N.D. Cent. Code § 59-16.3-05: Annual valuation of trust required

The fair market value of the trust must be determined at least annually, using the valuation date, or dates, or averages of valuation dates as are deemed appropriate. Assets for which a fair market value cannot be readily ascertained must be valued using valuation methods that are deemed reasonable and appropriate. If all income received with respect to the assets is distributed to the extent distributable in accordance with the terms of the governing instrument, assets may be excluded from valuation.