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 31
Date of reporting period: July 31, 2024
This N-CSR filing is amended to include the Report of Independent Registered Public Accountants.
Item 1. Reports to Stockholders
Kansas Municipal Fund
Class A / KSMUX
|
This shareholder report contains important information about the Kansas Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 2.09%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 2.09 | -0.15 | 1.29 |
| Class A with sales charge | -0.46 | -0.66 | 1.03 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $59 |
| Number of Holdings | 88 |
| Total Advisory Fee | $182K |
| Annual Portfolio Turnover | 29% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 51.7 | A | 15.56 | ||
| Health Care | 11.4 | AA | 59.09 | ||
| Utilities | 9.1 | AAA | 14.57 | ||
| Pre-Refunded | 8.9 | BBB | 6.24 | ||
| Other Revenue | 7.3 | NR | 4.54 | ||
| Education | 6.6 | ||||
| Housing | 2.1 | ||||
| Cash Equivalents and Other | 1.6 | ||||
| Transportation | 1.3 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Kansas Municipal Fund
Class I / KSITX
|
This shareholder report contains important information about the Kansas Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 2.45%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
November 1, 2017 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 2.45 | 0.12 | 0.98 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.01 |
^Inception Date of 11/1/2017 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $59 |
| Number of Holdings | 88 |
| Total Advisory Fee Paid | $182K |
| Annual Portfolio Turnover | 29% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 51.7 | A | 15.56 | ||
| Health Care | 11.4 | AA | 59.09 | ||
| Utilities | 9.1 | AAA | 14.57 | ||
| Pre-Refunded | 8.9 | BBB | 6.24 | ||
| Other Revenue | 7.3 | NR | 4.54 | ||
| Education | 6.6 | ||||
| Housing | 2.1 | ||||
| Cash Equivalents and Other | 1.6 | ||||
| Transportation | 1.3 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Maine Municipal Fund
Class A / MEMUX
|
This shareholder report contains important information about the Maine Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 3.05%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 3.05 | -0.55 | 0.77 |
| Class A with sales charge | 0.51 | -1.06 | 0.52 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $9 |
| Number of Holdings | 24 |
| Total Advisory Fee | $0 |
| Annual Portfolio Turnover | 69% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 27.7 | A | 9.09 | ||
| Housing | 23.7 | AA | 90.91 | ||
| Other Revenue | 21.5 | ||||
| Health Care | 15.6 | ||||
| Transportation | 7.1 | ||||
| Cash Equivalents and Other | 4.4 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Maine Municipal Fund
Class I / MEIMX
|
This shareholder report contains important information about the Maine Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 3.30%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
November 1, 2017 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 3.30 | -0.31 | 0.45 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.01 |
| ^Inception Date of 11/1/2017 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $9 |
| Number of Holdings | 24 |
| Total Advisory Fee | $0 |
| Annual Portfolio Turnover | 69% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 27.7 | A | 9.09 | ||
| Housing | 23.7 | AA | 90.91 | ||
| Other Revenue | 21.5 | ||||
| Health Care | 15.6 | ||||
| Transportation | 7.1 | ||||
| Cash Equivalents and Other | 4.4 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Nebraska Municipal Fund
Class A / NEMUX
|
This shareholder report contains important information about the Nebraska Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 1.87%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 1.87 | -0.44 | 1.19 |
| Class A with sales charge | -0.64 | -0.94 | 0.93 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $33 |
| Number of Holdings | 51 |
| Total Advisory Fee | $83K |
| Annual Portfolio Turnover | 79% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 58.0 | A | 11.49 | ||
| Education | 15.7 | AA | 58.06 | ||
| Utilities | 11.3 | AAA | 8.25 | ||
| Pre-Refunded | 7.0 | BBB | 3.13 | ||
| Health Care | 3.1 | NR | 19.07 | ||
| Other Revenue | 3.0 | ||||
| Housing | 1.2 | ||||
| Cash Equivalents and Other | 0.7 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Nebraska Municipal Fund
Class I / NEITX
|
This shareholder report contains important information about the Nebraska Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 2.02%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
November 1, 2017 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 2.02 | -0.19 | 0.74 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.01 |
| ^Inception Date of 11/1/2017 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $33 |
| Number of Holdings | 51 |
| Total Advisory Fee | $83K |
| Annual Portfolio Turnover | 79% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 58.0 | A | 11.49 | ||
| Education | 15.7 | AA | 58.06 | ||
| Utilities | 11.3 | AAA | 8.25 | ||
| Pre-Refunded | 7.0 | BBB | 3.13 | ||
| Health Care | 3.1 | NR | 19.07 | ||
| Other Revenue | 3.0 | ||||
| Housing | 1.2 | ||||
| Cash Equivalents and Other | 0.7 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Oklahoma Municipal Fund
Class A / OKMUX
|
This shareholder report contains important information about the Oklahoma Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 2.33%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 2.33 | -0.28 | 1.28 |
| Class A with sales charge | -0.20 | -0.77 | 1.02 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $45 |
| Number of Holdings | 66 |
| Total Advisory Fee | $146K |
| Annual Portfolio Turnover | 69% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| Other Revenue | 69.4 | A | 32.32 | ||
| Education | 6.4 | AA | 36.91 | ||
| Transportation | 4.8 | AAA | 6.67 | ||
| Cash Equivalents and Other | 4.6 | BBB | 15.85 | ||
| Housing | 4.5 | NR | 8.25 | ||
| General Obligation | 3.9 | ||||
| Health Care | 3.4 | ||||
| Utilities | 3.0 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Oklahoma Municipal Fund
Class I / OKMIX
|
This shareholder report contains important information about the Oklahoma Municipal Fund. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 2.59%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
November 1, 2017 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 2.59 | -0.03 | 0.90 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.01 |
| ^Inception Date of 11/1/2017 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $45 |
| Number of Holdings | 66 |
| Total Advisory Fee | $146K |
| Annual Portfolio Turnover | 69% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| Other Revenue | 69.4 | A | 32.32 | ||
| Education | 6.4 | AA | 36.91 | ||
| Transportation | 4.8 | AAA | 6.67 | ||
| Cash Equivalents and Other | 4.6 | BBB | 15.85 | ||
| Housing | 4.5 | NR | 8.25 | ||
| General Obligation | 3.9 | ||||
| Health Care | 3.4 | ||||
| Utilities | 3.0 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Viking Tax-Free Fund for
Class A / VMTTX
|
This shareholder report contains important information about the Viking Tax-Free Fund for Montana. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 1.98%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 1.98 | -0.02 | 1.37 |
| Class A with sales charge | -0.61 | -0.52 | 1.11 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $61 |
| Number of Holdings | 106 |
| Total Advisory Fee | $202K |
| Annual Portfolio Turnover | 32% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 49.9 | A | 26.72 | ||
| Housing | 13.7 | AA | 58.89 | ||
| Other Revenue | 12.6 | AAA | 1.95 | ||
| Health Care | 12.5 | BBB | 0.86 | ||
| Utilities | 4.5 | NR | 11.58 | ||
| Cash Equivalents and Other | 2.3 | ||||
| Pre-Refunded | 1.9 | ||||
| Transportation | 1.9 | ||||
| Education | 0.7 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Viking Tax-Free Fund for Montana
Class I / VMTIX
|
This shareholder report contains important information about the Viking Tax-Free Fund for Montana. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 2.23%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2016 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 2.23 | 0.23 | 0.89 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 1.79 |
| ^Inception Date of 8/1/2016 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $61 |
| Number of Holdings | 106 |
| Total Advisory Fee | $202K |
| Annual Portfolio Turnover | 32% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 49.9 | A | 26.72 | ||
| Housing | 13.7 | AA | 58.89 | ||
| Other Revenue | 12.6 | AAA | 1.95 | ||
| Health Care | 12.5 | BBB | 0.86 | ||
| Utilities | 4.5 | NR | 11.58 | ||
| Cash Equivalents and Other | 2.3 | ||||
| Pre-Refunded | 1.9 | ||||
| Transportation | 1.9 | ||||
| Education | 0.7 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Viking Tax-Free Fund for North Dakota
Class A / VNDFX
|
This shareholder report contains important information about the Viking Tax-Free Fund for North Dakota. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $98 | 0.98% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class A shares returned 1.35%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2014 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | 1.35 | -0.64 | 1.00 |
| Class A with sales charge | -1.14 | -1.13 | 0.74 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 2.47 |
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $21 |
| Number of Holdings | 45 |
| Total Advisory Fee | $40K |
| Annual Portfolio Turnover | 56% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 42.4 | A | 22.29 | ||
| Health Care | 17.1 | AA | 51.74 | ||
| Education | 12.9 | BBB | 7.64 | ||
| Housing | 12.4 | NR | 18.33 | ||
| Other Revenue | 9.4 | ||||
| Utilities | 5.8 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Viking Tax-Free Fund for North Dakota
Class I / VNDIX
|
This shareholder report contains important information about the Viking Tax-Free Fund for North Dakota. Period covered: August 1, 2023 through July 31, 2024
|
ANNUAL SHAREHOLDER REPORT Viking Mutual Funds July 31, 2024 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |
What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.73% |
| How did the Fund perform last year? | ||
| • | For the twelve month period ended July 31, 2024, the Fund’s Class I shares returned 1.61%. | |
| • | In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 3.74% for the same period. | |
| What affected the Fund’s performance? | ||
| • | An underweight to lower rated bonds (e.g. BBB) which generally outperformed across most maturities over the period, detracted from relative performance. | |
| • | An overweight to bonds maturing in roughly 13-20 years, contributed positively to relative performance. | |
| • | An underweight to higher rated bonds (e.g. AAA) maturing in greater than 25 years, contributed positively to relative performance. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE
August 1, 2016 through July 31, 2024
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2024
| 1 Year | 5 Years | Inception^ | |
| Class I | 1.61 | -0.41 | 0.40 |
| Bloomberg U.S. Muni Bond Index | 3.74 | 1.19 | 1.79 |
| ^Inception Date of 8/1/2016 | |||
* The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
What are some key Fund statistics?
(as of July 31, 2024)
| Total Net Assets (Millions) | $21 |
| Number of Holdings | 45 |
| Total Advisory Fee | $40K |
| Annual Portfolio Turnover | 56% |
What did the Fund invest in?
(as of July 31, 2024)
| Sectors | % Net Assets | Credit Rating Breakdown* | % Net Assets | ||
| General Obligation | 42.4 | A | 22.29 | ||
| Health Care | 17.1 | AA | 51.74 | ||
| Education | 12.9 | BBB | 7.64 | ||
| Housing | 12.4 | NR | 18.33 | ||
| Other Revenue | 9.4 | ||||
| Utilities | 5.8 |
Additional Fund Statistics Information
* The ratings agencies that provided the ratings are Standard & Poor’s and Moody’s. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information
Website address: www.integrityvikingfunds.com/documents
Item 2. Code of Ethics
As of the end of the period covered by this report, Viking Mutual Funds (herein referred to as 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 Registrant’s 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 19(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 & Company, 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 $51,137 for the year ended July 31, 2024 and $48,297 for the year ended July 31, 2023. | |||
| (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, 2024 and $0 for the year ended July 31, 2023. | |||
| (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 $15,275 for the year ended July 31, 2024 and $15,275 for the year ended July 31, 2023. 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. | |||
| (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. | |||
| (e) | (1) | Audit Committee Pre-Approval Policies and Procedures | ||
| 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. | ||||
| (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 | |||
| 0% of the services described in paragraphs (b) through (d) of Item 4 were pre-approved by the audit committee. | ||||
| (f) | Not applicable. 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. | |||
| (g) | Non-Audit Fees: None. | |||
| (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. | |||
| (i) | Not applicable. | |||
| (j) | Not applicable. | |||
Item 5. Audit Committee of Listed Registrants
The independent board members are acting as the Registrant’s Audit Committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c)(a)(58)(A)). The Audit Committee consists of the following Board members: Jerry M. Stai, R. James Maxson, and Wade A. Dokken.
Item 6. Investments
Report of Independent Registered Public Accounting Firm
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, 2024, 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 financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2024, 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 five years 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, 2024, 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 27, 2024
Kansas Municipal Fund
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (98.4%) | ||||||||
| Education (6.6%) | ||||||||
| Kansas Development Finance Authority 3.000% 10/01/2044 Callable @ 100.000 10/01/2027 | 500,000 | $ | 398,485 | |||||
| Kansas Development Finance Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2028 | 500,000 | 471,875 | ||||||
| Kansas Development Finance Authority 4.000% 07/01/2033 Callable @ 100.000 07/01/2031 | 1,000,000 | 1,011,120 | ||||||
| Kansas Development Finance Authority 4.000% 07/01/2036 Callable @ 100.000 07/01/2031 | 2,000,000 | 2,011,240 | ||||||
| 3,892,720 | ||||||||
| General Obligation (51.7%) | ||||||||
| Atchison County Unified School District No 409 5.000% 09/01/2042 Callable @ 100.000 09/01/2031 | 610,000 | 658,763 | ||||||
| City of Bel Aire KS 4.000% 11/01/2036 Callable @ 100.000 11/01/2031 | 285,000 | 297,055 | ||||||
| City of Bonner Springs KS 3.000% 09/01/2044 Callable @ 100.000 09/01/2028 | 1,060,000 | 866,603 | ||||||
| City of Burlingame KS 3.000% 09/01/2045 Callable @ 100.000 09/01/2027 | 365,000 | 281,207 | ||||||
| Butler County Unified School District No 205 Bluestem 5.250% 09/01/2042 Callable @ 100.000 09/01/2032 | 1,520,000 | 1,687,063 | ||||||
| Cowley County Unified School District No 465 Winfield 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | 200,000 | 222,544 | ||||||
| Cowley County Unified School District No 465 Winfield 5.000% 09/01/2048 Callable @ 100.000 09/01/2033 | 500,000 | 545,535 | ||||||
| Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 Callable @ 100.000 09/01/2025 | 250,000 | 253,385 | ||||||
| Douglas County Unified School District No 348 Baldwin City 5.000% 09/01/2044 Callable @ 100.000 09/01/2031 | 400,000 | 424,088 | ||||||
| Douglas County Unified School District No 491 Eudora 5.000% 09/01/2042 Callable @ 100.000 09/01/2032 | 1,000,000 | 1,081,660 | ||||||
| City of Edgerton KS 4.000% 08/01/2037 Callable @ 100.000 08/01/2031 | 300,000 | 313,599 | ||||||
| City of Emporia KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2032 | 500,000 | 522,195 | ||||||
| City of Garden City KS 5.000% 11/01/2029 | 500,000 | 550,835 | ||||||
| Gove County Unified School District No 293 Quinter 4.000% 09/01/2041 Callable @ 100.000 09/01/2030 | 655,000 | 661,858 | ||||||
| Gove County Unified School District No 293 Quinter 4.000% 09/01/2043 Callable @ 100.000 09/01/2030 | 250,000 | 250,605 | ||||||
| Harvey County Unified School District 440 Halstead Bentley 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | 1,000,000 | 1,061,650 | ||||||
| Harvey County Unified School District No 460 Hesston 5.000% 09/01/2031 | 410,000 | 457,810 | ||||||
| City of Haysville KS 4.250% 10/01/2025 Callable @ 100.000 10/01/2024 | 500,000 | 500,265 | ||||||
| Jefferson County Unified School District No 343 Perry 5.500% 09/01/2038 Callable @ 100.000 09/01/2030 | 265,000 | 291,402 | ||||||
| Jefferson County Unified School District No 343 Perry 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | 1,000,000 | 1,080,010 | ||||||
| Jefferson County Unified School District No 343 Perry 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | 1,000,000 | 1,087,890 | ||||||
| Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 2,000,000 | 2,122,920 | ||||||
| Leavenworth County Unified School District No 453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026 | 650,000 | 658,210 | ||||||
| Leavenworth County Unified School District No 458 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | 1,000,000 | 1,059,750 | ||||||
| County of Linn KS 3.000% 07/01/2036 Callable @ 100.000 07/01/2029 | 855,000 | 758,317 | ||||||
| City of Manhattan KS 4.000% 11/01/2044 Callable @ 100.000 11/01/2034 | 880,000 | 873,602 | ||||||
| Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | 10,000 | 9,935 | ||||||
| City of Olathe KS 3.000% 10/01/2033 Callable @ 100.000 10/01/2029 | 855,000 | 859,258 | ||||||
| City of Overland Park KS 5.000% 09/01/2032 | 1,000,000 | 1,158,720 | ||||||
| City of Prairie Village KS 4.000% 09/01/2040 Callable @ 100.000 09/01/2027 | 795,000 | 797,091 | ||||||
| City of Prairie Village KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027 | 1,500,000 | 1,263,465 | ||||||
| Pratt County Unified School District No 382 Pratt 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | 500,000 | 562,565 | ||||||
| Pratt County Unified School District No 382 Pratt 5.000% 09/01/2042 Callable @ 100.000 09/01/2033 | 1,035,000 | 1,136,627 | ||||||
| Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | 1,000,000 | 1,010,770 | ||||||
| Salina Airport Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2032 | 500,000 | 505,550 | ||||||
| Salina Airport Authority 4.000% 09/01/2043 Callable @ 100.000 09/01/2032 | 265,000 | 265,641 | ||||||
| County of Scott KS 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 518,105 | ||||||
| #Sedgwick County Unified School District No 262 Valley Center 4.500% 09/01/2044 Callable @ 100.000 09/01/2031 | 650,000 | 658,073 | ||||||
| Shawnee County Unified School District No 372 Silver Lake 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | 650,000 | 705,296 | ||||||
| Shawnee County Unified School District No 372 Silver Lake 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | 780,000 | 839,795 | ||||||
| City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | 355,000 | 357,712 | ||||||
| City of Wichita KS 4.750% 09/01/2027 | 180,000 | 178,826 | ||||||
| *Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026 | 1,000,000 | 1,040,370 | ||||||
| 30,436,620 | ||||||||
| Health Care (11.4%) | ||||||||
| Ashland Public Building Commission 5.000% 09/01/2030 | 1,020,000 | 1,020,571 | ||||||
| Ashland Public Building Commission 5.000% 09/01/2035 | 500,000 | 500,085 | ||||||
| Ashland Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2024 | 550,000 | 550,627 | ||||||
| City of Colby KS 5.500% 07/01/2026 Callable @ 100.000 01/01/2026 | 750,000 | 751,883 | ||||||
| City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | 1,500,000 | 1,542,540 | ||||||
| University of Kansas Hospital Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 500,000 | 486,745 | ||||||
| University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 504,630 | ||||||
| University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | 1,000,000 | 953,180 | ||||||
| University of Kansas Hospital Authority 3.000% 03/01/2041 Callable @ 100.000 03/01/2030 | 500,000 | 409,480 | ||||||
| 6,719,741 | ||||||||
| Housing (2.1%) | ||||||||
| County of Shawnee KS 4.700% 07/01/2044 Callable @ 100.000 07/01/2033 | 700,000 | 704,354 | ||||||
| County of Shawnee KS 5.000% 07/01/2049 Callable @ 100.000 07/01/2033 | 500,000 | 510,495 | ||||||
| 1,214,849 | ||||||||
| Other Revenue (7.3%) | ||||||||
| Bourbon County Unified School District No 234 Fort Scott 4.000% 09/01/2035 Callable @ 100.000 09/01/2033 | 355,000 | 364,152 | ||||||
| *Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | 750,000 | 757,733 | ||||||
| Hoisington Public Building Commission 3.000% 11/01/2045 Callable @ 100.000 11/01/2029 | 500,000 | 379,935 | ||||||
| City of Manhattan KS 5.000% 12/01/2026 | 150,000 | 150,250 | ||||||
| City of Manhattan KS 4.500% 12/01/2025 | 225,000 | 225,785 | ||||||
| *City of Manhattan KS 5.000% 12/01/2032 | 1,000,000 | 1,001,010 | ||||||
| County of Shawnee KS 5.000% 09/01/2033 Callable @ 100.000 09/01/2032 | 230,000 | 257,839 | ||||||
| County of Shawnee KS 5.500% 09/01/2034 Callable @ 100.000 09/01/2032 | 210,000 | 245,389 | ||||||
| Washington County Public Building Commission 4.000% 09/01/2028 | 100,000 | 99,671 | ||||||
| City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | 815,000 | 803,158 | ||||||
| 4,284,922 | ||||||||
| Pre-Refunded (8.9%) | ||||||||
| Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 Callable @ 100.000 09/01/2024 | 250,000 | 250,415 | ||||||
| Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 Callable @ 100.000 09/01/2024 | 250,000 | 250,453 | ||||||
| Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 Callable @ 100.000 09/01/2024 | 250,000 | 250,405 | ||||||
| Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 Callable @ 100.000 09/01/2024 | 250,000 | 250,405 | ||||||
| Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 Callable @ 100.000 09/01/2024 | 500,000 | 500,810 | ||||||
| *Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | 3,000,000 | 3,048,330 | ||||||
| Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 Callable @ 100.000 09/01/2024 | 405,000 | 405,785 | ||||||
| Seward County Unified School District No 480 Liberal 5.000% 09/01/2029 Callable @ 100.000 09/01/2025 | 250,000 | 255,153 | ||||||
| 5,211,756 | ||||||||
| Transportation (1.3%) | ||||||||
| State of Kansas Department of Transportation 5.000% 09/01/2033 Callable @ 100.000 09/01/2025 | 500,000 | 506,915 | ||||||
| State of Kansas Department of Transportation 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 250,000 | 253,270 | ||||||
| 760,185 | ||||||||
| Utilities (9.1%) | ||||||||
| Kansas Municipal Energy Agency 5.000% 04/01/2030 Callable @ 100.000 04/01/2026 | 250,000 | 257,770 | ||||||
| Kansas Municipal Energy Agency 5.000% 04/01/2032 Callable @ 100.000 04/01/2026 | 500,000 | 515,790 | ||||||
| Kansas Municipal Energy Agency 5.000% 04/01/2033 Callable @ 100.000 04/01/2026 | 745,000 | 770,039 | ||||||
| Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | 1,000,000 | 1,029,980 | ||||||
| Kansas Municipal Energy Agency 5.000% 04/01/2035 Callable @ 100.000 04/01/2026 | 300,000 | 310,248 | ||||||
| Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | 500,000 | 505,750 | ||||||
| Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | 500,000 | 502,840 | ||||||
| City of Olathe KS Stormwater Revenue 4.000% 10/01/2044 Callable @ 100.000 10/01/2032 | 445,000 | 446,878 | ||||||
| Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | 500,000 | 507,920 | ||||||
| Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 Callable @ 100.000 09/01/2026 | 500,000 | 523,465 | ||||||
| 5,370,680 | ||||||||
| TOTAL MUNICIPAL BONDS (COST: $58,501,555) | $ | 57,891,473 | ||||||
| OTHER ASSETS LESS LIABILITIES (1.6%) | $ | 940,889 | ||||||
| NET ASSETS (100.0%) | $ | 58,832,362 | ||||||
| * | Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
| # | When-issued purchase as of July 31, 2024. |
The accompanying notes are an integral part of these financial statements.
Maine Municipal Fund
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (95.6%) | ||||||||
| General Obligation (27.7%) | ||||||||
| City of Bath ME 4.000% 05/01/2044 Callable @ 100.000 05/01/2034 | 400,000 | $ | 396,868 | |||||
| Town of Brunswick ME 2.500% 11/01/2041 Callable @ 100.000 11/01/2030 | 500,000 | 390,365 | ||||||
| Town of Gorham ME 4.000% 09/01/2040 Callable @ 100.000 09/01/2033 | 365,000 | 371,716 | ||||||
| City of Lewiston ME 4.000% 03/15/2037 Callable @ 100.000 03/15/2031 | 310,000 | 320,493 | ||||||
| Regional School Unit No 26 3.000% 09/01/2044 Callable @ 100.000 09/01/2029 | 475,000 | 386,674 | ||||||
| Maine School Administrative District No 51 4.000% 10/15/2029 Callable @ 100.000 10/15/2024 | 100,000 | 100,306 | ||||||
| Maine School Administrative District No 28 4.000% 05/01/2036 Callable @ 100.000 05/01/2028 | 400,000 | 402,332 | ||||||
| 2,368,754 | ||||||||
| Health Care (15.6%) | ||||||||
| Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031 | 5,000 | 5,007 | ||||||
| *Maine Health & Higher Educational Facilities Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2030 | 250,000 | 246,325 | ||||||
| Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2048 Callable @ 100.000 07/01/2033 | 1,000,000 | 1,081,370 | ||||||
| 1,332,702 | ||||||||
| Housing (23.7%) | ||||||||
| Maine State Housing Authority 4.950% 11/15/2048 Callable @ 100.000 05/15/2033 | 1,000,000 | 1,019,500 | ||||||
| Maine State Housing Authority 4.450% 11/15/2044 Callable @ 100.000 05/15/2033 | 500,000 | 500,105 | ||||||
| Maine State Housing Authority 3.350% 11/15/2044 Callable @ 100.000 05/15/2028 | 155,000 | 132,809 | ||||||
| *Maine State Housing Authority 2.250% 11/15/2045 Callable @ 100.000 05/15/2029 | 250,000 | 168,798 | ||||||
| *Maine State Housing Authority 4.950% 11/15/2047 Callable @ 100.000 11/15/2031 | 200,000 | 207,062 | ||||||
| 2,028,274 | ||||||||
| Other Revenue (21.5%) | ||||||||
| City of Augusta ME 5.000% 10/01/2043 Callable @ 100.000 10/01/2033 | 955,000 | 1,036,146 | ||||||
| Maine Governmental Facilities Authority 5.000% 10/01/2025 | 155,000 | 158,202 | ||||||
| Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 275,000 | 292,171 | ||||||
| Maine Municipal Bond Bank 4.000% 11/01/2038 | 125,000 | 125,128 | ||||||
| Maine Municipal Bond Bank 5.000% 11/01/2025 | 125,000 | 125,125 | ||||||
| Maine Municipal Bond Bank 5.000% 11/01/2027 Callable @ 100.000 11/01/2024 | 100,000 | 100,284 | ||||||
| 1,837,056 | ||||||||
| Transportation (7.1%) | ||||||||
| *Maine Turnpike Authority 4.000% 07/01/2032 | 250,000 | 250,113 | ||||||
| Maine Turnpike Authority 5.000% 07/01/2025 | 105,000 | 106,834 | ||||||
| *City of Portland ME General Airport Revenue 4.000% 01/01/2040 Callable @ 100.000 01/01/2030 | 250,000 | 246,097 | ||||||
| 603,044 | ||||||||
| TOTAL MUNICIPAL BONDS (COST: $8,334,007) | $ | 8,169,830 | ||||||
| OTHER ASSETS LESS LIABILITIES (4.4%) | $ | 373,905 | ||||||
| NET ASSETS (100.0%) | $ | 8,543,735 | ||||||
| * | 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.
Nebraska Municipal Fund
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (99.3%) | ||||||||
| Education (15.7%) | ||||||||
| Nebraska State Colleges 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 1,250,000 | $ | 1,372,988 | |||||
| Nebraska State Colleges 5.000% 07/01/2048 Callable @ 100.000 07/01/2033 | 1,000,000 | 1,086,190 | ||||||
| Southeast Community College Area 5.000% 12/15/2043 Callable @ 100.000 12/15/2031 | 1,165,000 | 1,232,686 | ||||||
| Southeast Community College Area 5.000% 12/15/2048 Callable @ 100.000 12/15/2031 | 1,000,000 | 1,048,360 | ||||||
| Southeast Community College 3.000% 03/15/2045 Callable @ 100.000 07/02/2025 | 500,000 | 366,910 | ||||||
| 5,107,134 | ||||||||
| General Obligation (58.0%) | ||||||||
| City of Aurora NE 5.000% 12/15/2028 Callable @ 100.000 05/15/2026 | 800,000 | 813,208 | ||||||
| County of Butler NE 5.000% 12/01/2043 Callable @ 100.000 12/01/2028 | 600,000 | 618,162 | ||||||
| Cuming County School District No 20 4.000% 12/15/2044 Callable @ 100.000 05/29/2029 | 1,500,000 | 1,485,750 | ||||||
| Broken Bow Public Schools 4.000% 12/15/2044 Callable @ 100.000 03/18/2029 | 500,000 | 483,140 | ||||||
| City of David City NE 4.050% 12/15/2027 Callable @ 100.000 07/12/2025 | 500,000 | 500,500 | ||||||
| City of David City NE 4.350% 06/15/2026 Callable @ 100.000 09/15/2024 | 500,000 | 500,360 | ||||||
| Fremont School District 5.000% 12/15/2043 Callable @ 100.000 12/15/2033 | 675,000 | 738,963 | ||||||
| Fremont School District 5.250% 12/15/2044 Callable @ 100.000 12/15/2033 | 210,000 | 235,595 | ||||||
| Fremont School District 5.250% 12/15/2045 Callable @ 100.000 12/15/2033 | 300,000 | 335,241 | ||||||
| Fremont School District 5.250% 12/15/2046 Callable @ 100.000 12/15/2033 | 395,000 | 439,706 | ||||||
| Fremont School District 5.000% 12/15/2048 Callable @ 100.000 12/15/2033 | 740,000 | 801,620 | ||||||
| Elkhorn School District 4.000% 12/15/2045 Callable @ 100.000 12/15/2034 | 1,500,000 | 1,478,460 | ||||||
| Douglas County School District No 59/NE 3.500% 06/15/2043 | 500,000 | 438,515 | ||||||
| Westside Community Schools 5.000% 12/01/2041 Callable @ 100.000 12/01/2031 | 500,000 | 548,790 | ||||||
| Westside Community Schools 4.375% 12/01/2043 Callable @ 100.000 12/01/2031 | 350,000 | 362,604 | ||||||
| City of Henderson NE 4.600% 12/15/2034 Callable @ 100.000 12/15/2026 | 210,000 | 209,840 | ||||||
| City of Henderson NE 4.850% 12/15/2036 Callable @ 100.000 12/15/2026 | 460,000 | 460,828 | ||||||
| City of Henderson NE 5.100% 12/15/2038 Callable @ 100.000 12/15/2026 | 500,000 | 502,075 | ||||||
| City of Kearney NE - 144A 4.000% 05/15/2042 Callable @ 100.000 05/16/2027 | 720,000 | 701,388 | ||||||
| City of La Vista NE 5.000% 09/15/2043 Callable @ 100.000 03/15/2028 | 500,000 | 522,580 | ||||||
| City of McCook NE 5.000% 09/15/2038 Callable @ 100.000 03/15/2028 | 550,000 | 582,015 | ||||||
| City of Nebraska City NE 4.150% 07/15/2033 Callable @ 100.000 07/15/2028 | 100,000 | 98,692 | ||||||
| City of Nebraska City NE 5.000% 07/15/2038 Callable @ 100.000 07/15/2028 | 540,000 | 556,627 | ||||||
| City of Nebraska City NE 3.750% 01/15/2030 Callable @ 100.000 02/22/2029 | 150,000 | 147,478 | ||||||
| City of Nebraska City NE 3.800% 01/15/2033 Callable @ 100.000 02/22/2029 | 200,000 | 194,804 | ||||||
| City of Nebraska City NE 4.000% 01/15/2036 Callable @ 100.000 02/22/2029 | 265,000 | 259,202 | ||||||
| City of Nebraska City NE 4.350% 01/15/2039 Callable @ 100.000 02/22/2029 | 205,000 | 203,116 | ||||||
| City of Omaha NE 3.750% 01/15/2038 Callable @ 100.000 01/15/2027 | 500,000 | 504,175 | ||||||
| Otoe County School District No 501/NE 4.500% 12/15/2043 Callable @ 100.000 11/01/2028 | 1,000,000 | 1,030,810 | ||||||
| Otoe County School District No 501/NE 4.750% 12/15/2047 Callable @ 100.000 11/01/2028 | 1,000,000 | 1,029,460 | ||||||
| Otoe County School District No 501/NE 4.125% 12/15/2047 Callable @ 100.000 06/26/2029 | 500,000 | 494,615 | ||||||
| City of Wahoo NE 4.750% 12/15/2033 Callable @ 100.000 08/15/2026 | 320,000 | 323,885 | ||||||
| City of Wayne NE 4.250% 12/15/2026 Callable @ 100.000 12/15/2024 | 750,000 | 750,930 | ||||||
| #York County School District No 96 4.000% 12/15/2044 Callable @ 100.000 08/07/2029 | 625,000 | 626,512 | ||||||
| 18,979,646 | ||||||||
| Health Care (3.1%) | ||||||||
| Madison County Hospital Authority No 1 5.000% 07/01/2032 Callable @ 100.000 07/01/2025 | 335,000 | 340,551 | ||||||
| Madison County Hospital Authority No 1 5.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 450,000 | 457,722 | ||||||
| Madison County Hospital Authority No 1 5.000% 07/01/2034 Callable @ 100.000 07/01/2025 | 215,000 | 218,900 | ||||||
| 1,017,173 | ||||||||
| Housing (1.2%) | ||||||||
| Nebraska Investment Finance Authority 3.850% 03/01/2038 Callable @ 100.000 09/01/2024 | 395,000 | 385,781 | ||||||
| 385,781 | ||||||||
| Other Revenue (3.0%) | ||||||||
| City of Columbus NE Sales Tax Revenue 4.000% 06/15/2039 Callable @ 100.000 06/14/2029 | 1,000,000 | 993,310 | ||||||
| 993,310 | ||||||||
| Pre-Refunded (7.0%) | ||||||||
| Gretna Public Schools 5.000% 12/15/2035 Callable @ 100.000 12/15/2025 | 250,000 | 256,440 | ||||||
| *University of Nebraska 5.000% 07/01/2035 Callable @ 100.000 07/01/2025 | 1,500,000 | 1,528,125 | ||||||
| University of Nebraska 5.000% 05/15/2035 Callable @ 100.000 05/15/2025 | 500,000 | 508,030 | ||||||
| 2,292,595 | ||||||||
| Utilities (11.3%) | ||||||||
| Custer Public Power District 4.125% 06/01/2039 Callable @ 100.000 06/01/2029 | 1,000,000 | 991,160 | ||||||
| City of David City NE Electric Utility Revenue 4.400% 12/15/2029 Callable @ 100.000 09/15/2026 | 135,000 | 135,670 | ||||||
| City of David City NE Electric Utility Revenue 4.550% 12/15/2034 Callable @ 100.000 09/15/2026 | 530,000 | 535,257 | ||||||
| *Nebraska Public Power District 5.000% 01/01/2036 Callable @ 100.000 01/01/2026 | 2,000,000 | 2,038,240 | ||||||
| 3,700,327 | ||||||||
| TOTAL MUNICIPAL BONDS (COST: $32,113,280) | $ | 32,475,966 | ||||||
| OTHER ASSETS LESS LIABILITIES (0.7%) | $ | 239,194 | ||||||
| NET ASSETS (100.0%) | $ | 32,715,160 | ||||||
| * | Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
| # | When-issued purchase as of July 31, 2024. |
The accompanying notes are an integral part of these financial statements.
Oklahoma Municipal Fund
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (95.4%) | ||||||||
| Education (6.4%) | ||||||||
| Oklahoma Development Finance Authority 5.000% 06/01/2039 | 19,000 | $ | 19,140 | |||||
| Oklahoma State University 4.000% 09/01/2043 Callable @ 100.000 09/01/2034 | 500,000 | 502,285 | ||||||
| Oklahoma State University 5.000% 09/01/2044 Callable @ 100.000 09/01/2034 | 590,000 | 653,295 | ||||||
| University of Oklahoma/The 5.000% 07/01/2036 Callable @ 100.000 07/01/2025 | 500,000 | 504,635 | ||||||
| University of Oklahoma/The 4.000% 07/01/2040 Callable @ 100.000 07/01/2025 | 500,000 | 495,180 | ||||||
| University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2025 | 500,000 | 504,145 | ||||||
| University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 200,000 | 224,196 | ||||||
| 2,902,876 | ||||||||
| General Obligation (3.9%) | ||||||||
| City of Broken Arrow OK 4.000% 12/01/2037 Callable @ 100.000 12/01/2028 | 605,000 | 613,791 | ||||||
| City of Broken Arrow OK 4.000% 12/01/2038 Callable @ 100.000 12/01/2028 | 610,000 | 617,235 | ||||||
| City of Catoosa OK 4.000% 06/01/2040 Callable @ 100.000 06/01/2032 | 500,000 | 504,775 | ||||||
| 1,735,801 | ||||||||
| Health Care (3.4%) | ||||||||
| Oklahoma County Finance Authority 4.000% 04/01/2041 Callable @ 100.000 04/01/2031 | 250,000 | 252,955 | ||||||
| Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2025 | 250,000 | 252,685 | ||||||
| Oklahoma Development Finance Authority 4.000% 08/15/2038 Callable @ 100.000 08/15/2025 | 250,000 | 250,190 | ||||||
| Oklahoma Development Finance Authority 4.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 825,000 | 763,389 | ||||||
| 1,519,219 | ||||||||
| Housing (4.5%) | ||||||||
| Oklahoma Housing Finance Agency 4.450% 09/01/2044 Callable @ 100.000 09/01/2032 | 2,000,000 | 2,008,320 | ||||||
| 2,008,320 | ||||||||
| Other Revenue (69.4%) | ||||||||
| Alfalfa County Educational Facilities Authority 5.000% 09/01/2029 | 500,000 | 534,470 | ||||||
| Bryan County School Finance Authority 5.000% 12/01/2032 | 260,000 | 273,112 | ||||||
| Bryan County School Finance Authority 5.000% 12/01/2033 | 800,000 | 839,072 | ||||||
| Bryan County School Finance Authority 4.125% 12/01/2037 Callable @ 100.000 12/01/2033 | 1,000,000 | 988,650 | ||||||
| Caddo County Educational Facilities Authority 5.000% 09/01/2032 | 560,000 | 596,898 | ||||||
| Caddo County Educational Facilities Authority 5.000% 09/01/2033 | 645,000 | 688,415 | ||||||
| Caddo County Educational Facilities Authority 5.000% 09/01/2034 | 735,000 | 785,186 | ||||||
| *Caddo County Governmental Building Authority 5.000% 09/01/2040 Callable @ 100.000 09/01/2028 | 1,010,000 | 1,045,451 | ||||||
| Canadian County Educational Facilities Authority 5.000% 09/01/2024 | 375,000 | 375,469 | ||||||
| *Canadian County Educational Facilities Authority 5.250% 09/01/2034 Callable @ 100.000 09/01/2033 | 1,750,000 | 1,999,025 | ||||||
| Creek County Educational Facilities Authority 4.125% 09/01/2048 Callable @ 100.000 09/01/2034 | 500,000 | 494,765 | ||||||
| Hobart Educational Facilities Authority 4.500% 09/01/2025 | 590,000 | 594,000 | ||||||
| Hobart Educational Facilities Authority 5.000% 09/01/2026 | 635,000 | 647,097 | ||||||
| Hobart Educational Facilities Authority 4.500% 09/01/2027 | 340,000 | 344,179 | ||||||
| Hobart Educational Facilities Authority 4.500% 09/01/2028 | 365,000 | 370,041 | ||||||
| Jackson County Educational Facilities Authority 4.250% 09/01/2031 | 400,000 | 385,956 | ||||||
| Kay County Public Buildings Authority 5.000% 09/01/2029 | 520,000 | 547,919 | ||||||
| Kiowa County Public Facilities Authority 4.500% 12/01/2033 | 1,130,000 | 1,190,398 | ||||||
| Kiowa County Public Facilities Authority 5.000% 12/01/2038 Callable @ 100.000 12/01/2033 | 1,000,000 | 1,076,640 | ||||||
| Kiowa County Public Facilities Authority 5.125% 12/01/2043 Callable @ 100.000 12/01/2033 | 1,000,000 | 1,057,290 | ||||||
| Leflore County Public Facility Authority 4.250% 09/01/2033 | 525,000 | 515,119 | ||||||
| Leflore County Public Facility Authority 4.500% 09/01/2036 Callable @ 100.000 09/01/2034 | 690,000 | 684,625 | ||||||
| Oklahoma City Public Property Authority 5.000% 10/01/2028 Callable @ 100.000 10/01/2025 | 400,000 | 408,004 | ||||||
| Oklahoma City Public Property Authority 5.000% 10/01/2029 Callable @ 100.000 10/01/2025 | 625,000 | 635,487 | ||||||
| Oklahoma City Public Property Authority 5.000% 10/01/2036 Callable @ 100.000 10/01/2025 | 230,000 | 232,946 | ||||||
| Oklahoma City Public Property Authority 5.000% 10/01/2039 Callable @ 100.000 10/01/2025 | 835,000 | 847,400 | ||||||
| Oklahoma County Finance Authority 4.000% 09/01/2038 Callable @ 100.000 09/01/2032 | 600,000 | 603,408 | ||||||
| Oklahoma County Finance Authority 5.000% 10/01/2044 Callable @ 100.000 10/01/2034 | 1,000,000 | 1,095,200 | ||||||
| Oklahoma County Finance Authority 5.000% 10/01/2045 Callable @ 100.000 10/01/2034 | 640,000 | 697,741 | ||||||
| Oklahoma Development Finance Authority 5.000% 12/01/2036 Callable @ 100.000 12/01/2033 | 255,000 | 283,856 | ||||||
| Oklahoma Development Finance Authority 5.000% 12/01/2037 Callable @ 100.000 12/01/2033 | 270,000 | 299,422 | ||||||
| Oklahoma Development Finance Authority 5.000% 12/01/2038 Callable @ 100.000 12/01/2033 | 280,000 | 308,952 | ||||||
| Oklahoma Development Finance Authority 5.000% 12/01/2043 Callable @ 100.000 12/01/2033 | 1,630,000 | 1,748,371 | ||||||
| Oklahoma Development Finance Authority 4.000% 06/01/2044 Callable @ 100.000 06/01/2034 | 1,000,000 | 995,640 | ||||||
| Oklahoma Development Finance Authority 4.125% 06/01/2049 Callable @ 100.000 06/01/2034 | 1,000,000 | 982,130 | ||||||
| Pontotoc County Educational Facilities Authority 4.000% 09/01/2034 Callable @ 100.000 09/01/2031 | 625,000 | 627,530 | ||||||
| Pontotoc County Educational Facilities Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2031 | 1,000,000 | 957,800 | ||||||
| Rogers County Educational Facilities Authority 4.125% 09/01/2036 Callable @ 100.000 09/01/2029 | 1,000,000 | 996,110 | ||||||
| Rogers County Educational Facilities Authority 4.250% 09/01/2038 Callable @ 100.000 09/01/2029 | 1,000,000 | 998,190 | ||||||
| Sand Springs Municipal Authority 4.250% 01/01/2035 | 250,000 | 250,230 | ||||||
| Stephens County Educational Facilities Authority 5.000% 09/01/2027 | 400,000 | 417,968 | ||||||
| *Washington County Educational Facilities Authority 5.000% 09/01/2025 | 400,000 | 405,320 | ||||||
| Washington County Educational Facilities Authority 5.000% 09/01/2027 | 455,000 | 471,389 | ||||||
| Washington County Educational Facilities Authority 5.000% 09/01/2029 | 435,000 | 460,417 | ||||||
| Washington County Educational Facilities Authority 5.000% 09/01/2031 | 445,000 | 474,673 | ||||||
| 31,231,961 | ||||||||
| Transportation (4.8%) | ||||||||
| Oklahoma Turnpike Authority 5.250% 01/01/2048 Callable @ 100.000 01/01/2032 | 500,000 | 550,245 | ||||||
| Oklahoma Turnpike Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2027 | 100,000 | 100,617 | ||||||
| *Tulsa Airports Improvement Trust 4.000% 06/01/2035 Callable @ 100.000 06/01/2028 | 1,355,000 | 1,356,761 | ||||||
| Tulsa Airports Improvement Trust 4.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 145,000 | 145,180 | ||||||
| 2,152,803 | ||||||||
| Utilities (3.0%) | ||||||||
| Clinton Public Works Authority 4.000% 12/01/2039 Callable @ 100.000 12/01/2024 | 500,000 | 500,625 | ||||||
| Oklahoma Water Resources Board 4.000% 10/01/2048 Callable @ 100.000 10/01/2028 | 850,000 | 854,607 | ||||||
| 1,355,232 | ||||||||
| TOTAL MUNICIPAL BONDS (COST: $42,405,601) | $ | 42,906,212 | ||||||
| OTHER ASSETS LESS LIABILITIES (4.6%) | $ | 2,069,145 | ||||||
| NET ASSETS (100.0%) | $ | 44,975,357 | ||||||
| * | 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
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (97.7%) | ||||||||
| Education (0.7%) | ||||||||
| Montana State Board of Regents 4.000% 11/15/2041 Callable @ 100.000 11/15/2031 | 400,000 | $ | 404,080 | |||||
| 404,080 | ||||||||
| General Obligation (49.9%) | ||||||||
| City of Belgrade MT 5.000% 07/01/2031 | 280,000 | 314,395 | ||||||
| City of Belgrade MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2032 | 250,000 | 284,490 | ||||||
| City of Belgrade MT 5.000% 07/01/2034 Callable @ 100.000 07/01/2032 | 355,000 | 405,027 | ||||||
| City of Bozeman MT 4.000% 07/01/2028 | 540,000 | 540,923 | ||||||
| City of Bozeman MT 4.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 715,000 | 734,326 | ||||||
| City of Bozeman MT 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 775,000 | 786,943 | ||||||
| City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026 | 240,000 | 244,793 | ||||||
| City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026 | 850,000 | 877,608 | ||||||
| Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028 | 455,000 | 488,493 | ||||||
| County of Gallatin MT 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 435,000 | 500,615 | ||||||
| County of Gallatin MT 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 915,000 | 1,044,701 | ||||||
| County of Gallatin MT 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 640,000 | 726,950 | ||||||
| Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 565,000 | 580,091 | ||||||
| Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030 | 800,000 | 834,040 | ||||||
| Gallatin County School District No 27 Monforton 4.250% 06/15/2026 | 285,000 | 285,465 | ||||||
| Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 | 575,000 | 569,670 | ||||||
| Judith Basin County K 12 School District No 12 Stanford 5.000% 07/01/2037 Callable @ 100.000 07/01/2033 | 235,000 | 263,816 | ||||||
| Judith Basin County K 12 School District No 12 Stanford 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 160,000 | 179,357 | ||||||
| Judith Basin County K 12 School District No 12 Stanford 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 465,000 | 511,212 | ||||||
| Judith Basin County K 12 School District No 12 Stanford 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 300,000 | 327,372 | ||||||
| Judith Basin County K 12 School District No 12 Stanford 5.250% 07/01/2048 Callable @ 100.000 07/01/2033 | 450,000 | 496,494 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 525,000 | 583,889 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 335,000 | 369,589 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 355,000 | 388,867 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 325,000 | 354,890 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 510,000 | 553,319 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | 595,000 | 672,511 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | 625,000 | 701,925 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2042 Callable @ 100.000 07/01/2033 | 320,000 | 357,235 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2043 Callable @ 100.000 07/01/2033 | 350,000 | 388,784 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2044 Callable @ 100.000 07/01/2033 | 360,000 | 398,696 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | 320,000 | 352,058 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 400,000 | 437,424 | ||||||
| Lake County School District No 23 Polson 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 635,000 | 691,934 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | 465,000 | 525,576 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | 490,000 | 550,309 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2042 Callable @ 100.000 07/01/2033 | 250,000 | 279,090 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2043 Callable @ 100.000 07/01/2033 | 250,000 | 277,703 | ||||||
| Lake County School District No 23 Polson 5.250% 07/01/2044 Callable @ 100.000 07/01/2033 | 420,000 | 465,146 | ||||||
| Lake Missoula & Sanders Counties Elementary School District No JT & 8 5.000% 07/01/2039 Callable @ 100.000 01/01/2033 | 515,000 | 574,719 | ||||||
| *Lake Missoula & Sanders Counties Elementary School District No JT & 8 5.000% 07/01/2043 Callable @ 100.000 01/01/2033 | 1,215,000 | 1,328,748 | ||||||
| City of Miles City MT 5.000% 07/01/2042 Callable @ 100.000 07/01/2034 | 395,000 | 432,987 | ||||||
| City of Miles City MT 5.000% 07/01/2044 Callable @ 100.000 07/01/2034 | 300,000 | 325,989 | ||||||
| Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | 500,000 | 530,815 | ||||||
| Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | 500,000 | 528,720 | ||||||
| County of Ravalli MT 4.250% 07/01/2030 | 755,000 | 755,438 | ||||||
| Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 250,000 | 253,280 | ||||||
| Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 250,000 | 252,960 | ||||||
| *Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029 | 1,960,000 | 1,981,305 | ||||||
| Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 300,000 | 323,763 | ||||||
| Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029 | 275,000 | 282,612 | ||||||
| Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 | 450,000 | 450,495 | ||||||
| Yellowstone and Carbon Counties School District No 7 70 Laurel 5.000% 07/01/2037 Callable @ 100.000 07/01/2033 | 350,000 | 394,349 | ||||||
| Yellowstone and Carbon Counties School District No 7 70 Laurel 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | 330,000 | 370,755 | ||||||
| Yellowstone and Carbon Counties School District No 7 70 Laurel 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | 1,395,000 | 1,548,952 | ||||||
| Yellowstone and Carbon Counties School District No 7 70 Laurel 5.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 600,000 | 661,428 | ||||||
| 30,343,041 | ||||||||
| Health Care (12.5%) | ||||||||
| Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,033,050 | ||||||
| Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 1,000,000 | 1,017,910 | ||||||
| Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | 400,000 | 410,548 | ||||||
| Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | 200,000 | 204,302 | ||||||
| *Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | 1,500,000 | 1,521,915 | ||||||
| Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024 | 1,015,000 | 1,020,704 | ||||||
| Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | 915,000 | 927,243 | ||||||
| Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | 700,000 | 728,350 | ||||||
| County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024 | 710,000 | 710,071 | ||||||
| 7,574,093 | ||||||||
| Housing (13.7%) | ||||||||
| Montana Board of Housing 3.150% 12/01/2024 | 60,000 | 59,939 | ||||||
| Montana Board of Housing 3.350% 06/01/2025 | 85,000 | 85,023 | ||||||
| Montana Board of Housing 4.050% 12/01/2024 | 150,000 | 150,062 | ||||||
| Montana Board of Housing 4.650% 12/01/2028 | 100,000 | 100,001 | ||||||
| Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027 | 205,000 | 193,651 | ||||||
| Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029 | 635,000 | 538,664 | ||||||
| Montana Board of Housing 4.450% 12/01/2038 Callable @ 100.000 12/01/2032 | 1,400,000 | 1,445,822 | ||||||
| Montana Board of Housing 4.800% 12/01/2043 Callable @ 100.000 12/01/2032 | 1,335,000 | 1,370,257 | ||||||
| Montana Board of Housing 4.375% 12/01/2038 Callable @ 100.000 12/01/2032 | 405,000 | 411,521 | ||||||
| Montana Board of Housing 4.600% 12/01/2043 Callable @ 100.000 12/01/2032 | 1,000,000 | 1,009,810 | ||||||
| Montana Board of Housing 4.850% 12/01/2048 Callable @ 100.000 12/01/2032 | 500,000 | 504,175 | ||||||
| Montana Board of Housing 3.950% 12/01/2039 Callable @ 100.000 06/01/2033 | 1,000,000 | 1,003,160 | ||||||
| Montana Board of Housing 4.450% 12/01/2044 Callable @ 100.000 06/01/2033 | 1,000,000 | 1,004,280 | ||||||
| Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | 455,000 | 439,630 | ||||||
| 8,315,995 | ||||||||
| Other Revenue (12.6%) | ||||||||
| City of Billings MT 5.500% 07/01/2026 | 10,000 | 9,995 | ||||||
| City of Billings MT 4.375% 07/01/2029 | 455,000 | 455,805 | ||||||
| *City of Billings MT 5.000% 07/01/2033 | 900,000 | 901,512 | ||||||
| City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | 710,000 | 715,006 | ||||||
| City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030 | 405,000 | 392,765 | ||||||
| City of Billings MT 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | 700,000 | 759,458 | ||||||
| #City of Billings MT 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | 300,000 | 325,521 | ||||||
| #City of Billings MT 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | 275,000 | 270,531 | ||||||
| Gallatin County Rural Improvement District 5.500% 07/01/2025 | 90,000 | 89,852 | ||||||
| *Gallatin County Rural Improvement District 6.000% 07/01/2030 | 1,000,000 | 1,001,950 | ||||||
| City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030 | 1,005,000 | 853,727 | ||||||
| City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | 500,000 | 530,690 | ||||||
| City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | 525,000 | 520,879 | ||||||
| *Madison County Rural Improvement District 6.000% 07/01/2030 | 640,000 | 641,248 | ||||||
| City of Missoula MT 4.750% 07/01/2027 | 45,000 | 44,690 | ||||||
| City of Missoula MT 6.000% 07/01/2030 | 120,000 | 120,056 | ||||||
| 7,633,685 | ||||||||
| Pre-Refunded (1.9%) | ||||||||
| Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | 705,000 | 716,534 | ||||||
| Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025 | 435,000 | 442,495 | ||||||
| 1,159,029 | ||||||||
| Transportation (1.9%) | ||||||||
| Missoula Parking Commission 4.000% 10/01/2026 | 835,000 | 835,626 | ||||||
| Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | 105,000 | 104,089 | ||||||
| Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | 240,000 | 240,372 | ||||||
| 1,180,087 | ||||||||
| Utilities (4.5%) | ||||||||
| City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | 1,510,000 | 1,423,688 | ||||||
| City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 | 215,000 | 215,032 | ||||||
| City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 | 225,000 | 224,867 | ||||||
| City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025 | 250,000 | 252,360 | ||||||
| City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028 | 600,000 | 618,768 | ||||||
| 2,734,715 | ||||||||
| TOTAL MUNICPAL BONDS (COST: $59,337,894) | $ | 59,344,725 | ||||||
| OTHER ASSETS LESS LIABILITIES (2.3%) | $ | 1,367,817 | ||||||
| NET ASSETS (100.0%) | $ | 60,712,542 | ||||||
| * | Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases. |
| # | When-issued purchase as of July 31, 2024. |
The accompanying notes are an integral part of these financial statements.
Viking Tax-Free Fund for North Dakota
| Principal | Fair | |||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS (100.0%) | ||||||||
| Education (12.9%) | ||||||||
| State Board of Higher Education of the State of North Dakota 4.000% 04/01/2035 Callable @ 100.000 04/01/2025 | 530,000 | $ | 507,136 | |||||
| State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025 | 500,000 | 503,455 | ||||||
| State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029 | 200,000 | 163,856 | ||||||
| State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029 | 200,000 | 161,314 | ||||||
| #State Board of Higher Education of the State of North Dakota 5.000% 05/01/2049 Callable @ 100.000 05/01/2033 | 750,000 | 797,595 | ||||||
| #UND Alumni Association & Foundation 5.000% 05/01/49 Callable @ 100.000 05/01/2034 | 500,000 | 529,970 | ||||||
| 2,663,326 | ||||||||
| General Obligation (42.4%) | ||||||||
| Cass County Joint Water Resource District 3.450% 04/01/2027 Callable @ 100.000 01/01/2026 | 1,000,000 | 1,001,310 | ||||||
| Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 | 400,000 | 404,028 | ||||||
| Fairmont Public School District No 18 4.250% 08/01/2043 Callable @ 100.000 08/01/2031 | 260,000 | 263,773 | ||||||
| City of Fargo ND 5.000% 05/01/2045 Callable @ 100.000 05/01/2033 | 500,000 | 544,370 | ||||||
| Fargo Park District 5.000% 05/01/2036 Callable @ 100.000 05/01/2031 | 750,000 | 833,737 | ||||||
| City of Grand Forks ND 5.000% 12/01/2036 Callable @ 100.000 12/01/2033 | 905,000 | 1,044,705 | ||||||
| City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025 | 240,000 | 241,958 | ||||||
| City of Horace ND 4.250% 05/01/2035 | 340,000 | 340,201 | ||||||
| City of Horace ND 5.000% 05/01/2039 Callable @ 100.000 05/01/2033 | 650,000 | 678,132 | ||||||
| #City of Horace ND 4.850% 08/01/2026 Callable @ 100.000 08/01/2025 | 400,000 | 400,000 | ||||||
| Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029 | 1,000,000 | 943,880 | ||||||
| Stanley Public School District No 2 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 | 685,000 | 694,611 | ||||||
| Valley City Park District 4.800% 01/01/2035 Callable @ 100.000 01/01/2030 | 175,000 | 182,696 | ||||||
| Valley City Park District 5.400% 01/01/2043 Callable @ 100.000 01/01/2030 | 200,000 | 210,176 | ||||||
| Wahpeton Public School District No 37 4.000% 08/01/2040 Callable @ 100.000 08/01/2031 | 250,000 | 251,515 | ||||||
| Wahpeton Public School District No 37 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 | 285,000 | 285,690 | ||||||
| City of Williston ND 4.000% 05/01/2035 | 200,000 | 200,046 | ||||||
| City of Williston ND 4.000% 05/01/2038 | 230,000 | 230,140 | ||||||
| 8,750,968 | ||||||||
| Health Care (17.1%) | ||||||||
| County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025 | 215,000 | 204,914 | ||||||
| County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 | 250,000 | 227,745 | ||||||
| County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028 | 445,000 | 470,334 | ||||||
| County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 | 595,000 | 597,660 | ||||||
| *County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 | 1,290,000 | 1,257,247 | ||||||
| City of Grand Forks ND 5.000% 12/01/2037 Callable @ 100.000 12/01/2027 | 130,000 | 132,642 | ||||||
| City of Grand Forks ND 5.125% 12/01/2025 | 250,000 | 249,045 | ||||||
| City of Grand Forks ND 4.750% 12/01/2027 Callable @ 100.000 12/01/2026 | 350,000 | 345,422 | ||||||
| City of Langdon ND 6.200% 01/01/2025 | 35,000 | 34,988 | ||||||
| 3,519,997 | ||||||||
| Housing (12.4%) | ||||||||
| *North Dakota Housing Finance Agency 4.650% 07/01/2038 Callable @ 100.000 01/01/2033 | 1,000,000 | 1,053,700 | ||||||
| North Dakota Housing Finance Agency 4.550% 07/01/2044 Callable @ 100.000 07/01/2033 | 500,000 | 500,580 | ||||||
| North Dakota Housing Finance Agency 4.650% 07/01/2044 Callable @ 100.000 07/01/2033 | 1,000,000 | 1,006,240 | ||||||
| 2,560,520 | ||||||||
| Other Revenue (9.4%) | ||||||||
| Jamestown Park District/ND 4.000% 07/01/2033 | 290,000 | 290,072 | ||||||
| Mandan Park District 4.625% 05/01/2040 Callable @ 100.000 05/01/2030 | 280,000 | 282,758 | ||||||
| Mandan Park District 4.750% 05/01/2043 Callable @ 100.000 05/01/2030 | 165,000 | 165,111 | ||||||
| Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 | 435,000 | 423,812 | ||||||
| North Dakota Public Finance Authority 5.000% 06/01/2031 | 240,000 | 240,271 | ||||||
| North Dakota Public Finance Authority 4.000% 06/01/2030 | 400,000 | 400,448 | ||||||
| North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025 | 130,000 | 132,527 | ||||||
| 1,934,999 | ||||||||
| Utilities (5.8%) | ||||||||
| Cass Rural Water Users District 4.170% 05/01/2035 Callable @ 100.000 05/01/2030 | 815,000 | 828,814 | ||||||
| Cass Rural Water Users District 4.375% 05/01/2038 Callable @ 100.000 05/01/2030 | 365,000 | 371,665 | ||||||
| 1,200,479 | ||||||||
| TOTAL MUNICIPAL BONDS (COST: $20,542,081) | $ | 20,630,289 | ||||||
| OTHER ASSETS LESS LIABILITIES (0.0%) | $ | 1,154 | ||||||
| NET ASSETS (100.0%) | $ | 20,631,443 | ||||||
| * | Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
| # | When-issued purchase as of July 31, 2024. |
The accompanying notes are an integral part of these financial statements.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Statements of Assets and Liabilities – July 31, 2024
| Kansas | Maine | Nebraska | ||||||||||
| Municipal | Municipal | Municipal | ||||||||||
| Fund | Fund | Fund | ||||||||||
| ASSETS | ||||||||||||
| Investments in securities, at cost | $ | 58,501,555 | $ | 8,334,007 | $ | 32,113,280 | ||||||
| Investments in securities, at value | $ | 57,891,473 | $ | 8,169,830 | $ | 32,475,966 | ||||||
| Cash and cash equivalents | 835,481 | 305,523 | 738,060 | |||||||||
| Receivable for Fund shares sold | – | – | 67 | |||||||||
| Accrued interest receivable | 905,136 | 82,256 | 201,516 | |||||||||
| Receivable from affiliate | 11,104 | 5,125 | 7,844 | |||||||||
| Prepaid expenses | 75 | 12 | – | |||||||||
| Total assets | $ | 59,643,269 | $ | 8,562,746 | $ | 33,423,453 | ||||||
| LIABILITIES | ||||||||||||
| Payable for securities purchased | $ | 657,813 | $ | – | $ | 612,169 | ||||||
| Payable for Fund shares redeemed | 40,309 | 2,214 | 35,193 | |||||||||
| Distributions payable | 18,776 | 2,497 | 9,372 | |||||||||
| Trustees’ fees payable | 3,840 | 614 | 2,046 | |||||||||
| Payable to affiliates | 53,409 | 11,060 | 31,140 | |||||||||
| Accrued expenses | 36,760 | 2,626 | 18,373 | |||||||||
| Total liabilities | $ | 810,907 | $ | 19,011 | $ | 708,293 | ||||||
| NET ASSETS | $ | 58,832,362 | $ | 8,543,735 | $ | 32,715,160 | ||||||
| NET ASSETS ARE REPRESENTED BY: | ||||||||||||
| Capital stock outstanding, no par value, unlimited shares authorized | $ | 64,980,653 | $ | 9,949,819 | $ | 37,642,409 | ||||||
| Distributable earnings (accumulated losses) | (6,148,291 | ) | (1,406,084 | ) | (4,927,249 | ) | ||||||
| NET ASSETS | $ | 58,832,362 | $ | 8,543,735 | $ | 32,715,160 | ||||||
| Net Assets – Class A | $ | 52,202,488 | $ | 8,421,072 | $ | 29,749,215 | ||||||
| Net Assets – Class I | $ | 6,629,874 | $ | 122,663 | $ | 2,965,945 | ||||||
| Shares outstanding – Class A | 5,381,029 | 884,879 | 3,172,251 | |||||||||
| Shares outstanding – Class I | 683,076 | 12,879 | 316,394 | |||||||||
| Net asset value per share – Class A* | $ | 9.70 | $ | 9.52 | $ | 9.38 | ||||||
| Maximum sales charge – Class A | 2.50 | % | 2.50 | % | 2.50 | % | ||||||
| Public offering price per share – Class A | $ | 9.95 | $ | 9.76 | $ | 9.62 | ||||||
| Net asset value per share – Class I | $ | 9.71 | $ | 9.52 | $ | 9.37 | ||||||
| * | 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.
Statements of Assets and Liabilities – July 31, 2024
| Oklahoma | ||||||||||||
| Municipal | Tax-Free | Tax-Free | ||||||||||
| Fund | Fund For MT | Fund For ND | ||||||||||
| ASSETS | ||||||||||||
| Investments in securities, at cost | $ | 42,405,601 | $ | 59,337,894 | $ | 20,542,081 | ||||||
| Investments in securities, at value | $ | 42,906,212 | $ | 59,344,725 | $ | 20,630,289 | ||||||
| Cash and cash equivalents | 1,659,612 | 1,788,992 | 1,571,133 | |||||||||
| Receivable for Fund shares sold | – | 38 | – | |||||||||
| Accrued interest receivable | 519,294 | 311,123 | 193,113 | |||||||||
| Receivable from affiliate | 9,347 | 10,658 | 6,347 | |||||||||
| Total assets | $ | 45,094,465 | $ | 61,455,536 | $ | 22,400,882 | ||||||
| LIABILITIES | ||||||||||||
| Payable for securities purchased | $ | – | $ | 593,438 | $ | 1,727,355 | ||||||
| Payable for Fund shares redeemed | 41,550 | 33,341 | 4,444 | |||||||||
| Distributions payable | 8,145 | 28,037 | 5,207 | |||||||||
| Trustees’ fees payable | 3,141 | 3,939 | 1,408 | |||||||||
| Payable to affiliates | 42,289 | 53,913 | 21,511 | |||||||||
| Accrued expenses | 23,983 | 30,326 | 9,514 | |||||||||
| Total liabilities | $ | 119,108 | $ | 742,994 | $ | 1,769,439 | ||||||
| NET ASSETS | $ | 44,975,357 | $ | 60,712,542 | $ | 20,631,443 | ||||||
| NET ASSETS ARE REPRESENTED BY: | ||||||||||||
| Capital stock outstanding, no par value, unlimited shares authorized | $ | 51,378,751 | $ | 69,678,595 | $ | 24,587,411 | ||||||
| Distributable earnings (accumulated losses) | (6,403,394 | ) | (8,966,053 | ) | (3,955,968 | ) | ||||||
| NET ASSETS | $ | 44,975,357 | $ | 60,712,542 | $ | 20,631,443 | ||||||
| Net Assets – Class A | $ | 42,700,148 | $ | 50,465,800 | $ | 19,274,395 | ||||||
| Net Assets – Class I | $ | 2,275,209 | $ | 10,246,742 | $ | 1,357,048 | ||||||
| Shares outstanding – Class A | 4,031,026 | 5,516,751 | 2,143,691 | |||||||||
| Shares outstanding – Class I | 214,615 | 1,120,181 | 150,873 | |||||||||
| Net asset value per share – Class A* | $ | 10.59 | $ | 9.15 | $ | 8.99 | ||||||
| Maximum sales charge – Class A | 2.50 | % | 2.50 | % | 2.50 | % | ||||||
| Public offering price per share – Class A | $ | 10.86 | $ | 9.38 | $ | 9.22 | ||||||
| Net asset value per share – Class I | $ | 10.60 | $ | 9.15 | $ | 8.99 | ||||||
| * | 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.
Statements of Operations – For the year ended July 31, 2024
| Kansas | Maine | Nebraska | ||||||||||
| Municipal | Municipal | Municipal | ||||||||||
| Fund | Fund | Fund | ||||||||||
| INVESTMENT INCOME | ||||||||||||
| Interest | $ | 2,167,487 | $ | 379,600 | $ | 1,299,564 | ||||||
| Total investment income | $ | 2,167,487 | $ | 379,600 | $ | 1,299,564 | ||||||
| EXPENSES | ||||||||||||
| Investment advisory fees | $ | 304,512 | $ | 51,833 | $ | 171,996 | ||||||
| Distribution (12b-1) fees – Class A | 134,472 | 25,364 | 77,725 | |||||||||
| Transfer agent fees | 79,100 | 18,457 | 47,296 | |||||||||
| Administrative service fees | 121,362 | 50,612 | 84,258 | |||||||||
| Professional fees | 20,690 | 3,373 | 12,860 | |||||||||
| Reports to shareholders | 8,661 | 302 | 1,769 | |||||||||
| License, fees, and registrations | 1,590 | 2,892 | 2,568 | |||||||||
| Audit fees | 9,868 | 1,603 | 5,421 | |||||||||
| Trustees’ fees | 6,676 | 1,074 | 4,142 | |||||||||
| Transfer agent out-of-pockets | 4,910 | 1,016 | 2,418 | |||||||||
| Custodian fees | 610 | 305 | 610 | |||||||||
| Legal fees | 7,585 | 1,661 | 5,538 | |||||||||
| Insurance expense | 1,160 | 191 | 1,007 | |||||||||
| Total expenses | $ | 701,196 | $ | 158,683 | $ | 417,608 | ||||||
| Less expenses waived or reimbursed (See Note 7) | (122,198 | ) | (57,713 | ) | (88,798 | ) | ||||||
| Total net expenses | $ | 578,998 | $ | 100,970 | $ | 328,810 | ||||||
| NET INVESTMENT INCOME (LOSS) | $ | 1,588,489 | $ | 278,630 | $ | 970,754 | ||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||
| Net realized gain (loss) from investment transactions | $ | (1,418,676 | ) | $ | (522,388 | ) | $ | (1,766,043 | ) | |||
| Net change in unrealized appreciation (depreciation) of investments | 1,107,911 | 523,179 | 1,385,521 | |||||||||
| Net realized and unrealized gain (loss) on investments | $ | (310,765 | ) | $ | 791 | $ | (380,522 | ) | ||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,277,724 | $ | 279,421 | $ | 590,232 | ||||||
The accompanying notes are an integral part of these financial statements.
Statements of Operations – For the year ended July 31, 2024
| Oklahoma | ||||||||||||
| Municipal | Tax-Free | Tax-Free | ||||||||||
| Fund | Fund For MT | Fund For ND | ||||||||||
| INVESTMENT INCOME | ||||||||||||
| Interest | $ | 1,833,866 | $ | 2,376,594 | $ | 799,719 | ||||||
| Total investment income | $ | 1,833,866 | $ | 2,376,594 | $ | 799,719 | ||||||
| EXPENSES | ||||||||||||
| Investment advisory fees | $ | 245,390 | $ | 321,790 | $ | 109,779 | ||||||
| Distribution (12b-1) fees – Class A | 114,691 | 133,764 | 51,260 | |||||||||
| Transfer agent fees | 64,911 | 83,247 | 32,364 | |||||||||
| Administrative service fees | 104,808 | 126,200 | 66,837 | |||||||||
| Professional fees | 15,822 | 20,944 | 7,614 | |||||||||
| Reports to shareholders | 977 | 2,845 | 1,758 | |||||||||
| License, fees, and registrations | 1,931 | 3,944 | 917 | |||||||||
| Audit fees | 7,641 | 9,051 | 3,395 | |||||||||
| Trustees’ fees | 5,631 | 7,057 | 2,558 | |||||||||
| Transfer agent out-of-pockets | 2,376 | 3,844 | 1,026 | |||||||||
| Custodian fees | 610 | 610 | 305 | |||||||||
| Legal fees | 6,680 | 8,510 | 2,932 | |||||||||
| Insurance expense | 1,168 | 1,421 | 560 | |||||||||
| Total expenses | $ | 572,636 | $ | 723,227 | $ | 281,305 | ||||||
| Less expenses waived or reimbursed (See Note 7) | (99,757 | ) | (119,811 | ) | (69,819 | ) | ||||||
| Total net expenses | $ | 472,879 | $ | 603,416 | $ | 211,486 | ||||||
| NET INVESTMENT INCOME (LOSS) | $ | 1,360,987 | $ | 1,773,178 | $ | 588,233 | ||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||
| Net realized gain (loss) from investment transactions | $ | (2,061,584 | ) | $ | (1,136,220 | ) | $ | (2,108,337 | ) | |||
| Net change in unrealized appreciation (depreciation) of investments | 1,685,522 | 674,698 | 1,741,216 | |||||||||
| Net realized and unrealized gain (loss) on investments | $ | (376,062 | ) | $ | (461,522 | ) | $ | (367,121 | ) | |||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 984,925 | $ | 1,311,656 | $ | 221,112 | ||||||
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets – For the year ended July 31, 2024
| Kansas | Maine | Nebraska | ||||||||||
| Municipal | Municipal | Municipal | ||||||||||
| Fund | Fund | Fund | ||||||||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||||||
| Net investment income (loss) | $ | 1,588,489 | $ | 278,630 | $ | 970,754 | ||||||
| Net realized gain (loss) from investment transactions | (1,418,676 | ) | (522,388 | ) | (1,766,043 | ) | ||||||
| Net change in unrealized appreciation (depreciation) of investments | 1,107,911 | 523,179 | 1,385,521 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 1,277,724 | $ | 279,421 | $ | 590,232 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
| Distributions – Class A | $ | (1,384,581 | ) | $ | (272,093 | ) | $ | (870,091 | ) | |||
| Distributions – Class I | (200,706 | ) | (6,354 | ) | (100,668 | ) | ||||||
| Total distributions | $ | (1,585,287 | ) | $ | (278,447 | ) | $ | (970,759 | ) | |||
| CAPITAL SHARE TRANSACTIONS | ||||||||||||
| Proceeds from sale of shares – Class A | $ | 4,580,837 | $ | 2,239,131 | $ | 1,431,857 | ||||||
| Proceeds from sale of shares – Class I | 1,355,397 | 85,426 | 472,715 | |||||||||
| Proceeds from reinvested dividends – Class A | 1,252,547 | 235,118 | 763,613 | |||||||||
| Proceeds from reinvested dividends – Class I | 106,170 | 5,686 | 95,371 | |||||||||
| Cost of shares redeemed – Class A | (8,988,840 | ) | (3,872,822 | ) | (5,293,943 | ) | ||||||
| Cost of shares redeemed – Class I | (2,597,563 | ) | (485,032 | ) | (1,257,565 | ) | ||||||
| Net increase (decrease) in net assets resulting from capital share transactions | $ | (4,291,452 | ) | $ | (1,792,493 | ) | $ | (3,787,952 | ) | |||
| TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (4,599,015 | ) | $ | (1,791,519 | ) | $ | (4,168,479 | ) | |||
| NET ASSETS, BEGINNING OF PERIOD | 63,431,377 | 10,335,254 | 36,883,639 | |||||||||
| NET ASSETS, END OF PERIOD | $ | 58,832,362 | $ | 8,543,735 | $ | 32,715,160 | ||||||
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets – For the year ended July 31, 2024
| Oklahoma | ||||||||||||
| Municipal | Tax-Free | Tax-Free | ||||||||||
| Fund | Fund For MT | Fund For ND | ||||||||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||||||
| Net investment income (loss) | $ | 1,360,987 | $ | 1,773,178 | $ | 588,233 | ||||||
| Net realized gain (loss) from investment transactions | (2,061,584 | ) | (1,136,220 | ) | (2,108,337 | ) | ||||||
| Net change in unrealized appreciation (depreciation) of investments | 1,685,522 | 674,698 | 1,741,216 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 984,925 | $ | 1,311,656 | $ | 221,112 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
| Distributions – Class A | $ | (1,264,029 | ) | $ | (1,449,776 | ) | $ | (545,000 | ) | |||
| Distributions – Class I | (95,906 | ) | (321,226 | ) | (42,241 | ) | ||||||
| Total distributions | $ | (1,359,935 | ) | $ | (1,771,002 | ) | $ | (587,241 | ) | |||
| CAPITAL SHARE TRANSACTIONS | ||||||||||||
| Proceeds from sale of shares – Class A | $ | 1,525,226 | $ | 6,628,957 | $ | 1,456,920 | ||||||
| Proceeds from sale of shares – Class I | 507,054 | 1,602,421 | 237,716 | |||||||||
| Proceeds from reinvested dividends – Class A | 1,205,358 | 1,237,759 | 485,112 | |||||||||
| Proceeds from reinvested dividends – Class I | 51,667 | 220,754 | 37,565 | |||||||||
| Cost of shares redeemed – Class A | (11,016,639 | ) | (11,937,774 | ) | (4,873,610 | ) | ||||||
| Cost of shares redeemed – Class I | (1,580,671 | ) | (3,092,740 | ) | (388,799 | ) | ||||||
| Net increase (decrease) in net assets resulting from capital share transactions | $ | (9,308,005 | ) | $ | (5,340,623 | ) | $ | (3,045,096 | ) | |||
| TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (9,683,015 | ) | $ | (5,799,969 | ) | $ | (3,411,225 | ) | |||
| NET ASSETS, BEGINNING OF PERIOD | 54,658,372 | 66,512,511 | 24,042,668 | |||||||||
| NET ASSETS, END OF PERIOD | $ | 44,975,357 | $ | 60,712,542 | $ | 20,631,443 | ||||||
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets – For the year ended July 31, 2023
| Kansas | Maine | Nebraska | ||||||||||
| Municipal | Municipal | Municipal | ||||||||||
| Fund | Fund | Fund | ||||||||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||||||
| Net investment income (loss) | $ | 1,452,870 | $ | 230,499 | $ | 876,861 | ||||||
| Net realized gain (loss) from investment transactions | (2,717,925 | ) | (216,330 | ) | (2,090,598 | ) | ||||||
| Net change in unrealized appreciation (depreciation) of investments | (252,005 | ) | (224,837 | ) | 375,245 | |||||||
| Net increase (decrease) in net assets resulting from operations | $ | (1,517,060 | ) | $ | (210,668 | ) | $ | (838,492 | ) | |||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
| Distributions – Class A | $ | (1,253,336 | ) | $ | (217,336 | ) | $ | (803,106 | ) | |||
| Distributions – Class I | (196,137 | ) | (13,013 | ) | (73,641 | ) | ||||||
| Total distributions | $ | (1,449,473 | ) | $ | (230,349 | ) | $ | (876,747 | ) | |||
| CAPITAL SHARE TRANSACTIONS | ||||||||||||
| Proceeds from sale of shares – Class A | $ | 4,249,058 | $ | 382,599 | $ | 3,682,600 | ||||||
| Proceeds from sale of shares – Class I | 1,726,976 | 33,600 | 2,061,042 | |||||||||
| Proceeds from reinvested dividends – Class A | 1,118,537 | 185,993 | 714,865 | |||||||||
| Proceeds from reinvested dividends – Class I | 107,385 | 9,058 | 67,316 | |||||||||
| Cost of shares redeemed – Class A | (8,026,129 | ) | (1,240,456 | ) | (19,396,160 | ) | ||||||
| Cost of shares redeemed – Class I | (4,036,955 | ) | (104,378 | ) | (830,263 | ) | ||||||
| Net increase (decrease) in net assets resulting from capital share transactions | $ | (4,861,128 | ) | $ | (733,584 | ) | $ | (13,700,600 | ) | |||
| TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (7,827,661 | ) | $ | (1,174,601 | ) | $ | (15,415,839 | ) | |||
| NET ASSETS, BEGINNING OF PERIOD | 71,259,038 | 11,509,855 | 52,299,478 | |||||||||
| NET ASSETS, END OF PERIOD | $ | 63,431,377 | $ | 10,335,254 | $ | 36,883,639 | ||||||
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets – For the year ended July 31, 2023
| Oklahoma | ||||||||||||
| Municipal | Tax-Free | Tax-Free | ||||||||||
| Fund | Fund For MT | Fund For ND | ||||||||||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | ||||||||||||
| Net investment income (loss) | $ | 1,246,852 | $ | 1,679,884 | $ | 541,992 | ||||||
| Net realized gain (loss) from investment transactions | (2,772,575 | ) | (2,794,690 | ) | (816,326 | ) | ||||||
| Net change in unrealized appreciation (depreciation) of investments | 487,683 | 219,231 | (405,930 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | (1,038,040 | ) | $ | (895,575 | ) | $ | (680,264 | ) | |||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
| Distributions - Class A | $ | (1,168,698 | ) | $ | (1,347,141 | ) | $ | (505,408 | ) | |||
| Distributions - Class I | (76,912 | ) | (330,337 | ) | (35,641 | ) | ||||||
| Total distributions | $ | (1,245,610 | ) | $ | (1,677,478 | ) | $ | (541,049 | ) | |||
| CAPITAL SHARE TRANSACTIONS | ||||||||||||
| Proceeds from sale of shares – Class A | $ | 1,396,520 | $ | 5,115,925 | $ | 2,847,017 | ||||||
| Proceeds from sale of shares – Class I | 1,409,014 | 3,585,099 | 27,666 | |||||||||
| Proceeds from reinvested dividends – Class A | 1,089,998 | 1,214,038 | 447,056 | |||||||||
| Proceeds from reinvested dividends – Class I | 44,853 | 192,210 | 30,991 | |||||||||
| Cost of shares redeemed – Class A | (10,382,143 | ) | (14,694,237 | ) | (7,049,540 | ) | ||||||
| Cost of shares redeemed – Class I | (1,233,673 | ) | (7,460,667 | ) | (129,054 | ) | ||||||
| Net increase (decrease) in net assets resulting from capital share transactions | $ | (7,675,431 | ) | $ | (12,047,632 | ) | $ | (3,825,864 | ) | |||
| TOTAL INCREASE (DECREASE) IN NET ASSETS | $ | (9,959,081 | ) | $ | (14,620,685 | ) | $ | (5,047,177 | ) | |||
| NET ASSETS, BEGINNING OF PERIOD | 64,617,453 | 81,133,196 | 29,089,845 | |||||||||
| NET ASSETS, END OF PERIOD | $ | 54,658,372 | $ | 66,512,511 | $ | 24,042,668 | ||||||
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”), 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”) 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. KS Muni Fund and OK Muni Fund are diversified Funds. ME Muni Fund, NE Muni Fund, Tax-Free Fund for MT and Tax Free Fund for ND are non-diversified Funds.
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 $200,000 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, 2024, 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 ended July 31, 2024, 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, 2024:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
| KS Muni Fund | Municipal Bonds | $ | – | $ | 57,891,473 | $ | – | $ | 57,891,473 | |||||||||
| Total | $ | – | $ | 57,891,473 | $ | – | $ | 57,891,473 | ||||||||||
| ME Muni Fund | Municipal Bonds | $ | – | $ | 8,169,830 | $ | – | $ | 8,169,830 | |||||||||
| Total | $ | – | $ | 8,169,830 | $ | – | $ | 8,169,830 | ||||||||||
| NE Muni Fund | Municipal Bonds | $ | – | $ | 32,475,966 | $ | – | $ | 32,475,966 | |||||||||
| Total | $ | – | $ | 32,475,966 | $ | – | $ | 32,475,966 | ||||||||||
| OK Muni Fund | Municipal Bonds | $ | – | $ | 42,906,212 | $ | – | $ | 42,906,212 | |||||||||
| Total | $ | – | $ | 42,906,212 | $ | – | $ | 42,906,212 | ||||||||||
| Tax-Free Fund for MT | Municipal Bonds | $ | – | $ | 59,344,725 | $ | – | $ | 59,344,725 | |||||||||
| Total | $ | – | $ | 59,344,725 | $ | – | $ | 59,344,725 | ||||||||||
| Tax-Free Fund for ND | Municipal Bonds | $ | – | $ | 20,630,289 | $ | – | $ | 20,630,289 | |||||||||
| Total | $ | – | $ | 20,630,289 | $ | – | $ | 20,630,289 | ||||||||||
The Funds did not hold any Level 3 assets during the year ended July 31, 2024.
NOTE 4: Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the year ended July 31, 2024, 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 | $ | 17,485,666 | $ | 6,831,127 | $ | 27,038,205 | $ | 33,304,590 | $ | 20,183,271 | $ | 12,167,249 | ||||||||||||
| Sales | $ | 22,220,964 | $ | 7,706,725 | $ | 29,852,497 | $ | 43,513,085 | $ | 25,858,971 | $ | 14,538,853 | ||||||||||||
NOTE 5: Capital Share Transactions
Transactions in capital shares were as follows:
| Year Ended 7/31/2024: | 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 | 474,622 | 233,219 | 152,556 | 144,178 | 733,029 | 162,427 | ||||||||||||||||||
| Shares issued from reinvestments | 129,956 | 24,827 | 81,675 | 114,635 | 136,089 | 54,034 | ||||||||||||||||||
| Shares redeemed | (930,720 | ) | (407,788 | ) | (566,758 | ) | (1,053,955 | ) | (1,308,655 | ) | (548,837 | ) | ||||||||||||
| Net increase (decrease) | (326,142 | ) | (149,742 | ) | (332,527 | ) | (795,142 | ) | (439,537 | ) | (332,376 | ) | ||||||||||||
| Class I | ||||||||||||||||||||||||
| Shares sold | 141,598 | 8,879 | 50,330 | 47,263 | 174,704 | 26,032 | ||||||||||||||||||
| Shares issued from reinvestments | 11,014 | 603 | 10,208 | 4,907 | 24,271 | 4,184 | ||||||||||||||||||
| Shares redeemed | (269,066 | ) | (51,054 | ) | (134,548 | ) | (149,463 | ) | (337,967 | ) | (42,960 | ) | ||||||||||||
| Net increase (decrease) | (116,454 | ) | (41,572 | ) | (74,010 | ) | (97,293 | ) | (138,992 | ) | (12,744 | ) | ||||||||||||
| Year Ended 7/31/2023: | 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 | 436,507 | 40,012 | 398,480 | 132,583 | 553,563 | 313,404 | ||||||||||||||||||
| Shares issued from reinvestments | 114,994 | 19,651 | 75,749 | 103,122 | 132,260 | 49,240 | ||||||||||||||||||
| Shares redeemed | (824,350 | ) | (130,655 | ) | (2,043,461 | ) | (981,562 | ) | (1,601,157 | ) | (774,308 | ) | ||||||||||||
| Net increase (decrease) | (272,849 | ) | (70,992 | ) | (1,569,232 | ) | (745,857 | ) | (915,334 | ) | (411,664 | ) | ||||||||||||
| Class I | ||||||||||||||||||||||||
| Shares sold | 177,362 | 3,478 | 215,125 | 132,262 | 388,229 | 3,033 | ||||||||||||||||||
| Shares issued from reinvestments | 11,042 | 957 | 7,134 | 4,240 | 20,920 | 3,412 | ||||||||||||||||||
| Shares redeemed | (415,247 | ) | (10,947 | ) | (88,758 | ) | (116,135 | ) | (808,560 | ) | (14,250 | ) | ||||||||||||
| Net increase (decrease) | (226,843 | ) | (6,512 | ) | 133,501 | 20,367 | (399,411 | ) | (7,805 | ) | ||||||||||||||
NOTE 6: Income Tax Information
At July 31, 2024, 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 | $ | 58,502,182 | $ | 8,333,883 | $ | 32,113,129 | $ | 42,402,841 | $ | 59,332,843 | $ | 20,554,481 | ||||||||||||
| Unrealized appreciation | $ | 621,464 | $ | 151,811 | $ | 600,521 | $ | 676,175 | $ | 577,683 | $ | 307,724 | ||||||||||||
| Unrealized depreciation | (1,232,173 | ) | (315,864 | ) | (237,684 | ) | (172,804 | ) | (565,801 | ) | (231,916 | ) | ||||||||||||
| Net unrealized appreciation/ (depreciation)* | $ | (610,709 | ) | $ | (164,053 | ) | $ | 362,837 | $ | 503,371 | $ | 11,882 | $ | 75,808 | ||||||||||
| * | Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. |
The tax character of distributions were as follows:
| KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free | |||||||||||||||||||
| Year ended 7/31/24: | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND | ||||||||||||||||||
| Tax-exempt Income | $ | 1,565,459 | $ | 270,721 | $ | 956,698 | $ | 1,349,433 | $ | 1,746,890 | $ | 581,255 | ||||||||||||
| Taxable Income | 21,399 | 8,520 | 13,185 | 11,429 | 15,603 | 6,804 | ||||||||||||||||||
| Total Income | $ | 1,586,858 | $ | 279,241 | $ | 969,883 | $ | 1,360,862 | $ | 1,762,493 | $ | 588,059 | ||||||||||||
| Year ended 7/31/23: | ||||||||||||||||||||||||
| Tax-exempt Income | $ | 1,428,595 | $ | 212,911 | $ | 863,940 | $ | 1,226,095 | $ | 1,653,189 | $ | 529,947 | ||||||||||||
| Taxable Income | 12,308 | 16,767 | 13,164 | 16,980 | 16,048 | 10,797 | ||||||||||||||||||
| Total Income | $ | 1,440,903 | $ | 229,678 | $ | 877,104 | $ | 1,243,075 | $ | 1,669,237 | $ | 540,744 | ||||||||||||
As of July 31, 2024, 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 | $ | 18,782 | $ | 2,530 | $ | 9,368 | $ | 8,153 | $ | 28,147 | $ | 5,178 | ||||||||||||
| Distributions payable | (18,776 | ) | (2,497 | ) | (9,372 | ) | (8,145 | ) | (28,037 | ) | (5,207 | ) | ||||||||||||
| Accumulated capital and other losses | (5,537,588 | ) | (1,242,064 | ) | (5,290,082 | ) | (6,906,773 | ) | (8,978,045 | ) | (4,031,747 | ) | ||||||||||||
| Unrealized appreciation/ (depreciation)* | (610,709 | ) | (164,053 | ) | 362,837 | 503,371 | 11,882 | 75,808 | ||||||||||||||||
| Total accumulated earnings/(deficit) | $ | (6,148,291 | ) | $ | (1,406,084 | ) | $ | (4,927,249 | ) | $ | (6,403,394 | ) | $ | (8,966,053 | ) | $ | (3,955,968 | ) | ||||||
The Funds’ capital loss carryforward amounts as of July 31, 2024 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 | $ | 1,279,253 | $ | 476,250 | $ | 1,263,891 | $ | 1,510,535 | $ | 3,144,364 | $ | 877,291 | ||||||||||||
| Non-expiring L-T losses | 4,258,335 | 765,814 | 4,026,191 | 5,396,238 | 5,833,681 | 3,154,456 | ||||||||||||||||||
| Total | $ | 5,537,588 | $ | 1,242,064 | $ | 5,290,082 | $ | 6,906,773 | $ | 8,978,045 | $ | 4,031,747 | ||||||||||||
| Capital loss carryforward utilized | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
There were no reclassifications between distributable earnings/(accumulated losses) and paid-in capital for the Funds for the year ended July 31, 2024.
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, 2024 so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2024, 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 7/31/2024 | Payable 7/31/2024 | |||||||||||||||||||||||
| Advisory Fees | Waived | Reimb. | Advisory | Waived | Reimb. | |||||||||||||||||||
| KS Muni Fund | $ | 304,512 | $ | 122,198 | $ | 0 | $ | 25,113 | $ | 11,104 | $ | 0 | ||||||||||||
| ME Muni Fund | $ | 51,833 | $ | 51,833 | $ | 5,880 | $ | 3,632 | $ | 3,632 | $ | 1,493 | ||||||||||||
| NE Muni Fund | $ | 171,996 | $ | 88,798 | $ | 0 | $ | 13,912 | $ | 7,844 | $ | 0 | ||||||||||||
| OK Muni Fund | $ | 245,390 | $ | 99,757 | $ | 0 | $ | 19,308 | $ | 9,347 | $ | 0 | ||||||||||||
| Tax-Free Fund for MT | $ | 321,790 | $ | 119,811 | $ | 0 | $ | 25,921 | $ | 10,658 | $ | 0 | ||||||||||||
| Tax-Free Fund for ND | $ | 109,779 | $ | 69,819 | $ | 0 | $ | 8,788 | $ | 6,347 | $ | 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. As of July 31, 2024, the following amounts are available to be repaid to VFM.
| 7/31/2025 Amount | 7/31/2026 Amount | 07/31/2027 Amount | Total | |||||||||||||
| KS Muni Fund | $ | 129,582 | $ | 125,158 | $ | 122,198 | $ | 376,938 | ||||||||
| ME Muni Fund | $ | 62,715 | $ | 58,758 | $ | 57,713 | $ | 179,186 | ||||||||
| NE Muni Fund | $ | 107,280 | $ | 100,193 | $ | 88,798 | $ | 296,271 | ||||||||
| OK Muni Fund | $ | 128,239 | $ | 115,141 | $ | 99,757 | $ | 343,137 | ||||||||
| Tax-Free Fund for MT | $ | 143,955 | $ | 133,646 | $ | 119,811 | $ | 397,412 | ||||||||
| Tax Free Fund for ND | $ | 79,832 | $ | 76,459 | $ | 69,819 | $ | 226,110 | ||||||||
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 7/31/2024 | Payable 7/31/2024 | |||||||||||||||
| Sales Charges | CDSC | Distribution Fees | Distribution Fees | |||||||||||||
| KS Muni Fund - A | $ | 26,008 | $ | 2,000 | $ | 134,472 | $ | 11,150 | ||||||||
| ME Muni Fund - A | $ | 2,001 | $ | 23,561 | $ | 25,364 | $ | 1,790 | ||||||||
| NE Muni Fund - A | $ | 6,578 | $ | 0 | $ | 77,725 | $ | 6,313 | ||||||||
| OK Muni Fund - A | $ | 6,168 | $ | 0 | $ | 114,691 | $ | 9,170 | ||||||||
| Tax-Free Fund for MT - A | $ | 12,189 | $ | 0 | $ | 133,764 | $ | 10,732 | ||||||||
| Tax-Free Fund for ND - A | $ | 192 | $ | 1,873 | $ | 51,260 | $ | 4,109 | ||||||||
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 7/31/2024 | Payable 7/31/2024 | |||||||||||||||
| Transfer | Admin. | Transfer | Admin. | |||||||||||||
| Agency Fees | Service Fees | Agency Fees | Service Fees | |||||||||||||
| KS Muni Fund | $ | 84,010 | $ | 121,362 | $ | 7,057 | $ | 10,089 | ||||||||
| ME Muni Fund | $ | 19,473 | $ | 50,612 | $ | 1,564 | $ | 4,074 | ||||||||
| NE Muni Fund | $ | 49,714 | $ | 84,258 | $ | 3,962 | $ | 6,953 | ||||||||
| OK Muni Fund | $ | 67,287 | $ | 104,808 | $ | 5,347 | $ | 8,464 | ||||||||
| Tax-Free Fund for MT | $ | 87,091 | $ | 126,200 | $ | 6,945 | $ | 10,315 | ||||||||
| Tax-Free Fund for ND | $ | 33,390 | $ | 66,837 | $ | 3,096 | $ | 5,518 | ||||||||
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: 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.
Financial Highlights
Kansas Municipal Fund, Class A
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.75 | $ | 10.17 | $ | 11.08 | $ | 11.15 | $ | 10.83 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.25 | $ | 0.22 | $ | 0.18 | $ | 0.19 | $ | 0.23 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.05 | ) | (0.42 | ) | (0.91 | ) | (0.07 | ) | 0.32 | |||||||||||
| Total from investment operations | $ | 0.20 | $ | (0.20 | ) | $ | (0.73 | ) | $ | 0.12 | $ | 0.55 | ||||||||
| Dividends from net investment income | $ | (0.25 | ) | $ | (0.22 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.23 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.70 | $ | 9.75 | $ | 10.17 | $ | 11.08 | $ | 11.15 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.09 | % | (1.98 | %) | (6.62 | %) | 1.05 | % | 5.11 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 52,202 | $ | 55,633 | $ | 60,816 | $ | 70,686 | $ | 63,309 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.18 | % | 1.17 | % | 1.15 | % | 1.15 | % | 1.17 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.59 | % | 2.21 | % | 1.75 | % | 1.67 | % | 2.06 | % | ||||||||||
| Portfolio turnover rate | 29.19 | % | 33.60 | % | 15.28 | % | 4.30 | % | 15.21 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.75 | $ | 10.17 | $ | 11.08 | $ | 11.15 | $ | 10.83 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.27 | $ | 0.24 | $ | 0.20 | $ | 0.21 | $ | 0.25 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.04 | ) | (0.42 | ) | (0.91 | ) | (0.07 | ) | 0.32 | |||||||||||
| Total from investment operations | $ | 0.23 | $ | (0.18 | ) | $ | (0.71 | ) | $ | 0.14 | $ | 0.57 | ||||||||
| Dividends from net investment income | $ | (0.27 | ) | $ | (0.24 | ) | $ | (0.20 | ) | $ | (0.21 | ) | $ | (0.25 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.71 | $ | 9.75 | $ | 10.17 | $ | 11.08 | $ | 11.15 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.45 | % | (1.74 | %) | (6.38 | %) | 1.30 | % | 5.36 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 6,630 | $ | 7,798 | $ | 10,443 | $ | 10,503 | $ | 6,756 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 0.93 | % | 0.92 | % | 0.90 | % | 0.90 | % | 0.92 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.84 | % | 2.46 | % | 1.97 | % | 1.92 | % | 2.31 | % | ||||||||||
| Portfolio turnover rate | 29.19 | % | 33.60 | % | 15.28 | % | 4.30 | % | 15.21 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.49 | $ | 9.87 | $ | 10.89 | $ | 10.97 | $ | 10.85 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.25 | $ | 0.21 | $ | 0.18 | $ | 0.19 | $ | 0.21 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | 0.03 | (0.38 | ) | (1.02 | ) | (0.08 | ) | 0.12 | ||||||||||||
| Total from investment operations | $ | 0.28 | $ | (0.17 | ) | $ | (0.84 | ) | $ | 0.11 | $ | 0.33 | ||||||||
| Dividends from net investment income | $ | (0.25 | ) | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.21 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.52 | $ | 9.49 | $ | 9.87 | $ | 10.89 | $ | 10.97 | ||||||||||
| Total Return (excludes any applicable sales charge) | 3.05 | % | (1.74 | %) | (7.74 | %) | 1.00 | % | 3.08 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 8,421 | $ | 9,818 | $ | 10,908 | $ | 13,477 | $ | 14,573 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.54 | % | 1.53 | % | 1.46 | % | 1.40 | % | 1.40 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.69 | % | 2.16 | % | 1.76 | % | 1.73 | % | 1.94 | % | ||||||||||
| Portfolio turnover rate | 69.10 | % | 0.00 | % | 9.66 | % | 15.80 | % | 22.13 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.49 | $ | 9.87 | $ | 10.89 | $ | 10.98 | $ | 10.85 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.28 | $ | 0.23 | $ | 0.21 | $ | 0.22 | $ | 0.24 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | 0.03 | (0.38 | ) | (1.02 | ) | (0.09 | ) | 0.13 | ||||||||||||
| Total from investment operations | $ | 0.31 | $ | (0.15 | ) | $ | (0.81 | ) | $ | 0.13 | $ | 0.37 | ||||||||
| Dividends from net investment income | $ | (0.28 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | (0.22 | ) | $ | (0.24 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.52 | $ | 9.49 | $ | 9.87 | $ | 10.89 | $ | 10.98 | ||||||||||
| Total Return (excludes any applicable sales charge) | 3.30 | % | (1.50 | %) | (7.52 | %) | 1.16 | % | 3.43 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 123 | $ | 517 | $ | 602 | $ | 973 | $ | 1,063 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.29 | % | 1.28 | % | 1.21 | % | 1.15 | % | 1.15 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.94 | % | 2.41 | % | 2.01 | % | 1.98 | % | 2.19 | % | ||||||||||
| Portfolio turnover rate | 69.10 | % | 0.00 | % | 9.66 | % | 15.80 | % | 22.13 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.47 | $ | 9.81 | $ | 10.64 | $ | 10.77 | $ | 10.58 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.26 | $ | 0.19 | $ | 0.15 | $ | 0.17 | $ | 0.21 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.09 | ) | (0.34 | ) | (0.83 | ) | (0.13 | ) | 0.19 | |||||||||||
| Total from investment operations | $ | 0.17 | $ | (0.15 | ) | $ | (0.68 | ) | $ | 0.04 | $ | 0.40 | ||||||||
| Dividends from net investment income | $ | (0.26 | ) | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.17 | ) | $ | (0.21 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.38 | $ | 9.47 | $ | 9.81 | $ | 10.64 | $ | 10.77 | ||||||||||
| Total Return (excludes any applicable sales charge) | 1.87 | % | (1.56 | %) | (6.39 | %) | 0.38 | % | 3.81 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 29,749 | $ | 33,188 | $ | 49,780 | $ | 55,363 | $ | 51,557 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.24 | % | 1.20 | % | 1.17 | % | 1.18 | % | 1.19 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.81 | % | 1.93 | % | 1.51 | % | 1.59 | % | 1.96 | % | ||||||||||
| Portfolio turnover rate | 79.45 | % | 19.33 | % | 26.33 | % | 8.21 | % | 13.06 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.47 | $ | 9.81 | $ | 10.63 | $ | 10.76 | $ | 10.57 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.29 | $ | 0.21 | $ | 0.18 | $ | 0.20 | $ | 0.23 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.10 | ) | (0.34 | ) | (0.82 | ) | (0.13 | ) | 0.19 | |||||||||||
| Total from investment operations | $ | 0.19 | $ | (0.13 | ) | $ | (0.64 | ) | $ | 0.07 | $ | 0.42 | ||||||||
| Dividends from net investment income | $ | (0.29 | ) | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.20 | ) | $ | (0.23 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.37 | $ | 9.47 | $ | 9.81 | $ | 10.63 | $ | 10.76 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.02 | % | (1.32 | %) | (6.07 | %) | 0.63 | % | 4.07 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 2,966 | $ | 3,695 | $ | 2,520 | $ | 2,495 | $ | 1,660 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 0.99 | % | 0.95 | % | 0.92 | % | 0.93 | % | 0.94 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 3.06 | % | 2.18 | % | 1.76 | % | 1.84 | % | 2.21 | % | ||||||||||
| Portfolio turnover rate | 79.45 | % | 19.33 | % | 26.33 | % | 8.21 | % | 13.06 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.64 | $ | 11.02 | $ | 12.14 | $ | 12.08 | $ | 11.86 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.29 | $ | 0.23 | $ | 0.17 | $ | 0.18 | $ | 0.24 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.05 | ) | (0.38 | ) | (1.12 | ) | 0.06 | 0.22 | ||||||||||||
| Total from investment operations | $ | 0.24 | $ | (0.15 | ) | $ | (0.95 | ) | $ | 0.24 | $ | 0.46 | ||||||||
| Dividends from net investment income | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.17 | ) | $ | (0.18 | ) | $ | (0.24 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 10.59 | $ | 10.64 | $ | 11.02 | $ | 12.14 | $ | 12.08 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.33 | % | (1.34 | %) | (7.88 | %) | 2.03 | % | 3.92 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 42,700 | $ | 51,337 | $ | 61,402 | $ | 77,021 | $ | 62,321 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.18 | % | 1.18 | % | 1.15 | % | 1.14 | % | 1.17 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.77 | % | 2.16 | % | 1.45 | % | 1.51 | % | 1.99 | % | ||||||||||
| Portfolio turnover rate | 69.12 | % | 22.50 | % | 38.98 | % | 11.13 | % | 13.69 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 10.65 | $ | 11.03 | $ | 12.15 | $ | 12.09 | $ | 11.87 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.32 | $ | 0.26 | $ | 0.20 | $ | 0.21 | $ | 0.27 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.05 | ) | (0.38 | ) | (1.12 | ) | 0.06 | 0.22 | ||||||||||||
| Total from investment operations | $ | 0.27 | $ | (0.12 | ) | $ | (0.92 | ) | $ | 0.27 | $ | 0.49 | ||||||||
| Dividends from net investment income | $ | (0.32 | ) | $ | (0.26 | ) | $ | (0.20 | ) | $ | (0.21 | ) | $ | (0.27 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 10.60 | $ | 10.65 | $ | 11.03 | $ | 12.15 | $ | 12.09 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.59 | % | (1.09 | %) | (7.64 | %) | 2.29 | % | 4.18 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 2,275 | $ | 3,321 | $ | 3,216 | $ | 4,970 | $ | 4,799 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 0.93 | % | 0.93 | % | 0.90 | % | 0.89 | % | 0.92 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 3.02 | % | 2.41 | % | 1.70 | % | 1.76 | % | 2.25 | % | ||||||||||
| Portfolio turnover rate | 69.12 | % | 22.50 | % | 38.98 | % | 11.13 | % | 13.69 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.22 | $ | 9.51 | $ | 10.34 | $ | 10.35 | $ | 10.18 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.25 | $ | 0.22 | $ | 0.17 | $ | 0.17 | $ | 0.22 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.07 | ) | (0.29 | ) | (0.83 | ) | (0.01 | ) | 0.17 | |||||||||||
| Total from investment operations | $ | 0.18 | $ | (0.07 | ) | $ | (0.66 | ) | $ | 0.16 | $ | 0.39 | ||||||||
| Dividends from net investment income | $ | (0.25 | ) | $ | (0.22 | ) | $ | (0.17 | ) | $ | (0.17 | ) | $ | (0.22 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.15 | $ | 9.22 | $ | 9.51 | $ | 10.34 | $ | 10.35 | ||||||||||
| Total Return (excludes any applicable sales charge) | 1.98 | % | (0.76 | %) | (6.46 | %) | 1.57 | % | 3.89 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 50,466 | $ | 54,906 | $ | 65,357 | $ | 79,710 | $ | 72,738 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.17 | % | 1.17 | % | 1.14 | % | 1.13 | % | 1.15 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.72 | % | 2.33 | % | 1.68 | % | 1.65 | % | 2.15 | % | ||||||||||
| Portfolio turnover rate | 31.96 | % | 16.20 | % | 26.78 | % | 12.00 | % | 10.52 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.22 | $ | 9.51 | $ | 10.34 | $ | 10.35 | $ | 10.18 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.27 | $ | 0.24 | $ | 0.19 | $ | 0.20 | $ | 0.25 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.07 | ) | (0.29 | ) | (0.83 | ) | (0.01 | ) | 0.17 | |||||||||||
| Total from investment operations | $ | 0.20 | $ | (0.05 | ) | $ | (0.64 | ) | $ | 0.19 | $ | 0.42 | ||||||||
| Dividends from net investment income | $ | (0.27 | ) | $ | (0.24 | ) | $ | (0.19 | ) | $ | (0.20 | ) | $ | (0.25 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 9.15 | $ | 9.22 | $ | 9.51 | $ | 10.34 | $ | 10.35 | ||||||||||
| Total Return (excludes any applicable sales charge) | 2.23 | % | (0.51 | %) | (6.21 | %) | 1.82 | % | 4.15 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 10,247 | $ | 11,607 | $ | 15,776 | $ | 18,055 | $ | 13,456 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 0.92 | % | 0.92 | % | 0.89 | % | 0.88 | % | 0.90 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.97 | % | 2.58 | % | 1.93 | % | 1.90 | % | 2.40 | % | ||||||||||
| Portfolio turnover rate | 31.96 | % | 16.20 | % | 26.78 | % | 12.00 | % | 10.52 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.11 | $ | 9.51 | $ | 10.36 | $ | 10.39 | $ | 10.31 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.24 | $ | 0.19 | $ | 0.16 | $ | 0.19 | $ | 0.23 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.12 | ) | (0.40 | ) | (0.85 | ) | (0.03 | ) | 0.08 | |||||||||||
| Total from investment operations | $ | 0.12 | $ | (0.21 | ) | $ | (0.69 | ) | $ | 0.16 | $ | 0.31 | ||||||||
| Dividends from net investment income | $ | (0.24 | ) | $ | (0.19 | ) | $ | (0.16 | ) | $ | (0.19 | ) | $ | (0.23 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 8.99 | $ | 9.11 | $ | 9.51 | $ | 10.36 | $ | 10.39 | ||||||||||
| Total Return (excludes any applicable sales charge) | 1.35 | % | (2.18 | %) | (6.70 | %) | 1.57 | % | 3.06 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 19,274 | $ | 22,552 | $ | 27,459 | $ | 30,747 | $ | 28,719 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.30 | % | 1.28 | % | 1.23 | % | 1.24 | % | 1.26 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.67 | % | 2.08 | % | 1.63 | % | 1.85 | % | 2.25 | % | ||||||||||
| Portfolio turnover rate | 55.91 | % | 12.19 | % | 22.82 | % | 22.02 | % | 21.95 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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
Selected per share data and ratios for the periods indicated
| Year | Year | Year | Year | Year | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| 7/31/24 | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | ||||||||||||||||
| NET ASSET VALUE, BEGINNING OF PERIOD | $ | 9.11 | $ | 9.51 | $ | 10.36 | $ | 10.39 | $ | 10.32 | ||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||
| Net investment income (loss)(1) | $ | 0.26 | $ | 0.21 | $ | 0.19 | $ | 0.22 | $ | 0.26 | ||||||||||
| Net realized and unrealized gain (loss) on investments(2) | (0.12 | ) | (0.40 | ) | (0.85 | ) | (0.03 | ) | 0.07 | |||||||||||
| Total from investment operations | $ | 0.14 | $ | (0.19 | ) | $ | (0.66 | ) | $ | 0.19 | $ | 0.33 | ||||||||
| Dividends from net investment income | $ | (0.26 | ) | $ | (0.21 | ) | $ | (0.19 | ) | $ | (0.22 | ) | $ | (0.26 | ) | |||||
| NET ASSET VALUE, END OF PERIOD | $ | 8.99 | $ | 9.11 | $ | 9.51 | $ | 10.36 | $ | 10.39 | ||||||||||
| Total Return (excludes any applicable sales charge) | 1.61 | % | (1.94 | %) | (6.46 | %) | 1.83 | % | 3.22 | % | ||||||||||
| RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||
| Net assets, end of period (in thousands) | $ | 1,357 | $ | 1,491 | $ | 1,631 | $ | 2,069 | $ | 2,150 | ||||||||||
| Ratio of expenses to average net assets after waivers(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | ||||||||||
| Ratio of expenses to average net assets before waivers | 1.05 | % | 1.03 | % | 0.98 | % | 0.99 | % | 1.01 | % | ||||||||||
| Ratio of net investment income to average net assets(3) | 2.92 | % | 2.33 | % | 1.88 | % | 2.10 | % | 2.50 | % | ||||||||||
| Portfolio turnover rate | 55.91 | % | 12.19 | % | 22.82 | % | 22.02 | % | 21.95 | % | ||||||||||
| (1) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (2) | 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. |
| (3) | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
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.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
There were no changes in or disagreements with Cohen during the period covered by the report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies
As of January As of July 31, 2024, Trustees who are not considered to be “interested persons,” as that term is defined in the 1940 Act, of Viking Mutual Funds (the “Independent Trustees”) are paid an annual fee of $30,500 for service as trustee on the boards of the trusts in the Fund Complex (the Registrant and The Integrity Funds). In addition, each Independent Trustee is entitled to receive a fee of $3,500 for attendance at each meeting of the Board of Trustees (whether attendance is telephonic or in person) that is not on the regular Board of Trustees meeting schedule. For the fiscal year ended July 31, 2024, the aggregate remuneration paid by the Trust to the Independent Trustees was $26,280. In addition, for the fiscal year ended July 31, 2024, Brent M. Wheeler was paid by the Trust an aggregate amount of $33,560 for service to the Fund Complex as Mutual Fund Chief Compliance Officer.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
There were no approvals or renewals of investment advisory contracts during the most recent fiscal half-year.
Item 12. Disclosures of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers for Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities for Closed-End Management Investment Companies
Not applicable.
Item 15. 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 16. 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 Act (17 CFR 270.30a-3(c))) 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. | |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recover of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
Signatures
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 | ||
October 10, 2024
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 |
October 10, 2024
| By: | /s/ Shelly Nahrstedt | |
| Shelly Nahrstedt | ||
| Treasurer |
October 10, 2024