VIKING TAX-FREE FUND FOR NORTH DAKOTA |
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Schedule of Investments April 30, 2023 (unaudited) |
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|
Principal |
|
Fair |
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|
Amount |
|
Value |
MUNICIPAL BONDS (97.3%) |
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|
|
|
|
|
|
|
|
Education (14.4%) |
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|
|
|
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025 Callable @ 100.000 04/01/2024 |
415,000 |
$ |
420,756 |
|
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 Callable @ 100.000 04/01/2024 |
365,000 |
368,493 |
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State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025 |
500,000 |
509,080 |
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State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 Callable @ 100.000 04/01/2027 |
250,000 |
237,407 |
||
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029 |
200,000 |
162,278 |
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State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029 |
200,000 |
157,116 |
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State Board of Higher Education of the State of North Dakota 5.000% 10/01/2030 |
150,000 |
171,474 |
||
State Board of Higher Education of the State of North Dakota 5.000% 10/01/2036 Callable @ 100.000 10/01/2030 |
310,000 |
340,241 |
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State Board of Higher Education of the State of North Dakota 2.000% 08/01/2033 Callable @ 100.000 08/01/2028 |
200,000 |
169,826 |
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State Board of Higher Education of the State of North Dakota 2.000% 08/01/2034 Callable @ 100.000 08/01/2028 |
415,000 |
348,492 |
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University of North Dakota 4.000% 06/01/2040 Callable @ 100.000 06/01/2030 |
625,000 |
621,706 |
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|
3,506,869 |
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General Obligation (27.7%) |
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|
|
|
City of Bismarck ND 5.000% 05/01/2024 |
1,000,000 |
1,017,040 |
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Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 |
400,000 |
411,204 |
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City of Grand Forks ND 4.000% 12/01/2039 Callable @ 100.000 12/01/2028 |
470,000 |
472,294 |
||
City of Grand Forks ND 5.000% 12/01/2024 |
415,000 |
428,434 |
||
City of Grand Forks ND 5.000% 12/01/2025 |
215,000 |
227,762 |
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City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025 |
240,000 |
246,730 |
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City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023 |
340,000 |
340,037 |
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City of Horace ND 3.000% 05/01/2037 Callable @ 100.000 05/01/2026 |
150,000 |
132,535 |
||
City of Horace ND 3.000% 05/01/2034 Callable @ 100.000 05/01/2027 |
500,000 |
460,405 |
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Mandan Public School District No 1 3.125% 08/01/2024 |
200,000 |
200,414 |
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Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029 |
1,000,000 |
984,260 |
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Minot Public School District No 1 5.000% 08/01/2026 |
500,000 |
537,980 |
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Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028 |
275,000 |
208,970 |
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City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026 |
500,000 |
400,280 |
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West Fargo Park District 3.000% 05/01/2029 |
275,000 |
282,782 |
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City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023 |
200,000 |
200,014 |
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City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023 |
230,000 |
230,028 |
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|
6,781,169 |
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Health Care (15.1%) |
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|
|
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County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025 |
215,000 |
205,979 |
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County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 |
250,000 |
218,205 |
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County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028 |
445,000 |
486,300 |
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County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 |
595,000 |
602,194 |
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*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 |
1,290,000 |
1,283,808 |
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City of Grand Forks ND 3.000% 12/01/2039 Callable @ 100.000 12/01/2031 |
250,000 |
211,952 |
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City of Grand Forks ND 5.125% 12/01/2025 |
250,000 |
250,203 |
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City of Grand Forks ND 4.750% 12/01/2027 Callable @ 100.000 12/01/2026 |
350,000 |
349,675 |
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City of Langdon ND 6.200% 01/01/2025 |
70,000 |
69,819 |
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|
3,678,135 |
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Housing (8.3%) |
|
|
|
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North Dakota Housing Finance Agency 2.150% 07/01/2024 |
530,000 |
526,375 |
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North Dakota Housing Finance Agency 2.500% 01/01/2026 |
340,000 |
332,102 |
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North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026 |
280,000 |
270,729 |
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North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027 |
110,000 |
110,958 |
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North Dakota Housing Finance Agency 3.750% 07/01/2038 |
250,000 |
247,420 |
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North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029 |
185,000 |
157,126 |
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North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029 |
165,000 |
133,224 |
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North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029 |
300,000 |
259,782 |
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|
2,037,716 |
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Other Revenue (27.6%) |
|
|
|
|
County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025 |
250,000 |
251,388 |
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County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025 |
500,000 |
475,635 |
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City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025 |
250,000 |
267,055 |
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Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 |
500,000 |
506,710 |
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Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024 |
345,000 |
349,026 |
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Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024 |
500,000 |
480,825 |
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*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024 |
500,000 |
507,360 |
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*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024 |
1,250,000 |
1,065,050 |
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Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023 |
250,000 |
250,192 |
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Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 |
435,000 |
435,270 |
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City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028 |
595,000 |
424,913 |
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City of Minot ND 3.000% 10/01/2038 Callable @ 100.000 10/01/2029 |
500,000 |
431,500 |
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North Dakota Public Finance Authority 5.000% 06/01/2031 |
240,000 |
240,197 |
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North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023 |
400,000 |
400,580 |
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North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024 |
265,000 |
269,431 |
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North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025 |
130,000 |
137,188 |
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City of West Fargo ND 4.000% 12/01/2033 Callable @ 100.000 12/01/2029 |
240,000 |
255,211 |
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|
6,747,531 |
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Utilities (4.2%) |
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|
|
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City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 Callable @ 100.000 09/01/2027 |
290,000 |
245,459 |
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City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027 |
485,000 |
401,604 |
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Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028 |
205,000 |
159,457 |
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City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025 |
250,000 |
225,625 |
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|
1,032,145 |
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|
|
|
|
TOTAL MUNICIPAL BONDS (COST: $25,216,003) |
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|
$ |
23,783,565 |
SHORT-TERM INVESTMENTS (0.1%) |
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(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% |
34,394 |
|
34,394 |
|
TOTAL SHORT-TERM INVESTMENTS (Cost $34,394) |
$ |
34,394 |
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TOTAL INVESTMENTS (Cost $25,250,397) (97.4%) |
23,817,959 |
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|
|
|
|
|
OTHER ASSETS LESS LIABILITIES (2.6%) |
|
|
$ |
636,365 |
|
|
|
|
|
NET ASSETS (100.0%) |
|
|
$ |
24,454,324 |
|
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*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
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(a) Seven day yield as of April 30, 2023 |
NOTE: INVESTMENT IN SECURITIES (unaudited) |
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At April 30, 2023, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: |
|
Viking Tax-Free Fund for North Dakota |
|
Investments at cost |
$25,250,397 |
Unrealized appreciation |
112,874 |
Unrealized depreciation |
(1,545,312) |
Net unrealized appreciation (depreciation)* |
($1,432,438) |
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) |
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Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2023: |
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Viking Tax-Free Fund for North Dakota |
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|
Level 1 |
Level 2 |
Level 3 |
Total |
Municipal Bonds |
$0 |
$23,783,565 |
$0 |
$23,783,565 |
Short-Term Investments |
34,394 |
0 |
0 |
34,394 |
Total |
$34,394 |
$23,783,565 |
$0 |
$23,817,959 |