VIKING TAX-FREE FUND FOR NORTH DAKOTA |
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Schedule of Investments October 31, 2022 (unaudited) |
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| Principal |
| Fair |
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| Amount |
| Value |
MUNICIPAL BONDS (97.1%) |
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Education (13.2%) |
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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 | 420,723 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 Callable @ 100.000 04/01/2024 | 365,000 | 365,365 | ||
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025 | 500,000 | 493,155 | ||
State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 Callable @ 100.000 04/01/2027 | 250,000 | 212,692 | ||
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029 | 200,000 | 145,586 | ||
State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029 | 200,000 | 141,722 | ||
State Board of Higher Education of the State of North Dakota 5.000% 10/01/2030 | 150,000 | 160,542 | ||
State Board of Higher Education of the State of North Dakota 5.000% 10/01/2036 Callable @ 100.000 10/01/2030 | 310,000 | 319,260 | ||
State Board of Higher Education of the State of North Dakota 2.000% 08/01/2033 Callable @ 100.000 08/01/2028 | 200,000 | 153,922 | ||
State Board of Higher Education of the State of North Dakota 2.000% 08/01/2034 Callable @ 100.000 08/01/2028 | 415,000 | 303,448 | ||
University of North Dakota 4.000% 06/01/2040 Callable @ 100.000 06/01/2030 | 625,000 | 560,769 | ||
| 3,277,184 | |||
General Obligation (29.9%) |
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#City of Bismarck ND 5.000% 05/01/2024 | 1,000,000 | 1,023,720 | ||
Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 | 400,000 | 398,484 | ||
Fargo Park District 4.000% 05/01/2024 | 415,000 | 420,096 | ||
City of Grand Forks ND 4.000% 12/01/2039 Callable @ 100.000 12/01/2028 | 470,000 | 430,765 | ||
City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025 | 240,000 | 241,805 | ||
City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023 | 340,000 | 328,936 | ||
City of Horace ND 3.000% 05/01/2037 Callable @ 100.000 05/01/2026 | 150,000 | 118,653 | ||
City of Horace ND 3.000% 05/01/2034 Callable @ 100.000 05/01/2027 | 500,000 | 405,480 | ||
Mandan Public School District No 1 3.125% 08/01/2024 | 200,000 | 199,208 | ||
Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029 | 1,000,000 | 881,830 | ||
Nesson Public School District No 2 4.000% 08/01/2039 Callable @ 100.000 08/01/2027 | 500,000 | 458,605 | ||
Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028 | 275,000 | 185,259 | ||
City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026 | 500,000 | 356,400 | ||
West Fargo Park District 3.000% 05/01/2029 | 275,000 | 266,134 | ||
West Fargo Public School District No 6 3.000% 08/01/2035 Callable @ 100.000 08/01/2028 | 1,000,000 | 855,170 | ||
West Fargo Public School District No 6 3.000% 08/01/2036 Callable @ 100.000 08/01/2028 | 500,000 | 437,905 | ||
City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023 | 200,000 | 191,346 | ||
City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023 | 230,000 | 214,822 | ||
| 7,414,618 | |||
Health Care (12.6%) |
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County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025 | 215,000 | 194,194 | ||
County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 | 250,000 | 211,793 | ||
County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028 | 445,000 | 463,761 | ||
County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 | 595,000 | 572,574 | ||
*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 | 1,290,000 | 1,152,680 | ||
City of Grand Forks ND 3.000% 12/01/2039 Callable @ 100.000 12/01/2031 | 250,000 | 190,673 | ||
City of Grand Forks ND 5.125% 12/01/2025 | 250,000 | 245,520 | ||
City of Langdon ND 6.200% 01/01/2025 | 100,000 | 98,805 | ||
| 3,130,000 | |||
Housing (9.8%) |
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North Dakota Housing Finance Agency 1.750% 01/01/2031 Callable @ 100.000 07/01/2030 | 500,000 | 421,480 | ||
North Dakota Housing Finance Agency 2.150% 07/01/2024 | 530,000 | 524,250 | ||
North Dakota Housing Finance Agency 2.500% 01/01/2026 | 340,000 | 326,842 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026 | 280,000 | 260,660 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027 | 110,000 | 107,192 | ||
North Dakota Housing Finance Agency 3.750% 07/01/2038 | 250,000 | 237,540 | ||
North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029 | 195,000 | 155,469 | ||
North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029 | 185,000 | 141,562 | ||
North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029 | 300,000 | 241,635 | ||
| 2,416,630 | |||
Other Revenue (26.3%) |
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County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025 | 250,000 | 234,697 | ||
County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025 | 500,000 | 430,555 | ||
City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025 | 250,000 | 262,862 | ||
Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 500,000 | 500,405 | ||
Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024 | 345,000 | 329,075 | ||
Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024 | 500,000 | 421,810 | ||
*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024 | 500,000 | 490,635 | ||
*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024 | 1,250,000 | 964,688 | ||
Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023 | 250,000 | 238,143 | ||
Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 | 435,000 | 394,515 | ||
City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028 | 595,000 | 371,119 | ||
City of Minot ND 3.000% 10/01/2038 Callable @ 100.000 10/01/2029 | 500,000 | 388,395 | ||
North Dakota Public Finance Authority 5.000% 06/01/2031 | 240,000 | 236,412 | ||
North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023 | 400,000 | 401,196 | ||
North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024 | 265,000 | 267,332 | ||
North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025 | 130,000 | 135,548 | ||
City of West Fargo ND 4.000% 12/01/2023 | 230,000 | 232,013 | ||
City of West Fargo ND 4.000% 12/01/2033 Callable @ 100.000 12/01/2029 | 240,000 | 235,159 | ||
| 6,534,559 | |||
Pre-Refunded (1.6%) |
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County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032 Callable @ 100.000 11/01/2022 | 400,000 |
| 400,000 | |
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Utilities (3.7%) |
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City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 Callable @ 100.000 09/01/2027 | 290,000 | 220,154 | ||
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027 | 485,000 | 357,295 | ||
Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028 | 205,000 | 142,081 | ||
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025 | 250,000 | 206,075 | ||
| 925,605 | |||
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TOTAL MUNICIPAL BONDS (COST: $27,529,996) |
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| $ | 24,098,596 |
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OTHER ASSETS LESS LIABILITIES (2.9%) |
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| $ | 716,815 |
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NET ASSETS (100.0%) |
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| $ | 24,815,411 |
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*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
#When-issued purchase as of October 31, 2022. |
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NOTE: INVESTMENT IN SECURITIES (unaudited) | |
At October 31, 2022, 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 | $27,529,996 |
Unrealized appreciation | $3,237 |
Unrealized depreciation | ($3,434,637) |
Net unrealized appreciation (depreciation)* | ($3,431,400) |
*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) | ||||
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2022: | ||||
Viking Tax-Free Fund for North Dakota | ||||
Level 1 | Level 2 | Level 3 | Total | |
Municipal Bonds | $0 | $24,098,596 | $0 | $24,098,596 |
Total | $0 | $24,098,596 | $0 | $24,098,596 |