callable @ 100.000 09/01/2027 | 325,000 | 330,187 | ||
City of Bonner Springs KS 3.000% 09/01/2044 Callable @ 100.000 09/01/2028 | 1,060,000 | 1,161,071 | ||
City of Burlingame KS 3.000% 09/01/2045 Callable @ 100.000 09/01/2027 | 365,000 | 382,553 | ||
City of Hillsboro KS 3.000% 09/01/2024 | 100,000 | 107,104 | ||
City of Hillsboro KS 3.000% 09/01/2027 Callable @ 100.000 09/01/2026 | 225,000 | 246,609 | ||
City of Hillsboro KS 3.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 230,000 | 248,126 | ||
City of Hillsboro KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2026 | 240,000 | 256,807 | ||
City of Hutchinson KS 2.500% 10/01/2040 Callable @ 100.000 10/01/2029 | 420,000 | 444,368 | ||
City of Olathe KS 3.000% 10/01/2033 Callable @ 100.000 10/01/2029 | 855,000 | 981,694 | ||
City of Ozawkie KS 3.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 335,000 | 360,594 | ||
City of Prairie Village KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027 | 1,500,000 | 1,630,320 | ||
City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | 355,000 | 391,565 | ||
City of Topeka KS 3.000% 08/15/2021 | 1,000,000 | 1,001,170 | ||
City of Topeka KS 3.000% 08/15/2022 | 500,000 | 514,825 | ||
City of Wichita KS 2.000% 12/01/2038 Callable @ 100.000 12/01/2028 | 250,000 | 254,975 | ||
City of Wichita KS 4.500% 09/01/2022 | 150,000 | 150,018 | ||
City of Wichita KS 4.750% 09/01/2027 | 180,000 | 180,056 | ||
County of Clay KS 4.000% 10/01/2036 Callable @ 100.000 10/01/2024 | 500,000 | 540,400 | ||
County of Johnson KS 2.000% 09/01/2034 Callable @ 100.000 09/01/2029 | 500,000 | 531,425 | ||
County of Linn KS 3.000% 07/01/2036 Callable @ 100.000 07/01/2029 | 1,100,000 | 1,206,590 | ||
County of Reno KS 3.000% 09/01/2036 Callable @ 100.000 09/01/2028 | 250,000 | 276,313 | ||
County of Scott KS 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 591,175 | ||
County of Thomas KS 3.000% 12/01/2047 Callable @ 100.000 12/01/2029 | 1,000,000 | 1,075,350 | ||
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 Callable @ 100.000 09/01/2025 | 250,000 | 281,718 | ||
#Geary County Unified School District No 475 3.000% 09/01/2035 Callable @ 100.000 09/01/2031 | 500,000 | 566,320 | ||
#Geary County Unified School District No 475 3.000% 09/01/2043 Callable @ 100.000 09/01/2031 | 500,000 | 551,585 | ||
Geary County Unified School District No 475 4.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 350,000 | 390,828 | ||
Greenwood County Unified School District No 389 Eureka 4.000% 09/01/2021 | 150,000 | 150,453 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2037 Callable @ 100.000 09/01/2027 | 500,000 | 625,840 | ||
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 2,000,000 | 2,536,040 | ||
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 Callable @ 100.000 10/01/2023 | 250,000 | 277,608 | ||
Johnson County Unified School District No 232 De Soto 4.000% 09/01/2029 | 500,000 | 625,545 | ||
Johnson County Unified School District No 232 De Soto 4.000% 09/01/2030 | 285,000 | 362,050 | ||
Johnson County Unified School District No 512 Shawnee Mission 3.000% 10/01/2038 Callable @ 100.000 10/01/2030 | 1,000,000 | 1,138,600 | ||
Leavenworth County Unified School District No 453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026 | 650,000 | 769,405 | ||
Leavenworth County Unified School District No 464 4.000% 09/01/2031 Callable @ 100.000 09/01/2027 | 500,000 | 586,840 | ||
Linn County Unified School District No 362 Prairie View 3.000% 09/01/2035 Callable @ 100.000 09/01/2028 | 500,000 | 553,695 | ||
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 750,000 | 870,773 | ||
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2048 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,105,540 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021 | 10,000 | 10,044 | ||
Miami County Unified School District No 416 Louisburg 3.000% 09/01/2040 Callable @ 100.000 09/01/2028 | 400,000 | 431,448 | ||
Miami County Unified School District No 416 Louisburg 3.000% 09/01/2041 Callable @ 100.000 09/01/2028 | 400,000 | 430,620 | ||
Rice County Unified School District No 444 4.000% 09/01/2031 Callable @ 100.000 09/01/2027 | 710,000 | 837,097 | ||
Riley County Unified School District No 378 Riley 4.000% 09/01/2028 Callable @ 100.000 09/01/2027 | 680,000 | 813,532 | ||
Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,150,900 | ||
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 Callable @ 100.000 09/01/2024 | 405,000 | 465,693 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022 | 85,000 | 89,584 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2034 Callable @ 100.000 09/01/2022 | 500,000 | 528,320 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2037 Callable @ 100.000 08/01/2028 | 410,000 | 428,975 | ||
Wyandotte County Kansas City Unified Government 2.250% 08/01/2038 Callable @ 100.000 08/01/2028 | 1,000,000 | 1,041,540 | ||
Wyandotte County Kansas City Unified Government 2.375% 08/01/2040 Callable @ 100.000 08/01/2028 | 1,000,000 | 1,039,680 | ||
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,223,290 | ||
| 34,913,673 | |||
Health Care (12.2%) | ||||
Ashland Public Building Commission 5.000% 09/01/2030 Callable @ 100.000 09/01/2023 | 1,020,000 | 1,091,380 | ||
Ashland Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2024 | 550,000 | 606,546 | ||
Ashland Public Building Commission 5.000% 09/01/2035 Callable @ 100.000 09/01/2023 | 500,000 | 531,415 | ||
City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,797,180 | ||
City of Olathe KS 4.000% 09/01/2028 Callable @ 100.000 09/01/2021 | 250,000 | 250,718 | ||
City of Olathe KS 4.000% 09/01/2030 Callable @ 100.000 09/01/2021 | 295,000 | 295,779 | ||
Kansas Development Finance Authority 4.125% 11/15/2027 Callable @ 100.000 11/15/2022 | 100,000 | 104,694 | ||
University of Kansas Hospital Authority 3.000% 03/01/2041 Callable @ 100.000 03/01/2030 | 500,000 | 540,180 | ||
University of Kansas Hospital Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 500,000 | 546,395 | ||
University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 1,000,000 | 1,144,590 | ||
University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 583,975 | ||
University of Kansas Hospital Authority 5.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 2,000,000 | 2,442,240 | ||
| 9,935,090 | |||
Other Revenue (8.6%) | ||||
City of Manhattan KS 4.500% 12/01/2025 | 500,000 | 500,410 | ||
City of Manhattan KS 5.000% 12/01/2026 | 310,000 | 310,288 | ||
*City of Manhattan KS 5.000% 12/01/2032 | 1,000,000 | 1,001,040 | ||
City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,136,620 | ||
Clay Center Public Building Commission 3.000% 09/01/2027 | 290,000 | 328,556 | ||
Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | 750,000 | 868,253 | ||
Hoisington Public Building Commission 3.000% 11/01/2040 Callable @ 100.000 11/01/2029 | 660,000 | 707,494 | ||
Hoisington Public Building Commission 3.000% 11/01/2045 Callable @ 100.000 11/01/2029 | 500,000 | 531,285 | ||
Johnson County Public Building Commission 4.000% 09/01/2022 | 405,000 | 422,046 | ||
Kansas Development Finance Authority 3.000% 11/01/2033 Callable @ 100.000 11/01/2027 | 1,000,000 | 1,076,630 | ||
Washington County Public Building Commission 4.000% 09/01/2028 Callable @ 100.000 09/01/2022 | 100,000 | 103,763 | ||
| 6,986,384 | |||
Pre-Refunded (13.4%) | ||||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 Callable @ 100.000 09/01/2024 | 250,000 | 286,335 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 Callable @ 100.000 09/01/2024 | 250,000 | 286,335 | ||
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 Callable @ 100.000 09/01/2024 | 500,000 | 572,670 | ||
City of Manhattan KS 5.000% 11/15/2023 Callable @ 100.000 11/15/2022 | 250,000 | 265,833 | ||
City of Manhattan KS 5.000% 11/15/2024 Callable @ 100.000 11/15/2022 | 250,000 | 265,530 | ||
City of Manhattan KS 5.000% 11/15/2029 Callable @ 100.000 11/15/2022 | 500000 | 526,905 | ||
City of Olathe KS 4.000% 09/01/2030 Callable @ 100.000 09/01/2021 | 150,000 | 150,486 | ||
City of Wichita KS 5.000% 11/15/2029 Callable @ 100.000 11/15/2021 | 300,000 | 304,116 | ||
*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 3,000,000 | 3,559,800 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 Callable @ 100.000 09/01/2022 | 135,000 | 142,360 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 Callable @ 100.000 09/01/2022 | 115,000 | 121,257 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 Callable @ 100.000 09/01/2022 | 140,000 | 147,633 | ||
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 Callable @ 100.000 09/01/2022 | 110,000 | 115,985 | ||
Leavenworth County Unified School District No 458 5.000% 09/01/2029 Callable @ 100.000 09/01/2023 | 500,000 | 551,200 | ||
Leavenworth County Unified School District No 469 4.000% 09/01/2030 Callable @ 100.000 09/01/2022 | 320,000 | 332,931 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021 | 135,000 | 135,575 | ||
Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021 | 105,000 | 105,448 | ||
Neosho County Unified School District No 413 4.000% 09/01/2031 Callable @ 100.000 09/01/2023 | 250,000 | 266,163 | ||
Seward County Unified School District No 480 Liberal 4.250% 09/01/2039 Callable @ 100.000 09/01/2022 | 500,000 | 521,005 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022 | 85,000 | 89,442 | ||
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022 | 330,000 | 347,285 | ||
Washington County Public Building Commission 4.000% 09/01/2028 Callable @ 100.000 09/01/2022 | 500,000 | 521,270 | ||
Washington County Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2022 | 500,000 | 527,035 | ||
Washington County Public Building Commission 5.000% 09/01/2037 Callable @ 100.000 09/01/2022 | 400,000 | 421,176 | ||
Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025 Callable @ 100.000 09/01/2023 | 250000 | 275,268 | ||
| 10,839,043 | |||
Transportation (1.1%) | ||||
State of Kansas Dept. of Transportation 5.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 500,000 | 581,965 | ||
State of Kansas Department of Transportation 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 250,000 | 291,330 | ||
| 873,295 | |||
Utilities (14.5%) | ||||
City of McPherson KS Water System Revenue 2.000% 10/01/2037 Callable @ 100.000 10/01/2029 | 425,000 | 440,113 | ||
City of McPherson KS Water System Revenue 3.000% 10/01/2031 Callable @ 100.000 10/01/2029 | 150,000 | 170,343 | ||
City of McPherson KS Water System Revenue 3.000% 10/01/2032 Callable @ 100.000 10/01/2029 | 175,000 | 197,285 | ||
City of Olathe KS Water & Sewer System Revenue 4.000% 07/01/2029 | 500,000 | 624,265 | ||
City of Topeka KS Combined Utility Revenue 4.000% 08/01/2023 | 500,000 | 539,005 | ||
City of Wichita KS Water & Sewer Utility Revenue 3.000% 10/01/2031 Callable @ 100.000 10/01/2029 | 350,000 | 401,569 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2030 Callable @ 100.000 04/01/2026 | 250,000 | 293,420 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 584,200 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2033 Callable @ 100.000 04/01/2026 | 745,000 | 875,263 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 300,000 | 350,469 | ||
Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | 1,000,000 | 1,162,640 | ||
*Kansas Municipal Energy Agency 5.750% 07/01/2038 Callable @ 100.000 07/01/2023 | 1,000,000 | 1,088,520 | ||
Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 500,000 | 553,015 | ||
Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | 500,000 | 581,000 | ||
Saline County Public Building Commission/KS 2.000% 09/01/2031 Callable @ 100.000 09/01/2028 | 435,000 | 456,324 | ||
Saline County Public Building Commission/KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2028 | 410,000 | 466,904 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 3.000% 09/01/2040 Callable @ 100.000 09/01/2030 | 250,000 | 274,323 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 500,000 | 608,395 | ||
*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032 Callable @ 100.000 09/01/2022 | 1,250,000 | 1,308,975 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 574,405 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036 Callable @ 100.000 09/01/2021 | 250,000 | 250,958 | ||
| 11,801,389 | |||
TOTAL MUNICIPAL BONDS (COST: $73,928,577) | $ | 78,370,576 | ||
OTHER ASSETS LESS LIABILITIES (3.5%) |
| 2,817,883 | ||
NET ASSETS (100.0%) | $ | 81,188,459 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of July 31, 2021. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
MAINE MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2021
General Obligation | 27.6% |
Health Care | 17.5% |
Housing | 12.5% |
Pre-Refunded | 11.3% |
Education | 9.1% |
Utilities | 7.1% |
Cash Equivalents and Other | 6.3% |
Other Revenue | 4.5% |
Transportation | 4.1% |
| 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, 2021
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (93.7%) | ||||
Education (9.1%) | ||||
Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031 | $ | 180,000 | $ | 180,034 |
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026 | 940,000 | 1,128,122 | ||
| 1,308,156 | |||
General Obligation (27.6%) | ||||
City of Auburn ME 4.500% 09/01/2022 | 100,000 | 104,887 | ||
City of Biddeford ME 4.000% 10/01/2026 | 250,000 | 296,913 | ||
City of Lewiston ME 2.750% 03/15/2038 Callable @ 100.000 03/15/2027 | 100,000 | 104,574 | ||
City of Lewiston ME 2.750% 03/15/2039 Callable @ 100.000 03/15/2027 | 250,000 | 262,118 | ||
City of Lewiston ME 2.750% 03/15/2040 Callable @ 100.000 03/15/2027 | 250,000 | 262,768 | ||
City of Portland ME 5.000% 08/01/2021 | 125,000 | 125,019 | ||
City of Portland ME 5.000% 08/01/2022 Callable @ 100.000 08/01/2021 | 125,000 | 125,019 | ||
City of Waterville ME 4.000% 07/01/2025 | 135,000 | 135,097 | ||
*Maine School Administrative District No 28 4.000% 05/01/2036 Callable @ 100.000 05/01/2028 | 500,000 | 579,545 | ||
Maine School Administrative District No 51 4.000% 10/15/2029 Callable @ 100.000 10/15/2024 | 100,000 | 110,852 | ||
Regional School Unit No 26 3.000% 09/01/2044 Callable @ 100.000 09/01/2029 | 475,000 | 514,634 | ||
Town of Brunswick ME 2.500% 11/01/2041 Callable @ 100.000 11/01/2030 | 500,000 | 525,445 | ||
#Town of Kennebunk ME 2.000% 10/01/2035 Callable @ 100.000 10/01/2031 | 600,000 | 629,058 | ||
Town of Scarborough ME 4.000% 11/01/2028 Callable @ 100.000 11/01/2023 | 100,000 | 108,017 | ||
Wells Ogunquit Community School District 4.000% 11/01/2024 | 100,000 | 111,372 | ||
| 3,995,316 | |||
Health Care (17.5%) | ||||
Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 268,270 | ||
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 5,000 | 5,012 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029 Callable @ 100.000 07/01/2024 | 1,000,000 | 1,104,980 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030 Callable @ 100.000 07/01/2024 | 500,000 | 550,840 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031 Callable @ 100.000 07/01/2024 | 500,000 | 553,505 | ||
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023 | 40,000 | 40,055 | ||
| 2,522,661 | |||
Housing (12.5%) | ||||
Maine State Housing Authority 2.250% 11/15/2045 Callable @ 100.000 05/15/2029 | 250,000 | 253,655 | ||
Maine State Housing Authority 2.500% 11/15/2045 Callable @ 100.000 11/15/2028 | 165,000 | 167,581 | ||
Maine State Housing Authority 3.000% 11/15/2036 Callable @ 100.000 11/15/2025 | 400,000 | 414,172 | ||
Maine State Housing Authority 3.350% 11/15/2044 Callable @ 100.000 05/15/2028 | 155,000 | 164,553 | ||
*Maine State Housing Authority 4.000% 11/15/2044 Callable @ 100.000 05/15/2028 | 500,000 | 554,075 | ||
Maine State Housing Authority 5.000% 06/15/2024 | 250,000 | 250,118 | ||
| 1,804,153 | |||
Other Revenue (4.5%) | ||||
Maine Municipal Bond Bank 3.000% 11/01/2040 Callable @ 100.000 11/01/2030 | 250,000 | 276,865 | ||
Maine Municipal Bond Bank 4.000% 11/01/2038 Callable @ 100.000 11/01/2022 | 125,000 | 129,119 | ||
Maine Municipal Bond Bank 5.000% 11/01/2025 Callable @ 100.000 11/01/2022 | 125,000 | 133,161 | ||
Maine Municipal Bond Bank 5.000% 11/01/2027 Callable @ 100.000 11/01/2024 | 100,000 | 115,386 | ||
| 654,531 | |||
Pre-Refunded (11.3%) | ||||
Maine Governmental Facilities Authority 4.000% 10/01/2024 Callable @ 100.000 10/01/2021 | 200,000 | 201,334 | ||
Maine Health & Higher Educational Facilities Authority 4.000% 07/01/2024 Callable @ 100.000 07/01/2022 | 270,000 | 279,623 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023 | 15,000 | 16,467 | ||
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034 Callable @ 100.000 07/01/2024 | 250,000 | 285,195 | ||
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039 Callable @ 100.000 07/01/2024 | 750,000 | 850,163 | ||
| 1,632,782 | |||
Transportation (4.1%) | ||||
City of Portland ME General Airport Revenue 5.000% 07/01/2022 | 100,000 | 105,364 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2023 | 100,000 | 110,217 | ||
City of Portland ME General Airport Revenue 5.000% 07/01/2024 Callable @ 100.000 07/01/2023 | 100,000 | 110,388 | ||
Maine Turnpike Authority 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 250,000 | 269,695 | ||
| 595,664 | |||
Utilities (7.1%) | ||||
Kennebunk Light & Power District 5.000% 08/01/2022 | 215,000 | 215,677 | ||
Portland Water District 3.000% 11/01/2039 Callable @ 100.000 11/01/2029 | 500,000 | 555,845 | ||
Portland Water District Water System Revenue 2.000% 11/01/2036 Callable @ 100.000 11/01/2031 | 250,000 |
| 259,238 | |
| 1,030,760 | |||
TOTAL MUNICIPAL BONDS (COST: $12,831,241) | $ | 13,544,023 | ||
OTHER ASSETS LESS LIABILITIES (6.3%) |
| 906,101 | ||
NET ASSETS (100.0%) | $ | 14,450,124 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of July 31, 2021. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
NEBRASKA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2021
General Obligation | 39.2% |
Utilities | 26.7% |
Pre-Refunded | 16.5% |
Cash Equivalents and Other | 5.5% |
Health Care | 3.4% |
Transportation | 3.1% |
Education | 2.7% |
Other Revenue | 2.2% |
Housing | 0.7% |
| 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, 2021
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (94.5%) | ||||
Education (2.7%) | ||||
County of Douglas NE 3.000% 09/01/2035 Callable @ 100.000 09/01/2031 | $ | 310,000 | $ | 350,502 |
County of Saline NE 3.000% 02/15/2034 Callable @ 100.000 02/15/2029 | 365,000 | 391,160 | ||
County of Saline NE 3.000% 02/15/2035 Callable @ 100.000 02/15/2029 | 300,000 | 319,566 | ||
Southeast Community College 3.000% 03/15/2045 Callable @ 100.000 07/02/2025 | 500,000 | 509,755 | ||
| 1,570,982 | |||
General Obligation (39.2%) | ||||
Ashland Greenwood Public Schools 3.000% 12/15/2044 Callable @ 100.000 12/15/2030 | 950,000 | 1,065,235 | ||
Ashland Greenwood Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2030 | 1,000,000 | 1,105,470 | ||
City of Lincoln NE 3.000% 04/01/2033 Callable @ 100.000 04/01/2029 | 540,000 | 610,303 | ||
City of Lincoln NE 3.000% 05/15/2033 Callable @ 100.000 05/15/2029 | 1,090,000 | 1,247,581 | ||
City of Lincoln NE 3.000% 12/01/2039 Callable @ 100.000 06/01/2029 | 685,000 | 744,985 | ||
City of Omaha NE 3.750% 01/15/2038 Callable @ 100.000 01/15/2027 | 500,000 | 552,285 | ||
City of Omaha NE 4.000% 04/15/2037 Callable @ 100.000 04/15/2029 | 500,000 | 597,035 | ||
City of Omaha NE 5.000% 04/15/2027 Callable @ 100.000 04/15/2026 | 955,000 | 1,166,876 | ||
City of Omaha NE 5.000% 04/15/2028 Callable @ 100.000 04/15/2026 | 500,000 | 608,005 | ||
City of Sidney NE 4.000% 12/15/2036 Callable @ 100.000 12/15/2021 | 1,250,000 | 1,263,938 | ||
County of Kearney NE 4.000% 06/01/2024 | 350,000 | 385,231 | ||
Douglas County School District No 17/NE 2.000% 12/15/2039 Callable @ 100.000 12/15/2030 | 500,000 | 506,045 | ||
Douglas County School District No 59/NE 3.500% 06/15/2043 Callable @ 100.000 03/15/2024 | 500,000 | 521,610 | ||
Elkhorn School District 4.000% 12/15/2030 Callable @ 100.000 12/15/2026 | 500,000 | 575,685 | ||
Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2025 | 300,000 | 334,134 | ||
Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2028 | 500,000 | 592,130 | ||
Elkhorn School District 4.000% 12/15/2037 Callable @ 100.000 12/15/2029 | 300,000 | 365,637 | ||
Elkhorn School District 5.000% 06/15/2022 | 475,000 | 495,093 | ||
Gretna Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2031 | 1,000,000 | 1,122,780 | ||
Hall County Airport Authority 5.000% 07/15/2030 Callable @ 100.000 08/15/2021 | 410,000 | 418,913 | ||
Hall County Airport Authority 5.000% 07/15/2031 Callable @ 100.000 08/15/2021 | 435,000 | 443,604 | ||
Kearney School District 3.000% 12/15/2024 | 350,000 | 381,045 | ||
Knox County School District N0 576 4.000% 12/15/2038 Callable @ 100.000 12/15/2023 | 590,000 | 626,828 | ||
Lancaster County School District 001 5.000% 01/15/2023 | 750,000 | 803,490 | ||
Omaha School District 3.000% 12/15/2042 Callable @ 100.000 01/30/2030 | 1,000,000 | 1,106,550 | ||
*Omaha School District 5.000% 12/15/2029 Callable @ 100.000 12/15/2026 | 1,630,000 | 2,010,964 | ||
Plattsmouth School District 3.000% 12/15/2039 Callable @ 100.000 08/21/2024 | 1,000,000 | 1,035,160 | ||
Polk County School District No 19 3.000% 06/15/2039 Callable @ 100.000 07/30/2024 | 455,000 | 473,764 | ||
Ponca Public Schools 3.000% 12/15/2026 Callable @ 100.000 02/26/2025 | 355,000 | 386,854 | ||
Sarpy County School District No 1 3.500% 12/15/2035 Callable @ 100.000 09/30/2024 | 250,000 | 267,405 | ||
Superior Public Schools 1.450% 12/15/2022 | 340,000 | 345,902 | ||
Westside Community Schools 5.000% 12/01/2038 Callable @ 100.000 12/05/2024 | 235,000 | 264,514 | ||
Westside Community Schools 5.000% 12/01/2039 Callable @ 100.000 12/05/2024 | 250,000 | 281,035 | ||
| 22,706,086 | |||
Health Care (3.4%) | ||||
Douglas County Hospital Authority No 2 5.000% 05/15/2027 Callable @ 100.000 05/15/2026 | 200,000 | 241,516 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2031 Callable @ 100.000 07/01/2025 | 500,000 | 573,885 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2032 Callable @ 100.000 07/01/2025 | 335,000 | 383,649 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 450,000 | 516,452 | ||
Madison County Hospital Authority No 1 5.000% 07/01/2034 Callable @ 100.000 07/01/2025 | 215,000 | 247,293 | ||
| 1,962,794 | |||
Housing (0.7%) | ||||
Nebraska Investment Finance Authority 3.850% 03/01/2038 Callable @ 100.000 09/01/2024 | 395,000 |
| 405,697 | |
Other Revenue (2.2%) | ||||
City of Columbus NE 3.000% 06/15/2036 Callable @ 100.000 06/30/2026 | 750,000 | 804,413 | ||
Papillion Municipal Facilities Corp 3.000% 12/15/2034 Callable @ 100.000 07/30/2024 | 435,000 | 455,145 | ||
| 1,259,557 | |||
Pre-Refunded (16.5%) | ||||
*City of Lincoln NE Electric System Revenue 5.000% 09/01/2037 Callable @ 100.000 09/01/2022 | 1,000,000 | 1,049,230 | ||
*City of Omaha NE 5.000% 02/01/2027 Callable @ 100.000 02/01/2022 | 1,000,000 | 1,025,140 | ||
Grand Island Public Schools 5.000% 12/15/2033 Callable @ 100.000 12/15/2024 | 500,000 | 580,435 | ||
Grand Island Public Schools 5.000% 12/15/2039 Callable @ 100.000 12/15/2024 | 500,000 | 580,435 | ||
Gretna Public Schools 5.000% 12/15/2035 Callable @ 100.000 12/15/2025 | 250,000 | 301,970 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2023 Callable @ 100.000 11/01/2021 | 250,000 | 252,965 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2024 Callable @ 100.000 11/01/2021 | 250,000 | 253,025 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2025 Callable @ 100.000 11/01/2021 | 250,000 | 252,965 | ||
Lincoln County Hospital Authority No 1 5.000% 11/01/2032 Callable @ 100.000 11/01/2021 | 250,000 | 252,965 | ||
Scotts Bluff County School District No 32 5.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 250,000 | 301,335 | ||
University of Nebraska 5.000% 05/15/2033 Callable @ 100.000 11/15/2025 | 250,000 | 300,530 | ||
University of Nebraska 5.000% 05/15/2035 Callable @ 100.000 05/15/2025 | 500,000 | 587,885 | ||
University of Nebraska 5.000% 07/01/2035 Callable @ 100.000 07/01/2025 | 1,500,000 | 1,774,965 | ||
University of Nebraska 5.000% 07/01/2038 Callable @ 100.000 07/01/2022 | 250,000 | 260,923 | ||
University of Nebraska 5.000% 07/01/2042 Callable @ 100.000 01/01/2022 | 1,000,000 | 1,020,200 | ||
West Haymarket Joint Public Agency 5.000% 12/15/2042 Callable @ 100.000 12/15/2021 | 750,000 | 763,830 | ||
| 9,558,798 | |||
Transportation (3.1%) | ||||
Omaha Airport Authority 5.000% 12/15/2027 Callable @ 100.000 12/15/2026 | 500,000 | 599,725 | ||
Omaha Airport Authority 5.000% 12/15/2036 Callable @ 100.000 12/15/2026 | 1,000,000 | 1,172,110 | ||
| 1,771,835 | |||
Utilities (26.7%) | ||||
*Central Plains Energy Project 5.000% 09/01/2027 Callable @ 100.000 09/01/2022 | 2,000,000 | 2,091,900 | ||
Central Plains Energy Project 5.000% 09/01/2042 Callable @ 100.000 09/01/2022 | 500,000 | 523,705 | ||
Central Plains Energy Project 5.250% 09/01/2037 Callable @ 100.000 09/01/2022 | 500,000 | 527,135 | ||
City of Columbus NE Combined Revenue 4.000% 12/15/2032 Callable @ 100.000 12/15/2026 | 100,000 | 114,426 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2033 Callable @ 100.000 06/15/2030 | 300,000 | 364,776 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2034 Callable @ 100.000 06/15/2030 | 300,000 | 362,829 | ||
City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2035 Callable @ 100.000 06/15/2030 | 300,000 | 361,410 | ||
City of Grand Island NE Combined Utility System Revenue 4.000% 08/15/2037 Callable @ 100.000 08/15/2030 | 300,000 | 363,438 | ||
City of Grand Island NE Sewer System Revenue 5.000% 09/15/2026 Callable @ 100.000 09/17/2023 | 250,000 | 279,100 | ||
City of Hastings NE Combined Utility Revenue 4.000% 10/15/2032 Callable @ 100.000 10/15/2022 | 500,000 | 518,640 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2025 Callable @ 100.000 08/01/2023 | 275,000 | 298,188 | ||
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2027 Callable @ 100.000 08/01/2023 | 400,000 | 431,452 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 250,000 | 279,678 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2037 Callable @ 100.000 04/01/2030 | 750,000 | 910,020 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2038 Callable @ 100.000 04/01/2030 | 400,000 | 480,280 | ||
City of Omaha NE Sewer Revenue 4.000% 04/01/2039 Callable @ 100.000 04/01/2030 | 250,000 | 299,055 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2029 Callable @ 100.000 11/15/2024 | 250,000 | 285,190 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2030 Callable @ 100.000 11/15/2024 | 250,000 | 284,765 | ||
City of Omaha NE Sewer Revenue 5.000% 11/15/2031 Callable @ 100.000 11/15/2024 | 500,000 | 570,105 | ||
Metropolitan Utilities District of Omaha 4.000% 12/15/2026 Callable @ 100.000 12/15/2022 | 250,000 | 263,230 | ||
Municipal Energy Agency of Nebraska 5.000% 04/01/2030 Callable @ 100.000 04/01/2022 | 500,000 | 515,825 | ||
Municipal Energy Agency of Nebraska 5.000% 04/01/2032 Callable @ 100.000 04/01/2022 | 100,000 | 103,014 | ||
Nebraska Public Power District 5.000% 01/01/2030 Callable @ 100.000 01/01/2022 | 500,000 | 510,385 | ||
*Nebraska Public Power District 5.000% 01/01/2036 Callable @ 100.000 01/01/2026 | 2,355,000 | 2,743,175 | ||
Nebraska Public Power District 5.000% 01/01/2041 Callable @ 100.000 01/01/2026 | 250,000 | 290,740 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2032 Callable @ 100.000 02/01/2026 | 400,000 | 450,820 | ||
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2035 Callable @ 100.000 02/01/2026 | 365,000 | 408,983 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2031 Callable @ 100.000 02/01/2026 | 445,000 | 528,798 | ||
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2032 Callable @ 100.000 02/01/2025 | 250,000 | 286,663 | ||
| 15,447,723 | |||
TOTAL MUNICIPAL BONDS (COST: $51,987,476) | $ | 54,683,472 | ||
OTHER ASSETS LESS LIABILITIES (5.5%) | $ | 3,174,242 | ||
NET ASSETS (100.0%) | $ | 57,857,714 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
OKLAHOMA MUNICIPAL FUND
PORTFOLIO MARKET SECTORS July 31, 2021
Other Revenue | 34.1% |
Utilities | 26.1% |
Transportation | 8.6% |
General Obligation | 7.3% |
Cash Equivalents and Other | 6.4% |
Health Care | 6.4% |
Pre-Refunded | 5.1% |
Education | 4.8% |
Housing | 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, 2021
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (93.6%) | ||||
Education (4.8%) | ||||
Oklahoma Development Finance Authority 4.000% 08/01/2030 Callable @ 100.000 08/01/2024 | $ | 280,000 | $ | 305,220 |
Oklahoma Development Finance Authority 4.000% 08/01/2031 Callable @ 100.000 08/01/2024 | 290,000 | 314,952 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2024 | 305,000 | 330,864 | ||
Oklahoma Development Finance Authority 4.000% 08/01/2033 Callable @ 100.000 08/01/2024 | 315,000 | 341,129 | ||
Oklahoma Development Finance Authority 5.000% 06/01/2039 Callable @ 100.000 06/01/2024 | 19,000 | 21,941 | ||
Oklahoma State University 4.000% 09/01/2036 Callable @ 100.000 09/01/2030 | 370,000 | 448,203 | ||
Oklahoma State University 5.000% 08/01/2032 Callable @ 100.000 08/01/2028 | 250,000 | 314,195 | ||
University of Oklahoma/The 4.000% 07/01/2040 Callable @ 100.000 07/01/2025 | 650,000 | 707,844 | ||
University of Oklahoma/The 5.000% 07/01/2036 Callable @ 100.000 07/01/2025 | 500,000 | 567,025 | ||
University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2025 | 500,000 | 566,005 | ||
| 3,917,377 | |||
General Obligation (7.3%) | ||||
City of Bartlesville OK 2.000% 12/01/2028 | 195,000 | 211,345 | ||
City of Broken Arrow OK 2.000% 12/01/2021 | 500,000 | 502,870 | ||
City of Broken Arrow OK 3.125% 12/01/2035 Callable @ 100.000 12/01/2026 | 575,000 | 621,811 | ||
City of Broken Arrow OK 4.000% 12/01/2037 Callable @ 100.000 12/01/2028 | 605,000 | 698,769 | ||
City of Broken Arrow OK 4.000% 12/01/2038 Callable @ 100.000 12/01/2028 | 610,000 | 703,635 | ||
City of Lawton OK 2.000% 12/01/2022 | 500,000 | 511,440 | ||
City of Midwest City OK 3.000% 06/01/2041 Callable @ 100.000 06/01/2029 | 500,000 | 537,780 | ||
City of Oklahoma City OK 4.000% 03/01/2031 | 300,000 | 385,698 | ||
*City of Oklahoma City OK 4.000% 03/01/2032 Callable @ 100.000 03/01/2027 | 1,305,000 | 1,520,312 | ||
City of Perkins OK 3.000% 06/01/2033 | 125,000 | 143,774 | ||
City of Perkins OK 3.000% 06/01/2034 | 115,000 | 131,720 | ||
| 5,969,153 | |||
Health Care (6.4%) | ||||
Norman Regional Hospital Authority 3.250% 09/01/2039 Callable @ 100.000 09/01/2029 | 895,000 | 966,027 | ||
Norman Regional Hospital Authority 5.000% 09/01/2045 Callable @ 100.000 09/01/2029 | 200,000 | 247,406 | ||
Oklahoma County Finance Authority 4.000% 04/01/2041 Callable @ 100.000 04/01/2031 | 250,000 | 299,095 | ||
Oklahoma County Finance Authority 4.000% 04/01/2046 Callable @ 100.000 04/01/2031 | 335,000 | 395,890 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2038 Callable @ 100.000 08/15/2025 | 250,000 | 273,070 | ||
Oklahoma Development Finance Authority 4.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 825,000 | 917,936 | ||
Oklahoma Development Finance Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2025 | 250,000 | 279,160 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2025 | 350,000 | 406,588 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2025 | 250,000 | 289,463 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2028 | 345,000 | 427,331 | ||
Oklahoma Development Finance Authority 5.000% 08/15/2033 Callable @ 100.000 08/15/2028 | 175,000 | 213,274 | ||
Tulsa County Industrial Authority 3.000% 02/01/2037 Callable @ 100.000 02/01/2029 | 500,000 | 534,850 | ||
| 5,250,090 | |||
Housing (1.2%) | ||||
Oklahoma Housing Finance Agency 3.000% 09/01/2039 Callable @ 100.000 03/01/2028 | 710,000 | 742,191 | ||
Oklahoma Housing Finance Agency 3.200% 03/01/2042 Callable @ 100.000 03/01/2028 | 245,000 | 262,478 | ||
| 1,004,670 | |||
Other Revenue (34.1%) | ||||
Bryan County School Finance Authority 4.000% 12/01/2028 | 385,000 | 469,126 | ||
Bryan County School Finance Authority 4.000% 12/01/2029 | 415,000 | 512,952 | ||
Bryan County School Finance Authority 4.000% 12/01/2030 Callable @ 100.000 12/01/2029 | 435,000 | 536,377 | ||
Caddo County Governmental Building Authority 5.000% 09/01/2040 Callable @ 100.000 09/01/2028 | 1,010,000 | 1,209,788 | ||
Carter County Public Facilities Authority 3.000% 09/01/2033 Callable @ 100.000 09/01/2031 | 520,000 | 588,843 | ||
Carter County Public Facilities Authority 3.000% 09/01/2034 Callable @ 100.000 09/01/2031 | 535,000 | 603,261 | ||
Carter County Public Facilities Authority 3.000% 09/01/2035 Callable @ 100.000 09/01/2031 | 550,000 | 617,496 | ||
Carter County Public Facilities Authority 3.000% 09/01/2036 Callable @ 100.000 09/01/2031 | 575,000 | 643,299 | ||
City of Oklahoma City OK 5.000% 03/01/2032 | 250,000 | 250,105 | ||
City of Oklahoma City OK 5.000% 03/01/2033 | 250,000 | 250,110 | ||
City of Oklahoma City OK 5.000% 03/01/2034 | 500,000 | 500,220 | ||
Elk City Industrial Authority 3.000% 05/01/2034 Callable @ 100.000 05/01/2029 | 1,050,000 | 1,140,363 | ||
Elk City Industrial Authority 3.000% 05/01/2039 Callable @ 100.000 05/01/2029 | 425,000 | 440,411 | ||
Garvin County Educational Facilities Authority 4.000% 09/01/2031 | 665,000 | 825,910 | ||
Goldsby Public Works Authority 3.000% 08/01/2021 | 165,000 | 165,008 | ||
Grady County School Finance Authority 5.000% 09/01/2032 Callable @ 100.000 09/01/2028 | 370,000 | 462,285 | ||
Kingfisher County Educational Facilities Authority 3.000% 03/01/2033 Callable @ 100.000 03/01/2029 | 250,000 | 275,408 | ||
Kingfisher County Educational Facilities Authority 3.000% 03/01/2035 Callable @ 100.000 03/01/2031 | 570,000 | 656,321 | ||
Kingfisher County Educational Facilities Authority 3.000% 03/01/2036 Callable @ 100.000 03/01/2031 | 400,000 | 452,332 | ||
Leflore County Public Facility Authority 3.000% 12/01/2032 Callable @ 100.000 12/01/2029 | 500,000 | 548,135 | ||
Love County Educational Facilities Authority 3.000% 12/01/2038 Callable @ 100.000 12/01/2031 | 765,000 | 850,451 | ||
Mannford Public Works Authority 3.000% 01/01/2031 Callable @ 100.000 01/01/2029 | 500,000 | 539,710 | ||
Marshall County Educational Facilities Authority 4.000% 09/01/2036 Callable @ 100.000 09/01/2030 | 500,000 | 603,795 | ||
Muskogee Industrial Trust 5.000% 09/01/2026 | 400,000 | 482,500 | ||
Oklahoma Capitol Improvement Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 940,000 | 1,017,550 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2029 | 500,000 | 577,350 | ||
Oklahoma Capitol Improvement Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2029 | 530,000 | 677,261 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2027 Callable @ 100.000 10/01/2025 | 350,000 | 409,395 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2028 Callable @ 100.000 10/01/2025 | 400,000 | 466,240 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2029 Callable @ 100.000 10/01/2025 | 625,000 | 723,313 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2036 Callable @ 100.000 10/01/2025 | 230,000 | 262,462 | ||
Oklahoma City Public Property Authority 5.000% 10/01/2039 Callable @ 100.000 10/01/2025 | 835,000 | 945,855 | ||
Oklahoma County Finance Authority 4.000% 09/01/2033 Callable @ 100.000 09/01/2030 | 250,000 | 297,173 | ||
Oklahoma Development Finance Authority 3.000% 06/01/2029 | 195,000 | 220,391 | ||
Oklahoma Development Finance Authority 3.000% 06/01/2030 | 180,000 | 207,025 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2030 | 140,000 | 170,779 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2031 | 340,000 | 426,574 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2033 Callable @ 100.000 06/01/2030 | 145,000 | 175,937 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2030 | 150,000 | 181,035 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2031 | 365,000 | 451,469 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2030 | 155,000 | 186,477 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2031 | 205,000 | 252,683 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2038 Callable @ 100.000 06/01/2029 | 725,000 | 858,219 | ||
Oklahoma Development Finance Authority 4.000% 06/01/2040 Callable @ 100.000 06/01/2030 | 250,000 | 300,350 | ||
Okmulgee County Governmental Building Authority 4.250% 12/01/2035 Callable @ 100.000 12/01/2023 | 500,000 | 532,510 | ||
Ottawa County Educational Facilities Authority 4.000% 09/01/2022 | 990,000 | 1,029,204 | ||
Pottawatomie County Facilities Authority 3.000% 09/01/2035 Callable @ 100.000 09/01/2030 | 625,000 | 696,331 | ||
Pottawatomie County Facilities Authority 3.000% 09/01/2036 Callable @ 100.000 09/01/2030 | 700,000 | 791,245 | ||
Sand Springs Municipal Authority 4.000% 01/01/2036 Callable @ 100.000 01/01/2023 | 500,000 | 520,850 | ||
Sand Springs Municipal Authority 4.250% 01/01/2035 Callable @ 100.000 01/01/2023 | 250,000 | 261,433 | ||
Tahlequah Public Facilities Authority 4.000% 04/01/2023 | 550,000 | 584,656 | ||
Tulsa County Industrial Authority 4.000% 12/01/2030 Callable @ 100.000 12/01/2026 | 250,000 | 290,568 | ||
Tulsa Public Facilities Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2025 | 200,000 | 213,144 | ||
Wagoner County School Development Authority 4.000% 09/01/2027 | 500,000 | 589,635 | ||
| 27,941,316 | |||
Pre-Refunded (5.1%) | ||||
City of Broken Arrow OK 4.125% 08/01/2031 Callable @ 100.000 08/01/2021 | 180,000 | 180,022 | ||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2043 Callable @ 100.000 07/01/2026 | 500,000 | 582,585 | ||
Oklahoma Capitol Improvement Authority 4.000% 10/01/2024 Callable @ 100.000 10/01/2021 | 800,000 | 805,688 | ||
Oklahoma Capitol Improvement Authority 4.000% 10/01/2025 Callable @ 100.000 10/01/2021 | 1,000,000 | 1,007,110 | ||
Oklahoma Development Finance Authority 5.000% 02/15/2042 Callable @ 100.000 02/15/2022 | 250,000 | 256,508 | ||
*Oklahoma Municipal Power Authority 5.750% 01/01/2024 | 370,000 | 414,659 | ||
Oklahoma Water Resources Board 4.000% 04/01/2025 Callable @ 100.000 04/01/2022 | 150,000 | 154,058 | ||
Sapulpa Municipal Authority 5.000% 04/01/2028 Callable @ 100.000 04/01/2023 | 750,000 | 805,425 | ||
4,206,054 | ||||
Transportation (8.6%) | ||||
Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2030 | 2,000,000 | 2,390,600 | ||
Oklahoma Turnpike Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2027 | 100,000 | 114,917 | ||
Oklahoma Turnpike Authority 4.000% 01/01/2042 Callable @ 100.000 01/01/2027 | 1,000,000 | 1,146,340 | ||
*Tulsa Airports Improvement Trust 4.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 1,355,000 | 1,571,095 | ||
Tulsa Airports Improvement Trust 4.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 145,000 | 167,497 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2023 | 420,000 | 420,248 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2024 | 230,000 | 230,140 | ||
Tulsa Airports Improvement Trust 5.000% 06/01/2027 | 300,000 | 369,606 | ||
Tulsa Airports Improvement Trust 5.250% 06/01/2025 | 245,000 | 245,191 | ||
Tulsa Airports Improvement Trust 5.250% 06/01/2026 | 360,000 | 360,320 | ||
| 7,015,955 | |||
Utilities (26.1%) | ||||
Clinton Public Works Authority 4.000% 12/01/2034 Callable @ 100.000 12/01/2024 | 750,000 | 808,148 | ||
Clinton Public Works Authority 4.000% 12/01/2039 Callable @ 100.000 12/01/2024 | 500,000 | 538,710 | ||
Coweta Public Works Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2026 | 1,000,000 | 1,145,500 | ||
Edmond Public Works Authority 4.000% 07/01/2047 Callable @ 100.000 07/01/2027 | 1,000,000 | 1,155,240 | ||
Edmond Public Works Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2027 | 500,000 | 615,125 | ||
Jenks Public Works Authority 3.000% 08/01/2029 Callable @ 100.000 08/01/2024 | 325,000 | 343,782 | ||
Miami Special Utility Authority 4.000% 12/01/2036 Callable @ 100.000 12/01/2026 | 500,000 | 570,755 | ||
Oklahoma City Water Utilities Trust 4.000% 07/01/2039 Callable @ 100.000 07/01/2025 | 175,000 | 191,398 | ||
Oklahoma City Water Utilities Trust 5.000% 07/01/2034 Callable @ 100.000 07/01/2025 | 100,000 | 115,478 | ||
Oklahoma Water Resources Board 4.000% 04/01/2033 Callable @ 100.000 04/01/2030 | 500,000 | 620,195 | ||
Oklahoma Water Resources Board 4.000% 04/01/2033 Callable @ 100.000 04/01/2030 | 1,000,000 | 1,245,070 | ||
Oklahoma Water Resources Board 4.000% 10/01/2032 Callable @ 100.000 10/01/2031 | 235,000 | 298,927 | ||
Oklahoma Water Resources Board 4.000% 10/01/2033 Callable @ 100.000 10/01/2031 | 200,000 | 252,618 | ||
Oklahoma Water Resources Board 4.000% 10/01/2034 Callable @ 100.000 10/01/2031 | 310,000 | 388,979 | ||
Oklahoma Water Resources Board 4.000% 10/01/2035 Callable @ 100.000 10/01/2031 | 430,000 | 538,162 | ||
Oklahoma Water Resources Board 4.000% 10/01/2036 Callable @ 100.000 10/01/2031 | 200,000 | 249,876 | ||
Oklahoma Water Resources Board 4.000% 10/01/2038 Callable @ 100.000 10/01/2028 | 325,000 | 385,489 | ||
Oklahoma Water Resources Board 4.000% 10/01/2043 Callable @ 100.000 10/01/2028 | 830,000 | 975,150 | ||
Oklahoma Water Resources Board 4.000% 10/01/2045 Callable @ 100.000 10/01/2030 | 955,000 | 1,168,404 | ||
Oklahoma Water Resources Board 4.000% 10/01/2045 Callable @ 100.000 10/01/2030 | 465,000 | 566,677 | ||
Oklahoma Water Resources Board 4.000% 10/01/2048 Callable @ 100.000 10/01/2028 | 1,460,000 | 1,699,469 | ||
Oklahoma Water Resources Board 4.000% 10/01/2050 Callable @ 100.000 10/01/2030 | 515,000 | 622,372 | ||
Oklahoma Water Resources Board 5.000% 04/01/2032 Callable @ 100.000 04/01/2022 | 140,000 | 144,297 | ||
Oklahoma Water Resources Board 5.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 250,000 | 284,000 | ||
Oklahoma Water Resources Board 5.000% 10/01/2033 Callable @ 100.000 10/01/2024 | 500,000 | 565,950 | ||
Sand Springs Municipal Authority Water Sewer Utility & 1% Sales Tax Revenue 3.000% 11/01/2038 Callable @ 100.000 11/01/2028 | 980,000 | 1,068,141 | ||
*Sand Springs Municipal Authority Water Sewer Utility & 1% Sales Tax Revenue 3.000% 11/01/2042 Callable @ 100.000 11/01/2028 | 1,500,000 | 1,631,700 | ||
*Washington County Rural Water District No 3 3.000% 09/15/2041 Callable @ 100.000 03/01/2028 | 3,000,000 | 3,240,660 | ||
| 21,430,272 | |||
TOTAL MUNICIPAL BONDS (COST: $72,963,161) | $ | 76,734,886 | ||
OTHER ASSETS LESS LIABILITIES (6.4%) | $ | 5,255,559 | ||
NET ASSETS (100.0%) | $ | 81,990,445 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
VIKING TAX-FREE FUND FOR MONTANA
PORTFOLIO MARKET SECTORS July 31, 2021
General Obligation | 44.0% |
Health Care | 13.6% |
Cash Equivalents and Other | 13.2% |
Other Revenue | 8.3% |
Housing | 6.4% |
Pre-Refunded | 6.3% |
Utilities | 4.1% |
Education | 2.6% |
Transportation | 1.5% |
| 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, 2021
Principal | Fair | |||
| Amount | Value | ||
MUNICIPAL BONDS (86.8%) | ||||
Education (2.6%) | ||||
Montana State Board of Regents 4.000% 11/15/2025 Callable @ 100.000 11/15/2022 | $ | 500,000 | $ | 526,075 |
Montana State Board of Regents 5.000% 11/15/2025 Callable @ 100.000 11/15/2023 | 500,000 | 556,755 | ||
Montana State Board of Regents 5.000% 11/15/2030 Callable @ 100.000 11/15/2023 | 240,000 | 261,022 | ||
Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 11/15/2027 | 1,000,000 | 1,237,200 | ||
| 2,581,052 | |||
General Obligation (44.0%) | ||||
Broadwater County K 12 School District No 1 Townsend 3.000% 07/01/2038 Callable @ 100.000 07/01/2030 | 475,000 | 526,414 | ||
Broadwater County K 12 School District No 1 Townsend 3.000% 07/01/2039 Callable @ 100.000 07/01/2030 | 410,000 | 453,308 | ||
Carbon County High School District No 1 Red Lodge 3.000% 07/01/2039 Callable @ 100.000 01/01/2031 | 475,000 | 535,696 | ||
Carbon County High School District No 1 Red Lodge 3.000% 07/01/2041 Callable @ 100.000 01/01/2031 | 255,000 | 285,919 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2037 Callable @ 100.000 01/01/2031 | 580,000 | 660,655 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2038 Callable @ 100.000 01/01/2031 | 600,000 | 682,302 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2039 Callable @ 100.000 01/01/2031 | 620,000 | 703,297 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2040 Callable @ 100.000 01/01/2031 | 535,000 | 604,443 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2041 Callable @ 100.000 01/01/2031 | 500,000 | 563,890 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 700,000 | 820,617 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2030 Callable @ 100.000 07/01/2026 | 225,000 | 257,067 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 240,000 | 272,796 | ||
City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026 | 850,000 | 987,309 | ||
City of Bozeman MT 4.000% 07/01/2028 Callable @ 100.000 01/01/2024 | 540,000 | 590,171 | ||
City of Bozeman MT 4.000% 07/01/2034 Callable @ 100.000 07/01/2029 | 500,000 | 601,445 | ||
City of Fort Benton MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 715,000 | 794,901 | ||
City of Fort Benton MT 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 770,000 | 840,109 | ||
City of Missoula MT 4.000% 07/01/2031 Callable @ 100.000 07/01/2025 | 250,000 | 280,548 | ||
County of Ravalli MT 4.250% 07/01/2030 Callable @ 100.000 07/01/2024 | 755,000 | 828,831 | ||
Desmet School District No 20 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 320,000 | 356,368 | ||
DeSmet School District No 20 3.000% 07/01/2041 Callable @ 100.000 07/01/2031 | 200,000 | 228,592 | ||
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028 | 455,000 | 574,729 | ||
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 Callable @ 100.000 07/01/2030 | 1,000,000 | 1,200,810 | ||
Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035 Callable @ 100.000 06/01/2027 | 300,000 | 323,250 | ||
Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034 Callable @ 100.000 06/01/2027 | 500,000 | 541,655 | ||
Gallatin County MO Etc MO High School District No J 24 Three Forks 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 605,000 | 728,160 | ||
Gallatin County School District No 27 Monforton 4.250% 06/15/2026 Callable @ 100.000 06/15/2023 | 415,000 | 447,478 | ||
Gallatin County School District No 3 Manhattan 4.000% 07/01/2034 Callable @ 100.000 07/01/2026 | 465,000 | 526,892 | ||
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 | 575,000 | 575,173 | ||
Gallatin County School District No 44 Belgrade 4.000% 06/01/2031 Callable @ 100.000 06/01/2029 | 265,000 | 321,654 | ||
Gallatin County School District No 44 Belgrade 4.000% 06/01/2036 Callable @ 100.000 06/01/2029 | 345,000 | 411,768 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 Callable @ 100.000 06/01/2026 | 610,000 | 690,721 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 Callable @ 100.000 06/01/2026 | 260,000 | 293,491 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2034 Callable @ 100.000 07/01/2030 | 310,000 | 377,499 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 535,000 | 649,410 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 565,000 | 687,368 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 800,000 | 967,304 | ||
Hellgate School District No 4 5.000% 06/15/2028 Callable @ 100.000 06/15/2027 | 500,000 | 630,930 | ||
Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | 500,000 | 621,335 | ||
Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | 500,000 | 621,050 | ||
*Missoula County Elementary School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 500,000 | 566,530 | ||
Missoula County Elementary School District No 1 4.000% 07/01/2033 Callable @ 100.000 07/01/2026 | 750,000 | 852,488 | ||
Missoula County School District No 7 Lolo 3.000% 07/01/2045 Callable @ 100.000 07/01/2031 | 470,000 | 514,862 | ||
Missoula County School District No 7 Lolo 3.000% 07/01/2046 Callable @ 100.000 07/01/2031 | 480,000 | 523,550 | ||
Missoula County School District No 7 Lolo 3.000% 07/01/2047 Callable @ 100.000 07/01/2031 | 510,000 | 555,237 | ||
Missoula County School District No 7 Lolo 3.000% 07/01/2048 Callable @ 100.000 07/01/2031 | 540,000 | 585,868 | ||
Missoula High School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 275,000 | 313,569 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 250,000 | 296,143 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 295,530 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037 Callable @ 100.000 07/01/2029 | 250,000 | 294,510 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 965,000 | 1,136,017 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 355,000 | 417,050 | ||
*Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 1,960,000 | 2,307,351 | ||
State of Montana 4.000% 08/01/2023 | 385,000 | 417,629 | ||
State of Montana 4.000% 08/01/2026 Callable @ 100.000 08/01/2024 | 855,000 | 954,941 | ||
State of Montana 4.000% 08/01/2027 Callable @ 100.000 08/01/2024 | 480,000 | 533,962 | ||
State of Montana 5.000% 08/01/2030 | 500,000 | 683,610 | ||
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 300,000 | 383,334 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 Callable @ 100.000 07/01/2029 | 530,000 | 640,118 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 275,000 | 330,528 | ||
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 Callable @ 100.000 07/01/2023 | 450,000 | 482,868 | ||
Wibaux County School District No 6 Wibaux 3.000% 07/01/2029 Callable @ 100.000 07/01/2025 | 355,000 | 381,483 | ||
Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025 | 225,000 | 247,248 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,251,010 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,850,745 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2032 Callable @ 100.000 12/15/2027 | 630,000 | 694,348 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2034 Callable @ 100.000 12/15/2027 | 315,000 | 343,747 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2035 Callable @ 100.000 12/15/2027 | 430,000 | 464,581 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2024 | 500,000 | 573,770 | ||
Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 875,000 | 1,015,910 | ||
| 42,973,888 | |||
Health Care (13.6%) | ||||
County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 710,000 | 785,267 | ||
Montana Facility Finance Authority 3.000% 06/01/2050 Callable @ 100.000 06/01/2031 | 350,000 | 378,557 | ||
Montana Facility Finance Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 2,000,000 | 2,204,560 | ||
Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | 200,000 | 240,412 | ||
Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | 1,500,000 | 1,795,215 | ||
*Montana Facility Finance Authority 4.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,075,000 | 1,243,399 | ||
Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024 | 1,015,000 | 1,139,672 | ||
Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | 915,000 | 1,038,196 | ||
Montana Facility Finance Authority 5.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 425,000 | 520,260 | ||
Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 700,000 | 854,280 | ||
Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,231,720 | ||
Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,222,090 | ||
Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 500,000 | 610,905 | ||
| 13,264,532 | |||
Housing (6.4%) | ||||
#Montana Board of Housing 1.800% 06/01/2033 Callable @ 100.000 12/01/2030 | 250,000 | 249,768 | ||
#Montana Board of Housing 1.850% 12/01/2036 Callable @ 100.000 12/01/2030 | 250,000 | 249,668 | ||
Montana Board of Housing 2.250% 12/01/2040 Callable @ 100.000 12/01/2029 | 500,000 | 506,205 | ||
Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029 | 815,000 | 848,806 | ||
Montana Board of Housing 3.000% 12/01/2023 Callable @ 100.000 12/01/2022 | 60,000 | 61,039 | ||
Montana Board of Housing 3.000% 12/01/2045 Callable @ 100.000 06/01/2029 | 455,000 | 470,543 | ||
Montana Board of Housing 3.150% 06/01/2024 Callable @ 100.000 12/01/2022 | 240,000 | 246,235 | ||
Montana Board of Housing 3.150% 12/01/2024 Callable @ 100.000 12/01/2022 | 85,000 | 87,005 | ||
Montana Board of Housing 3.250% 12/01/2044 Callable @ 100.000 12/01/2028 | 1,310,000 | 1,398,058 | ||
Montana Board of Housing 3.350% 06/01/2025 Callable @ 100.000 12/01/2022 | 110,000 | 112,222 | ||
Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027 | 345,000 | 378,914 | ||
Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | 830,000 | 911,465 | ||
Montana Board of Housing 3.875% 12/01/2023 Callable @ 100.000 06/01/2023 | 110,000 | 114,217 | ||
Montana Board of Housing 4.050% 06/01/2024 Callable @ 100.000 06/01/2023 | 105,000 | 111,022 | ||
Montana Board of Housing 4.050% 12/01/2024 Callable @ 100.000 06/01/2023 | 290,000 | 304,520 | ||
Montana Board of Housing 4.650% 12/01/2028 Callable @ 100.000 06/01/2023 | 165,000 | 172,780 | ||
| 6,222,465 | |||
Other Revenue (8.3%) | ||||
City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 405,000 | 470,233 | ||
City of Billings MT 4.375% 07/01/2029 Callable @ 100.000 01/01/2023 | 490,000 | 500,442 | ||
City of Billings MT 4.800% 07/01/2022 | 15,000 | 15,013 | ||
City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 710,000 | 823,302 | ||
*City of Billings MT 5.000% 07/01/2033 Callable @ 100.000 01/01/2023 | 900,000 | 928,404 | ||
City of Billings MT 5.500% 07/01/2026 | 205,000 | 205,447 | ||
City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,005,000 | 1,041,130 | ||
City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 500,000 | 619,545 | ||
City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | 525,000 | 595,277 | ||
City of Missoula MT 4.750% 07/01/2027 | 90,000 | 90,208 | ||
City of Missoula MT 5.125% 07/01/2026 | 125,000 | 125,029 | ||
City of Missoula MT 6.000% 07/01/2030 | 180,000 | 180,365 | ||
Gallatin County Rural Improvement District 5.500% 07/01/2025 | 325,000 | 326,001 | ||
*Gallatin County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,002,320 | ||
Madison County Rural Improvement District 5.500% 07/01/2025 | 185,000 | 185,562 | ||
*Madison County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,002,280 | ||
| 8,110,558 | |||
Pre-Refunded (6.3%) | ||||
*Montana State Board of Regents 4.000% 05/15/2025 Callable @ 100.000 05/15/2022 | 2,000,000 | 2,063,180 | ||
Montana State Board of Regents 4.000% 05/15/2026 Callable @ 100.000 05/15/2022 | 1,145,000 | 1,181,171 | ||
Montana State Board of Regents 5.000% 11/15/2023 Callable @ 100.000 11/15/2021 | 250,000 | 253,660 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2026 Callable @ 100.000 06/15/2024 | 515,000 | 586,286 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2027 Callable @ 100.000 06/15/2024 | 1,000,000 | 1,135,020 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | 350,000 | 409,504 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025 | 435,000 | 511,886 | ||
| 6,140,707 | |||
Transportation (1.5%) | ||||
Missoula Parking Commission 4.000% 10/01/2026 Callable @ 100.000 04/01/2024 | 835,000 | 915,385 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2024 | 100,000 | 100,323 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | 105,000 | 105,328 | ||
Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | 370,000 | 370,803 | ||
| 1,491,839 | |||
Utilities (4.1%) | ||||
City of Billings MT 5.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 260,000 | 323,092 | ||
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | 1,510,000 | 1,668,928 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 Callable @ 100.000 07/01/2023 | 215,000 | 231,669 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 Callable @ 100.000 07/01/2023 | 225,000 | 241,607 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 Callable @ 100.000 07/01/2025 | 250,000 | 284,533 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 Callable @ 100.000 07/01/2025 | 250,000 | 281,940 | ||
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 250,000 | 280,643 | ||
City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 600,000 | 718,380 | ||
| 4,030,790 | |||
TOTAL MUNICPAL BONDS (COST: $79,944,913) | $ | 84,815,831 | ||
OTHER ASSETS LESS LIABILITIES (13.2%) | $ | 12,948,814 | ||
NET ASSETS (100.0%) | $ | 97,764,645 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. | ||||
#When-issued purchase as of July 31, 2021. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
VIKING TAX-FREE FUND FOR NORTH DAKOTA
PORTFOLIO MARKET SECTORS July 31, 2021
General Obligation | 31.3% |
Other Revenue | 20.8% |
Health Care | 14.8% |
Education | 9.5% |
Housing | 9.4% |
Cash Equivalents and Other | 5.8% |
Pre-Refunded | 4.5% |
Utilities | 3.9% |
| 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, 2021
|
| Principal Amount | Fair | |
MUNICIPAL BONDS (94.2%) |
|
|
|
|
|
|
|
|
|
Education (9.5%) |
|
|
|
|
#State Board of Higher Education of the State of North Dakota 2.000% 08/01/2033 Callable @ 100.000 08/01/2028 | $ | 200,000 | $ | 204,742 |
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029 | 200,000 | 202,770 | ||
State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029 | 200,000 | 202,974 | ||
State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 Callable @ 100.000 04/01/2027 | 250,000 | 271,700 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025 Callable @ 100.000 04/01/2024 | 415,000 | 459,662 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 Callable @ 100.000 04/01/2024 | 365,000 | 393,131 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025 | 500,000 | 547,020 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2044 Callable @ 100.000 04/01/2029 | 500,000 | 580,790 | ||
University of North Dakota 5.000% 04/01/2024 Callable @ 100.000 04/01/2022 | 250,000 | 258,333 | ||
| 3,121,121 | |||
General Obligation (31.3%) |
|
|
|
|
City of Grand Forks ND 4.000% 12/01/2039 Callable @ 100.000 12/01/2028 | 470,000 | 546,126 | ||
City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025 | 240,000 | 265,894 | ||
City of Horace ND 3.000% 05/01/2037 Callable @ 100.000 05/01/2026 | 500,000 | 531,135 | ||
City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023 | 340,000 | 354,705 | ||
City of Minot ND Airport Revenue 3.500% 10/01/2025 Callable @ 100.000 10/01/2022 | 570,000 | 590,623 | ||
City of Minot ND Airport Revenue 4.000% 10/01/2028 Callable @ 100.000 10/01/2022 | 355,000 | 368,064 | ||
City of West Fargo ND 2.000% 05/01/2037 Callable @ 100.000 05/01/2026 | 500,000 | 507,905 | ||
City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026 | 500,000 | 509,795 | ||
City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023 | 200,000 | 208,508 | ||
City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023 | 230,000 | 239,366 | ||
Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 | 400,000 | 441,988 | ||
Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029 | 1,000,000 | 1,132,050 | ||
Mandan Public School District No 1 3.125% 08/01/2024 Callable @ 100.000 08/01/2022 | 200,000 | 206,492 | ||
Nesson Public School District No 2 4.000% 08/01/2039 Callable @ 100.000 08/01/2027 | 500,000 | 563,835 | ||
Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028 | 275,000 | 275,182 | ||
#West Fargo Park District 2.000% 05/01/2030 Callable @ 100.000 05/01/2029 | 285,000 | 306,754 | ||
#West Fargo Park District 2.000% 05/01/2031 Callable @ 100.000 05/01/2029 | 290,000 | 309,674 | ||
#West Fargo Park District 2.000% 05/01/2032 Callable @ 100.000 05/01/2029 | 295,000 | 312,697 | ||
#West Fargo Park District 3.000% 05/01/2027 | 260,000 | 294,398 | ||
#West Fargo Park District 3.000% 05/01/2028 | 270,000 | 309,682 | ||
#West Fargo Park District 3.000% 05/01/2029 | 275,000 | 318,813 | ||
West Fargo Public School District No 6 3.000% 08/01/2035 Callable @ 100.000 08/01/2028 | 1,000,000 | 1,119,120 | ||
West Fargo Public School District No 6 3.000% 08/01/2036 Callable @ 100.000 08/01/2028 | 500,000 | 560,630 | ||
| 10,273,434 | |||
Health Care (14.8%) |
|
|
|
|
City of Grand Forks ND 4.000% 12/01/2027 Callable @ 100.000 12/01/2021 | 400,000 | 403,344 | ||
City of Grand Forks ND 5.000% 12/01/2022 Callable @ 100.000 12/01/2021 | 500,000 | 508,345 | ||
City of Grand Forks ND 5.000% 12/01/2032 Callable @ 100.000 12/01/2021 | 250,000 | 253,025 | ||
City of Grand Forks ND 5.125% 12/01/2025 | 250,000 | 274,455 | ||
City of Langdon ND 6.200% 01/01/2025 | 130,000 | 130,491 | ||
County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025 | 215,000 | 223,387 | ||
County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 | 250,000 | 259,710 | ||
County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 | 595,000 | 680,549 | ||
*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 | 1,290,000 | 1,465,763 | ||
County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028 | 445,000 | 544,133 | ||
County of Ward ND 5.000% 06/01/2053 Callable @ 100.000 06/01/2028 | 100,000 | 114,737 | ||
| 4,857,939 | |||
Housing (9.4%) |
|
|
|
|
North Dakota Housing Finance Agency 1.150% 01/01/2028 | 500,000 | 502,895 | ||
North Dakota Housing Finance Agency 1.750% 01/01/2031 Callable @ 100.000 07/01/2030 | 500,000 | 508,920 | ||
North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029 | 245,000 | 259,257 | ||
North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029 | 315,000 | 331,459 | ||
North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029 | 245,000 | 255,572 | ||
North Dakota Housing Finance Agency 3.500% 07/01/2035 Callable @ 100.000 07/01/2028 | 30,000 | 30,254 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027 | 155,000 | 168,713 | ||
*North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026 | 580,000 | 617,004 | ||
North Dakota Housing Finance Agency 3.750% 07/01/2038 | 390,000 | 416,524 | ||
| 3,090,597 | |||
Other Revenue (20.8%) |
|
|
|
|
City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025 | 250,000 | 297,605 | ||
*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024 | 1,250,000 | 1,297,188 | ||
*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024 | 500,000 | 540,175 | ||
City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028 | 595,000 | 595,583 | ||
County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025 | 250,000 | 275,438 | ||
County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025 | 500,000 | 543,765 | ||
Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024 | 500,000 | 519,060 | ||
Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 500,000 | 538,645 | ||
Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024 | 345,000 | 370,806 | ||
Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023 | 250,000 | 261,435 | ||
Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 | 435,000 | 472,497 | ||
North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024 | 265,000 | 289,263 | ||
North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023 | 400,000 | 423,104 | ||
North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025 | 130,000 | 151,973 | ||
North Dakota Public Finance Authority 5.000% 06/01/2031 | 240,000 | 240,158 | ||
| 6,816,695 | |||
Pre-Refunded (4.5%) | ||||
City of Fargo ND 6.000% 11/01/2028 Callable @ 100.000 11/01/2021 | 500,000 | 507,025 | ||
County of Burleigh ND 4.500% 07/01/2032 Callable @ 100.000 07/01/2022 | 250,000 | 260,130 | ||
County of Burleigh ND 5.000% 07/01/2022 | 300,000 | 314,307 | ||
County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032 Callable @ 100.000 11/01/2022 | 400,000 | 413,512 | ||
| 1,494,974 | |||
Utilities (3.9%) |
|
|
|
|
City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 Callable @ 100.000 09/01/2027 | 290,000 | 302,079 | ||
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027 | 485,000 | 502,494 | ||
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025 | 250,000 | 256,850 | ||
Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028 | 205,000 | 205,504 | ||
| 1,266,927 | |||
|
|
|
|
|
TOTAL MUNICIPAL BONDS (COST: $29,636,620) |
|
| $ | 30,921,686 |
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES (5.8%) |
|
|
| 1,894,213 |
|
|
|
|
|
NET ASSETS (100.0%) |
|
| $ | 32,815,899 |
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of July 31, 2021. | ||||
| ||||
| ||||
The accompanying notes are an integral part of these financial statements. | ||||
FINANCIAL STATEMENTS
Statements of Assets and Liabilities July 31, 2021
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
ASSETS | ||||||||
Investments in securities, at cost | $ | 73,928,577 | $ | 12,831,241 | $ | 51,987,476 | ||
| ||||||||
Investments in securities, at value | $ | 78,370,576 | $ | 13,544,023 | $ | 54,683,472 | ||
Cash and cash equivalents | 4,245,985 | 1,471,012 | 2,845,107 | |||||
Receivable for Fund shares sold | 0 | 0 | 26 | |||||
Accrued interest receivable | 984,801 | 85,919 | 431,794 | |||||
Receivable from affiliate | 12,691 | 5,657 | 10,589 | |||||
Prepaid expenses | 1,516 | 1,491 | 736 | |||||
Total assets | $ | 83,615,569 | $ | 15,108,102 | $ | 57,971,724 | ||
| ||||||||
LIABILITIES | ||||||||
Payable for securities purchased | $ | 2,263,670 | $ | 629,262 | $ | 0 | ||
Payable for Fund shares redeemed | 48,531 | 1,667 | 24,470 | |||||
Distributions payable | 20,395 | 3,318 | 19,415 | |||||
Trustees’ fees payable | 4,356 | 825 | 3,116 | |||||
Payable to affiliates | 71,433 | 16,001 | 53,299 | |||||
Accrued expenses | 18,725 | 6,905 | 13,710 | |||||
Total liabilities | $ | 2,427,110 | $ | 657,978 | $ | 114,010 | ||
| ||||||||
NET ASSETS | $ | 81,188,459 | $ | 14,450,124 | $ | 57,857,714 | ||
| ||||||||
NET ASSETS ARE REPRESENTED BY: | ||||||||
Capital stock outstanding, no par value, unlimited shares authorized | $ | 77,301,936 | $ | 14,162,974 | $ | 56,097,209 | ||
Distributable earnings |
| 3,886,523 |
| 287,150 |
| 1,760,505 | ||
| ||||||||
NET ASSETS | $ | 81,188,459 | $ | 14,450,124 | $ | 57,857,714 | ||
| ||||||||
Net Assets - Class A | $ | 70,685,525 | $ | 13,476,972 | $ | 55,362,664 | ||
Net Assets - Class I | $ | 10,502,934 | $ | 973,152 | $ | 2,495,050 | ||
Shares outstanding - Class A | 6,380,776 | 1,237,669 | 5,205,105 | |||||
Shares outstanding - Class I | 947,732 | 89,332 | 234,630 | |||||
Net asset value per share - Class A* | $11.08 | $10.89 | $10.64 | |||||
Maximum sales charge - Class A | 2.50% | 2.50% | 2.50% | |||||
Public offering price per share - Class A | $11.36 | $11.17 | $10.91 | |||||
Net asset value per share - Class I | $11.08 | $10.89 | $10.63 | |||||
| ||||||||
* 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, 2021
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund | Fund For MT | Fund For ND | ||||||
ASSETS | ||||||||
Investments in securities, at cost | $ | 72,963,161 | $ | 79,944,913 | $ | 29,636,620 | ||
| ||||||||
Investments in securities, at value | $ | 76,734,886 | $ | 84,815,831 | $ | 30,921,686 | ||
Cash and cash equivalents | 4,856,234 | 13,076,141 | 3,703,022 | |||||
Receivable for Fund shares sold | 0 | 24,921 | 23,488 | |||||
Accrued interest receivable | 720,294 | 498,499 | 263,490 | |||||
Receivable from affiliate | 13,240 | 14,306 | 7,419 | |||||
Prepaid expenses | 1,103 | 2,990 | 632 | |||||
Total assets | $ | 82,325,757 | $ | 98,432,688 | $ | 34,919,737 | ||
| ||||||||
LIABILITIES | ||||||||
Payable for securities purchased | $ | 0 | $ | 500,000 | $ | 2,053,083 | ||
Payable for Fund shares redeemed | 233,690 | 31,918 | 3,269 | |||||
Distributions payable | 7,263 | 24,637 | 4,707 | |||||
Trustees’ fees payable | 4,276 | 5,256 | 1,749 | |||||
Payable to affiliates | 73,586 | 84,871 | 31,543 | |||||
Accrued expenses | 16,497 | 21,361 | 9,487 | |||||
Total liabilities | $ | 335,312 | $ | 668,043 | $ | 2,103,838 | ||
| ||||||||
NET ASSETS | $ | 81,990,445 | $ | 97,764,645 | $ | 32,815,899 | ||
| ||||||||
NET ASSETS ARE REPRESENTED BY: | ||||||||
Capital stock outstanding, no par value, unlimited shares authorized | $ | 78,455,482 | $ | 95,993,309 | $ | 32,396,132 | ||
Distributable earnings |
| 3,534,963 |
| 1,771,336 |
| 419,767 | ||
| ||||||||
NET ASSETS | $ | 81,990,445 | $ | 97,764,645 | $ | 32,815,899 | ||
| ||||||||
Net Assets - Class A | $ | 77,020,664 | $ | 79,709,511 | $ | 30,747,034 | ||
Net Assets - Class I | $ | 4,969,781 | $ | 18,055,134 | $ | 2,068,865 | ||
Shares outstanding - Class A | 6,344,749 | 7,708,089 | 2,968,119 | |||||
Shares outstanding - Class I | 409,000 | 1,745,770 | 199,635 | |||||
Net asset value per share - Class A* | $12.14 | $10.34 | $10.36 | |||||
Maximum sales charge - Class A | 2.50% | 2.50% | 2.50% | |||||
Public offering price per share - Class A | $12.45 | $10.61 | $10.63 | |||||
Net asset value per share - Class I | $12.15 | $10.34 | $10.36 | |||||
| ||||||||
* 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, 2021
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
INVESTMENT INCOME | ||||||||
Interest | $ | 2,015,388 | $ | 408,980 | $ | 1,416,909 | ||
Total investment income | $ | 2,015,388 | $ | 408,980 | $ | 1,416,909 | ||
| ||||||||
EXPENSES | ||||||||
Investment advisory fees | $ | 380,074 | $ | 75,455 | $ | 275,790 | ||
Distribution (12b-1) fees - Class A | 167,367 | 35,241 | 131,894 | |||||
Transfer agent fees | 97,218 | 24,110 | 72,190 | |||||
Administrative service fees | 142,421 | 57,127 | 113,221 | |||||
Professional fees | 20,158 | 6,526 | 15,849 | |||||
Reports to shareholders | 2,701 | 1,533 | 1,745 | |||||
License, fees, and registrations | 1,486 | 1,205 | 6,453 | |||||
Audit fees | 14,526 | 2,456 | 10,525 | |||||
Trustees’ fees | 7,556 | 1,505 | 5,489 | |||||
Transfer agent out-of-pockets | 5,339 | 1,649 | 3,585 | |||||
Legal fees | 8,077 | 1,877 | 5,825 | |||||
Insurance expense | 1,416 | 334 | 1,064 | |||||
Total expenses | $ | 848,339 | $ | 209,018 | $ | 643,630 | ||
Less expenses waived or reimbursed (See Note 7) |
| (125,783) |
| (63,574) |
| (109,033) | ||
Total net expenses | $ | 722,556 | $ | 145,444 | $ | 534,597 | ||
|
|
|
|
|
|
| ||
NET INVESTMENT INCOME (LOSS) | $ | 1,292,832 | $ | 263,536 | $ | 882,312 | ||
| ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
Net realized gain (loss) from investment transactions | $ | 8,491 | $ | (20,973) | $ | (233,081) | ||
Net change in unrealized appreciation (depreciation) of investments | (407,289) | (103,184) | (427,907) | |||||
Net realized and unrealized gain (loss) on investments | $ | (398,798) | $ | (124,157) | $ | (660,988) | ||
| ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 894,034 | $ | 139,379 | $ | 221,324 | ||
The accompanying notes are an integral part of these financial statements. | ||||||||
FINANCIAL STATEMENTS
Statements of Operations For the year ended July 31, 2021
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund | Fund For MT | Fund For ND | ||||||
INVESTMENT INCOME | ||||||||
Interest | $ | 1,858,799 | $ | 2,437,384 | $ | 875,589 | ||
Total investment income | $ | 1,858,799 | $ | 2,437,384 | $ | 875,589 | ||
| ||||||||
EXPENSES | ||||||||
Investment advisory fees | $ | 373,494 | $ | 463,318 | $ | 154,707 | ||
Distribution (12b-1) fees - Class A | 174,711 | 190,320 | 71,776 | |||||
Transfer agent fees | 95,639 | 117,197 | 43,130 | |||||
Administrative service fees | 140,578 | 165,729 | 79,318 | |||||
Professional fees | 19,706 | 23,633 | 10,082 | |||||
Reports to shareholders | 1,241 | 3,190 | 1,431 | |||||
License, fees, and registrations | 2,044 | 2,643 | 1,748 | |||||
Audit fees | 15,616 | 17,910 | 5,847 | |||||
Trustees’ fees | 7,401 | 9,202 | 3,078 | |||||
Transfer agent out-of-pockets | 3,399 | 5,350 | 2,383 | |||||
Legal fees | 7,842 | 9,773 | 3,240 | |||||
Insurance expense | 1,235 | 1,664 | 595 | |||||
Total expenses | $ | 842,906 | $ | 1,009,929 | $ | 377,335 | ||
Less expenses waived or reimbursed (See Note 7) |
| (122,886) |
| (142,929) |
| (79,584) | ||
Total net expenses | $ | 720,020 | $ | 867,000 | $ | 297,751 | ||
|
|
|
|
|
|
| ||
NET INVESTMENT INCOME (LOSS) | $ | 1,138,779 | $ | 1,570,384 | $ | 577,838 | ||
| ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||
Net realized gain (loss) from investment transactions | $ | 186,911 | $ | (88) | $ | (46,417) | ||
Net change in unrealized appreciation (depreciation) of investments | 266,011 | 5,907 | (39,589) | |||||
Net realized and unrealized gain (loss) on investments | $ | 452,922 | $ | 5,819 | $ | (86,006) | ||
| ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,591,701 | $ | 1,576,203 | $ | 491,832 | ||
| ||||||||
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, 2021
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,292,832 | $ | 263,536 | $ | 882,312 | ||
Net realized gain (loss) from investment transactions | 8,491 | (20,973) | (233,081) | |||||
Net change in unrealized appreciation (depreciation) of investments | (407,289) | (103,184) | (427,907) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 894,034 | $ | 139,379 | $ | 221,324 | ||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Distributions - Class A | $ | (1,119,334) | $ | (243,843) | $ | (838,183) | ||
Distributions - Class I | (173,767) | (19,693) | (44,130) | |||||
Total distributions | $ | (1,293,101) | $ | (263,536) | $ | (882,313) | ||
| ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 12,125,958 | $ | 746,316 | $ | 6,885,906 | ||
Proceeds from sale of shares - Class I | 4,199,396 | 436,085 | 2,118,920 | |||||
Proceeds from reinvested dividends - Class A | 978,594 | 193,649 | 597,347 | |||||
Proceeds from reinvested dividends - Class I | 75,614 | 16,169 | 28,875 | |||||
Cost of shares redeemed - Class A | (5,362,369) | (1,923,398) | (3,042,700) | |||||
Cost of shares redeemed - Class I | (495,580) | (531,264) | (1,286,780) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 11,521,613 | $ | (1,062,443) | $ | 5,301,568 | ||
| ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 11,122,546 | $ | (1,186,600) | $ | 4,640,579 | ||
NET ASSETS, BEGINNING OF PERIOD | 70,065,913 | 15,636,724 | 53,217,135 | |||||
NET ASSETS, END OF PERIOD | $ | 81,188,459 | $ | 14,450,124 | $ | 57,857,714 | ||
|
|
|
| |||||
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, 2021
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund | Fund For MT | Fund For ND | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,138,779 | $ | 1,570,384 | $ | 577,838 | ||
Net realized gain (loss) from investment transactions | 186,911 | (88) | (46,417) | |||||
Net change in unrealized appreciation (depreciation) of investments | 266,011 | 5,907 | (39,589) | |||||
Net increase (decrease) in net assets resulting from operations | $ | 1,591,701 | $ | 1,576,203 | $ | 491,832 | ||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Distributions - Class A | $ | (1,053,791) | $ | (1,255,956) | $ | (530,263) | ||
Distributions - Class I | (84,816) | (314,236) | (46,932) | |||||
Total distributions | $ | (1,138,607) | $ | (1,570,192) | $ | (577,195) | ||
| ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 19,889,220 | $ | 11,800,545 | $ | 5,366,327 | ||
Proceeds from sale of shares - Class I | 1,079,030 | 5,478,338 | 466,104 | |||||
Proceeds from reinvested dividends - Class A | 912,990 | 1,092,106 | 466,282 | |||||
Proceeds from reinvested dividends - Class I | 61,434 | 126,885 | 38,431 | |||||
Cost of shares redeemed - Class A | (6,526,838) | (5,914,446) | (3,726,671) | |||||
Cost of shares redeemed - Class I | (999,148) | (1,019,327) | (578,856) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 14,416,688 | $ | 11,564,101 | $ | 2,031,617 | ||
| ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 14,869,782 | $ | 11,570,112 | $ | 1,946,254 | ||
NET ASSETS, BEGINNING OF PERIOD | 67,120,663 | 86,194,533 | 30,869,645 | |||||
NET ASSETS, END OF PERIOD | $ | 81,990,445 | $ | 97,764,645 | $ | 32,815,899 | ||
|
|
|
| |||||
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, 2020
Kansas | Maine | Nebraska | ||||||
Municipal | Municipal | Municipal | ||||||
Fund | Fund | Fund | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,340,928 | $ | 301,278 | $ | 980,712 | ||
Net realized gain (loss) from investment transactions | 46,838 | (4,467) | 13,475 | |||||
Net change in unrealized appreciation (depreciation) of investments | 1,862,351 | 190,819 | 902,650 | |||||
Net increase (decrease) in net assets resulting from operations | $ | 3,250,117 | $ | 487,630 | $ | 1,896,837 | ||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Distributions - Class A | $ | (1,195,736) | $ | (286,724) | $ | (936,040) | ||
Distributions - Class I | (144,913) | (14,396) | (44,553) | |||||
Total distributions | $ | (1,340,649) | $ | (301,120) | $ | (980,593) | ||
| ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 12,689,397 | $ | 1,288,811 | $ | 8,832,956 | ||
Proceeds from sale of shares - Class I | 1,497,214 | 535,725 | 1,682,866 | |||||
Proceeds from reinvested dividends - Class A | 1,003,520 | 227,836 | 650,345 | |||||
Proceeds from reinvested dividends - Class I | 57,877 | 13,305 | 37,971 | |||||
Cost of shares redeemed - Class A | (5,039,101) | (1,741,465) | (3,595,127) | |||||
Cost of shares redeemed - Class I | (401,566) | (66,265) | (1,171,751) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 9,807,341 | $ | 257,947 | $ | 6,437,260 | ||
| ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 11,716,809 | $ | 444,457 | $ | 7,353,504 | ||
NET ASSETS, BEGINNING OF PERIOD | 58,349,104 | 15,192,266 | 45,863,631 | |||||
NET ASSETS, END OF PERIOD | $ | 70,065,913 | $ | 15,636,723 | $ | 53,217,135 | ||
|
|
|
| |||||
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, 2020
Oklahoma | ||||||||
Municipal | Tax-Free | Tax-Free | ||||||
Fund | Fund For MT | Fund For ND | ||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 1,163,773 | $ | 1,687,558 | $ | 658,794 | ||
Net realized gain (loss) from investment transactions | 17,250 | (42,070) | (1,232) | |||||
Net change in unrealized appreciation (depreciation) of investments | 1,063,158 | 1,349,142 | 152,390 | |||||
Net increase (decrease) in net assets resulting from operations | $ | 2,244,181 | $ | 2,994,630 | $ | 809,952 | ||
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DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Distributions - Class A | $ | (1,076,314) | $ | (1,417,923) | $ | (603,648) | ||
Distributions - Class I | (86,503) | (269,549) | (54,172) | |||||
Total distributions | $ | (1,162,817) | $ | (1,687,472) | $ | (657,820) | ||
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CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares - Class A | $ | 21,896,765 | $ | 18,171,272 | $ | 8,399,576 | ||
Proceeds from sale of shares - Class I | 1,566,726 | 5,099,246 | 291,649 | |||||
Proceeds from reinvested dividends - Class A | 849,312 | 1,192,611 | 518,844 | |||||
Proceeds from reinvested dividends - Class I | 67,012 | 93,000 | 42,053 | |||||
Cost of shares redeemed - Class A | (5,961,719) | (8,259,958) | (2,843,708) | |||||
Cost of shares redeemed - Class I | (333,062) | (1,233,416) | (330,889) | |||||
Net increase (decrease) in net assets resulting from capital share transactions | $ | 18,085,034 | $ | 15,062,755 | $ | 6,077,525 | ||
| ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | 19,166,398 | $ | 16,369,913 | $ | 6,229,657 | ||
NET ASSETS, BEGINNING OF PERIOD | 47,954,265 | 69,824,620 | 24,639,989 | |||||
NET ASSETS, END OF PERIOD | $ | 67,120,663 | $ | 86,194,533 | $ | 30,869,646 | ||
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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.
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.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
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—The Funds value their investments at fair value. 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. 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’ Schedules 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 July 31, 2021, 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 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 into interest income using the effective yield method over the lives of the respective securities.
Cash and cash equivalents—The Funds consider investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.
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 (“GAAP”).
Use of estimates—The financial statements have been prepared in accordance with 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 increase (decrease) in net assets 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.
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, 2021:
Level 1 | Level 2 | Level 3 | Total | ||||||||||
KS Muni Fund | Municipal Bonds | $ | 0 | $ | 78,370,576 | $ | 0 | $ | 78,370,576 | ||||
Total | $ | 0 | $ | 78,370,576 | $ | 0 | $ | 78,370,576 | |||||
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ME Muni Fund | Municipal Bonds | $ | 0 | $ | 13,544,023 | $ | 0 | $ | 13,544,023 | ||||
Total | $ | 0 | $ | 13,544,023 | $ | 0 | $ | 13,544,023 | |||||
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NE Muni Fund | Municipal Bonds | $ | 0 | $ | 54,683,472 | $ | 0 | $ | 54,683,472 | ||||
Total | $ | 0 | $ | 54,683,472 | $ | 0 | $ | 54,683,472 | |||||
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OK Muni Fund | Municipal Bonds | $ | 0 | $ | 76,734,886 | $ | 0 | $ | 76,734,886 | ||||
Total | $ | 0 | $ | 76,734,886 | $ | 0 | $ | 76,734,886 | |||||
|
| ||||||||||||
Tax-Free | Municipal Bonds | $ | 0 | $ | 84,815,831 | $ | 0 | $ | 84,815,831 | ||||
Fund for MT | Total | $ | 0 | $ | 84,815,831 | $ | 0 | $ | 84,815,831 | ||||
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Tax-Free | Municipal Bonds | $ | 0 | $ | 30,921,686 | $ | 0 | $ | 30,921,686 | ||||
Fund for ND | Total | $ | 0 | $ | 30,921,686 | $ | 0 | $ | 30,921,686 | ||||
The Funds did not any Level 3 assets during the year ended July 31, 2021.
NOTE 4: Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) For the year ended July 31, 2021, 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 | $15,639,042 | $2,453,579 | $11,753,838 | $25,305,915 | $19,357,620 | $11,015,660 | ||||||
Sales | $ 3,055,000 | $2,196,517 | $ 4,277,335 | $ 7,790,876 | $10,119,420 | $ 6,187,399 |
NOTE 5: Capital Share Transactions
Transactions in capital shares were as follows:
Year Ended 7/31/2021: | 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 | 1,098,407 | 68,605 | 646,434 | 1,653,923 | 1,145,467 | 518,839 | ||||||
Shares issued from reinvestments | 88,645 | 17,803 | 56,110 | 76,013 | 106,211 | 45,177 | ||||||
Shares redeemed | (485,862) | (176,936) | (285,666) | (543,792) | (574,742) | (360,560) | ||||||
Net increase (decrease) | 701,190 | (90,528) | 416,878 | 1,186,144 | 676,936 | 203,456 | ||||||
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Class I | ||||||||||||
Shares sold | 379,851 | 39,940 | 198,528 | 89,675 | 531,743 | 45,152 | ||||||
Shares issued from reinvestments | 6,849 | 1,486 | 2,713 | 5,111 | 12,337 | 3,721 | ||||||
Shares redeemed | (44,854) | (48,983) | (120,798) | (82,650) | (98,890) | (56,186) | ||||||
Net increase (decrease) | 341,846 | (7,557) | 80,443 | 12,136 | 445,190 | (7,313) | ||||||
| ||||||||||||
Year Ended 7/31/20: | 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 | 1,163,906 | 118,390 | 831,320 | 1,835,015 | 1,778,442 | 812,697 | ||||||
Shares issued from reinvestments | 91,801 | 20,937 | 61,125 | 71,191 | 116,719 | 50,215 | ||||||
Shares redeemed | (464,404) | (158,858) | (339,493) | (501,839) | (811,144) | (280,305) | ||||||
Net increase (decrease) | 791,303 | (19,531) | 552,952 | 1,404,367 | 1,084,017 | 582,607 | ||||||
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Class I | ||||||||||||
Shares sold | 137,644 | 49,194 | 158,564 | 131,616 | 498,225 | 28,235 | ||||||
Shares issued from reinvestments | 5,292 | 1,222 | 3,571 | 5,610 | 9,100 | 4,069 | ||||||
Shares redeemed | (36,641) | (6,077) | (109,233) | (28,415) | (120,981) | (31,997) | ||||||
Net increase (decrease) | 106,295 | 44,339 | 52,902 | 108,811 | 386,344 | 307 |
NOTE 6: Income Tax Information
At July 31, 2021, 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 | $ | 73,927,962 | $ | 12,831,230 | $ | 51,987,476 | $ | 72,962,796 | $ | 79,944,506 | $ | 29,636,160 | |||||
Unrealized appreciation | $ | 4,454,623 | $ | 713,173 | $ | 2,700,434 | $ | 3,772,468 | $ | 4,874,701 | $ | 1,297,220 | |||||
Unrealized depreciation | (12,009) | (380) | (4,438) | (378) | (3,376) | (11,694) | |||||||||||
Net unrealized appreciation* | $ | 4,442,614 | $ | 712,793 | $ | 2,695,996 | $ | 3,772,090 | $ | 4,871,325 | $ | 1,285,526 | |||||
*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount. | |||||||||||||||||
The tax character of distributions were as follows:
KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | ||||||||||||
Year ended 7/31/21: | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | |||||||||||
Tax-exempt income | $ | 1,293,101 | $ | 263,536 | $ | 882,313 | $ | 1,138,607 | $ | 1,570,192 | $ | 577,195 | |||||
Year ended 7/31/20: | |||||||||||||||||
Tax-exempt income | $ | 1,340,649 | $ | 301,120 | $ | 980,593 | $ | 1,162,817 | $ | 1,687,472 | $ | 657,820 | |||||
As of July 31, 2021, 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 | $ | 20,400 | $ | 3,349 | $ | 19,418 | $ | 7,269 | $ | 24,745 | $ | 4,680 | |||||
Distributions payable | (20,395) | (3,318) | (19,415) | (7,263) | (24,637) | (4,707) | |||||||||||
Accumulated capital and other losses | (556,096) | (425,674) | (935,494) | (237,133) | (3,100,097) | (865,732) | |||||||||||
Unrealized appreciation /(depreciation) | 4,442,614 | 712,793 | 2,695,996 | 3,772,090 | 4,871,325 | 1,285,526 | |||||||||||
Total accumulated earnings/(deficit) | $ | 3,886,523 | $ | 287,150 | $ | 1,760,505 | $ | 3,534,963 | $ | 1,771,336 | $ | 419,767 | |||||
The Funds’ capital loss carryforward amounts as of July 31, 2021 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 | $ | 529,076 | $ | 397,966 | $ | 930,782 | $ | 237,133 | $ | 1,961,930 | $ | 656,202 | |||||
Non-expiring L-T losses | 27,020 | 27,708 | 4,712 | 0 | 1,138,167 | 209,530 | |||||||||||
Total | $ | 556,096 | $ | 425,674 | $ | 935,494 | $ | 237,133 | $ | 3,100,097 | $ | 865,732 | |||||
Capital loss carryforward utilized | $ | 11,250 | $ | 0 | $ | 0 | $ | 187,079 | $ | 153 | $ | 0 | |||||
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, taxes, brokerage fees, commissions, and acquired fund fees and expenses, until November 29, 2021 so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2021, 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. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.
Year Ended 7/31/2021 | Payable 7/31/2021 | ||||||||||||||||
Advisory Fees | Waived | Reimb. | Advisory | Waived | Reimb. | ||||||||||||
KS Muni Fund | $ | 380,074 | $ | 125,783 | $ | 0 | $ | 34,294 | $ | 12,691 | $ | 0 | |||||
ME Muni Fund | $ | 75,455 | $ | 63,574 | $ | 0 | $ | 6,086 | $ | 5,657 | $ | 0 | |||||
NE Muni Fund | $ | 275,790 | $ | 109,033 | $ | 0 | $ | 24,467 | $ | 10,589 | $ | 0 | |||||
OK Muni Fund | $ | 373,494 | $ | 122,886 | $ | 0 | $ | 34,728 | $ | 13,240 | $ | 0 | |||||
Tax-Free Fund for MT | $ | 463,318 | $ | 142,929 | $ | 0 | $ | 41,466 | $ | 14,306 | $ | 0 | |||||
Tax-Free Fund for ND | $ | 154,707 | $ | 79,584 | $ | 0 | $ | 13,834 | $ | 7,419 | $ | 0 | |||||
VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Amounts subject to recoupment with an expiration date of July 31, 2024 are as follows:
Amount | ||
KS Muni Fund | $ | 125,783 |
ME Muni Fund | $ | 63,574 |
NE Muni Fund | $ | 109,033 |
OK Muni Fund | $ | 122,886 |
Tax-Free Fund for MT | $ | 142,929 |
Tax Free Fund for ND | $ | 79,584 |
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.
Year Ended 7/31/2021 | Payable 7/31/2021 | ||||||||||
Sales Charges | CDSC | Distribution Fees | Distribution Fees | ||||||||
KS Muni Fund - A | $ | 91,742 | $ | 79 | $ | 167,367 | $ | 14,910 | |||
ME Muni Fund - A | $ | 6,376 | $ | 0 | $ | 35,241 | $ | 2,860 | |||
NE Muni Fund - A | $ | 51,390 | $ | 1,987 | $ | 131,894 | $ | 11,700 | |||
OK Muni Fund - A | $ | 71,935 | $ | 0 | $ | 174,711 | $ | 16,306 | |||
Tax-Free Fund for MT - A | $ | 56,583 | $ | 3,228 | $ | 190,320 | $ | 16,939 | |||
Tax-Free Fund for ND - A | $ | 13,972 | $ | 0 | $ | 71,776 | $ | 6,480 | |||
IFS acts as the Funds’ transfer agent for a monthly variable fee equal to 0.12% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds’ average daily net assets on an annual basis plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses and an additional fee of $500 per month for each additional share class. 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% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds’ average daily net assets on an annual basis plus reimbursement of out-of-pocket expenses and an additional fee of $1,000 per month for each additional share class. Certain Officers of the Funds are also Officers and Governors of IFS.
Year Ended 7/31/2021 | Payable 7/31/2021 | ||||||||||
Transfer | Admin. | Transfer | Admin. | ||||||||
Agency Fees | Service Fees | Agency Fees | Service Fees | ||||||||
KS Muni Fund | $ | 102,557 | $ | 142,421 | $ | 9,571 | $ | 12,660 | |||
ME Muni Fund | $ | 25,759 | $ | 57,127 | $ | 2,293 | $ | 4,762 | |||
NE Muni Fund | $ | 75,775 | $ | 113,221 | $ | 7,224 | $ | 9,908 | |||
OK Muni Fund | $ | 99,038 | $ | 140,578 | $ | 9,771 | $ | 12,781 | |||
Tax-Free Fund for MT | $ | 122,547 | $ | 165,729 | $ | 11,798 | $ | 14,668 | |||
Tax-Free Fund for ND | $ | 45,513 | $ | 79,318 | $ | 4,299 | $ | 6,931 | |||
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.
NOTE 9: Covid-19 Risks
An outbreak of disease called COVID-19 has spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and consumer activity, significant challenges in healthcare service preparation and delivery, quarantines and general concern and uncertainty. These negative impacts have caused significant volatility and declines in global financial markets, which have caused losses for Fund investors during and subsequent to period end. The impact of the COVID-19 pandemic may last for an extended period of time, and could result in a substantial economic downturn or recession. Public health crises may exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Fund's investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.
NOTE 10: Subsequent Events
The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.
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 | ||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | ||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.15 | $ | 10.83 | $ | 10.53 | $ | 10.78 | $ | 11.13 | ||||
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Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) (3) | $ | 0.19 | $ | 0.23 | $ | 0.29 | $ | 0.28 | $ | 0.30 | ||||
Net realized and unrealized gain (loss) on investments (1) | (0.07) | 0.32 | 0.30 | (0.25) | (0.35) | |||||||||
Total from investment operations | $ | 0.12 | $ | 0.55 | $ | 0.59 | $ | 0.03 | $ | (0.05) | ||||
Distributions from net investment income | $ | (0.19) | $ | (0.23) | $ | (0.29) | $ | (0.28) | $ | (0.30) | ||||
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NET ASSET VALUE, END OF PERIOD | $ | 11.08 | $ | 11.15 | $ | 10.83 | $ | 10.53 | $ | 10.78 | ||||
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Total Return (excludes any applicable sales charge) | 1.05% | 5.11% | 5.69% | 0.32% | (0.42%) | |||||||||
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RATIOS/SUPPLEMENTAL DATA | ||||||||||||||
Net assets, end of period (in thousands) | $70,686 | $63,309 | $52,936 | $56,489 | $61,775 | |||||||||
Ratio of expenses to average net assets after waivers (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||
Ratio of expenses to average net assets before waivers | 1.15% | 1.17% | 1.18% | 1.16% | 1.15% | |||||||||
Ratio of net investment income to average net assets (2) | 1.67% | 2.06% | 2.74% | 2.67% | 2.76% | |||||||||
Portfolio turnover rate | 4.30% | 15.21% | 28.75% | 21.27% | 6.85% | |||||||||
(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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
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 | ||||
Year | Year | Year | From | ||||||||
Ended | Ended | Ended | 11/1/17* to | ||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | ||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 11.15 | $ | 10.83 | $ | 10.54 | $ | 10.74 | |||
| |||||||||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (3) | $ | 0.21 | $ | 0.25 | $ | 0.32 | $ | 0.23 | |||
Net realized and unrealized gain (loss) on investments (1) | (0.07) | 0.32 | 0.29 | (0.20) | |||||||
Total from investment operations | $ | 0.14 | $ | 0.57 | $ | 0.61 | $ | 0.03 | |||
Distributions from net investment income | $ | (0.21) | $ | (0.25) | $ | (0.32) | $ | (0.23) | |||
| |||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 11.08 | $ | 11.15 | $ | 10.83 | $ | 10.54 | |||
|
|
|
|
|
|
|
|
| |||
Total Return (excludes any applicable sales charge) # | 1.30% | 5.36% | 5.86% | 0.31% | |||||||
| |||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||
Net assets, end of period (in thousands) | $10,503 | $6,756 | $5,413 | $2,828 | |||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | |||||||
Ratio of expenses to average net assets before waivers ^ | 0.90% | 0.92% | 0.93% | 0.92% | |||||||
Ratio of net investment income to average net assets ^ (2) | 1.92% | 2.31% | 2.99% | 2.99% | |||||||
Portfolio turnover rate # | 4.30% | 15.21% | 28.75% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | ||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | ||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.97 | $ | 10.85 | $ | 10.64 | $ | 10.88 | $ | 11.31 | ||||
| ||||||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) (3) | $ | 0.19 | $ | 0.21 | $ | 0.26 | $ | 0.24 | $ | 0.25 | ||||
Net realized and unrealized gain (loss) on investments (1) | (0.08) | 0.12 | 0.21 | (0.24) | (0.43) | |||||||||
Total from investment operations | $ | 0.11 | $ | 0.33 | $ | 0.47 | $ | 0.00 | $ | (0.18) | ||||
|
|
|
|
|
|
|
|
|
| |||||
Distributions from net investment income | $ | (0.19) | $ | (0.21) | $ | (0.26) | $ | (0.24) | $ | (0.25) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD | $ | 10.89 | $ | 10.97 | $ | 10.85 | $ | 10.64 | $ | 10.88 | ||||
| ||||||||||||||
Total Return (excludes any applicable sales charge) | 1.00% | 3.08% | 4.45% | 0.04% | (1.55%) | |||||||||
| ||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||
Net assets, end of period (in thousands) | $13,477 | $14,573 | $14,622 | $17,742 | $19,811 | |||||||||
Ratio of expenses to average net assets after waivers (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||
Ratio of expenses to average net assets before waivers | 1.40% | 1.40% | 1.41% | 1.33% | 1.25% | |||||||||
Ratio of net investment income to average net assets (2) | 1.73% | 1.94% | 2.40% | 2.28% | 2.31% | |||||||||
Portfolio turnover rate | 15.80% | 22.13% | 7.56% | 10.91% | 21.81% | |||||||||
(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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
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 | ||||
Year | Year | Year | From | ||||||||
Ended | Ended | Ended | 11/1/17* to | ||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | ||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.98 | $ | 10.85 | $ | 10.65 | $ | 10.84 | |||
| |||||||||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (3) | $ | 0.22 | $ | 0.24 | $ | 0.28 | $ | 0.20 | |||
Net realized and unrealized gain (loss) on investments (1) | (0.09) | 0.13 | 0.20 | (0.19) | |||||||
Total from investment operations | $ | 0.13 | $ | 0.37 | $ | 0.48 | $ | 0.01 | |||
|
|
|
|
|
|
|
|
| |||
Distributions from net investment income | $ | (0.22) | $ | (0.24) | $ | (0.28) | $ | (0.20) | |||
| |||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.89 | $ | 10.98 | $ | 10.85 | $ | 10.65 | |||
|
|
|
|
|
|
|
|
| |||
Total Return (excludes any applicable sales charge) # | 1.16% | 3.43% | 4.61% | 0.12% | |||||||
| |||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||
Net assets, end of period (in thousands) | $973 | $1,063 | $570 | $325 | |||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | |||||||
Ratio of expenses to average net assets before waivers ^ | 1.15% | 1.15% | 1.16% | 1.11% | |||||||
Ratio of net investment income to average net assets ^ (2) | 1.98% | 2.19% | 2.65% | 2.53% | |||||||
Portfolio turnover rate # | 15.80% | 22.13% | 7.56% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | ||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | ||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.77 | $ | 10.58 | $ | 10.25 | $ | 10.46 | $ | 10.82 | ||||
| ||||||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) (3) | $ | 0.17 | $ | 0.21 | $ | 0.24 | $ | 0.24 | $ | 0.25 | ||||
Net realized and unrealized gain (loss) on investments (1) | (0.13) | 0.19 | 0.33 | (0.21) | (0.36) | |||||||||
Total from investment operations | $ | 0.04 | $ | 0.40 | $ | 0.57 | $ | 0.03 | $ | (0.11) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Distributions from net investment income | $ | (0.17) | $ | (0.21) | $ | (0.24) | $ | (0.24) | $ | (0.25) | ||||
| ||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.64 | $ | 10.77 | $ | 10.58 | $ | 10.25 | $ | 10.46 | ||||
| ||||||||||||||
Total Return (excludes any applicable sales charge) | 0.38% | 3.81% | 5.65% | 0.34% | (1.01%) | |||||||||
| ||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||
Net assets, end of period (in thousands) | $55,363 | $51,557 | $44,793 | $45,182 | $50,095 | |||||||||
Ratio of expenses to average net assets after waivers (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||
Ratio of expenses to average net assets before waivers | 1.18% | 1.19% | 1.21% | 1.21% | 1.18% | |||||||||
Ratio of net investment income to average net assets (2) | 1.59% | 1.96% | 2.33% | 2.36% | 2.35% | |||||||||
Portfolio turnover rate | 8.21% | 13.06% | 8.20% | 8.99% | 22.92% | |||||||||
(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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
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 | ||||
Year | Year | Year | From | ||||||||
Ended | Ended | Ended | 11/1/17* to | ||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | ||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.76 | $ | 10.57 | $ | 10.25 | $ | 10.42 | |||
| |||||||||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (3) | $ | 0.20 | $ | 0.23 | $ | 0.27 | $ | 0.20 | |||
Net realized and unrealized gain (loss) on investments (1) | (0.13) | 0.19 | 0.32 | (0.17) | |||||||
Total from investment operations | $ | 0.07 | $ | 0.42 | $ | 0.59 | $ | 0.03 | |||
|
|
|
|
|
|
|
|
| |||
Distributions from net investment income | $ | (0.20) | $ | (0.23) | $ | (0.27) | $ | (0.20) | |||
| |||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.63 | $ | 10.76 | $ | 10.57 | $ | 10.25 | |||
|
|
|
|
|
|
|
|
| |||
Total Return (excludes any applicable sales charge) # | 0.63% | 4.07% | 5.81% | 0.32% | |||||||
| |||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||
Net assets, end of period (in thousands) | $2,495 | $1,660 | $1,071 | $206 | |||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | |||||||
Ratio of expenses to average net assets before waivers ^ | 0.93% | 0.94% | 0.96% | 0.97% | |||||||
Ratio of net investment income to average net assets ^ (2) | 1.84% | 2.21% | 2.58% | 2.63% | |||||||
Portfolio turnover rate # | 8.21% | 13.06% | 8.20% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | ||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | ||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.08 | $ | 11.86 | $ | 11.47 | $ | 11.74 | $ | 12.10 | ||||
| ||||||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) (3) | $ | 0.18 | $ | 0.24 | $ | 0.29 | $ | 0.27 | $ | 0.27 | ||||
Net realized and unrealized gain (loss) on investments (1) | 0.06 | 0.22 | 0.39 | (0.27) | (0.36) | |||||||||
Total from investment operations | $ | 0.24 |
| 0.46 |
| 0.68 |
| 0.00 | $ | (0.09) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
Distributions from net investment income | $ | (0.18) | $ | (0.24) | $ | (0.29) | $ | (0.27) | $ | (0.27) | ||||
| ||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 12.14 | $ | 12.08 | $ | 11.86 | $ | 11.47 | $ | 11.74 | ||||
| ||||||||||||||
Total Return (excludes any applicable sales charge) | 2.03% | 3.92% | 5.98% | (0.04%) | (0.71%) | |||||||||
| ||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||
Net assets, end of period (in thousands) | $77,021 | $62,321 | $44,534 | $41,362 | $47,374 | |||||||||
Ratio of expenses to average net assets after waivers (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||
Ratio of expenses to average net assets before waivers | 1.14% | 1.17% | 1.20% | 1.19% | 1.16% | |||||||||
Ratio of net investment income to average net assets (2) | 1.51% | 1.99% | 2.46% | 2.28% | 2.30% | |||||||||
Portfolio turnover rate | 11.13% | 13.69% | 18.37% | 13.03% | 5.30% | |||||||||
(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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
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 | ||||
Year | Year | Year | From | ||||||||
Ended | Ended | Ended | 11/1/17* to | ||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | ||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 12.09 | $ | 11.87 | $ | 11.48 | $ | 11.69 | |||
| |||||||||||
Income (loss) from investment operations: | |||||||||||
Net investment income (loss) (3) | $ | 0.21 | $ | 0.27 | $ | 0.31 | $ | 0.22 | |||
Net realized and unrealized gain (loss) on investments (1) | 0.06 | 0.22 | 0.39 | (0.21) | |||||||
Total from investment operations | $ | 0.27 | $ | 0.49 | $ | 0.70 | $ | 0.01 | |||
|
|
|
|
|
|
|
|
| |||
Distributions from net investment income | $ | (0.21) | $ | (0.27) | $ | (0.31) | $ | (0.22) | |||
| |||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 12.15 | $ | 12.09 | $ | 11.87 | $ | 11.48 | |||
|
|
|
|
|
|
|
|
| |||
Total Return (excludes any applicable sales charge) # | 2.29% | 4.18% | 6.24% | 0.10% | |||||||
| |||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||
Net assets, end of period (in thousands) | $4,970 | $4,799 | $3,420 | $989 | |||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | |||||||
Ratio of expenses to average net assets before waivers ^ | 0.89% | 0.92% | 0.95% | 0.96% | |||||||
Ratio of net investment income to average net assets ^ (2) | 1.76% | 2.25% | 2.71% | 2.62% | |||||||
Portfolio turnover rate # | 11.13% | 13.69% | 18.37% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 |
|
|
|
| ||||||
Year | Year | Year | Months | Year | Year | ||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 12/31/17 | 12/30/16 | ||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.35 | $ | 10.18 | $ | 9.86 | $ | 10.08 | $ | 9.95 | $ | 10.26 | |||||
| |||||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||
Net investment income (loss) (3) | $ | 0.17 | $ | 0.22 | $ | 0.25 | $ | 0.14 | $ | 0.24 | $ | 0.27 | |||||
Net realized and unrealized gain (loss) on investments (1) | (0.01) | 0.17 | 0.32 | (0.22) | 0.13 | (0.31) | |||||||||||
Total from investment operations | $ | 0.16 | $ | 0.39 | $ | 0.57 | $ | (0.08) | $ | 0.37 | $ | (0.04) | |||||
| |||||||||||||||||
Less Distributions: | |||||||||||||||||
Dividends from net investment income | $ | (0.17) | $ | (0.22) | $ | (0.25) | $ | (0.14) | $ | (0.24) | $ | (0.27) | |||||
Total distributions | $ | (0.17) | $ | (0.22) | $ | (0.25) | $ | (0.14) | $ | (0.24) | $ | (0.27) | |||||
| |||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.34 | $ | 10.35 | $ | 10.18 | $ | 9.86 | $ | 10.08 | $ | 9.95 | |||||
| |||||||||||||||||
Total Return (excludes any applicable sales charge) # | 1.57% | 3.89% | 5.90% | (0.74%) | 3.77% | (0.43%) | |||||||||||
| |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period (in thousands) | $79,710 | $72,738 | $60,520 | $62,913 | $68,990 | $75,870 | |||||||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||||
Ratio of expenses to average net assets before waivers ^ | 1.13% | 1.15% | 1.17% | 1.17% | 1.15% | 1.16% | |||||||||||
Ratio of net investment income to average net assets ^ (2) | 1.65% | 2.15% | 2.54% | 2.52% | 2.42% | 2.63% | |||||||||||
Portfolio turnover rate # | 12.00% | 10.52% | 19.78% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | ||||||
Year | Year | Year | Months | Year | From | ||||||||||||
Ended | Ended | Ended | Ended | Ended | 8/1/16* to | ||||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 12/31/17 | 12/30/16 | ||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.35 | $ | 10.18 | $ | 9.86 | $ | 10.08 | $ | 9.95 | $ | 10.41 | |||||
| |||||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||
Net investment income (loss) (3) | $ | 0.20 | $ | 0.25 | $ | 0.28 | $ | 0.16 | $ | 0.27 | $ | 0.12 | |||||
Net realized and unrealized gain (loss) on investments (1) | (0.01) | 0.17 | 0.32 | (0.22) | 0.13 | (0.46) | |||||||||||
Total from investment operations | $ | 0.19 | $ | 0.42 | $ | 0.60 | $ | (0.06) | $ | 0.40 | $ | (0.34) | |||||
| |||||||||||||||||
Less Distributions: | |||||||||||||||||
Dividends from net investment income | $ | (0.20) | $ | (0.25) | $ | (0.28) | $ | (0.16) | $ | (0.27) | $ | (0.12) | |||||
Total distributions | $ | (0.20) | $ | (0.25) | $ | (0.28) | $ | (0.16) | $ | (0.27) | $ | (0.12) | |||||
| |||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.34 | $ | 10.35 | $ | 10.18 | $ | 9.86 | $ | 10.08 | $ | 9.95 | |||||
| |||||||||||||||||
Total Return (excludes any applicable sales charge) # | 1.82% | 4.15% | 6.16% | (0.59%) | 4.03% | (3.32%) | |||||||||||
| |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period (in thousands) | $ 18,055 | $13,456 | $9,305 | $7,639 | $5,196 | $821 | |||||||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | |||||||||||
Ratio of expenses to average net assets before waivers ^ | 0.88% | 0.90% | 0.92% | 0.91% | 0.90% | 0.92% | |||||||||||
Ratio of net investment income to average net assets ^ (2) | 1.90% | 2.40% | 2.80% | 2.77% | 2.65% | 2.74% | |||||||||||
Portfolio turnover rate # | 12.00% | 10.52% | 19.78% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | |||||||||||||||||
Year | Year | Year | Months | Year | Year | ||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 12/31/17 | 12/30/16 | ||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.39 | $ | 10.31 | $ | 10.07 | $ | 10.26 | $ | 10.20 | $ | 10.47 | |||||
| |||||||||||||||||
Income (loss) from investment operations: | |||||||||||||||||
Net investment income (loss) (3) | $ | 0.19 | $ | 0.23 | $ | 0.27 | $ | 0.15 | $ | 0.26 | $ | 0.27 | |||||
Net realized and unrealized gain (loss) on investments (1) | (0.03) | 0.08 | 0.24 | (0.19) | 0.06 | (0.27) | |||||||||||
Total from investment operations | $ | 0.16 | $ | 0.31 | $ | 0.51 | $ | (0.04) | $ | 0.32 | $ | 0.00 | |||||
| |||||||||||||||||
Less Distributions: | |||||||||||||||||
Dividends from net investment income | $ | (0.19) | $ | (0.23) | $ | (0.27) | $ | (0.15) | $ | (0.26) | $ | (0.27) | |||||
Total distributions | $ | (0.19) | $ | (0.23) | $ | (0.27) | $ | (0.15) | $ | (0.26) | $ | (0.27) | |||||
| |||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.36 | $ | 10.39 | $ | 10.31 | $ | 10.07 | $ | 10.26 | $ | 10.20 | |||||
| |||||||||||||||||
Total Return (excludes any applicable sales charge) # | 1.57% | 3.06% | 5.10% | (0.40%) | 3.12% | (0.08%) | |||||||||||
| |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period (in thousands) | $30,747 | $28,719 | $22,508 | $22,910 | $23,548 | $25,385 | |||||||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | |||||||||||
Ratio of expenses to average net assets before waivers ^ | 1.24% | 1.26% | 1.32% | 1.31% | 1.30% | 1.27% | |||||||||||
Ratio of net investment income to average net assets ^ (2) | 1.85% | 2.25% | 2.63% | 2.54% | 2.51% | 2.53% | |||||||||||
Portfolio turnover rate # | 22.02% | 21.95% | 23.16% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 | |||||||||||||||||
| Year |
| Year |
| Year |
| Months |
| Year |
| From | |||||||
Ended | Ended | Ended | Ended | Ended | 8/1/16* to | |||||||||||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 12/31/17 | 12/30/16 | |||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.39 | $ | 10.32 | $ | 10.07 | $ | 10.26 | $ | 10.20 | $ | 10.65 | ||||||
| ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) (3) | $ | 0.22 | $ | 0.26 | $ | 0.29 | $ | 0.16 | $ | 0.28 | $ | 0.12 | ||||||
Net realized and unrealized gain (loss) on investments (1) | (0.03) | 0.07 | 0.25 | (0.19) | 0.06 | (0.45) | ||||||||||||
Total from investment operations | $ | 0.19 | $ | 0.33 | $ | 0.54 | $ | (0.03) | $ | 0.34 | $ | (0.33) | ||||||
| ||||||||||||||||||
Less Distributions: | ||||||||||||||||||
Dividends from net investment income | $ | (0.22) | $ | (0.26) | $ | (0.29) | $ | (0.16) | $ | (0.28) | $ | (0.12) | ||||||
Total distributions | $ | (0.22) | $ | (0.26) | $ | (0.29) | $ | (0.16) | $ | (0.28) | $ | (0.12) | ||||||
| ||||||||||||||||||
NET ASSET VALUE, END OF PERIOD | $ | 10.36 | $ | 10.39 | $ | 10.32 | $ | 10.07 | $ | 10.26 | $ | 10.20 | ||||||
| ||||||||||||||||||
Total Return (excludes any applicable sales charge) # | 1.83% | 3.22% | 5.47% | (0.25%) | 3.38% | (3.11%) | ||||||||||||
| ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||
Net assets, end of period (in thousands) | $2,069 | $2,150 | $2,132 | $920 | $649 | $386 | ||||||||||||
Ratio of expenses to average net assets after waivers ^ (2) | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | ||||||||||||
Ratio of expenses to average net assets before waivers ^ | 0.99% | 1.01% | 1.09% | 1.06% | 1.04% | 1.05% | ||||||||||||
Ratio of net investment income to average net assets ^ (2) | 2.10% | 2.50% | 2.88% | 2.78% | 2.75% | 2.82% | ||||||||||||
Portfolio turnover rate # | 22.02% | 21.95% | 23.16% | 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. |
(3) | Per share net investment income (loss) has been calculated using the average daily shares method. |
* | Commencement of operations. |
^ | Annualized for periods less than one year. |
# | Not annualized for periods less than one year. |
| |
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 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, 2021, 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, the related notes, and the financial highlights for each of the six periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of July 31, 2021, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the six periods in the period then ended, 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 included 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 included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 29, 2021
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 | ||
| 1/31/21 | 7/31/21 | Period* | Ratio | |
Kansas Municipal Fund | |||||
Actual - Class A | $1,000.00 | $1,000.04 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.06 | $3.62 | 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 | $1,000.03 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.04 | $3.62 | 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 | $1,000.00 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.01 | $3.62 | 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 | $1,000.11 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.12 | $3.62 | 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 | $1,000.05 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.06 | $3.62 | 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 | $1,000.07 | $4.86 | 0.98% | |
Actual - Class I | $1,000.00 | $1,000.07 | $3.62 | 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). | |||||
LIQUIDITY RISK MANAGEMENT PROGRAM (unaudited)
The Viking Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration each Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short- and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources. The Viking Funds' Board of Trustees approved the appointment of the Funds' investment adviser, Viking Fund Management Inc. ("Viking"), as the administrator of the LRMP.
Viking manages liquidity risks associated with the Funds' investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of each Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis.
At a meeting held on May 3, 2021, Viking provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Viking concluded that the Funds did not experience any significant liquidity challenges during the covered period, and the Funds' LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Viking to oversee and manage liquidity risk and ensure the Funds are able to meet redemption requests without significant dilution to the remaining investors' interest in the Funds. During the review period, the Funds' portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Funds reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Funds have not adopted a highly liquid investment minimum. The Funds' investments were below the limitation on illiquid investments during the review period. Additionally, Viking indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.
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 six series of The Integrity Funds. 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 six 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 2019); 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 |
Jerry M. Stai | Principal occupation(s): Minot State University (1999 to present); 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 |
|
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; 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.
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.
OTHER OFFICERS |
|
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: Minot Area Community Foundation |
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 |
Shelly Nahrstedt | Principal occupation(s): Chief Operating Officer, Integrity Fund Services, LLC, and Treasurer, The Integrity Funds (2020 to present); Director of Financial Fund Administration, PNC Capital Advisors, LLC, and Treasurer, PNC Funds (2018-2019); Director, Cohen & Company (2003-2018). Other Directorships Held: Not applicable |
Brent M. Wheeler MF CCO: October 2005 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? |
|
|
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:
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)
Page 2 |
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
|
How does Integrity Viking Funds collect my personal information?
| We collect your personal information, for example, when you:
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:
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
|
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 schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT(s) and N-CSR(s) are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-PORT(s) 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 ESG Growth & Income Fund
Integrity Mid-North American Resources 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
Government Bond Fund
Integrity Short Term Government Fund
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 $58,446 for the year ended July 31, 2021 and $62,236 for the year ended July 31, 2020. | ||
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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 year ended July 31, 2021 and $0 for the year ended July 31, 2020. | ||
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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 year ended July 31, 2021, and $15,000 for the year ended July 31, 2020. 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: October 4, 2021
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: October 4, 2021
By: /s/ Shelly Nahrstedt
Shelly Nahrstedt
Treasurer
Date: October 4, 2021