N-CSR 1 vikingncsr20210731.htm vikingncsr20210731.htm - Generated by SEC Publisher for SEC Filing

N-CSR

 

 

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: July 31, 2021

 

Item 1. REPORTS TO STOCKHOLDERS.

 

 

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

 

Annual Report | July 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.
1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

 

*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 annual report 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 year ended July 31, 2021 (“the period”). The Funds’ portfolios and related financial statements are presented within for your review.

 

Economic Recap

During the period ended July 31, 2021, the Federal Open Market Committee (“FOMC” or “Committee”) remained committed to using its full range of tools to support the U.S. economy. With progress on vaccinations and strong policy support, indicators of economic activity and employment continued to strengthen. Going forward, the Federal Reserve seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. In its last meeting, the Committee decided to keep the target range for the federal funds rate at 0 to ¼ percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.

 

Municipal Bond Market Recap

During the period, municipal bonds delivered positive total returns as demand remained strong for the asset class. Municipal budgets looked much stronger than expected and investors looking for higher after-tax yields continued to buy municipal bonds pushing prices higher over the period. Other factors contributing to the positive returns for municipal bonds included continued accommodative monetary policy and the passage of the American Rescue Plan which provided another $350 billion of COVID-19 relief to state and local governments. Investment grade municipal bonds, as measured by the Bloomberg Barclays Municipal Bond Index, posted a 3.29% total return for the period.

 

Lower rated, investment grade (i.e. BBB) municipal bonds vastly outperformed their higher rated counterparts during the period. Longer maturity (i.e. 20+ years) bonds also outperformed intermediate (i.e. 10-19 year) and shorter maturities (i.e. 1-9 year) across all credit qualities. Municipal issuance during the period totaled approximately $334.2 billion nationally, a 1.35% decrease from the preceding 12-month period. Issuance in the first half of the period lagged issuance in the preceding period’s first half. Issuance rebounded in the second half of the period to levels above the previous period’s second half bringing the total in line with last year.

 

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 1.05%*, 1.00%*, 0.38%*, 2.03%*, 1.57%*, and 1.57%* for Class A shares and 1.30%*, 1.16%*, 0.63%*, 2.29%*, 1.82%*, and 1.83%* for Class I shares, respectively, during the annual period ended July 31, 2021. These compare to the Morningstar Muni Single State Intermediate Category which returned 1.93% for the period. The Funds’ returns also compare to the Bloomberg Barclays Capital Municipal Index’s return of 3.29%. The Funds underperformed the index during the period due to having a lower duration than the index. Additionally, the index is unmanaged, incurs no expenses, 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 1.23% falls to approximately 0.73% at the 37.0% federal tax rate plus the 3.8% Medicare surtax.

 

We continue to focus on purchasing higher quality municipal bonds and believe security selection remains important.

 

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 Funds’ 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 1.15%, 1.40%, 1.18%, 1.14%, 1.13%, and 1.24% respectively, for Class A, and 0.90%, 1.15%, 0.93%, 0.89%, 0.88%, and 0.99% 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.05%

3.93%

2.32%

3.11%

4.00%

Class A With sales charge (2.50%)

-1.51%

3.05%

1.79%

2.85%

3.92%

Class I Without sales charge

1.30%

4.15%

N/A

N/A

3.40%

* 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 1.15% 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. 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.00%

2.83%

1.38%

2.54%

3.99%

Class A With sales charge (2.50%)

-1.51%

1.98%

0.87%

2.28%

3.90%

Class I Without sales charge

1.16%

3.05%

N/A

N/A

2.47%

* 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

0.38%

3.25%

1.80%

2.94%

3.50%

Class A With sales charge (2.50%)

-2.17%

2.39%

1.28%

2.68%

3.41%

Class I Without sales charge

0.63%

3.47%

N/A

N/A

2.86%

* 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 1.18% and 0.93%, 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

2.03%

3.96%

2.21%

3.20%

3.78%

Class A With sales charge (2.50%)

-0.52%

3.10%

1.69%

2.93%

3.67%

Class I Without sales charge

2.29%

4.22%

N/A

N/A

3.39%

* 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 1.14% and 0.89%, 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.57%

3.77%

2.14%

3.01%

3.71%

Class A With sales charge (2.50%)

-1.01%

2.90%

1.62%

2.74%

3.59%

Class I Without sales charge

1.82%

4.03%

N/A

N/A

2.39%

* 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 1.13% and 0.88%, 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 July 31, 2021

 

1 year

3 year

5 year

10 year

Since Inception*

Class A Without sales charge

1.57%

3.24%

1.79%

2.84%

3.73%

Class A With sales charge (2.50%)

-1.00%

2.36%

1.28%

2.58%

3.61%

Class I Without sales charge

1.83%

3.49%

N/A

N/A

2.07%

* 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 1.24% and 0.99%, 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 July 31, 2021

 

General Obligation

43.0%

Utilities

14.5%

Pre-Refunded

13.4%

Health Care

12.2%

Other Revenue

8.6%

Education

3.7%

Cash Equivalents and Other

3.5%

Transportation

1.1%
   
 

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 July 31, 2021

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (96.5%)

        
         

Education (3.7%)

        

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

$

870,000

$

946,673

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

  

960,000

  

997,133

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

  

500,000

  

557,150

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

  

500,000

  

520,745

     

 

3,021,701

General Obligation (43.0%)

        

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

  

1,000,000

  

1,077,930

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

  

250,000

  

284,158

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

  

250,000

  

285,830

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

  

500,000

  

518,900

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

  

325,000

  

330,187

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

  

1,060,000

  

1,161,071

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

  

365,000

  

382,553

City of Hillsboro KS 3.000% 09/01/2024

  

100,000

  

107,104

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

  

225,000

  

246,609

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

  

230,000

  

248,126

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

  

240,000

  

256,807

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

  

420,000

  

444,368

City of Olathe KS 3.000% 10/01/2033 Callable @ 100.000 10/01/2029

  

855,000

  

981,694

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

  

335,000

  

360,594

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

  

1,500,000

  

1,630,320

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

  

355,000

  

391,565

City of Topeka KS 3.000% 08/15/2021

  

1,000,000

  

1,001,170

City of Topeka KS 3.000% 08/15/2022

  

500,000

  

514,825

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

  

250,000

  

254,975

City of Wichita KS 4.500% 09/01/2022

  

150,000

  

150,018

City of Wichita KS 4.750% 09/01/2027

  

180,000

  

180,056

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

  

500,000

  

540,400

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

  

500,000

  

531,425

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

  

1,100,000

  

1,206,590

County of Reno KS 3.000% 09/01/2036 Callable @ 100.000 09/01/2028

  

250,000

  

276,313

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

  

500,000

  

591,175

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

  

1,000,000

  

1,075,350

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

  

250,000

  

281,718

#Geary County Unified School District No 475 3.000% 09/01/2035 Callable @ 100.000 09/01/2031

  

500,000

  

566,320

#Geary County Unified School District No 475 3.000% 09/01/2043 Callable @ 100.000 09/01/2031

  

500,000

  

551,585

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

  

350,000

  

390,828

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

  

150,000

  

150,453

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

  

500,000

  

625,840

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

  

2,000,000

  

2,536,040

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

  

250,000

  

277,608

Johnson County Unified School District No 232 De Soto 4.000% 09/01/2029

  

500,000

  

625,545

Johnson County Unified School District No 232 De Soto 4.000% 09/01/2030

  

285,000

  

362,050

Johnson County Unified School District No 512 Shawnee Mission 3.000% 10/01/2038 Callable @ 100.000 10/01/2030

  

1,000,000

  

1,138,600

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

  

650,000

  

769,405

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

  

500,000

  

586,840

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

  

500,000

  

553,695

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

  

750,000

  

870,773

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

  

1,000,000

  

1,105,540

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

  

10,000

  

10,044

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

  

400,000

  

431,448

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

  

400,000

  

430,620

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

  

710,000

  

837,097

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

  

680,000

  

813,532

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

  

1,000,000

  

1,150,900

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

  

405,000

  

465,693

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

  

85,000

  

89,584

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

  

500,000

  

528,320

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

  

410,000

  

428,975

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

  

1,000,000

  

1,041,540

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

  

1,000,000

  

1,039,680

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

  

1,000,000

  

1,223,290

     

 

34,913,673

Health Care (12.2%)

        

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

  

1,020,000

  

1,091,380

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

  

550,000

  

606,546

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

  

500,000

  

531,415

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

  

1,500,000

  

1,797,180

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

  

250,000

  

250,718

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

  

295,000

  

295,779

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

  

100,000

  

104,694

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

  

500,000

  

540,180

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

  

500,000

  

546,395

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

  

1,000,000

  

1,144,590

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

  

500,000

  

583,975

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

  

2,000,000

  

2,442,240

     

 

9,935,090

Other Revenue (8.6%)

        

City of Manhattan KS 4.500% 12/01/2025

  

500,000

  

500,410

City of Manhattan KS 5.000% 12/01/2026

  

310,000

  

310,288

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

  

1,000,000

  

1,001,040

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

  

1,000,000

  

1,136,620

Clay Center Public Building Commission 3.000% 09/01/2027

  

290,000

  

328,556

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

  

750,000

  

868,253

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

  

660,000

  

707,494

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

  

500,000

  

531,285

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

  

405,000

  

422,046

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

  

1,000,000

  

1,076,630

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

  

100,000

  

103,763

     

 

6,986,384

Pre-Refunded (13.4%)

        

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

  

250,000

  

286,335

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

  

250,000

  

286,335

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

  

500,000

  

572,670

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

  

250,000

  

265,833

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

  

250,000

  

265,530

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

  

500000

  

526,905

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

  

150,000

  

150,486

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

  

300,000

  

304,116

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

  

3,000,000

  

3,559,800

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

  

135,000

  

142,360

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

  

115,000

  

121,257

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

  

140,000

  

147,633

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

  

110,000

  

115,985

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

  

500,000

  

551,200

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

  

320,000

  

332,931

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

  

135,000

  

135,575

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

  

105,000

  

105,448

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

  

250,000

  

266,163

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

  

500,000

  

521,005

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

  

85,000

  

89,442

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

  

330,000

  

347,285

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

  

500,000

  

521,270

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

  

500,000

  

527,035

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

  

400,000

  

421,176

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

  

250000

  

275,268

     

 

10,839,043

Transportation (1.1%)

        

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

  

500,000

  

581,965

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

  

250,000

  

291,330

     

 

873,295

Utilities (14.5%)

        

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

  

425,000

  

440,113

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

  

150,000

  

170,343

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

  

175,000

  

197,285

City of Olathe KS Water & Sewer System Revenue 4.000% 07/01/2029

  

500,000

  

624,265

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

  

500,000

  

539,005

City of Wichita KS Water & Sewer Utility Revenue 3.000% 10/01/2031 Callable @ 100.000 10/01/2029

  

350,000

  

401,569

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

  

250,000

  

293,420

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

  

500,000

  

584,200

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

  

745,000

  

875,263

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

  

300,000

  

350,469

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

  

1,000,000

  

1,162,640

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

  

1,000,000

  

1,088,520

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

  

500,000

  

553,015

Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029

  

500,000

  

581,000

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

  

435,000

  

456,324

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

  

410,000

  

466,904

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

  

250,000

  

274,323

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

  

500,000

  

608,395

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

  

1,250,000

  

1,308,975

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

  

500,000

  

574,405

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

  

250,000

  

250,958

     

 

11,801,389

         

TOTAL MUNICIPAL BONDS (COST: $73,928,577)

    

$

78,370,576

         

OTHER ASSETS LESS LIABILITIES (3.5%)

    

 

2,817,883

         

NET ASSETS (100.0%)

    

$

81,188,459

 

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

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

 

 

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

 

MAINE MUNICIPAL FUND

 

PORTFOLIO MARKET SECTORS July 31, 2021

 

General Obligation

27.6%

Health Care

17.5%

Housing

12.5%

Pre-Refunded

11.3%

Education

9.1%

Utilities

7.1%

Cash Equivalents and Other

6.3%

Other Revenue

4.5%

Transportation

4.1%

 

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 July 31, 2021

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (93.7%)

        
         

Education (9.1%)

        

Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031

$

180,000

$

180,034

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

  

940,000

  

1,128,122
     

 

1,308,156

General Obligation (27.6%)

        

City of Auburn ME 4.500% 09/01/2022

  

100,000

  

104,887

City of Biddeford ME 4.000% 10/01/2026

  

250,000

  

296,913

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

  

100,000

  

104,574

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

  

250,000

  

262,118

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

  

250,000

  

262,768

City of Portland ME 5.000% 08/01/2021

  

125,000

  

125,019

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

  

125,000

  

125,019

City of Waterville ME 4.000% 07/01/2025

  

135,000

  

135,097

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

  

500,000

  

579,545

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

  

100,000

  

110,852

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

  

475,000

  

514,634

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

  

500,000

  

525,445

#Town of Kennebunk ME 2.000% 10/01/2035 Callable @ 100.000 10/01/2031

  

600,000

  

629,058

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

  

100,000

  

108,017

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

  

100,000

  

111,372
     

 

3,995,316

Health Care (17.5%)

        

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

  

250,000

  

268,270

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

  

5,000

  

5,012

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

  

1,000,000

  

1,104,980

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

  

500,000

  

550,840

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

  

500,000

  

553,505

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

  

40,000

  

40,055
     

 

2,522,661

Housing (12.5%)

        

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

  

250,000

  

253,655

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

  

165,000

  

167,581

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

  

400,000

  

414,172

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

  

155,000

  

164,553

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

  

500,000

  

554,075

Maine State Housing Authority 5.000% 06/15/2024

  

250,000

  

250,118
     

 

1,804,153

Other Revenue (4.5%)

        

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

  

250,000

  

276,865

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

  

125,000

  

129,119

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

  

125,000

  

133,161

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

  

100,000

  

115,386
     

 

654,531

Pre-Refunded (11.3%)

        

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

  

200,000

  

201,334

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

  

270,000

  

279,623

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

  

15,000

  

16,467

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

  

250,000

  

285,195

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

  

750,000

  

850,163
     

 

1,632,782

Transportation (4.1%)

        

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

  

100,000

  

105,364

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

  

100,000

  

110,217

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

  

100,000

  

110,388

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

  

250,000

  

269,695
     

 

595,664

Utilities (7.1%)

        

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

  

215,000

  

215,677

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

  

500,000

  

555,845

Portland Water District Water System Revenue 2.000% 11/01/2036 Callable @ 100.000 11/01/2031

  

250,000

 

259,238
     

 

1,030,760
         

TOTAL MUNICIPAL BONDS (COST: $12,831,241)

    

$

13,544,023

         

OTHER ASSETS LESS LIABILITIES (6.3%)

    

 

906,101

         

NET ASSETS (100.0%)

    

$

14,450,124

 

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

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

 

 

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

 

NEBRASKA MUNICIPAL FUND

 

PORTFOLIO MARKET SECTORS July 31, 2021

 

General Obligation

39.2%

Utilities

26.7%

Pre-Refunded

16.5%

Cash Equivalents and Other

5.5%

Health Care

3.4%

Transportation

3.1%

Education

2.7%

Other Revenue

2.2%

Housing

0.7%

 

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 July 31, 2021

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (94.5%)

        
         

Education (2.7%)

        

County of Douglas NE 3.000% 09/01/2035 Callable @ 100.000 09/01/2031

$

 310,000

$

350,502

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

  

 365,000

 

391,160

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

  

 300,000

 

319,566

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

  

 500,000

 

509,755

     

 

1,570,982

General Obligation (39.2%)

        

Ashland Greenwood Public Schools 3.000% 12/15/2044 Callable @ 100.000 12/15/2030

  

 950,000

 

1,065,235

Ashland Greenwood Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2030

  

 1,000,000

 

1,105,470

City of Lincoln NE 3.000% 04/01/2033 Callable @ 100.000 04/01/2029

  

 540,000

 

610,303

City of Lincoln NE 3.000% 05/15/2033 Callable @ 100.000 05/15/2029

  

 1,090,000

 

1,247,581

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

  

 685,000

 

744,985

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

  

 500,000

 

552,285

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

  

 500,000

 

597,035

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

  

 955,000

 

1,166,876

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

  

 500,000

 

608,005

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

  

 1,250,000

 

1,263,938

County of Kearney NE 4.000% 06/01/2024

  

 350,000

 

385,231

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

  

 500,000

 

506,045

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

  

 500,000

 

521,610

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

  

 500,000

 

575,685

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

  

 300,000

 

334,134

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

  

 500,000

 

592,130

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

  

 300,000

 

365,637

Elkhorn School District 5.000% 06/15/2022

  

 475,000

 

495,093

Gretna Public Schools 3.000% 12/15/2046 Callable @ 100.000 12/15/2031

  

 1,000,000

 

1,122,780

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

  

 410,000

 

418,913

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

  

 435,000

 

443,604

Kearney School District 3.000% 12/15/2024

  

 350,000

 

381,045

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

  

 590,000

 

626,828

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

  

 750,000

 

803,490

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

  

 1,000,000

 

1,106,550

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

  

 1,630,000

 

2,010,964

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

  

 1,000,000

 

1,035,160

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

  

 455,000

 

473,764

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

  

 355,000

 

386,854

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

  

 250,000

 

267,405

Superior Public Schools 1.450% 12/15/2022

  

 340,000

 

345,902

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

  

 235,000

 

264,514

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

  

 250,000

 

281,035

     

 

22,706,086

Health Care (3.4%)

        

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

  

 200,000

 

241,516

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

  

 500,000

 

573,885

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

  

 335,000

 

383,649

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

  

 450,000

 

516,452

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

  

 215,000

 

247,293

     

 

1,962,794

Housing (0.7%)

        

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

  

 395,000

 

405,697

         

Other Revenue (2.2%)

        

City of Columbus NE 3.000% 06/15/2036 Callable @ 100.000 06/30/2026

  

 750,000

 

804,413

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

  

 435,000

 

455,145

     

 

1,259,557

Pre-Refunded (16.5%)

        

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

  

 1,000,000

 

1,049,230

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

  

 1,000,000

 

1,025,140

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

  

 500,000

 

580,435

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

  

 500,000

 

580,435

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

  

 250,000

 

301,970

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

  

 250,000

 

252,965

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

  

 250,000

 

253,025

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

  

 250,000

 

252,965

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

  

 250,000

 

252,965

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

  

 250,000

 

301,335

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

  

 250,000

 

300,530

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

  

 500,000

 

587,885

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

  

 1,500,000

 

1,774,965

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

  

 250,000

 

260,923

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

  

 1,000,000

 

1,020,200

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

  

 750,000

 

763,830

     

 

9,558,798

Transportation (3.1%)

        

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

  

 500,000

 

599,725

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

  

 1,000,000

 

1,172,110

     

 

1,771,835

Utilities (26.7%)

        

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

  

 2,000,000

 

2,091,900

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

  

 500,000

 

523,705

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

  

 500,000

 

527,135

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

  

 100,000

 

114,426

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

  

 300,000

 

364,776

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

  

 300,000

 

362,829

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

  

 300,000

 

361,410

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

  

 300,000

 

363,438

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

  

 250,000

 

279,100

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

  

 500,000

 

518,640

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

  

 275,000

 

298,188

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

  

 400,000

 

431,452

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

  

 250,000

 

279,678

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

  

 750,000

 

910,020

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

  

 400,000

 

480,280

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

  

250,000

 

299,055

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

  

 250,000

 

285,190

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

  

 250,000

 

284,765

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

  

 500,000

 

570,105

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

  

 250,000

 

263,230

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

  

 500,000

 

515,825

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

  

 100,000

 

103,014

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

  

 500,000

 

510,385

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

  

 2,355,000

 

2,743,175

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

  

 250,000

 

290,740

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

  

 400,000

 

450,820

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

  

 365,000

 

408,983

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

  

 445,000

 

528,798

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

  

 250,000

 

286,663

     

 

15,447,723
         

TOTAL MUNICIPAL BONDS (COST: $51,987,476)

    

$

54,683,472
         

OTHER ASSETS LESS LIABILITIES (5.5%)

    

$

3,174,242
         

NET ASSETS (100.0%)

    

$

57,857,714
 

*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 July 31, 2021

 

Other Revenue

34.1%

Utilities

26.1%

Transportation

8.6%

General Obligation

7.3%

Cash Equivalents and Other

6.4%

Health Care

6.4%

Pre-Refunded

5.1%

Education

4.8%

Housing

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 July 31, 2021

 

   

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (93.6%)

        
         

Education (4.8%)

        

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

$

280,000

$

305,220

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

  

290,000

 

314,952

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

  

305,000

 

330,864

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

  

315,000

 

341,129

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

  

19,000

 

21,941

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

  

370,000

 

448,203

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

  

250,000

 

314,195

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

  

650,000

 

707,844

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

  

500,000

 

567,025

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

  

500,000

 

566,005

     

 

3,917,377

General Obligation (7.3%)

        

City of Bartlesville OK 2.000% 12/01/2028

  

195,000

 

211,345

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

  

500,000

 

502,870

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

  

575,000

 

621,811

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

  

605,000

 

698,769

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

  

610,000

 

703,635

City of Lawton OK 2.000% 12/01/2022

  

500,000

 

511,440

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

  

500,000

 

537,780

City of Oklahoma City OK 4.000% 03/01/2031

  

300,000

 

385,698

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

  

1,305,000

 

1,520,312

City of Perkins OK 3.000% 06/01/2033

  

125,000

 

143,774

City of Perkins OK 3.000% 06/01/2034

  

115,000

 

131,720

     

 

5,969,153

Health Care (6.4%)

        

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

  

895,000

 

966,027

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

  

200,000

 

247,406

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

  

250,000

 

299,095

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

  

335,000

 

395,890

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

  

250,000

 

273,070

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

  

825,000

 

917,936

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

  

250,000

 

279,160

Oklahoma Development Finance Authority 5.000% 08/15/2025

  

350,000

 

406,588

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

  

250,000

 

289,463

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

  

345,000

 

427,331

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

  

175,000

 

213,274

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

  

500,000

 

534,850

     

 

5,250,090

Housing (1.2%)

        

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

  

710,000

 

742,191

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

  

245,000

 

262,478

     

 

1,004,670

Other Revenue (34.1%)

        

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

  

385,000

 

469,126

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

  

415,000

 

512,952

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

  

435,000

 

536,377

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

  

1,010,000

 

1,209,788

Carter County Public Facilities Authority 3.000% 09/01/2033 Callable @ 100.000 09/01/2031

  

520,000

 

588,843

Carter County Public Facilities Authority 3.000% 09/01/2034 Callable @ 100.000 09/01/2031

  

535,000

 

603,261

Carter County Public Facilities Authority 3.000% 09/01/2035 Callable @ 100.000 09/01/2031

  

550,000

 

617,496

Carter County Public Facilities Authority 3.000% 09/01/2036 Callable @ 100.000 09/01/2031

  

575,000

 

643,299

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

  

250,000

 

250,105

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

  

250,000

 

250,110

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

  

500,000

 

500,220

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

  

1,050,000

 

1,140,363

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

  

425,000

 

440,411

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

  

665,000

 

825,910

Goldsby Public Works Authority 3.000% 08/01/2021

  

165,000

 

165,008

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

  

370,000

 

462,285

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

  

250,000

 

275,408

Kingfisher County Educational Facilities Authority 3.000% 03/01/2035 Callable @ 100.000 03/01/2031

  

570,000

 

656,321

Kingfisher County Educational Facilities Authority 3.000% 03/01/2036 Callable @ 100.000 03/01/2031

  

400,000

 

452,332

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

  

500,000

 

548,135

Love County Educational Facilities Authority 3.000% 12/01/2038 Callable @ 100.000 12/01/2031

  

765,000

 

850,451

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

  

500,000

 

539,710

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

  

500,000

 

603,795

Muskogee Industrial Trust 5.000% 09/01/2026

  

400,000

 

482,500

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

  

940,000

 

1,017,550

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

  

500,000

 

577,350

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

  

530,000

 

677,261

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

  

350,000

 

409,395

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

  

400,000

 

466,240

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

  

625,000

 

723,313

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

  

230,000

 

262,462

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

  

835,000

 

945,855

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

  

250,000

 

297,173

Oklahoma Development Finance Authority 3.000% 06/01/2029

  

195,000

 

220,391

Oklahoma Development Finance Authority 3.000% 06/01/2030

  

180,000

 

207,025

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

  

140,000

 

170,779

Oklahoma Development Finance Authority 4.000% 06/01/2032 Callable @ 100.000 06/01/2031

  

340,000

 

426,574

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

  

145,000

 

175,937

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

  

150,000

 

181,035

Oklahoma Development Finance Authority 4.000% 06/01/2034 Callable @ 100.000 06/01/2031

  

365,000

 

451,469

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

  

155,000

 

186,477

Oklahoma Development Finance Authority 4.000% 06/01/2035 Callable @ 100.000 06/01/2031

  

205,000

 

252,683

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

  

725,000

 

858,219

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

  

250,000

 

300,350

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

  

500,000

 

532,510

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

  

990,000

 

1,029,204

Pottawatomie County Facilities Authority 3.000% 09/01/2035 Callable @ 100.000 09/01/2030

  

625,000

 

696,331

Pottawatomie County Facilities Authority 3.000% 09/01/2036 Callable @ 100.000 09/01/2030

  

700,000

 

791,245

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

  

500,000

 

520,850

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

  

250,000

 

261,433

Tahlequah Public Facilities Authority 4.000% 04/01/2023

  

550,000

 

584,656

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

  

250,000

 

290,568

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

  

200,000

 

213,144

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

  

500,000

 

589,635

     

 

27,941,316

Pre-Refunded (5.1%)

        

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

  

180,000

 

180,022

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

  

500,000

 

582,585

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

  

800,000

 

805,688

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

  

1,000,000

 

1,007,110

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

  

250,000

 

256,508

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

  

370,000

 

414,659

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

  

150,000

 

154,058

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

  

750,000

 

805,425

       

4,206,054

Transportation (8.6%)

        

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

  

2,000,000

 

2,390,600

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

  

100,000

 

114,917

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

  

1,000,000

 

1,146,340

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

  

1,355,000

 

1,571,095

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

  

145,000

 

167,497

Tulsa Airports Improvement Trust 5.000% 06/01/2023

  

420,000

 

420,248

Tulsa Airports Improvement Trust 5.000% 06/01/2024

  

230,000

 

230,140

Tulsa Airports Improvement Trust 5.000% 06/01/2027

  

300,000

 

369,606

Tulsa Airports Improvement Trust 5.250% 06/01/2025

  

245,000

 

245,191

Tulsa Airports Improvement Trust 5.250% 06/01/2026

  

360,000

 

360,320

     

 

7,015,955

Utilities (26.1%)

        

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

  

750,000

 

808,148

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

  

500,000

 

538,710

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

  

1,000,000

 

1,145,500

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

  

1,000,000

 

1,155,240

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

  

500,000

 

615,125

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

  

325,000

 

343,782

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

  

500,000

 

570,755

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

  

175,000

 

191,398

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

  

100,000

 

115,478

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

  

500,000

 

620,195

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

  

1,000,000

 

1,245,070

Oklahoma Water Resources Board 4.000% 10/01/2032 Callable @ 100.000 10/01/2031

  

235,000

 

298,927

Oklahoma Water Resources Board 4.000% 10/01/2033 Callable @ 100.000 10/01/2031

  

200,000

 

252,618

Oklahoma Water Resources Board 4.000% 10/01/2034 Callable @ 100.000 10/01/2031

  

310,000

 

388,979

Oklahoma Water Resources Board 4.000% 10/01/2035 Callable @ 100.000 10/01/2031

  

430,000

 

538,162

Oklahoma Water Resources Board 4.000% 10/01/2036 Callable @ 100.000 10/01/2031

  

200,000

 

249,876

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

  

325,000

 

385,489

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

  

830,000

 

975,150

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

  

955,000

 

1,168,404

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

  

465,000

 

566,677

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

  

1,460,000

 

1,699,469

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

  

515,000

 

622,372

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

  

140,000

 

144,297

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

  

250,000

 

284,000

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

  

500,000

 

565,950

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

  

980,000

 

1,068,141

*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

 

1,631,700

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

  

3,000,000

 

3,240,660

     

 

21,430,272

         

TOTAL MUNICIPAL BONDS (COST: $72,963,161)

    

$

76,734,886

         

OTHER ASSETS LESS LIABILITIES (6.4%)

    

$

5,255,559

         

NET ASSETS (100.0%)

    

$

81,990,445

         

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

 

 

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

 

VIKING TAX-FREE FUND FOR MONTANA

 

PORTFOLIO MARKET SECTORS July 31, 2021

 

General Obligation

44.0%

Health Care

13.6%

Cash Equivalents and Other

13.2%

Other Revenue

8.3%

Housing

6.4%

Pre-Refunded

6.3%

Utilities

4.1%

Education

2.6%

Transportation

1.5%

 

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 July 31, 2021

 

 

Principal

  

Fair
 

 

Amount

  

Value

MUNICIPAL BONDS (86.8%)

        
         

Education (2.6%)

        

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

$

500,000

$

526,075

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

  

500,000

 

556,755

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

  

240,000

 

261,022

Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 11/15/2027

  

1,000,000

 

1,237,200

     

 

2,581,052

General Obligation (44.0%)

        

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

  

475,000

 

526,414

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

  

410,000

 

453,308

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

  

475,000

 

535,696

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

  

255,000

 

285,919

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

  

580,000

 

660,655

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

  

600,000

 

682,302

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

  

620,000

 

703,297

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

  

535,000

 

604,443

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

  

500,000

 

563,890

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

  

700,000

 

820,617

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

  

225,000

 

257,067

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

  

240,000

 

272,796

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

  

850,000

 

987,309

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

  

540,000

 

590,171

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

  

500,000

 

601,445

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

  

715,000

 

794,901

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

  

770,000

 

840,109

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

  

250,000

 

280,548

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

  

755,000

 

828,831

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

  

320,000

 

356,368

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

  

200,000

 

228,592

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

  

455,000

 

574,729

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

  

1,000,000

 

1,200,810

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

  

300,000

 

323,250

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

  

500,000

 

541,655

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

 

728,160

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

  

415,000

 

447,478

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

  

465,000

 

526,892

Gallatin County School District No 44 Belgrade 3.500% 06/15/2028

  

575,000

 

575,173

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

  

265,000

 

321,654

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

  

345,000

 

411,768

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

  

610,000

 

690,721

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

  

260,000

 

293,491

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

  

310,000

 

377,499

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

  

535,000

 

649,410

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

  

565,000

 

687,368

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

  

800,000

 

967,304

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

  

500,000

 

630,930

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

  

500,000

 

621,335

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

  

500,000

 

621,050

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

  

500,000

 

566,530

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

  

750,000

 

852,488

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

  

470,000

 

514,862

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

  

480,000

 

523,550

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

  

510,000

 

555,237

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

  

540,000

 

585,868

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

  

275,000

 

313,569

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

  

250,000

 

296,143

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

  

250,000

 

295,530

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

  

250,000

 

294,510

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

  

965,000

 

1,136,017

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

  

355,000

 

417,050

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

  

1,960,000

 

2,307,351

State of Montana 4.000% 08/01/2023

  

385,000

 

417,629

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

  

855,000

 

954,941

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

  

480,000

 

533,962

State of Montana 5.000% 08/01/2030

  

500,000

 

683,610

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

  

300,000

 

383,334

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

  

530,000

 

640,118

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

  

275,000

 

330,528

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

  

450,000

 

482,868

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

  

355,000

 

381,483

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

  

225,000

 

247,248

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

  

1,000,000

 

1,251,010

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

  

1,500,000

 

1,850,745

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

  

630,000

 

694,348

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

  

315,000

 

343,747

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

  

430,000

 

464,581

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

  

500,000

 

573,770

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

  

875,000

 

1,015,910

     

 

42,973,888

Health Care (13.6%)

        

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

  

710,000

 

785,267

Montana Facility Finance Authority 3.000% 06/01/2050 Callable @ 100.000 06/01/2031

  

350,000

 

378,557

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

  

2,000,000

 

2,204,560

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

  

200,000

 

240,412

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

  

1,500,000

 

1,795,215

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

  

1,075,000

 

1,243,399

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

  

1,015,000

 

1,139,672

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

  

915,000

 

1,038,196

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

  

425,000

 

520,260

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

  

700,000

 

854,280

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

  

1,000,000

 

1,231,720

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

  

1,000,000

 

1,222,090

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

  

500,000

 

610,905

     

 

13,264,532

Housing (6.4%)

        

#Montana Board of Housing 1.800% 06/01/2033 Callable @ 100.000 12/01/2030

  

250,000

 

249,768

#Montana Board of Housing 1.850% 12/01/2036 Callable @ 100.000 12/01/2030

  

250,000

 

249,668

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

  

500,000

 

506,205

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

  

815,000

 

848,806

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

  

60,000

 

61,039

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

  

455,000

 

470,543

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

  

240,000

 

246,235

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

  

85,000

 

87,005

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

  

1,310,000

 

1,398,058

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

  

110,000

 

112,222

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

  

345,000

 

378,914

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

  

830,000

 

911,465

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

  

110,000

 

114,217

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

  

105,000

 

111,022

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

  

290,000

 

304,520

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

  

165,000

 

172,780

     

 

6,222,465

Other Revenue (8.3%)

        

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

  

405,000

 

470,233

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

  

490,000

 

500,442

City of Billings MT 4.800% 07/01/2022

  

15,000

 

15,013

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

  

710,000

 

823,302

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

  

900,000

 

928,404

City of Billings MT 5.500% 07/01/2026

  

205,000

 

205,447

City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030

  

1,005,000

 

1,041,130

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

  

500,000

 

619,545

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

  

525,000

 

595,277

City of Missoula MT 4.750% 07/01/2027

  

90,000

 

90,208

City of Missoula MT 5.125% 07/01/2026

  

125,000

 

125,029

City of Missoula MT 6.000% 07/01/2030

  

180,000

 

180,365

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

  

325,000

 

326,001

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

  

1,000,000

 

1,002,320

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

  

185,000

 

185,562

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

  

1,000,000

 

1,002,280

     

 

8,110,558

Pre-Refunded (6.3%)

        

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

  

2,000,000

 

2,063,180

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

  

1,145,000

 

1,181,171

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

  

250,000

 

253,660

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

  

515,000

 

586,286

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

  

1,000,000

 

1,135,020

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

  

350,000

 

409,504

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

  

435,000

 

511,886

     

 

6,140,707

Transportation (1.5%)

        

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

  

835,000

 

915,385

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

  

100,000

 

100,323

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

  

105,000

 

105,328

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

  

370,000

 

370,803

     

 

1,491,839

Utilities (4.1%)

        

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

  

260,000

 

323,092

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

  

1,510,000

 

1,668,928

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

  

215,000

 

231,669

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

  

225,000

 

241,607

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

  

250,000

 

284,533

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

  

250,000

 

281,940

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

  

250,000

 

280,643

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

  

600,000

 

718,380

     

 

4,030,790

         

TOTAL MUNICPAL BONDS (COST: $79,944,913)

    

$

84,815,831

         

OTHER ASSETS LESS LIABILITIES (13.2%)

    

$

12,948,814

         

NET ASSETS (100.0%)

    

$

97,764,645

 

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

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

 

 

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

 

VIKING TAX-FREE FUND FOR NORTH DAKOTA

 

PORTFOLIO MARKET SECTORS July 31, 2021

 

General Obligation

31.3%

Other Revenue

20.8%

Health Care

14.8%

Education

9.5%

Housing

9.4%

Cash Equivalents and Other

5.8%

Pre-Refunded

4.5%

Utilities

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 and are subject to change.

 

 

SCHEDULE OF INVESTMENTS July 31, 2021

 

 

 

Principal Amount

  

Fair
Value

MUNICIPAL BONDS (94.2%)

 

 

 

 

 

 

 

 

 

Education (9.5%)

 

 

 

 

#State Board of Higher Education of the State of North Dakota 2.000% 08/01/2033 Callable @ 100.000 08/01/2028

$

200,000

$

204,742

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

  

200,000

 

202,770

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

  

200,000

 

202,974

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

  

250,000

 

271,700

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

  

415,000

 

459,662

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

  

365,000

 

393,131

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

  

500,000

 

547,020

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

  

500,000

 

580,790

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

  

250,000

 

258,333

     

 

3,121,121

General Obligation (31.3%)

 

 

 

 

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

  

470,000

 

546,126

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

  

240,000

 

265,894

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

  

500,000

 

531,135

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

  

340,000

 

354,705

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

  

570,000

 

590,623

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

  

355,000

 

368,064

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

  

500,000

 

507,905

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

  

500,000

 

509,795

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

  

200,000

 

208,508

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

  

230,000

 

239,366

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

  

400,000

 

441,988

Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029

  

1,000,000

 

1,132,050

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

  

200,000

 

206,492

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

  

500,000

 

563,835

Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028

  

275,000

 

275,182

#West Fargo Park District 2.000% 05/01/2030 Callable @ 100.000 05/01/2029

  

285,000

 

306,754

#West Fargo Park District 2.000% 05/01/2031 Callable @ 100.000 05/01/2029

  

290,000

 

309,674

#West Fargo Park District 2.000% 05/01/2032 Callable @ 100.000 05/01/2029

  

295,000

 

312,697

#West Fargo Park District 3.000% 05/01/2027

  

260,000

 

294,398

#West Fargo Park District 3.000% 05/01/2028

  

270,000

 

309,682

#West Fargo Park District 3.000% 05/01/2029

  

275,000

 

318,813

West Fargo Public School District No 6 3.000% 08/01/2035 Callable @ 100.000 08/01/2028

  

1,000,000

 

1,119,120

West Fargo Public School District No 6 3.000% 08/01/2036 Callable @ 100.000 08/01/2028

  

500,000

 

560,630

     

 

10,273,434

Health Care (14.8%)

 

 

 

 

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

  

400,000

 

403,344

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

  

500,000

 

508,345

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

  

250,000

 

253,025

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

  

250,000

 

274,455

City of Langdon ND 6.200% 01/01/2025

  

130,000

 

130,491

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

  

215,000

 

223,387

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

  

250,000

 

259,710

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

  

595,000

 

680,549

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

  

1,290,000

 

1,465,763

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

  

445,000

 

544,133

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

  

100,000

 

114,737

     

 

4,857,939

Housing (9.4%)

 

 

 

 

North Dakota Housing Finance Agency 1.150% 01/01/2028

  

500,000

 

502,895

North Dakota Housing Finance Agency 1.750% 01/01/2031 Callable @ 100.000 07/01/2030

  

500,000

 

508,920

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

  

245,000

 

259,257

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

  

315,000

 

331,459

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

  

245,000

 

255,572

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

  

30,000

 

30,254

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

  

155,000

 

168,713

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

  

580,000

 

617,004

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

  

390,000

 

416,524

     

 

3,090,597

Other Revenue (20.8%)

 

 

 

 

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

  

250,000

 

297,605

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

  

1,250,000

 

1,297,188

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

  

500,000

 

540,175

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

  

595,000

 

595,583

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

  

250,000

 

275,438

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

  

500,000

 

543,765

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

  

500,000

 

519,060

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

  

500,000

 

538,645

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

  

345,000

 

370,806

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

  

250,000

 

261,435

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

  

435,000

 

472,497

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

  

265,000

 

289,263

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

  

400,000

 

423,104

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

  

130,000

 

151,973

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

  

240,000

 

240,158

     

 

6,816,695

Pre-Refunded (4.5%)

        

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

  

500,000

 

507,025

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

  

250,000

 

260,130

County of Burleigh ND 5.000% 07/01/2022

  

300,000

 

314,307

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

  

400,000

 

413,512

     

 

1,494,974

Utilities (3.9%)

 

 

 

 

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

  

290,000

 

302,079

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

  

485,000

 

502,494

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

  

250,000

 

256,850

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

  

205,000

 

205,504

     

 

1,266,927

 

 

 

 

 

TOTAL MUNICIPAL BONDS (COST: $29,636,620)

 

 

$

30,921,686

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES (5.8%)

 

 

 

1,894,213

 

 

 

 

 

NET ASSETS (100.0%)

 

 

$

32,815,899

 

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

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

 

 

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

 

FINANCIAL STATEMENTS

 

Statements of Assets and Liabilities July 31, 2021

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

ASSETS

                

Investments in securities, at cost

$

73,928,577

 

$

12,831,241

 

$

51,987,476

 

                

Investments in securities, at value

$

78,370,576

 

$

13,544,023

 

$

54,683,472

Cash and cash equivalents

  

4,245,985

   

1,471,012

   

2,845,107

Receivable for Fund shares sold

  

0

   

0

   

26

Accrued interest receivable

  

984,801

   

85,919

   

431,794

Receivable from affiliate

  

12,691

   

5,657

   

10,589

Prepaid expenses

  

1,516

   

1,491

   

736

Total assets

$

83,615,569

 

$

15,108,102

 

$

57,971,724

 

                

LIABILITIES

                

Payable for securities purchased

$

2,263,670

 

$

629,262

 

$

0

Payable for Fund shares redeemed

  

48,531

   

1,667

   

24,470

Distributions payable

  

20,395

   

3,318

   

19,415

Trustees’ fees payable

  

4,356

   

825

   

3,116

Payable to affiliates

  

71,433

   

16,001

   

53,299

Accrued expenses

  

18,725

   

6,905

   

13,710

Total liabilities

$

2,427,110

 

$

657,978

 

$

114,010

 

                

NET ASSETS

$

81,188,459

 

$

14,450,124

 

$

57,857,714

 

                

NET ASSETS ARE REPRESENTED BY:

                

Capital stock outstanding, no par value, unlimited shares authorized

$

77,301,936

 

$

14,162,974

 

$

56,097,209

Distributable earnings

 

3,886,523

 

 

287,150

 

 

1,760,505

 

                

NET ASSETS

$

81,188,459

 

$

14,450,124

 

$

57,857,714

 

                

Net Assets - Class A

$

70,685,525

 

$

13,476,972

 

$

55,362,664

Net Assets - Class I

$

10,502,934

 

$

973,152

 

$

2,495,050

Shares outstanding - Class A

 

6,380,776

   

1,237,669

   

5,205,105

Shares outstanding - Class I

  

947,732

   

89,332

   

234,630

Net asset value per share - Class A*

  

$11.08

   

$10.89

   

$10.64

Maximum sales charge - Class A

  

2.50%

    

2.50%

    

2.50%

Public offering price per share - Class A

  

$11.36

   

$11.17

   

$10.91

Net asset value per share - Class I

  

$11.08

   

$10.89

   

$10.63

 

* 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 July 31, 2021

 

 

Oklahoma

        
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

ASSETS

                

Investments in securities, at cost

$

72,963,161

 

$

79,944,913

 

$

29,636,620

 

                

Investments in securities, at value

$

76,734,886

 

$

84,815,831

 

$

30,921,686

Cash and cash equivalents

  

4,856,234

   

13,076,141

   

3,703,022

Receivable for Fund shares sold

  

0

   

24,921

   

23,488

Accrued interest receivable

  

720,294

   

498,499

   

263,490

Receivable from affiliate

  

13,240

   

14,306

   

7,419

Prepaid expenses

  

1,103

   

2,990

   

632

Total assets

$

82,325,757

 

$

98,432,688

 

$

34,919,737

 

                

LIABILITIES

                

Payable for securities purchased

$

0

 

$

500,000

 

$

2,053,083

Payable for Fund shares redeemed

  

233,690

   

31,918

   

3,269

Distributions payable

  

7,263

   

24,637

   

4,707

Trustees’ fees payable

  

4,276

   

5,256

   

1,749

Payable to affiliates

  

73,586

   

84,871

   

31,543

Accrued expenses

  

16,497

   

21,361

   

9,487

Total liabilities

$

335,312

 

$

668,043

 

$

2,103,838

 

                

NET ASSETS

$

81,990,445

 

$

97,764,645

 

$

32,815,899

 

                

NET ASSETS ARE REPRESENTED BY:

                

Capital stock outstanding, no par value, unlimited shares authorized

$

78,455,482

 

$

95,993,309

 

$

32,396,132

Distributable earnings

 

3,534,963

 

 

1,771,336

 

 

419,767

 

                

NET ASSETS

$

81,990,445

 

$

97,764,645

 

$

32,815,899

 

                

Net Assets - Class A

$

77,020,664

 

$

79,709,511

 

$

30,747,034

Net Assets - Class I

$

4,969,781

 

$

18,055,134

 

$

2,068,865

Shares outstanding - Class A

 

6,344,749

   

7,708,089

   

2,968,119

Shares outstanding - Class I

  

409,000

   

1,745,770

   

199,635

Net asset value per share - Class A*

  

$12.14

   

$10.34

   

$10.36

Maximum sales charge - Class A

  

2.50%

    

2.50%

    

2.50%

Public offering price per share - Class A

  

$12.45

   

$10.61

   

$10.63

Net asset value per share - Class I

  

$12.15

   

$10.34

   

$10.36

 

* 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 year ended July 31, 2021

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

INVESTMENT INCOME

                

Interest

$

2,015,388

 

$

408,980

 

$

1,416,909

Total investment income

$

2,015,388

 

$

408,980

 

$

1,416,909

 

                

EXPENSES

                

Investment advisory fees

$

380,074

 

$

75,455

 

$

275,790

Distribution (12b-1) fees - Class A

  

167,367

   

35,241

   

131,894

Transfer agent fees

  

97,218

   

24,110

   

72,190

Administrative service fees

  

142,421

   

57,127

   

113,221

Professional fees

  

20,158

   

6,526

   

15,849

Reports to shareholders

  

2,701

   

1,533

   

1,745

License, fees, and registrations

  

1,486

   

1,205

   

6,453

Audit fees

  

14,526

   

2,456

   

10,525

Trustees’ fees

  

7,556

   

1,505

   

5,489

Transfer agent out-of-pockets

  

5,339

   

1,649

   

3,585

Legal fees

  

8,077

   

1,877

   

5,825

Insurance expense

  

1,416

   

334

   

1,064

Total expenses

$

848,339

 

$

209,018

 

$

643,630

Less expenses waived or reimbursed (See Note 7)

 

(125,783)

  

 

(63,574)

  

 

(109,033)

Total net expenses

$

722,556

 

$

145,444

 

$

534,597

 

 

 

  

 

 

  

 

 

NET INVESTMENT INCOME (LOSS)

$

1,292,832

 

$

263,536

 

$

882,312

 

                

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                

Net realized gain (loss) from investment transactions

$

8,491

 

$

(20,973)

  

$

(233,081)

Net change in unrealized appreciation (depreciation) of investments

  

(407,289)

    

(103,184)

    

(427,907)

Net realized and unrealized gain (loss) on investments

$

(398,798)

  

$

(124,157)

  

$

(660,988)

 

                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

894,034

 

$

139,379

 

$

221,324

 
 

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

 

 

 

 

FINANCIAL STATEMENTS

 

Statements of Operations For the year ended July 31, 2021

 

 

Oklahoma

        
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

INVESTMENT INCOME

                

Interest

$

1,858,799

 

$

2,437,384

 

$

875,589

Total investment income

$

1,858,799

 

$

2,437,384

 

$

875,589

 

                

EXPENSES

                

Investment advisory fees

$

373,494

 

$

463,318

 

$

154,707

Distribution (12b-1) fees - Class A

  

174,711

   

190,320

   

71,776

Transfer agent fees

  

95,639

   

117,197

   

43,130

Administrative service fees

  

140,578

   

165,729

   

79,318

Professional fees

  

19,706

   

23,633

   

10,082

Reports to shareholders

  

1,241

   

3,190

   

1,431

License, fees, and registrations

  

2,044

   

2,643

   

1,748

Audit fees

  

15,616

   

17,910

   

5,847

Trustees’ fees

  

7,401

   

9,202

   

3,078

Transfer agent out-of-pockets

  

3,399

   

5,350

   

2,383

Legal fees

  

7,842

   

9,773

   

3,240

Insurance expense

  

1,235

   

1,664

   

595

Total expenses

$

842,906

 

$

1,009,929

 

$

377,335

Less expenses waived or reimbursed (See Note 7)

 

(122,886)

  

 

(142,929)

  

 

(79,584)

Total net expenses

$

720,020

 

$

867,000

 

$

297,751

 

 

 

  

 

 

  

 

 

NET INVESTMENT INCOME (LOSS)

$

1,138,779

 

$

1,570,384

 

$

577,838

 

                

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                

Net realized gain (loss) from investment transactions

$

186,911

 

$

(88)

  

$

(46,417)

Net change in unrealized appreciation (depreciation) of investments

  

266,011

   

5,907

   

(39,589)

Net realized and unrealized gain (loss) on investments

$

452,922

 

$

5,819

 

$

(86,006)

 

                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

1,591,701

 

$

1,576,203

 

$

491,832

 

 

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, 2021

 

 

Kansas

  

Maine

  

Nebraska
 

Municipal

  

Municipal

  

Municipal
 

Fund

  

Fund

  

Fund

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

1,292,832

 

$

263,536

 

$

882,312

Net realized gain (loss) from investment transactions

  

8,491

   

(20,973)

    

(233,081)

Net change in unrealized appreciation (depreciation) of investments

  

(407,289)

    

(103,184)

    

(427,907)

Net increase (decrease) in net assets resulting from operations

$

894,034

 

$

139,379

 

$

221,324

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(1,119,334)

  

$

(243,843)

  

$

(838,183)

Distributions - Class I

  

(173,767)

    

(19,693)

    

(44,130)

Total distributions

$

(1,293,101)

  

$

(263,536)

  

$

(882,313)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

12,125,958

 

$

746,316

 

$

6,885,906

Proceeds from sale of shares - Class I

  

4,199,396

   

436,085

   

2,118,920

Proceeds from reinvested dividends - Class A

  

978,594

   

193,649

   

597,347

Proceeds from reinvested dividends - Class I

  

75,614

   

16,169

   

28,875

Cost of shares redeemed - Class A

  

(5,362,369)

    

(1,923,398)

    

(3,042,700)

Cost of shares redeemed - Class I

  

(495,580)

    

(531,264)

    

(1,286,780)

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

$

11,521,613

 

$

(1,062,443)

  

$

5,301,568

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

11,122,546

 

$

(1,186,600)

  

$

4,640,579

NET ASSETS, BEGINNING OF PERIOD

  

70,065,913

   

15,636,724

   

53,217,135

NET ASSETS, END OF PERIOD

$

81,188,459

 

$

14,450,124

 

$

57,857,714

 

  

 

    

 

    

 
 

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, 2021

 

 

Oklahoma

            
 

Municipal

  

Tax-Free

  

Tax-Free
 

Fund

  

Fund For MT

  

Fund For ND

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

                

Net investment income (loss)

$

1,138,779

 

$

1,570,384

 

$

577,838

Net realized gain (loss) from investment transactions

  

186,911

   

(88)

    

(46,417)

Net change in unrealized appreciation (depreciation) of investments

  

266,011

   

5,907

   

(39,589)

Net increase (decrease) in net assets resulting from operations

$

1,591,701

 

$

1,576,203

 

$

491,832

 

                

DISTRIBUTIONS TO SHAREHOLDERS

                

Distributions - Class A

$

(1,053,791)

  

$

(1,255,956)

  

$

(530,263)

Distributions - Class I

  

(84,816)

    

(314,236)

    

(46,932)

Total distributions

$

(1,138,607)

  

$

(1,570,192)

  

$

(577,195)

 

                

CAPITAL SHARE TRANSACTIONS

                

Proceeds from sale of shares - Class A

$

19,889,220

 

$

11,800,545

 

$

5,366,327

Proceeds from sale of shares - Class I

  

1,079,030

   

5,478,338

   

466,104

Proceeds from reinvested dividends - Class A

  

912,990

   

1,092,106

   

466,282

Proceeds from reinvested dividends - Class I

  

61,434

   

126,885

   

38,431

Cost of shares redeemed - Class A

  

(6,526,838)

    

(5,914,446)

    

(3,726,671)

Cost of shares redeemed - Class I

  

(999,148)

    

(1,019,327)

    

(578,856)

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

$

14,416,688

 

$

11,564,101

 

$

2,031,617

 

                

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

14,869,782

 

$

11,570,112

 

$

1,946,254

NET ASSETS, BEGINNING OF PERIOD

  

67,120,663

   

86,194,533

   

30,869,645

NET ASSETS, END OF PERIOD

$

81,990,445

 

$

97,764,645

 

$

32,815,899

 

  

 

    

 

    

 
 

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

 

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’ Schedules of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

 

Contingent deferred sales charge—In the case of investments into the Funds of $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 July 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 Funds maintain balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

 

Security transactions, investment income, expenses and distributions—Income and expenses are recorded on an accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification basis. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

 

Use of estimates—The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase (decrease) in net assets during the reporting period. Actual results could differ from those estimates.

 

Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

 

Multiple class allocations—The Funds simultaneously use the settled shares method to allocate income and fund-wide expenses and use the relative net assets method to allocate gains and losses. Class-specific expenses, distribution fees, and any other items that are specifically attributable to a particular class are charged directly to such class.

 

NOTE 3: Fair Value Measurements

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 inputs are based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2021:

     

Level 1

  

Level 2

  

Level 3

  

Total

KS Muni Fund

Municipal Bonds

  

$

0

 

$

78,370,576

 

$

0

 

$

78,370,576

 

Total

  

$

0

 

$

78,370,576

 

$

0

 

$

78,370,576

 

 

                        

ME Muni Fund

Municipal Bonds

  

$

0

 

$

13,544,023

 

$

0

 

$

13,544,023

 

Total

  

$

0

 

$

13,544,023

 

$

0

 

$

13,544,023

 

 

                        

NE Muni Fund

Municipal Bonds

  

$

0

 

$

54,683,472

 

$

0

 

$

54,683,472

 

Total

  

$

0

 

$

54,683,472

 

$

0

 

$

54,683,472

 

 

                        

OK Muni Fund

Municipal Bonds

  

$

0

 

$

76,734,886

 

$

0

 

$

76,734,886

 

Total

  

$

0

 

$

76,734,886

 

$

0

 

$

76,734,886

 

 

                        

Tax-Free

Municipal Bonds

  

$

0

 

$

84,815,831

 

$

0

 

$

84,815,831

Fund for MT

Total

  

$

0

 

$

84,815,831

 

$

0

 

$

84,815,831

 

                          

Tax-Free

Municipal Bonds

  

$

0

 

$

30,921,686

 

$

0

 

$

30,921,686

Fund for ND

Total

  

$

0

 

$

30,921,686

 

$

0

 

$

30,921,686

 

The Funds did not any Level 3 assets during the year ended July 31, 2021.

 

 

 

NOTE 4: Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) For the year ended July 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

  

$15,639,042

  

$2,453,579

  

$11,753,838

  

$25,305,915

  

$19,357,620

  

$11,015,660

Sales

  

$  3,055,000

  

$2,196,517

  

$  4,277,335

  

$  7,790,876

  

$10,119,420

  

$  6,187,399

 

 

NOTE 5: Capital Share Transactions

 

Transactions in capital shares were as follows:

 

Year Ended 7/31/2021:

  

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

  

1,098,407

 

68,605

 

646,434

 

1,653,923

 

1,145,467

 

518,839

Shares issued from reinvestments

  

88,645

 

17,803

 

56,110

 

76,013

 

106,211

 

45,177

Shares redeemed

  

(485,862)

  

(176,936)

  

(285,666)

  

(543,792)

  

(574,742)

  

(360,560)

Net increase (decrease)

  

701,190

 

(90,528)

  

416,878

 

1,186,144

 

676,936

 

203,456

 

                        

Class I

                        

Shares sold

  

379,851

 

39,940

 

198,528

 

89,675

 

531,743

 

45,152

Shares issued from reinvestments

  

6,849

 

1,486

 

2,713

 

5,111

 

12,337

 

3,721

Shares redeemed

  

(44,854)

  

(48,983)

  

(120,798)

  

(82,650)

  

(98,890)

  

(56,186)

Net increase (decrease)

  

341,846

 

(7,557)

  

80,443

 

12,136

 

445,190

 

(7,313)

 

                        

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, 2021, 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

$

73,927,962

 

$

12,831,230

 

$

51,987,476

 

$

72,962,796

 

$

79,944,506

 

$

29,636,160

Unrealized appreciation

$

4,454,623

 

$

713,173

 

$

2,700,434

 

$

3,772,468

 

$

4,874,701

 

$

1,297,220

Unrealized depreciation

  

(12,009)

    

(380)

   

(4,438)

    

(378)

    

(3,376)

    

(11,694)

Net unrealized appreciation*

$

4,442,614

 

$

712,793

 

$

2,695,996

 

$

3,772,090

 

$

4,871,325

 

$

1,285,526

*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 7/31/21:

Fund

  

Fund

  

Fund

  

Fund

  

Fund for MT

  

Fund for ND

Tax-exempt income

$

1,293,101

  

$

263,536

  

$

882,313

  

$

1,138,607

  

$

1,570,192

  

$

577,195
                                   

Year ended 7/31/20:

                                  

Tax-exempt income

$

1,340,649

  

$

301,120

  

$

980,593

  

$

1,162,817

  

$

1,687,472

  

$

657,820

 

As of July 31, 2021, 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

$

20,400

 

$

3,349

 

$

19,418

 

$

7,269

 

$

24,745

 

$

4,680

Distributions payable

  

(20,395)

    

(3,318)

    

(19,415)

    

(7,263)

    

(24,637)

    

(4,707)

Accumulated capital and other losses

  

(556,096)

    

(425,674)

    

(935,494)

    

(237,133)

    

(3,100,097)

    

(865,732)

Unrealized appreciation /(depreciation)

  

4,442,614

   

712,793

   

2,695,996

   

3,772,090

   

4,871,325

   

1,285,526

Total accumulated earnings/(deficit)

$

3,886,523

 

$

287,150

 

$

1,760,505

 

$

3,534,963

 

$

1,771,336

 

$

419,767

 

 

The Funds’ capital loss carryforward amounts as of July 31, 2021 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

 

$

397,966

 

$

930,782

 

$

237,133

 

$

1,961,930

 

$

656,202

Non-expiring L-T losses

  

27,020

   

27,708

   

4,712

   

0

   

1,138,167

   

209,530

Total

$

556,096

 

$

425,674

 

$

935,494

 

$

237,133

 

$

3,100,097

 

$

865,732

                                   

Capital loss carryforward utilized

$

11,250

 

$

0

 

$

0

 

$

187,079

 

$

153

 

$

0

 

 

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. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

 

 

Year Ended 7/31/2021

  

Payable 7/31/2021
 

Advisory Fees

  

Waived

  

Reimb.

  

Advisory

  

Waived

  

Reimb.

KS Muni Fund

$

380,074

  

$

125,783

 

$

0

 

$

34,294

 

$

12,691

 

$

0

ME Muni Fund

$

75,455

  

$

63,574

 

$

0

 

$

6,086

 

$

5,657

 

$

0

NE Muni Fund

$

275,790

  

$

109,033

 

$

0

 

$

24,467

 

$

10,589

 

$

0

OK Muni Fund

$

373,494

  

$

122,886

 

$

0

 

$

34,728

 

$

13,240

 

$

0

Tax-Free Fund for MT

$

463,318

  

$

142,929

 

$

0

 

$

41,466

 

$

14,306

 

$

0

Tax-Free Fund for ND

$

154,707

  

$

79,584

 

$

0

 

$

13,834

 

$

7,419

 

$

0

 

VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Amounts subject to recoupment with an expiration date of July 31, 2024 are as follows:

 

Amount

KS Muni Fund

$

125,783

ME Muni Fund

$

63,574

NE Muni Fund

$

109,033

OK Muni Fund

$

122,886

Tax-Free Fund for MT

$

142,929

Tax Free Fund for ND

$

79,584

 

IFD serves as the principal underwriter and distributor for the Funds and receives sales charges deducted from Fund share sales proceeds and CDSC from applicable Fund share redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse their principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called “Distribution Plan expenses.” The Funds currently pay an annual distribution fee of up to 0.25% of the average daily net assets. Certain Officers of the Funds are also Officers and Governors of IFD.

 

 

 

Year Ended 7/31/2021

  

Payable 7/31/2021
 

Sales Charges

  

CDSC

  

Distribution Fees

  

Distribution Fees

KS Muni Fund - A

$

91,742

  

$

79

  

$

167,367

  

$

14,910

ME Muni Fund - A

$

6,376

  

$

0

  

$

35,241

  

$

2,860

NE Muni Fund - A

$

51,390

  

$

1,987

  

$

131,894

  

$

11,700

OK Muni Fund - A

$

71,935

  

$

0

  

$

174,711

  

$

16,306

Tax-Free Fund for MT - A

$

56,583

  

$

3,228

  

$

190,320

  

$

16,939

Tax-Free Fund for ND - A

$

13,972

  

$

0

  

$

71,776

  

$

6,480

 

IFS acts as the Funds’ transfer agent for a monthly variable fee equal to 0.12% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds’ average daily net assets on an annual basis plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses and an additional fee of $500 per month for each additional share class. IFS also acts as the Funds’ administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds’ average daily net assets on an annual basis plus reimbursement of out-of-pocket expenses and an additional fee of $1,000 per month for each additional share class. Certain Officers of the Funds are also Officers and Governors of IFS.

 

 

Year Ended 7/31/2021

  

Payable 7/31/2021
 

Transfer

  

Admin.

  

Transfer

  

Admin.
 

Agency Fees

  

Service Fees

  

Agency Fees

  

Service Fees

KS Muni Fund

$

102,557

  

$

142,421

  

$

9,571

  

$

12,660

ME Muni Fund

$

25,759

  

$

57,127

  

$

2,293

  

$

4,762

NE Muni Fund

$

75,775

  

$

113,221

  

$

7,224

  

$

9,908

OK Muni Fund

$

99,038

  

$

140,578

  

$

9,771

  

$

12,781

Tax-Free Fund for MT

$

122,547

  

$

165,729

  

$

11,798

  

$

14,668

Tax-Free Fund for ND

$

45,513

  

$

79,318

  

$

4,299

  

$

6,931

 

 

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 disease called COVID-19 has spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and consumer activity, significant challenges in healthcare service preparation and delivery, quarantines and general concern and uncertainty. These negative impacts have caused significant volatility and declines in global financial markets, which have caused losses for Fund investors during and subsequent to period end. The impact of the COVID-19 pandemic may last for an extended period of time, and could result in a substantial economic downturn or recession. Public health crises may exacerbate other pre-existing political, social, economic, market and financial risks. The extent of the impact to the financial performance of the Fund's investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

 

 

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

 

   

Year

Year

  

Year

  

Year

  

Year
   

Ended

Ended

  

Ended

  

Ended

  

Ended
   

7/31/21

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

NET ASSET VALUE, BEGINNING OF PERIOD

$

11.15

 

$

10.83

 

$

10.53

 

$

10.78

 

$

11.13

 

                            

Income (loss) from investment operations:

                            

Net investment income (loss) (3)

$

0.19

 

$

0.23

 

$

0.29

 

$

0.28

 

$

0.30

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

  

(0.07)

    

0.32

   

0.30

   

(0.25)

    

(0.35)

Total from investment operations

$

0.12

 

$

0.55

 

$

0.59

 

$

0.03

 

$

(0.05)
                             
                             

Distributions from net investment income

$

(0.19)

  

$

(0.23)

  

$

(0.29)

  

$

(0.28)

  

$

(0.30)

 

                            

NET ASSET VALUE, END OF PERIOD

$

11.08

 

$

11.15

 

$

10.83

 

$

10.53

 

$

10.78

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge)

1.05%

 

5.11%

 

5.69%

 

0.32%

 

(0.42%)

 

                            

RATIOS/SUPPLEMENTAL DATA

                            

Net assets, end of period (in thousands)

  

$70,686

 

$63,309

 

$52,936

 

$56,489

 

$61,775

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

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

Ratio of expenses to average net assets before waivers

 

1.15%

  

1.17%

  

1.18%

  

1.16%

  

1.15%

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

  

1.67%

  

2.06%

  

2.74%

  

2.67%

  

2.76%

Portfolio turnover rate

  

4.30%

  

15.21%

  

28.75%

  

21.27%

  

6.85%

 

(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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.
 

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

 

 

 

 

 

 

 

 

Period
   

Year

Year

  

Year

  

From
   

Ended

Ended

  

Ended

  

11/1/17* to
   

7/31/21

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) (3)

$

0.21

 

$

0.25

 

$

0.32

 

$

0.23

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

  

(0.07)

    

0.32

   

0.29

   

(0.20)

Total from investment operations

$

0.14

 

$

0.57

 

$

0.61

 

$

0.03

                       
                       

Distributions from net investment income

$

(0.21)

  

$

(0.25)

  

$

(0.32)

  

$

(0.23)

 

                      

NET ASSET VALUE, END OF PERIOD

$

11.08

 

$

11.15

 

$

10.83

 

$

10.54

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

1.30%

 

5.36%

 

5.86%

 

0.31%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$10,503

 

$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 ^

  

0.90%

  

0.92%

  

0.93%

  

0.92%

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

  

1.92%

  

2.31%

  

2.99%

  

2.99%

Portfolio turnover rate #

  

4.30%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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 A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Year

Year

  

Year

  

Year

  

Year
   

Ended

Ended

  

Ended

  

Ended

  

Ended
   

7/31/21

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.97

 

$

10.85

 

$

10.64

 

$

10.88

 

$

11.31

 

                            

Income (loss) from investment operations:

                            

Net investment income (loss) (3)

$

0.19

 

$

0.21

 

$

0.26

 

$

0.24

 

$

0.25

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

  

(0.08)

    

0.12

   

0.21

   

(0.24)

    

(0.43)

Total from investment operations

$

0.11

 

$

0.33

 

$

0.47

 

$

0.00

 

$

(0.18)
 

 

 

  

 

 

  

 

 

  

 

 

  

 

 
                             

Distributions from net investment income

$

(0.19)

  

$

(0.21)

  

$

(0.26)

  

$

(0.24)

  

$

(0.25)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSET VALUE, END OF PERIOD

$

10.89

 

$

10.97

 

$

10.85

 

$

10.64

 

$

10.88

 

                            

Total Return (excludes any applicable sales charge)

1.00%

 

3.08%

 

4.45%

 

0.04%

 

(1.55%)

 

                            

RATIOS/SUPPLEMENTAL DATA

                            

Net assets, end of period (in thousands)

  

$13,477

 

$14,573

 

$14,622

 

$17,742

 

$19,811

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

  

0.98%

  

0.98%

  

0.98%

  

0.98%

  

0.98%

Ratio of expenses to average net assets before waivers

 

1.40%

  

1.40%

  

1.41%

  

1.33%

  

1.25%

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

  

1.73%

  

1.94%

  

2.40%

  

2.28%

  

2.31%

Portfolio turnover rate

 

15.80%

  

22.13%

  

7.56%

  

10.91%

  

21.81%

 

(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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.
 

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

 

 

 

 

 

 

 

 

Period
   

Year

Year

  

Year

  

From
   

Ended

Ended

  

Ended

  

11/1/17* to
   

7/31/21

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) (3)

$

0.22

 

$

0.24

 

$

0.28

 

$

0.20

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

  

(0.09)

    

0.13

   

0.20

   

(0.19)

Total from investment operations

$

0.13

 

$

0.37

 

$

0.48

 

$

0.01

 

 

 

  

 

 

  

 

 

  

 

 

Distributions from net investment income

$

(0.22)

  

$

(0.24)

  

$

(0.28)

  

$

(0.20)

 

                      

NET ASSET VALUE, END OF PERIOD

$

10.89

 

$

10.98

 

$

10.85

 

$

10.65

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

1.16%

 

3.43%

 

4.61%

 

0.12%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$973

 

$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 ^

  

1.15%

  

1.15%

  

1.16%

  

1.11%

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

  

1.98%

  

2.19%

  

2.65%

  

2.53%

Portfolio turnover rate #

  

15.80%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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 A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Year

Year

  

Year

  

Year

  

Year
   

Ended

Ended

  

Ended

  

Ended

  

Ended
   

7/31/21

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.77

 

$

10.58

 

$

10.25

 

$

10.46

 

$

10.82

 

                            

Income (loss) from investment operations:

                            

Net investment income (loss) (3)

$

0.17

 

$

0.21

 

$

0.24

 

$

0.24

 

$

0.25

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

  

(0.13)

    

0.19

   

0.33

   

(0.21)

    

(0.36)

Total from investment operations

$

0.04

 

$

0.40

 

$

0.57

 

$

0.03

 

$

(0.11)

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Distributions from net investment income

$

(0.17)

  

$

(0.21)

  

$

(0.24)

  

$

(0.24)

  

$

(0.25)

 

                            

NET ASSET VALUE, END OF PERIOD

$

10.64

 

$

10.77

 

$

10.58

 

$

10.25

 

$

10.46

 

                            

Total Return (excludes any applicable sales charge)

0.38%

 

3.81%

 

5.65%

 

0.34%

 

(1.01%)

 

                            

RATIOS/SUPPLEMENTAL DATA

                            

Net assets, end of period (in thousands)

  

$55,363

 

$51,557

 

$44,793

 

$45,182

 

$50,095

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

  

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%

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

  

1.59%

  

1.96%

  

2.33%

  

2.36%

  

2.35%

Portfolio turnover rate

 

8.21%

  

13.06%

  

8.20%

  

8.99%

  

22.92%

 

(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.
   

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.
 

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

 

 

 

 

 

 

 

 

Period
 

Year

  

Year

  

Year

  

From
 

Ended

  

Ended

  

Ended

  

11/1/17* to
 

7/31/21

  

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) (3)

$

0.20

 

$

0.23

 

$

0.27

 

$

0.20

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

  

(0.13)

    

0.19

   

0.32

   

(0.17)

Total from investment operations

$

0.07

 

$

0.42

 

$

0.59

 

$

0.03

 

 

 

  

 

 

  

 

 

  

 

 

Distributions from net investment income

$

(0.20)

  

$

(0.23)

  

$

(0.27)

  

$

(0.20)

 

                      

NET ASSET VALUE, END OF PERIOD

$

10.63

 

$

10.76

 

$

10.57

 

$

10.25

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

0.63%

 

4.07%

 

5.81%

 

0.32%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$2,495

 

$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)

  

1.84%

  

2.21%

  

2.58%

  

2.63%

Portfolio turnover rate #

  

8.21%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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 A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

   

Year

Year

  

Year

  

Year

  

Year
   

Ended

Ended

  

Ended

  

Ended

  

Ended
   

7/31/21

7/31/20

  

7/31/19

  

7/31/18

  

7/31/17

NET ASSET VALUE, BEGINNING OF PERIOD

$

12.08

 

$

11.86

 

$

11.47

 

$

11.74

 

$

12.10

 

                            

Income (loss) from investment operations:

                            

Net investment income (loss) (3)

$

0.18

 

$

0.24

 

$

0.29

 

$

0.27

 

$

0.27

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

  

0.06

   

0.22

   

0.39

   

(0.27)

    

(0.36)

Total from investment operations

$

0.24

 

 

0.46

 

 

0.68

 

 

0.00

 

 $

(0.09)

 

 

 

  

 

 

  

 

 

  

 

 

  

 

 
                             

Distributions from net investment income

$

(0.18)

  

$

(0.24)

  

$

(0.29)

  

$

(0.27)

  

$

(0.27)

 

                            

NET ASSET VALUE, END OF PERIOD

$

12.14

 

$

12.08

 

$

11.86

 

$

11.47

 

$

11.74

 

                            

Total Return (excludes any applicable sales charge)

2.03%

 

3.92%

 

5.98%

 

(0.04%)

  

(0.71%)

 

                    

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$77,021

 

$62,321

 

$44,534

 

$41,362

 

$47,374

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

  

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%

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

  

1.51%

  

1.99%

 

2.46%

 

2.28%

 

2.30%

Portfolio turnover rate

 

11.13%

  

13.69%

 

18.37%

 

13.03%

 

5.30%

 

(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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.
 

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

 

 

 

 

 

 

 

 

Period
 

Year

  

Year

  

Year

  

From
 

Ended

  

Ended

  

Ended

  

11/1/17* to
 

7/31/21

  

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) (3)

$

0.21

 

$

0.27

 

$

0.31

 

$

0.22

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

  

0.06

   

0.22

   

0.39

   

(0.21)

Total from investment operations

$

0.27

 

$

0.49

 

$

0.70

 

$

0.01

 

 

 

  

 

 

  

 

 

  

 

 

Distributions from net investment income

$

(0.21)

  

$

(0.27)

  

$

(0.31)

  

$

(0.22)

 

                      

NET ASSET VALUE, END OF PERIOD

$

12.15

 

$

12.09

 

$

11.87

 

$

11.48

 

 

 

  

 

 

  

 

 

  

 

 

Total Return (excludes any applicable sales charge) #

2.29%

 

4.18%

 

6.24%

 

0.10%

 

                      

RATIOS/SUPPLEMENTAL DATA

                      

Net assets, end of period (in thousands)

  

$4,970

 

$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)

  

1.76%

  

2.25%

  

2.71%

  

2.62%

Portfolio turnover rate #

  

11.13%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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 A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

 

 

 

 

 

 

 

Seven

 

 

 

 
 

Year

  

Year

  

Year

  

Months

  

Year

  

Year
 

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
 

7/31/21

  

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

 

$

10.26

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss) (3)

$

0.17

 

$

0.22

 

$

0.25

 

$

0.14

 

$

0.24

 

$

0.27

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

  

(0.01)

    

0.17

   

0.32

   

(0.22)

    

0.13

   

(0.31)

Total from investment operations

$

0.16

 

$

0.39

 

$

0.57

 

$

(0.08)

  

$

0.37

 

$

(0.04)

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.17)

  

$

(0.22)

  

$

(0.25)

  

$

(0.14)

  

$

(0.24)

  

$

(0.27)

Total distributions

$

(0.17)

  

$

(0.22)

  

$

(0.25)

  

$

(0.14)

  

$

(0.24)

  

$

(0.27)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.34

 

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

                                  

Total Return (excludes any applicable sales charge) #

1.57%

 

3.89%

 

5.90%

 

(0.74%)

  

3.77%

 

(0.43%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$79,710

 

$72,738

 

$60,520

 

$62,913

 

$68,990

 

$75,870

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 ^

  

1.13%

  

1.15%

 

1.17%

 

1.17%

 

1.15%

 

1.16%

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

  

1.65%

  

2.15%

 

2.54%

 

2.52%

 

2.42%

 

2.63%

Portfolio turnover rate #

  

12.00%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

^

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

 

 

 

 

 

 

 

 

Seven

 

 

 

Period
 

Year

  

Year

  

Year

  

Months

  

Year

  

From
 

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

8/1/16* to
 

7/31/21

  

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) (3)

$

0.20

 

$

0.25

 

$

0.28

 

$

0.16

 

$

0.27

 

$

0.12

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

  

(0.01)

    

0.17

   

0.32

   

(0.22)

    

0.13

   

(0.46)

Total from investment operations

$

0.19

 

$

0.42

 

$

0.60

 

$

(0.06)

  

$

0.40

 

$

(0.34)

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.20)

  

$

(0.25)

  

$

(0.28)

  

$

(0.16)

  

$

(0.27)

  

$

(0.12)

Total distributions

$

(0.20)

  

$

(0.25)

  

$

(0.28)

  

$

(0.16)

  

$

(0.27)

  

$

(0.12)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.34

 

$

10.35

 

$

10.18

 

$

9.86

 

$

10.08

 

$

9.95

 

                                  

Total Return (excludes any applicable sales charge) #

1.82%

 

4.15%

 

6.16%

 

(0.59%)

  

4.03%

 

(3.32%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

 $ 18,055

 

$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)

  

1.90%

  

2.40%

 

2.80%

 

2.77%

 

2.65%

 

2.74%

Portfolio turnover rate #

  

12.00%

 

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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 A

 

FINANCIAL HIGHLIGHTS

 

Selected per share data and ratios for the periods indicated

 

               

Seven

        
 

Year

  

Year

  

Year

  

Months

  

Year

  

Year
 

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

Ended
 

7/31/21

  

7/31/20

  

7/31/19

  

7/31/18

  

12/31/17

  

12/30/16

NET ASSET VALUE, BEGINNING OF PERIOD

$

10.39

 

$

10.31

 

$

10.07

 

$

10.26

 

$

10.20

 

$

10.47

 

                                  

Income (loss) from investment operations:

                                  

Net investment income (loss) (3)

$

0.19

 

$

0.23

 

$

0.27

 

$

0.15

 

$

0.26

 

$

0.27

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

  

(0.03)

    

0.08

   

0.24

   

(0.19)

    

0.06

   

(0.27)

Total from investment operations

$

0.16

 

$

0.31

 

$

0.51

 

$

(0.04)

  

$

0.32

 

$

0.00

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.19)

  

$

(0.23)

  

$

(0.27)

  

$

(0.15)

  

$

(0.26)

  

$

(0.27)

Total distributions

$

(0.19)

  

$

(0.23)

  

$

(0.27)

  

$

(0.15)

  

$

(0.26)

  

$

(0.27)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.36

 

$

10.39

 

$

10.31

 

$

10.07

 

$

10.26

 

$

10.20

 

                                  

Total Return (excludes any applicable sales charge) #

1.57%

 

3.06%

 

5.10%

 

(0.40%)

  

3.12%

 

(0.08%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

 $30,747

 

$28,719

 

$22,508

 

$22,910

 

$23,548

 

$25,385

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 ^

  

1.24%

  

1.26%

 

1.32%

 

1.31%

 

1.30%

 

1.27%

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

  

1.85%

  

2.25%

 

2.63%

 

2.54%

 

2.51%

 

2.53%

Portfolio turnover rate #

  

22.02%

  

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

^

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

 

                 

Seven

      

Period

 

Year

 

Year

 

Year

 

Months

 

Year

 

From
 

Ended

  

Ended

  

Ended

  

Ended

  

Ended

  

8/1/16* to
 

7/31/21

  

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) (3)

$

0.22

 

$

0.26

 

$

0.29

 

$

0.16

 

$

0.28

 

$

0.12

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

  

(0.03)

    

0.07

   

0.25

   

(0.19)

    

0.06

   

(0.45)

Total from investment operations

$

0.19

 

$

0.33

 

$

0.54

 

$

(0.03)

  

$

0.34

 

$

(0.33)

 

                                  

Less Distributions:

                                  

Dividends from net investment income

$

(0.22)

  

$

(0.26)

  

$

(0.29)

  

$

(0.16)

  

$

(0.28)

  

$

(0.12)

Total distributions

$

(0.22)

  

$

(0.26)

  

$

(0.29)

  

$

(0.16)

  

$

(0.28)

  

$

(0.12)

 

                                  

NET ASSET VALUE, END OF PERIOD

$

10.36

 

$

10.39

 

$

10.32

 

$

10.07

 

$

10.26

 

$

10.20

 

                                  

Total Return (excludes any applicable sales charge) #

1.83%

 

3.22%

 

5.47%

 

(0.25%)

  

3.38%

 

(3.11%)

 

                                  

RATIOS/SUPPLEMENTAL DATA

                                  

Net assets, end of period (in thousands)

  

$2,069

 

$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)

  

2.10%

 

2.50%

 

2.88%

 

2.78%

 

2.75%

 

2.82%

Portfolio turnover rate #

  

22.02%

 

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.

(3)

Per share net investment income (loss) has been calculated using the average daily shares method.

*

Commencement of operations.

^

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.

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of

Viking Mutual Funds

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Viking Mutual Funds comprising Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota (the “Funds”), as of July 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the six periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of July 31, 2021, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the six periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more investment companies advised by Viking Fund Management since 2009.

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 29, 2021

 

 

 

 

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

  

 

1/31/21

7/31/21

Period*

Ratio

  

Kansas Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.04

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.06

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

Maine Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.03

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.04

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

Nebraska Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.00

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.01

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

Oklahoma Municipal Fund

          

Actual - Class A

$1,000.00

$1,000.11

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.12

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

Viking Tax-Free Fund of Montana

          

Actual - Class A

$1,000.00

$1,000.05

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.06

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

Viking Tax-Free Fund of North Dakota

          

Actual - Class A

$1,000.00

$1,000.07

$4.86

0.98%

  

Actual - Class I

$1,000.00

$1,000.07

$3.62

0.73%

  

Hypothetical - Class A (5% return before expenses)

$1,000.00

$1,019.93

$4.91

0.98%

  

Hypothetical - Class I (5% return before expenses)

$1,000.00

$1,021.17

$3.66

0.73%

  

*Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied 181 days in the one-half year period, and divided by 365 days in the fiscal year (to reflect the one-half year period).

  
 

 

 

 

LIQUIDITY RISK MANAGEMENT PROGRAM (unaudited)

 

The Viking Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration each Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short- and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources. The Viking Funds' Board of Trustees approved the appointment of the Funds' investment adviser, Viking Fund Management Inc. ("Viking"), as the administrator of the LRMP.

 

Viking manages liquidity risks associated with the Funds' investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of each Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis.

 

At a meeting held on May 3, 2021, Viking provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Viking concluded that the Funds did not experience any significant liquidity challenges during the covered period, and the Funds' LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Viking to oversee and manage liquidity risk and ensure the Funds are able to meet redemption requests without significant dilution to the remaining investors' interest in the Funds. During the review period, the Funds' portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Funds reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Funds have not adopted a highly liquid investment minimum. The Funds' investments were below the limitation on illiquid investments during the review period. Additionally, Viking indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

 

 

 

 

BOARD OF TRUSTEES AND OFFICERS (unaudited)

 

The Board of Trustees (“Board”) of the Funds consists of four Trustees (the “Trustees”). These same individuals, unless otherwise noted, also serve as trustees for the six series of The Integrity Funds. Three Trustees are not “interested persons” (75% of the total) as defined under the 1940 Act (the “Independent Trustees”). The remaining Trustee is “interested” (the “Interested Trustees”) by virtue of his affiliation with Viking Fund Management, LLC and its affiliates.”

 

For the purposes of this section, the “Fund Complex” consists of the six series of The Integrity Funds and the six series of Viking Mutual Funds.

 

Each Trustee serves a Fund until its termination; or until the Trustee’s retirement, resignation, or death; or otherwise as specified in the Funds’ organizational documents. Each Officer serves an annual term. The tables that follow show information for each Trustee and Officer of the Funds.

 

INDEPENDENT TRUSTEES

 

Name, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex

Principal Occupations for Past Five Years
and Directorships Held During Past Five Years

Wade A. Dokken
Birth date: March 3, 1960
Began serving: February 2016
Funds overseen: 11 funds

Principal occupation(s): Member, WealthVest Financial Partners (2009 to present); Co-President, WealthVest Marketing (2009 to present), Trustee: Integrity Managed Portfolios (2016 to 2018), The Integrity Funds (2016 to present), and Viking Mutual Funds (2016 to present)

Other Directorships Held: Not Applicable

R. James Maxson
Birth date: December 12, 1947
Began serving: June 2003
Funds overseen: 11 funds

Principal occupation(s): Attorney: Maxson Law Office P.C. (2002 to 2019); Trustee: Integrity Managed Portfolios (1999 to 2018), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present)

Other Directorships Held: Peoples State Bank of Velva

Jerry M. Stai
Birth date: March 31, 1952
Began serving: January 2006
Funds overseen: 11 funds

Principal occupation(s): Minot State University (1999 to present); Trustee: Integrity Managed Portfolios (2006 to 2018), The Integrity Funds (2006 to present), and Viking Mutual Funds (2009 to present)

Other Directorships Held: Not Applicable

 

The Statement of Additional Information (“SAI”) contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.

 

INTERESTED TRUSTEE

 

Name, Position with Trust, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex

Principal Occupations for Past Five Years
and Directorships Held During Past Five Years

Robert E. Walstad(1)
Chairman
Birth date: August 16, 1944
Began serving: June 2003
Funds overseen: 11 funds

Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Trustee and Chairman: Integrity Managed Portfolios (1996 to 2018), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present)

Other Directorships Held: Not Applicable

 

(1) Trustee who is an “interested person” of the Funds as defined in the 1940 Act. Mr. Walstad is an interested person by virtue of being an Officer of the Funds and ownership in Corridor Investors, LLC the parent company of Viking Fund Management, Integrity Fund Services, and Integrity Fund Distributors.

 

The SAI contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.

 

OTHER OFFICERS

 

Name, Position with Trust, Date of Birth, and Date Service Began

Principal Occupations for Past Five Years
and Directorships Held During Past Five Years

Shannon D. Radke
President
Birth date: September 7, 1966
Began serving: August 1999

Principal occupation(s): Governor, CEO, and President (2009 to present): Corridor Investors, LLC; Governor and President (1998 to present) and Senior Portfolio Manager (1999 to present): Viking Fund Management, LLC; Governor and President (2009 to present): Integrity Fund Services, LLC and Integrity Funds Distributor, LLC; President: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds (2009 to present), and Viking Mutual Funds (1999 to present)

Other Directorships Held: Minot Area Community Foundation

Peter A. Quist
Vice President
Birth date: February 23, 1934
Began serving: June 2003

Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Attorney (inactive); Vice President: Integrity Managed Portfolios (1996 to 2018); The Integrity Funds (2003 to present); and Viking Mutual Funds (2009 to present)

Other Directorships Held: Not Applicable

Shelly Nahrstedt
Treasurer
Birth date: August 31, 1961
Began serving: August 2020

Principal occupation(s): Chief Operating Officer, Integrity Fund Services, LLC, and Treasurer, The Integrity Funds (2020 to present); Director of Financial Fund Administration, PNC Capital Advisors, LLC, and Treasurer, PNC Funds (2018-2019); Director, Cohen & Company (2003-2018).

Other Directorships Held: Not applicable

Brent M. Wheeler
Secretary and Mutual Fund
Chief Compliance Officer
Birth date: October 9, 1970
Began serving:

MF CCO: October 2005

Secretary: October 2009

Principal occupation(s): Mutual Fund Chief Compliance Officer: Integrity Managed Portfolios (2005 to 2018), The Integrity Funds, (2005 to present), and Viking Mutual Funds (2009 to present); Secretary: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds and Viking Mutual Funds (2009 to present)

Other Directorships Held: Not Applicable
 

 

The SAI contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.

 

 

 

 

PRIVACY POLICY

 

Rev. 11/2017

 

FACTS

WHAT DOES INTEGRITY VIKING FUNDS DO WITH YOUR PERSONAL INFORMATION?

 

 

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

 

  • Social Security number, name, address
  • Account balance, transaction history, account transactions
  • Investment experience, wire transfer instructions

 

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Integrity Viking Funds chooses to share; and whether you can limit this sharing.

 

Reasons we can share your personal information

Does Integrity Viking Funds share?

Can you limit this sharing?

For our everyday business purposes-

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes-

to offer our products and services to you

Yes

No

For joint marketing with other financial companies

No

We don’t share

For our affiliates’ everyday business purposes-

information about your transactions and experiences

Yes

No

For our affiliates’ everyday business purposes-

information about your creditworthiness

No

We don’t share

For non-affiliates to market to you

No

We don’t share

 

Questions?

Call 1-800-601-5593 or go to www.integrityvikingfunds.com

 

 

 

 

PRIVACY POLICY (Continued)

 

Page 2

 

Who we are

Who is providing this notice?

Integrity Viking Funds (a family of investment companies)

 

What we do

How does Integrity Viking Funds protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We

  • train employees on privacy, information security and protection of client information.
  • limit access to nonpublic personal information to those employees requiring such information in performing their job functions.

How does Integrity Viking Funds collect my personal information?

 

We collect your personal information, for example, when you:

  • open an account or seek financial or tax advice
  • provide account information or give us your contact information
  • make a wire transfer

We also collect your personal information from other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

 

  • sharing for affiliates’ everyday business purposes-information about your creditworthiness
  • affiliates from using your information to market to you
  • sharing for non-affiliates to market to you

 

State laws and individual companies may give you additional rights to limit sharing.

 

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies

  • The Integrity Funds
  • Viking Mutual Funds
  • Corridor Investors, LLC
  • Viking Fund Management, LLC
  • Integrity Funds Distributor, LLC
  • Integrity Fund Services, LLC

Non-affiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

 

Integrity Viking Funds does not share with non-affiliates so they can market to you.

Joint marketing

A formal agreement between non-affiliated financial companies that together market financial products or services to you.

 

Integrity Viking Funds doesn’t jointly market.

 

Integrity Viking Funds includes:

  • The Integrity Funds
  • Viking Mutual Funds

 

 

 

 

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 schedules 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(s) and N-CSR(s) are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-PORT(s) 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 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.

At the end of the period covered by this report, the registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR that applies to the registrant’s principal executive officer and principal financial officer (herein referred to as the “Code”). There were no amendments to the Code during the period covered by this report. The registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period of this report. The Code is available on the Integrity Viking Funds website at http://www.integrityvikingfunds.com. A copy of the Code is also available, without charge, upon request by calling 800-601-5593. The Code is filed herewith pursuant to Item 12(a)(1) as EX-99.CODE ETH.

 

 

 

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that Jerry Stai is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stai is “independent” for purposes of Item 3 of Form N-CSR.

 

 

 

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen Fund Audit Services, Ltd. (“Cohen”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $58,446 for the year ended July 31, 2021 and $62,236 for the year ended July 31, 2020.

 

 

 

 

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended July 31, 2021 and $0 for the year ended July 31, 2020.

 

 

 

 

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,000 for the year ended July 31, 2021, and $15,000 for the year ended July 31, 2020. Such services included review of excise distribution calculations (if applicable), preparation of the Trust’s federal, state, and excise tax returns, tax services related to mergers, and routine counseling.

 

 

 

 

(d)

All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen, other than the services reported in paragraphs (a) through (c) of this Item: None.

 

 

 

 

(e)

(1)

Audit Committee Pre-Approval Policies and Procedures

 

 

 

 

 

 

 

 

The registrant’s audit committee has adopted policies and procedures that require the audit committee to pre-approve all audit and non-audit services provided to the registrant by the principal accountant.

 

 

 

 

 

 

(2)

Percentage of services referred to in 4(b) through 4(d) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

 

 

 

 

 

 

 

 

0% of the services described in paragraphs (b) through (d) of Item 4 were not pre-approved by the audit committee.

 

 

 

 

(f)

All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year-end were performed by Cohen’s full-time permanent employees.

 

 

 

 

(g)

Non-Audit Fees: None.

 

 

 

 

(h)

Principal Accountant’s Independence: The registrant’s auditor did not provide any non-audit services to the registrant’s investment adviser or any entity controlling, controlled by, or controlled with the registrant’s investment adviser that provides ongoing services to the registrant.

 

 

 

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)

Code of ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99. CODE ETH.

 

 

 

 

 

 

(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the 1940 Act (17 CFR 270.30a-2) is filed and attached hereto as EX-99. CERT.

 

 

 

 

 

 

(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

 

Date: October 4, 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

 

Date: October 4, 2021

 

 

 

 

By: /s/ Shelly Nahrstedt
Shelly Nahrstedt
Treasurer

 

Date: October 4, 2021