Principal

Fair

Amount

Value

MUNICIPAL BONDS (91.6%)^

Education (9.4%)

STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 4.000% 04/01/2035 CALLABLE @ 100.000 04/01/2026

530,000

$

 516,029

STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2033

750,000

 765,983

UND ALUMNI ASSOCIATION & FOUNDATION 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2034

500,000

 513,260

 1,795,272

General Obligation (33.6%)

FAIRMONT PUBLIC SCHOOL DISTRICT NO 18 4.250% 08/01/2043 CALLABLE @ 100.000 08/01/2031

260,000

 262,512

CITY OF FARGO ND 5.000% 05/01/2045 CALLABLE @ 100.000 05/01/2033

500,000

 529,010

FARGO PARK DISTRICT 5.000% 05/01/2036 CALLABLE @ 100.000 05/01/2031

750,000

 815,558

CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2033

750,000

 839,055

CITY OF HORACE ND 5.000% 05/01/2039 CALLABLE @ 100.000 05/01/2033

650,000

 680,452

CITY OF HORACE ND 4.750% 05/01/2044 CALLABLE @ 100.000 05/01/2033

500,000

 508,025

KILLDEER PUBLIC SCHOOL DISTRICT NO 16 5.000% 08/01/2027

250,000

 257,215

CITY OF MAYVILLE ND 5.000% 05/01/2044 CALLABLE @ 100.000 05/01/2031

500,000

 505,720

VALLEY CITY PARK DISTRICT 4.800% 01/01/2035 CALLABLE @ 100.000 01/01/2030

145,000

 150,384

VALLEY CITY PARK DISTRICT 5.400% 01/01/2043 CALLABLE @ 100.000 01/01/2030

200,000

 207,610

WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2040 CALLABLE @ 100.000 08/01/2031

250,000

 253,745

WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2043 CALLABLE @ 100.000 08/01/2031

285,000

 287,098

CITY OF WEST FARGO ND 4.000% 05/01/2047 CALLABLE @ 100.000 05/01/2034

880,000

 812,706

WEST FARGO PUBLIC SCHOOL DISTRICT NO 6 5.000% 08/01/2026

300,000

 301,632

 6,410,722

Health Care (10.5%)

COUNTY OF CASS ND 4.250% 02/15/2043 CALLABLE @ 100.000 02/15/2028

1,290,000

 1,271,772

CITY OF GRAND FORKS ND 5.000% 12/01/2037 CALLABLE @ 100.000 12/01/2027

130,000

 131,669

CITY OF GRAND FORKS ND 4.750% 12/01/2027 CALLABLE @ 100.000 12/01/2026

350,000

 349,517

CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2026

255,000

 255,232

 2,008,190

Housing (13.3%)

NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2038 CALLABLE @ 100.000 01/01/2033

1,000,000

 1,035,470

NORTH DAKOTA HOUSING FINANCE AGENCY 4.550% 07/01/2044 CALLABLE @ 100.000 07/01/2033

500,000

 504,940

NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2044 CALLABLE @ 100.000 07/01/2033

1,000,000

 1,008,010

 2,548,420

Other Revenue (9.1%)

CITY OF FARGO ND 4.000% 12/01/2044 CALLABLE @ 100.000 12/01/2034

300,000

 292,446

MANDAN PARK DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2030

280,000

 282,593

MANDAN PARK DISTRICT 4.750% 05/01/2043 CALLABLE @ 100.000 05/01/2030

165,000

 166,673

NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 06/01/2031

240,000

 238,111

WILLISTON PARKS & RECREATION DISTRICT 4.500% 12/01/2045 CALLABLE @ 100.000 12/01/2034

750,000

 757,635

 1,737,458

Utilities (15.7%)

CASS RURAL WATER USERS DISTRICT 4.150% 05/01/2039 CALLABLE @ 100.000 05/01/2031

500,000

 485,300

CASS RURAL WATER USERS DISTRICT 4.400% 05/01/2038 CALLABLE @ 100.000 05/01/2031

150,000

 152,082

CASS RURAL WATER USERS DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2031

835,000

 849,721

CASS RURAL WATER USERS DISTRICT 4.170% 05/01/2035 CALLABLE @ 100.000 05/01/2030

815,000

 828,513

CASS RURAL WATER USERS DISTRICT 4.375% 05/01/2038 CALLABLE @ 100.000 05/01/2030

365,000

 370,011

NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034

280,000

 306,872

 2,992,499

TOTAL MUNICIPAL BONDS (COST: $17,325,132)

$

 17,492,561

OTHER ASSETS LESS LIABILITIES (8.4%)

$

 1,606,311

NET ASSETS (100.0%)

$

 19,098,872

^All portfolio securities are issued securities from the state of North Dakota.

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

NOTE: INVESTMENT IN SECURITIES (unaudited)

At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows:

Viking Tax-Free Fund for North Dakota

Investments at cost

$

17,325,132

Unrealized appreciation

$

294,104

Unrealized depreciation

(126,675)

Net unrealized appreciation/(depreciation)*

$

167,429

*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, 2026:

Viking Tax-Free Fund for North Dakota

Level 1

Level 2

Level 3

Total

Municipal Bonds

$

-

$

17,492,561

$

-

$

17,492,561

Total

$

-

$

17,492,561

$

-

$

17,492,561