VIKING TAX-FREE FUND FOR NORTH DAKOTA | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
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| Principal |
| Fair |
|
| Amount |
| Value |
MUNICIPAL BONDS (97.3%) |
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|
|
|
|
|
|
|
Education (14.4%) |
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|
|
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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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
University of North Dakota 4.000% 06/01/2040 Callable @ 100.000 06/01/2030 | 625,000 | 621,706 | ||
| 3,506,869 | |||
General Obligation (27.7%) |
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|
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City of Bismarck ND 5.000% 05/01/2024 | 1,000,000 | 1,017,040 | ||
Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 | 400,000 | 411,204 | ||
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 | ||
City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025 | 240,000 | 246,730 | ||
City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023 | 340,000 | 340,037 | ||
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 | ||
Mandan Public School District No 1 3.125% 08/01/2024 | 200,000 | 200,414 | ||
Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029 | 1,000,000 | 984,260 | ||
Minot Public School District No 1 5.000% 08/01/2026 | 500,000 | 537,980 | ||
Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028 | 275,000 | 208,970 | ||
City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026 | 500,000 | 400,280 | ||
West Fargo Park District 3.000% 05/01/2029 | 275,000 | 282,782 | ||
City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023 | 200,000 | 200,014 | ||
City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023 | 230,000 | 230,028 | ||
| 6,781,169 | |||
Health Care (15.1%) |
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County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025 | 215,000 | 205,979 | ||
County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 | 250,000 | 218,205 | ||
County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028 | 445,000 | 486,300 | ||
County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 | 595,000 | 602,194 | ||
*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 | 1,290,000 | 1,283,808 | ||
City of Grand Forks ND 3.000% 12/01/2039 Callable @ 100.000 12/01/2031 | 250,000 | 211,952 | ||
City of Grand Forks ND 5.125% 12/01/2025 | 250,000 | 250,203 | ||
City of Grand Forks ND 4.750% 12/01/2027 Callable @ 100.000 12/01/2026 | 350,000 | 349,675 | ||
City of Langdon ND 6.200% 01/01/2025 | 70,000 | 69,819 | ||
| 3,678,135 | |||
Housing (8.3%) |
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North Dakota Housing Finance Agency 2.150% 07/01/2024 | 530,000 | 526,375 | ||
North Dakota Housing Finance Agency 2.500% 01/01/2026 | 340,000 | 332,102 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026 | 280,000 | 270,729 | ||
North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027 | 110,000 | 110,958 | ||
North Dakota Housing Finance Agency 3.750% 07/01/2038 | 250,000 | 247,420 | ||
North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029 | 185,000 | 157,126 | ||
North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029 | 165,000 | 133,224 | ||
North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029 | 300,000 | 259,782 | ||
| 2,037,716 | |||
Other Revenue (27.6%) |
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County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025 | 250,000 | 251,388 | ||
County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025 | 500,000 | 475,635 | ||
City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025 | 250,000 | 267,055 | ||
Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024 | 500,000 | 506,710 | ||
Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024 | 345,000 | 349,026 | ||
Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024 | 500,000 | 480,825 | ||
*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024 | 500,000 | 507,360 | ||
*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024 | 1,250,000 | 1,065,050 | ||
Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023 | 250,000 | 250,192 | ||
Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 | 435,000 | 435,270 | ||
City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028 | 595,000 | 424,913 | ||
City of Minot ND 3.000% 10/01/2038 Callable @ 100.000 10/01/2029 | 500,000 | 431,500 | ||
North Dakota Public Finance Authority 5.000% 06/01/2031 | 240,000 | 240,197 | ||
North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023 | 400,000 | 400,580 | ||
North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024 | 265,000 | 269,431 | ||
North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025 | 130,000 | 137,188 | ||
City of West Fargo ND 4.000% 12/01/2033 Callable @ 100.000 12/01/2029 | 240,000 | 255,211 | ||
| 6,747,531 | |||
Utilities (4.2%) |
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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 | ||
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027 | 485,000 | 401,604 | ||
Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028 | 205,000 | 159,457 | ||
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025 | 250,000 | 225,625 | ||
| 1,032,145 | |||
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|
| |
TOTAL MUNICIPAL BONDS (COST: $25,216,003) |
|
| $ | 23,783,565 |
SHORT-TERM INVESTMENTS (0.1%) | ||||
(a) Morgan Stanley Inst'l Liquidity Fund, 4.99% | 34,394 |
| 34,394 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $34,394) | $ | 34,394 | ||
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 |
| ||||
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | ||||
(a) Seven day yield as of April 30, 2023 |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |
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) | ||||
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: | ||||
Viking Tax-Free Fund for North Dakota | ||||
| 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 |