VIKING TAX-FREE FUND FOR MONTANA
Schedule of Investments – October 31, 2024 (unaudited)
Principal | Fair | ||||
Amount |
|
| Value | ||
MUNICIPAL BONDS (100.7%) | |||||
Education (0.7%) | |||||
MONTANA ST BRD RGTS G 4.000% 11/15/2041 Callable @ 100.000 11/15/2031 | 400,000 | $ | 400,156 | ||
| 400,156 | ||||
General Obligation (50.2%) | |||||
BELGRADE 5.000% 07/01/2031 | 280,000 | 313,236 | |||
BELGRADE 5.000% 07/01/2033 Callable @ 100.000 07/01/2032 | 250,000 | 281,148 | |||
BELGRADE 5.000% 07/01/2034 Callable @ 100.000 07/01/2032 | 355,000 | 399,148 | |||
BOZEMAN 4.000% 07/01/2028 | 540,000 | 540,475 | |||
BOZEMAN B 4.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 715,000 | 725,961 | |||
BOZEMAN B 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 775,000 | 778,720 | |||
BUTTE SILVER BOW 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 240,000 | 243,878 | |||
BUTTE SILVER BOW 4.500% 07/01/2034 Callable @ 100.000 07/01/2026 | 850,000 | 871,658 | |||
FLATHEAD CO ISD #5 5.000% 07/01/2039 Callable @ 100.000 07/01/2028 | 455,000 | 483,642 | |||
GALLATIN CO 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 435,000 | 491,607 | |||
GALLATIN CO 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 915,000 | 1,028,917 | |||
GALLATIN CO 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 640,000 | 716,608 | |||
GALLATIN CO SCH DT#72 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 565,000 | 573,181 | |||
GALLATIN CO SCH DT#72 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 800,000 | 824,376 | |||
GALLATIN CO SD #27 4.250% 06/15/2026 | 285,000 | 285,180 | |||
GALLATIN SD #44 B 3.500% 06/15/2028 | 575,000 | 573,528 | |||
JUDITH BASIN CO K 12 5.000% 07/01/2037 Callable @ 100.000 07/01/2033 | 235,000 | 259,417 | |||
JUDITH BASIN CO K 12 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 160,000 | 176,248 | |||
JUDITH BASIN CO K 12 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 465,000 | 504,771 | |||
JUDITH BASIN CO K 12 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 300,000 | 323,061 | |||
JUDITH BASIN CO K 12 5.250% 07/01/2048 Callable @ 100.000 07/01/2033 | 450,000 | 488,655 | |||
POLSON SD #23 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 525,000 | 575,452 | |||
POLSON SD #23 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 335,000 | 364,597 | |||
POLSON SD #23 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 355,000 | 384,000 | |||
POLSON SD #23 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 325,000 | 349,979 | |||
POLSON SD #23 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 510,000 | 546,108 | |||
POLSON SD#23 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | 595,000 | 663,116 | |||
POLSON SD#23 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | 625,000 | 692,800 | |||
POLSON SD#23 5.250% 07/01/2042 Callable @ 100.000 07/01/2033 | 320,000 | 352,147 | |||
POLSON SD#23 5.250% 07/01/2043 Callable @ 100.000 07/01/2033 | 350,000 | 383,544 | |||
POLSON SD#23 5.250% 07/01/2044 Callable @ 100.000 07/01/2033 | 360,000 | 393,210 | |||
POLSON HSD #23 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 320,000 | 347,616 | |||
POLSON HSD #23 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 400,000 | 431,356 | |||
POLSON HSD #23 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 635,000 | 682,847 | |||
POLSON HSD#23 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | 465,000 | 518,233 | |||
POLSON HSD#23 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | 490,000 | 543,155 | |||
POLSON HSD#23 5.250% 07/01/2042 Callable @ 100.000 07/01/2033 | 250,000 | 275,115 | |||
POLSON HSD#23 5.250% 07/01/2043 Callable @ 100.000 07/01/2033 | 250,000 | 273,960 | |||
POLSON HSD#23 5.250% 07/01/2044 Callable @ 100.000 07/01/2033 | 420,000 | 458,745 | |||
ARLEE SD #JT&8 5.000% 07/01/2039 Callable @ 100.000 01/01/2033 | 515,000 | 566,490 | |||
*ARLEE SD #JT&8 5.000% 07/01/2043 Callable @ 100.000 01/01/2033 | 1,215,000 | 1,311,459 | |||
MILES CITY 5.000% 07/01/2042 Callable @ 100.000 07/01/2034 | 395,000 | 426,600 | |||
MILES CITY 5.000% 07/01/2044 Callable @ 100.000 07/01/2034 | 300,000 | 321,351 | |||
MISSOULA SD #4 BLDG 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | 500,000 | 529,415 | |||
MISSOULA SD #4 BLDG 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | 500,000 | 527,235 | |||
RAVALLI CO OPEN SPACE 4.250% 07/01/2030 | 755,000 | 755,211 | |||
RAVALLI ETC #15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 250,000 | 250,868 | |||
RAVALLI ETC #15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 250,975 | |||
*BUTTE SD #1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 1,960,000 | 1,970,976 | |||
STILLWATER ESD#6 BLDG 5.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 300,000 | 320,313 | |||
STILLWATER HSD 6 BLDG 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 275,000 | 280,189 | |||
VALLEY CO K 12 SD #1A 4.250% 07/01/2031 | 450,000 | 450,167 | |||
YELLOWSTONE CARBON CO 5.000% 07/01/2037 Callable @ 100.000 07/01/2033 | 350,000 | 387,741 | |||
YELLOWSTONE CARBON CO 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 330,000 | 365,581 | |||
YELLOWSTONE CARBON CO 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 1,395,000 | 1,526,883 | |||
YELLOWSTONE CARBON CO 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 600,000 | 652,554 | |||
| 30,013,403 | ||||
Health Care (12.6%) | |||||
MT FAC FIN AUTH B 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,028,680 | |||
MT FAC FIN AUTH B 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,012,610 | |||
MONTANA ST FAC FIN AU 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 400,000 | 407,204 | |||
MONTANA ST FAC FIN AU 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | 200,000 | 202,054 | |||
*MONTANA ST FAC FIN AU 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | 1,500,000 | 1,507,005 | |||
MT FAC FIN AUTH A REF 5.000% 06/01/2028 Callable @ 100.000 12/01/2024 | 1,015,000 | 1,016,533 | |||
MT FAC FIN AUTH C 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | 915,000 | 924,104 | |||
MT FAC FIN AUTH 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 700,000 | 721,553 | |||
YELLOWSTONE CNTY REV 4.000% 10/01/2029 | 710,000 | 710,525 | |||
| 7,530,268 | ||||
Housing (18.7%) | |||||
MT BRD HSG A 2 AMT 3.150% 12/01/2024 | 60,000 | 59,984 | |||
MT BRD HSG A 2 AMT 3.350% 06/01/2025 | 85,000 | 85,004 | |||
MT HRD OF HSG B2 4.050% 12/01/2024 | 150,000 | 150,012 | |||
MT HRD OF HSG B2 4.650% 12/01/2028 | 100,000 | 100,029 | |||
MT BRD OF HSG B 3.400% 12/01/2033 Callable @ 100.000 12/01/2027 | 205,000 | 199,361 | |||
MONTANA BOARD HOUSING 2.800% 12/01/2039 Callable @ 100.000 06/01/2029 | 635,000 | 536,289 | |||
MONTANA BRD OF HSG B 4.450% 12/01/2038 Callable @ 100.000 12/01/2032 | 1,400,000 | 1,441,678 | |||
MONTANA BRD OF HSG B 4.800% 12/01/2043 Callable @ 100.000 12/01/2032 | 1,335,000 | 1,365,758 | |||
MONTANA BRD OF HSG C 4.375% 12/01/2038 Callable @ 100.000 12/01/2032 | 405,000 | 410,508 | |||
MONTANA BRD OF HSG C 4.600% 12/01/2043 Callable @ 100.000 12/01/2032 | 1,000,000 | 1,006,890 | |||
MONTANA BRD OF HSG C 4.850% 12/01/2048 Callable @ 100.000 12/01/2032 | 500,000 | 501,915 | |||
MONTANA BRD OF HSG A 3.950% 12/01/2039 Callable @ 100.000 06/01/2033 | 1,000,000 | 998,650 | |||
MONTANA BRD OF HSG A 4.450% 12/01/2044 Callable @ 100.000 06/01/2033 | 1,000,000 | 1,001,480 | |||
#MONTANA HSG B REF 3.900% 12/01/2039 Callable @ 100.000 06/01/2033 | 500,000 | 491,485 | |||
#MONTANA HSG B REF 4.300% 12/01/2044 Callable @ 100.000 06/01/2033 | 800,000 | 786,384 | |||
#MONTANA HSG B REF 4.400% 12/01/2049 Callable @ 100.000 06/01/2033 | 1,650,000 | 1,616,951 | |||
MT BRD HSG A SF PROG 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | 455,000 | 452,306 | |||
| 11,204,684 | ||||
Other Revenue (10.4%) | |||||
BILLINGS IMPT DISTS 5.500% 07/01/2026 | 10,000 | 10,003 | |||
BILLINGS TAX INCR 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 710,000 | 712,932 | |||
BILLINGS REV 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 405,000 | 385,098 | |||
BILLINGS REV REF 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 700,000 | 746,921 | |||
BILLINGS B REV 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 300,000 | 321,015 | |||
BILLINGS B REV 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 275,000 | 265,380 | |||
GALLATIN IMPT 396 5.500% 07/01/2025 | 90,000 | 89,894 | |||
*GALLATIN IMPT 396 6.000% 07/01/2030 | 1,000,000 | 1,000,770 | |||
GREAT FALLS REV 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,005,000 | 840,321 | |||
KALISPELL TAX INCR 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 500,000 | 526,625 | |||
LIVINGSTON TAX INCR 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | 525,000 | 515,198 | |||
*MADISON RUT IMPT 09 1 6.000% 07/01/2030 | 640,000 | 640,493 | |||
MISSOULA SPL ASSMT C 4.750% 07/01/2027 | 45,000 | 45,005 | |||
MISSOULA SPL ASM POOL 6.000% 07/01/2030 | 120,000 | 120,019 | |||
| 6,219,674 | ||||
Pre-Refunded (1.9%) | |||||
YELLOWSTONE CO SD #2 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | 705,000 | 713,298 | |||
YELLOWSTONE CO SD #2 5.000% 06/15/2032 Callable @ 100.000 06/15/2025 | 435,000 | 440,390 | |||
| 1,153,688 | ||||
Transportation (1.7%) | |||||
MISSOULA PKG COMMSN 4.000% 10/01/2026 | 665,000 | 665,239 | |||
MISSOULA SPL IMPT 540 4.600% 07/01/2025 | 105,000 | 104,335 | |||
MISSOULS SPL IMPT 541 5.400% 07/01/2029 | 240,000 | 240,166 | |||
| 1,009,740 | ||||
Utilities (4.5%) | |||||
BILLINGS SOL WST REV 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | 1,510,000 | 1,397,656 | |||
BILLINGS STORM SWR 4.000% 07/01/2025 | 215,000 | 215,133 | |||
BILLINGS STORM SWR 4.000% 07/01/2026 | 225,000 | 225,027 | |||
DILLON WTR & SWR REF 4.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 250,000 | 251,503 | |||
MISSOULA WTR SYS A 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 600,000 | 613,464 | |||
| 2,702,783 | ||||
TOTAL MUNICPAL BONDS (COST: $60,687,870) | $ | 60,234,396 | |||
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.7%) | $ | (445,051) | |||
NET ASSETS (100.0%) | $ | 59,789,345 | |||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. | |||||
#When-issued purchase as of October 31, 2024. | |||||
NOTE: INVESTMENT IN SECURITIES (unaudited) | ||
At October 31, 2024 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 | $60,687,870 | |
Unrealized appreciation | 294,378 | |
Unrealized depreciation | (747,852) | |
Net unrealized appreciation (depreciation)* | $(453,474) | |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of 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, 2024: | ||||
Viking Tax-Free Fund for Montana | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $60,234,396 | $0 | $60,234,396 |
Total | $0 | $60,234,396 | $0 | $60,234,396 |
