VIKING TAX-FREE FUND FOR NORTH DAKOTA
Schedule of Investments – October 31, 2024 (unaudited)
|
| Principal Amount |
|
| Fair Value |
MUNICIPAL BONDS (98.4%) |
|
|
|
| |
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|
|
|
| |
Education (9.7%) |
|
|
|
| |
ND BRD HGR ED 4.000% 04/01/2035 Callable @ 100.000 04/01/2025 |
| 530,000 | $ | 499,377 | |
N DAKOTA ST BRD 5.000% 05/01/2049 Callable @ 100.000 05/01/2033 |
| 750,000 | 786,225 | ||
UND ALUMNI ASSN A 5.000% 05/01/2049 Callable @ 100.000 05/01/2034 |
| 500,000 | 521,700 | ||
|
| 1,807,302 | |||
General Obligation (43.5%) |
|
|
|
| |
DICKINSON SD #1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025 |
| 400,000 | 402,500 | ||
FAIRMOUNT PUB SD#18 4.250% 08/01/2043 Callable @ 100.000 08/01/2031 |
| 260,000 | 261,235 | ||
*FARGO D REF 5.000% 05/01/2045 Callable @ 100.000 05/01/2033 |
| 500,000 | 536,655 | ||
FARGO PK DT A 5.000% 05/01/2036 Callable @ 100.000 05/01/2031 |
| 750,000 | 820,590 | ||
GRAND FORKS F REF 5.000% 12/01/2036 Callable @ 100.000 12/01/2033 |
| 750,000 | 839,700 | ||
HORACE A REF 5.000% 05/01/2039 Callable @ 100.000 05/01/2033 |
| 650,000 | 669,266 | ||
HORACE B REF 4.850% 08/01/2026 Callable @ 100.000 08/01/2025 |
| 400,000 | 400,328 | ||
HORACE C REF 4.750% 05/01/2044 Callable @ 100.000 05/01/2033 |
| 500,000 | 501,035 | ||
MANDAN PUB SD#1 4.000% 08/01/2044 Callable @ 100.000 08/01/2032 |
| 750,000 | 734,385 | ||
MAYVILLE ND 5.000% 05/01/2044 Callable @ 100.000 05/01/2031 |
| 500,000 | 482,480 | ||
STANLEY PUB SD #2 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 |
| 685,000 | 687,884 | ||
VLY CITY PK DT A 4.800% 01/01/2035 Callable @ 100.000 01/01/2030 |
| 175,000 | 180,847 | ||
VLY CITY PK DT A 5.400% 01/01/2043 Callable @ 100.000 01/01/2030 |
| 200,000 | 208,140 | ||
WAHPETON PUB SD #37 4.000% 08/01/2040 Callable @ 100.000 08/01/2031 |
| 250,000 | 250,572 | ||
WAHPETON PUB SD #37 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 |
| 285,000 | 281,369 | ||
W FARGO 4.000% 05/01/2047 Callable @ 100.000 05/01/2034 |
| 880,000 | 842,776 | ||
|
| 8,099,762 | |||
Health Care (15.2%) |
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|
|
| |
BURLEIGH CO REF B 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 |
| 250,000 | 227,958 | ||
CASS CO B REF 4.125% 02/15/2037 Callable @ 100.000 02/15/2028 |
| 595,000 | 595,161 | ||
*CASS CO B REF 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 |
| 1,290,000 | 1,238,864 | ||
GRAND FORKS ND HLTH C 5.000% 12/01/2037 Callable @ 100.000 12/01/2027 |
| 130,000 | 131,725 | ||
GRAND FORKS SR HSG A 5.125% 12/01/2025 |
| 250,000 | 249,282 | ||
GRAND FORKS SR HSG A 4.750% 12/01/2027 Callable @ 100.000 12/01/2026 |
| 350,000 | 347,365 | ||
LANGDON HLTH CAVALIER 6.200% 01/01/2025 |
| 35,000 | 35,007 | ||
|
| 2,825,362 | |||
Housing (13.7%) |
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|
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| |
*N DAKOTA HSG AGY F 4.650% 07/01/2038 Callable @ 100.000 01/01/2033 |
| 1,000,000 | 1,047,680 | ||
N DAKOTA HSG AGY A 4.550% 07/01/2044 Callable @ 100.000 07/01/2033 |
| 500,000 | 500,910 | ||
N DAKOTA FIN AGY C 4.650% 07/01/2044 Callable @ 100.000 07/01/2033 |
| 1,000,000 | 1,003,230 | ||
|
| 2,551,820 | |||
Other Revenue (7.4%) |
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|
|
| |
FARGO G 4.000% 12/01/2044 Callable @ 100.000 12/01/2034 |
| 300,000 | 285,792 | ||
MANDAN PK DT REV 4.625% 05/01/2040 Callable @ 100.000 05/01/2030 |
| 280,000 | 280,266 | ||
MANDAN PK DT REV 4.750% 05/01/2043 Callable @ 100.000 05/01/2030 |
| 165,000 | 161,616 | ||
MINOT ND PARK DIST PK 3.750% 12/01/2038 Callable @ 100.000 12/01/2025 |
| 435,000 | 417,765 | ||
ND FIN AMT A INDL DEV 5.000% 06/01/2031 |
| 240,000 | 240,058 | ||
|
| 1,385,497 | |||
Utilities (8.9%) |
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CASS ND RURAL WTR DT 4.150% 05/01/2039 Callable @ 100.000 05/01/2031 |
| 500,000 | 471,820 | ||
CASS RURAL WTR DT 4.170% 05/01/2035 Callable @ 100.000 05/01/2030 |
| 815,000 | 820,371 | ||
CASS RURAL WTR DT 4.375% 05/01/2038 Callable @ 100.000 05/01/2030 |
| 365,000 | 367,569 | ||
|
| 1,659,760 | |||
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TOTAL MUNICIPAL BONDS (COST: $18,361,203) |
|
| $ | 18,329,503 | |
|
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OTHER ASSETS LESS LIABILITIES (1.6%) |
|
| $ | 304,325 | |
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NET ASSETS (100.0%) |
|
| $ | 18,633,828 | |
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | |||||
NOTE: INVESTMENT IN SECURITIES (unaudited) | ||
At October 31, 2024, 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 | $18,361,203 | |
Unrealized appreciation | 208,306 | |
Unrealized depreciation | (240,006) | |
Net unrealized appreciation (depreciation)* | $(31,700) | |
*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, 2024: | ||||
Viking Tax-Free Fund for North Dakota | ||||
| Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $0 | $18,329,503 | $0 | $18,329,503 |
Total | $0 | $18,329,503 | $0 | $18,329,503 |
