Viking Mutual Funds NCSR Certified annual shareholder report (management investment company)

N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09277

Viking Mutual Funds

(Exact name of registrant as specified in charter)

1 Main Street North, Minot, ND		58703
(Address of principal offices)		(Zip code)

Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702

(Name and address of agent for service)

Registrant’s telephone number, including area code: 701-852-5292

Date of fiscal year end: July 31^st

Date of reporting period: July 31, 2018

Item 1. REPORTS TO STOCKHOLDERS.

Viking Mutual Funds

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

Oklahoma Municipal Fund

Viking Tax-Free Fund for Montana

Viking Tax-Free Fund for North Dakota

Annual Report

July 31, 2018


Investment Adviser Viking Fund Management, LLC PO Box 500 Minot, ND 58702	Principal Underwriter Integrity Funds Distributor, LLC* PO Box 500 Minot, ND 58702
Transfer Agent Integrity Fund Services, LLC PO Box 759 Minot, ND 58702	Custodian Wells Fargo Bank, N.A. Trust & Custody Solutions 801 Nicollet Mall, Suite 700 Minneapolis, MN 55479
Independent Registered Public Accounting Firm Cohen & Company, Ltd. 1350 Euclid Avenue, Suite 800 Cleveland, OH 44115

*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA

DEAR SHAREHOLDERS:

Enclosed is the report of the operations for the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund (each a “Fund”, and collectively the “Funds”) for the year ended July 31, 2018. Each Fund’s portfolio and related financial statements are presented within for your review.

Economic Recap

The Federal Open Market Committee’s (“FOMC” or “Committee”) statement in mid-June noted that the labor market has continued to strengthen and that economic activity has been rising at a solid rate.The Committee also noted that job gains have been strong in recent months, and the unemployment rate has declined. Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow steadily. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity and strong labor market conditions. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent, its second raise of 2018. In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.

Municipal Bond Market Recap

Municipal market returns were positive in the third quarter of 2017. Municipals continue to perform well as investors looked for relative safety in higher quality assets amid increasing tensions between the United States and North Korea, along with continued gridlock in Washington. The supply/demand dynamic also remained positive for municipals. Issuance for the quarter came in at $77.9 billion nationally, a 26.3% decrease over the same quarter of 2016.

Returns were again positive for the municipal market in the fourth quarter 2017, marking four consecutive quarters of positive returns for the year. Issuance was significantly above average in the fourth quarter as issuers feared the tax bill in Congress would eliminate the tax-exempt status of private activity and advance refunding bonds. Though it didn’t go that far it did eliminate the tax exempt status of municipal advance refunding bonds. It also limits the amount of state and local taxes that households may deduct to $10,000 which could increase demand for bonds that are exempt from state tax. The robust supply was met with strong demand as investors expected the supply in early 2018 to be very light due to the large amount of issuance pulled forward into 2017. Issuance for the quarter came in at $129.2 billion nationally, a 31.1% increase over the same quarter last year.

The municipal market posted a negative first quarter of 2018, following four quarters of positive returns in 2017. Issuance was significantly below average as issuers, unsure of the potential impact from tax legislation, pulled forward a large amount of issuance in 2017 that was slated for early 2018. As a result, January’s issuance was the slowest start to a new year since 2011. Municipal yields rose with Treasury yields over the quarter due to stronger economic data, rising inflation, and the expectation of a more aggressive pace of Fed rate hikes. Interest rates spiked in January, but stabilized late in the quarter at new higher levels. Issuance for the first quarter came in at $56.3 billion nationally, a 31.0% decrease from the same quarter last year.

Municipal market returns were positive in the second quarter of 2018. As issuance continued to come in below historical averages during the quarter. April returns were negative as seasonal tax selling and higher rates pushed the municipal market lower. Rates peaked in mid-May, with the 10 year Treasury yields hitting their highest levels since 2011, before pulling back on geopolitical concerns to finish the month lower. June continued the strength from May and finished the quarter on a positive note as heavy calls and maturing bonds drove demand and resulted in net negative supply. Issuance for the quarter came in at $81.9 billion nationally, a 13.1% decrease from the same quarter last year. The second quarter strength continued into July as returns were positive for the month. However, rates were mixed, moving down slightly on the short end of the curve and up slightly on the intermediate to long end of the curve.

Fund Performance and Outlook

Over the course of the annual period, the yield curve flattened as rates on the short end of the curve (i.e. 1-8 years) increased 60 or more basis points, while rates on bonds with intermediate and longer maturities (i.e. 9-30 years) increased 20-60 basis points. Lower-rated investment grade muni bonds performed in-line to slightly better than their higher-rated counterparts.

We continue to follow a disciplined strategy of investing to maximize tax-exempt income while seeking value in the municipal market. The Portfolio Management Team (the “Team”) continues to place emphasis on preservation of capital via high quality, higher coupon, and/or lower duration bonds.The Team believes a heavy concentration in AA rated bonds and an intermediate maturity structure should provide adequate liquidity, should we experience a stressed environment. The Team has also used the recent rise in rates to sell bonds that were purchased when rates were at historic lows, in favor of bonds with similar characteristics (e.g. coupon and maturity structure) that offer higher yields.

The Kansas Municipal Fund began the period at $10.78 per share and ended the period at $10.53 per share for a total return of 0.32%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.88% and 9.7 years, respectively.

The Maine Municipal Fund began the period at $10.88 per share and ended the period at $10.64 per share for a total return of 0.04%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.74% and 9.7 years, respectively.

The Nebraska Municipal Fund began the period at $10.46 per share and ended the period at $10.25 per share for a total return of 0.34%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.90% and 11.7 years, respectively.

The Oklahoma Municipal Fund began the period at $11.74 per share and ended the period at $11.47 per share for a total return of -0.04%* for Class A. This compares to the Barclays Capital Municipal Index’s return of 0.99%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.68% and 11.7 years, respectively.

Income exempt from federal income taxes and each Fund’s respective state tax with preservation of capital remains the primary objective of the Funds.

If you would like more frequent updates, please visit the Funds’ website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.

Sincerely,

The Portfolio Management Team

The views expressed are those of The Portfolio Management Team of Viking Fund Management, LLC (“Viking Fund Management”, “VFM”, or the “Adviser”). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.

*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.16%, 1.33%, 1.21%, and 1.19%, respectively, for Class A, and 0.92%, 1.11%, 0.97%, and 0.96%, respectively, for Class I. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%, 0.98%, 0.98%, and 0.98%, respectively, for Class A and 0.73%, 0.73%, 0.73%, and 0.73%, respectively, for Class I. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% for Class A and 0.73% for Class I of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

You should consider each Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.

Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.

For investors subject to the alternative minimum tax, a portion of the each Fund’s dividends may be taxable. Distributions of capital gains are generally taxable.

DEAR SHAREHOLDERS:

Enclosed is the report of the operations for the Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota (each a “Fund”, and collectively the “Funds”) for the seven months ended July 31, 2018. Each Fund’s portfolio and related financial statements are presented within for your review.

Economic Recap

Municipal Bond Market Recap

Municipal market returns were positive in the second quarter of 2018. As issuance continued to come in below historical averages during the quarter. April returns were negative as seasonal tax selling and higher rates pushed the municipal market lower. Rates peaked in mid-May, with the 10 year Treasury yields hitting their highest levels since 2011, before pulling back on geopolitical concerns to finish the month lower. June continued the strength from May and finished the quarter on a positive note as heavy calls and maturing bonds drove demand and resulted in net negative supply. Issuance for the quarter came in at $81.9 billion nationally, a 13.1% decrease from the same quarter last year. State issuance in Montana was down 75.6% in the second quarter of 2018 vs 2017, while North Dakota issuance increased 27.2%. The second quarter strength continued into July as returns were positive for the month. However, rates were mixed, moving down slightly on the short end of the curve and up slightly on the intermediate to long end of the curve.

Fund Performance and Outlook

In the first seven months of 2018, the yield curve steepened as rates on the very short end of the curve (i.e. 1-2 years) increased only modestly, while rates on bonds with intermediate and longer maturities (i.e. 7-30 years) increased 40-50 basis points. Lower-rated investment grade muni bonds performed in-line with their higher-rated counterparts.

Over the course of the year, the Portfolio Management Team (the “Team”) continued to maintain a shorter maturity structure than in past years and also made a concerted effort to purchase bonds with higher coupons when possible.

Tax-Free Fund for MT and Tax-Free Fund for ND provided a total return for Class A shares of -0.74%* and -0.40%*, respectively (at net asset value with distributions reinvested) and a total return for Class I shares of -0.59%* and -0.25%*, respectively (at net asset value with distributions reinvested) for the seven month period ended July 31, 2018 compared to the Funds’ benchmark, the Barclays Capital Municipal Bond Index which returned -.01% and the Morningstar Muni Single State Intermediate Category which returned -0.38%.

Despite the continued relative scarcity of Montana and North Dakota municipal bonds throughout the period, each Fund was able to obtain an adequate supply of investment grade bonds of various maturities. Each Fund may also invest in non-rated bonds should we deem they are of investment grade equivalent.Although we refrain from making large bets on the direction of rates, we have taken the opportunity to shorten the Funds’ maturity structures over the last few years in anticipation of an eventual rise in rates.A shorter maturity structure should provide a somewhat greater degree of stability of each Fund’s share price should muni prices become volatile.The highest level of current income that is exempt from federal and each Fund’s state income taxes and is consistent with preservation of capital remains the investment objective of each Fund.

The current 3.8% Medicare surtax on investment income established by the Patient Protection and Affordable Care Act (municipals are exempt) combined with the higher marginal tax rates at the federal and state levels boost the appeal of tax-exempt income. The federal marginal tax rate for taxpayers with adjusted gross incomes of $500,000 ($600,000 for married filing jointly) is 37.0%. The after-tax yield of a 10-year U.S. Treasury Note yielding 2.96% falls to approximately 1.75% at the 37.0% federal tax rate plus the 3.8% Medicare surtax.

Finally, we recommend that shareholders view their investment as long-term. As difficult as they may be, periods of panic (and euphoria) tend to be transitory in nature and it’s the long-term investors that may be rewarded with the long-term benefits of tax-free income and relatively low volatility that muni bonds have provided for decades.

If you would like more frequent updates, please visit the Funds’ website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.

Sincerely,

The Portfolio Management Team

*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 1.31%, respectively, for Class A, and 0.91% and 1.06%, respectively, for Class I. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.98%, respectively, for Class A and 0.73% and 0.73%, respectively, for Class A. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% for Class A and 0.73% for Class I of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.

For investors subject to the alternative minimum tax, a portion of the each Fund’s dividends may be taxable. Distributions of capital gains are generally taxable.

KANSAS MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	0.32%	1.70%	2.78%	3.25%	4.01%
Class A With sales charge (2.50%)	-2.22%	0.84%	2.26%	2.98%	3.91%
Class I Without sales charge	N/A	N/A	N/A	N/A	0.41%
* November 15, 1990 for Class A; November 1, 2017 for Class I

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.16% and 0.92%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

The graph comparing the Fund’s performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund’s total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends. The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

MAINE MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	0.04%	1.27%	2.17%	3.01%	4.12%
Class A With sales charge (2.50%)	-2.47%	0.42%	1.65%	2.75%	4.02%
Class I Without sales charge	N/A	N/A	N/A	N/A	0.16%
* December 5, 1991 for Class A; November 1, 2017 for Class I

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.33% and 1.11%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

NEBRASKA MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	0.34%	1.71%	3.14%	3.22%	3.53%
Class A With sales charge (2.50%)	-2.19%	0.85%	2.61%	2.96%	3.43%
Class I Without sales charge	N/A	N/A	N/A	N/A	0.43%
* November 17, 1993 for Class A; November 1, 2017 for Class I

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.21% and 0.97%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

OKLAHOMA MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	-0.04%	1.86%	2.94%	3.60%	3.75%
Class A With sales charge (2.50%)	-2.53%	1.00%	2.42%	3.34%	3.63%
Class I Without sales charge	N/A	N/A	N/A	N/A	0.14%
* September 25, 1996 for Class A; November 1, 2017 for Class I

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.19% and 0.96%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98%. and 0.73%, respectively The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2018 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2018 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

VIKING TAX-FREE FUND FOR MONTANA

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	-0.16%	1.57%	2.61%	3.24%	3.71%
Class A With sales charge (2.50%)	-2.66%	0.72%	2.10%	2.98%	3.57%
Class I Without sales charge	0.09%	N/A	N/A	N/A	-0.01%
* August 3, 1999 for Class A; August 1, 2016 for Class I

The total annual fund operating expense ratio for Class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.17% and 0.91%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

VIKING TAX-FREE FUND FOR NORTH DAKOTA

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns for the periods ended July 31, 2018

	1 year	3 year	5 year	10 year	Since Inception*
Class A Without sales charge	-0.06%	1.58%	2.60%	3.25%	3.80%
Class A With sales charge (2.50%)	-2.51%	0.72%	2.08%	2.98%	3.66%
Class I Without sales charge	0.09%	N/A	N/A	N/A	-0.04%
* August 3, 1999 for Class A; August 1, 2016 for Class I

The total annual fund operating expense ratio for class A and I (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.31% and 1.06%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end was 0.98% and 0.73%, respectively. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through April 29, 2019 so that total annual fund operating expenses after fee waivers and expense reimbursements (excluding taxes, brokerage fees, commissions, extraordinary and non-recurring expenses, and acquired fund fees and expenses) do not exceed 0.98% and 0.73%, respectively, of average daily net assets. This expense limitation agreement may only be terminated or modified prior to April 29, 2019 with the approval of the Fund’s Board of Trustees.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

KANSAS MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 31, 2018

General Obligation	43.7%
Health Care	20.6%
Utilities	16.1%
Other Revenue	12.8%
Transportation	2.8%
Cash Equivalents and Other	2.6%
Education	1.4%
Housing	0.0%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (97.4%)

Education (1.4%)
Kansas Development Finance Authority5.000% 09/01/2039	$	200,000	$	205,804
Kansas Development Finance Authority5.000% 06/01/2027		250,000		268,307
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2020		345,000		346,080
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2020		15,000		15,047
				835,238
General Obligation (43.7%)
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2027		250,000		284,655
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2028		250,000		281,962
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2029		250,000		279,582
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2030		250,000		278,427
Bourbon County Unified School District No 234 Fort Scott5.000% 09/01/2031		500,000		555,385
Butler County Unified School District No 402 Augusta5.250% 09/01/2021		560,000		561,747
Butler County Unified School District No 402 Augusta4.000% 09/01/2030		250,000		273,617
Butler County Unified School District No 385 Andover5.000% 09/01/2018		500,000		501,485
County of Clay KS4.000% 10/01/2036		500,000		514,110
Cowley County Unified School District No 470 Arkansas City 5.500% 09/01/2021		100,000		100,319
Cowley County Unified School District No 470 Arkansas City 4.750% 09/01/2027		490,000		491,490
Dickinson County Unified School District No 473 Chapman 5.000% 09/01/2027		325,000		337,451
Dickinson County Unified School District No 473 Chapman 4.400% 09/01/2029		100,000		103,188
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030		250,000		272,262
Douglas County Unified School District No 491 Eudora5.500% 09/01/2024		250,000		250,832
Douglas County Unified School District No 491 Eudora5.000% 09/01/2023		375,000		389,242
Douglas County Unified School District No 491 Eudora5.125% 09/01/2029		250,000		259,830
*Franklin County Unified School District No 290 Ottawa5.000% 09/01/2040		3,000,000		3,295,680
Harvey County Unified School District No 373 Newton4.000% 09/01/2018		250,000		250,607
Harvey County Unified School District No 373 Newton5.000% 09/01/2023		200,000		200,628
Harvey County Unified School District No 373 Newton5.000% 09/01/2025		1,000,000		1,003,140
Jackson County Unified School District No 336 Holton5.000% 09/01/2029		135,000		151,600
Jackson County Unified School District No 336 Holton5.000% 09/01/2034		140,000		157,214
Jackson County Unified School District No 336 Holton5.000% 09/01/2029		115,000		129,092
Jackson County Unified School District No 336 Holton5.000% 09/01/2034		110,000		123,479
Johnson & Miami Counties Unified School District No 230 Spring Hills 4.000% 09/01/2036		500,000		522,710
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025		250,000		284,347
Johnson County Unified School District No 233 Olathe4.000% 09/01/2018		150,000		150,383
City of Junction City KS5.000% 09/01/2025		5,000		5,002
City of Junction City KS4.250% 09/01/2021		100,000		103,006
City of Junction City KS4.400% 09/01/2022		100,000		103,166
City of Junction City KS4.500% 09/01/2023		100,000		103,273
Leavenworth County Unified School District No 4535.250% 03/01/2024		200,000		208,550
Leavenworth County Unified School District No 4534.750% 09/01/2025		300,000		311,880
*Leavenworth County Unified School District No 4535.125% 03/01/2029		1,000,000		1,042,410
Leavenworth County Unified School District No 4585.000% 09/01/2029		500,000		557,640
Leavenworth County Unified School District No 4694.000% 09/01/2030		320,000		338,845
Leavenworth County Unified School District No 4694.000% 09/01/2032		835,000		865,411
Wichita County Unified School District 467 Leoti5.000% 10/01/2018		100,000		100,630
City of Manhattan KS5.000% 11/01/2028		130,000		131,108
Miami County Unified School District No 368 Paola5.000% 09/01/2027		135,000		147,859
Miami County Unified School District No 368 Paola5.000% 09/01/2027		105,000		115,034
Miami County Unified School District No 368 Paola5.000% 09/01/2027		10,000		10,875
Neosho County Unified School District No 4134.000% 09/01/2031		250,000		260,450
City of Newton KS5.000% 09/01/2021		100,000		103,798
City of Newton KS4.750% 09/01/2029		435,000		450,355
City of Park City KS5.100% 12/01/2020		200,000		209,764
City of Park City KS5.500% 12/01/2024		100,000		105,408
City of Park City KS6.000% 12/01/2029		500,000		530,330
City of Park City KS5.375% 12/01/2025		250,000		262,665
County of Scott KS5.000% 04/01/2032		500,000		568,255
Sedgwick County Unified School District No 261 Haysville5.000% 11/01/2021		5,000		5,008
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2018		100,000		100,321
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2028		485,000		486,557
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2028		15,000		15,039
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2024		245,000		245,715
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2024		5,000		5,015
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035		595,000		689,385
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035		405,000		448,930
Sedgwick County Unified School District No 265 Goddard4.250% 10/01/2020		750,000		753,990
Sedgwick County Unified School District No 265 Goddard4.500% 10/01/2026		250,000		251,370
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2019		215,000		215,673
Sedgwick County Unified School District No 266 Maize5.250% 09/01/2019		10,000		10,032
County of Seward KS5.000% 08/01/2034		260,000		277,701
County of Seward KS5.000% 08/01/2034		240,000		253,754
Seward County Unified School District No 480 Liberal5.000% 09/01/2034		500,000		562,950
Seward County Unified School District No 480 Liberal4.250% 09/01/2039		500,000		546,390
Seward County Unified School District No 480 Liberal5.000% 09/01/2033		85,000		95,725
Seward County Unified School District No 480 Liberal5.000% 09/01/2033		85,000		94,742
Seward County Unified School District No 480 Liberal5.000% 09/01/2033		330,000		367,960
City of Wichita KS4.500% 09/01/2022		150,000		151,593
City of Wichita KS4.750% 09/01/2027		180,000		181,831
Wyandotte County Unified School District No 202 Turner5.250% 09/01/2018		100,000		100,350
Wyandotte County Unified School District No 202 Turner5.000% 09/01/2025		250,000		283,988
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026		1,000,000		1,160,600
				25,944,797
Health Care (20.6%)
Ashland Public Building Commission5.000% 09/01/2030		1,020,000		1,075,376
Ashland Public Building Commission5.000% 09/01/2035		500,000		522,250
Ashland Public Building Commission5.000% 09/01/2032		550,000		583,253
Kansas Development Finance Authority5.000% 06/15/2039		1,000,000		1,019,950
Kansas Development Finance Authority5.000% 01/01/2040		435,000		457,433
Kansas Development Finance Authority5.000% 01/01/2040		65,000		66,912
Kansas Development Finance Authority5.150% 11/15/2023		5,000		5,210
Kansas Development Finance Authority5.250% 11/15/2024		5,000		5,215
Kansas Development Finance Authority5.500% 11/15/2029		5,000		5,232
Kansas Development Finance Authority5.150% 11/15/2023		245,000		255,635
Kansas Development Finance Authority5.250% 11/15/2024		245,000		256,846
Kansas Development Finance Authority5.500% 11/15/2029		95,000		99,082
Kansas Development Finance Authority5.000% 05/15/2025		250,000		256,293
Kansas Development Finance Authority5.000% 05/15/2035		1,000,000		1,027,080
Kansas Development Finance Authority5.000% 03/01/2028		755,000		785,940
Kansas Development Finance Authority4.125% 11/15/2027		100,000		105,220
City of Lawrence KS5.000% 07/01/2043		1,500,000		1,665,960
City of Manhattan KS5.000% 11/15/2023		250,000		277,078
City of Manhattan KS5.000% 11/15/2024		250,000		276,033
City of Manhattan KS5.000% 11/15/2029		500,000		540,350
City of Olathe KS5.000% 09/01/2030		250,000		259,138
City of Olathe KS4.000% 09/01/2028		250,000		258,080
City of Olathe KS4.000% 09/01/2030		445,000		457,286
University of Kansas Hospital Authority4.000% 09/01/2040		500,000		505,500
University of Kansas Hospital Authority5.000% 09/01/2035		500,000		552,505
University of Kansas Hospital Authority5.000% 03/01/2031		500,000		568,705
City of Wichita KS5.000% 11/15/2029		300,000		330,291
				12,217,853
Other Revenue (12.8%)
City of Dodge City KS5.000% 06/01/2021		310,000		319,052
City of Dodge City KS4.400% 06/01/2025		350,000		358,516
City of Dodge City KS4.500% 06/01/2028		100,000		102,516
*City of Dodge City KS5.250% 06/01/2031		1,000,000		1,031,260
Kansas Development Finance Authority4.125% 05/01/2031		500,000		513,830
Kansas Development Finance Authority5.000% 11/01/2034		500,000		516,525
Kansas Development Finance Authority5.000% 05/01/2035		250,000		254,718
City of Manhattan KS5.000% 12/01/2026		470,000		480,913
City of Manhattan KS4.500% 12/01/2025		500,000		524,990
*City of Manhattan KS5.000% 12/01/2032		1,000,000		1,057,300
County of Neosho KS4.000% 10/01/2023		500,000		513,010
Topeka Public Building Commission5.000% 06/01/2022		255,000		260,554
Washington County Public Building Commission5.000% 09/01/2032		500,000		560,645
Washington County Public Building Commission5.000% 09/01/2037		400,000		448,516
Washington County Public Building Commission4.000% 09/01/2028		500,000		539,860
Washington County Public Building Commission4.000% 09/01/2028		100,000		105,203
				7,587,408
Transportation (2.8%)
State of Kansas Department of Transportation5.000% 09/01/2033		500,000		574,950
State of Kansas Department of Transportation5.000% 09/01/2034		500,000		571,830
State of Kansas Department of Transportation5.000% 09/01/2035		250,000		283,678
Kansas Development Finance Authority4.625% 10/01/2026		250,000		251,265
				1,681,723
Utilities (16.1%)
*Kansas Municipal Energy Agency5.750% 07/01/2038		1,000,000		1,117,140
Kansas Municipal Energy Agency5.000% 04/01/2030		250,000		279,345
Kansas Municipal Energy Agency5.000% 04/01/2032		500,000		554,515
Kansas Municipal Energy Agency5.000% 04/01/2033		745,000		823,575
Kansas Municipal Energy Agency5.000% 04/01/2038		1,000,000		1,090,910
Kansas Municipal Energy Agency5.000% 04/01/2035		300,000		329,661
Kansas Power Pool4.500% 12/01/2028		500,000		517,980
Kansas Power Pool5.000% 12/01/2031		750,000		808,208
Kansas Power Pool4.000% 12/01/2031		500,000		526,720
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2024		200,000		203,954
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2029		500,000		509,885
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036		250,000		266,335
*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032		1,250,000		1,382,125
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035		500,000		551,840
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028		500,000		569,905
				9,532,098

TOTAL MUNICIPAL BONDS (COST: $56,402,765)			$	57,799,117

OTHER ASSETS LESS LIABILITIES (2.6%)			$	1,517,332

NET ASSETS (100.0%)			$	59,316,449

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases.


The accompanying notes are an integral part of these financial statements.

MAINE MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 31, 2018

Health Care	27.6%
General Obligation	32.9%
Education	17.0%
Transportation	11.8%
Housing	3.4%
Other Revenue	3.3%
Utilities	2.8%
Cash Equivalents and Other	1.2%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.8%)

Education (17.0%)
Maine Educational Loan Authority5.875% 12/01/2039	$	105,000	$	107,555
Maine Educational Loan Authority4.450% 12/01/2025		100,000		104,189
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039		750,000		836,415
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2034		250,000		279,115
Maine Health & Higher Educational Facilities Authority4.750% 07/01/2031		250,000		264,305
Maine Health & Higher Educational Facilities Authority4.000% 07/01/2024		270,000		290,458
*Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026		940,000		1,088,830
Regional School Unit No 1 Lower Kennebec Region School Unit 5.000% 02/01/2026		100,000		107,482
				3,078,349
General Obligation (32.9%)
City of Auburn ME4.500% 09/01/2022		100,000		110,004
City of Bangor ME4.000% 09/01/2024		155,000		155,305
City of Biddeford ME4.000% 10/01/2026		250,000		279,755
Town of Gorham ME4.000% 10/01/2023		100,000		105,630
Town of Gray ME4.000% 10/15/2026		280,000		288,187
Town of Gray ME4.000% 10/15/2027		280,000		288,187
State of Maine4.000% 06/01/2020		150,000		158,146
*State of Maine5.000% 06/01/2025		500,000		593,285
Maine State Housing Authority5.000% 06/15/2024		250,000		263,035
City of Portland ME4.250% 05/01/2029		150,000		152,552
City of Portland ME4.125% 10/01/2029		100,000		102,166
City of Portland ME5.000% 08/01/2021		125,000		138,174
City of Portland ME5.000% 08/01/2022		125,000		138,135
City of Portland ME5.000% 04/01/2028		250,000		301,153
City of Saco ME4.000% 04/01/2028		100,000		102,988
City of Saco ME5.000% 10/01/2030		250,000		302,585
Town of Scarborough ME4.000% 11/01/2028		100,000		106,673
Maine School Administration District No 154.000% 11/01/2026		145,000		163,245
Maine School Administration District No 154.000% 11/01/2027		145,000		164,136
Maine School Administrative District No 514.250% 10/15/2029		250,000		258,022
Maine School Administrative District No 514.000% 10/15/2029		100,000		109,506
Maine School Administrative District No 284.000% 05/01/2036		500,000		522,160
City of Waterville ME4.000% 07/01/2025		135,000		143,244
Wells Ogunquit Community School District4.000% 11/01/2024		100,000		112,614
City of Westbrook ME5.000% 10/15/2026		490,000		574,500
Town of Yarmouth ME5.000% 11/15/2028		250,000		308,085
				5,941,472
Health Care (27.6%)
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2020		50,000		53,246
Maine Health & Higher Educational Facilities Authority4.500% 07/01/2031		10,000		10,555
Maine Health & Higher Educational Facilities Authority5.250% 07/01/2023		10,000		10,698
Maine Health & Higher Educational Facilities Authority4.500% 07/01/2031		190,000		196,502
Maine Health & Higher Educational Facilities Authority5.250% 07/01/2023		190,000		201,962
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2020		250,000		265,280
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2040		250,000		261,720
*Maine Health & Higher Educational Facilities Authority5.000% 07/01/2029		1,000,000		1,097,750
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2030		500,000		552,565
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2031		500,000		547,700
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2023		15,000		17,164
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2023		235,000		267,632
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2022		30,000		30,069
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039		195,000		201,133
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026		35,000		36,101
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2039		415,000		424,416
Maine Health & Higher Educational Facilities Authority5.000% 07/01/2026		80,000		82,294
Maine Health & Higher Educational Facilities Authority5.125% 07/01/2039		245,000		252,916
Maine Health & Higher Educational Facilities Authority5.125% 07/01/2039		470,000		482,103
				4,991,806
Housing (3.4%)
Maine State Housing Authority4.000% 11/15/2035		435,000		441,734
Maine State Housing Authority4.000% 11/15/2030		170,000		173,357
				615,091
Other Revenue (3.3%)
Maine Governmental Facilities Authority4.000% 10/01/2024		200,000		210,372
Maine Municipal Bond Bank4.000% 11/01/2038		125,000		128,513
Maine Municipal Bond Bank5.000% 11/01/2025		125,000		140,119
Maine Municipal Bond Bank5.000% 11/01/2027		100,000		115,819
Maine Municipal Bond Bank4.900% 11/01/2024		5,000		5,006
				599,829
Transportation (11.8%)
*Maine Municipal Bond Bank5.000% 09/01/2024		1,000,000		1,037,100
Maine Municipal Bond Bank5.000% 09/01/2024		210,000		244,329
Maine Turnpike Authority4.000% 07/01/2032		250,000		258,163
City of Portland ME General Airport Revenue5.250% 01/01/2035		250,000		257,433
City of Portland ME General Airport Revenue5.000% 07/01/2022		100,000		110,538
City of Portland ME General Airport Revenue5.000% 07/01/2023		100,000		112,142
City of Portland ME General Airport Revenue5.000% 07/01/2024		100,000		111,315
				2,131,020
Utilities (2.8%)
*Kennebunk Light & Power District5.000% 08/01/2022		500,000		500,415


TOTAL MUNICIPAL BONDS (COST: $17,523,909)			$	17,857,982

OTHER ASSETS LESS LIABILITIES (1.2%)			$	209,414

NET ASSETS (100.0%)			$	18,067,396

* Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases.


The accompanying notes are an integral part of these financial statements.

NEBRASKA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 31, 2018

Utilities	31.6%
General Obligation	27.6%
Education	16.3%
Health Care	10.3%
Other Revenue	5.9%
Transportation	4.9%
Cash Equivalents and Other	1.7%
Housing	1.7%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.3%)

Education (16.3%)
County of Douglas NE5.500% 07/01/2030	$	350,000	$	375,606
*County of Douglas NE5.875% 07/01/2040		1,500,000		1,620,300
Douglas County Hospital Authority No 24.750% 09/01/2028		200,000		200,520
Nebraska Educational Health & Social Services Finance Authority 5.050% 09/01/2030		250,000		269,230
Nebraska Elementary & Secondary School Finance Authority4.750% 09/01/2028		250,000		250,608
University of Nebraska5.000% 07/01/2035		1,500,000		1,689,405
University of Nebraska5.000% 05/15/2035		500,000		564,210
University of Nebraska5.000% 05/15/2033		250,000		285,855
University of Nebraska4.000% 07/01/2024		250,000		254,722
University of Nebraska4.500% 05/15/2030		250,000		262,282
University of Nebraska5.000% 05/15/2035		275,000		290,922
University of Nebraska5.000% 07/01/2042		1,000,000		1,079,690
University of Nebraska5.000% 07/01/2038		250,000		274,080
				7,417,430
General Obligation (27.6%)
*Omaha School District5.000% 12/15/2029		1,630,000		1,933,865
Elkhorn School District4.000% 12/15/2034		300,000		314,133
Elkhorn School District4.000% 12/15/2030		500,000		531,475
Elkhorn School District4.000% 12/15/2034		500,000		529,390
Hall County Airport Authority5.000% 07/15/2030		410,000		436,207
Hall County Airport Authority5.000% 07/15/2031		435,000		462,205
Grand Island Public Schools5.000% 12/15/2033		500,000		559,595
Grand Island Public Schools5.000% 12/15/2039		500,000		561,175
City of Omaha NE5.000% 04/15/2025		750,000		878,595
City of Omaha NE5.000% 04/15/2027		955,000		1,122,765
City of Omaha NE5.000% 04/15/2028		500,000		583,790
City of Omaha NE5.000% 10/15/2025		45,000		46,834
City of Omaha NE5.000% 10/15/2025		205,000		213,563
Papillion La Vista School District5.000% 12/01/2028		250,000		252,800
Papio Missouri River Natural Resource District4.000% 12/15/2030		1,000,000		1,023,020
Platte County School District No 1 Columbus Public Schools5.000% 12/15/2039		750,000		835,147
City of Ralston NE4.500% 09/15/2031		400,000		360,808
Gretna Public Schools5.000% 12/15/2035		250,000		280,820
Scotts Bluff County School District No 325.000% 12/01/2031		250,000		284,682
City of Sidney NE4.000% 12/15/2036		1,250,000		1,290,787
				12,501,656
Health Care (10.3%)
Douglas County Hospital Authority No 25.500% 01/01/2030		500,000		520,670
Douglas County Hospital Authority No 25.000% 05/15/2027		200,000		230,152
Douglas County Hospital Authority No 35.500% 11/01/2038		795,000		802,696
Douglas County Hospital Authority No 35.500% 11/01/2038		415,000		419,017
Lincoln County Hospital Authority No 15.000% 11/01/2023		250,000		271,377
Lincoln County Hospital Authority No 15.000% 11/01/2024		250,000		270,745
Lincoln County Hospital Authority No 15.000% 11/01/2025		250,000		270,662
Lincoln County Hospital Authority No 15.000% 11/01/2032		250,000		261,312
Madison County Hospital Authority No 15.000% 07/01/2031		500,000		540,730
Madison County Hospital Authority No 15.000% 07/01/2032		335,000		361,227
Madison County Hospital Authority No 15.000% 07/01/2033		450,000		483,808
Madison County Hospital Authority No 15.000% 07/01/2034		215,000		230,465
				4,662,861
Housing (1.7%)
Hospital Authority No 1 of Lancaster County5.500% 01/01/2030		250,000		260,335
Sarpy County Hospital Authority No 15.500% 01/01/2030		500,000		520,670
				781,005
Other Revenue (5.9%)
West Haymarket Joint Public Agency5.000% 12/15/2042		750,000		816,757
Nebraska Cooperative Republican Platte Enhancement Project5.125% 12/15/2033		250,000		252,002
Nebraska Cooperative Republican Platte Enhancement Project5.000% 12/15/2038		160,000		161,682
Omaha Public Facilities Corp4.000% 11/15/2031		115,000		115,523
*City of Omaha NE5.000% 02/01/2027		1,000,000		1,107,530
Upper Republican Natural Resource District4.000% 12/15/2024		200,000		202,794
				2,656,288
Transportation (4.9%)
City of Lincoln NE5.500% 08/15/2031		500,000		541,400
Omaha Airport Authority5.000% 12/15/2027		500,000		578,745
Omaha Airport Authority5.000% 12/15/2036		1,000,000		1,123,830
				2,243,975
Utilities (31.6%)
*Central Plains Energy Project5.000% 09/01/2027		2,000,000		2,198,460
Central Plains Energy Project5.250% 09/01/2037		500,000		554,650
Central Plains Energy Project5.000% 09/01/2042		500,000		549,615
City of Columbus NE Combined Revenue4.000% 12/15/2032		100,000		105,616
City of Grand Island NE Sewer System Revenue5.000% 09/15/2026		250,000		281,153
City of Hastings NE Combined Utility Revenue4.000% 10/15/2032		500,000		522,610
*City of Lincoln NE Electric System Revenue5.000% 09/01/2037		1,000,000		1,091,070
City of Lincoln NE Solid Waste Management Revenue4.000% 08/01/2025		275,000		300,493
City of Lincoln NE Solid Waste Management Revenue4.000% 08/01/2027		400,000		431,940
City of Lincoln NE Water Revenue4.000% 08/15/2025		250,000		255,853
City of Lincoln NE Water Revenue4.500% 08/15/2034		250,000		255,270
Metropolitan Utilities District of Omaha4.000% 12/15/2026		250,000		267,280
Municipal Energy Agency of Nebraska5.125% 04/01/2024		195,000		199,721
Municipal Energy Agency of Nebraska5.000% 04/01/2030		500,000		543,945
Municipal Energy Agency of Nebraska5.000% 04/01/2032		100,000		108,399
Nebraska Public Power District5.000% 01/01/2041		250,000		281,000
*Nebraska Public Power District5.000% 01/01/2036		2,355,000		2,623,494
Nebraska Public Power District5.000% 01/01/2030		500,000		547,395
City of Omaha NE Sewer Revenue5.000% 11/15/2029		250,000		285,678
City of Omaha NE Sewer Revenue5.000% 11/15/2030		250,000		284,213
City of Omaha NE Sewer Revenue5.000% 11/15/2031		500,000		566,565
City of Omaha NE Sewer Revenue4.000% 04/01/2035		250,000		261,298
Omaha Public Power District Nebraska City Station Unit 25.000% 02/01/2032		250,000		280,818
Omaha Public Power District Nebraska City Station Unit 25.000% 02/01/2031		445,000		506,134
Omaha Public Power District Nebraska City Station Unit 24.000% 02/01/2032		400,000		419,688
Omaha Public Power District Nebraska City Station Unit 24.000% 02/01/2035		365,000		380,863
Southern Public Power District5.000% 12/15/2023		250,000		253,438
				14,356,659

TOTAL MUNICIPAL BONDS (COST: $43,713,121)			$	44,619,874

OTHER ASSETS LESS LIABILITIES (1.7%)			$	768,186

NET ASSETS (100.0%)			$	45,388,060

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur. As of July 31, 2018, there were no such purchases.


The accompanying notes are an integral part of these financial statements.

OKLAHOMA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 31, 2018

Utilities	34.6%
Other Revenue	29.1%
Education	17.7%
Transportation	7.0%
Health Care	6.7%
General Obligation	3.0%
Cash Equivalents and Other	1.9%
Housing	0.0%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.1%)

Education (17.7%)
Okarche Economic Development Authority5.000% 09/01/2023	$	250,000	$	276,360
Oklahoma Agricultural & Mechanical Colleges5.000% 07/01/2039		140,000		144,403
Oklahoma Agricultural & Mechanical Colleges4.400% 08/01/2039		740,000		764,627
*Oklahoma City Community College/OK4.375% 07/01/2030		750,000		772,950
Oklahoma Development Finance Authority4.400% 12/01/2029		250,000		256,470
Oklahoma Development Finance Authority5.000% 06/01/2039		500,000		550,690
Oklahoma Development Finance Authority5.000% 06/01/2029		250,000		283,475
Oklahoma Development Finance Authority5.000% 06/01/2034		500,000		558,990
Oklahoma Development Finance Authority5.000% 06/01/2039		500,000		548,730
Oklahoma Development Finance Authority4.000% 08/01/2030		280,000		294,795
Oklahoma Development Finance Authority4.000% 08/01/2031		290,000		304,512
Oklahoma Development Finance Authority4.000% 08/01/2032		305,000		319,411
Oklahoma Development Finance Authority4.000% 08/01/2033		315,000		329,005
University of Oklahoma/The5.000% 07/01/2037		290,000		315,242
University of Oklahoma/The5.000% 07/01/2036		500,000		554,230
University of Oklahoma/The4.000% 07/01/2040		650,000		670,637
University of Oklahoma/The5.000% 07/01/2038		500,000		551,570
				7,496,097
General Obligation (3.0%)
City of Broken Arrow OK4.125% 08/01/2031		180,000		187,925
*City of Oklahoma City OK4.000% 03/01/2024		1,000,000		1,088,330
				1,276,255
Health Care (6.7%)
Oklahoma Development Finance Authority5.000% 08/15/2025		350,000		410,942
Oklahoma Development Finance Authority5.000% 08/15/2029		250,000		282,987
Oklahoma Development Finance Authority4.000% 08/15/2038		250,000		254,285
Oklahoma Development Finance Authority5.000% 08/15/2024		220,000		245,487
Oklahoma Development Finance Authority5.000% 08/15/2025		220,000		248,239
Oklahoma Development Finance Authority5.000% 08/15/2029		345,000		389,329
Oklahoma Development Finance Authority5.000% 08/15/2033		175,000		194,680
Oklahoma Development Finance Authority5.000% 02/15/2042		250,000		276,135
Oklahoma Development Finance Authority5.000% 07/01/2035		250,000		267,655
Tulsa County Industrial Authority4.600% 02/01/2035		250,000		256,120
				2,825,859
Other Revenue (29.1%)
Caddo County Governmental Building Authority5.000% 09/01/2040		1,010,000		1,081,760
Collinsville Municipal Authority5.000% 03/01/2035		275,000		291,258
Collinsville Municipal Authority5.000% 03/01/2040		250,000		264,780
Grady County School Finance Authority5.000% 09/01/2032		370,000		419,010
City of Oklahoma City OK5.000% 03/01/2032		250,000		262,753
City of Oklahoma City OK5.000% 03/01/2034		500,000		520,280
City of Oklahoma City OK5.000% 03/01/2033		250,000		260,793
Oklahoma City Public Property Authority4.500% 10/01/2031		155,000		155,071
Oklahoma City Public Property Authority5.000% 10/01/2027		350,000		400,320
Oklahoma City Public Property Authority5.000% 10/01/2028		400,000		455,048
Oklahoma City Public Property Authority5.000% 10/01/2029		625,000		706,688
Oklahoma City Public Property Authority5.000% 10/01/2036		230,000		253,271
Oklahoma City Public Property Authority5.000% 10/01/2039		835,000		913,098
#Oklahoma Capitol Improvement Authority4.000% 07/01/2043		500,000		508,850
Oklahoma Water Resources Board5.000% 10/01/2029		250,000		285,963
Oklahoma Water Resources Board5.000% 10/01/2033		500,000		564,700
Oklahoma Water Resources Board5.000% 10/01/2029		250,000		292,475
Okmulgee County Governmental Building Authority4.250% 12/01/2035		500,000		517,995
Pawnee County Public Programs Authority4.875% 02/01/2030		145,000		152,176
*Rogers County Industrial Development Authority4.900% 04/01/2035		500,000		527,100
Sand Springs Municipal Authority4.250% 01/01/2035		250,000		269,085
Sand Springs Municipal Authority4.000% 01/01/2036		500,000		517,870
Tahlequah Public Facilities Authority4.000% 04/01/2023		550,000		586,020
Tulsa County Industrial Authority3.000% 09/01/2027		245,000		245,399
Tulsa Airports Improvement Trust5.000% 06/01/2023		420,000		450,836
Tulsa Airports Improvement Trust5.000% 06/01/2024		230,000		245,796
Tulsa Airports Improvement Trust5.250% 06/01/2025		245,000		262,821
Tulsa Airports Improvement Trust5.250% 06/01/2026		360,000		385,200
Tulsa Parking Authority4.000% 07/01/2025		500,000		522,980
				12,319,396
Transportation (7.0%)
Oklahoma Capitol Improvement Authority4.000% 10/01/2024		800,000		852,344
Oklahoma Capitol Improvement Authority4.000% 10/01/2025		1,000,000		1,061,570
Oklahoma Turnpike Authority5.000% 01/01/2028		250,000		267,275
Oklahoma Turnpike Authority4.000% 01/01/2031		500,000		516,985
Oklahoma Turnpike Authority5.000% 01/01/2030		250,000		269,953
				2,968,127
Utilities (34.6%)
Clinton Public Works Authority4.000% 12/01/2034		750,000		779,610
Clinton Public Works Authority4.000% 12/01/2039		500,000		513,120
Coweta Public Works Authority4.000% 08/01/2032		1,000,000		1,024,080
Glenpool Utility Services Authority5.100% 12/01/2035		250,000		266,315
*Grand River Dam Authority5.250% 06/01/2040		2,000,000		2,119,160
Grand River Dam Authority5.000% 06/01/2033		500,000		558,465
Holdenville Public Works Authority5.000% 11/01/2033		620,000		676,129
Miami Special Utility Authority4.000% 12/01/2036		500,000		518,890
*Midwest City Municipal Authority5.000% 03/01/2025		2,000,000		2,151,020
Oklahoma City Water Utilities Trust4.000% 07/01/2034		250,000		255,875
Oklahoma City Water Utilities Trust5.000% 07/01/2031		250,000		270,728
Oklahoma City Water Utilities Trust5.000% 07/01/2034		100,000		113,229
Oklahoma City Water Utilities Trust4.000% 07/01/2039		175,000		181,328
Oklahoma City Water Utilities Trust5.000% 07/01/2034		250,000		286,765
*Oklahoma Municipal Power Authority5.750% 01/01/2024		1,180,000		1,260,157
Oklahoma Municipal Power Authority5.000% 01/01/2038		575,000		640,291
Oklahoma Water Resources Board5.000% 04/01/2028		500,000		511,860
Oklahoma Water Resources Board5.000% 04/01/2032		140,000		153,352
Oklahoma Water Resources Board4.000% 04/01/2025		150,000		160,203
Sallisaw Municipal Authority4.450% 01/01/2028		100,000		102,578
Sapulpa Municipal Authority5.000% 04/01/2028		750,000		824,663
Seminole Utilities Authority3.150% 09/01/2025		380,000		384,598
Seminole Utilities Authority3.300% 09/01/2026		315,000		321,092
Tulsa Metropolitan Utility Authority5.000% 10/01/2025		500,000		596,960
				14,670,468

TOTAL MUNICIPAL BONDS (COST: $40,719,608)			$	41,556,202

OTHER ASSETS LESS LIABILITIES (1.9%)			$	794,299

NET ASSETS (100.0%)			$	42,350,501

* Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases when they occur.

#When-issued purchase as of July 31, 2018.


The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR MONTANA

PORTFOLIO MARKET SECTORS July 31, 2018

General Obligation	42.0%
Health Care	20.0%
Other Revenue	10.1%
Education	9.7%
Housing	6.8%
Transportation	5.8%
Utilities	4.4%
Cash Equivalents and Other	1.2%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.8%)

Education (9.7%)
Gallatin County School District No 44 Belgrade3.500% 06/15/2028	$	575,000	$	596,988
Montana State Board of Regents5.000% 11/15/2023		250,000		275,750
*Montana State Board of Regents4.000% 05/15/2025		2,000,000		2,144,980
Montana State Board of Regents4.000% 05/15/2026		1,145,000		1,215,177
Montana State Board of Regents4.000% 11/15/2025		500,000		537,250
Montana State Board of Regents5.000% 11/15/2025		500,000		571,920
Montana State Board of Regents5.000% 11/15/2030		240,000		270,881
Montana State Board of Regents5.000% 11/15/2043		1,000,000		1,136,470
University of Montana/Missoula MT5.375% 05/15/2019		75,000		76,151
				6,825,567
General Obligation (42.0%)
City of Bozeman MT4.000% 07/01/2028		540,000		589,847
City & County of Butte Silver Bow MT4.000% 07/01/2026		115,000		127,591
City & County of Butte Silver Bow MT4.000% 07/01/2028		215,000		235,223
City & County of Butte Silver Bow MT4.000% 07/01/2030		225,000		241,495
City & County of Butte Silver Bow MT4.000% 07/01/2032		240,000		254,434
City & County of Butte Silver Bow MT4.500% 07/01/2034		850,000		933,776
Cascade County Elementary School District No 1 Great Falls 5.000% 07/01/2027		1,120,000		1,350,205
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2029		925,000		1,023,235
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2030		935,000		1,025,732
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031		700,000		762,636
Cascade County High School District A Great Falls4.000% 07/01/2028		610,000		679,955
Cascade County High School District A Great Falls5.000% 07/01/2027		1,110,000		1,328,315
Cascade County High School District A Great Falls4.000% 07/01/2030		670,000		735,017
Flathead County School District No 29 Somers4.000% 07/01/2031		270,000		290,944
Flathead County School District No 44 Whitefish4.000% 07/01/2033		265,000		283,213
Flathead County School District No 44 Whitefish4.000% 07/01/2034		350,000		372,193
Flathead County School District No 44 Whitefish4.000% 07/01/2035		365,000		388,145
Gallatin County School District No 72 Ophir3.500% 07/01/2023		555,000		580,857
Gallatin County School District No 72 Ophir3.750% 07/01/2024		645,000		675,096
Gallatin County School District No 72 Ophir4.000% 07/01/2025		420,000		441,349
Gallatin County School District No 7 Bozeman4.000% 12/01/2032		915,000		990,597
Gallatin County School District No 7 Bozeman4.000% 12/01/2033		515,000		555,798
Gallatin County School District No 27 Monforton4.250% 06/15/2026		415,000		459,077
Meagher County K 12 School District No 8 White Sulphur4.000% 07/01/2028		475,000		528,276
Missoula High School District No 14.000% 07/01/2032		275,000		294,525
Hellgate School District No 45.000% 06/15/2028		500,000		583,735
Hellgate School District No 45.000% 06/15/2029		500,000		579,855
Hellgate School District No 45.000% 06/15/2030		500,000		576,900
City of Missoula MT4.000% 07/01/2026		350,000		389,056
City of Missoula MT4.000% 07/01/2031		250,000		268,155
*Missoula County Elementary School District No 14.000% 07/01/2032		1,200,000		1,289,592
Missoula County Elementary School District No 14.000% 07/01/2033		750,000		799,440
State of Montana4.000% 08/01/2023		385,000		427,658
State of Montana4.000% 08/01/2026		855,000		946,622
State of Montana4.000% 08/01/2027		480,000		525,202
County of Ravalli MT4.250% 07/01/2027		150,000		152,056
County of Ravalli MT4.350% 07/01/2028		155,000		157,646
County of Ravalli MT4.400% 07/01/2029		165,000		167,724
County of Ravalli MT4.250% 07/01/2030		755,000		811,549
Valley County K 12 School District No 1 A Glasgow/MT4.250% 07/01/2031		450,000		484,141
Yellowstone County School District No 2 Billings5.000% 06/15/2024		500,000		586,830
Yellowstone County School District No 2 Billings5.000% 06/15/2026		515,000		593,939
Yellowstone County School District No 2 Billings5.000% 06/15/2027		1,000,000		1,155,370
Yellowstone County School District No 2 Billings5.000% 06/15/2031		350,000		400,792
Yellowstone County School District No 2 Billings5.000% 06/15/2032		435,000		496,661
Yellowstone County School District No 8 Elder Grove5.000% 07/01/2026		660,000		771,144
Yellowstone County K 12 School District No 26 Lockwood5.000% 07/01/2037		1,000,000		1,142,140
Yellowstone County K 12 School District No 26 Lockwood5.000% 07/01/2038		1,000,000		1,140,180
				29,593,918
Health Care (20.0%)
Montana Facility Finance Authority4.500% 07/01/2023		1,025,000		1,077,726
*Montana Facility Finance Authority4.650% 07/01/2024		1,365,000		1,435,775
Montana Facility Finance Authority4.750% 07/01/2025		380,000		399,737
Montana Facility Finance Authority5.250% 06/01/2030		660,000		700,062
Montana Facility Finance Authority5.125% 06/01/2026		1,000,000		1,069,710
Montana Facility Finance Authority4.750% 01/01/2040		705,000		724,500
Montana Facility Finance Authority4.500% 01/01/2024		1,000,000		1,029,700
Montana Facility Finance Authority5.000% 01/01/2024		400,000		416,132
Montana Facility Finance Authority5.500% 01/01/2025		575,000		626,532
Montana Facility Finance Authority5.750% 01/01/2031		815,000		892,841
Montana Facility Finance Authority5.000% 06/01/2028		1,015,000		1,145,184
Montana Facility Finance Authority5.000% 06/01/2029		915,000		1,032,788
Montana Facility Finance Authority5.000% 06/01/2025		380,000		435,499
Montana Facility Finance Authority5.000% 06/01/2035		425,000		482,044
Montana Facility Finance Authority5.000% 06/01/2036		700,000		789,579
*Montana Facility Finance Authority5.000% 06/01/2022		1,100,000		1,103,883
County of Yellowstone MT4.000% 10/01/2029		710,000		759,927
				14,121,619
Housing (6.8%)
Montana Board of Housing2.650% 06/01/2021		120,000		121,943
Montana Board of Housing2.650% 12/01/2021		265,000		269,166
Montana Board of Housing3.000% 06/01/2023		145,000		147,549
Montana Board of Housing3.000% 12/01/2023		75,000		76,621
Montana Board of Housing3.150% 06/01/2024		310,000		316,674
Montana Board of Housing3.150% 12/01/2024		110,000		112,015
Montana Board of Housing3.350% 06/01/2025		140,000		141,674
Montana Board of Housing3.875% 12/01/2023		170,000		179,381
Montana Board of Housing4.050% 06/01/2024		155,000		164,559
Montana Board of Housing4.050% 12/01/2024		430,000		455,976
Montana Board of Housing4.650% 12/01/2028		235,000		249,955
*Montana Board of Housing4.700% 12/01/2026		655,000		677,231
Montana Board of Housing4.850% 06/01/2028		305,000		312,823
Montana Board of Housing3.850% 06/01/2019		440,000		444,312
Montana Board of Housing2.650% 06/01/2019		145,000		145,653
Montana Board of Housing2.900% 06/01/2020		145,000		146,180
Montana Board of Housing3.100% 06/01/2021		360,000		369,763
#Montana Board of Housing3.400% 12/01/2033		500,000		497,425
				4,828,900
Other Revenue (10.1%)
City of Billings MT5.500% 07/01/2026		300,000		311,511
City of Billings MT4.550% 07/01/2020		30,000		30,031
City of Billings MT4.700% 07/01/2021		70,000		70,146
City of Billings MT4.800% 07/01/2022		70,000		69,559
City of Billings MT4.375% 07/01/2029		490,000		500,270
*City of Billings MT5.000% 07/01/2033		900,000		924,849
City of Bozeman MT4.950% 07/01/2028		200,000		204,796
City & County of Butte Silver Bow MT5.000% 07/01/2021		600,000		615,294
Gallatin County Rural Improvement District5.500% 07/01/2025		535,000		535,294
*Gallatin County Rural Improvement District6.000% 07/01/2030		1,000,000		1,001,370
City of Great Falls MT5.550% 07/01/2029		275,000		283,938
City of Helena MT4.625% 01/01/2024		270,000		273,521
City of Helena MT5.000% 01/01/2029		175,000		177,553
City of Kalispell MT5.000% 07/01/2033		500,000		566,135
Missoula Parking Commission4.000% 10/01/2026		835,000		896,874
City of Missoula MT5.125% 07/01/2026		125,000		125,181
Montana Facility Finance Authority6.300% 10/01/2020		505,000		505,460
				7,091,782
Transportation (5.8%)
City of Billings MT Airport Revenue4.750% 07/01/2019		350,000		357,665
City of Billings MT Airport Revenue5.000% 07/01/2020		235,000		245,201
Madison County Rural Improvement District5.500% 07/01/2025		770,000		771,186
*Madison County Rural Improvement District6.000% 07/01/2030		1,000,000		1,000,920
City of Missoula MT4.750% 07/01/2027		160,000		160,315
City of Missoula MT6.000% 07/01/2030		200,000		207,886
Missoula Special Improvement Districts/MT4.600% 07/01/2024		100,000		100,142
Missoula Special Improvement Districts/MT4.600% 07/01/2025		105,000		105,161
Missoula Special Improvement Districts/MT5.400% 07/01/2029		370,000		378,014
Missoula Special Improvement Districts/MT4.000% 07/01/2019		60,000		60,652
Missoula Special Improvement Districts/MT4.625% 07/01/2023		240,000		245,904
Missoula Special Improvement Districts/MT5.250% 07/01/2027		240,000		247,296
Missoula Special Improvement Districts/MT5.500% 07/01/2031		235,000		241,714
				4,122,056
Utilities (4.4%)
City of Billings MT5.000% 07/01/2028		400,000		475,480
City of Billings MT5.000% 07/01/2031		260,000		304,944
City of Billings MT Storm Sewer Revenue4.000% 07/01/2025		215,000		233,256
City of Billings MT Storm Sewer Revenue4.000% 07/01/2026		225,000		241,828
City of Billings MT Storm Sewer Revenue4.000% 07/01/2028		250,000		271,303
City of Billings MT Storm Sewer Revenue4.000% 07/01/2029		250,000		268,195
City of Dillon MT Water & Sewer System Revenue4.000% 07/01/2033		250,000		268,480
*City of Forsyth MT5.000% 05/01/2033		1,000,000		1,065,450
				3,128,936

TOTAL MUNICPAL BONDS (COST: $68,383,652)			$	69,712,778

OTHER ASSETS LESS LIABILITIES (1.2%)			$	838,831

NET ASSETS (100.0%)			$	70,551,609

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued purchases when they occur.

#When-issued purchase as of July 31, 2018


The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR NORTH DAKOTA

PORTFOLIO MARKET SECTORS (July 31, 2018)

Other Revenue	22.8%
General Obligation	21.1%
Health Care	17.4%
Education	13.1%
Utilities	9.3%
Housing	8.6%
Transportation	6.3%
Cash Equivalents and Other	1.4%
	100.0%

Market sectors are breakdowns of the Fund’s portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS July 31, 2018

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.6%)

Education (13.1%)
Barnes County North Public School District Building Authority4.000% 05/01/2022	$	250,000	$	257,925
State Board of Higher Education of the State of North Dakota4.000% 04/01/2025		415,000		457,911
State Board of Higher Education of the State of North Dakota4.000% 04/01/2028		365,000		390,488
State Board of Higher Education of the State of North Dakota4.000% 04/01/2026		435,000		469,452
State Board of Higher Education of the State of North Dakota4.000% 04/01/2033		500,000		518,845
State Board of Higher Education of the State of North Dakota3.250% 08/01/2028		280,000		286,521
State Board of Higher Education of the State of North Dakota3.250% 08/01/2029		290,000		292,532
State Board of Higher Education of the State of North Dakota5.000% 04/01/2025		160,000		163,666
University of North Dakota5.000% 04/01/2024		250,000		275,385
				3,112,725
General Obligation (21.1%)
City of Bismarck ND3.000% 05/01/2023		500,000		511,825
Bismarck Public School District No 14.000% 05/01/2026		750,000		800,122
Dickinson Public School District No 14.000% 08/01/2034		400,000		418,136
City of Fargo ND5.000% 05/01/2026		400,000		466,188
City of Fargo ND4.000% 05/01/2023		300,000		317,934
City of Grand Forks ND4.500% 05/01/2032		240,000		255,977
Mandan Public School District No 13.125% 08/01/2024		200,000		208,606
City of Minot ND Airport Revenue3.500% 10/01/2025		570,000		590,491
City of Minot ND Airport Revenue4.000% 10/01/2028		355,000		369,310
Pembina County Water Resource District4.000% 05/01/2038		530,000		552,180
*West Fargo Public School District No 64.000% 05/01/2023		500,000		531,000
				5,021,769
Health Care (17.4%)
County of Burleigh ND5.000% 07/01/2022		300,000		337,584
County of Burleigh ND4.500% 07/01/2032		250,000		273,912
County of Burleigh ND5.000% 07/01/2035		500,000		543,340
County of Burleigh ND5.050% 11/01/2018		125,000		125,130
City of Fargo ND5.500% 11/01/2020		500,000		544,330
City of Fargo ND6.000% 11/01/2028		500,000		562,145
City of Grand Forks ND5.000% 12/01/2022		500,000		541,440
City of Grand Forks ND4.000% 12/01/2027		400,000		409,260
City of Grand Forks ND5.000% 12/01/2032		250,000		261,715
City of Grand Forks ND5.125% 12/01/2025		250,000		257,337
City of Grand Forks ND3.000% 12/01/2020		135,000		134,062
City of Langdon ND6.200% 01/01/2025		155,000		155,202
				4,145,457
Housing (8.6%)
North Dakota Housing Finance Agency3.650% 01/01/2020		60,000		61,260
North Dakota Public Finance Authority4.500% 06/01/2026		400,000		425,708
North Dakota Housing Finance Agency3.050% 07/01/2021		150,000		153,971
*North Dakota Housing Finance Agency3.100% 01/01/2026		1,165,000		1,170,569
North Dakota Housing Finance Agency3.550% 07/01/2033		250,000		250,225
				2,061,733
Other Revenue (22.8%)
Bismarck Parks & Recreation District3.500% 04/01/2025		280,000		282,878
Bismarck Parks & Recreation District3.650% 04/01/2027		295,000		297,620
County of Burleigh ND Multi County Sales Tax Revenue4.000% 11/01/2032		400,000		410,640
City of Grand Forks ND5.000% 12/15/2027		500,000		577,840
City of Grand Forks ND5.000% 12/15/2028		250,000		286,578
Jamestown Park District/ND4.000% 07/01/2032		500,000		517,955
Jamestown Park District/ND4.000% 07/01/2033		345,000		354,957
*City of Mandan ND4.000% 09/01/2034		500,000		511,005
North Dakota Public Finance Authority5.000% 06/01/2020		80,000		80,362
North Dakota Public Finance Authority5.000% 06/01/2031		240,000		240,890
North Dakota Public Finance Authority5.500% 10/01/2027		250,000		251,668
North Dakota Public Finance Authority6.000% 06/01/2034		200,000		207,006
North Dakota Public Finance Authority4.000% 06/01/2030		400,000		419,540
North Dakota Public Finance Authority4.000% 06/01/2028		265,000		284,109
North Dakota Public Finance Authority5.000% 06/01/2028		130,000		148,915
*County of Ward ND3.000% 04/01/2022		300,000		305,382
West Fargo Park District Building Authority4.000% 05/01/2030		240,000		254,460
				5,431,805
Transportation (6.3%)
Grand Forks Regional Airport Authority4.600% 06/01/2024		350,000		357,508
Grand Forks Regional Airport Authority5.000% 06/01/2029		500,000		512,250
Grand Forks Regional Airport Authority4.500% 06/01/2028		230,000		246,367
Grand Forks Regional Airport Authority4.500% 06/01/2028		370,000		387,967
				1,504,092
Utilities (9.3%)
City of Bismarck ND Water Revenue3.000% 04/01/2021		495,000		500,143
*City of Bismarck ND Water Revenue3.625% 04/01/2025		675,000		681,554
City of Bismarck ND Water Revenue3.750% 04/01/2026		265,000		267,480
*County of McLean ND4.875% 07/01/2026		750,000		778,980
				2,228,157

TOTAL MUNICIPAL BONDS (COST: $22,897,163)			$	23,505,738

OTHER ASSETS LESS LIABILITIES (1.4%)			$	324,303

NET ASSETS (100.0%)			$	23,830,041

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued purchases when they occur. As of July 31, 2018, there were no such purchases.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Assets and Liabilities July 31, 2018

	Kansas		Maine		Nebraska
	Municipal		Municipal		Municipal
	Fund		Fund		Fund
ASSETS
Investments in securities, at cost	$	56,402,765	$	17,523,909	$	43,713,121

Investments in securities, at value	$	57,799,117	$	17,857,982	$	44,619,874
Cash and cash equivalents		651,297		99,523		432,012
Receivable for Fund shares sold		107,664		0		25,249
Accrued interest receivable		888,632		150,011		435,774
Receivable from affiliate		9,587		5,575		9,208
Prepaid expenses		463		2,303		0
Total assets	$	59,456,760	$	18,115,394	$	45,522,117

LIABILITIES
Payable for Fund shares redeemed	$	32,906	$	13,022	$	38,241
Dividends payable		30,202		5,781		31,213
Trustees’ fees payable		3,096		942		2,361
Payable to affiliates		55,372		20,765		43,670
Accrued expenses		18,735		7,488		18,572
Total liabilities	$	140,311	$	47,998	$	134,057

NET ASSETS	$	59,316,449	$	18,067,396	$	45,388,060

NET ASSETS ARE REPRESENTED BY:
Capital stock outstanding, no par value, unlimited shares authorized	$	58,526,687	$	18,118,491	$	45,206,759
Accumulated undistributed net realized gain (loss) on investments		(614,870)		(403,174)		(726,742)
Accumulated undistributed net investment income (loss)		8,280		18,006		1,290
Unrealized appreciation (depreciation) on investments		1,396,352		334,073		906,753

NET ASSETS	$	59,316,449	$	18,067,396	$	45,388,060

Net Assets - Class A	$	56,488,518	$	17,742,402	$	45,182,299
Net Assets - Class I	$	2,827,931	$	324,994	$	205,761
Shares outstanding - Class A		5,363,076		1,666,931		4,406,224
Shares outstanding - Class I		268,350		30,527		20,075
Net asset value per share - Class A*		$10.53		$10.64		$10.25
Net asset value per share - Class I		$10.54		$10.65		$10.25
Public offering price per share – Class A (sales charge of 2.50%)		$10.80		$10.91		$10.51

* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Assets and Liabilities July 31, 2018

	Oklahoma
	Municipal		Tax-Free		Tax-Free
	Fund		Fund For MT		Fund For ND
ASSETS
Investments in securities, at cost	$	40,719,608	$	68,383,652	$	22,897,163

Investments in securities, at value	$	41,556,202	$	69,712,778	$	23,505,738
Cash and cash equivalents		938,151		1,073,792		156,237
Receivable for Fund shares sold		0		726		0
Accrued interest receivable		462,338		414,677		208,736
Receivable from affiliate		8,817		11,147		6,316
Prepaid expenses		881		5,046		1,331
Total assets	$	42,966,389	$	71,218,166	$	23,878,358

LIABILITIES
Payable for securities purchased	$	510,150	$	500,000	$	0
Payable for Fund shares redeemed		22,394		55,222		3,634
Dividends payable		25,897		31,212		11,249
Trustees’ fees payable		2,240		3,644		1,223
Payable to affiliates		40,815		64,157		26,590
Accrued expenses		14,392		12,322		5,621
Total liabilities	$	615,888	$	666,557	$	48,317

NET ASSETS	$	42,350,501	$	70,551,609	$	23,830,041

NET ASSETS ARE REPRESENTED BY:
Capital stock outstanding, no par value, unlimited shares authorized	$	41,805,490	$	72,208,719	$	24,052,482
Accumulated undistributed net realized gain (loss) on investments		(291,590)		(2,992,441)		(839,055)
Accumulated undistributed net investment income (loss)		7		6,205		8,039
Unrealized appreciation (depreciation) on investments		836,594		1,329,126		608,575

NET ASSETS	$	42,350,501	$	70,551,609	$	23,830,041

Net Assets - Class A	$	41,361,719	$	62,912,605	$	22,909,970
Net Assets - Class I	$	988,782	$	7,639,004	$	920,071
Shares outstanding - Class A		3,606,638		6,381,251		2,275,508
Shares outstanding - Class I		86,154		774,695		91,359
Net asset value per share - Class A*		$11.47		$9.86		$10.07
Net asset value per share - Class I		$11.48		$9.86		$10.07
Public offering price per share – Class A (sales charge of 2.50%)		$11.76		$10.11		$10.33

* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Operations For the year ended July 31, 2018

	Kansas		Maine		Nebraska
	Municipal		Municipal		Municipal
	Fund		Fund		Fund
INVESTMENT INCOME
Interest	$	2,224,032	$	608,956	$	1,580,935
Total investment income	$	2,224,032	$	608,956	$	1,580,935

EXPENSES
Investment advisory fees	$	305,000	$	93,530	$	236,495
Distribution (12b-1) fees - Class A		150,814		46,121		118,185
Transfer agent fees		77,688		26,935		61,247
Administrative service fees		118,326		59,114		99,144
Professional fees		16,366		6,752		13,244
Reports to shareholders		3,497		1,190		2,472
License, fees, and registrations		3,868		2,734		15,216
Audit fees		11,476		3,521		8,925
Trustees’ fees		5,133		1,574		3,976
Transfer agent out-of-pockets		5,306		2,486		4,134
Custodian fees		6,100		2,160		4,617
Legal fees		3,392		1,041		2,637
Insurance expense		1,968		695		1,542
Total expenses	$	708,934	$	247,853	$	571,834
Less expenses waived or reimbursed (See Note 7)		(112,862)		(65,175)		(108,390)
Total net expenses	$	596,072	$	182,678	$	463,444

NET INVESTMENT INCOME (LOSS)	$	1,627,960	$	426,278	$	1,117,491

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions	$	(137,630)	$	(12,711)	$	26,731
Net change in unrealized appreciation (depreciation) of investments		(1,311,083)		(405,551)		(948,194)
Net realized and unrealized gain (loss) on investments	$	(1,448,713)	$	(418,262)	$	(921,463)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	179,247	$	8,016	$	196,028


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Operations For the period/year ended July 31, 2018

	Oklahoma
	Municipal		Tax-Free		Tax-Free
	Fund*		Fund For MT^		Fund For ND^
INVESTMENT INCOME
Interest	$	1,471,799	$	1,449,734	$	488,627
Total investment income	$	1,471,799	$	1,449,734	$	488,627

EXPENSES
Investment advisory fees	$	225,444	$	208,618	$	69,939
Distribution (12b-1) fees - Class A		111,862		94,724		33,854
Transfer agent fees		58,595		53,586		20,303
Administrative service fees		96,050		79,471		40,640
Professional fees		12,737		11,266		4,755
Reports to shareholders		2,108		1,896		1,030
License, fees, and registrations		4,632		2,373		3,310
Audit fees		8,534		6,901		2,299
Trustees’ fees		3,789		3,647		1,224
Transfer agent out-of-pockets		4,322		4,909		1,561
Custodian fees		4,803		4,637		1,706
Legal fees		2,521		2,081		693
Insurance expense		1,487		1,372		486
Total expenses	$	536,884	$	475,481	$	181,800
Less expenses waived or reimbursed (See Note 7)		(95,940)		(76,156)		(45,626)
Total net expenses	$	440,944	$	399,325	$	136,174

NET INVESTMENT INCOME (LOSS)	$	1,030,855	$	1,050,409	$	352,453

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions	$	(107,098)	$	(263,793)	$	(17,437)
Net change in unrealized appreciation (depreciation) of investments		(945,588)		(1,382,278)		(442,240)
Net realized and unrealized gain (loss) on investments	$	(1,052,686)	$	(1,646,071)	$	(459,677)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,831)	$	(595,662)	$	(107,224)

* Year ended July 31, 2018.
^ Seven months ended July 31, 2018.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Operations For the year ended December 31, 2018

		Tax-Free		Tax-Free
		Fund for MT		Fund for ND
INVESTMENT INCOME
Interest	$	2,578,113	$	905,729
Total investment income	$	2,578,113	$	905,729

EXPENSES
Investment advisory fees	$	380,620	$	130,406
Distribution (12b-1) fees - Class A		181,174		63,977
Transfer agent fees		97,347		37,295
Administrative service fees		142,557		72,497
Professional fees		18,472		8,118
Reports to shareholders		3,264		1,764
License, fees, and registrations		4,176		5,676
Audit fees		13,843		4,733
Trustees’ fees		5,628		1,926
Transfer agent out-of-pockets		3,610		4,208
Custodian fees		7,976		2,920
Legal fees		5,424		1,852
Insurance expense		2,439		846
Total expenses	$	866,530	$	336,218
Less expenses waived or reimbursed (See Note 7)		(129,647)		(81,950)
Total net expenses	$	736,883	$	254,268

NET INVESTMENT INCOME (LOSS)	$	1,841,230	$	651,461

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions	$	(388,203)	$	12,516
Net change in unrealized appreciation (depreciation) of investments		1,446,092		155,303
Net realized and unrealized gain (loss) on investments	$	1,057,889	$	167,819

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,899,119	$	819,280


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the year ended July 31, 2018

		Kansas		Maine		Nebraska
		Municipal		Municipal		Municipal
		Fund		Fund		Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,627,960	$	426,278	$	1,117,491
Net realized gain (loss) from investment transactions		(137,630)		(12,711)		26,731
Net change in unrealized appreciation (depreciation) of investments		(1,311,083)		(405,551)		(948,194)
Net increase (decrease) in net assets resulting from operations	$	179,247	$	8,016	$	196,028

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - Class A	$	(1,606,596)	$	(418,250)	$	(1,116,640)
Net investment income - Class I		(20,406)		(6,541)		(671)
Total distributions	$	(1,627,002)	$	(424,791)	$	(1,117,311)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class A	$	5,420,737	$	1,149,545	$	1,693,419
Proceeds from sale of shares - Class I +		2,879,395		481,557		285,932
Proceeds from reinvested dividends - Class A		1,200,642		347,531		778,996
Proceeds from reinvested dividends - Class I +		7,836		5,218		481
Cost of shares redeemed - Class A		(10,477,690)		(3,157,383)		(6,463,663)
Cost of shares redeemed - Class I +		(41,998)		(153,756)		(80,495)
Net increase (decrease) in net assets resulting from capital share transactions	$	(1,011,078)	$	(1,327,288)	$	(3,785,330)

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	(2,458,833)	$	(1,744,063)	$	(4,706,613)
NET ASSETS, BEGINNING OF PERIOD		61,775,282		19,811,459		50,094,673
NET ASSETS, END OF PERIOD	$	59,316,449	$	18,067,396	$	45,388,060

Accumulated undistributed net investment income	$	8,280	$	18,006	$	1,290

+ Class I operations commenced on November 1, 2017.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the period/year ended July 31, 2018

		Oklahoma
		Municipal		Tax-Free		Tax-Free
		Fund*		Fund For MT^		Fund For ND^
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,030,855	$	1,050,409	$	352,453
Net realized gain (loss) from investment transactions		(107,098)		(263,793)		(17,437)
Net change in unrealized appreciation (depreciation) of investments		(945,588)		(1,382,278)		(442,240)
Net increase (decrease) in net assets resulting from operations	$	(21,831)	$	(595,662)	$	(107,224)

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - Class A	$	(1,021,728)	$	(944,426)	$	(339,390)
Net investment income - Class I		(9,066)		(105,873)		(12,353)
Total distributions	$	(1,030,794)	$	(1,050,299)	$	(351,743)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class A	$	2,336,830	$	2,769,242	$	1,881,712
Proceeds from sale of shares - Class I +		1,030,157		2,934,014		300,032
Proceeds from reinvested dividends - Class A		639,407		736,221		255,272
Proceeds from reinvested dividends - Class I +		7,328		48,904		10,501
Cost of shares redeemed - Class A		(7,937,619)		(8,056,170)		(2,328,498)
Cost of shares redeemed - Class I +		(47,012)		(420,383)		(27,591)
Net increase (decrease) in net assets resulting from capital share transactions	$	(3,970,909)	$	(1,988,172)	$	91,428

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	(5,023,534)	$	(3,634,133)	$	(367,539)
NET ASSETS, BEGINNING OF PERIOD		47,374,035		74,185,742		24,197,580
NET ASSETS, END OF PERIOD	$	42,350,501	$	70,551,609	$	23,830,041

Accumulated undistributed net investment income	$	7	$	6,205	$	8,039

* Year ended July 31, 2018.
^ Seven months ended July 31, 2018.
+ Class I operations commenced on November 1, 2017 for Oklahoma Municipal Fund.


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the year ended July 31, 2017


	Kansas		Maine		Nebraska		Oklahoma
	Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund		Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,681,751	$	467,841	$	1,167,452	$	1,073,667
Net realized gain (loss) from investment transactions		(253,811)		(390,463)		(492,161)		(87,991)
Net change in unrealized appreciation (depreciation) on investments		(1,626,406)		(401,692)		(1,124,529)		(1,368,876)
Net increase (decrease) in net assets resulting from operations	$	(198,466)	$	(324,314)	$	(449,238)	$	(383,200)

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income- Class A	$	(1,680,455)	$	(466,098)	$	(1,167,219)	$	(1,073,720)
Total distributions- Class A	$	(1,680,455)	$	(466,098)	$	(1,167,219)	$	(1,073,720)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares- Class A	$	6,369,077	$	3,536,640	$	9,282,002	$	9,051,600
Proceeds from reinvested dividends- Class A		1,186,586		371,287		800,377		673,134
Cost of shares redeemed- Class A		(4,390,351)		(3,519,043)		(4,588,291)		(7,611,812)
Net increase (decrease) in net assets resulting from capital share transactions	$	3,165,312	$	388,884	$	5,494,088	$	2,112,922

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	1,286,391	$	(401,528)	$	3,877,631	$	656,002
NET ASSETS, BEGINNING OF PERIOD	$	60,488,891	$	20,212,987	$	46,217,042	$	46,718,033
NET ASSETS, END OF PERIOD	$	61,775,282	$	19,811,459	$	50,094,673	$	47,374,035

Accumulated undistributed net investment income (loss)	$	7,322	$	16,517	$	1,109	$	(53)


The accompanying notes are an integral part of these financial statements.

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the year ended December 31, 2017

		Tax-Free		Tax-Free
		Fund for MT		Fund for ND
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,841,230	$	651,461
Net realized gain (loss) from investment transactions		(388,203)		12,516
Net change in unrealized appreciation (depreciation) on investments		1,446,092		155,303
Net increase (decrease) in net assets resulting from operations	$	2,899,119	$	819,280

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - Class A	$	(1,741,882)	$	(636,887)
Net investment income - Class I		(96,666)		(13,406)
Total distributions	$	(1,838,548)	$	(650,293)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class A	$	6,992,434	$	3,014,897
Proceeds from sale of shares - Class I		4,955,361		299,947
Proceeds from reinvested dividends - Class A		1,174,851		479,025
Proceeds from reinvested dividends - Class I		44,625		10,039
Cost of shares redeemed - Class A		(16,067,897)		(5,498,565)
Cost of shares redeemed - Class I		(665,065)		(48,007)
Net increase (decrease) in net assets resulting from capital share transactions	$	(3,565,691)	$	(1,742,664)

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	(2,505,120)	$	(1,573,677)
NET ASSETS, BEGINNING OF PERIOD	$	76,690,862	$	25,771,257
NET ASSETS, END OF PERIOD	$	74,185,742	$	24,197,580

Accumulated undistributed net investment income	$	6,095	$	7,329

Statements of Changes in Net Assets For the year ended December 30, 2016

		Tax-Free		Tax-Free
		Fund for MT		Fund for ND
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,995,856	$	675,057
Net realized gain (loss) from investment transactions		(551,409)		(127,251)
Net change in unrealized appreciation (depreciation) on investments		(2,002,888)		(578,191)
Net increase (decrease) in net assets resulting from operations	$	(558,441)	$	(30,385)

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income - Class A	$	(1,990,381)	$	(670,541)
Net investment income - Class I +		(4,734)		(3,295)
Total distributions	$	(1,995,115)	$	(673,836)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares - Class A	$	18,045,397	$	3,944,247
Proceeds from sale of shares - Class I +		848,581		409,022
Proceeds from reinvested dividends - Class A		1,327,137		524,042
Proceeds from reinvested dividends - Class I +		4,633		2,349
Cost of shares redeemed - Class A		(10,782,950)		(4,439,248)
Cost of shares redeemed - Class I +		(9,529)		(9,559)
Net increase (decrease) in net assets resulting from capital share transactions	$	9,433,269	$	430,853

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	6,879,713	$	(273,368)
NET ASSETS, BEGINNING OF PERIOD	$	69,811,149	$	26,044,625
NET ASSETS, END OF PERIOD	$	76,690,862	$	25,771,257

Accumulated undistributed net investment income	$	3,543	$	6,161

+ Class I operations commenced on August 1, 2016.

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1: Organization

Viking Mutual Funds (the “Trust”) was organized as a Delaware business trust on March 30, 1999 and commenced operations on August 3, 1999. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of six series (the “Funds”).

The Kansas Municipal Fund (“KS Muni Fund”), Maine Municipal Fund (“ME Muni Fund”), Nebraska Municipal Fund (“NE Muni Fund”), and Oklahoma Municipal Fund (“OK Muni Fund”), Viking Tax-Free Fund for Montana (“Tax-Free Fund for MT”), and Viking Tax-Free Fund for North Dakota (“Tax-Free Fund for ND”), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund’s respective state income tax as is consistent with preservation of capital.

The Board of Trustees approved, on February 2, 2018, a change of fiscal year-end for Tax-Free Fund for MT and Tax-Free Fund for ND from December 31 to July 31, therefore, this report is for the seven months ended July 31, 2018 for these two Funds.

On May 18, 2017, the Board of Trustees approved the reorganization of each series of the Integrity Managed Portfolios (Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, the “Predecessor Funds”), into the corresponding series of Viking Mutual Funds (with the same names, the “Successor Funds”), and the addition of I shares to each corresponding series. The reorganization was also approved by each Fund’s shareholders at a special meeting held on September 21, 2017. Effective at the close of business on October 31, 2017, the Successor Funds acquired all of the assets and liabilities of the corresponding Predecessor Funds in a tax-free exchange for shares of beneficial interest of the Successor Funds. As a result of the reorganization, the Successor Funds are the accounting successor of the corresponding Predecessor Funds. The reorganization was accomplished by a tax-free exchange of shares of each Predecessor Fund’s shares, value at the Predecessor Fund’s net assets for the exact same shares and value of the corresponding Successor Fund’s shares.For financial reporting purposes, assets received and shares issued by the Successor Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Funds were carried forward to align ongoing reporting of the corresponding Successor Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.Immediately prior to the reorganization, the Shares outstanding, net assets, Accumulated undistributed net realized gain (loss) on investments, Accumulated undistributed net investment income (loss) and Unrealized appreciation (depreciation) on investments were as followed:

			Accumulated	Accumulated net	Unrealized
		Shares	undistributed net	realized (loss) on	appreciation on
	Net Assets	Outstanding	investment income/(loss)	investments	investments
KS Muni Fund	$61,755,660	5,754,318	$7,733	($470,517)	$2,397,485
ME Muni Fund	$18,852,895	1,739,373	$17,876	($395,012)	$663,312
NE Muni Fund	$48,463,329	4,650,052	$1,092	($749,898)	$1,693,539
OK Muni Fund	$46,914,818	4,014,519	($20,677)	($444,800)	$1,581,561

Each Fund in the Trust currently offers both Class A and Class I shares. Class A shares are sold with an initial sales charge of 2.50% and a distribution fee of up to 0.25% on an annual basis. Class I shares are sold without sales charge or distribution fee. The two classes of shares represent interest in each Fund’s same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate distribution and certain other class expenses and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.

Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

NOTE 2: Summary of Significant Accounting Policies

Investment security valuation—Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by the Funds’ administrative services agent, Integrity Fund Services, LLC (“Integrity Fund Services” or “IFS”). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Refer to Note 3 for further disclosures related to the inputs used to value the Funds’ investments. Shares of a registered investment company, including money market funds that are not traded on an exchange are valued at the investment company’s net asset value per share.

When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds’ Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Contingent deferred sales charge—In the case of investments into the Funds of $500,000 or more, a 1.00% contingent deferred sales charge (“CDSC”) may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).

Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.

As of and during the period/year ended July 31, 2018, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period/year, the Funds did not incur any interest or penalties.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years, which include the current and prior three tax years, are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Premiums and discounts—Premiums and discounts on municipal securities are accreted and amortized using the effective yield method over the lives of the respective securities.

Security transactions, investment income, expenses and distributions—Income and expenses are recorded on an accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification basis. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatment for market discount and capital loss carryforwards. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.

Use of estimates—The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

Multiple class allocations—The Funds simultaneously use the settled shares method to allocate income and fund-wide expenses and use the relative net assets method to allocate gains and losses. Class-specific expenses, distribution fees, and any other items that are specifically attributable to a particular class are charged directly to such class.

Organizational expenses—All organizational and offering expenses related to the reorganization and addition of I shares to Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund were borne by the Investment Advisor and are not subject to future recoupment. As a result, organizational and offering expenses are not reflected in the Statements of Assets and Liabilities.

NOTE 3: Fair Value Measurements

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 July 31, 2018:

		Level 1		Level 2		Level 3		Total
KS Muni Fund	Municipal Bonds	$	0	$	57,799,117	$	0	$	57,799,117
	Total	$	0	$	57,799,117	$	0	$	57,799,117

ME Muni Fund	Municipal Bonds	$	0	$	17,857,982	$	0	$	17,857,982
	Total	$	0	$	17,857,982	$	0	$	17,857,982

NE Muni Fund	Municipal Bonds	$	0	$	44,619,874	$	0	$	44,619,874
	Total	$	0	$	44,619,874	$	0	$	44,619,874

OK Muni Fund	Municipal Bonds	$	0	$	41,556,202	$	0	$	41,556,202
	Total	$	0	$	41,556,202	$	0	$	41,556,202

Tax-Free	Municipal Bonds	$	0	$	69,712,778	$	0	$	69,712,778
Fund for MT	Total	$	0	$	69,712,778	$	0	$	69,712,778

Tax-Free	Municipal Bonds	$	0	$	23,505,738	$	0	$	23,505,738
Fund for ND	Total	$	0	$	23,505,738	$	0	$	23,505,738

See Schedule of Investments to view by type of obligation. The Funds did not hold any Level 3 assets during the period/year ended July 31, 2018. There were no transfers into or out of Level 1 or Level 2 during the period/year ended July 31, 2018. The Funds consider transfers into or out of Level 1 and Level 2 as of the end of the reporting period. The Funds did not hold any derivative instruments at any time during the period/year ended July 31, 2018.

NOTE 4: Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the period/year ended July 31, 2018, were as follows:

	KS Muni	ME Muni	NE Muni	OK Muni	Tax-Free	Tax-Free
	Fund	Fund	Fund	Fund	Fund for MT	Fund for ND
Purchases	$12,654,861	$1,980,668	$4,134,341	$5,677,075	$11,719,107	$1,835,747
Sales	$12,630,536	$2,805,208	$6,514,675	$7,172,662	$11,661,026	$1,771,978

NOTE 5: Capital Share Transactions

Period/Year Ended 7/31/18:	KS Muni	ME Muni	NE Muni	OK Muni	Tax-Free	Tax-Free
Class A	Fund	Fund	Fund	Fund	Fund for MT	Fund for ND
Shares sold	507,788	107,088	163,569	201,015	280,416	186,198
Shares issued from reinvestments	112,907	32,389	75,378	55,266	74,574	25,314
Shares redeemed	(985,634)	(292,662)	(623,299)	(686,011)	(814,865)	(230,542)
Net increase (decrease)	(364,939)	(153,185)	(384,352)	(429,730)	(459,875)	(19,030)

	KS Muni	ME Muni	NE Muni	OK Muni	Tax-Free	Tax-Free
Class I	Fund	Fund	Fund	Fund	Fund for MT	Fund for ND
Shares sold	271,590	44,479	27,880	89,610	296,915	29,765
Shares issued from reinvestments	740	489	47	638	4,953	1,041
Shares redeemed	(3,980)	(14,441)	(7,852)	(4,094)	(42,423)	(2,719)
Net increase (decrease)	268,350	30,527	20,075	86,154	259,445	28,087

Year Ended 7/31/17* and 12/31/17^:	KS Muni	ME Muni	NE Muni	OK Muni	Tax-Free	Tax-Free
Class A	Fund*	Fund*	Fund*	Fund*	Fund for MT^	Fund for ND^
Shares sold	588,008	323,622	884,199	769,237	695,195	292,668
Shares issued from reinvestments	110,018	34,094	76,788	57,561	116,868	46,603
Shares redeemed	(406,064)	(324,669)	(441,003)	(651,227)	(1,597,587)	(534,065)
Net increase (decrease)	291,962	33,047	519,984	175,571	(785,524)	(194,794)

Class I
Shares sold					494,381	29,066
Shares issued from reinvestments					4,433	976
Shares redeemed					(66,028)	(4,661)
Net increase (decrease)					432,786	25,381

Year Ended 12/30/16:	Tax-Free	Tax-Free
Class A	Fund for MT	Fund for ND
Shares sold	1,749,393	374,263
Shares issued from reinvestments	129,262	49,843
Shares redeemed	(1,058,209)	(422,651)
Net increase (decrease)	820,446	1,455

Class I
Shares sold	82,963	38,603
Shares issued from reinvestments	462	227
Shares redeemed	(961)	(939)
Net increase (decrease)	82,464	37,891

NOTE 6: Income Tax Information

At July 31, 2018, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

		KS Muni		ME Muni		NE Muni		OK Muni		Tax-Free		Tax-Free
		Fund		Fund		Fund		Fund		Fund for MT		Fund for ND
Investments at cost		$	56,392,142	$	17,505,935	$	43,711,833	$	40,719,604	$	68,377,448	$	22,889,125
Unrealized appreciation		$	1,560,252	$	355,622	$	1,052,026	$	1,002,637	$	1,529,970	$	642,968
Unrealized depreciation			(153,277)		(3,576)		(143,985)		(166,039)		(194,640)		(26,355)
Net unrealized appreciation*		$	1,406,975	$	352,046	$	908,041	$	836,598	$	1,335,330	$	616,613

*	Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount.

The tax character of distributions accrued were as follows:

	KS Muni		ME Muni		NE Muni		OK Muni		Tax-Free		Tax-Free
Period ended 7/31/18:	Fund*		Fund*		Fund*		Fund*		Fund for MT^		Fund for ND^
Tax-exempt income	$	1,627,002	$	424,791	$	1,117,311	$	1,030,794	$	1,050,299	$	351,743
Capital gains	$	0	$	0	$	0	$	0	$	0	$	0

Year ended 7/31/17* and 12/31/17^:
Tax-exempt income	$	1,680,455	$	466,068	$	1,167,219	$	1,073,720	$	1,838,548	$	650,293
Capital gains	$	0	$	30	$	0	$	0	$	0	$	0

Year Ended 12/30/16		Tax-Free Fund for MT		Tax-Free Fund for ND
Tax-exempt income		$1,995,115		$673,836

As of July 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	KS Muni		ME Muni		NE Muni		OK Muni		Tax-Free		Tax-Free
	Fund		Fund		Fund		Fund		Fund for MT		Fund for ND
Undistributed tax-exempt income	$	27,860	$	5,813	$	31,215	$	25,901	$	31,213	$	11,251
Undistributed capital gain		0		0		0		0		0		0
Accumulated capital and other losses		(614,870)		(403,174)		(726,742)		(291,590)		(2,992,441)		(839,055)
Post-October losses deferred		0		0		0		0		0		0
Unrealized appreciation/(depreciation)*		1,406,975		352,046		908,041		836,598		1,335,330		616,613
Total accumulated earnings/(deficit)	$	819,965	$	(45,315)	$	212,514	$	570,909	$	(1,625,898)	$	(211,191)

The Funds’ capital loss carryforward amounts as of July 31, 2018 are as follows:

	KS Muni		ME Muni		NE Muni		OK Muni		Tax-Free		Tax-Free
	Fund		Fund		Fund		Fund		Fund for MT		Fund for ND
Non-expiring S-T losses	$	503,162	$	346,309	$	676,090	$	149,594	$	1,926,177	$	563,128
Non-expiring L-T losses		111,708		56,865		50,652		141,996		1,066,264		275,927
Total	$	614,870	$	403,174	$	726,742	$	291,590	$	2,992,441	$	839,055

For the period/year ended July 31, 2018, OK Muni Fund, Tax-Free Fund for MT, and Tax-Free Fund for ND reclassified net realized loss of $260,308, $106,551, and $75,200, respectively, to paid-in capital due to expired capital loss carryforwards.

NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates

Viking Fund Management (“VFM”), the Funds’ investment adviser; Integrity Funds Distributor, LLC (“Integrity Funds Distributor” or “IFD”), the Funds’ underwriter and distributor; and IFS, the Funds’ transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC (“Corridor Investors” or “Corridor”), the Funds’ sponsor. A Trustee of the Funds is also a Governor of Corridor.

VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the “Advisory Agreement”) provides for fees to be computed at an annual rate of 0.50% of each Fund’s average daily net assets. VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses and acquired fund fees and expenses, until November 29, 2018 (April 29, 2019 for Tax-Free Fund for MT and Tax-Free Fund for ND) so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2018 (April 29, 2019 for Tax-Free Fund for MT and Tax-Free Fund for ND), the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. There are no recoupment provisions in place for waived/reimbursed fees. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

	Period/Year Ended 12/31/18				Payable 12/31/18
	Advisory Fees*		Advisory Fees Waived		Advisory Fees*
KS Muni Fund	$	192,138	$	112,862	$	15,753
ME Muni Fund	$	28,355	$	65,175	$	2,132
NE Muni Fund	$	128,105	$	108,390	$	10,089
OK Muni Fund	$	129,504	$	95,940	$	9,204
Tax-Free Fund for MT	$	132,462	$	76,156	$	18,781
Tax-Free Fund for ND	$	24,313	$	45,626	$	3,849
* After waivers and reimbursements, if any.

	Year Ended 12/31/17
	Advisory Fees*		Advisory Fees Waived
Tax-Free Fund for MT	$	267,672	$	112,948
Tax-Free Fund for ND	$	60,519	$	69,887
*After waivers.

IFD serves as the principal underwriter and distributor for the Funds and receives sales charges deducted from Fund share sales proceeds and CDSC from applicable Fund share redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse their principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called “Distribution Plan expenses.” The Funds currently pay an annual distribution fee of up to 0.25% of the average daily net assets. Certain Officers of the Funds are also Officers and Governors of IFD.

	Period/Year Ended 12/31/18						Payable 12/31/18
	Sales Charges		CDSC		Distribution Fees		Distribution Fees
KS Muni Fund - A	$	77,539	$	0	$	150,814	$	12,077
ME Muni Fund - A	$	18,125	$	0	$	46,121	$	3,781
NE Muni Fund - A	$	18,471	$	0	$	118,185	$	9,610
OK Muni Fund - A	$	32,931	$	0	$	111,862	$	8,801
Tax-Free Fund for MT - A	$	30,506	$	1,134	$	94,724	$	13,433
Tax-Free Fund for ND - A	$	13,325	$	0	$	33,854	$	4,887

	Year Ended 12/31/17
	Sales				Distribution		Distribution
	Charges		CDSC		Fees*		Fees Waived
Tax-Free Fund for MT - A	$	87,838	$	0	$	181,174	$	0
Tax-Free Fund for ND - A	$	41,511	$	0	$	63,977	$	0
*After waivers.

IFS acts as the Funds’ transfer agent for a monthly variable fee equal to 0.14% of the Funds’ average daily net assets on an annual basis for the Funds’ first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. Sub-transfer agent out-of-pocket expenses are included in the transfer agent fees below and in the transfer agent out-of-pocket balance on the Statements of Operations. IFS also acts as the Funds’ administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% of the Funds’ average daily net assets on an annual basis for the Funds’ first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. Certain Officers of the Funds are also Officers and Governors of IFS.

	Period/Year Ended 12/31/18				Payable 12/31/18
	Transfer		Admin.		Transfer		Admin.
	Agency Fees		Service Fees		Agency Fees		Service Fees
KS Muni Fund	$	82,994	$	118,326	$	7,802	$	10,153
ME Muni Fund	$	29,421	$	59,114	$	4,062	$	5,215
NE Muni Fund	$	65,381	$	99,144	$	6,303	$	8,460
OK Muni Fund	$	62,917	$	96,050	$	5,890	$	8,103
Tax-Free Fund for MT	$	58,495	$	79,471	$	9,359	$	11,437
Tax-Free Fund for ND	$	21,864	$	40,640	$	5,634	$	5,904

	Year Ended 12/31/17
	Transfer		Transfer		Admin.		Admin.
	Agency		Agency		Service		Service
	Fees*		Fees Waived		Fees*		Fees Waived
Tax-Free Fund for MT	$	94,170	$	6,787	$	132,645	$	9,912
Tax-Free Fund for ND	$	37,407	$	4,096	$	64,530	$	7,967
*After waivers.

NOTE 8: Principal Risks

The Funds invest primarily in municipal securities from a specific state. The Funds may also invest in municipal securities of U.S. territories and possessions (such as Puerto Rico, the U.S. Virgin Islands, and Guam). Each Fund is therefore more susceptible to political, economic, legislative, or regulatory factors adversely affecting issuers of municipal securities in its specific state or U.S. territories and possessions.

Interest rate risk is the risk that bond prices will decline in value because of changes in interest rates. There is normally an inverse relationship between the fair value of securities sensitive to prevailing interest rates and actual changes in interest rates. The longer the average maturity of a Fund’s portfolio, the greater its interest rate risk.

KANSAS MUNICIPAL FUND CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/31/18		7/31/17		7/29/16		7/31/15		7/31/14
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.78	$	11.13	$	10.87	$	10.85	$	10.56

Income (loss) from investment operations:
Net investment income (loss)	$	0.28	$	0.30	$	0.31	$	0.31	$	0.32
Net realized and unrealized gain (loss) on investments¹		(0.25)		(0.35)		0.26		0.02		0.29
Total from investment operations	$	0.03	$	(0.05)	$	0.57	$	0.33	$	0.61

Distributions from net investment income	$	(0.28)	$	(0.30)	$	(0.31)	$	(0.31)	$	(0.32)

NET ASSET VALUE, END OF PERIOD	$	10.53	$	10.78	$	11.13	$	10.87	$	10.85

Total Return (excludes any applicable sales charge)	0.32%		(0.42%)		5.30%		3.03%		5.81%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$56,489		$61,775		$60,489		$58,578		$59,516
Ratio of expenses to average net assets after waivers²	0.98%		0.98%		0.98%		0.98%		1.01%
Ratio of expenses to average net assets before waivers	1.16%		1.15%		1.18%		1.16%		1.16%
Ratio of net investment income to average net assets²	2.67%		2.76%		2.81%		2.80%		2.95%
Portfolio turnover rate	21.27%		6.85%		12.10%		10.87%		6.63%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

KANSAS MUNICIPAL FUND CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Period
	From
	11/1/17* to
	7/31/18
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.74

Income (loss) from investment operations:
Net investment income (loss)	$	0.23
Net realized and unrealized gain (loss) on investments¹		(0.20)
Total from investment operations	$	0.03

Distributions from net investment income	$	(0.23)

NET ASSET VALUE, END OF PERIOD	$	10.54

Total Return (excludes any applicable sales charge)	0.31%#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$2,828
Ratio of expenses to average net assets after waivers²	0.73%^
Ratio of expenses to average net assets before waivers	0.92%^
Ratio of net investment income to average net assets²	2.99%^
Portfolio turnover rate	21.27%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

MAINE MUNICIPAL FUND CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/31/18		7/31/17		7/29/16		7/31/15		7/31/14
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.88	$	11.31	$	10.99	$	11.00	$	10.79

Income (loss) from investment operations:
Net investment income (loss)	$	0.24	$	0.25	$	0.27	$	0.27	$	0.29
Net realized and unrealized gain (loss) on investments¹		(0.24)		(0.43)		0.33		(0.01)		0.21
Total from investment operations	$	0.00	$	(0.18)	$	0.60	$	0.26	$	0.50

Less Distributions:
Distributions from net investment income	$	(0.24)	$	(0.25)	$	(0.27)	$	(0.27)	$	(0.29)
Distributions from net realized gains		0.00		0.00		(0.01)		0.00		0.00
Total distributions	$	(0.24)	$	(0.25)	$	(0.28)	$	(0.27)	$	(0.29)

NET ASSET VALUE, END OF PERIOD	$	10.64	$	10.88	$	11.31	$	10.99	$	11.00

Total Return (excludes any applicable sales charge)	0.04%		(1.55%)		5.44%		2.37%		4.72%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$17,742		$19,811		$20,213		$17,475		$17,451
Ratio of expenses to average net assets after waivers²	0.98%		0.98%		0.98%		0.98%		1.01%
Ratio of expenses to average net assets before waivers	1.33%		1.25%		1.29%		1.28%		1.28%
Ratio of net investment income to average net assets²	2.28%		2.31%		2.39%		2.45%		2.70%
Portfolio turnover rate	10.91%		21.81%		1.88%		16.18%		11.27%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

MAINE MUNICIPAL FUND CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Period
	From
	11/1/17* to
	7/31/18
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.84

Income (loss) from investment operations:
Net investment income (loss)	$	0.20
Net realized and unrealized gain (loss) on investments¹		(0.19)
Total from investment operations	$	0.01

Distributions from net investment income	$	(0.20)

NET ASSET VALUE, END OF PERIOD	$	10.65

Total Return (excludes any applicable sales charge)	0.12%#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$325
Ratio of expenses to average net assets after waivers²	0.73%^
Ratio of expenses to average net assets before waivers	1.11%^
Ratio of net investment income to average net assets²	2.53%^
Portfolio turnover rate	10.91%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

NEBRASKA MUNICIPAL FUND CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/31/18		7/31/17		7/29/16		7/31/15		7/31/14
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.46	$	10.82	$	10.48	$	10.40	$	9.99

Income (loss) from investment operations:
Net investment income (loss)	$	0.24	$	0.25	$	0.27	$	0.29	$	0.29
Net realized and unrealized gain (loss) on investments¹		(0.21)		(0.36)		0.34		0.08		0.41
Total from investment operations	$	0.03	$	(0.11)	$	0.61	$	0.37	$	0.70

Distributions from net investment income	$	(0.24)	$	(0.25)	$	(0.27)	$	(0.29)	$	(0.29)

NET ASSET VALUE, END OF PERIOD	$	10.25	$	10.46	$	10.82	$	10.48	$	10.40

Total Return (excludes any applicable sales charge)	0.34%		(1.01%)		5.94%		3.54%		7.14%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$45,182		$50,095		$46,217		$41,189		$39,734
Ratio of expenses to average net assets after waivers²	0.98%		0.98%		0.98%		0.98%		1.01%
Ratio of expenses to average net assets before waivers	1.21%		1.18%		1.20%		1.19%		1.20%
Ratio of net investment income to average net assets²	2.36%		2.35%		2.58%		2.72%		2.89%
Portfolio turnover rate	8.99%		22.92%		7.47%		11.76%		3.88%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

NEBRASKA MUNICIPAL FUND CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Period
	From
	11/1/17* to
	7/31/18
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.42

Income (loss) from investment operations:
Net investment income (loss)	$	0.20
Net realized and unrealized gain (loss) on investments¹		(0.17)
Total from investment operations	$	0.03

Distributions from net investment income	$	(0.20)

NET ASSET VALUE, END OF PERIOD	$	10.25

Total Return (excludes any applicable sales charge)	0.32%#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$206
Ratio of expenses to average net assets after waivers²	0.73%^
Ratio of expenses to average net assets before waivers	0.97%^
Ratio of net investment income to average net assets²	2.63%^
Portfolio turnover rate	8.99%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

OKLAHOMA MUNICIPAL FUND CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/31/18		7/31/17		7/29/16		7/31/15		7/31/14
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.74	$	12.10	$	11.64	$	11.60	$	11.20

Income (loss) from investment operations:
Net investment income (loss)	$	0.27	$	0.27	$	0.28	$	0.29	$	0.31
Net realized and unrealized gain (loss) on investments¹		(0.27)		(0.36)		0.46		0.04		0.40
Total from investment operations		0.00	$	(0.09)	$	0.74	$	0.33	$	0.71

Distributions from net investment income	$	(0.27)	$	(0.27)	$	(0.28)	$	(0.29)	$	(0.31)

NET ASSET VALUE, END OF PERIOD	$	11.47	$	11.74	$	12.10	$	11.64	$	11.60

Total Return (excludes any applicable sales charge)	(0.04%)		(0.71%)		6.47%		2.82%		6.42%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$41,362		$47,374		$46,718		$42,427		$38,795
Ratio of expenses to average net assets after waivers²	0.98%		0.98%		0.98%		0.98%		1.01%
Ratio of expenses to average net assets before waivers	1.19%		1.16%		1.19%		1.18%		1.19%
Ratio of net investment income to average net assets²	2.28%		2.30%		2.40%		2.44%		2.72%
Portfolio turnover rate	13.03%		5.30%		10.58%		14.53%		1.41%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

OKLAHOMA MUNICIPAL FUND CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Period
	From
	11/1/17* to
	7/31/18
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.69

Income (loss) from investment operations:
Net investment income (loss)	$	0.22
Net realized and unrealized gain (loss) on investments¹		(0.21)
Total from investment operations	$	0.01

Distributions from net investment income	$	(0.22)

NET ASSET VALUE, END OF PERIOD	$	11.48

Total Return (excludes any applicable sales charge)	0.10%#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$989
Ratio of expenses to average net assets after waivers²	0.73%^
Ratio of expenses to average net assets before waivers	0.96%^
Ratio of net investment income to average net assets²	2.62%^
Portfolio turnover rate	13.03%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR MONTANA CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Seven
	Months		Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	7/31/18		12/31/17		12/30/16		12/31/15		12/31/14		12/31/13
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.08	$	9.95	$	10.26	$	10.23	$	9.83	$	10.50

Income (loss) from investment operations:
Net investment income (loss)	$	0.14	$	0.24	$	0.27	$	0.29	$	0.29	$	0.28
Net realized and unrealized gain (loss) on investments¹		(0.22)		0.13		(0.31)		0.03		0.40		(0.67)
Total from investment operations	$	(0.08)	$	0.37	$	(0.04)	$	0.32	$	0.69	$	(0.39)

Less Distributions:
Dividends from net investment income	$	(0.14)	$	(0.24)	$	(0.27)	$	(0.29)	$	(0.29)	$	(0.28)
Total distributions	$	(0.14)	$	(0.24)	$	(0.27)	$	(0.29)	$	(0.29)	$	(0.28)

NET ASSET VALUE, END OF PERIOD	$	9.86	$	10.08	$	9.95	$	10.26	$	10.23	$	9.83

Total Return (excludes any applicable sales charge)	(0.74%)#		3.77%		(0.43%)		3.21%		7.08%		(3.80%)

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$62,913		$68,990		$75,870		$69,811		$68,064		$69,452
Ratio of expenses to average net assets after waivers²	0.98%^		0.98%		0.98%		0.98%		0.98%		0.98%
Ratio of expenses to average net assets before waivers	1.17%^		1.15%		1.16%		1.15%		1.14%		1.15%
Ratio of net investment income to average net assets²	2.52%^		2.42%		2.63%		2.87%		2.86%		2.71%
Portfolio turnover rate	16.63%#		20.44%		16.58%		11.91%		13.20%		32.66%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR MONTANA CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Seven				Period
	Months		Year		From
	Ended		Ended		8/1/16* to
	7/31/18		12/31/17		12/30/16
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.08	$	9.95	$	10.41

Income (loss) from investment operations:
Net investment income (loss)	$	0.16	$	0.27	$	0.12
Net realized and unrealized gain (loss) on investments¹		(0.22)		0.13		(0.46)
Total from investment operations	$	(0.06)	$	0.40	$	(0.34)

Less Distributions:
Dividends from net investment income	$	(0.16)	$	(0.27)	$	(0.12)
Total distributions	$	(0.16)	$	(0.27)	$	(0.12)

NET ASSET VALUE, END OF PERIOD	$	9.86	$	10.08	$	9.95

Total Return (excludes any applicable sales charge)	(0.59%)#		4.03%		(3.32%)#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$7,639		$5,196		$821
Ratio of expenses to average net assets after waivers²	0.73%^		0.73%		0.73%^
Ratio of expenses to average net assets before waivers	0.91%^		0.90%		0.92%^
Ratio of net investment income to average net assets²	2.77%^		2.65%		2.74%^
Portfolio turnover rate	16.63%#		20.44%		16.58%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS A

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Seven
	Months		Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	7/31/18		12/31/17		12/30/16		12/31/15		12/31/14		12/31/13
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.26	$	10.20	$	10.47	$	10.39	$	9.94	$	10.62

Income (loss) from investment operations:
Net investment income (loss)	$	0.15	$	0.26	$	0.27	$	0.27	$	0.28	$	0.28
Net realized and unrealized gain (loss) on investments¹		(0.19)		0.06		(0.27)		0.08		0.45		(0.68)
Total from investment operations	$	(0.04)	$	0.32	$	0.00	$	0.35	$	0.73	$	(0.40)

Less Distributions:
Dividends from net investment income	$	(0.15)	$	(0.26)	$	(0.27)	$	(0.27)	$	(0.28)	$	(0.28)
Total distributions	$	(0.15)	$	(0.26)	$	(0.27)	$	(0.27)	$	(0.28)	$	(0.28)

NET ASSET VALUE, END OF PERIOD	$	10.07	$	10.26	$	10.20	$	10.47	$	10.39	$	9.94

Total Return (excludes any applicable sales charge)	(0.40%)#		3.12%		(0.08%)		3.43%		7.43%		(3.80%)

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$22,910		$23,548		$25,385		$26,045		$25,449		$24,140
Ratio of expenses to average net assets after waivers²	0.98%^		0.98%		0.98%		0.98%		0.98%		0.98%
Ratio of expenses to average net assets before waivers	1.31%^		1.30%		1.27%		1.24%		1.23%		1.24%
Ratio of net investment income to average net assets²	2.54%^		2.51%		2.53%		2.62%		2.75%		2.73%
Portfolio turnover rate	7.57%#		11.14%		13.28%		19.05%		18.46%		37.28%

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

VIKING TAX-FREE FUND FOR NORTH DAKOTA CLASS I

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Seven				Period
	Months		Year		From
	Ended		Ended		8/1/16* to
	7/31/18		12/31/17		12/30/16
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.26	$	10.20	$	10.65

Income (loss) from investment operations:
Net investment income (loss)	$	0.16	$	0.28	$	0.12
Net realized and unrealized gain (loss) on investments¹		(0.19)		0.06		(0.45)
Total from investment operations	$	(0.03)	$	0.34	$	(0.33)

Less Distributions:
Dividends from net investment income	$	(0.16)	$	(0.28)	$	(0.12)
Total distributions	$	(0.16)	$	(0.28)	$	(0.12)

NET ASSET VALUE, END OF PERIOD	$	10.07	$	10.26	$	10.20

Total Return (excludes any applicable sales charge)	(0.25%)#		3.38%		(3.11%)#

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$920		$649		$386
Ratio of expenses to average net assets after waivers²	0.73%^		0.73%		0.73%^
Ratio of expenses to average net assets before waivers	1.06%^		1.04%		1.05%^
Ratio of net investment income to average net assets²	2.78%^		2.75%		2.82%^
Portfolio turnover rate	7.57%#		11.14%		13.28%#

¹	Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
²	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.
^	Annualized
#	Not Annualized.
*	Commencement of operations.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

The accompanying notes are an integral part of these financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Viking Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Viking Mutual Funds, comprising the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota (the “Funds”), as of July 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the five periods in the period then ended for the Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, and Oklahoma Municipal Fund, and the related statements of operations for the seven months ended July 31, 2018 and for the year ended December 31, 2017, the statements of changes in net assets for the seven months ended July 31, 2018 and for the years ended December 31, 2017 and 2016, including the related notes, and the financial highlightsfor each of the periods indicated in the period ended July 31, 2018 for the Viking Tax-Free Fund for Montana and Viking Tax-Free Fund for North Dakota (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated in the period ended July 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits.We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits include performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of July 31, 2018, or by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received.Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Viking Fund Management since 2009.

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 13, 2018

EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the one-half year period shown below and held for the entire one-half year period.

Actual expenses - The section in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an account value of $8,600 divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate column for your share class in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes - The section in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the section in the table under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses
	Account	Account	Paid	Annualized
	Value	Value	During	Expense
	1/31/18	7/31/18	Period*	Ratio
Kansas Municipal Fund
Actual - Class A	$1,000.00	$1,006.00	$4.87	0.98%
Actual - Class I	$1,000.00	$1,007.20	$3.63	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
Maine Municipal Fund
Actual - Class A	$1,000.00	$1,006.70	$4.88	0.98%
Actual - Class I	$1,000.00	$1,008.90	$3.64	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
Nebraska Municipal Fund
Actual - Class A	$1,000.00	$1,006.20	$4.87	0.98%
Actual - Class I	$1,000.00	$1,008.40	$3.64	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
Oklahoma Municipal Fund
Actual - Class A	$1,000.00	$1,006.60	$4.88	0.98%
Actual - Class I	$1,000.00	$1,008.70	$3.64	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
Viking Tax-Free Fund of Montana
Actual - Class A	$1,000.00	$1,007.50	$4.88	0.98%
Actual - Class I	$1,000.00	$1,008.70	$3.64	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
Viking Tax-Free Fund of North Dakota
Actual - Class A	$1,000.00	$1,006.50	$4.88	0.98%
Actual - Class I	$1,000.00	$1,007.80	$3.63	0.73%
Hypothetical - Class A (5% return before expenses)	$1,000.00	$1,019.93	$4.91	0.98%
Hypothetical - Class I (5% return before expenses)	$1,000.00	$1,021.17	$3.66	0.73%
*Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied 181 days in the one-half year period, and divided by 365 days in the fiscal year (to reflect the one-half year period).

BOARD OF TRUSTEES AND OFFICERS (unaudited)

The Board of Trustees (“Board”) of the Funds consists of four Trustees (the “Trustees”). These same individuals, unless otherwise noted, also serve as trustees for the five series of The Integrity. Three Trustees are not “interested persons” (75% of the total) as defined under the 1940 Act (the “Independent Trustees”). The remaining Trustee is “interested” (the “Interested Trustees”) by virtue of his affiliation with Viking Fund Management, LLC and its affiliates.”

For the purposes of this section, the “Fund Complex” consists of the five series of The Integrity Funds and the six series of Viking Mutual Funds.

Each Trustee serves a Fund until its termination; or until the Trustee’s retirement, resignation, or death; or otherwise as specified in the Funds’ organizational documents. Each Officer serves an annual term. The tables that follow show information for each Trustee and Officer of the Funds.

INDEPENDENT TRUSTEES
Name, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex	Principal Occupations for Past Five Years and Directorships Held During Past Five Years
Wade A. Dokken Birth date: March 3, 1960 Began serving: February 2016 Funds overseen: 12 funds	Principal occupation(s): Member, WealthVest Financial Partners (2009 to present); Co-President, WealthVest Marketing (2009 to present), Trustee: Integrity Managed Portfolios (2016 to 2018), The Integrity Funds (2016 to present), and Viking Mutual Funds (2016 to present) Other Directorships Held: Not Applicable
R. James Maxson Birth date: December 12, 1947 Began serving: August 2009 Funds overseen: 11 funds	Principal occupation(s): Attorney: Maxson Law Office P.C. (2002 to present); Trustee: Integrity Managed Portfolios (1999 to 2018), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Peoples State Bank of Velva, St. Joseph’s Community Health Foundation and St. Joseph’s Foundation, Minot Community Land Trust
Jerry M. Stai Birth date: March 31, 1952 Began serving: August 2009 Funds overseen: 11 funds	Principal occupation(s): Minot State University (1999 to present); Non-Profit Specialist, Bremer Bank (2006 to 2014); Trustee: Integrity Managed Portfolios (2006 to 2018), The Integrity Funds (2006 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable

The Statement of Additional Information (“SAI”) contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.

INTERESTED TRUSTEE

Name, Position with Trust, Date of Birth, Date Service Began, and Number of Funds Overseen in Fund Complex

Principal Occupations for Past Five Years
and Directorships Held During Past Five Years

Robert E. Walstad⁽¹⁾
Chairman
Birth date: August 16, 1944
Began serving: August 2009
Funds overseen: 11 funds

Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Portfolio Manager (2010 to 2013): Viking Fund Management, LLC; Trustee and Chairman: Integrity Managed Portfolios (1996 to 2018), The Integrity Funds (2003 to present),and Viking Mutual Funds (2009 to present)

Other Directorships Held: Not Applicable

(1) Trustee who is an “interested person” of the Funds as defined in the 1940 Act. Mr. Walstad is an interested person by virtue of being an Officer of the Funds and ownership in Corridor Investors, LLC the parent company of Viking Fund Management, Integrity Fund Services, and Integrity Fund Distributors.

OTHER OFFICERS
Name, Position with Trust, Date of Birth, and Date Service Began	Principal Occupations for Past Five Years and Directorships Held During Past Five Years
Shannon D. Radke President Birth date: September 7, 1966 Began serving: August 1999	Principal occupation(s): Governor, CEO, and President (2009 to present): Corridor Investors, LLC; Governor and President (1998 to present) and Senior Portfolio Manager (1999 to present): Viking Fund Management, LLC; Governor and President (2009 to present): Integrity Fund Services, LLC and Integrity Funds Distributor, LLC; President: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds (2009 to present), and Viking Mutual Funds (1999 to present) Other Directorships Held: Not Applicable
Peter A. Quist Vice President Birth date: February 23, 1934 Began serving: August 2009	Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Attorney (inactive); Vice President: Integrity Managed Portfolios (1996 to 2018); The Integrity Funds (2003 to present); and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable
Adam C. Forthun Treasurer Birth date: June 30, 1976 Began serving: August 2009	Principal occupation(s): Fund Accounting Manager (2008 to present) and Chief Operating Officer (2013 to present): Integrity Fund Services, LLC; Treasurer: Integrity Managed Portfolios (2008 to 2018), The Integrity Funds (2008 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable
Brent M. Wheeler Secretary and Mutual Fund Chief Compliance Officer Birth date: October 9, 1970 Began serving: MF CCO: August 2009 Secretary: October 2009	Principal occupation(s): Mutual Fund Chief Compliance Officer: Integrity Managed Portfolios (2005 to 2018), The Integrity Funds, (2005 to present), and Viking Mutual Funds (2009 to present); Secretary: Integrity Managed Portfolios (2009 to 2018), The Integrity Funds and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable

The SAI contains more information about the Funds’ Trustees and is available without charge upon request, by calling Integrity Funds Distributor at 800-276-1262.

PRIVACY POLICY

Rev. 11/2017

FACTS	WHAT DOES INTEGRITY VIKING FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information.Federal law gives consumers the right to limit some but not all sharing.Federal law also requires us to tell you how we collect, share, and protect your personal information.Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us.This information can include: · Social Security number, name, address · Account balance, transaction history, account transactions · Investment experience, wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business.In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Integrity Viking Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Integrity Viking Funds share?	Can you limit this sharing?
For our everyday business purposes- such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes- to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes- information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes- information about your creditworthiness	No	We don’t share
For non-affiliates to market to you	No	We don’t share

Questions?

Call 1-800-601-5593 or go to www.integrityvikingfunds.com

PRIVACY POLICY (Continued)

Page 2

Who we are
Who is providing this notice?	Integrity Viking Funds (a family of investment companies)

What we do
How does Integrity Viking Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law.These measures include computer safeguards and secured files and buildings. We · train employees on privacy, information security and protection of client information. · limit access to nonpublic personal information to those employees requiring such information in performing their job functions.
How does Integrity Viking Funds collect my personal information?	We collect your personal information, for example, when you: · open an account or seek financial or tax advice · provide account information or give us your contact information · make a wire transfer We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: · sharing for affiliates’ everyday business purposes-information about your creditworthiness · affiliates from using your information to market to you · sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control.They can be financial and nonfinancial companies · The Integrity Funds · Viking Mutual Funds · Corridor Investors, LLC · Viking Fund Management, LLC · Integrity Funds Distributor, LLC · Integrity Fund Services, LLC
Non-affiliates	Companies not related by common ownership or control.They can be financial and nonfinancial companies. Integrity Viking Funds does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Integrity Viking Funds doesn’t jointly market.

Integrity Viking Funds includes:

· The Integrity Funds

· Viking Mutual Funds

PROXY VOTING OF FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in each Fund’s portfolio is available, without charge and upon request, by calling 800-276-1262. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through the Funds’ website at www.integrityvikingfunds.com. The information is also available from the Electronic Data Gathering Analysis and Retrieval (“EDGAR”) database on the website of the Securities and Exchange Commission (“SEC”) at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

Within 60 days of the end of its second and fourth fiscal quarters, the Funds provide a complete schedule of portfolio holdings in their semi-annual and annual reports on the Form N-CSR(S). These reports are filed electronically with the SEC and are delivered to the shareholders of the Funds. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q and N-CSR(S) are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q and N-CSR(S) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090. You may also access this information from the Funds’ website at www.integrityvikingfunds.com.

SHAREHOLDER INQUIRIES AND MAILINGS

Direct inquiries regarding the Funds to:
Integrity Funds Distributor, LLC
PO Box 500
Minot, ND 58702
Phone: 800-276-1262

Direct inquiries regarding account information to:
Integrity Fund Services, LLC
PO Box 759
Minot, ND 58702
Phone: 800-601-5593

To reduce their expenses, the Funds may mail only one copy of its prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive additional copies of these documents, please call Integrity Funds Distributor at 800-276-1262 or contact your financial institution. Integrity Funds Distributor will begin sending you individual copies 30 days after receiving your request.

Integrity Viking Funds are sold by prospectus only. An investor should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You may obtain a prospectus at no cost from your financial adviser or at www.integrityvikingfunds.com. Please read the prospectus carefully before investing.

Equity Funds

Integrity Dividend Harvest Fund

Integrity Energized Dividend Fund

Integrity Growth & Income Fund

Williston Basin/Mid-North America Stock Fund

Corporate Bond Fund

Integrity High Income Fund

State-Specific Tax-Exempt Bond Funds

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

Oklahoma Municipal Fund

Viking Tax-Free Fund for Montana

Viking Tax-Free Fund for North Dakota

Item 2. CODE OF ETHICS.

At the end of the period covered by this report, the registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR that applies to the registrant’s principal executive officer and principal financial officer (herein referred to as the “Code”). There were no amendments to the Code during the period covered by this report. The registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period of this report. The Code is available on the Integrity Viking Funds website at http://www.integrityvikingfunds.com. A copy of the Code is also available, without charge, upon request by calling 800-601-5593. The Code is filed herewith pursuant to Item 12(a)(1) as EX-99.CODE ETH.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that Jerry Stai is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stai is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)	Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen Fund Audit Services, Ltd. (“Cohen”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $42,194 for the period ended July 31, 2018, and $18,300 for the year ended December 31, 2017.

(b)	Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the period ended July 31, 2018, and $0 for the year ended December 31, 2017.

(c)	Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,000 for the period ended July 31, 2018, and $5,000 for the year ended December 31, 2017. Such services included review of excise distribution calculations (if applicable), preparation of the Trust’s federal, state, and excise tax returns, tax services related to mergers, and routine counseling.

(d)	All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen, other than the services reported in paragraphs (a) through (c) of this Item: None.

(e)	(1)	Audit Committee Pre-Approval Policies and Procedures

			The registrant’s audit committee has adopted policies and procedures that require the audit committee to pre-approve all audit and non-audit services provided to the registrant by the principal accountant.

	(2)	Percentage of services referred to in 4(b) through 4(d) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

			0% of the services described in paragraphs (b) through (d) of Item 4 were not pre-approved by the audit committee.

(f)	All services performed on the engagement to audit the registrant’s financial statements for the most recent fiscal year-end were performed by Cohen’s full-time permanent employees.

(g)	Non-Audit Fees: None.

(h)	Principal Accountant’s Independence: The registrant’s auditor did not provide any non-audit services to the registrant’s investment adviser or any entity controlling, controlled by, or controlled with the registrant’s investment adviser that provides ongoing services to the registrant.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

Item 6. INVESTMENTS.

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees in the last fiscal half-year.

Item 11. CONTROLS AND PROCEDURES.

	(a)	Based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the registrant’s principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure.

	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s most recent fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. EXHIBITS.

(a)	(1)	Code of ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99. CODE ETH.

	(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the 1940 Act (17 CFR 270.30a-2) is filed and attached hereto as EX-99. CERT.

	(3)	Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Viking Mutual Funds

By: /s/ Shannon D. Radke
Shannon D. Radke
President

Date: September 21, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Shannon D. Radke
Shannon D. Radke
President

Date: September 21, 2018

By: /s/ Adam Forthun
Adam Forthun
Treasurer

Date: September 21, 2018

Viking Mutual Funds N-CSRCertified annual shareholder report (management investment company)