VIKING TAX-FREE FUND FOR MONTANA | ||||
Schedule of Investments October 31, 2022 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (97.8%) | ||||
Education (4.6%) | ||||
Flathead County School District No 6 Columbia Falls 3.000% 07/01/2034 Callable @ 100.000 01/01/2031 | 280,000 | 249,880 | ||
Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 11/15/2027 | 1,000,000 | 1,036,360 | ||
Montana State Board of Regents 5.000% 11/15/2034 Callable @ 100.000 11/15/2031 | 500,000 | 543,040 | ||
Montana State Board of Regents 5.000% 11/15/2035 Callable @ 100.000 11/15/2031 | 410,000 | 443,354 | ||
Montana State Board of Regents 4.000% 11/15/2041 Callable @ 100.000 11/15/2031 | 400,000 | 362,128 | ||
Montana State Board of Regents 4.000% 11/15/2046 Callable @ 100.000 11/15/2031 | 755,000 | 646,159 | ||
| 3,280,921 | |||
General Obligation (52.5%) | ||||
#City of Belgrade MT 5.000% 07/01/2031 | 280,000 | 305,029 | ||
#City of Belgrade MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2032 | 250,000 | 271,530 | ||
#City of Belgrade MT 5.000% 07/01/2034 Callable @ 100.000 07/01/2032 | 355,000 | 381,139 | ||
City of Bozeman MT 4.000% 07/01/2028 Callable @ 100.000 01/01/2024 | 540,000 | 546,869 | ||
City of Bozeman MT 4.000% 07/01/2034 Callable @ 100.000 07/01/2029 | 500,000 | 498,575 | ||
City of Bozeman MT 5.000% 07/01/2025 | 220,000 | 230,111 | ||
City of Bozeman MT 5.000% 07/01/2026 | 235,000 | 248,957 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2030 Callable @ 100.000 07/01/2026 | 225,000 | 227,851 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 240,000 | 242,191 | ||
City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026 | 850,000 | 869,261 | ||
Carbon County High School District No 1 Red Lodge 3.000% 07/01/2041 Callable @ 100.000 01/01/2031 | 255,000 | 196,513 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2037 Callable @ 100.000 01/01/2031 | 580,000 | 484,892 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2038 Callable @ 100.000 01/01/2031 | 600,000 | 493,428 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2039 Callable @ 100.000 01/01/2031 | 620,000 | 503,062 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2040 Callable @ 100.000 01/01/2031 | 535,000 | 425,330 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2041 Callable @ 100.000 01/01/2031 | 500,000 | 391,570 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 700,000 | 710,794 | ||
Cascade County School District 5/5C Centerville 3.000% 07/01/2033 Callable @ 100.000 07/01/2031 | 305,000 | 273,771 | ||
Cascade County School District 5/5C Centerville 3.000% 07/01/2035 Callable @ 100.000 07/01/2031 | 250,000 | 216,570 | ||
Cascade County School District 5/5C Centerville 3.000% 07/01/2039 Callable @ 100.000 07/01/2031 | 365,000 | 285,667 | ||
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028 | 455,000 | 479,333 | ||
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 Callable @ 100.000 07/01/2030 | 1,000,000 | 925,490 | ||
City of Fort Benton MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 715,000 | 604,625 | ||
City of Fort Benton MT 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 770,000 | 584,384 | ||
Gallatin County MO Etc MO High School District No J 24 Three Forks 4.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 465,000 | 462,838 | ||
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 | 592,894 | ||
Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034 Callable @ 100.000 06/01/2027 | 500,000 | 440,740 | ||
Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035 Callable @ 100.000 06/01/2027 | 300,000 | 256,200 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2031 Callable @ 100.000 07/01/2030 | 775,000 | 801,521 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2032 Callable @ 100.000 07/01/2030 | 695,000 | 715,954 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 535,000 | 527,815 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 565,000 | 554,079 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 800,000 | 779,712 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 Callable @ 100.000 06/01/2026 | 610,000 | 614,435 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 Callable @ 100.000 06/01/2026 | 260,000 | 260,939 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2023 | 325,000 | 326,427 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2027 | 250,000 | 257,192 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2028 | 400,000 | 413,280 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2029 | 1,000,000 | 1,032,020 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2030 | 570,000 | 589,460 | ||
Gallatin County School District No 27 Monforton 4.250% 06/15/2026 Callable @ 100.000 06/15/2023 | 415,000 | 417,930 | ||
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 | 575,000 | 572,913 | ||
Gallatin County School District No 44 Belgrade 4.000% 06/01/2036 Callable @ 100.000 06/01/2029 | 345,000 | 338,483 | ||
Missoula High School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 275,000 | 278,168 | ||
Hellgate School District No 4 5.000% 06/15/2028 Callable @ 100.000 06/15/2027 | 500,000 | 539,010 | ||
Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | 500,000 | 531,980 | ||
Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | 500,000 | 529,135 | ||
Desmet School District No 20 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 320,000 | 250,160 | ||
City of Missoula MT 4.000% 07/01/2031 Callable @ 100.000 07/01/2025 | 250,000 | 253,910 | ||
*Missoula County Elementary School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 500,000 | 503,370 | ||
Missoula County Elementary School District No 1 4.000% 07/01/2033 Callable @ 100.000 07/01/2026 | 750,000 | 756,330 | ||
State of Montana 4.000% 08/01/2023 | 385,000 | 388,450 | ||
State of Montana 4.000% 08/01/2026 Callable @ 100.000 08/01/2024 | 855,000 | 870,022 | ||
State of Montana 4.000% 08/01/2027 Callable @ 100.000 08/01/2024 | 480,000 | 488,659 | ||
State of Montana 5.000% 08/01/2030 | 500,000 | 554,075 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037 Callable @ 100.000 07/01/2029 | 250,000 | 236,840 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 965,000 | 910,777 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 355,000 | 332,078 | ||
County of Ravalli MT 4.250% 07/01/2030 Callable @ 100.000 07/01/2024 | 755,000 | 763,811 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 250,000 | 230,385 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 228,382 | ||
*Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 1,960,000 | 1,849,868 | ||
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 300,000 | 314,046 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 Callable @ 100.000 07/01/2029 | 530,000 | 520,534 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 275,000 | 267,580 | ||
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 Callable @ 100.000 07/01/2023 | 450,000 | 453,294 | ||
Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025 | 225,000 | 222,453 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2024 | 500,000 | 516,695 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2032 Callable @ 100.000 12/15/2027 | 630,000 | 584,016 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2034 Callable @ 100.000 12/15/2027 | 315,000 | 279,304 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2035 Callable @ 100.000 12/15/2027 | 430,000 | 375,682 | ||
Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 875,000 | 831,652 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,045,380 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,550,445 | ||
| 37,808,265 | |||
Health Care (15.3%) | ||||
Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,036,500 | ||
Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,027,540 | ||
*Montana Facility Finance Authority 4.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,075,000 | 976,519 | ||
Montana Facility Finance Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 2,000,000 | 1,533,540 | ||
Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 500,000 | 509,170 | ||
Montana Facility Finance Authority 5.000% 01/01/2030 | 490,000 | 532,753 | ||
Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | 200,000 | 186,410 | ||
Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | 1,500,000 | 1,363,620 | ||
Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024 | 1,015,000 | 1,036,569 | ||
Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | 915,000 | 935,011 | ||
Montana Facility Finance Authority 5.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 425,000 | 438,103 | ||
Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 700,000 | 728,175 | ||
County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 710,000 | 719,954 | ||
| 11,023,864 | |||
Housing (4.3%) | ||||
Montana Board of Housing 3.000% 12/01/2023 Callable @ 100.000 12/01/2022 | 55,000 | 54,951 | ||
Montana Board of Housing 3.150% 06/01/2024 Callable @ 100.000 12/01/2022 | 220,000 | 220,090 | ||
Montana Board of Housing 3.150% 12/01/2024 Callable @ 100.000 12/01/2022 | 75,000 | 75,031 | ||
Montana Board of Housing 3.350% 06/01/2025 Callable @ 100.000 12/01/2022 | 100,000 | 100,045 | ||
Montana Board of Housing 3.875% 12/01/2023 Callable @ 100.000 06/01/2023 | 80,000 | 80,330 | ||
Montana Board of Housing 4.050% 06/01/2024 Callable @ 100.000 06/01/2023 | 80,000 | 80,793 | ||
Montana Board of Housing 4.050% 12/01/2024 Callable @ 100.000 06/01/2023 | 220,000 | 221,903 | ||
Montana Board of Housing 4.650% 12/01/2028 Callable @ 100.000 06/01/2023 | 130,000 | 131,158 | ||
Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027 | 205,000 | 189,141 | ||
Montana Board of Housing 3.250% 12/01/2044 Callable @ 100.000 12/01/2028 | 770,000 | 713,990 | ||
Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029 | 635,000 | 501,796 | ||
Montana Board of Housing 3.000% 12/01/2045 Callable @ 100.000 06/01/2029 | 350,000 | 297,038 | ||
Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | 475,000 | 450,129 | ||
| 3,116,395 | |||
Other Revenue (9.6%) | ||||
City of Billings MT 5.500% 07/01/2026 | 130,000 | 128,618 | ||
City of Billings MT 4.375% 07/01/2029 Callable @ 100.000 01/01/2023 | 490,000 | 483,140 | ||
*City of Billings MT 5.000% 07/01/2033 Callable @ 100.000 01/01/2023 | 900,000 | 856,746 | ||
City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 710,000 | 714,232 | ||
City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 405,000 | 371,247 | ||
Gallatin County Rural Improvement District 5.500% 07/01/2025 | 250,000 | 249,673 | ||
*Gallatin County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 995,250 | ||
City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,005,000 | 785,980 | ||
City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 500,000 | 519,610 | ||
City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | 525,000 | 481,446 | ||
Madison County Rural Improvement District 5.500% 07/01/2025 | 10,000 | 9,968 | ||
*Madison County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 993,840 | ||
City of Missoula MT 4.750% 07/01/2027 | 75,000 | 73,825 | ||
City of Missoula MT 6.000% 07/01/2030 | 160,000 | 156,750 | ||
City of Missoula MT 5.125% 07/01/2026 | 105,000 | 105,101 | ||
| 6,925,426 | |||
Pre-Refunded (5.0%) | ||||
Montana State Board of Regents 4.000% 11/15/2025 Callable @ 100.000 11/15/2022 | 500,000 | 500,215 | ||
Montana State Board of Regents 5.000% 11/15/2025 Callable @ 100.000 11/15/2023 | 500,000 | 510,290 | ||
Montana State Board of Regents 5.000% 11/15/2030 Callable @ 100.000 11/15/2023 | 240,000 | 244,099 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2026 Callable @ 100.000 06/15/2024 | 515,000 | 530,203 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2027 Callable @ 100.000 06/15/2024 | 1,000,000 | 1,027,760 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | 350,000 | 363,720 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025 | 435,000 | 453,944 | ||
| 3,630,231 | |||
Transportation (1.9%) | ||||
Missoula Parking Commission 4.000% 10/01/2026 Callable @ 100.000 04/01/2024 | 835,000 | 843,166 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2024 | 100,000 | 97,834 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | 105,000 | 101,670 | ||
Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | 330,000 | 321,687 | ||
| 1,364,357 | |||
Utilities (4.6%) | ||||
City of Billings MT 5.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 260,000 | 278,379 | ||
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | 1,510,000 | 1,260,850 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 Callable @ 100.000 07/01/2023 | 215,000 | 216,378 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 Callable @ 100.000 07/01/2023 | 225,000 | 226,339 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 Callable @ 100.000 07/01/2025 | 250,000 | 255,770 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 Callable @ 100.000 07/01/2025 | 250,000 | 254,272 | ||
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 250,000 | 253,528 | ||
City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 600,000 | 584,784 | ||
| 3,330,300 | |||
TOTAL MUNICPAL BONDS (COST: $76,401,606) | $ | 70,479,759 | ||
OTHER ASSETS LESS LIABILITIES (2.2%) | $ | 1,613,801 | ||
NET ASSETS (100.0%) | $ | 72,093,560 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. | ||||
#When-issued purchase as of October 31, 2022. |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At October 31, 2022 the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: | |
Viking Tax-Free Fund for Montana | |
Investments at cost | $76,401,606 |
Unrealized appreciation | $21,648 |
Unrealized depreciation | ($5,943,495) |
Net unrealized appreciation (depreciation)* | ($5,921,847) |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) | ||||
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2022: | ||||
Viking Tax-Free Fund for Montana | ||||
Level 1 | Level 2 | Level 3 | Total | |
Municipal Bonds | $0 | $70,479,759 | $0 | $70,479,759 |
Total | $0 | $70,479,759 | $0 | $70,479,759 |