Viking Mutual Funds, a new firm in Minot, N.D., is now offering its first three funds, which the SEC approved on Aug. 3. They are Viking Tax-Free Fund for Montana, Viking Tax-Free Fund for North Dakota and Viking Large-Cap Value Fund.
The tax-free funds will be sold primarily through broker/dealers in North Dakota and Montana. The large-cap fund is available in those two states as well as in New Jersey, Pennsylvania and Minnesota, said Shannon Radke, president of Viking Mutual Funds.
Viking Fund Management, LLC, the investment adviser, has agreed to waive its fees, or reimburse funds for expenses, so total annual operating expenses of the tax-free funds do not exceed 0.85 percent of average net assets (on an annual basis) through Aug. 1, 2009, Radke said. The large-cap fund's fees will be limited to 1.35 percent of average net assets through the same time period.