N-CSRS 1 ncsrs20210401_v.htm ncsrs20210401_v.htm - Generated by SEC Publisher for SEC Filing

N-CSRS

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

FORM N-CSR

 

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number: 811-09277

 

 

VIKING MUTUAL FUNDS
(Exact name of registrant as specified in charter)

 

 

1 Main Street North, Minot, ND

 

58703

(Address of principal offices)

 

(Zip code)

 

 

Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 701-852-5292

 

 

Date of fiscal year end: July 31st

 

 

Date of reporting period: January 31, 2021

 

Item 1. REPORT TO SHAREHOLDERS

 

Viking Mutual Funds

 

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

Oklahoma Municipal Fund

Viking Tax-Free Fund for Montana

Viking Tax-Free Fund for North Dakota

 

Semi-Annual Report | January 31, 2021

 

Investment Adviser
Viking Fund Management, LLC
PO Box 500
Minot, ND 58702

Principal Underwriter
Integrity Funds Distributor, LLC*
PO Box 500
Minot, ND 58702

Transfer Agent
Integrity Fund Services, LLC
PO Box 759
Minot, ND 58702

Custodian
UMB Bank
928 Grand Blvd.

Kansas City, MO 55479

Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
151 N. Franklin Street, Suite 575

Chicago, IL 60606

 

*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA

 

IMPORTANT NOTE: Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Integrity Viking Funds’ (the “Funds”) annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, shareholder reports will be available on the Funds’ website (https://www.integrityvikingfunds.com/Documents), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

If you hold Fund shares through a financial intermediary and you already elected to receive shareholder reports electronically through your financial intermediary, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by notifying your financial intermediary.

 

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to continue receiving paper copies of your shareholder reports, or if you are a direct investor, by calling the Funds at 800-601-5593. Your election to receive reports in paper will apply to all Funds you hold directly or through your financial intermediary, as applicable.

 

 

 

 

DEAR SHAREHOLDERS:

 

Enclosed is the report of the operations for the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota (each a “Fund” and collectively the “Funds”) for the six-months ended January 31, 2021. The Funds’ portfolios and related financial statements are presented within for your review.

 

Economic Recap

During the period, the Federal Open Market Committee (“FOMC” or “Committee”), maintained the federal funds rate at 0 to ¼ percent. The Committee noted that the path of the economy will depend significantly on the course of the Coronavirus, including progress on vaccinations. Adding, the ongoing public health crisis will continue to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook. The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

 

Municipal Bond Market Recap

During the six-month period, municipal bonds delivered positive total returns. The municipal bond market, as measured by the Bloomberg Barclays Municipal Bond Index, posted a 2.01% total return for the period. Lower-rated, investment grade (i.e., BBB), municipal bonds outperformed their higher rated investment grade counterparts throughout the curve. Municipal issuance during the period totaled approximately $159.4 billion, a 13.0% decrease from the same period last year. Issuance in the first three months of the period was much higher versus the same time frame last year, mostly driven by issuers bringing deals to market due to election uncertainty and the possibility of post-election volatility. Issuance being pulled forward in the first half of the period caused a dramatic decrease in the following months. Strong demand for municipal bonds outpaced supply pushing municipal bond prices higher into the end of the period.

 

Fund Performance

The Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota had total returns of 0.61%, 0.70%, 0.35%, 0.97%, 1.07%, and 0.89% for Class A shares and 0.74%, 0.73%, 0.57%, 1.10%, 1.20%, and 1.11% for Class I shares respectively during the semi-annual period ended January 31, 2021. This compares to the Morningstar Muni Single State Intermediate Category which returned 1.14% for the period. This compares to the Bloomberg Barclays Capital Municipal Index’s return of 2.01%. The Funds underperformed the index during the period due to having a lower duration than the index. Additionally, the index is unmanaged and it is not possible to invest directly in an unmanaged index.

 

The current 3.8% Medicare surtax on investment income established by the Patient Protection and Affordable Care Act (municipals are exempt) combined with the high marginal tax rates at the federal and state levels boost the appeal of tax-exempt income. The federal marginal tax rate for taxpayers with adjusted gross incomes of $523,601 ($628,301 for married filing jointly) in 2021 is 37.0%. The after-tax yield of a 10-year U.S. Treasury Note yielding 1.08% as of January 31, 2021, falls to approximately 0.64% at the 37.0% federal tax rate plus the 3.8% Medicare surtax.

 

Finally, we recommend that shareholders view their investment as long-term. As difficult as they may be, periods of panic (and euphoria) tend to be transitory in nature and it’s the long-term investors that may be rewarded with the long-term benefits of tax-free income and relatively low volatility that municipal bonds have provided for decades.

 

If you would like more frequent updates, please visit the Fund’s website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.

 

Sincerely,

 

The Portfolio Management Team

 

The views expressed are those of The Portfolio Management Team of Viking Fund Management, LLC (“Viking Fund Management”, “VFM”, or the “Adviser”). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.

 

*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17%, 1.40%, 1.19%, 1.17%, 1.15%, and 1.26% respectively, for Class A, and 0.92%, 1.15%, 0.94%, 0.92%, 0.90%, and 1.01% respectively, for Class I. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%, 0.98%, 0.98%, 0.98%, 0.98%, and 0.98%, respectively, for Class A, and 0.73%, 0.73%, 0.73%, 0.73%, 0.73%, and 0.73%, respectively, for Class I. Each Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% for Class A and 0.73% for Class I of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Funds’ Board of Trustees.

 

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

You should consider each Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.

 

Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.

 

For investors subject to the alternative minimum tax, a portion of the each Fund’s dividends may be taxable. Distributions of capital gains are generally taxable.

 

 

 

 

KANSAS MUNICIPAL FUND

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

3.33%

3.99%

2.72%

3.64%

4.05%

Class A With sales charge (2.50%)

0.75%

3.12%

2.20%

3.38%

3.97%

Class I Without sales charge

3.59%

4.21%

N/A

N/A

3.75%

* November 15, 1990 for Class A; November 1, 2017 for Class I

 

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 0.92%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

 

 

 

 

MAINE MUNICIPAL FUND

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.93%

2.96%

1.76%

3.13%

4.05%

Class A With sales charge (2.50%)

-0.62%

2.11%

1.24%

2.87%

3.96%

Class I Without sales charge

2.18%

3.22%

N/A

N/A

2.73%

* December 5, 1991 for Class A; November 1, 2017 for Class I

 

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.40% and 1.15%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

 

 

 

 

NEBRASKA MUNICIPAL FUND

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

2.14%

3.46%

2.34%

3.55%

3.57%

Class A With sales charge (2.50%)

-0.38%

2.60%

1.83%

3.29%

3.47%

Class I Without sales charge

2.40%

3.75%

N/A

N/A

3.30%

* November 17, 1993 for Class A; November 1, 2017 for Class I

 

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.19% and 0.94%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

 

 

 

 

OKLAHOMA MUNICIPAL FUND

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

2.58%

3.83%

2.53%

3.76%

3.81%

Class A With sales charge (2.50%)

-0.01%

2.94%

2.00%

3.49%

3.71%

Class I Without sales charge

2.84%

4.12%

N/A

N/A

3.56%

* September 25, 1996 for Class A; November 1, 2017 for Class I

 

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 0.92%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. and 0.73%, respectively The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

 

 

 

 

VIKING TAX-FREE FUND FOR MONTANA

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

2.78%

3.86%

2.47%

3.63%

3.78%

Class A With sales charge (2.50%)

0.24%

3.00%

1.97%

3.37%

3.66%

Class I Without sales charge

3.03%

4.12%

N/A

N/A

2.52%

* August 3, 1999 for Class A; August 1, 2016 for Class I

 

The total annual fund operating expense ratio for Class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.15% and 0.90%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends.

 

 

 

 

VIKING TAX-FREE FUND FOR NORTH DAKOTA

 

PERFORMANCE (unaudited)

 


Comparison of change in value of a $10,000 investment

 

Average Annual Total Returns for the periods ended January 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.88%

3.23%

2.12%

3.39%

3.78%

Class A With sales charge (2.50%)

-0.70%

2.36%

1.61%

3.12%

3.66%

Class I Without sales charge

2.23%

3.52%

N/A

N/A

2.14%

* August 3, 1999 for Class A; August 1, 2016 for Class I

 

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.26% and 1.01%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2021 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2021 with the approval of the Fund’s Board of Trustees.

 

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

 

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

 

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends.

 

 

 

 

KANSAS MUNICIPAL FUND

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

General Obligation

40.3%

Health Care

14.5%

Utilities

13.5%

Pre-Refunded

13.0%

Other Revenue

8.7%

Cash Equivalents and Other

4.5%

Education

4.3%

Transportation

1.2%
   

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets and are subject to change.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (95.5%)

        
         

Education (4.3%)

        

Johnson County Community College Foundation Inc 4.000% 11/15/2023

$

870,000

$

959,975

Kansas Development Finance Authority 2.000% 05/01/2035 Callable @ 100.000 05/01/2029

  

960,000

  

1,000,157

Kansas Development Finance Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2028

  

500,000

  

563,025

Kansas Development Finance Authority 3.000% 10/01/2044 Callable @ 100.000 10/01/2027

  

500,000

  

520,890

Kansas Development Finance Authority 5.000% 06/01/2027 Callable @ 100.000 06/01/2021

  

250,000

  

254,158

     

 

3,298,205

General Obligation (40.3%)

        

*Allen County Unified School District No 257 3.000% 09/01/2038 Callable @ 100.000 09/01/2028

  

1,000,000

  

1,078,590

Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027 Callable @ 100.000 09/01/2024

  

250,000

  

289,570

Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028 Callable @ 100.000 09/01/2024

  

250,000

  

291,515

City of Arkansas City KS 2.000% 08/01/2036 Callable @ 100.000 02/01/2028

  

500,000

  

518,585

City of Bonner Springs KS 2.000% 09/01/2040 Callable @ 100.000 09/01/2027

  

325,000

  

328,949

City of Bonner Springs KS 3.000% 09/01/2044 Callable @ 100.000 09/01/2028

  

1,060,000

  

1,164,240

City of Burlingame KS 3.000% 09/01/2045 Callable @ 100.000 09/01/2027

  

365,000

  

382,224

City of Hillsboro KS 3.000% 09/01/2024

  

100,000

  

106,502

City of Hillsboro KS 3.000% 09/01/2027 Callable @ 100.000 09/01/2026

  

225,000

  

246,564

City of Hillsboro KS 3.000% 09/01/2028 Callable @ 100.000 09/01/2026

  

230,000

  

247,266

City of Hillsboro KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2026

  

240,000

  

255,454

City of Hutchinson KS 2.500% 10/01/2040 Callable @ 100.000 10/01/2029

  

420,000

  

444,650

City of Ozawkie KS 3.000% 09/01/2039 Callable @ 100.000 09/01/2027

  

335,000

  

360,872

City of Prairie Village KS 3.000% 09/01/2049 Callable @ 100.000 09/01/2027

  

1,500,000

  

1,641,045

City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025

  

355,000

  

390,227

City of Topeka KS 3.000% 08/15/2021

  

1,000,000

  

1,014,900

City of Topeka KS 3.000% 08/15/2022

  

500,000

  

521,290

City of Wichita KS 2.000% 12/01/2038 Callable @ 100.000 12/01/2028

  

250,000

  

254,675

City of Wichita KS 4.500% 09/01/2022

  

150,000

  

150,044

City of Wichita KS 4.750% 09/01/2027

  

180,000

  

180,058

County of Clay KS 4.000% 10/01/2036 Callable @ 100.000 10/01/2024

  

500,000

  

545,675

County of Johnson KS 2.000% 09/01/2034 Callable @ 100.000 09/01/2029

  

500,000

  

534,860

County of Linn KS 3.000% 07/01/2036 Callable @ 100.000 07/01/2029

  

1,100,000

  

1,212,574

County of Scott KS 5.000% 04/01/2032 Callable @ 100.000 04/01/2026

  

500,000

  

601,905

County of Seward KS 5.000% 08/01/2034

  

240,000

  

240,778

County of Thomas KS 3.000% 12/01/2047 Callable @ 100.000 12/01/2029

  

1,000,000

  

1,078,240

Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030 Callable @ 100.000 09/01/2025

  

250,000

  

286,130

Geary County Unified School District No 475 4.000% 09/01/2033 Callable @ 100.000 09/01/2025

  

350,000

  

396,214

Greenwood County Unified School District No 389 Eureka 4.000% 09/01/2021

  

150,000

  

153,020

Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2037 Callable @ 100.000 09/01/2027

  

500,000

  

635,595

Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027

  

2,000,000

  

2,578,020

Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025 Callable @ 100.000 10/01/2023

  

250,000

  

283,568

Leavenworth County Unified School District No 453 4.000% 09/01/2037 Callable @ 100.000 09/01/2026

  

650,000

  

738,907

Leavenworth County Unified School District No 464 4.000% 09/01/2031 Callable @ 100.000 09/01/2027

  

500,000

  

593,205

Linn County Unified School District No 362 Prairie View 3.000% 09/01/2035 Callable @ 100.000 09/01/2028

  

500,000

  

555,745

Lyon County Unified School District No 253 Emporia 4.000% 09/01/2039 Callable @ 100.000 09/01/2027

  

750,000

  

876,255

Lyon County Unified School District No 253 Emporia 4.000% 09/01/2048 Callable @ 100.000 09/01/2027

  

1,000,000

  

1,110,090

Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021

  

10,000

  

10,304

Miami County Unified School District No 416 Louisburg 3.000% 09/01/2040 Callable @ 100.000 09/01/2028

  

400,000

  

432,616

Miami County Unified School District No 416 Louisburg 3.000% 09/01/2041 Callable @ 100.000 09/01/2028

  

400,000

  

431,436

Rice County Unified School District No 444 4.000% 09/01/2031 Callable @ 100.000 09/01/2027

  

710,000

  

849,721

Riley County Unified School District No 378 Riley 4.000% 09/01/2028 Callable @ 100.000 09/01/2027

  

680,000

  

823,725

Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027

  

1,000,000

  

1,152,640

Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035 Callable @ 100.000 09/01/2024

  

405,000

  

462,218

Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022

  

85,000

  

91,491

Seward County Unified School District No 480 Liberal 5.000% 09/01/2034 Callable @ 100.000 09/01/2022

  

500,000

  

540,185

Wyandotte County Kansas City Unified Government 2.250% 08/01/2037 Callable @ 100.000 08/01/2028

  

410,000

  

429,660

Wyandotte County Kansas City Unified Government 2.250% 08/01/2038 Callable @ 100.000 08/01/2028

  

1,000,000

  

1,042,180

Wyandotte County Kansas City Unified Government 2.375% 08/01/2040 Callable @ 100.000 08/01/2028

  

1,000,000

  

1,040,180

Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026

  

1,000,000

  

1,244,140

     

 

30,838,494

Health Care (14.5%)

        

Ashland Public Building Commission 5.000% 09/01/2030 Callable @ 100.000 09/01/2023

  

1,020,000

  

1,102,600

Ashland Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2024

  

550,000

  

610,264

Ashland Public Building Commission 5.000% 09/01/2035 Callable @ 100.000 09/01/2023

  

500,000

  

534,860

City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028

  

1,500,000

  

1,807,485

City of Manhattan KS 5.000% 11/15/2023 Callable @ 100.000 11/15/2022

  

250,000

  

271,458

City of Manhattan KS 5.000% 11/15/2024 Callable @ 100.000 11/15/2022

  

250,000

  

271,438

City of Manhattan KS 5.000% 11/15/2029 Callable @ 100.000 11/15/2022

  

500,000

  

538,290

City of Olathe KS 4.000% 09/01/2028 Callable @ 100.000 09/01/2021

  

250,000

  

254,958

City of Olathe KS 4.000% 09/01/2030 Callable @ 100.000 09/01/2021

  

295,000

  

300,387

Kansas Development Finance Authority 4.125% 11/15/2027 Callable @ 100.000 11/15/2022

  

100,000

  

106,587

University of Kansas Hospital Authority 3.000% 03/01/2041 Callable @ 100.000 03/01/2030

  

500,000

  

515,945

University of Kansas Hospital Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2025

  

500,000

  

551,170

University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029

  

1,000,000

  

1,136,200

University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025

  

500,000

  

580,605

University of Kansas Hospital Authority 5.000% 09/01/2048 Callable @ 100.000 03/01/2029

  

2,000,000

  

2,475,340

     

 

11,057,584

Other Revenue (8.7%)

        

City of Manhattan KS 4.500% 12/01/2025

  

500,000

  

500,015

City of Manhattan KS 5.000% 12/01/2026

  

315,000

  

316,405

*City of Manhattan KS 5.000% 12/01/2032

  

1,000,000

  

1,000,170

City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027

  

1,000,000

  

1,105,720

Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028

  

750,000

  

877,388

Hoisington Public Building Commission 3.000% 11/01/2040 Callable @ 100.000 11/01/2029

  

660,000

  

706,167

Hoisington Public Building Commission 3.000% 11/01/2045 Callable @ 100.000 11/01/2029

  

500,000

  

530,150

Johnson County Public Building Commission 4.000% 09/01/2022

  

405,000

  

429,592

Kansas Development Finance Authority 3.000% 11/01/2033 Callable @ 100.000 11/01/2027

  

1,000,000

  

1,084,260

Washington County Public Building Commission 4.000% 09/01/2028 Callable @ 100.000 09/01/2022

  

100,000

  

105,613

     

 

6,655,479

Pre-Refunded (13.0%)

        

Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029 Callable @ 100.000 09/01/2024

  

250,000

  

291,680

Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030 Callable @ 100.000 09/01/2024

  

250,000

  

291,680

Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031 Callable @ 100.000 09/01/2024

  

500,000

  

583,360

City of Olathe KS 4.000% 09/01/2030 Callable @ 100.000 09/01/2021

  

150,000

  

153,290

City of Wichita KS 5.000% 11/15/2029 Callable @ 100.000 11/15/2021

  

300,000

  

311,106

*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025

  

3,000,000

  

3,628,470

Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 Callable @ 100.000 09/01/2022

  

135,000

  

145,653

Jackson County Unified School District No 336 Holton 5.000% 09/01/2029 Callable @ 100.000 09/01/2022

  

115,000

  

124,056

Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 Callable @ 100.000 09/01/2022

  

140,000

  

151,047

Jackson County Unified School District No 336 Holton 5.000% 09/01/2034 Callable @ 100.000 09/01/2022

  

110,000

  

118,663

Leavenworth County Unified School District No 458 5.000% 09/01/2029 Callable @ 100.000 09/01/2023

  

500,000

  

562,195

Leavenworth County Unified School District No 469 4.000% 09/01/2030 Callable @ 100.000 09/01/2022

  

320,000

  

338,637

Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021

  

135,000

  

138,902

Miami County Unified School District No 368 Paola 5.000% 09/01/2027 Callable @ 100.000 09/01/2021

  

105,000

  

108,041

Neosho County Unified School District No 413 4.000% 09/01/2031 Callable @ 100.000 09/01/2023

  

250,000

  

269,373

Seward County Unified School District No 480 Liberal 4.250% 09/01/2039 Callable @ 100.000 09/01/2022

  

500,000

  

530,280

Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022

  

85,000

  

91,424

Seward County Unified School District No 480 Liberal 5.000% 09/01/2033 Callable @ 100.000 09/01/2022

  

330,000

  

354,994

Washington County Public Building Commission 4.000% 09/01/2028 Callable @ 100.000 09/01/2022

  

500,000

  

530,690

Washington County Public Building Commission 5.000% 09/01/2032 Callable @ 100.000 09/01/2022

  

500,000

  

539,120

Washington County Public Building Commission 5.000% 09/01/2037 Callable @ 100.000 09/01/2022

  

400,000

  

430,632

Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025 Callable @ 100.000 09/01/2023

  

250,000

  

280,680

     

 

9,973,972

Transportation (1.2%)

        

State of Kansas Department of Transportation 5.000% 09/01/2033 Callable @ 100.000 09/01/2025

  

500,000

  

592,560

State of Kansas Department of Transportation 5.000% 09/01/2035 Callable @ 100.000 09/01/2025

  

250,000

  

296,425

     

 

888,985

Utilities (13.5%)

        

City of McPherson KS Water System Revenue 2.000% 10/01/2037 Callable @ 100.000 10/01/2029

  

425,000

  

428,145

City of McPherson KS Water System Revenue 3.000% 10/01/2031 Callable @ 100.000 10/01/2029

  

150,000

  

172,169

City of McPherson KS Water System Revenue 3.000% 10/01/2032 Callable @ 100.000 10/01/2029

  

175,000

  

199,059

City of Topeka KS Combined Utility Revenue 4.000% 08/01/2023

  

500,000

  

546,800

Kansas Municipal Energy Agency 5.000% 04/01/2030 Callable @ 100.000 04/01/2026

  

250,000

  

298,558

Kansas Municipal Energy Agency 5.000% 04/01/2032 Callable @ 100.000 04/01/2026

  

500,000

  

594,115

Kansas Municipal Energy Agency 5.000% 04/01/2033 Callable @ 100.000 04/01/2026

  

745,000

  

881,603

Kansas Municipal Energy Agency 5.000% 04/01/2035 Callable @ 100.000 04/01/2026

  

300,000

  

352,602

Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026

  

1,000,000

  

1,167,200

*Kansas Municipal Energy Agency 5.750% 07/01/2038 Callable @ 100.000 07/01/2023

  

1,000,000

  

1,109,640

Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025

  

500,000

  

555,765

Saline County Public Building Commission/KS 2.000% 09/01/2031 Callable @ 100.000 09/01/2028

  

435,000

  

459,347

Saline County Public Building Commission/KS 3.000% 09/01/2029 Callable @ 100.000 09/01/2028

  

410,000

  

471,890

Wyandotte County Kansas City Unified Government Utility System Revenue 3.000% 09/01/2040 Callable @ 100.000 09/01/2030

  

250,000

  

273,918

Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028 Callable @ 100.000 09/01/2026

  

500,000

  

618,545

*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032 Callable @ 100.000 09/01/2022

  

1,250,000

  

1,336,998

Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035 Callable @ 100.000 09/01/2025

  

500,000

  

582,305

Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036 Callable @ 100.000 09/01/2021

  

250,000

  

256,255

     

 

10,304,912

         

TOTAL MUNICIPAL BONDS (COST: $68,325,655)

    

$

73,017,630

         

OTHER ASSETS LESS LIABILITIES (4.5%)

    

 

3,448,139

         

NET ASSETS (100.0%)

    

$

76,465,769
 

*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.
 

 

MAINE MUNICIPAL FUND

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

General Obligation

29.0%

Health Care

16.5%

Housing

14.6%

Pre-Refunded

11.9%

Education

9.0%

Cash Equivalents and Other

5.8%

Utilities

5.0%

Other Revenue

4.3%

Transportation

3.9%

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (94.2%)

        
         

Education (9.0%)

        

Maine Educational Loan Authority 4.450% 12/01/2025

$

100,000

$

101,325

Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031 Callable @ 100.000 07/01/2021

  

180,000

  

181,400

*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026

  

940,000

  

1,107,282
     

 

1,390,008

General Obligation (29.0%)

        

City of Auburn ME 4.500% 09/01/2022

  

100,000

  

107,004

City of Biddeford ME 4.000% 10/01/2026

  

250,000

  

301,300

City of Lewiston ME 2.750% 03/15/2038 Callable @ 100.000 03/15/2027

  

100,000

  

104,804

City of Lewiston ME 2.750% 03/15/2039 Callable @ 100.000 03/15/2027

  

250,000

  

262,603

City of Lewiston ME 2.750% 03/15/2040 Callable @ 100.000 03/15/2027

  

250,000

  

263,345

City of Portland ME 4.125% 10/01/2029

  

100,000

  

100,074

City of Portland ME 4.250% 05/01/2029

  

150,000

  

150,129

City of Portland ME 5.000% 08/01/2021

  

125,000

  

128,388

City of Portland ME 5.000% 08/01/2022 Callable @ 100.000 08/01/2021

  

125,000

  

128,461

City of South Portland ME 2.000% 08/15/2038 Callable @ 100.000 08/15/2030

  

330,000

  

340,108

City of Waterville ME 4.000% 07/01/2025 Callable @ 100.000 07/01/2021

  

135,000

  

137,426

*Maine School Administrative District No 28 4.000% 05/01/2036 Callable @ 100.000 05/01/2028

  

500,000

  

585,140

Maine School Administrative District No 51 4.000% 10/15/2029 Callable @ 100.000 10/15/2024

  

100,000

  

112,663

Regional School Unit No 26 3.000% 09/01/2044 Callable @ 100.000 09/01/2029

  

475,000

  

515,138

Town of Brunswick ME 2.500% 11/01/2041 Callable @ 100.000 11/01/2030

  

500,000

  

524,760

Town of Scarborough ME 4.000% 11/01/2028 Callable @ 100.000 11/01/2023

  

100,000

  

109,853

Town of Yarmouth ME 2.250% 11/15/2045 Callable @ 100.000 11/15/2030

  

500,000

  

509,810

Wells Ogunquit Community School District 4.000% 11/01/2024

  

100,000

  

112,745
     

 

4,493,750

Health Care (16.5%)

        

Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039 Callable @ 100.000 07/01/2029

  

250,000

  

262,800

Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031

  

5,000

  

5,003

*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029 Callable @ 100.000 07/01/2024

  

1,000,000

  

1,121,780

Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030 Callable @ 100.000 07/01/2024

  

500,000

  

559,440

Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031 Callable @ 100.000 07/01/2024

  

500,000

  

556,955

Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023

  

55,000

  

55,016
     

 

2,560,994

Housing (14.6%)

        

Maine State Housing Authority 2.250% 11/15/2045 Callable @ 100.000 05/15/2029

  

250,000

  

251,168

Maine State Housing Authority 2.500% 11/15/2045 Callable @ 100.000 11/15/2028

  

165,000

  

168,549

Maine State Housing Authority 3.000% 11/15/2036 Callable @ 100.000 11/15/2025

  

400,000

  

417,332

Maine State Housing Authority 3.350% 11/15/2044 Callable @ 100.000 05/15/2028

  

155,000

  

165,359

Maine State Housing Authority 4.000% 11/15/2035 Callable @ 100.000 11/15/2024

  

435,000

  

465,624

*Maine State Housing Authority 4.000% 11/15/2044 Callable @ 100.000 05/15/2028

  

500,000

  

547,705

Maine State Housing Authority 5.000% 06/15/2024

  

250,000

  

250,338
     

 

2,266,074

Other Revenue (4.3%)

        

Maine Municipal Bond Bank 3.000% 11/01/2040 Callable @ 100.000 11/01/2030

  

250,000

  

277,430

Maine Municipal Bond Bank 4.000% 11/01/2038 Callable @ 100.000 11/01/2022

  

125,000

  

130,681

Maine Municipal Bond Bank 5.000% 11/01/2025 Callable @ 100.000 11/01/2022

  

125,000

  

136,384

Maine Municipal Bond Bank 5.000% 11/01/2027 Callable @ 100.000 11/01/2024

  

100,000

  

117,865
     

 

662,360

Pre-Refunded (11.9%)

        

Maine Governmental Facilities Authority 4.000% 10/01/2024 Callable @ 100.000 10/01/2021

  

200,000

  

205,240

Maine Health & Higher Educational Facilities Authority 4.000% 07/01/2024 Callable @ 100.000 07/01/2022

  

270,000

  

284,688

Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031 Callable @ 100.000 07/01/2021

  

70,000

  

71,320

Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023

  

15,000

  

16,813

Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034 Callable @ 100.000 07/01/2024

  

250,000

  

290,655

*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039 Callable @ 100.000 07/01/2024

  

750,000

  

865,568

Regional School Unit No 1 Lower Kennebec Region School Unit 5.000% 02/01/2026 Callable @ 100.000 02/01/2021

  

100,000

  

100,026
     

 

1,834,309

Transportation (3.9%)

        

City of Portland ME General Airport Revenue 5.000% 07/01/2022

  

100,000

  

107,703

City of Portland ME General Airport Revenue 5.000% 07/01/2023

  

100,000

  

112,030

City of Portland ME General Airport Revenue 5.000% 07/01/2024 Callable @ 100.000 07/01/2023

  

100,000

  

111,890

Maine Turnpike Authority 4.000% 07/01/2032 Callable @ 100.000 07/01/2024

  

250,000

  

272,950
     

 

604,573

Utilities (5.0%)

        

Kennebunk Light & Power District 5.000% 08/01/2022

  

215,000

  

215,589

Portland Water District 3.000% 11/01/2039 Callable @ 100.000 11/01/2029

  

500,000

 

557,395
     

 

772,984
         

TOTAL MUNICIPAL BONDS (COST: $13,805,796)

    

$

14,585,051

         

OTHER ASSETS LESS LIABILITIES (5.8%)

    

 

898,972

         

NET ASSETS (100.0%)

    

$

15,484,023

 

*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

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

General Obligation

34.7%

Utilities

28.2%

Pre-Refunded

18.5%

Cash Equivalents and Other

6.0%

Health Care

3.5%

Transportation

3.2%

Education

2.7%

Housing

2.4%

Other Revenue

0.8%

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets and are subject to change.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (94.0%)

        
         

Education (2.7%)

        

County of Saline NE 3.000% 02/15/2034 Callable @ 100.000 02/15/2029

 $

 365,000

 $

392,178

County of Saline NE 3.000% 02/15/2035 Callable @ 100.000 02/15/2029

  

 300,000

 

319,845

Nebraska Educational Health & Social Services Finance Authority 5.050% 09/01/2030 Callable @ 100.000 05/18/2021

  

 250,000

 

256,910

Southeast Community College 3.000% 03/15/2045 Callable @ 100.000 07/02/2025

  

 500,000

 

508,630

     

 

1,477,563

         

General Obligation (34.7%)

        

City of Lincoln NE 3.000% 12/01/2039 Callable @ 100.000 06/01/2029

  

 685,000

 

747,623

City of Omaha NE 3.750% 01/15/2038 Callable @ 100.000 01/15/2027

  

 500,000

 

556,120

City of Omaha NE 4.000% 04/15/2037 Callable @ 100.000 04/15/2029

  

 500,000

 

602,285

City of Omaha NE 5.000% 04/15/2027 Callable @ 100.000 04/15/2026

  

 955,000

 

1,190,532

City of Omaha NE 5.000% 04/15/2028 Callable @ 100.000 04/15/2026

  

 500,000

 

620,090

City of Sidney NE 4.000% 12/15/2036 Callable @ 100.000 12/15/2021

  

 1,250,000

 

1,282,413

County of Kearney NE 4.000% 06/01/2024

  

 350,000

 

390,012

Douglas County School District No 17/NE 2.000% 12/15/2039 Callable @ 100.000 12/15/2030

  

 1,000,000

 

1,023,030

Douglas County School District No 17/NE 2.000% 12/15/2040 Callable @ 100.000 12/15/2030

  

 1,000,000

 

1,015,730

Douglas County School District No 59/NE 3.500% 06/15/2043 Callable @ 100.000 03/15/2024

  

 500,000

 

524,515

Elkhorn School District 4.000% 12/15/2030 Callable @ 100.000 12/15/2026

  

 500,000

 

583,850

Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2025

  

 300,000

 

338,139

Elkhorn School District 4.000% 12/15/2034 Callable @ 100.000 12/15/2028

  

 500,000

 

598,640

Elkhorn School District 4.000% 12/15/2037 Callable @ 100.000 12/15/2029

  

 300,000

 

361,977

Elkhorn School District 5.000% 06/15/2022

  

 475,000

 

506,070

Hall County Airport Authority 5.000% 07/15/2030 Callable @ 100.000 08/15/2021

  

 410,000

 

425,236

Hall County Airport Authority 5.000% 07/15/2031 Callable @ 100.000 08/15/2021

  

 435,000

 

448,998

Kearney School District 3.000% 12/15/2024

  

 350,000

 

384,374

Knox County School District N0 576 4.000% 12/15/2038 Callable @ 100.000 12/15/2023

  

 590,000

 

633,200

Lancaster County School District 001 5.000% 01/15/2023

  

 750,000

 

821,063

Omaha School District 3.000% 12/15/2042 Callable @ 100.000 01/30/2030

  

 1,000,000

 

1,108,000

*Omaha School District 5.000% 12/15/2029 Callable @ 100.000 12/15/2026

  

 1,630,000

 

2,050,393

Plattsmouth School District 3.000% 12/15/2039 Callable @ 100.000 08/21/2024

  

 1,000,000

 

1,037,310

Polk County School District No 19 3.000% 06/15/2039 Callable @ 100.000 07/30/2024

  

 455,000

 

475,093

Ponca Public Schools 3.000% 12/15/2026 Callable @ 100.000 02/26/2025

  

 355,000

 

389,975

Sarpy County School District No 1 3.500% 12/15/2035 Callable @ 100.000 09/30/2024

  

 250,000

 

269,990

Superior Public Schools 1.450% 12/15/2022

  

 340,000

 

346,950

Westside Community Schools 5.000% 12/01/2038 Callable @ 100.000 12/05/2024

  

 235,000

 

267,895

Westside Community Schools 5.000% 12/01/2039 Callable @ 100.000 12/05/2024

  

 250,000

 

284,545

     

 

19,284,045

Health Care (3.5%)

        

Douglas County Hospital Authority No 2 5.000% 05/15/2027 Callable @ 100.000 05/15/2026

  

 200,000

 

246,078

Madison County Hospital Authority No 1 5.000% 07/01/2031 Callable @ 100.000 07/01/2025

  

 500,000

 

577,665

Madison County Hospital Authority No 1 5.000% 07/01/2032 Callable @ 100.000 07/01/2025

  

 335,000

 

380,222

Madison County Hospital Authority No 1 5.000% 07/01/2033 Callable @ 100.000 07/01/2025

  

 450,000

 

509,517

Madison County Hospital Authority No 1 5.000% 07/01/2034 Callable @ 100.000 07/01/2025

  

 215,000

 

248,422

     

 

1,961,903

Housing (2.4%)

        

Nebraska Investment Finance Authority 3.850% 03/01/2038 Callable @ 100.000 09/01/2024

  

 515,000

 

531,902

Nebraska Investment Finance Authority 3.900% 09/01/2035 Callable @ 100.000 09/01/2024

  

 730,000

 

773,055

     

 

1,304,958

Other Revenue (0.8%)

        

Papillion Municipal Facilities Corp 3.000% 12/15/2034 Callable @ 100.000 07/30/2024

  

 435,000

 

458,286

         

Pre-Refunded (18.5%)

        

City of Lincoln NE 5.500% 08/15/2031 Callable @ 100.000 02/15/2021

  

 500,000

 

501,150

*City of Lincoln NE Electric System Revenue 5.000% 09/01/2037 Callable @ 100.000 09/01/2022

  

 1,000,000

 

1,071,090

*City of Omaha NE 5.000% 02/01/2027 Callable @ 100.000 02/01/2022

  

 1,000,000

 

1,049,860

Grand Island Public Schools 5.000% 12/15/2033 Callable @ 100.000 12/15/2024

  

 500,000

 

591,700

 

Grand Island Public Schools 5.000% 12/15/2039 Callable @ 100.000 12/15/2024

  

 

 500,000

 

 

591,700

Gretna Public Schools 5.000% 12/15/2035 Callable @ 100.000 12/15/2025

  

 250,000

 

308,030

Lincoln County Hospital Authority No 1 5.000% 11/01/2023 Callable @ 100.000 11/01/2021

  

 250,000

 

258,783

Lincoln County Hospital Authority No 1 5.000% 11/01/2024 Callable @ 100.000 11/01/2021

  

 250,000

 

258,958

Lincoln County Hospital Authority No 1 5.000% 11/01/2025 Callable @ 100.000 11/01/2021

  

 250,000

 

258,783

Lincoln County Hospital Authority No 1 5.000% 11/01/2032 Callable @ 100.000 11/01/2021

  

 250,000

 

258,783

Scotts Bluff County School District No 32 5.000% 12/01/2031 Callable @ 100.000 12/01/2025

  

 250,000

 

307,325

University of Nebraska 5.000% 05/15/2033 Callable @ 100.000 11/15/2025

  

 250,000

 

304,958

University of Nebraska 5.000% 05/15/2035 Callable @ 100.000 05/15/2025

  

 500,000

 

599,135

University of Nebraska 5.000% 07/01/2035 Callable @ 100.000 07/01/2025

  

 1,500,000

 

1,809,390

University of Nebraska 5.000% 07/01/2038 Callable @ 100.000 07/01/2022

  

 250,000

 

266,705

University of Nebraska 5.000% 07/01/2042 Callable @ 100.000 01/01/2022

  

 1,000,000

 

1,041,160

West Haymarket Joint Public Agency 5.000% 12/15/2042 Callable @ 100.000 12/15/2021

  

 750,000

 

782,100

     

 

10,259,608

Transportation (3.2%)

        

Omaha Airport Authority 5.000% 12/15/2027 Callable @ 100.000 12/15/2026

  

 500,000

 

609,565

Omaha Airport Authority 5.000% 12/15/2036 Callable @ 100.000 12/15/2026

  

 1,000,000

 

1,186,670

     

 

1,796,235

Utilities (28.2%)

        

*Central Plains Energy Project 5.000% 09/01/2027 Callable @ 100.000 09/01/2022

  

 2,000,000

 

2,107,700

Central Plains Energy Project 5.000% 09/01/2042 Callable @ 100.000 09/01/2022

  

 500,000

 

533,375

Central Plains Energy Project 5.250% 09/01/2037 Callable @ 100.000 09/01/2022

  

 500,000

 

532,140

City of Columbus NE Combined Revenue 4.000% 12/15/2032 Callable @ 100.000 12/15/2026

  

 100,000

 

115,897

City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2033 Callable @ 100.000 06/15/2030

  

 300,000

 

369,129

City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2034 Callable @ 100.000 06/15/2030

  

 300,000

 

366,657

City of Columbus NE Combined Utilities System Revenue 4.000% 06/15/2035 Callable @ 100.000 06/15/2030

  

 300,000

 

364,935

City of Grand Island NE Combined Utility System Revenue 4.000% 08/15/2037 Callable @ 100.000 08/15/2030

  

 300,000

 

366,111

City of Grand Island NE Sewer System Revenue 5.000% 09/15/2026 Callable @ 100.000 09/17/2023

  

 250,000

 

284,533

City of Hastings NE Combined Utility Revenue 4.000% 10/15/2032 Callable @ 100.000 10/15/2022

  

 500,000

 

526,785

City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2025 Callable @ 100.000 08/01/2023

  

 275,000

 

303,474

City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2027 Callable @ 100.000 08/01/2023

  

 400,000

 

439,656

City of Omaha NE Sewer Revenue 4.000% 04/01/2035 Callable @ 100.000 04/01/2026

  

 250,000

 

282,895

City of Omaha NE Sewer Revenue 4.000% 04/01/2037 Callable @ 100.000 04/01/2030

  

 750,000

 

917,513

City of Omaha NE Sewer Revenue 4.000% 04/01/2038 Callable @ 100.000 04/01/2030

  

 400,000

 

483,600

City of Omaha NE Sewer Revenue 4.000% 04/01/2039 Callable @ 100.000 04/01/2030

  

 

250,000

 

 

300,830

City of Omaha NE Sewer Revenue 5.000% 11/15/2029 Callable @ 100.000 11/15/2024

  

 250,000

 

290,820

City of Omaha NE Sewer Revenue 5.000% 11/15/2030 Callable @ 100.000 11/15/2024

  

 250,000

 

290,453

City of Omaha NE Sewer Revenue 5.000% 11/15/2031 Callable @ 100.000 11/15/2024

  

 500,000

 

581,635

Metropolitan Utilities District of Omaha 4.000% 12/15/2026 Callable @ 100.000 12/15/2022

  

 250,000

 

268,335

Municipal Energy Agency of Nebraska 5.000% 04/01/2030 Callable @ 100.000 04/01/2022

  

 500,000

 

527,870

Municipal Energy Agency of Nebraska 5.000% 04/01/2032 Callable @ 100.000 04/01/2022

  

 100,000

 

105,278

Nebraska Public Power District 5.000% 01/01/2030 Callable @ 100.000 01/01/2022

  

 500,000

 

522,955

*Nebraska Public Power District 5.000% 01/01/2036 Callable @ 100.000 01/01/2026

  

 2,355,000

 

2,780,619

Nebraska Public Power District 5.000% 01/01/2041 Callable @ 100.000 01/01/2026

  

 250,000

 

294,265

Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2032 Callable @ 100.000 02/01/2026

  

 400,000

 

455,920

Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2035 Callable @ 100.000 02/01/2026

  

 365,000

 

412,983

Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2031 Callable @ 100.000 02/01/2026

  

 445,000

 

537,729

Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2032 Callable @ 100.000 02/01/2025

  

 250,000

 

291,630

     

 

15,655,720
         

TOTAL MUNICIPAL BONDS (COST: 49,210,648)

    

$

52,198,317
         

OTHER ASSETS LESS LIABILITIES (6.0%)

    

$

3,329,259
         

NET ASSETS (100.0%)

    

$

55,527,576
 
 

*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.

 

The accompanying notes are an integral part of these financial statements.
 

 

OKLAHOMA MUNICIPAL FUND

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

Other Revenue

28.0%

Utilities

26.6%

Transportation

10.0%

Pre-Refunded

8.6%

Education

7.9%

General Obligation

7.5%

Health Care

6.9%

Cash Equivalents and Other

2.9%

Housing

1.6%

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets and are subject to change.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (97.1%)

        
         

Education (7.9%)

        

Oklahoma Development Finance Authority 4.000% 08/01/2030 Callable @ 100.000 08/01/2024

$

280,000

$

309,882

Oklahoma Development Finance Authority 4.000% 08/01/2031 Callable @ 100.000 08/01/2024

  

290,000

 

319,577

Oklahoma Development Finance Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2024

  

305,000

 

335,497

Oklahoma Development Finance Authority 4.000% 08/01/2033 Callable @ 100.000 08/01/2024

  

315,000

 

345,640

Oklahoma Development Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2024

  

250,000

 

288,578

Oklahoma Development Finance Authority 5.000% 06/01/2034 Callable @ 100.000 06/01/2024

  

500,000

 

568,980

Oklahoma Development Finance Authority 5.000% 06/01/2039 Callable @ 100.000 06/01/2024

  

500,000

 

558,795

Oklahoma Development Finance Authority 5.000% 06/01/2039 Callable @ 100.000 06/01/2024

  

500,000

 

565,090

Oklahoma State University 4.000% 09/01/2036 Callable @ 100.000 09/01/2030

  

370,000

 

451,974

Oklahoma State University 5.000% 08/01/2032 Callable @ 100.000 08/01/2028

  

250,000

 

319,323

University of Oklahoma/The 4.000% 07/01/2040 Callable @ 100.000 07/01/2025

  

650,000

 

696,007

University of Oklahoma/The 5.000% 07/01/2036 Callable @ 100.000 07/01/2025

  

500,000

 

574,210

University of Oklahoma/The 5.000% 07/01/2038 Callable @ 100.000 07/01/2025

  

500,000

 

572,595

     

 

5,906,146

General Obligation (7.5%)

        

City of Bartlesville OK 2.000% 12/01/2028

  

195,000

 

212,733

City of Broken Arrow OK 2.000% 12/01/2021

  

500,000

 

506,860

City of Broken Arrow OK 3.125% 12/01/2035 Callable @ 100.000 12/01/2026

  

575,000

 

626,250

City of Broken Arrow OK 4.000% 12/01/2037 Callable @ 100.000 12/01/2028

  

605,000

 

703,645

City of Broken Arrow OK 4.000% 12/01/2038 Callable @ 100.000 12/01/2028

  

610,000

 

708,003

City of Lawton OK 2.000% 12/01/2022

  

500,000

 

514,875

City of Midwest City OK 3.000% 06/01/2041 Callable @ 100.000 06/01/2029

  

500,000

 

538,475

City of Oklahoma City OK 4.000% 03/01/2032 Callable @ 100.000 03/01/2027

  

1,305,000

 

1,542,941

City of Perkins OK 3.000% 06/01/2033

  

125,000

 

143,914

City of Perkins OK 3.000% 06/01/2034

  

115,000

 

131,684

     

 

5,629,380

Health Care (6.9%)

        

Norman Regional Hospital Authority 3.250% 09/01/2039 Callable @ 100.000 09/01/2029

  

895,000

 

928,070

Norman Regional Hospital Authority 5.000% 09/01/2045 Callable @ 100.000 09/01/2029

  

200,000

 

238,498

#Oklahoma County Finance Authority 4.000% 04/01/2041 Callable @ 100.000 04/01/2031

  

250,000

 

300,475

#Oklahoma County Finance Authority 4.000% 04/01/2046 Callable @ 100.000 04/01/2031

  

335,000

 

398,024

Oklahoma Development Finance Authority 4.000% 08/15/2038 Callable @ 100.000 08/15/2025

  

250,000

 

275,023

Oklahoma Development Finance Authority 4.000% 08/15/2048 Callable @ 100.000 08/15/2028

  

825,000

 

905,702

Oklahoma Development Finance Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2025

  

250,000

 

266,215

Oklahoma Development Finance Authority 5.000% 08/15/2025

  

350,000

 

404,408

Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2025

  

250,000

 

285,698

Oklahoma Development Finance Authority 5.000% 08/15/2029 Callable @ 100.000 08/15/2028

  

345,000

 

426,748

Oklahoma Development Finance Authority 5.000% 08/15/2033 Callable @ 100.000 08/15/2028

  

175,000

 

212,028

Tulsa County Industrial Authority 3.000% 02/01/2037 Callable @ 100.000 02/01/2029

  

500,000

 

534,895

     

 

5,175,782

Housing (1.6%)

        

Oklahoma Housing Finance Agency 3.000% 09/01/2039 Callable @ 100.000 03/01/2028

  

845,000

 

888,036

Oklahoma Housing Finance Agency 3.200% 03/01/2042 Callable @ 100.000 03/01/2028

  

295,000

 

317,904

     

 

1,205,940

         

Other Revenue (28.0%)

        

Bryan County School Finance Authority 4.000% 12/01/2028

  

385,000

 

474,131

Bryan County School Finance Authority 4.000% 12/01/2029

  

415,000

 

518,385

Bryan County School Finance Authority 4.000% 12/01/2030 Callable @ 100.000 12/01/2029

  

435,000

 

541,988

Caddo County Governmental Building Authority 5.000% 09/01/2040 Callable @ 100.000 09/01/2028

  

1,010,000

 

1,145,168

City of Oklahoma City OK 5.000% 03/01/2032

  

250,000

 

250,060

City of Oklahoma City OK 5.000% 03/01/2033

  

250,000

 

250,068

City of Oklahoma City OK 5.000% 03/01/2034

  

500,000

 

500,190

Elk City Industrial Authority 3.000% 05/01/2034 Callable @ 100.000 05/01/2029

  

1,050,000

 

1,149,582

Elk City Industrial Authority 3.000% 05/01/2039 Callable @ 100.000 05/01/2029

  

425,000

 

438,821

Garvin County Educational Facilities Authority 4.000% 09/01/2031

  

665,000

 

832,154

Goldsby Public Works Authority 3.000% 08/01/2021

  

165,000

 

166,426

Grady County School Finance Authority 5.000% 09/01/2032 Callable @ 100.000 09/01/2028

  

370,000

 

468,335

Kingfisher County Educational Facilities Authority 3.000% 03/01/2033 Callable @ 100.000 03/01/2029

  

250,000

 

277,935

Leflore County Public Facility Authority 3.000% 12/01/2032 Callable @ 100.000 12/01/2029

  

500,000

 

550,455

Mannford Public Works Authority 3.000% 01/01/2031 Callable @ 100.000 01/01/2029

  

500,000

 

533,755

Marshall County Educational Facilities Authority 4.000% 09/01/2036 Callable @ 100.000 09/01/2030

  

500,000

 

606,595

Muskogee Industrial Trust 5.000% 09/01/2026

  

400,000

 

493,932

Oklahoma Capitol Improvement Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030

  

940,000

 

1,018,932

Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2029

  

500,000

 

580,335

Oklahoma Capitol Improvement Authority 5.000% 07/01/2035 Callable @ 100.000 07/01/2029

  

530,000

 

686,599

Oklahoma City Public Property Authority 5.000% 10/01/2027 Callable @ 100.000 10/01/2025

  

350,000

 

416,913

Oklahoma City Public Property Authority 5.000% 10/01/2028 Callable @ 100.000 10/01/2025

  

400,000

 

474,448

Oklahoma City Public Property Authority 5.000% 10/01/2029 Callable @ 100.000 10/01/2025

  

625,000

 

735,894

Oklahoma City Public Property Authority 5.000% 10/01/2036 Callable @ 100.000 10/01/2025

  

230,000

 

266,147

Oklahoma City Public Property Authority 5.000% 10/01/2039 Callable @ 100.000 10/01/2025

  

835,000

 

957,152

Oklahoma County Finance Authority 4.000% 09/01/2033 Callable @ 100.000 09/01/2030

  

250,000

 

299,180

Oklahoma Development Finance Authority 3.000% 06/01/2029

  

195,000

 

222,318

Oklahoma Development Finance Authority 3.000% 06/01/2030

  

180,000

 

205,515

Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2030

  

140,000

 

168,582

Oklahoma Development Finance Authority 4.000% 06/01/2033 Callable @ 100.000 06/01/2030

  

145,000

 

173,265

Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2030

  

150,000

 

178,196

Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2030

  

155,000

 

183,407

Oklahoma Development Finance Authority 4.000% 06/01/2038 Callable @ 100.000 06/01/2029

  

725,000

 

849,599

Oklahoma Development Finance Authority 4.000% 06/01/2040 Callable @ 100.000 06/01/2030

  

250,000

 

302,248

Okmulgee County Governmental Building Authority 4.250% 12/01/2035 Callable @ 100.000 12/01/2023

  

500,000

 

538,740

Ottawa County Educational Facilities Authority 4.000% 09/01/2022

  

990,000

 

1,044,846

Sand Springs Municipal Authority 4.000% 01/01/2036 Callable @ 100.000 01/01/2023

  

500,000

 

527,730

Sand Springs Municipal Authority 4.250% 01/01/2035 Callable @ 100.000 01/01/2023

  

250,000

 

265,263

Tahlequah Public Facilities Authority 4.000% 04/01/2023

  

550,000

 

592,378

Tulsa County Industrial Authority 4.000% 12/01/2030 Callable @ 100.000 12/01/2026

  

250,000

 

294,965

Tulsa Public Facilities Authority 3.000% 06/01/2031 Callable @ 100.000 06/01/2025

  

200,000

 

215,172

Wagoner County School Development Authority 4.000% 09/01/2027

  

500,000

 

596,445

     

 

20,992,246

         

Pre-Refunded (8.6%)

        

City of Broken Arrow OK 4.125% 08/01/2031 Callable @ 100.000 08/01/2021

  

180,000

 

183,931

*Midwest City Municipal Authority 5.000% 03/01/2025 Callable @ 100.000 03/01/2021

  

2,000,000

 

2,009,440

Oklahoma Capitol Improvement Authority 4.000% 07/01/2043 Callable @ 100.000 07/01/2026

  

500,000

 

592,335

Oklahoma Capitol Improvement Authority 4.000% 10/01/2024 Callable @ 100.000 10/01/2021

  

800,000

 

822,336

Oklahoma Capitol Improvement Authority 4.000% 10/01/2025 Callable @ 100.000 10/01/2021

  

1,000,000

 

1,027,920

Oklahoma City Water Utilities Trust 5.000% 07/01/2031 Callable @ 100.000 07/01/2021

  

250,000

 

255,128

Oklahoma Development Finance Authority 5.000% 02/15/2042 Callable @ 100.000 02/15/2022

  

250,000

 

262,430

Oklahoma Water Resources Board 4.000% 04/01/2025 Callable @ 100.000 04/01/2022

  

150,000

 

157,028

Sapulpa Municipal Authority 5.000% 04/01/2028 Callable @ 100.000 04/01/2023

  

750,000

 

820,703

University of Oklahoma/The 5.000% 07/01/2037 Callable @ 100.000 07/01/2021

  

290,000

 

297,839

       

6,429,088

         

Transportation (10.0%)

        

Oklahoma Capitol Improvement Authority 4.000% 07/01/2045 Callable @ 100.000 07/01/2030

  

2,000,000

 

2,369,420

Oklahoma Turnpike Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2027

  

100,000

 

112,923

Oklahoma Turnpike Authority 4.000% 01/01/2042 Callable @ 100.000 01/01/2027

  

1,000,000

 

1,137,700

*Tulsa Airports Improvement Trust 4.000% 06/01/2035 Callable @ 100.000 06/01/2028

  

1,355,000

 

1,516,164

Tulsa Airports Improvement Trust 4.000% 06/01/2036 Callable @ 100.000 06/01/2028

  

145,000

 

162,106

Tulsa Airports Improvement Trust 5.000% 06/01/2023 Callable @ 100.000 06/01/2021

  

420,000

 

426,628

Tulsa Airports Improvement Trust 5.000% 06/01/2024 Callable @ 100.000 06/01/2021

  

230,000

 

233,570

Tulsa Airports Improvement Trust 5.000% 06/01/2027

  

300,000

 

371,844

Tulsa Airports Improvement Trust 5.250% 06/01/2025 Callable @ 100.000 06/01/2021

  

245,000

 

248,989

Tulsa Airports Improvement Trust 5.250% 06/01/2026 Callable @ 100.000 06/01/2021

  

360,000

 

365,771

Tulsa Parking Authority 4.000% 07/01/2025 Callable @ 100.000 07/01/2021

  

500,000

 

507,865

     

 

7,452,978

Utilities (26.6%)

        

Clinton Public Works Authority 4.000% 12/01/2034 Callable @ 100.000 12/01/2024

  

750,000

 

817,080

Clinton Public Works Authority 4.000% 12/01/2039 Callable @ 100.000 12/01/2024

  

500,000

 

543,650

Coweta Public Works Authority 4.000% 08/01/2032 Callable @ 100.000 08/01/2026

  

1,000,000

 

1,138,710

Edmond Public Works Authority 4.000% 07/01/2047 Callable @ 100.000 07/01/2027

  

1,000,000

 

1,166,890

Edmond Public Works Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2027

  

500,000

 

625,885

Jenks Public Works Authority 3.000% 08/01/2029 Callable @ 100.000 08/01/2024

  

325,000

 

347,155

Miami Special Utility Authority 4.000% 12/01/2036 Callable @ 100.000 12/01/2026

  

500,000

 

555,610

Oklahoma City Water Utilities Trust 4.000% 07/01/2039 Callable @ 100.000 07/01/2025

  

175,000

 

193,279

Oklahoma City Water Utilities Trust 5.000% 07/01/2034 Callable @ 100.000 07/01/2025

  

100,000

 

117,567

*Oklahoma Municipal Power Authority 5.750% 01/01/2024

  

370,000

 

422,392

Oklahoma Water Resources Board 4.000% 04/01/2033 Callable @ 100.000 04/01/2030

  

500,000

 

630,630

Oklahoma Water Resources Board 4.000% 10/01/2038 Callable @ 100.000 10/01/2028

  

325,000

 

382,977

Oklahoma Water Resources Board 4.000% 10/01/2043 Callable @ 100.000 10/01/2028

  

830,000

 

974,569

Oklahoma Water Resources Board 4.000% 10/01/2045 Callable @ 100.000 10/01/2030

  

955,000

 

1,141,034

Oklahoma Water Resources Board 4.000% 10/01/2045 Callable @ 100.000 10/01/2030

  

465,000

 

555,582

Oklahoma Water Resources Board 4.000% 10/01/2048 Callable @ 100.000 10/01/2028

  

1,460,000

 

1,700,929

Oklahoma Water Resources Board 4.000% 10/01/2050 Callable @ 100.000 10/01/2030

  

515,000

 

611,300

Oklahoma Water Resources Board 5.000% 04/01/2032 Callable @ 100.000 04/01/2022

  

140,000

 

147,627

Oklahoma Water Resources Board 5.000% 10/01/2029 Callable @ 100.000 10/01/2024

  

250,000

 

289,655

Oklahoma Water Resources Board 5.000% 10/01/2033 Callable @ 100.000 10/01/2024

  

500,000

 

577,015

Sand Springs Municipal Authority Water Sewer Utility & 1% Sales Tax Revenue 3.000% 11/01/2038 Callable @ 100.000 11/01/2028

  

980,000

 

1,071,424

*Sand Springs Municipal Authority Water Sewer Utility & 1% Sales Tax Revenue 3.000% 11/01/2042 Callable @ 100.000 11/01/2028

  

1,500,000

 

1,635,105

Tulsa Metropolitan Utility Authority 2.000% 10/01/2038 Callable @ 100.000 10/01/2030

  

500,000

 

517,540

Tulsa Metropolitan Utility Authority 2.000% 10/01/2039 Callable @ 100.000 10/01/2030

  

500,000

 

517,085

*Washington County Rural Water District No 3 3.000% 09/15/2041 Callable @ 100.000 03/01/2028

  

3,000,000

 

3,240,780

     

 

19,921,471

         

TOTAL MUNICIPAL BONDS (COST: $69,082,877 )

    

$

72,713,030

         

OTHER ASSETS LESS LIABILITIES (2.9%)

    

$

2,169,459

         

NET ASSETS (100.0%)

    

$

74,882,489

         

*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.

        

#When-issued purchase as of January 31, 2021.

        

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 
 

 

VIKING TAX-FREE FUND FOR MONTANA

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

General Obligation

48.8%

Health Care

15.9%

Other Revenue

7.9%

Cash Equivalents and Other

7.9%

Housing

7.8%

Utilities

4.9%

Pre-Refunded

3.8%

Transportation

1.6%

Education

1.4%

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets and are subject to change.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

 

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (92.1%)

        
         

Education (1.4%)

        

Montana State Board of Regents 4.000% 11/15/2025 Callable @ 100.000 11/15/2022

$

500,000

$

536,025

Montana State Board of Regents 5.000% 11/15/2025 Callable @ 100.000 11/15/2023

  

500,000

 

568,265

Montana State Board of Regents 5.000% 11/15/2030 Callable @ 100.000 11/15/2023

  

240,000

 

265,870

     

 

1,370,160

General Obligation (48.8%)

        

Broadwater County K 12 School District No 1 Townsend 3.000% 07/01/2038 Callable @ 100.000 07/01/2030

  

475,000

 

526,067

Broadwater County K 12 School District No 1 Townsend 3.000% 07/01/2039 Callable @ 100.000 07/01/2030

  

410,000

 

452,579

Carbon County High School District No 1 Red Lodge 3.000% 07/01/2039 Callable @ 100.000 01/01/2031

  

475,000

 

534,997

Carbon County High School District No 1 Red Lodge 3.000% 07/01/2041 Callable @ 100.000 01/01/2031

  

255,000

 

285,473

Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2037 Callable @ 100.000 01/01/2031

  

580,000

 

661,252

Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2038 Callable @ 100.000 01/01/2031

  

600,000

 

682,272

Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2039 Callable @ 100.000 01/01/2031

  

620,000

 

702,572

Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2040 Callable @ 100.000 01/01/2031

  

535,000

 

604,149

Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2041 Callable @ 100.000 01/01/2031

  

500,000

 

563,155

Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 Callable @ 100.000 07/01/2027

  

700,000

 

829,927

City & County of Butte Silver Bow MT 4.000% 07/01/2030 Callable @ 100.000 07/01/2026

  

225,000

 

260,876

City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026

  

240,000

 

276,542

City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026

  

850,000

 

1,001,734

City of Bozeman MT 4.000% 07/01/2028 Callable @ 100.000 01/01/2024

  

540,000

 

600,923

City of Bozeman MT 4.000% 07/01/2034 Callable @ 100.000 07/01/2029

  

500,000

 

602,955

City of Fort Benton MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030

  

715,000

 

808,443

City of Fort Benton MT 3.000% 07/01/2040 Callable @ 100.000 07/01/2030

  

770,000

 

852,783

City of Missoula MT 4.000% 07/01/2031 Callable @ 100.000 07/01/2025

  

250,000

 

284,863

County of Ravalli MT 4.250% 07/01/2030 Callable @ 100.000 07/01/2024

  

755,000

 

841,455

Desmet School District No 20 3.000% 07/01/2040 Callable @ 100.000 07/01/2030

  

320,000

 

356,166

DeSmet School District No 20 3.000% 07/01/2041 Callable @ 100.000 07/01/2031

  

200,000

 

228,286

Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028

  

455,000

 

580,139

Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 Callable @ 100.000 07/01/2030

  

1,000,000

 

1,203,610

Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035 Callable @ 100.000 06/01/2027

  

300,000

 

325,341

Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034 Callable @ 100.000 06/01/2027

  

500,000

 

545,540

Gallatin County MO Etc MO High School District No J 24 Three Forks 4.000% 07/01/2037 Callable @ 100.000 07/01/2030

  

605,000

 

731,118

Gallatin County School District No 27 Monforton 4.250% 06/15/2026 Callable @ 100.000 06/15/2023

  

415,000

 

455,056

Gallatin County School District No 3 Manhattan 4.000% 07/01/2034 Callable @ 100.000 07/01/2026

  

465,000

 

532,258

Gallatin County School District No 44 Belgrade 3.500% 06/15/2028 Callable @ 100.000 06/15/2021

  

575,000

 

582,947

Gallatin County School District No 44 Belgrade 4.000% 06/01/2031 Callable @ 100.000 06/01/2029

  

265,000

 

324,874

Gallatin County School District No 44 Belgrade 4.000% 06/01/2036 Callable @ 100.000 06/01/2029

  

345,000

 

414,352

Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 Callable @ 100.000 06/01/2026

  

610,000

 

699,810

Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 Callable @ 100.000 06/01/2026

  

260,000

 

297,242

Gallatin County School District No 72 Ophir 4.000% 07/01/2034 Callable @ 100.000 07/01/2030

  

310,000

 

380,184

Gallatin County School District No 72 Ophir 4.000% 07/01/2035 Callable @ 100.000 07/01/2030

  

535,000

 

653,321

Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030

  

565,000

 

691,068

Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030

  

800,000

 

971,440

Hellgate School District No 4 5.000% 06/15/2028 Callable @ 100.000 06/15/2027

  

500,000

 

641,590

Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027

  

500,000

 

635,965

Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027

  

500,000

 

631,240

*Missoula County Elementary School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026

  

500,000

 

574,140

Missoula County Elementary School District No 1 4.000% 07/01/2033 Callable @ 100.000 07/01/2026

  

750,000

 

863,520

Missoula County School District No 7 Lolo 3.000% 07/01/2045 Callable @ 100.000 07/01/2031

  

470,000

 

513,358

 

Missoula County School District No 7 Lolo 3.000% 07/01/2046 Callable @ 100.000 07/01/2031

  

 

 

480,000

 

 

 

522,864

Missoula County School District No 7 Lolo 3.000% 07/01/2047 Callable @ 100.000 07/01/2031

  

510,000

 

554,543

Missoula County School District No 7 Lolo 3.000% 07/01/2048 Callable @ 100.000 07/01/2031

  

540,000

 

585,052

Missoula High School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026

  

275,000

 

317,969

Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029

  

250,000

 

297,383

Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029

  

250,000

 

296,515

Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037 Callable @ 100.000 07/01/2029

  

250,000

 

295,868

Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 Callable @ 100.000 07/01/2029

  

965,000

 

1,140,389

Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 Callable @ 100.000 07/01/2029

  

355,000

 

418,300

*Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029

  

1,960,000

 

2,316,230

State of Montana 4.000% 08/01/2023

  

385,000

 

424,301

State of Montana 4.000% 08/01/2026 Callable @ 100.000 08/01/2024

  

855,000

 

970,998

State of Montana 4.000% 08/01/2027 Callable @ 100.000 08/01/2024

  

480,000

 

543,494

State of Montana 5.000% 08/01/2030

  

500,000

 

696,250

Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029

  

300,000

 

386,154

Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 Callable @ 100.000 07/01/2029

  

530,000

 

643,950

Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029

  

275,000

 

331,933

Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 Callable @ 100.000 07/01/2023

  

450,000

 

491,283

Wibaux County School District No 6 Wibaux 3.000% 07/01/2029 Callable @ 100.000 07/01/2025

  

355,000

 

384,412

Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025

  

225,000

 

248,474

Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 Callable @ 100.000 07/01/2028

  

1,000,000

 

1,263,650

Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 Callable @ 100.000 07/01/2028

  

1,500,000

 

1,866,615

Yellowstone County School District No 2 Billings 3.000% 06/15/2032 Callable @ 100.000 12/15/2027

  

630,000

 

700,837

Yellowstone County School District No 2 Billings 3.000% 06/15/2034 Callable @ 100.000 12/15/2027

  

315,000

 

346,273

Yellowstone County School District No 2 Billings 3.000% 06/15/2035 Callable @ 100.000 12/15/2027

  

430,000

 

467,444

Yellowstone County School District No 2 Billings 5.000% 06/15/2024

  

500,000

 

584,580

Yellowstone County School District No 2 Billings 5.000% 06/15/2026 Callable @ 100.000 06/15/2024

  

515,000

 

598,173

Yellowstone County School District No 2 Billings 5.000% 06/15/2027 Callable @ 100.000 06/15/2024

  

1,000,000

 

1,160,210

Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025

  

350,000

 

414,729

Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025

  

435,000

 

514,131

Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037 Callable @ 100.000 07/01/2028

  

875,000

 

1,021,615

     

 

46,010,199

Health Care (15.9%)

        

County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024

  

710,000

 

797,983

Montana Facility Finance Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030

  

2,000,000

 

2,162,580

Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030

  

200,000

 

242,422

Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030

  

1,000,000

 

1,182,670

*Montana Facility Finance Authority 4.000% 07/01/2035 Callable @ 100.000 07/01/2030

  

1,075,000

 

1,222,479

Montana Facility Finance Authority 4.500% 07/01/2023

  

1,025,000

 

1,025,871

*Montana Facility Finance Authority 4.650% 07/01/2024

  

1,365,000

 

1,366,119

Montana Facility Finance Authority 4.750% 07/01/2025

  

380,000

 

380,297

Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024

  

1,015,000

 

1,157,597

Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025

  

915,000

 

1,052,881

Montana Facility Finance Authority 5.000% 06/01/2035 Callable @ 100.000 06/01/2028

  

425,000

 

512,788

Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028

  

700,000

 

840,882

Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028

  

1,000,000

 

1,227,650

Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028

  

1,000,000

 

1,215,990

Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028

  

500,000

 

612,975

     

 

15,001,185

Housing (7.8%)

        

Montana Board of Housing 2.250% 12/01/2040 Callable @ 100.000 12/01/2029

  

500,000

 

504,985

Montana Board of Housing 2.400% 12/01/2045 Callable @ 100.000 12/01/2029

  

500,000

 

504,435

Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029

  

895,000

 

936,949

Montana Board of Housing 3.000% 12/01/2023 Callable @ 100.000 12/01/2022

  

70,000

 

71,702

Montana Board of Housing 3.000% 12/01/2045 Callable @ 100.000 06/01/2029

  

500,000

 

520,680

Montana Board of Housing 3.100% 06/01/2021

  

260,000

 

261,459

Montana Board of Housing 3.150% 06/01/2024 Callable @ 100.000 12/01/2022

  

270,000

 

278,897

Montana Board of Housing 3.150% 12/01/2024 Callable @ 100.000 12/01/2022

  

95,000

 

97,692

Montana Board of Housing 3.250% 12/01/2044 Callable @ 100.000 12/01/2028

  

1,500,000

 

1,590,330

Montana Board of Housing 3.350% 06/01/2025 Callable @ 100.000 12/01/2022

  

125,000

 

128,458

Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027

  

460,000

 

508,319

Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028

  

990,000

 

1,101,920

Montana Board of Housing 3.875% 12/01/2023 Callable @ 100.000 06/01/2023

  

130,000

 

136,418

Montana Board of Housing 4.050% 06/01/2024 Callable @ 100.000 06/01/2023

  

115,000

 

122,979

Montana Board of Housing 4.050% 12/01/2024 Callable @ 100.000 06/01/2023

  

330,000

 

349,269

Montana Board of Housing 4.650% 12/01/2028 Callable @ 100.000 06/01/2023

  

185,000

 

196,546

     

 

7,311,035

Other Revenue (7.9%)

        

City & County of Butte Silver Bow MT 5.000% 07/01/2021

  

210,000

 

212,398

City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030

  

405,000

 

462,028

City of Billings MT 4.375% 07/01/2029 Callable @ 100.000 01/01/2023

  

490,000

 

502,412

City of Billings MT 4.800% 07/01/2022

  

25,000

 

25,008

City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028

  

710,000

 

810,458

*City of Billings MT 5.000% 07/01/2033 Callable @ 100.000 01/01/2023

  

900,000

 

933,705

City of Billings MT 5.500% 07/01/2026 Callable @ 100.000 07/01/2021

  

205,000

 

206,985

City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028

  

500,000

 

634,960

City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029

  

525,000

 

606,758

City of Missoula MT 4.750% 07/01/2027

  

105,000

 

105,149

City of Missoula MT 5.125% 07/01/2026

  

125,000

 

125,043

City of Missoula MT 6.000% 07/01/2030

  

200,000

 

200,262

Gallatin County Rural Improvement District 5.500% 07/01/2025

  

400,000

 

400,552

*Gallatin County Rural Improvement District 6.000% 07/01/2030

  

1,000,000

 

1,001,140

Madison County Rural Improvement District 5.500% 07/01/2025

  

185,000

 

185,246

*Madison County Rural Improvement District 6.000% 07/01/2030

  

1,000,000

 

1,001,100

     

 

7,413,203

Pre-Refunded (3.8%)

        

*Montana State Board of Regents 4.000% 05/15/2025 Callable @ 100.000 05/15/2022

  

2,000,000

 

2,102,060

Montana State Board of Regents 4.000% 05/15/2026 Callable @ 100.000 05/15/2022

  

1,145,000

 

1,203,429

Montana State Board of Regents 5.000% 11/15/2023 Callable @ 100.000 11/15/2021

  

250,000

 

259,890

     

 

3,565,379

Transportation (1.6%)

        

Missoula Parking Commission 4.000% 10/01/2026 Callable @ 100.000 04/01/2024

  

835,000

 

928,153

Missoula Special Improvement Districts/MT 4.600% 07/01/2024

  

100,000

 

100,141

Missoula Special Improvement Districts/MT 4.600% 07/01/2025

  

105,000

 

105,148

Missoula Special Improvement Districts/MT 5.400% 07/01/2029

  

370,000

 

370,444

     

 

1,503,886

Utilities (4.9%)

        

City of Billings MT 5.000% 07/01/2031 Callable @ 100.000 07/01/2027

  

260,000

 

329,243

City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027

  

1,510,000

 

1,677,912

City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 Callable @ 100.000 07/01/2023

  

215,000

 

235,614

City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 Callable @ 100.000 07/01/2023

  

225,000

 

245,799

City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 Callable @ 100.000 07/01/2025

  

250,000

 

289,165

City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 Callable @ 100.000 07/01/2025

  

250,000

 

286,255

City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025

  

250,000

 

284,745

City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028

  

600,000

 

723,834

City of Red Lodge MT Water System Revenue 2.500% 07/01/2039 Callable @ 100.000 07/01/2027

  

500,000

 

522,159

     

 

4,594,726

         

TOTAL MUNICPAL BONDS (COST: $81,662,488)

    

$

86,769,773

         

OTHER ASSETS LESS LIABILITIES (7.9%)

    

$

7,439,483

         

NET ASSETS (100.0%)

    

$

94,209,256

*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 NORTH DAKOTA

 

PORTFOLIO MARKET SECTORS January 31, 2021 (unaudited)

 

General Obligation

18.5%

Other Revenue

23.8%

Health Care

15.8%

Housing

10.3%

Education

9.6%

Cash Equivalents and Other

9.1%

Pre-Refunded

7.5%

Utilities

4.2%

Transportation

1.2%

 

 
 

100.0%

 

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

 

These percentages are based on net assets and are subject to change.

 

SCHEDULE OF INVESTMENTS January 31, 2021 (unaudited)

 

 

 

Principal

  

Fair

 

 

Amount

  

Value

MUNICIPAL BONDS (90.9%)

 

 

 

 

 

 

 

 

 

Education (9.6%)

 

 

 

 

State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029

$

200,000

$

194,424

State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029

  

200,000

 

192,774

State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 Callable @ 100.000 04/01/2027

  

250,000

 

267,953

State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025 Callable @ 100.000 04/01/2024

  

415,000

 

466,925

State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 Callable @ 100.000 04/01/2024

  

365,000

 

391,039

State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025

  

500,000

 

553,780

State Board of Higher Education of the State of North Dakota 4.000% 04/01/2044 Callable @ 100.000 04/01/2029

  

500,000

 

583,850

University of North Dakota 5.000% 04/01/2024 Callable @ 100.000 04/01/2022

  

250,000

 

264,348

     

 

2,915,092

General Obligation (18.5%)

 

 

 

 

City of Fargo ND 4.000% 05/01/2023 Callable @ 100.000 05/01/2021

  

300,000

 

303,168

City of Grand Forks ND 4.000% 12/01/2039 Callable @ 100.000 12/01/2028

  

470,000

 

549,632

City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025

  

240,000

 

269,119

City of Horace ND 3.000% 05/01/2037 Callable @ 100.000 05/01/2026

  

500,000

 

526,090

City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023

  

340,000

 

356,548

City of Minot ND Airport Revenue 3.500% 10/01/2025 Callable @ 100.000 10/01/2022

  

570,000

 

599,150

City of Minot ND Airport Revenue 4.000% 10/01/2028 Callable @ 100.000 10/01/2022

  

355,000

 

374,071

City of West Fargo ND 2.000% 05/01/2037 Callable @ 100.000 05/01/2026

  

500,000

 

486,375

City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026

  

500,000

 

507,445

City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023

  

200,000

 

210,724

City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023

  

230,000

 

241,652

Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025

  

400,000

 

447,384

Mandan Public School District No 1 3.125% 08/01/2024 Callable @ 100.000 08/01/2022

  

200,000

 

209,532

Nesson Public School District No 2 4.000% 08/01/2039 Callable @ 100.000 08/01/2027

  

500,000

 

567,565

     

 

5,648,454

Health Care (15.8%)

 

 

 

 

City of Grand Forks ND 4.000% 12/01/2027 Callable @ 100.000 12/01/2021

  

400,000

 

407,688

City of Grand Forks ND 5.000% 12/01/2022 Callable @ 100.000 12/01/2021

  

500,000

 

518,900

City of Grand Forks ND 5.000% 12/01/2032 Callable @ 100.000 12/01/2021

  

250,000

 

257,010

City of Grand Forks ND 5.125% 12/01/2025

  

250,000

 

269,208

City of Langdon ND 6.200% 01/01/2025

  

130,000

 

130,176

County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025

  

215,000

 

221,779

County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025

  

250,000

 

257,073

County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028

  

595,000

 

656,612

*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028

  

1,290,000

 

1,423,451

County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028

  

445,000

 

541,667

County of Ward ND 5.000% 06/01/2053 Callable @ 100.000 06/01/2028

  

100,000

 

113,506

     

 

4,797,069

Housing (10.3%)

 

 

 

 

North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029

  

250,000

 

266,353

North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029

  

315,000

 

333,081

North Dakota Housing Finance Agency 3.050% 07/01/2021

  

150,000

 

150,581

North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029

  

250,000

 

262,815

North Dakota Housing Finance Agency 3.500% 07/01/2035 Callable @ 100.000 07/01/2028

  

420,000

 

462,328

North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027

  

185,000

 

202,647

*North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026

  

805,000

 

862,469

North Dakota Housing Finance Agency 3.750% 07/01/2038

  

560,000

 

606,850

     

 

3,147,122

Other Revenue (23.8%)

 

 

 

 

City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025

  

250,000

 

303,263

*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024

  

1,250,000

 

1,301,038

*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024

  

500,000

 

543,200

City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028

  

595,000

 

594,976

County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025

  

250,000

 

276,018

County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025

  

500,000

 

542,285

Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024

  

500,000

 

521,570

Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024

  

500,000

 

545,020

Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024

  

345,000

 

374,874

Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023

  

250,000

 

263,738

Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025

  

435,000

 

475,116

North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024

  

265,000

 

293,710

North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023

  

400,000

 

429,820

North Dakota Public Finance Authority 4.500% 06/01/2026 Callable @ 100.000 06/01/2021

  

400,000

 

406,160

North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025

  

130,000

 

154,950

North Dakota Public Finance Authority 5.000% 06/01/2031

  

240,000

 

240,485

     

 

7,266,220

Pre-Refunded (7.5%)

        

City of Fargo ND 6.000% 11/01/2028 Callable @ 100.000 11/01/2021

  

500,000

 

520,825

County of Burleigh ND 4.500% 07/01/2032 Callable @ 100.000 07/01/2022

  

250,000

 

265,488

County of Burleigh ND 5.000% 07/01/2022

  

300,000

 

321,924

County of Burleigh ND 5.000% 07/01/2035 Callable @ 100.000 07/01/2021

  

500,000

 

510,060

County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032 Callable @ 100.000 11/01/2022

  

400,000

 

418,500

Grand Forks Regional Airport Authority 4.500% 06/01/2028 Callable @ 100.000 06/01/2021

  

230,000

 

233,324

     

 

2,270,120

Transportation (1.2%)

 

 

 

 

Grand Forks Regional Airport Authority 4.500% 06/01/2028 Callable @ 100.000 06/01/2021

  

370,000

 

374,977

         

Utilities (4.2%)

 

 

 

 

City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 Callable @ 100.000 09/01/2027

  

290,000

 

302,450

City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027

  

485,000

 

502,906

City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025

  

250,000

 

257,275

Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028

  

205,000

 

205,639

     

 

1,268,270

 

 

 

 

 

TOTAL MUNICIPAL BONDS (COST: $26,366,306)

 

 

$

27,687,324

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES (9.1%)

 

 

 

2,779,811

 

 

 

 

 

NET ASSETS (100.0%)

 

 

$

30,467,135

 

*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.
 

 

FINANCIAL STATEMENTS

 

Statements of Assets and Liabilities January 31, 2021 (unaudited)

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

ASSETS

                

Investments in securities, at cost

$

68,325,655

 

$

13,805,796

 

$

49,210,648

 

                

Investments in securities, at value

$

73,017,630

 

$

14,585,051

 

$

52,198,317

Cash and cash equivalents

  

2,545,702

   

815,351

   

3,015,287

Receivable for Fund shares sold

  

51,848

   

0

   

40,969

Accrued interest receivable

  

1,078,131

   

105,252

   

440,670

Receivable from affiliate

  

10,221

   

5,346

   

8,944

Prepaid expenses

  

2,547

   

2,146

   

4,487

Total assets

$

76,706,079

 

$

15,513,146

 

$

55,708,674

 

                

LIABILITIES

                

Payable for securities purchased

$

0

 

$

0

 

$

0

Payable for Fund shares redeemed

  

136,067

   

1,652

   

95,422

Distributions payable

  

20,547

   

5,043

   

22,688

Trustees’ fees payable

  

8,382

   

1,860

   

6,300

Payable to affiliates

  

67,568

   

16,937

   

51,232

Accrued expenses

  

7,746

   

3,631

   

5,456

Total liabilities

$

240,310

 

$

29,123

 

$

181,098

 

                

NET ASSETS

$

76,465,769

 

$

15,484,023

 

$

55,527,576

 

                

NET ASSETS ARE REPRESENTED BY:

                

Capital stock outstanding, no par value, unlimited shares authorized

$

72,329,499

 

$

15,109,431

 

$

53,333,895

Distributable earnings

 

4,136,270

 

 

374,592

 

 

2,193,681

 

                

NET ASSETS

$

76,465,769

 

$

15,484,023

 

$

55,527,576

 

                

Net Assets - Class A

$

67,111,674

 

$

14,277,598

 

$

53,088,424

Net Assets - Class I

$

9,354,095

 

$

1,206,425

 

$

2,439,152

Shares outstanding - Class A

 

6,035,851

   

1,304,174

   

4,951,699

Shares outstanding - Class I

  

840,972

   

110,157

   

227,557

Net asset value per share - Class A*

  

$11.12

   

$10.95

   

$10.72

Maximum sales charge - Class A

  

2.50%

    

2.50%

    

2.50%

Public offering price per share - Class A

  

$11.41

   

$11.23

   

$10.99

Net asset value per share - Class I

  

$11.12

   

$10.95

   

$10.72

 

* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Assets and Liabilities January 31, 2021 (unaudited)

 

 

Oklahoma

        
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

ASSETS

                

Investments in securities, at cost

$

69,082,877

 

$

81,662,488

 

$

26,366,306

 

                

Investments in securities, at value

$

72,713,030

 

$

86,769,773

 

$

27,687,324

Cash and cash equivalents

  

2,353,896

   

7,325,061

   

2,625,020

Receivable for Fund shares sold

  

394,942

   

107,370

   

0

Accrued interest receivable

  

756,377

   

422,512

   

253,260

Receivable from affiliate

  

9,809

   

11,721

   

6,610

Prepaid expenses

  

2,683

   

3,149

   

1,593

Total assets

$

76,230,737

 

$

94,639,586

 

$

30,573,807

 

                

LIABILITIES

                

Payable for securities purchased

$

1,232,533

 

$

243,199

 

$

0

Payable for Fund shares redeemed

  

19,701

   

57,580

   

62,232

Distributions payable

  

16,360

   

29,279

   

6,631

Trustees’ fees payable

  

7,969

   

10,155

   

3,610

Payable to affiliates

  

67,067

   

81,663

   

29,887

Accrued expenses

  

4,618

   

8,454

   

4,312

Total liabilities

$

1,348,248

 

$

430,330

 

$

106,672

 

                

NET ASSETS

$

74,882,489

 

$

94,209,256

 

$

30,467,135

 

                

NET ASSETS ARE REPRESENTED BY:

                

Capital stock outstanding, no par value, unlimited shares authorized

$

71,674,071

 

$

92,192,571

 

$

29,984,959

Distributable earnings

 

3,208,418

 

 

2,016,685

 

 

482,176

 

                

NET ASSETS

$

74,882,489

 

$

94,209,256

 

$

30,467,135

 

                

Net Assets - Class A

$

70,212,235

 

$

77,191,892

 

$

28,063,065

Net Assets - Class I

$

4,670,254

 

$

17,017,364

 

$

2,404,070

Shares outstanding - Class A

 

5,802,755

   

7,443,649

   

2,703,079

Shares outstanding - Class I

  

385,601

   

1,640,803

   

231,486

Net asset value per share - Class A*

  

$12.10

   

$10.37

   

$10.38

Maximum sales charge - Class A

  

2.50%

    

2.50%

    

2.50%

Public offering price per share - Class A

  

$12.41

   

$10.64

   

$10.65

Net asset value per share - Class I

  

$12.11

   

$10.37

   

$10.39

 

* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Operations For the six months ended January 31, 2021 (unaudited)

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

INVESTMENT INCOME

                

Interest

$

999,544

 

$

211,360

 

$

707,704

Total investment income

$

999,544

 

$

211,360

 

$

707,704

 

                

EXPENSES

                

Investment advisory fees

$

183,904

 

$

38,778

 

$

135,943

Distribution (12b-1) fees - Class A

  

81,772

   

18,014

   

65,167

Transfer agent fees

  

47,162

   

12,332

   

35,651

Administrative service fees

  

69,641

   

29,006

   

56,212

Professional fees

  

9,215

   

3,123

   

7,304

Reports to shareholders

  

1,362

   

773

   

880

License, fees, and registrations

  

749

   

607

   

3,253

Audit fees

  

6,799

   

1,435

   

5,028

Trustees’ fees

  

3,879

   

819

   

2,868

Transfer agent out-of-pockets

  

2,458

   

765

   

1,755

Legal fees

 

3,445

 

 

727

 

 

2,548

Insurance expense

 

688

 

 

171

 

 

490

 

 

 

 

 

 

 

 

 

Total expenses

$

411,074

 

$

106,550

 

$

317,099

Less expenses waived or reimbursed (See Note 7)

 

(60,721)

  

 

(31,896)

  

 

(53,415)

Total net expenses

$

350,353

 

$

74,654

 

$

263,684

 

 

 

  

 

 

  

 

 

NET INVESTMENT INCOME (LOSS)

$

649,191

 

$

136,706

 

$

444,020

 

                

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                

Net realized gain (loss) from investment transactions

$

8,407

 

$

0

 

$

(91,580)

Net change in unrealized appreciation (depreciation) of investments

  

(157,313)

    

(36,711)

    

(136,235)

Net realized and unrealized gain (loss) on investments

$

(148,906)

  

$

(36,711)

  

$

(227,815)

 

                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

500,285

 

$

99,995

 

$

216,205

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Operations For the six months ended January 31, 2021 (unaudited)

 

 

Oklahoma

        
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

INVESTMENT INCOME

                

Interest

$

923,393

 

$

1,231,441

 

$

446,678

Total investment income

$

923,393

 

$

1,231,441

 

$

446,678

 

                

EXPENSES

                

Investment advisory fees

$

179,695

 

$

226,904

 

$

76,044

Distribution (12b-1) fees - Class A

  

83,829

   

93,658

   

35,168

Transfer agent fees

  

46,152

   

57,482

   

21,275

Administrative service fees

  

68,463

   

81,681

   

39,440

Professional fees

  

8,601

   

10,928

   

4,677

Reports to shareholders

  

626

   

1,608

   

721

License, fees, and registrations

  

1,030

   

1,332

   

881

Audit fees

  

6,645

   

8,390

   

2,812

Trustees’ fees

  

3,791

   

4,786

   

1,604

Transfer agent out-of-pockets

  

1,632

   

2,613

   

1,312

Legal fees

 

3,367

 

 

4,252

 

 

1,425

Insurance expense

 

524

 

 

775

 

 

270

 

 

 

 

 

 

 

 

 

Total expenses

$

404,355

 

$

494,409

 

$

185,629

Less expenses waived or reimbursed (See Note 7)

 

(58,156)

  

 

(69,294)

  

 

(39,384)

Total net expenses

$

346,199

 

$

425,115

 

$

146,245

 

 

 

  

 

 

  

 

 

NET INVESTMENT INCOME (LOSS)

$

577,194

 

$

806,326

 

$

300,433

 

                

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                

Net realized gain (loss) from investment transactions

$

2,035

 

$

9,010

 

$

(19,627)

Net change in unrealized appreciation (depreciation) of investments

  

124,438

   

242,275

   

(3,637)

Net realized and unrealized gain (loss) on investments

$

126,473

 

$

251,285

 

$

(23,264)

 

                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

703,667

 

$

1,057,611

 

$

277,169

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Changes in Net Assets For the six months ended January 31, 2021 (unaudited)

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

649,191

 

$

136,706

 

$

444,020

Net realized gain (loss) from investment transactions

  

8,407

   

0

   

(91,580)

Net change in unrealized appreciation (depreciation) of investments

  

(157,313)

    

(36,711)

    

(136,235)

Net increase (decrease) in net assets resulting from operations

$

500,285

 

$

99,995

 

$

216,205

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(568,602)

  

$

(125,741)

  

$

(422,956)

Distributions - Class I

  

(81,003)

    

(10,971)

    

(21,063)

Total distributions

$

(649,605)

  

$

(136,712)

  

$

(444,019)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

5,531,566

 

$

255,453

 

$

2,713,873

Proceeds from sale of shares - Class I

  

2,703,350

   

210,000

   

1,266,910

Proceeds from reinvested dividends - Class A

  

495,529

   

99,377

   

298,118

Proceeds from reinvested dividends - Class I

  

35,545

   

8,541

   

14,748

Cost of shares redeemed - Class A

  

(2,082,813)

    

(616,453)

    

(1,258,164)

Cost of shares redeemed - Class I

  

(134,001)

    

(72,901)

    

(497,230)

Net increase (decrease) in net assets resulting from capital share transactions

$

6,549,176

 

$

(115,983)

  

$

2,538,255

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

6,399,856

 

$

(152,700)

  

$

2,310,441

NET ASSETS, BEGINNING OF PERIOD

  

70,065,913

   

15,636,723

   

53,217,135

NET ASSETS, END OF PERIOD

$

76,465,769

 

$

15,484,023

 

$

55,527,576

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Changes in Net Assets For the six months ended January 31, 2021 (unaudited)

 

 

Oklahoma

            
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

577,194

 

$

806,326

 

$

300,433

Net realized gain (loss) from investment transactions

  

2,035

   

9,010

   

(19,627)

Net change in unrealized appreciation (depreciation) of investments

  

124,438

   

242,275

   

(3,637)

Net increase (decrease) in net assets resulting from operations

$

703,667

 

$

1,057,611

 

$

277,169

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(532,844)

  

$

(648,913)

  

$

(274,956)

Distributions - Class I

  

(44,275)

    

(157,337)

    

(25,168)

Total distributions

$

(577,119)

  

$

(806,250)

  

$

(300,124)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

10,762,951

 

$

6,915,661

 

$

2,238,314

Proceeds from sale of shares - Class I

  

590,764

   

3,989,800

   

328,580

Proceeds from reinvested dividends - Class A

  

444,831

   

562,566

   

240,995

Proceeds from reinvested dividends - Class I

  

32,029

   

62,173

   

20,321

Cost of shares redeemed - Class A

  

(3,432,371)

    

(3,220,981)

    

(3,112,040)

Cost of shares redeemed - Class I

  

(762,926)

    

(545,857)

    

(95,726)

Net increase (decrease) in net assets resulting from capital share transactions

$

7,635,278

 

$

7,763,362

 

$

(379,556)

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

7,761,826

 

$

8,014,723

 

$

(402,511)

NET ASSETS, BEGINNING OF PERIOD

  

67,120,663

   

86,194,533

   

30,869,646

NET ASSETS, END OF PERIOD

$

74,882,489

 

$

94,209,256

 

$

30,467,135

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Changes in Net Assets For the year ended July 31, 2020

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

1,340,928

 

$

301,278

 

$

980,712

Net realized gain (loss) from investment transactions

  

46,838

   

(4,467)

    

13,475

Net change in unrealized appreciation (depreciation) of investments

  

1,862,351

   

190,819

   

902,650

Net increase (decrease) in net assets resulting from operations

$

3,250,117

 

$

487,630

 

$

1,896,837

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(1,195,736)

  

$

(286,724)

  

$

(936,040)

Distributions - Class I

  

(144,913)

    

(14,396)

    

(44,553)

Total distributions

$

(1,340,649)

  

$

(301,120)

  

$

(980,593)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

12,689,397

 

$

1,288,811

 

$

8,832,956

Proceeds from sale of shares - Class I

  

1,497,214

   

535,725

   

1,682,866

Proceeds from reinvested dividends - Class A

  

1,003,520

   

227,836

   

650,345

Proceeds from reinvested dividends - Class I

  

57,877

   

13,305

   

37,971

Cost of shares redeemed - Class A

  

(5,039,101)

    

(1,741,465)

    

(3,595,127)

Cost of shares redeemed - Class I

  

(401,566)

    

(66,265)

    

(1,171,751)

Net increase (decrease) in net assets resulting from capital share transactions

$

9,807,341

 

$

257,947

 

$

6,437,260

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

11,716,809

 

$

444,457

 

$

7,353,504

NET ASSETS, BEGINNING OF PERIOD

  

58,349,104

   

15,192,266

   

45,863,631

NET ASSETS, END OF PERIOD

$

70,065,913

 

$

15,636,723

 

$

53,217,135

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Changes in Net Assets For the year ended July 31, 2020

 

 

Oklahoma

            
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

1,163,773

 

$

1,687,558

 

$

658,794

Net realized gain (loss) from investment transactions

  

17,250

   

(42,070)

    

(1,232)

Net change in unrealized appreciation (depreciation) of investments

  

1,063,158

   

1,349,142

   

152,390

Net increase (decrease) in net assets resulting from operations

$

2,244,181

 

$

2,994,630

 

$

809,952

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(1,076,314)

  

$

(1,417,923)

  

$

(603,648)

Distributions - Class I

  

(86,503)

    

(269,549)

    

(54,172)

Total distributions

$

(1,162,817)

  

$

(1,687,472)

  

$

(657,820)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

21,896,765

 

$

18,171,272

 

$

8,399,576

Proceeds from sale of shares - Class I

  

1,566,726

   

5,099,246

   

291,649

Proceeds from reinvested dividends - Class A

  

849,312

   

1,192,611

   

518,844

Proceeds from reinvested dividends - Class I

  

67,012

   

93,000

   

42,053

Cost of shares redeemed - Class A

  

(5,961,719)

    

(8,259,958)

    

(2,843,708)

Cost of shares redeemed - Class I

  

(333,062)

    

(1,233,416)

    

(330,889)

Net increase (decrease) in net assets resulting from capital share transactions

$

18,085,034

 

$

15,062,755

 

$

6,077,525

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

19,166,398

 

$

16,369,913

 

$

6,229,657

NET ASSETS, BEGINNING OF PERIOD

  

47,954,265

   

69,824,620

   

24,639,989

NET ASSETS, END OF PERIOD

$

67,120,663

 

$

86,194,533

 

$

30,869,646

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

NOTES TO FINANCIAL STATEMENTS (unaudited)

 

NOTE 1: Organization

Viking Mutual Funds (the “Trust”) was organized as a Delaware business trust on March 30, 1999 and commenced operations on August 3, 1999. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of six series (the “Funds”).

 

The Kansas Municipal Fund (“KS Muni Fund”), Maine Municipal Fund (“ME Muni Fund”), Nebraska Municipal Fund (“NE Muni Fund”), and Oklahoma Municipal Fund (“OK Muni Fund”), Viking Tax-Free Fund for Montana (“Tax-Free Fund for MT”), and Viking Tax-Free Fund for North Dakota (“Tax-Free Fund for ND”), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund’s respective state income tax as is consistent with preservation of capital.

 

Each Fund in the Trust currently offers both Class A and Class I shares. Class A shares are sold with an initial sales charge of 2.50% and a distribution fee of up to 0.25% on an annual basis. Class I shares are sold without sales charge or distribution fee. The two classes of shares represent interest in each Fund’s same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate distribution and certain other class expenses and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.

 

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

 

Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, Financial Services – Investment Companies.

 

NOTE 2: Summary of Significant Accounting Policies

Investment security valuation—The Funds value their investments at fair value. Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by the Funds’ administrative services agent, Integrity Fund Services, LLC (“Integrity Fund Services” or “IFS”). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Shares of a registered investment company, including money market funds that are not traded on an exchange are valued at the investment company’s net asset value per share.

 

When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds’ Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

 

Contingent deferred sales charge—In the case of investments into the Funds of $500,000 or more, a 1.00% contingent deferred sales charge (“CDSC”) may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).

 

Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.

 

As of January 31, 2021, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

 

 

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years, which include the current and prior three tax years, are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 

Premiums and discounts—Premiums and discounts on municipal securities are accreted and amortized into interest income using the effective yield method over the lives of the respective securities.

 

Cash and cash equivalents— The Funds consider investments in an FDIC insured interest bearing savings account to be cash. The Fund maintains balances, which, at times, may exceed federally insured limits. The Fund maintains 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. These differences are primarily due to differing treatment for market discount and capital loss carryforwards. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.

 

Use of estimates—The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 January 31, 2021:

 

     

Level 1

  

Level 2

  

Level 3

  

Total

KS Muni Fund

Municipal Bonds

  

$

0

 

$

73,017,630

 

$

0

 

$

73,017,630

 

Total

  

$

0

 

$

73,017,630

 

$

0

 

$

73,017,630

 

 

                        

ME Muni Fund

Municipal Bonds

  

$

0

 

$

14,585,051

 

$

0

 

$

14,585,051

 

Total

  

$

0

 

$

14,585,051

 

$

0

 

$

14,585,051

 

 

                        

NE Muni Fund

Municipal Bonds

  

$

0

 

$

52,198,317

 

$

0

 

$

52,198,317

 

Total

  

$

0

 

$

52,198,317

 

$

0

 

$

52,198,317

 

 

                        

OK Muni Fund

Municipal Bonds

  

$

0

 

$

72,713,030

 

$

0

 

$

72,713,030

 

Total

  

$

0

 

$

72,713,030

 

$

0

 

$

72,713,030

 

 

                        

Tax-Free

Municipal Bonds

  

$

0

 

$

86,769,773

 

$

0

 

$

86,769,773

Fund for MT

Total

  

$

0

 

$

86,769,773

 

$

0

 

$

86,769,773

 

                          

Tax-Free

Municipal Bonds

  

$

0

 

$

27,687,324

 

$

0

 

$

27,687,324

Fund for ND

Total

  

$

0

 

$

27,687,324

 

$

0

 

$

27,687,324

 

 

The Funds did not own any Level 3 assets during the six month period ended January 31, 2021.

 

NOTE 4: Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the year ended January 31, 2021, were as follows:

 

   

KS Muni

  

ME Muni

  

NE Muni

  

OK Muni

  

Tax-Free

  

Tax-Free
   

Fund

  

Fund

  

Fund

  

Fund

  

Fund for MT

  

Fund for ND

Purchases

  

$9,231,488

 

$1,361,619

 

$5,519,442

 

$15,029,688

 

$15,033,371

 

$4,879,957

Sales

  

$2,560,000

 

$205,000

 

$1,270,000

 

$1,550,000

 

$4,425,000

 

$3,412,399

 

NOTE 5: Capital Share Transactions

 

Transactions in capital shares were as follows:

 

Six Months Ended 1/31/2021:

  

KS Muni

  

ME Muni

  

NE Muni

  

OK Muni

  

Tax-Free

  

Tax-Free

Class A

  

Fund

  

Fund

  

Fund

  

Fund

  

Fund for MT

  

Fund for ND

Shares sold

  

499,303

 

23,365

 

253,230

 

893,427

 

671,023

 

216,080

Shares issued from reinvestments

  

44,731

 

9,104

 

27,844

 

36,973

 

54,595

 

23,310

Shares redeemed

  

(187,769)

  

(56,492)

  

(117,602)

  

(286,251)

  

(313,120)

  

(300,974)

Net increase (decrease)

  

356,265

 

(24,023)

  

163,472

 

644,149

 

412,498

 

(61,584)

 

                        

Class I

                        

Shares sold

  

243,996

 

19,167

 

118,509

 

49,131

 

387,069

 

31,828

Shares issued from reinvestments

  

3,207

 

782

 

1,378

 

2,660

 

6,030

 

1,964

Shares redeemed

  

(12,118)

  

(6,681)

  

(46,517)

  

(63,054)

  

(52,876)

  

(9,254)

Net increase (decrease)

  

235,085

 

13,268

 

73,370

 

(11,263)

  

340,223

 

24,538

 

                        

Year Ended 7/31/20:

  

KS Muni

  

ME Muni

  

NE Muni

  

OK Muni

  

Tax-Free

  

Tax-Free

Class A

  

 Fund

  

 Fund

  

 Fund

  

 Fund

  

Fund for MT

  

Fund for ND

Shares sold

  

1,163,906

 

118,390

 

831,320

 

1,835,015

 

1,778,442

 

812,697

Shares issued from reinvestments

  

91,801

 

20,937

 

61,125

 

71,191

 

116,719

 

50,215

Shares redeemed

  

(464,404)

  

(158,858)

  

(339,493)

  

(501,839)

  

(811,144)

  

(280,305)

Net increase (decrease)

  

791,303

 

(19,531)

  

552,952

 

1,404,367

 

1,084,017

 

582,607

 

                        

Class I

                        

Shares sold

  

137,644

 

49,194

 

158,564

 

131,616

 

498,225

 

28,235

Shares issued from reinvestments

  

5,292

 

1,222

 

3,571

 

5,610

 

9,100

 

4,069

Shares redeemed

  

(36,641)

  

(6,077)

  

(109,233)

  

(28,415)

  

(120,981)

  

(31,997)

Net increase (decrease)

  

106,295

 

44,339

 

52,902

 

108,811

 

386,344

 

307

 

NOTE 6: Income Tax Information

At July 31, 2020, 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

$

61,923,320

 

$

12,703,173

 

$

45,343,881

 

$

55,887,606

 

$

71,358,681

 

$

24,970,547

Unrealized appreciation

$

4,853,440

 

$

815,977

 

$

3,143,027

 

$

3,555,818

 

$

4,875,066

 

$

1,376,219

Unrealized depreciation

  

(509)

    

0

   

(19,124)

    

(49,740)

    

(9,600)

    

(46,579)

Net unrealized appreciation*

$

4,852,931

 

$

815,977

 

$

3,123,903

 

$

3,506,078

 

$

4,865,466

 

$

1,329,640

*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount.

 

The tax character of distributions were as follows:

 

KS Muni

  

ME Muni

  

NE Muni

  

OK Muni

  

Tax-Free

  

Tax-Free

Year ended 7/31/20:

Fund

  

Fund

  

Fund

  

Fund

  

Fund for MT

  

Fund for ND

Tax-exempt income

$

1,340,649

  

$

301,120

  

$

980,593

  

$

1,162,817

  

$

1,687,472

  

$

657,820
                                   

Year ended 7/31/19:

                                  

Tax-exempt income

$

1,591,711

  

$

381,315

  

$

1,019,024

  

$

1,062,999

  

$

1,756,127

  

$

626,153

 

As of July 31, 2020, 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

$

19,925

 

$

4,466

 

$

21,159

 

$

17,955

 

$

28,755

 

$

6,699

Distributions payable

  

(19,920)

    

(4,434)

    

(21,156)

    

(17,951)

    

(28,647)

    

(6,700)

Accumulated capital and other losses

  

(567,346)

    

(404,701)

    

(702,411)

    

(424,212)

    

(3,100,250)

    

(824,509)

Unrealized appreciation/(depreciation)*

  

4,852,931

   

815,977

   

3,123,903

   

3,506,078

   

4,865,466

   

1,329,640

Total accumulated earnings/(deficit)

$

4,285,590

 

$

411,308

 

$

2,421,495

 

$

3,081,870

 

$

1,765,324

 

$

505,130

*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount.

 

The Funds’ capital loss carryforward amounts as of July 31, 2020 are as follows:

 

KS Muni

  

ME Muni

  

NE Muni

  

OK Muni

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund

  

Fund

  

Fund

  

Fund for MT

  

Fund for ND

Non-expiring S-T losses

$

529,076

 

$

374,769

 

$

702,411

 

$

215,438

 

$

1,938,429

 

$

619,663

Non-expiring L-T losses

  

38,270

   

29,932

   

0

   

208,774

   

1,161,821

   

204,846

Total

$

567,346

 

$

404,701

 

$

702,411

 

$

424,212

 

$

3,100,250

 

$

824,509

                                   

Capital loss carryforward utilized

$

49,435

 

$

19,417

 

$

31,719

 

$

66,677

 

$

0

 

$

34,862

 

There were no reclassifications for tax purposes for the Funds for the year ended July 31, 2020.

 

NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates

Viking Fund Management (“VFM”), the Funds’ investment adviser; Integrity Funds Distributor, LLC (“Integrity Funds Distributor” or “IFD”), the Funds’ underwriter and distributor; and IFS, the Funds’ transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC (“Corridor Investors” or “Corridor”), the Funds’ sponsor. A Trustee of the Funds is also a Governor of Corridor.

 

VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the “Advisory Agreement”) provides for fees to be computed at an annual rate of 0.50% of each Fund’s average daily net assets. VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses, taxes, brokerage fees, commissions, and acquired fund fees and expenses, until November 29, 2021 so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2021, the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. There are no recoupment provisions in place for waived/reimbursed fees. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

 

 

Six Months Ended 1/31/2021

  

Payable 1/31/2021
 

Advisory Fees

  

Waived

 

Reimb.

  

Advisory

 

Waived

 

Reimb.

KS Muni Fund

$

183,904

  

$

60,721

 

$

0

 

$

32,081

 

$

10,221

 

$

0

ME Muni Fund

$

38,778

  

$

31,896

 

$

0

 

$

6,560

 

$

5,346

 

$

0

NE Muni Fund

$

135,943

  

$

53,415

 

$

0

 

$

23,383

 

$

8,944

 

$

0

OK Muni Fund

$

179,695

  

$

58,156

 

$

0

 

$

31,434

 

$

9,809

 

$

0

Tax-Free Fund for MT

$

226,904

  

$

69,294

 

$

0

 

$

39,723

 

$

11,721

 

$

0

Tax-Free Fund for ND

$

76,044

  

$

39,384

 

$

0

 

$

12,950

 

$

6,610

 

$

0

 

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.

 

 

Six Months Ended 1/31/2021

  

Payable 1/31/2021
 

Sales Charges

  

CDSC

  

Distribution Fees

  

Distribution Fees

KS Muni Fund - A

$

47,409

  

$

0

  

$

81,772

  

$

14,117

ME Muni Fund - A

$

891

  

$

0

  

$

18,014

  

$

3,024

NE Muni Fund - A

$

25,092

  

$

0

  

$

65,167

  

$

11,177

OK Muni Fund - A

$

41,003

  

$

0

  

$

83,829

  

$

14,733

Tax-Free Fund for MT - A

$

29,981

  

$

2,795

  

$

93,658

  

$

16,267

Tax-Free Fund for ND - A

$

7,693

  

$

0

  

$

35,168

  

$

5,962
 

 

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.

.

 

Six Months Ended 1/31/2021

  

Payable 1/31/2021
 

Transfer

  

Admin.

  

Transfer

  

Admin.
 

Agency Fees

  

Service Fees

  

Agency Fees

  

Service Fees

KS Muni Fund

$

49,620

  

$

69,641

  

$

9,330

  

$

12,040

ME Muni Fund

$

13,097

  

$

29,006

  

$

2,459

  

$

4,894

NE Muni Fund

$

37,406

  

$

56,212

  

$

7,067

  

$

9,605

OK Muni Fund

$

47,784

  

$

68,463

  

$

9,041

  

$

11,859

Tax-Free Fund for MT

$

60,095

  

$

81,681

  

$

11,493

  

$

14,180

Tax-Free Fund for ND

$

22,587

  

$

39,440

  

$

4,291

  

$

6,684

 

NOTE 8: Principal Risks

The Funds invest primarily in municipal securities from a specific state. The Funds may also invest in municipal securities of U.S. territories and possessions (such as Puerto Rico, the U.S. Virgin Islands, and Guam). Each Fund is therefore more susceptible to political, economic, legislative, or regulatory factors adversely affecting issuers of municipal securities in its specific state or U.S. territories and possessions.

 

Interest rate risk is the risk that bond prices will decline in value because of changes in interest rates. There is normally an inverse relationship between the fair value of securities sensitive to prevailing interest rates and actual changes in interest rates. The longer the average maturity of a Fund’s portfolio, the greater its interest rate risk.

 

NOTE 9: Covid-19 Risks

An outbreak of infectious respiratory illness known as COVID-19, which is caused by a novel coronavirus (SARS-CoV-2), was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty.

 

The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

 

NOTE 10: Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.

 

 

 

 

KANSAS MUNICIPAL FUND CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

                    
   

Months

  

Year

  

Year

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/2021+

  

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

  

7/29/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

11.15

 

$

10.83

 

$

10.53

 

$

10.78

 

$

11.13

 

$

10.87

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.10

 

$

0.23

 

$

0.29

 

$

0.28

 

$

0.30

 

$

0.31

Net realized and unrealized gain (loss) on investments (1)

  

(0.03)

    

0.32

   

0.30

   

(0.25)

    

(0.35)

    

0.26

Total from investment operations

$

0.07

 

$

0.55

 

$

0.59

 

$

0.03

 

$

(0.05)

  

$

0.57

                                   
                                   

Distributions from net investment income

$

(0.10)

  

$

(0.23)

  

$

(0.29)

  

$

(0.28)

  

$

(0.30)

  

$

(0.31)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

11.12

 

$

11.15

 

$

10.83

 

$

10.53

 

$

10.78

 

$

11.13

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

0.61%

 

5.11%

 

5.69%

 

0.32%

 

(0.42%)

  

5.30%

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$67,112

 

$63,309

 

$52,936

 

$56,489

 

$61,775

 

$60,489

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

Ratio of expenses to average net assets before waivers ^

  

1.14%

  

1.17%

  

1.18%

  

1.16%

  

1.15%

  

1.18%

Ratio of net investment income to average net assets ^ (2)

  

1.74%

  

2.06%

  

2.74%

  

2.67%

  

2.76%

  

2.81%

Portfolio turnover rate #

  

3.74%

  

15.21%

  

28.75%

  

21.27%

  

6.85%

  

12.10%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

KANSAS MUNICIPAL FUND CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Period
   

Months

  

Year

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

11/1/17* to
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

NET ASSET VALUE, BEGINNING OF PERIOD

$

11.15

 

$

10.83

 

$

10.54

 

$

10.74

 

                      

Income (loss) from investment operations:

                      

Net investment income (loss)

$

0.10

 

$

0.25

 

$

0.32

 

$

0.23

Net realized and unrealized gain (loss) on investments (1)

  

(0.03)

    

0.32

   

0.29

   

(0.20)

Total from investment operations

$

0.07

 

$

0.57

 

$

0.61

 

$

0.03

                       
                       

Distributions from net investment income

$

(0.10)

  

$

(0.25)

  

$

(0.32)

  

$

(0.23)

 

                      

NET ASSET VALUE, END OF PERIOD

$

11.12

 

$

11.15

 

$

10.83

 

$

10.54

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

0.74%

 

5.36%

 

5.86%

 

0.31%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$9,354

 

$6,756

 

$5,413

 

$2,828

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

  

0.73%

  

0.73%

  

0.73%

Ratio of expenses to average net assets before waivers ^

  

0.89%

  

0.92%

  

0.93%

  

0.92%

Ratio of net investment income to average net assets ^ (2)

  

1.99%

  

2.31%

  

2.99%

  

2.99%

Portfolio turnover rate #

  

3.74%

  

15.21%

  

28.75%

  

21.27%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

MAINE MUNICIPAL FUND CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

                    
   

Months

  

Year

  

Year

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

  

7/29/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.97

 

$

10.85

 

$

10.64

 

$

10.88

 

$

11.31

 

$

10.99

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.10

 

$

0.21

 

$

0.26

 

$

0.24

 

$

0.25

 

$

0.27

Net realized and unrealized gain (loss) on investments (1)

  

(0.02)

    

0.12

   

0.21

   

(0.24)

    

(0.43)

    

0.33

Total from investment operations

$

0.08

 

$

0.33

 

$

0.47

 

$

0.00

 

$

(0.18)

  

$

0.60

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Less Distributions:

                                  

Distributions from net investment income

$

(0.10)

  

$

(0.21)

  

$

(0.26)

  

$

(0.24)

  

$

(0.25)

  

$

(0.27)

Distributions from net realized gains

  

0.00

   

0.00

   

0.00

   

0.00

   

0.00

   

(0.01)

Returns of Capital

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

Total distributions

$

(0.10)

  

$

(0.21)

  

$

(0.26)

  

$

(0.24)

  

$

(0.25)

  

$

(0.28)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.95

 

$

10.97

 

$

10.85

 

$

10.64

 

$

10.88

 

$

11.31

 

                                  

Total Return (excludes any applicable sales charge) #

0.70%

 

3.08%

 

4.45%

 

0.04%

 

(1.55%)

  

5.44%

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$14,278

 

$14,573

 

$14,622

 

$17,742

 

$19,811

 

$20,213

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

Ratio of expenses to average net assets before waivers ^

  

1.39%

  

1.40%

  

1.41%

  

1.33%

  

1.25%

  

1.29%

Ratio of net investment income to average net assets ^ (2)

  

1.74%

  

1.94%

  

2.40%

  

2.28%

  

2.31%

  

2.39%

Portfolio turnover rate #

  

1.43%

  

22.13%

  

7.56%

  

10.91%

  

21.81%

  

1.88%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

MAINE MUNICIPAL FUND CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Period
   

Months

  

Year

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

11/1/17* to
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.98

 

$

10.85

 

$

10.65

 

$

10.84

 

                      

Income (loss) from investment operations:

                      

Net investment income (loss)

$

0.11

 

$

0.24

 

$

0.28

 

$

0.20

Net realized and unrealized gain (loss) on investments (1)

  

(0.03)

    

0.13

   

0.20

   

(0.19)

Total from investment operations

$

0.08

 

$

0.37

 

$

0.48

 

$

0.01

 

 

 

  

 

 

  

 

 

  

 

 
                       

Distributions from net investment income

$

(0.11)

  

$

(0.24)

  

$

(0.28)

  

$

(0.20)

 

                      

NET ASSET VALUE, END OF PERIOD

$

10.95

 

$

10.98

 

$

10.85

 

$

10.65

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

0.73%

 

3.43%

 

4.61%

 

0.12%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$1,206

 

$1,063

 

$570

 

$325

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

  

0.73%

  

0.73%

  

0.73%

Ratio of expenses to average net assets before waivers ^

  

1.14%

  

1.15%

  

1.16%

  

1.11%

Ratio of net investment income to average net assets ^ (2)

  

1.99%

  

2.19%

  

2.65%

  

2.53%

Portfolio turnover rate #

  

1.43%

  

22.13%

  

7.56%

  

10.91%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

NEBRASKA MUNICIPAL FUND CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

                    
   

Months

  

Year

  

Year

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

  

7/29/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.77

 

$

10.58

 

$

10.25

 

$

10.46

 

$

10.82

 

$

10.48

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.09

 

$

0.21

 

$

0.24

 

$

0.24

 

$

0.25

 

$

0.27

Net realized and unrealized gain (loss) on investments (1)

  

(0.05)

    

0.19

   

0.33

   

(0.21)

    

(0.36)

    

0.34

Total from investment operations

$

0.04

 

$

0.40

 

$

0.57

 

$

0.03

 

$

(0.11)

  

$

0.61

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 
                                   

Distributions from net investment income

$

(0.09)

  

$

(0.21)

  

$

(0.24)

  

$

(0.24)

  

$

(0.25)

  

$

(0.27)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.72

 

$

10.77

 

$

10.58

 

$

10.25

 

$

10.46

 

$

10.82

 

                                  

Total Return (excludes any applicable sales charge) #

0.35%

 

3.81%

 

5.65%

 

0.34%

 

(1.01%)

  

5.94%

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$53,088

 

$51,557

 

$44,793

 

$45,182

 

$50,095

 

$46,217

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

Ratio of expenses to average net assets before waivers ^

  

1.18%

  

1.19%

  

1.21%

  

1.21%

  

1.18%

  

1.20%

Ratio of net investment income to average net assets ^ (2)

  

1.62%

  

1.96%

  

2.33%

  

2.36%

  

2.35%

  

2.58%

Portfolio turnover rate #

 

2.49%

  

13.06%

  

8.20%

  

8.99%

  

22.92%

  

7.47%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

NEBRASKA MUNICIPAL FUND CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Period
   

Months

  

Year

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

11/1/17* to
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.76

 

$

10.57

 

$

10.25

 

$

10.42

 

                      

Income (loss) from investment operations:

                      

Net investment income (loss)

$

0.10

 

$

0.23

 

$

0.27

 

$

0.20

Net realized and unrealized gain (loss) on investments (1)

  

(0.04)

    

0.19

   

0.32

   

(0.17)

Total from investment operations

$

0.06

 

$

0.42

 

$

0.59

 

$

0.03

 

 

 

  

 

 

  

 

 

  

 

 
                       

Distributions from net investment income

$

(0.10)

  

$

(0.23)

  

$

(0.27)

  

$

(0.20)

 

                      

NET ASSET VALUE, END OF PERIOD

$

10.72

 

$

10.76

 

$

10.57

 

$

10.25

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

0.57%

 

4.07%

 

5.81%

 

0.32%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$2,439

 

$1,660

 

$1,071

 

$206

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

  

0.73%

  

0.73%

  

0.73%

Ratio of expenses to average net assets before waivers ^

  

0.93%

  

0.94%

  

0.96%

  

0.97%

Ratio of net investment income to average net assets ^ (2)

  

1.87%

  

2.21%

  

2.58%

  

2.63%

Portfolio turnover rate #

  

2.49%

  

13.06%

  

8.20%

  

8.99%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

OKLAHOMA MUNICIPAL FUND CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

                    
   

Months

  

Year

  

Year

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/2021+

  

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

  

7/29/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

12.08

 

$

11.86

 

$

11.47

 

$

11.74

 

$

12.10

 

$

11.64

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.10

 

$

0.24

 

$

0.29

 

$

0.27

 

$

0.27

 

$

0.28

Net realized and unrealized gain (loss) on investments (1)

  

0.02

   

0.22

   

0.39

   

(0.27)

    

(0.36)

    

0.46

Total from investment operations

$

0.12

 

 

0.46

 

 

0.68

 

 

0.00

 

 $

(0.09)

  

 $

0.74

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 
                                   

Distributions from net investment income

$

(0.10)

  

$

(0.24)

  

$

(0.29)

  

$

(0.27)

  

$

(0.27)

  

$

(0.28)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

12.10

 

$

12.08

 

$

11.86

 

$

11.47

 

$

11.74

 

$

12.10

 

                                  

Total Return (excludes any applicable sales charge) #

0.97%

 

3.92%

 

5.98%

 

(0.04%)

  

(0.71%)

  

6.47%

 

                          

RATIOS/SUPPLEMENTAL DATA

                            

Net assets, end of period (in thousands)

  

$70,212

 

$62,321

 

$44,534

 

$41,362

 

$47,374

 

$46,718

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

 

0.98%

 

0.98%

 

0.98%

 

0.98%

Ratio of expenses to average net assets before waivers ^

  

1.14%

  

1.17%

 

1.20%

 

1.19%

 

1.16%

 

1.19%

Ratio of net investment income to average net assets ^ (2)

  

1.59%

  

1.99%

 

2.46%

 

2.28%

 

2.30%

 

2.40%

Portfolio turnover rate #

  

2.32%

  

13.69%

 

18.37%

 

13.03%

 

5.30%

 

10.58%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

OKLAHOMA MUNICIPAL FUND CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Period
   

Months

  

Year

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

11/1/17* to
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

NET ASSET VALUE, BEGINNING OF PERIOD

$

12.09

 

$

11.87

 

$

11.48

 

$

11.69

 

                      

Income (loss) from investment operations:

                      

Net investment income (loss)

$

0.11

 

$

0.27

 

$

0.31

 

$

0.22

Net realized and unrealized gain (loss) on investments (1)

  

0.02

   

0.22

   

0.39

   

(0.21)

Total from investment operations

$

0.13

 

$

0.49

 

$

0.70

 

$

0.01

 

 

 

  

 

 

  

 

 

  

 

 
                       

Distributions from net investment income

$

(0.11)

  

$

(0.27)

  

$

(0.31)

  

$

(0.22)

 

                      

NET ASSET VALUE, END OF PERIOD

$

12.11

 

$

12.09

 

$

11.87

 

$

11.48

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

1.10%

 

4.18%

 

6.24%

 

0.10%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$4,670

 

$4,799

 

$3,420

 

$989

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

  

0.73%

  

0.73%

  

0.73%

Ratio of expenses to average net assets before waivers ^

  

0.89%

  

0.92%

  

0.95%

  

0.96%

Ratio of net investment income to average net assets ^ (2)

  

1.84%

  

2.25%

  

2.71%

  

2.62%

Portfolio turnover rate #

  

2.32%

  

13.69%

  

18.37%

  

13.03%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

VIKING TAX-FREE FUND FOR MONTANA CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Seven

            
   

Months

  

Year

  

Year

  

Months

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

  

12/31/17

  

12/30/16

  

12/31/15

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

$

10.26

 

$

10.23

 

                                        

Income (loss) from investment operations:

                                        

Net investment income (loss)

$

0.09

 

$

0.22

 

$

0.25

 

$

0.14

 

$

0.24

 

$

0.27

 

$

0.29

Net realized and unrealized gain (loss) on investments (1)

  

0.02

   

0.17

   

0.32

   

(0.22)

    

0.13

   

(0.31)

    

0.03

Total from investment operations

$

0.11

 

$

0.39

 

$

0.57

 

$

(0.08)

  

$

0.37

 

$

(0.04)

  

$

0.32

 

                                        

Less Distributions:

                                        

Dividends from net investment income

$

(0.09)

  

$

(0.22)

  

$

(0.25)

  

$

(0.14)

  

$

(0.24)

  

$

(0.27)

  

$

(0.29)

Total distributions

$

(0.09)

  

$

(0.22)

  

$

(0.25)

  

$

(0.14)

  

$

(0.24)

  

$

(0.27)

  

$

(0.29)

 

                                        

NET ASSET VALUE, END OF PERIOD

$

10.37

 

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

$

10.26

 

                                        

Total Return (excludes any applicable sales charge) #

1.07%

 

3.89%

 

5.90%

 

(0.74%)

  

3.77%

 

(0.43%)

  

3.21%

 

                                        

RATIOS/SUPPLEMENTAL DATA

                                        

Net assets, end of period (in thousands)

  

 $77,192

 

$72,738

 

$60,520

 

$62,913

 

$68,990

 

$75,870

 

$69,811

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

 

0.98%

 

0.98%

 

0.98%

 

0.98%

 

0.98%

Ratio of expenses to average net assets before waivers ^

  

0.13%

  

1.15%

 

1.17%

 

1.17%

 

1.15%

 

1.16%

 

1.15%

Ratio of net investment income to average net assets ^ (2)

  

1.73%

  

2.15%

 

2.54%

 

2.52%

 

2.42%

 

2.63%

 

2.87%

Portfolio turnover rate #

  

5.31%

  

10.52%

 

19.78%

 

16.63%

 

20.44%

 

16.58%

 

11.91%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

VIKING TAX-FREE FUND FOR MONTANA CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Seven

      

Period
   

Months

  

Year

  

Year

  

Months

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

8/1/16* to
   

1/31/2021+

  

7/31/20

  

7/31/19

  

7/31/18

  

12/31/17

  

12/30/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

$

10.41

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.10

 

$

0.25

 

$

0.28

 

$

0.16

 

$

0.27

 

$

0.12

Net realized and unrealized gain (loss) on investments (1)

  

0.02

   

0.17

   

0.32

   

(0.22)

    

0.13

   

(0.46)

Total from investment operations

$

0.12

 

$

0.42

 

$

0.60

 

$

(0.06)

  

$

0.40

 

$

(0.34)

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.10)

  

$

(0.25)

  

$

(0.28)

  

$

(0.16)

  

$

(0.27)

  

$

(0.12)

Total distributions

$

(0.10)

  

$

(0.25)

  

$

(0.28)

  

$

(0.16)

  

$

(0.27)

  

$

(0.12)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.37

 

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

                                  

Total Return (excludes any applicable sales charge) #

1.20%

 

4.15%

 

6.16%

 

(0.59%)

  

4.03%

 

(3.32%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

 $ 17,017

 

$13,456

 

$9,305

 

$7,639

 

$5,196

 

$821

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

  

0.73%

 

0.73%

 

0.73%

 

0.73%

 

0.73%

Ratio of expenses to average net assets before waivers ^

  

0.88%

  

0.90%

 

0.92%

 

0.91%

 

0.90%

 

0.92%

Ratio of net investment income to average net assets ^ (2)

  

1.98%

  

2.40%

 

2.80%

 

2.77%

 

2.65%

 

2.74%

Portfolio turnover rate #

  

5.31%

 

10.52%

 

19.78%

 

16.63%

 

20.44%

 

16.58%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Seven

            
   

Months

  

Year

  

Year

  

Months

  

Year

  

Year

  

Year
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

  

12/31/17

  

12/30/16

  

12/31/15

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.39

 

$

10.31

 

$

10.07

 

$

10.26

 

$

10.20

 

$

10.47

 

$

10.39

 

                                        

Income (loss) from investment operations:

                                        

Net investment income (loss)

$

0.10

 

$

0.23

 

$

0.27

 

$

0.15

 

$

0.26

 

$

0.27

 

$

0.27

Net realized and unrealized gain (loss) on investments (1)

  

(0.01)

    

0.08

   

0.24

   

(0.19)

    

0.06

   

(0.27)

    

0.08

Total from investment operations

$

0.09

 

$

0.31

 

$

0.51

 

$

(0.04)

  

$

0.32

 

$

0.00

 

$

0.35

 

                                        

Less Distributions:

                                        

Dividends from net investment income

$

(0.10)

  

$

(0.23)

  

$

(0.27)

  

$

(0.15)

  

$

(0.26)

  

$

(0.27)

  

$

(0.27)

Total distributions

$

(0.10)

  

$

(0.23)

  

$

(0.27)

  

$

(0.15)

  

$

(0.26)

  

$

(0.27)

  

$

(0.27)

 

                                        

NET ASSET VALUE, END OF PERIOD

$

10.38

 

$

10.39

 

$

10.31

 

$

10.07

 

$

10.26

 

$

10.20

 

$

10.47

 

                                        

Total Return (excludes any applicable sales charge) #

0.89%

 

3.06%

 

5.10%

 

(0.40%)

  

3.12%

 

(0.08%)

  

3.43%

 

                                        

RATIOS/SUPPLEMENTAL DATA

                                        

Net assets, end of period (in thousands)

  

 $28,063

 

$28,719

 

$22,508

 

$22,910

 

$23,548

 

$25,385

 

$26,045

Ratio of expenses to average net assets after waivers ^ (2)

  

0.98%

  

0.98%

 

0.98%

 

0.98%

 

0.98%

 

0.98%

 

0.98%

Ratio of expenses to average net assets before waivers ^

  

1.24%

  

1.26%

 

1.32%

 

1.31%

 

1.30%

 

1.27%

 

1.24%

Ratio of net investment income to average net assets ^ (2)

  

1.96%

  

2.25%

 

2.63%

 

2.54%

 

2.51%

 

2.53%

 

2.62%

Portfolio turnover rate #

  

12.45%

  

21.95%

 

23.16%

 

7.57%

 

11.14%

 

13.28%

 

19.05%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

 

 

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS I

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Six

          

Seven

      

Period
   

Months

  

Year

  

Year

  

Months

  

Year

  

From
   

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

8/1/16* to
   

1/31/21+

  

7/31/20

  

7/31/19

  

7/31/18

  

12/31/17

  

12/30/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.39

 

$

10.32

 

$

10.07

 

$

10.26

 

$

10.20

 

$

10.65

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss)

$

0.11

 

$

0.26

 

$

0.29

 

$

0.16

 

$

0.28

 

$

0.12

Net realized and unrealized gain (loss) on investments (1)

  

0.00

   

0.07

   

0.25

   

(0.19)

    

0.06

   

(0.45)

Total from investment operations

$

0.11

 

$

0.33

 

$

0.54

 

$

(0.03)

  

$

0.34

 

$

(0.33)

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.11)

  

$

(0.26)

  

$

(0.29)

  

$

(0.16)

  

$

(0.28)

  

$

(0.12)

Total distributions

$

(0.11)

  

$

(0.26)

  

$

(0.29)

  

$

(0.16)

  

$

(0.28)

  

$

(0.12)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.39

 

$

10.39

 

$

10.32

 

$

10.07

 

$

10.26

 

$

10.20

 

                                  

Total Return (excludes any applicable sales charge) #

1.11%

 

3.22%

 

5.47%

 

(0.25%)

  

3.38%

 

(3.11%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$2,404

 

$2,150

 

$2,132

 

$920

 

$649

 

$386

Ratio of expenses to average net assets after waivers ^ (2)

  

0.73%

 

0.73%

 

0.73%

 

0.73%

 

0.73%

 

0.73%

Ratio of expenses to average net assets before waivers ^

  

0.99%

 

1.01%

 

1.09%

 

1.06%

 

1.04%

 

1.05%

Ratio of net investment income to average net assets ^ (2)

  

2.21%

 

2.50%

 

2.88%

 

2.78%

 

2.75%

 

2.82%

Portfolio turnover rate #

  

12.45%

 

21.95%

 

23.16%

 

7.57%

 

11.14%

 

13.28%

 

(1)

Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(2)

This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

+

Unaudited.

^

Annualized for periods less than one year.

#

Not annualized for periods less than one year.

*

Commencement of operations.

 

 

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.

 

 

 

 

EXPENSE EXAMPLE (unaudited)

 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the one-half year period shown below and held for the entire one-half year period.

 

Actual expenses - The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an account value of $8,600 divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate column for your share class in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical example for comparison purposes - The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

Beginning

Ending

Expenses

    
 

Account

Account

Paid

Annualized

  
 

Value

Value

During

Expense

  

 

7/31/20

1/31/21

Period*

Ratio

  

Kansas Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.06

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.07

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

Maine Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.07

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.07

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

Nebraska Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.04

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.06

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

Oklahoma Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.10

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.11

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

Viking Tax-Free Fund of Montana

          

Actual - Class A

$1,000.00

$1,000.11

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.12

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

Viking Tax-Free Fund of North Dakota

          

Actual - Class A

$1,000.00

$1,000.09

$4.94

0.98%

  

Actual - Class I

$1,000.00

$1,000.11

$3.68

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,020.27

$4.99

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.53

$3.72

0.73%

  

*Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied 184 days in the one-half year period, and divided by 365 days in the fiscal year (to reflect the one-half year period).

  
 
 
 

 

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)

 

At a meeting held on November 2, 2020, the Board of Trustees (the “Board” or the “Trustees”) of Viking Mutual Funds (the “Trust”), including a majority of the trustees who are neither a party to the advisory agreement nor “interested persons” of any such party (the “Independent Trustee”), unanimously determined to renew the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of its series (each, a Fund and, together, the “Funds”), and Viking Fund Management, LLC (“Viking” or the “Adviser”). The Board considered information received and discussions held at the November 2, 2020 Board meeting and, with respect to the Independent Trustees, discussions held at the October 12, 2020 meeting of the Governance Committee.

 

In determining whether it was appropriate to renew the Advisory Agreement, the Trustees requested information provided by the Adviser that they believed to be reasonably necessary to reach their conclusion. The Independent Trustees also received advice from their independent counsel on the issues to focus on during contract renewals. In connection with the renewal of the Advisory Agreement for each Fund, the Board reviewed factors set out in judicial decisions and Securities and Exchange Commission disclosure rules relating to the renewal of advisory contracts, which include, but are not limited to, the following:

 

 

 

 

(a)

the nature, extent and quality of services provided by the Adviser to the Fund;

 

 

 

 

(b)

the various personnel furnishing such services and their duties and qualifications;

 

 

 

 

(c)

the Fund’s investment performance as compared to standardized industry performance data;

 

 

 

 

(d)

the Adviser’s costs and profitability of furnishing the investment management services to the Fund;

 

 

 

 

(e)

the extent to which the Adviser realizes economies of scale as the Fund grows larger and whether fee levels reflect these economies of scale for the benefit of Fund shareholders;

 

 

 

 

(f)

an analysis of the rates charged by other investment advisers to similar funds;

 

 

 

 

(g)

the expense ratios of the Fund as compared to data for comparable funds; and

 

 

 

 

(h)

information with respect to all benefits to the Adviser associated with its relationship with the Fund, including an analysis of so-called “fallout” benefits or indirect profits to the Adviser from its relationship to the Fund.

 

In evaluating the Adviser’s services and fees, among other information, the Trustees reviewed information concerning the performance of each Fund, the recent financial statements of the Adviser, and the advisory fees and other Fund expenses compared to advisory fees and expenses paid by other similar funds. In reviewing the Advisory Agreement with the Trust on behalf of the Funds, the Trustees considered, among other things, the advisory fees, the Funds’ past performance, the nature, extent and quality of the services provided, the profitability of the Adviser and its affiliates (costs and profits from furnishing services to each Fund), and the contractual expense limitations agreed to by the Adviser with respect to Fund expenses. The Trustees also considered any ancillary benefits to the Adviser and its affiliates for services provided to each Fund. The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees also considered the Adviser’s commitment to contractually or voluntarily limit Fund expenses, the skills and capabilities of the Adviser and the representations from the Adviser that the Funds’ portfolio managers will continue to manage each Fund in substantially the same way as it had been managed.

 

The following paragraphs summarize the material information and factors considered by the Trustees, including the Independent Trustees, as well as their conclusions relative to such factors in considering the renewal of the Advisory Agreement:

 

Nature, extent and quality of services. The Board considered that the Adviser currently provides services to 12 funds with investment strategies ranging from non-diversified sector funds to broad-based equity funds to municipal funds. The Board also considered that the Adviser has a strong culture of compliance and provides quality services. The Board noted that the experience and expertise of the Adviser are attributable to the long-term focus on managing investment companies and have the potential to enhance the Funds’ future performance. Based on the information provided, the Board determined that the overall nature, extent and quality of the services provided by the Adviser have historically been, and continue to be, adequate and appropriate.

 

Investment performance. Upon a review of the total return history and category rankings of each Fund, according to Morningstar data, the Board determined that the performance of each Fund was satisfactory and that each Fund has been meeting its investment objective. With respect to index performance comparisons, the Board recognized that the index is a general municipal index. In this regard, the Board made the following observations:

 

As of July 31, 2020, the Morningstar risk rating for Class A shares of: (1) Kansas Municipal Fund was average for the 3- and 10-year periods and below average for the 5-year period; (2) Nebraska Municipal Fund was below average for the 3-year period, average for the 5-year period, and above average for the 10-year periods; (3) Oklahoma Municipal Fund was average for the 3-year period and above average for the 5- and 10-year periods; (4) Maine Municipal Fund was low for 3-year, below average for the 5-year, and average for the 10-year period; (5) Viking Tax-Free Fund for North Dakota was low for the 3-year period, below average for the 5-year period, and average for the 10-year period; and (6) Viking Tax-Free Fund for Montana was average for the 3- and 5-year periods and above average for the 10-year period.

 

 

As of July 31, 2020, the Morningstar return rating for Class A shares of: (1) Kansas Municipal Fund was above average for the 3- and 5-year periods and average for the 10-year period; (2) Nebraska Municipal Fund was average for the 3-, 5-, and 10-year periods; (3) Oklahoma Municipal Fund was average for the 3-, 5- and 10-year periods; (4) Maine Municipal Fund was below average for the 3- , 5-, and 10-year periods; (5) Viking Tax-Free Fund for North Dakota was below average for the 3- and 5-year periods and average for the 10-year period; and (6) Viking Tax-Free Fund for Montana was average for the 3- and 5- and 10-year periods.

 

As of July 31, 2020, the Fund performance for Class A shares of: (1) Kansas Municipal Fund was below its index for the 1-, 3-, 5-, and 10-year periods, and above its category median for the 1-, 3-, 5-, and 10-year periods, (2) Nebraska Municipal Fund was below its index for the 1-, 3-, 5-, and 10-year periods, below its category median for the 1-, 3-, and 5-year periods, and above its category median for the 10-year period; (3) Oklahoma Municipal Fund was below its index for the 1-, 3-, 5-, and 10-year periods, below its category median for the 1- and 3-year periods, and above its category median for the 5-, and 10-year periods; (4) Maine Municipal Fund was below its index and category median for the 1-, 3-, 5-, and 10-year periods; (5) Viking Tax-Free Fund for North Dakota was below its index for the 1- , 3-, 5-, and 10-year periods and below its category median for the 1-, 3-, 5, and 10-year periods and (6) Viking Tax-Free Fund for Montana was below its index for the 1-, 3-, 5-, and 10-year periods and below its category median for the 1-, 3-, and 5-year periods and at its category median for the 10-year period.

 

Profitability. In connection with its review of advisory fees, the Board also considered the profitability to the Adviser and its affiliates of their relationship to the Funds. In this regard, the Board received information regarding the financial condition of the Adviser and the distributor for the calendar year ended December 31, 2019 and the six months ended June 30, 2020. The Board also received Fund-by-Fund profitability information, which included fees and expenses of the Adviser as well as the affiliated distributor and transfer agent. Based on the information provided, the Board concluded that the level of profitability under the Advisory Agreements was not unreasonable in light of the services provided and taking into account fees and expenses of affiliated service providers to the Funds.

 

Economies of scale. The Board considered whether there were economies of scale with respect to management of the Funds and whether the Funds would benefit from any economies of scale. In this regard, the Board considered information regarding each Fund’s size and noted that the size of the Fund had not reached an asset level to benefit from economies of scale. The Board also noted that each Fund’s expenses are managed pursuant to a contractual expense limitation. The Board noted a general increase in Trust assets since the last contract renewal. The Board determined that the advisory fees are structured appropriately based on the size of the Funds.

 

Analysis of the rates charged by other investment advisers to similar funds. The Board considered that a comparison of the advisory fees charged by the Adviser with respect to the Funds to advisory fees charged by other investment advisers to other funds with a similar investment strategy and size reflected that the fees charged by the Adviser are comparable to those charged by other investment advisers to other similar funds.

 

Expense ratios of the Fund as compared to data for comparable funds. The Board considered that a comparison of the net annual operating expense for Class A shares of each Fund to other funds with a similar investment strategy and size, as determined by the Adviser, reflected that the net operating expense of 0.98% for Class A shares of each Fund is comparable to, although generally higher than, that of other similar funds.

 

Information with respect to all benefits to the Adviser associated with the Fund, including an analysis of so-called “fallout” benefits or indirect profits to the Adviser from its relationship to the Fund. The Board noted that the Adviser and its affiliates do not realize material direct benefits from their relationship to the Funds except for fees earned for services provided. The Board considered that the Adviser uses an internal model to provide services to the Funds and that the Adviser or its affiliates provide most services to the Funds including distribution and transfer agency services. The Board considered that the Adviser does not benefit from soft dollar arrangements with respect to securities trading in the Funds in light of the types of securities traded for the Funds. The Board considered the foregoing in reaching its conclusion that the advisory fees are reasonable.

 

In voting unanimously to renew the Advisory Agreement, the Board did not identify any single factor as being of paramount importance. The Board noted that their discussion in this regard was premised on numerous factors including the nature, extent and quality of the services provided by Viking, Viking’s resources, the strategic plan involving the Funds, and the potential for increased distribution and growth of the Funds. The Board unanimously determined that, after considering all relevant factors, the renewal of the Advisory Agreement is in the best interests of each of the Funds and that the advisory fees are reasonable in light of the nature, extent and quality of services provided by the Adviser.

 

 

 

 

PROXY VOTING OF FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in each Fund’s portfolio is available, without charge and upon request, by calling 800-276-1262. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through the Funds’ website at www.integrityvikingfunds.com. The information is also available from the Electronic Data Gathering Analysis and Retrieval (“EDGAR”) database on the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov.

 

QUARTERLY PORTFOLIO SCHEDULE

Within 60 days of the end of its second and fourth fiscal quarters, the Funds provide a complete schedule of portfolio holdings in their semi-annual and annual reports on the Form N-CSR(S). These reports are filed electronically with the SEC and are delivered to the shareholders of the Funds. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT and N-CSR(S) are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-PORT and N-CSR(S) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090. You may also access this information from the Funds’ website at www.integrityvikingfunds.com.

 

SHAREHOLDER INQUIRIES AND MAILINGS

Direct inquiries regarding the Funds to:
Integrity Funds Distributor, LLC
PO Box 500
Minot, ND 58702
Phone: 800-276-1262

Direct inquiries regarding account information to:
Integrity Fund Services, LLC
PO Box 759
Minot, ND 58702
Phone: 800-601-5593

 

To reduce their expenses, the Funds may mail only one copy of its prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive additional copies of these documents, please call Integrity Funds Distributor at 800-276-1262 or contact your financial institution. Integrity Funds Distributor will begin sending you individual copies 30 days after receiving your request.

 

Integrity Viking Funds are sold by prospectus only. An investor should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You may obtain a prospectus at no cost from your financial adviser or at www.integrityvikingfunds.com. Please read the prospectus carefully before investing.

 

 

 

 

 

Equity Funds

 

Integrity Dividend Harvest Fund

 

Integrity Energized Dividend Fund

 

Integrity ESG Growth & Income Fund

 

Integrity Mid-North American Resources Fund

 

 

Corporate Bond Fund

 

Integrity High Income Fund

 

 

State-Specific Tax-Exempt Bond Funds

 

Kansas Municipal Fund

 

Maine Municipal Fund

 

Nebraska Municipal Fund

 

Oklahoma Municipal Fund

 

Viking Tax-Free Fund for Montana

 

Viking Tax-Free Fund for North Dakota

 

 

Government Bond Fund

 

Integrity Short Term Government Fund

 

 

 

Item 2. CODE OF ETHICS.

The information required in this Item is only required in an annual report on Form N-CSR.

 

 

 

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required in this Item is only required in an annual report on Form N-CSR.

 

 

 

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on Form N-CSR.

 

 

 

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

 

 

 

Item 6. INVESTMENTS.

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

 

 

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

 

 

 

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

 

 

 

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

 

 

 

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees in the last fiscal half-year.

 

 

 

Item 11. CONTROLS AND PROCEDURES.

 

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the registrant’s principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure.

 

 

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

 

 

Item 12. EXHIBITS

 

(a)

(1)

The registrant’s code of ethics filed pursuant to Item 2 of the N-CSR is filed with the registrant’s annual N-CSR.

 

 

 

 

 

 

(2)

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.

 

 

 

 

 

 

(3)

Not applicable.

 

 

 

 

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Viking Mutual Funds

 

 

By: /s/ Shannon D. Radke
Shannon D. Radke
President

 

April 1, 2021

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Shannon D. Radke
Shannon D. Radke
President

 

April 1, 2021

 

 

By: /s/ Shelly Nahrstedt
Shelly Nahrstedt
Treasurer

 

April 1, 2021