Viking Mutual Funds NPORT-P Viking Tax-Free Fund for Montana (Apr 2020 report)

Item 1. SCHEDULE OF INVESTMENTS

KANSAS MUNICIPAL FUND
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (94.9%)
Education (2.6%)
Johnson County Community College Foundation Inc 4.000% 11/15/2023	$	870,000	$	955,556
Kansas Development Finance Authority 5.000% 06/01/2027		250,000		260,752
Kansas Development Finance Authority 3.000% 10/01/2044		500,000		479,165
				1,695,473
General Obligation (36.5%)
*Allen County Unified School District No 257 3.000% 09/01/2038		1,000,000		1,007,820
City of Bonner Springs KS 3.000% 09/01/2044		1,060,000		1,094,249
City of Bonner Springs KS 2.000% 09/01/2040		325,000		280,592
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2027		250,000		286,065
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2028		250,000		288,602
City of Burlingame KS 3.000% 09/01/2045		365,000		353,203
County of Clay KS 4.000% 10/01/2036		500,000		533,415
Douglas County Unified School District No 348 Baldwin City 4.000% 09/01/2030		250,000		279,793
Geary County Unified School District No 475 4.000% 09/01/2033		350,000		384,941
Greenwood County Unified School District No 389 Eureka 4.000% 09/01/2021		150,000		155,210
City of Hillsboro KS 3.000% 09/01/2024		100,000		101,094
City of Hillsboro KS 3.000% 09/01/2027		225,000		225,594
City of Hillsboro KS 3.000% 09/01/2028		230,000		231,670
City of Hillsboro KS 3.000% 09/01/2029		240,000		240,127
Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039		2,000,000		2,405,900
Johnson County Unified School District No 231 Gardner Edgerton 5.000% 10/01/2025		250,000		284,185
City of Junction City KS 5.000% 09/01/2025		5,000		5,029
Leavenworth County Unified School District No 453 4.000% 09/01/2037		650,000		711,035
Leavenworth County Unified School District No 464 4.000% 09/01/2031		500,000		554,320
County of Linn KS 3.000% 07/01/2036		1,100,000		1,132,934
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2039		750,000		814,298
Lyon County Unified School District No 253 Emporia 4.000% 09/01/2048		1,000,000		1,030,540
Miami County Unified School District No 368 Paola 5.000% 09/01/2027		10,000		10,564
Neosho County Unified School District No 413 4.000% 09/01/2031		250,000		266,413
Rice County Unified School District No 444 4.000% 09/01/2031		710,000		815,989
Riley County Unified School District No 378 Riley 4.000% 09/01/2028		680,000		787,760
Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039		1,000,000		1,099,700
County of Scott KS 5.000% 04/01/2032		500,000		586,960
Sedgwick County Unified School District No 261 Haysville 5.000% 11/01/2021		5,000		5,017
Sedgwick County Unified School District No 262 Valley Center 5.000% 09/01/2035		405,000		456,228
County of Seward KS 5.000% 08/01/2034		240,000		242,378
Seward County Unified School District No 480 Liberal 5.000% 09/01/2034		500,000		548,210
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033		85,000		92,698
City of South Hutchinson KS 4.000% 10/01/2038		355,000		366,857
County of Thomas KS 3.000% 12/01/2047		1,000,000		1,001,980
City of Topeka KS 3.000% 08/15/2020		500,000		502,810
City of Topeka KS 3.000% 08/15/2021		1,000,000		1,025,440
City of Topeka KS 3.000% 08/15/2022		500,000		521,780
City of Wichita KS 4.500% 09/01/2022		150,000		150,959
City of Wichita KS 4.750% 09/01/2027		180,000		181,028
Wyandotte County Kansas City Unified Government 2.250% 08/01/2038		1,000,000		950,760
Wyandotte County Kansas City Unified Government 2.375% 08/01/2040		1,000,000		943,520
Wyandotte County Unified School District No 500 Kansas City 5.000% 09/01/2026		1,000,000		1,210,760
				24,168,427
Health Care (16.1%)
Ashland Public Building Commission 5.000% 09/01/2030		1,020,000		1,085,249
Ashland Public Building Commission 5.000% 09/01/2035		500,000		523,985
Ashland Public Building Commission 5.000% 09/01/2032		550,000		589,985
Kansas Development Finance Authority 4.125% 11/15/2027		100,000		106,694
City of Lawrence KS 5.000% 07/01/2043		1,500,000		1,741,410
City of Manhattan KS 5.000% 11/15/2023		250,000		274,307
City of Manhattan KS 5.000% 11/15/2024		250,000		274,017
City of Manhattan KS 5.000% 11/15/2029		500,000		542,060
City of Olathe KS 4.000% 09/01/2028		250,000		258,120
City of Olathe KS 4.000% 09/01/2030		295,000		303,708
University of Kansas Hospital Authority 4.000% 09/01/2040		500,000		525,895
University of Kansas Hospital Authority 5.000% 09/01/2035		500,000		567,320
University of Kansas Hospital Authority 4.000% 09/01/2048		1,000,000		1,068,800
University of Kansas Hospital Authority 5.000% 09/01/2048		2,000,000		2,346,800
University of Kansas Hospital Authority 3.000% 03/01/2041		500,000		478,720
				10,687,070
Other Revenue (9.2%)
Dickson County Public Building Commission 4.000% 08/01/2038		750,000		831,030
Johnson County Public Building Commission 4.000% 09/01/2022		405,000		432,981
Kansas Development Finance Authority 4.125% 05/01/2031		500,000		500,040
Kansas Development Finance Authority 3.000% 11/01/2033		1,000,000		1,031,580
City of Manhattan KS 5.000% 12/01/2026		355,000		355,554
City of Manhattan KS 4.500% 12/01/2025		500,000		509,775
*City of Manhattan KS 5.000% 12/01/2032		1,000,000		1,020,870
Topeka Public Building Commission 5.000% 06/01/2022		255,000		257,583
Washington County Public Building Commission 4.000% 09/01/2028		100,000		106,064
City of Wichita KS 4.000% 09/01/2038		1,000,000		1,076,060
				6,121,537
PreRefunded (16.9%)
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2029		250,000		289,787
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2030		250,000		289,787
Bourbon County Unified School District No 234 Fort Scott 5.000% 09/01/2031		500,000		579,575
*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040		3,000,000		3,534,180
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029		135,000		147,897
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034		140,000		153,374
Jackson County Unified School District No 336 Holton 5.000% 09/01/2029		115,000		125,958
Jackson County Unified School District No 336 Holton 5.000% 09/01/2034		110,000		120,482
Kansas Power Pool 4.500% 12/01/2028		500,000		509,485
Kansas Power Pool 5.000% 12/01/2031		750,000		767,798
Leavenworth County Unified School District No 458 5.000% 09/01/2029		500,000		564,570
Leavenworth County Unified School District No 469 4.000% 09/01/2030		320,000		340,957
Miami County Unified School District No 368 Paola 5.000% 09/01/2027		135,000		142,439
Miami County Unified School District No 368 Paola 5.000% 09/01/2027		105,000		110,799
City of Olathe KS 4.000% 09/01/2030		150,000		155,909
County of Seward KS 5.000% 08/01/2034		260,000		262,803
Seward County Unified School District No 480 Liberal 4.250% 09/01/2039		500,000		534,420
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033		85,000		92,706
Seward County Unified School District No 480 Liberal 5.000% 09/01/2033		330,000		359,997
Washington County Public Building Commission 5.000% 09/01/2032		500,000		547,275
Washington County Public Building Commission 5.000% 09/01/2037		400,000		436,848
Washington County Public Building Commission 4.000% 09/01/2028		500,000		535,025
City of Wichita KS 5.000% 11/15/2029		300,000		317,814
Wyandotte County Unified School District No 202 Turner 5.000% 09/01/2025		250,000		281,758
				11,201,643
Transportation (1.3%)
State of Kansas Department of Transportation 5.000% 09/01/2033		500,000		582,795
State of Kansas Department of Transportation 5.000% 09/01/2035		250,000		290,475
				873,270
Utilities (12.3%)
*Kansas Municipal Energy Agency 5.750% 07/01/2038		1,000,000		1,111,050
Kansas Municipal Energy Agency 5.000% 04/01/2030		250,000		291,767
Kansas Municipal Energy Agency 5.000% 04/01/2032		500,000		575,465
Kansas Municipal Energy Agency 5.000% 04/01/2033		745,000		852,593
Kansas Municipal Energy Agency 5.000% 04/01/2038		1,000,000		1,128,130
Kansas Municipal Energy Agency 5.000% 04/01/2035		300,000		341,286
Kansas Power Pool 4.000% 12/01/2031		500,000		538,000
City of Topeka KS Combined Utility Revenue 4.000% 08/01/2023		500,000		545,905
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2036		250,000		260,870
*Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2032		1,250,000		1,347,437
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2035		500,000		568,665
Wyandotte County Kansas City Unified Government Utility System Revenue 5.000% 09/01/2028		500,000		600,250
				8,161,418
TOTAL MUNICIPAL BONDS (COST: $60,603,669)			$	62,908,838
OTHER ASSETS LESS LIABILITIES (5.1%)			$	3,396,886
NET ASSETS (100.0%)			$	66,305,724
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
MAINE MUNICIPAL FUND
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (94.3%)
Education (9.6%)
Maine Educational Loan Authority 4.450% 12/01/2025	$	100,000	$	101,748
Maine Health & Higher Educational Facilities Authority 4.750% 07/01/2031		250,000		259,545
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2026		940,000		1,096,529
				1,457,822
General Obligation (24.7%)
City of Auburn ME 4.500% 09/01/2022		100,000		108,246
City of Biddeford ME 4.000% 10/01/2026		250,000		291,648
Town of Brunswick ME 2.500% 11/01/2041		500,000		468,925
City of Lewiston ME 2.750% 03/15/2038		100,000		98,674
City of Lewiston ME 2.750% 03/15/2039		250,000		249,083
City of Lewiston ME 2.750% 03/15/2040		250,000		249,045
State of Maine 4.000% 06/01/2020		150,000		150,401
City of Portland ME 4.250% 05/01/2029		150,000		150,548
City of Portland ME 4.125% 10/01/2029		100,000		100,674
City of Portland ME 5.000% 08/01/2021		125,000		132,181
City of Portland ME 5.000% 08/01/2022		125,000		132,230
Regional School Unit No 26 3.000% 09/01/2044		475,000		482,092
City of Saco ME 4.000% 04/01/2028		100,000		100,072
Town of Scarborough ME 4.000% 11/01/2028		100,000		109,090
Maine School Administrative District No 51 4.000% 10/15/2029		100,000		111,077
*Maine School Administrative District No 28 4.000% 05/01/2036		500,000		556,005
City of Waterville ME 4.000% 07/01/2025		135,000		140,250
Wells Ogunquit Community School District 4.000% 11/01/2024		100,000		109,928
				3,740,169
Health Care (22.3%)
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031		190,000		190,965
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023		190,000		191,493
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2020		250,000		251,780
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2040		250,000		251,458
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2029		1,000,000		1,127,730
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2030		500,000		566,195
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2031		500,000		560,265
Maine Health & Higher Educational Facilities Authority 3.000% 07/01/2039		250,000		244,743
				3,384,629
Housing (12.9%)
Maine State Housing Authority 4.000% 11/15/2035		435,000		454,671
Maine State Housing Authority 3.000% 11/15/2036		400,000		406,892
*Maine State Housing Authority 4.000% 11/15/2044		500,000		533,075
Maine State Housing Authority 3.350% 11/15/2044		155,000		157,347
Maine State Housing Authority 2.500% 11/15/2045		165,000		158,753
Maine State Housing Authority 5.000% 06/15/2024		250,000		251,465
				1,962,203
Other Revenue (4.0%)
Maine Governmental Facilities Authority 4.000% 10/01/2024		200,000		207,990
Maine Municipal Bond Bank 4.000% 11/01/2038		125,000		130,077
Maine Municipal Bond Bank 5.000% 11/01/2025		125,000		138,130
Maine Municipal Bond Bank 5.000% 11/01/2027		100,000		116,679
Maine Municipal Bond Bank 4.900% 11/01/2024		5,000		5,058
				597,934
PreRefunded (11.4%)
Town of Gorham ME 4.000% 10/01/2023		100,000		101,464
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2020		50,000		50,359
Maine Health & Higher Educational Facilities Authority 4.500% 07/01/2031		10,000		10,063
Maine Health & Higher Educational Facilities Authority 5.250% 07/01/2023		10,000		10,076
*Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2039		750,000		860,602
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2034		250,000		289,400
Maine Health & Higher Educational Facilities Authority 4.000% 07/01/2024		270,000		287,396
Maine Health & Higher Educational Facilities Authority 5.000% 07/01/2023		15,000		16,932
Regional School Unit No 1 Lower Kennebec Region School Unit 5.000% 02/01/2026		100,000		102,983
				1,729,275
Transportation (3.9%)
Maine Turnpike Authority 4.000% 07/01/2032		250,000		267,635
City of Portland ME General Airport Revenue 5.000% 07/01/2022		100,000		108,546
City of Portland ME General Airport Revenue 5.000% 07/01/2023		100,000		111,092
City of Portland ME General Airport Revenue 5.000% 07/01/2024		100,000		110,813
				598,086
Utilities (5.5%)
Kennebunk Light & Power District 5.000% 08/01/2022		315,000		316,584
Portland Water District 3.000% 11/01/2039		500,000		519,305
				835,889
TOTAL MUNICIPAL BONDS (COST: $13,866,367)			$	14,306,007
OTHER ASSETS LESS LIABILITIES (5.7%)			$	866,840
NET ASSETS (100.0%)			$	15,172,847
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
NEBRASKA MUNICIPAL FUND
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (97.6%)
Education (0.5%)
Nebraska Educational Health & Social Services Finance Authority 5.050% 09/01/2030	$	250,000	$	262,795
General Obligation (35.0%)
Kearney School District 3.000% 12/15/2024		350,000		375,806
Plattsmouth School District 3.000% 12/15/2039		1,000,000		1,001,480
Ponca Public Schools 3.000% 12/15/2026		355,000		377,511
Fremont School District 1.100% 12/15/2020		100,000		100,049
*Omaha School District 5.000% 12/15/2029		1,630,000		1,998,853
Omaha School District 3.000% 12/15/2042		1,000,000		1,007,930
Elkhorn School District 4.000% 12/15/2034		300,000		327,795
Elkhorn School District 4.000% 12/15/2030		500,000		564,110
Elkhorn School District 4.000% 12/15/2034		500,000		566,670
Elkhorn School District 4.000% 12/15/2037		300,000		339,510
Elkhorn School District 5.000% 06/15/2022		475,000		514,126
Douglas County School District No 59/NE 3.500% 06/15/2043		500,000		510,715
Westside Community Schools 5.000% 12/01/2038		235,000		261,781
Westside Community Schools 5.000% 12/01/2039		250,000		277,985
Hall County Airport Authority 5.000% 07/15/2030		410,000		430,750
Hall County Airport Authority 5.000% 07/15/2031		435,000		453,066
County of Kearney NE 4.000% 06/01/2024		350,000		385,620
Knox County School District N0 576 4.000% 12/15/2038		590,000		623,388
Lancaster County School District 001 5.000% 01/15/2023		750,000		829,688
City of Lincoln NE 3.000% 12/01/2039		685,000		700,145
Superior Public Schools 1.450% 12/15/2022		340,000		341,904
City of Omaha NE 4.000% 04/15/2037		500,000		570,300
City of Omaha NE 5.000% 04/15/2027		955,000		1,164,527
City of Omaha NE 5.000% 04/15/2028		500,000		605,855
City of Omaha NE 3.750% 01/15/2038		500,000		531,740
Polk County School District No 19 3.000% 06/15/2039		455,000		459,209
Gretna Public Schools 5.000% 12/15/2035		250,000		289,060
Sarpy County School District No 1 3.500% 12/15/2035		250,000		262,917
Scotts Bluff County School District No 32 5.000% 12/01/2031		250,000		292,992
City of Sidney NE 4.000% 12/15/2036		1,250,000		1,290,412
				17,455,894
Health Care (3.8%)
Douglas County Hospital Authority No 2 5.000% 05/15/2027		200,000		239,854
Madison County Hospital Authority No 1 5.000% 07/01/2031		500,000		549,285
Madison County Hospital Authority No 1 5.000% 07/01/2032		335,000		366,339
Madison County Hospital Authority No 1 5.000% 07/01/2033		450,000		489,780
Madison County Hospital Authority No 1 5.000% 07/01/2034		215,000		234,275
				1,879,533
Housing (4.0%)
Nebraska Investment Finance Authority 3.850% 03/01/2038		515,000		528,478
Nebraska Investment Finance Authority 3.450% 09/01/2033		420,000		447,649
Nebraska Investment Finance Authority 3.750% 09/01/2038		1,000,000		1,047,900
				2,024,027
Other Revenue (0.9%)
Papillion Municipal Facilities Corp 3.000% 12/15/2034		435,000		444,292
PreRefunded (25.1%)
County of Douglas NE 5.500% 07/01/2030		350,000		352,775
*County of Douglas NE 5.875% 07/01/2040		1,500,000		1,512,810
Grand Island Public Schools 5.000% 12/15/2033		500,000		586,270
Grand Island Public Schools 5.000% 12/15/2039		500,000		586,270
Lincoln County Hospital Authority No 1 5.000% 11/01/2023		250,000		264,452
Lincoln County Hospital Authority No 1 5.000% 11/01/2024		250,000		264,452
Lincoln County Hospital Authority No 1 5.000% 11/01/2025		250,000		264,452
Lincoln County Hospital Authority No 1 5.000% 11/01/2032		250,000		264,452
*City of Lincoln NE Electric System Revenue 5.000% 09/01/2037		1,000,000		1,084,120
City of Lincoln NE 5.500% 08/15/2031		500,000		517,530
West Haymarket Joint Public Agency 5.000% 12/15/2042		750,000		799,455
*City of Omaha NE 5.000% 02/01/2027		1,000,000		1,072,300
Papio Missouri River Natural Resource District 4.000% 12/15/2030		1,000,000		1,003,760
University of Nebraska 5.000% 07/01/2035		1,500,000		1,759,200
University of Nebraska 5.000% 05/15/2035		500,000		590,720
University of Nebraska 5.000% 05/15/2033		250,000		296,390
University of Nebraska 5.000% 07/01/2042		1,000,000		1,060,770
University of Nebraska 5.000% 07/01/2038		250,000		270,785
				12,550,963
Transportation (3.5%)
Omaha Airport Authority 5.000% 12/15/2027		500,000		589,360
Omaha Airport Authority 5.000% 12/15/2036		1,000,000		1,145,330
				1,734,690
Utilities (24.8%)
*Central Plains Energy Project 5.000% 09/01/2027		2,000,000		2,115,820
Central Plains Energy Project 5.250% 09/01/2037		500,000		536,495
Central Plains Energy Project 5.000% 09/01/2042		500,000		529,775
City of Columbus NE Combined Revenue 4.000% 12/15/2032		100,000		111,397
City of Grand Island NE Sewer System Revenue 5.000% 09/15/2026		250,000		282,980
City of Hastings NE Combined Utility Revenue 4.000% 10/15/2032		500,000		526,640
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2025		275,000		303,077
City of Lincoln NE Solid Waste Management Revenue 4.000% 08/01/2027		400,000		438,268
Metropolitan Utilities District of Omaha 4.000% 12/15/2026		250,000		269,135
Municipal Energy Agency of Nebraska 5.000% 04/01/2030		500,000		536,705
Municipal Energy Agency of Nebraska 5.000% 04/01/2032		100,000		106,776
Nebraska Public Power District 5.000% 01/01/2041		250,000		286,440
*Nebraska Public Power District 5.000% 01/01/2036		2,355,000		2,709,098
Nebraska Public Power District 5.000% 01/01/2030		500,000		533,885
City of Omaha NE Sewer Revenue 5.000% 11/15/2029		250,000		288,117
City of Omaha NE Sewer Revenue 5.000% 11/15/2030		250,000		289,592
City of Omaha NE Sewer Revenue 5.000% 11/15/2031		500,000		575,375
City of Omaha NE Sewer Revenue 4.000% 04/01/2035		250,000		273,460
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2032		250,000		287,320
Omaha Public Power District Nebraska City Station Unit 2 5.000% 02/01/2031		445,000		526,342
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2032		400,000		441,760
Omaha Public Power District Nebraska City Station Unit 2 4.000% 02/01/2035		365,000		399,635
				12,368,092
TOTAL MUNICIPAL BONDS (COST:46,975,325)			$	48,720,286
OTHER ASSETS LESS LIABILITIES (2.4%)			$	1,219,451
NET ASSETS (100.0%)			$	49,939,737
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
OKLAHOMA MUNICIPAL BOND
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (94.7%)
Education (12.2%)
Oklahoma Agricultural & Mechanical Colleges 4.400% 08/01/2039	$	630,000	$	633,251
*Oklahoma City Community College/OK 4.375% 07/01/2030		750,000		753,645
Oklahoma Development Finance Authority 5.000% 06/01/2039		500,000		556,830
Oklahoma Development Finance Authority 5.000% 06/01/2029		250,000		287,370
Oklahoma Development Finance Authority 5.000% 06/01/2034		500,000		563,905
Oklahoma Development Finance Authority 5.000% 06/01/2039		500,000		559,120
Oklahoma Development Finance Authority 4.000% 08/01/2030		280,000		305,491
Oklahoma Development Finance Authority 4.000% 08/01/2031		290,000		314,418
Oklahoma Development Finance Authority 4.000% 08/01/2032		305,000		329,479
Oklahoma Development Finance Authority 4.000% 08/01/2033		315,000		338,786
Oklahoma State University 5.000% 08/01/2032		250,000		310,218
Oklahoma State University 4.000% 09/01/2036		370,000		416,668
University of Oklahoma/The 5.000% 07/01/2037		290,000		303,740
University of Oklahoma/The 5.000% 07/01/2036		500,000		571,805
University of Oklahoma/The 4.000% 07/01/2040		650,000		697,093
University of Oklahoma/The 5.000% 07/01/2038		500,000		571,495
				7,513,314
General Obligation (6.6%)
City of Bartlesville OK 2.000% 12/01/2028		195,000		199,167
City of Broken Arrow OK 4.000% 12/01/2037		605,000		661,338
City of Broken Arrow OK 4.000% 12/01/2038		610,000		665,345
City of Broken Arrow OK 2.000% 12/01/2021		500,000		506,705
City of Broken Arrow OK 4.125% 08/01/2031		180,000		185,913
City of Broken Arrow OK 3.125% 12/01/2035		575,000		597,989
City of Lawton OK 2.000% 12/01/2022		500,000		509,885
City of Midwest City OK 3.000% 06/01/2041		500,000		502,230
City of Perkins OK 3.000% 06/01/2033		125,000		130,313
City of Perkins OK 3.000% 06/01/2034		115,000		116,919
				4,075,804
Health Care (6.8%)
Norman Regional Hospital Authority 3.250% 09/01/2039		895,000		821,816
Norman Regional Hospital Authority 5.000% 09/01/2045		200,000		234,366
Oklahoma Development Finance Authority 5.000% 08/15/2025		350,000		394,023
Oklahoma Development Finance Authority 5.000% 08/15/2029		250,000		276,655
Oklahoma Development Finance Authority 4.000% 08/15/2038		250,000		266,240
Oklahoma Development Finance Authority 5.000% 08/15/2029		345,000		367,994
Oklahoma Development Finance Authority 5.000% 08/15/2033		175,000		184,916
Oklahoma Development Finance Authority 4.000% 08/15/2048		825,000		875,614
Oklahoma Development Finance Authority 5.000% 07/01/2035		250,000		225,383
Tulsa County Industrial Authority 3.000% 02/01/2037		500,000		499,325
				4,146,332
Housing (1.7%)
Oklahoma Housing Finance Agency 3.000% 09/01/2039		1,000,000		1,016,770
Other Revenue (27.4%)
Bryan County School Finance Authority 4.000% 12/01/2028		385,000		448,733
Bryan County School Finance Authority 4.000% 12/01/2029		415,000		488,546
Bryan County School Finance Authority 4.000% 12/01/2030		435,000		507,297
Caddo County Governmental Building Authority 5.000% 09/01/2040		1,010,000		1,101,617
Elk City Industrial Authority 3.000% 05/01/2034		1,050,000		1,078,403
Elk City Industrial Authority 3.000% 05/01/2039		425,000		421,341
Garvin County Educational Facilities Authority 4.000% 09/01/2031		665,000		773,116
Goldsby Public Works Authority 3.000% 08/01/2021		165,000		166,899
Grady County School Finance Authority 5.000% 09/01/2032		370,000		445,783
Kingfisher County Educational Facilities Authority 3.000% 03/01/2033		250,000		259,208
Leflore County Public Facility Authority 3.000% 12/01/2032		500,000		510,275
Muskogee Industrial Trust 5.000% 09/01/2026		400,000		459,588
City of Oklahoma City OK 5.000% 03/01/2032		250,000		251,288
City of Oklahoma City OK 5.000% 03/01/2034		500,000		502,405
City of Oklahoma City OK 5.000% 03/01/2033		250,000		251,230
Oklahoma City Public Property Authority 5.000% 10/01/2027		350,000		416,588
Oklahoma City Public Property Authority 5.000% 10/01/2028		400,000		473,764
Oklahoma City Public Property Authority 5.000% 10/01/2029		625,000		736,888
Oklahoma City Public Property Authority 5.000% 10/01/2036		230,000		264,820
Oklahoma City Public Property Authority 5.000% 10/01/2039		835,000		952,585
Oklahoma Development Finance Authority 4.000% 06/01/2038		725,000		803,967
Oklahoma Capitol Improvement Authority 5.000% 07/01/2035		530,000		651,280
Oklahoma Capitol Improvement Authority 4.000% 07/01/2045		500,000		541,820
Oklahoma Capitol Improvement Authority 4.000% 07/01/2043		500,000		532,450
Okmulgee County Governmental Building Authority 4.250% 12/01/2035		500,000		531,355
Ottawa County Educational Facilities Authority 4.000% 09/01/2022		990,000		1,049,558
Sand Springs Municipal Authority 4.250% 01/01/2035		250,000		264,633
Sand Springs Municipal Authority 4.000% 01/01/2036		500,000		525,365
Tahlequah Public Facilities Authority 4.000% 04/01/2023		550,000		592,207
Tulsa Public Facilities Authority 3.000% 06/01/2031		200,000		208,742
Wagoner County School Development Authority 4.000% 09/01/2027		500,000		571,690
				16,783,441
PreRefunded (4.4%)
*Grand River Dam Authority 5.250% 06/01/2040		2,000,000		2,007,040
Oklahoma Development Finance Authority 5.000% 02/15/2042		250,000		267,575
Oklahoma Turnpike Authority 5.000% 01/01/2030		250,000		257,130
Oklahoma Water Resources Board 4.000% 04/01/2025		150,000		159,089
				2,690,834
Transportation (11.5%)
Oklahoma Capitol Improvement Authority 4.000% 10/01/2024		800,000		836,944
Oklahoma Capitol Improvement Authority 4.000% 10/01/2025		1,000,000		1,045,390
Oklahoma Turnpike Authority 5.000% 01/01/2028		250,000		251,935
Oklahoma Turnpike Authority 4.000% 01/01/2042		1,000,000		1,080,940
Oklahoma Turnpike Authority 4.000% 01/01/2038		100,000		108,221
Tulsa Airports Improvement Trust 5.000% 06/01/2023		420,000		435,456
Tulsa Airports Improvement Trust 5.000% 06/01/2024		230,000		238,160
Tulsa Airports Improvement Trust 5.250% 06/01/2025		245,000		254,268
Tulsa Airports Improvement Trust 5.250% 06/01/2026		360,000		373,414
Tulsa Airports Improvement Trust 4.000% 06/01/2035		1,355,000		1,434,295
Tulsa Airports Improvement Trust 4.000% 06/01/2036		145,000		153,361
Tulsa Airports Improvement Trust 5.000% 06/01/2027		300,000		357,285
Tulsa Parking Authority 4.000% 07/01/2025		500,000		516,350
				7,086,019
Utilities (24.1%)
Clinton Public Works Authority 4.000% 12/01/2034		750,000		797,603
Clinton Public Works Authority 4.000% 12/01/2039		500,000		530,215
Coweta Public Works Authority 4.000% 08/01/2032		1,000,000		1,087,040
Edmond Public Works Authority 5.000% 07/01/2032		500,000		604,150
Glenpool Utility Services Authority 5.100% 12/01/2035		250,000		254,988
Miami Special Utility Authority 4.000% 12/01/2036		500,000		546,755
*Midwest City Municipal Authority 5.000% 03/01/2025		2,000,000		2,070,060
Oklahoma City Water Utilities Trust 5.000% 07/01/2031		250,000		261,843
Oklahoma City Water Utilities Trust 5.000% 07/01/2034		100,000		115,520
Oklahoma City Water Utilities Trust 4.000% 07/01/2039		175,000		188,031
*Oklahoma Municipal Power Authority 5.750% 01/01/2024		370,000		422,459
Oklahoma Water Resources Board 5.000% 04/01/2032		140,000		150,058
Oklahoma Water Resources Board 5.000% 10/01/2029		250,000		287,400
Oklahoma Water Resources Board 5.000% 10/01/2033		500,000		570,620
Oklahoma Water Resources Board 4.000% 10/01/2038		325,000		363,457
Oklahoma Water Resources Board 4.000% 10/01/2043		830,000		911,249
Oklahoma Water Resources Board 4.000% 10/01/2048		1,460,000		1,613,154
Sallisaw Municipal Authority 4.450% 01/01/2028		100,000		100,239
Sapulpa Municipal Authority 5.000% 04/01/2028		750,000		826,440
*Washington County Rural Water District No 3 3.000% 09/15/2041		3,000,000		3,049,529
				14,750,810
TOTAL MUNICIPAL BONDS (COST: $56,686,311 )			$	58,063,324
OTHER ASSETS LESS LIABILITIES (5.3%)			$	3,254,945
NET ASSETS (100.0%)			$	61,318,269
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
VIKING TAX-FREE FUND FOR MONTANA
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (93.6%)
Education (1.7%)
Montana State Board of Regents 4.000% 11/15/2025	$	500,000	$	538,615
Montana State Board of Regents 5.000% 11/15/2025		500,000		572,075
Montana State Board of Regents 5.000% 11/15/2030		240,000		264,934
				1,375,624
General Obligation (43.5%)
City of Bozeman MT 4.000% 07/01/2028		540,000		596,738
City of Bozeman MT 4.000% 07/01/2034		500,000		577,940
City & County of Butte Silver Bow MT 4.000% 07/01/2030		225,000		253,377
City & County of Butte Silver Bow MT 4.000% 07/01/2032		240,000		267,276
City & County of Butte Silver Bow MT 4.500% 07/01/2034		850,000		970,607
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031		700,000		796,887
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039		455,000		553,694
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039		1,000,000		1,121,830
City of Fort Benton MT 3.000% 07/01/2035		715,000		716,430
City of Fort Benton MT 3.000% 07/01/2040		770,000		758,866
Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034		500,000		518,605
Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035		300,000		309,024
Gallatin County School District No 72 Ophir 3.500% 07/01/2023		555,000		566,683
Gallatin County School District No 72 Ophir 3.750% 07/01/2024		645,000		658,751
Gallatin County School District No 72 Ophir 4.000% 07/01/2025		420,000		429,547
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032		610,000		675,874
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033		260,000		286,840
Gallatin County School District No 27 Monforton 4.250% 06/15/2026		415,000		454,205
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028		575,000		592,555
Gallatin County School District No 44 Belgrade 4.000% 06/01/2031		265,000		307,350
Gallatin County School District No 3 Manhattan 4.000% 07/01/2034		465,000		513,258
Missoula High School District No 1 4.000% 07/01/2032		275,000		308,800
Hellgate School District No 4 5.000% 06/15/2028		500,000		619,020
Hellgate School District No 4 5.000% 06/15/2029		500,000		615,125
Hellgate School District No 4 5.000% 06/15/2030		500,000		611,305
Desmet School District No 20 3.000% 07/01/2040		320,000		329,437
City of Missoula MT 4.000% 07/01/2031		250,000		278,615
*Missoula County Elementary School District No 1 4.000% 07/01/2032		500,000		554,680
Missoula County Elementary School District No 1 4.000% 07/01/2033		750,000		832,568
State of Montana 4.000% 08/01/2023		385,000		424,505
State of Montana 4.000% 08/01/2026		855,000		959,139
State of Montana 4.000% 08/01/2027		480,000		536,131
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037		250,000		278,023
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038		965,000		1,071,362
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039		355,000		392,655
County of Ravalli MT 4.250% 07/01/2027		150,000		150,390
County of Ravalli MT 4.350% 07/01/2028		155,000		155,403
County of Ravalli MT 4.400% 07/01/2029		165,000		165,429
County of Ravalli MT 4.250% 07/01/2030		755,000		830,341
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038		250,000		279,500
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039		250,000		278,453
Silver Bow County School District No 1 4.000% 07/01/2038		1,960,000		2,176,031
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039		300,000		365,316
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037		530,000		606,129
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039		275,000		312,062
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031		450,000		490,293
Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025		225,000		240,545
Yellowstone County School District No 2 Billings 5.000% 06/15/2024		500,000		583,265
Yellowstone County School District No 2 Billings 5.000% 06/15/2026		515,000		594,846
Yellowstone County School District No 2 Billings 5.000% 06/15/2027		1,000,000		1,152,420
Yellowstone County School District No 2 Billings 5.000% 06/15/2031		350,000		408,440
Yellowstone County School District No 2 Billings 5.000% 06/15/2032		435,000		505,279
Yellowstone County School District No 2 Billings 3.000% 06/15/2032		630,000		671,353
Yellowstone County School District No 2 Billings 3.000% 06/15/2034		315,000		331,522
Yellowstone County School District No 2 Billings 3.000% 06/15/2035		430,000		450,167
Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037		875,000		967,549
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037		1,000,000		1,206,070
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038		1,500,000		1,779,330
				34,437,835
Health Care (14.0%)
Montana Facility Finance Authority 4.500% 07/01/2023		1,025,000		1,044,854
*Montana Facility Finance Authority 4.650% 07/01/2024		1,365,000		1,392,068
Montana Facility Finance Authority 4.750% 07/01/2025		380,000		387,608
Montana Facility Finance Authority 5.000% 07/01/2032		1,000,000		1,120,040
Montana Facility Finance Authority 5.000% 07/01/2033		1,000,000		1,113,730
Montana Facility Finance Authority 5.000% 08/15/2048		500,000		583,575
Montana Facility Finance Authority 4.000% 01/01/2038		1,000,000		1,078,410
Montana Facility Finance Authority 5.000% 06/01/2028		1,015,000		1,176,943
Montana Facility Finance Authority 5.000% 06/01/2029		915,000		1,069,406
Montana Facility Finance Authority 5.000% 06/01/2035		425,000		509,448
Montana Facility Finance Authority 5.000% 06/01/2036		700,000		834,540
County of Yellowstone MT 4.000% 10/01/2029		710,000		786,794
				11,097,416
Housing (7.4%)
Montana Board of Housing 3.000% 12/01/2023		75,000		76,263
Montana Board of Housing 3.150% 06/01/2024		285,000		289,363
Montana Board of Housing 3.150% 12/01/2024		100,000		101,494
Montana Board of Housing 3.350% 06/01/2025		130,000		132,123
Montana Board of Housing 3.875% 12/01/2023		155,000		161,831
Montana Board of Housing 4.050% 06/01/2024		135,000		142,228
Montana Board of Housing 4.050% 12/01/2024		390,000		412,499
Montana Board of Housing 4.650% 12/01/2028		215,000		227,930
Montana Board of Housing 3.100% 06/01/2021		295,000		299,307
Montana Board of Housing 3.400% 12/01/2033		500,000		518,000
Montana Board of Housing 3.250% 12/01/2044		1,500,000		1,547,025
Montana Board of Housing 2.800% 12/01/2039		895,000		910,645
Montana Board of Housing 3.800% 12/01/2038		995,000		1,051,805
				5,870,513
Other Revenue (9.3%)
City of Billings MT 5.500% 07/01/2026		275,000		279,252
City of Billings MT 4.700% 07/01/2021		25,000		25,006
City of Billings MT 4.800% 07/01/2022		70,000		69,531
City of Billings MT 4.375% 07/01/2029		490,000		491,994
*City of Billings MT 5.000% 07/01/2033		900,000		916,956
City of Billings MT 5.000% 07/01/2032		710,000		730,072
City & County of Butte Silver Bow MT 5.000% 07/01/2021		410,000		417,540
Gallatin County Rural Improvement District 5.500% 07/01/2025		470,000		471,288
*Gallatin County Rural Improvement District 6.000% 07/01/2030		1,000,000		1,002,530
City of Kalispell MT 5.000% 07/01/2033		500,000		570,650
City of Livingston MT 4.000% 07/01/2034		525,000		540,167
Madison County Rural Improvement District 5.500% 07/01/2025		410,000		410,812
*Madison County Rural Improvement District 6.000% 07/01/2030		1,000,000		1,001,750
City of Missoula MT 4.750% 07/01/2027		120,000		120,216
City of Missoula MT 6.000% 07/01/2030		200,000		200,964
City of Missoula MT 5.125% 07/01/2026		125,000		125,288
				7,374,016
PreRefunded (9.9%)
City of Great Falls MT 5.550% 07/01/2029		275,000		275,778
Montana Facility Finance Authority 5.250% 06/01/2030		660,000		662,356
Montana Facility Finance Authority 5.125% 06/01/2026		1,000,000		1,003,990
Montana Facility Finance Authority 5.500% 01/01/2025		575,000		593,003
Montana Facility Finance Authority 5.750% 01/01/2031		815,000		841,871
Montana State Board of Regents 5.000% 11/15/2023		250,000		266,078
*Montana State Board of Regents 4.000% 05/15/2025		2,000,000		2,126,300
Montana State Board of Regents 4.000% 05/15/2026		1,145,000		1,217,307
*Montana Board of Housing 4.700% 12/01/2026		590,000		597,115
Montana Board of Housing 4.850% 06/01/2028		275,000		278,553
				7,862,351
Transportation (3.1%)
City of Billings MT Airport Revenue 5.000% 07/01/2020		235,000		236,105
Missoula Parking Commission 4.000% 10/01/2026		835,000		916,104
Missoula Special Improvement Districts/MT 4.600% 07/01/2024		100,000		100,205
Missoula Special Improvement Districts/MT 4.600% 07/01/2025		105,000		105,299
Missoula Special Improvement Districts/MT 5.400% 07/01/2029		370,000		370,681
Missoula Special Improvement Districts/MT 4.625% 07/01/2023		240,000		240,792
Missoula Special Improvement Districts/MT 5.250% 07/01/2027		240,000		240,972
Missoula Special Improvement Districts/MT 5.500% 07/01/2031		235,000		235,877
				2,446,035
Utilities (4.7%)
City of Billings MT 5.000% 07/01/2031		260,000		318,885
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039		1,510,000		1,596,629
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025		215,000		235,315
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026		225,000		245,157
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028		250,000		282,810
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029		250,000		280,252
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033		250,000		277,440
City of Red Lodge MT Water System Revenue 2.500% 07/01/2039		500,000		484,610
				3,721,098
TOTAL MUNICPAL BONDS (COST: $71,857,007)			$	74,184,888
OTHER ASSETS LESS LIABILITIES (6.4%)			$	5,073,465
NET ASSETS (100.0%)			$	79,258,353
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
VIKING TAX-FREE FUND FOR NORTH DAKOTA
Schedule of Investments April 30, 2020 (unaudited)
		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (91.4%)
Education (9.5%)
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025	$	415,000	$	463,182
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028		365,000		376,038
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033		500,000		539,065
State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037		250,000		254,578
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2044		500,000		549,645
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037		200,000		168,482
State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039		200,000		164,426
University of North Dakota 5.000% 04/01/2024		250,000		269,040
				2,784,456
General Obligation (13.9%)
Dickinson Public School District No 1 4.000% 08/01/2034		400,000		435,000
City of Fargo ND 4.000% 05/01/2023		300,000		309,783
City of Grand Forks ND 4.000% 12/01/2039		470,000		519,059
City of Grand Forks ND 4.500% 05/01/2032		240,000		262,320
City of Horace ND 4.250% 05/01/2035		340,000		349,357
Mandan Public School District No 1 3.125% 08/01/2024		200,000		210,128
City of Minot ND Airport Revenue 3.500% 10/01/2025		570,000		599,104
City of Minot ND Airport Revenue 4.000% 10/01/2028		355,000		374,536
Nesson Public School District No 2 4.000% 08/01/2039		500,000		541,165
City of Williston ND 4.000% 05/01/2035		200,000		208,450
City of Williston ND 4.000% 05/01/2038		230,000		238,837
				4,047,739
Health Care (18.5%)
County of Cass ND 5.000% 02/15/2033		445,000		521,682
County of Cass ND 4.125% 02/15/2037		595,000		635,139
*County of Cass ND 4.250% 02/15/2043		1,290,000		1,365,014
City of Fargo ND 5.500% 11/01/2020		500,000		512,925
City of Fargo ND 6.000% 11/01/2028		500,000		540,290
City of Grand Forks ND 5.000% 12/01/2022		500,000		525,750
City of Grand Forks ND 4.000% 12/01/2027		400,000		406,572
City of Grand Forks ND 5.000% 12/01/2032		250,000		258,310
City of Grand Forks ND 5.125% 12/01/2025		250,000		251,220
City of Grand Forks ND 3.000% 12/01/2020		135,000		135,216
City of Langdon ND 6.200% 01/01/2025		155,000		155,307
County of Ward ND 5.000% 06/01/2053		100,000		97,936
				5,405,361
Housing (10.4%)
North Dakota Housing Finance Agency 3.050% 07/01/2021		150,000		151,059
*North Dakota Housing Finance Agency 3.550% 07/01/2040		1,000,000		1,025,240
North Dakota Housing Finance Agency 3.550% 07/01/2033		250,000		262,818
North Dakota Housing Finance Agency 3.500% 07/01/2035		750,000		789,390
North Dakota Housing Finance Agency 2.950% 07/01/2039		250,000		250,465
North Dakota Housing Finance Agency 3.050% 07/01/2043		250,000		250,208
#North Dakota Housing Finance Agency 3.000% 07/01/2040		315,000		305,830
				3,035,010
Other Revenue (21.9%)
County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032		400,000		416,940
City of Grand Forks ND 5.000% 12/15/2028		250,000		297,120
Jamestown Park District/ND 4.000% 07/01/2032		500,000		534,240
Jamestown Park District/ND 4.000% 07/01/2033		345,000		366,673
Jamestown Park District/ND 3.000% 07/01/2035		500,000		506,720
*City of Mandan ND 4.000% 09/01/2034		500,000		531,185
*City of Mandan ND 3.250% 09/01/2041		1,250,000		1,260,888
Minot Park District 3.000% 12/01/2028		250,000		258,598
Minot Park District 3.750% 12/01/2038		435,000		458,081
North Dakota Public Finance Authority 5.000% 06/01/2020		40,000		40,066
North Dakota Public Finance Authority 5.000% 06/01/2031		240,000		240,322
North Dakota Public Finance Authority 6.000% 06/01/2034		200,000		200,300
North Dakota Public Finance Authority 4.500% 06/01/2026		400,000		415,624
North Dakota Public Finance Authority 4.000% 06/01/2030		400,000		428,296
North Dakota Public Finance Authority 4.000% 06/01/2028		265,000		289,441
North Dakota Public Finance Authority 5.000% 06/01/2028		130,000		152,435
				6,396,929
PreRefunded (4.7%)
County of Burleigh ND 5.000% 07/01/2022		300,000		327,789
County of Burleigh ND 4.500% 07/01/2032		250,000		268,953
County of Burleigh ND 5.000% 07/01/2035		500,000		523,385
Grand Forks Regional Airport Authority 4.500% 06/01/2028		230,000		238,779
				1,358,906
Transportation (4.2%)
Grand Forks Regional Airport Authority 4.600% 06/01/2024		350,000		350,522
Grand Forks Regional Airport Authority 5.000% 06/01/2029		500,000		500,700
Grand Forks Regional Airport Authority 4.500% 06/01/2028		370,000		382,291
				1,233,513
Utilities (8.3%)
City of Bismarck ND Water Revenue 3.000% 04/01/2021		495,000		498,673
*City of Bismarck ND Water Revenue 3.625% 04/01/2025		675,000		679,482
City of Bismarck ND Water Revenue 3.750% 04/01/2026		265,000		266,730
City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038		290,000		279,154
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040		485,000		463,636
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034		250,000		240,603
				2,428,278
TOTAL MUNICIPAL BONDS (COST: $26,077,361)			$	26,690,192
OTHER ASSETS LESS LIABILITIES (8.6%)			$	2,497,298
NET ASSETS (100.0%)			$	29,187,490
*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
#When-issued purchase as of April 30, 2020.

NOTE:  INVESTMENT IN SECURITIES (unaudited)
As of April 30, 2020, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:
	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
Investments at cost	$60,603,669	$13,866,367	$46,975,325	$56,686,311	$71,857,007	$26,077,361
Unrealized appreciation	$2,637,767	$491,656	$1,845,403	$1,788,559	$2,703,304	$827,223
Unrealized depreciation	($332,598)	($52,016)	($100,442)	($411,546)	($375,424)	($214,392)
Net unrealized appreciation (depreciation)*	$2,305,169	$439,640	$1,744,961	$1,377,013	$2,327,880	$612,831
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount.

NOTE: FAIR VALUE MEASUREMENTS (unaudited)
Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2020:
Kansas Municipal Fund
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$62,908,838	$0	$62,908,838
Total	$0	$62,908,838	$0	$62,908,838
Maine Municipal Fund
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$14,306,007	$0	$14,306,007
Total	$0	$14,306,007	$0	$14,306,007
Nebraska Municipal Fund
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$48,720,286	$0	$48,720,286
Total	$0	$48,720,286	$0	$48,720,286
Oklahoma Municipal Fund
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$58,603,324	$0	$58,603,324
Total	$0	$58,603,324	$0	$58,603,324
	.
Viking Tax-Free Fund for Montana
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$74,184,888	$0	$74,184,888
Total	$0	$74,184,888	$0	$74,184,888
Viking Tax-Free Fund for North Dakota
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$26,690,192	$0	$26,690,192
Total	$0	$26,690,192	$0	$26,690,192

Please refer to the Schedules of Investments for sector classification. There were no transfers into or out of Level 1 or Level 2 during the three months ended April 30, 2020. 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 the three months ended April 30, 2020.

A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is presented when a Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.