VIKING TAX-FREE FUND FOR MONTANA | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MUNICIPAL BONDS (97.1%) | ||||
Education (4.1%) | ||||
Flathead County School District No 6 Columbia Falls 3.000% 07/01/2034 Callable @ 100.000 01/01/2031 | 280,000 | $ | 282,556 | |
Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 11/15/2027 | 1,000,000 | 1,058,770 | ||
Montana State Board of Regents 5.000% 11/15/2034 Callable @ 100.000 11/15/2031 | 500,000 | 593,645 | ||
Montana State Board of Regents 5.000% 11/15/2035 Callable @ 100.000 11/15/2031 | 410,000 | 481,561 | ||
Montana State Board of Regents 4.000% 11/15/2041 Callable @ 100.000 11/15/2031 | 400,000 | 401,796 | ||
| 2,818,328 | |||
General Obligation (49.2%) | ||||
City of Belgrade MT 5.000% 07/01/2031 | 280,000 | 327,911 | ||
City of Belgrade MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2032 | 250,000 | 296,802 | ||
City of Belgrade MT 5.000% 07/01/2034 Callable @ 100.000 07/01/2032 | 355,000 | 419,117 | ||
City of Bozeman MT 4.000% 07/01/2028 Callable @ 100.000 01/01/2024 | 540,000 | 547,614 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2030 Callable @ 100.000 07/01/2026 | 225,000 | 235,114 | ||
City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 240,000 | 250,306 | ||
City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026 | 850,000 | 901,340 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2040 Callable @ 100.000 01/01/2031 | 535,000 | 474,791 | ||
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2041 Callable @ 100.000 01/01/2031 | 500,000 | 441,860 | ||
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 700,000 | 741,531 | ||
Cascade County School District 5/5C Centerville 3.000% 07/01/2033 Callable @ 100.000 07/01/2031 | 305,000 | 305,229 | ||
Cascade County School District 5/5C Centerville 3.000% 07/01/2035 Callable @ 100.000 07/01/2031 | 250,000 | 246,555 | ||
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028 | 455,000 | 495,745 | ||
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 Callable @ 100.000 07/01/2030 | 1,000,000 | 1,011,650 | ||
City of Fort Benton MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 715,000 | 688,516 | ||
City of Fort Benton MT 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 770,000 | 652,198 | ||
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 | 499,880 | ||
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 | 634,627 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2031 Callable @ 100.000 07/01/2030 | 775,000 | 859,281 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2032 Callable @ 100.000 07/01/2030 | 695,000 | 767,475 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 565,000 | 597,476 | ||
Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 800,000 | 835,008 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 Callable @ 100.000 06/01/2026 | 610,000 | 634,723 | ||
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 Callable @ 100.000 06/01/2026 | 260,000 | 270,761 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2028 | 400,000 | 431,348 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2029 | 1,000,000 | 1,091,400 | ||
Gallatin County School District No 7 Bozeman 4.000% 06/01/2030 | 570,000 | 630,169 | ||
Gallatin County School District No 27 Monforton 4.250% 06/15/2026 Callable @ 100.000 06/15/2023 | 415,000 | 416,067 | ||
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 | 575,000 | 575,736 | ||
Gallatin County School District No 44 Belgrade 4.000% 06/01/2036 Callable @ 100.000 06/01/2029 | 345,000 | 362,195 | ||
Lake Missoula & Sanders Counties Elementary School District No JT & 8 5.000% 07/01/2039 Callable @ 100.000 01/01/2033 | 515,000 | 576,913 | ||
Lake Missoula & Sanders Counties Elementary School District No JT & 8 5.000% 07/01/2043 Callable @ 100.000 01/01/2033 | 1,215,000 | 1,341,324 | ||
Missoula High School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 275,000 | 287,408 | ||
Hellgate School District No 4 5.000% 06/15/2028 Callable @ 100.000 06/15/2027 | 500,000 | 555,995 | ||
Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | 500,000 | 550,610 | ||
Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | 500,000 | 548,465 | ||
City of Missoula MT 4.000% 07/01/2031 Callable @ 100.000 07/01/2025 | 250,000 | 259,192 | ||
*Missoula County Elementary School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 500,000 | 520,385 | ||
Missoula County Elementary School District No 1 4.000% 07/01/2033 Callable @ 100.000 07/01/2026 | 750,000 | 783,555 | ||
State of Montana 4.000% 08/01/2026 Callable @ 100.000 08/01/2024 | 855,000 | 874,682 | ||
State of Montana 4.000% 08/01/2027 Callable @ 100.000 08/01/2024 | 480,000 | 491,755 | ||
State of Montana 5.000% 08/01/2030 | 500,000 | 590,110 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 965,000 | 983,644 | ||
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 355,000 | 361,362 | ||
County of Ravalli MT 4.250% 07/01/2030 Callable @ 100.000 07/01/2024 | 755,000 | 770,840 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 250,000 | 251,662 | ||
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 251,592 | ||
*Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 1,960,000 | 1,997,867 | ||
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 300,000 | 327,177 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 Callable @ 100.000 07/01/2029 | 530,000 | 554,194 | ||
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 275,000 | 284,540 | ||
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 Callable @ 100.000 07/01/2023 | 450,000 | 451,782 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2024 | 500,000 | 512,700 | ||
Yellowstone County School District No 2 Billings 3.000% 06/15/2032 Callable @ 100.000 12/15/2027 | 630,000 | 634,845 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,087,700 | ||
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,085,820 | ||
| 33,578,544 | |||
Health Care (15.6%) | ||||
Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,089,220 | ||
Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,083,250 | ||
Montana Facility Finance Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030 | 2,000,000 | 1,711,620 | ||
Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 500,000 | 513,700 | ||
Montana Facility Finance Authority 5.000% 01/01/2030 | 490,000 | 564,431 | ||
Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | 200,000 | 206,482 | ||
*Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | 1,500,000 | 1,541,445 | ||
Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024 | 1,015,000 | 1,047,561 | ||
Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | 915,000 | 951,435 | ||
Montana Facility Finance Authority 5.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 425,000 | 462,978 | ||
Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 700,000 | 763,364 | ||
County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 710,000 | 728,169 | ||
| 10,663,655 | |||
Housing (4.5%) | ||||
Montana Board of Housing 3.000% 12/01/2023 | 55,000 | 54,980 | ||
Montana Board of Housing 3.150% 06/01/2024 | 220,000 | 220,119 | ||
Montana Board of Housing 3.150% 12/01/2024 | 75,000 | 74,674 | ||
Montana Board of Housing 3.350% 06/01/2025 | 100,000 | 100,070 | ||
Montana Board of Housing 3.875% 12/01/2023 Callable @ 100.000 06/01/2023 | 70,000 | 70,045 | ||
Montana Board of Housing 4.050% 06/01/2024 Callable @ 100.000 06/01/2023 | 70,000 | 70,114 | ||
Montana Board of Housing 4.050% 12/01/2024 Callable @ 100.000 06/01/2023 | 200,000 | 200,302 | ||
Montana Board of Housing 4.650% 12/01/2028 Callable @ 100.000 06/01/2023 | 120,000 | 120,227 | ||
Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027 | 205,000 | 203,241 | ||
Montana Board of Housing 3.250% 12/01/2044 Callable @ 100.000 12/01/2028 | 730,000 | 657,679 | ||
Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029 | 635,000 | 552,107 | ||
Montana Board of Housing 3.000% 12/01/2045 Callable @ 100.000 06/01/2029 | 330,000 | 284,664 | ||
Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | 470,000 | 466,165 | ||
| 3,074,387 | |||
Other Revenue (10.2%) | ||||
City of Billings MT 5.500% 07/01/2026 | 130,000 | 130,859 | ||
City of Billings MT 4.375% 07/01/2029 | 490,000 | 490,681 | ||
*City of Billings MT 5.000% 07/01/2033 | 900,000 | 900,477 | ||
City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 710,000 | 725,237 | ||
City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 405,000 | 396,928 | ||
Gallatin County Rural Improvement District 5.500% 07/01/2025 | 250,000 | 249,423 | ||
*Gallatin County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,001,320 | ||
City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,005,000 | 847,366 | ||
City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 500,000 | 547,365 | ||
City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | 525,000 | 536,854 | ||
*Madison County Rural Improvement District 6.000% 07/01/2030 | 925,000 | 926,230 | ||
City of Missoula MT 4.750% 07/01/2027 | 75,000 | 75,001 | ||
City of Missoula MT 6.000% 07/01/2030 | 160,000 | 160,240 | ||
| 6,987,981 | |||
Pre-Refunded (6.3%) | ||||
Montana State Board of Regents 5.000% 11/15/2025 Callable @ 100.000 11/15/2023 | 500,000 | 505,405 | ||
Montana State Board of Regents 5.000% 11/15/2030 Callable @ 100.000 11/15/2023 | 240,000 | 242,150 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2026 Callable @ 100.000 06/15/2024 | 515,000 | 526,294 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2027 Callable @ 100.000 06/15/2024 | 1,000,000 | 1,020,580 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2030 Callable @ 100.000 06/15/2025 | 795,000 | 840,681 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | 705,000 | 736,274 | ||
Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025 | 435,000 | 455,219 | ||
| 4,326,603 | |||
Transportation (2.0%) | ||||
Missoula Parking Commission 4.000% 10/01/2026 Callable @ 100.000 04/01/2024 | 835,000 | 846,740 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2024 | 100,000 | 98,618 | ||
Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | 105,000 | 103,438 | ||
Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | 330,000 | 330,439 | ||
| 1,379,235 | |||
Utilities (5.2%) | ||||
City of Billings MT 5.000% 07/01/2031 Callable @ 100.000 07/01/2027 | 260,000 | 282,519 | ||
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | 1,510,000 | 1,394,757 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 Callable @ 100.000 07/01/2023 | 215,000 | 215,583 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 Callable @ 100.000 07/01/2023 | 225,000 | 225,657 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 Callable @ 100.000 07/01/2025 | 250,000 | 260,070 | ||
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 Callable @ 100.000 07/01/2025 | 250,000 | 259,240 | ||
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 250,000 | 255,727 | ||
City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 600,000 | 620,988 | ||
| 3,514,541 | |||
TOTAL MUNICPAL BONDS (COST: $67,198,279) | $ | 66,343,274 | ||
SHORT-TERM INVESTMENTS (1.8%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 1,206,702 |
| 1,206,702 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,206,702) | $ | 1,206,702 | ||
TOTAL INVESTMENTS (Cost $68,404,981) (98.9%) | 67,549,976 | |||
OTHER ASSETS LESS LIABILITIES (1.1%) | $ | 726,742 | ||
NET ASSETS (100.0%) | $ | 68,276,718 | ||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. | ||||
(a) Seven day yield as of April 30, 2023. |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At April 30, 2023 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 | $68,404,981 |
Unrealized appreciation | 741,655 |
Unrealized depreciation | (1,596,660) |
Net unrealized appreciation (depreciation)* | ($855,005) |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) | ||||
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2023: | ||||
Viking Tax-Free Fund for Montana | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $66,343,274 | $0 | $66,343,274 |
Short-Term Investments | 1,206,702 | 0 | 0 | 1,206,702 |
Total | $1,206,702 | $66,343,274 | $0 | $67,549,976 |