ncsr201610033.htm - Generated by SEC Publisher for SEC Filing

DEAR SHAREHOLDERS:

Enclosed is the report of the operations for the Kansas Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Maine Municipal Fund, and New Hampshire Municipal Fund (each a “Fund”, and collectively the “Funds”) for the year ended July 29, 2016. Each Fund’s portfolio and related financial statements are presented within for your review.

Economic Recap

U.S. economic activity continued to expand in the third quarter of 2015 as an increase in jobs and a steady unemployment rate indicated that labor market conditions improved once again according to the Federal Open Market Committee’s (“FOMC”) or (“Committee”) statement. Household spending also increased, likely driven by low energy prices. Nevertheless, the FOMC did not believe conditions were appropriate to begin increasing the federal funds rate in the third quarter, citing international factors as a concern. However, as economic activity continued to expand at a moderate pace in the fourth quarter, and given the considerable improvement in labor market conditions and confidence that inflation would rise over the medium term, the Committee decided to raise the target range for the federal funds rate to ¼ to ½ percent. U.S. economic activity continued to expand at a moderate pace in the first quarter of 2016, despite global economic and financial developments, as noted by the FOMC statement in mid-March. Strong job gains indicated that labor market conditions continued to improve. Household spending also increased in the first quarter. The FOMC’s statement in mid-June however, noted that the pace of improvement in the labor market had slowed while growth in economic activity continued to pick up. Although the unemployment rate declined, job gains diminished in the second quarter. Growth in household spending continued to strengthen and the housing sector continued to improve. The Committee expected that economic activity would continue to expand at a moderate pace and labor market indicators would strengthen, however, global economic and financial developments continued to pose risks, as the Brexit vote took over headlines with Britain electing to leave the European Union. Against that backdrop, the Committee decided to maintain the target range for the federal funds rate at ¼ to ½ percent in June. Going forward, the Committee will continue to assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. The Committee also noted that they expect that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.

Municipal Bond Market Recap

Municipal bonds bounced back in the third quarter of 2015 after a tough second quarter. Interest rates fell throughout the yield curve over the quarter. The falling rates were principally driven by uncertainty on the timing of when the FOMC would begin to increase the federal funds rate. The 10-year muni/Treasury yield ratio was sitting at 98.6% at the end of the third quarter, continuing to offer a compelling value for municipal bond investors. The relative cheapness of municipals to Treasuries would offer a buffer from volatility going into the fourth quarter. Returns were again positive for the muni bond market in the fourth quarter, in what was a very stable quarter for municipal bonds. Interest rates fell throughout the mid to long end of the yield curve, while rising on the short end of the curve on the back of the FOMC increasing the federal funds rate in December. Issuance for the quarter came in at $71.642 billion nationally, a 25.3% decrease over the same quarter last year. With the notable drop off in supply and demand picking up in the quarter, the muni/Treasury ratio returned closer to its historical average, falling to 84.4% at the end of 2015.

A favorable supply/demand dynamic and investors seeking stability propelled municipal bonds to a strong start in the first seven months of 2016. Municipal bonds continued their strong performance from 2015, posting back to back quarters of positive returns. Demand remained strong with 43 consecutive weeks of positive fund flows into municipal bond funds as of the end of July, as issuance has come in slightly below last year through the first seven months of 2016.

Investors sought safety in municipal bonds even as municipal and treasury yields moved lower, while central banks around the world continued to try and stimulate growth by keeping short-term rates at or around zero. Another contributing factor to the rally during the first seven months of the year was the United Kingdom’s vote to leave the European Union and the possible ripple effects around the world. With fears of slowing worldwide economic growth, many analysts are forecasting a lower probability of rate hikes from the FOMC for the remainder of 2016. With less likelihood of a move by the Fed, yields fell throughout the curve during the first seven months of the year. Even as municipal bonds have rallied they continue to offer investors value vs their Treasury counterparts with the 10 year muni/Treasury ratio sitting at 96.1% at the end of July, up from 84.4% at the end of 2015 and above its historical average.

Fund Performance and Outlook

We continue to follow a disciplined strategy of investing to maximize tax-exempt income while seeking value in the municipal market. Recent market activity and the possibility of rising rates has lead us to favor high quality, higher coupon bonds. As interest rates fluctuate, the portfolio becomes diversified with a broad range of securities that help us achieve a high level of current tax-free income for shareholders. All else equal, the shorter maturity structure and higher coupons will be more defensive, mitigating some negative impact to each Fund’s share price should a rise in rates occur.

The Kansas Municipal Fund began the period at $10.87 per share and ended the period at $11.13 per share for a total return of 5.30%*. This compares to the Barclays Capital Municipal Index’s return of 6.95%. At the end of the period the average weighted coupon and maturity of the Fund at market value was 4.90% and 12 years, respectively.

KANSAS MUNICIPAL FUND

PERFORMANCE (unaudited)

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

	Kansas Municipal Fund without Sales Charge	Kansas Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/06	$10,000	$9,752	$10,000
7/31/07	$10,306	$10,050	$10,426
7/31/08	$10,604	$10,341	$10,723
7/31/09	$11,035	$10,761	$11,271
7/30/10	$11,710	$11,420	$12,303
7/29/11	$12,064	$11,764	$12,701
7/31/12	$13,037	$12,714	$14,035
7/31/13	$12,728	$12,413	$13,726
7/31/14	$13,468	$13,134	$14,723
7/31/15	$13,876	$13,532	$15,246
7/29/16	$14,612	$14,249	$16,306

Average Annual Total Returns for the periods ended July 29, 2016

					Since Inception
	1 year	3 year	5 year	10 year	(November 15, 1990)
Without sales charge	5.30%	4.71%	3.90%	3.87%	4.33%
With sales charge (3.75%)	2.66%	3.83%	3.38%	3.60%	4.23%

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 1.18%. 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%. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2016 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% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2016 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.

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.

NEBRASKA MUNICIPAL FUND

PERFORMANCE (unaudited)

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

	Nebraska Municipal Fund without Sales Charge	Nebraska Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/06	$10,000	$9,751	$10,000
7/31/07	$10,316	$10,060	$10,426
7/31/08	$10,604	$10,340	$10,723
7/31/09	$10,997	$10,723	$11,271
7/30/10	$11,617	$11,328	$12,303
7/29/11	$11,999	$11,701	$12,701
7/31/12	$12,986	$12,664	$14,035
7/31/13	$12,472	$12,162	$13,726
7/31/14	$13,363	$13,031	$14,723
7/31/15	$13,836	$13,492	$15,246
7/29/16	$14,658	$14,293	$16,306

Average Annual Total Returns for the periods ended July 29, 2016

					Since Inception
	1 year	3 year	5 year	10 year	(November 17, 1993)
Without sales charge	5.94%	5.53%	4.08%	3.90%	3.88%
With sales charge (3.75%)	3.28%	4.63%	3.56%	3.64%	3.77%

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 1.21%. 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%. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2016 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% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2016 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

	Oklahoma Municipal Fund without Sales Charge	Oklahoma Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/06	$10,000	$9,754	$10,000
7/31/07	$10,310	$10,056	$10,426
7/31/08	$10,414	$10,157	$10,723
7/31/09	$10,860	$10,592	$11,271
7/30/10	$11,687	$11,399	$12,303
7/29/11	$12,172	$11,872	$12,701
7/31/12	$13,304	$12,976	$14,035
7/31/13	$12,832	$12,516	$13,726
7/31/14	$13,656	$13,319	$14,723
7/31/15	$14,041	$13,695	$15,246
7/29/16	$14,950	$14,581	$16,306

Average Annual Total Returns for the periods ended July 29, 2016

					Since Inception
	1 year	3 year	5 year	10 year	(September 25, 1996)
Without sales charge	6.47%	5.22%	4.20%	4.10%	4.18%
With sales charge (3.75%)	3.79%	4.33%	3.66%	3.84%	4.05%

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 1.20%. 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%. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2016 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% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2016 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.

MAINE MUNICIPAL FUND

PERFORMANCE (unaudited)

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

	Maine Municipal Fund without Sales Charge	Maine Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/06	$10,000	$9,750	$10,000
7/31/07	$10,289	$10,032	$10,426
7/31/08	$10,642	$10,375	$10,723
7/31/09	$11,197	$10,917	$11,271
7/30/10	$11,812	$11,517	$12,303
7/29/11	$12,107	$11,804	$12,701
7/31/12	$13,171	$12,842	$14,035
7/31/13	$12,859	$12,538	$13,726
7/31/14	$13,466	$13,129	$14,723
7/31/15	$13,785	$13,440	$15,246
7/29/16	$14,536	$14,172	$16,306

Average Annual Total Returns for the periods ended July 29, 2016

					Since Inception
	1 year	3 year	5 year	10 year	(December 5, 1991)
Without sales charge	5.44%	4.17%	3.72%	3.81%	4.53%
With sales charge (3.75%)	2.82%	3.28%	3.19%	3.55%	4.42%

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 1.29%. 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%. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2016 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% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2016 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.

NEW HAMPSHIRE MUNICIPAL FUND

PERFORMANCE (unaudited)

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

	New Hampshire Municipal Fund without Sales Charge	New Hampshire Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/06	$10,000	$9,753	$10,000
7/31/07	$10,302	$10,047	$10,426
7/31/08	$10,686	$10,421	$10,723
7/31/09	$11,049	$10,775	$11,271
7/30/10	$11,783	$11,491	$12,303
7/29/11	$12,094	$11,795	$12,701
7/31/12	$12,945	$12,625	$14,035
7/31/13	$12,662	$12,348	$13,726
7/31/14	$13,234	$12,907	$14,723
7/31/15	$13,558	$13,223	$15,246
7/29/16	$14,253	$13,900	$16,306

Average Annual Total Returns for the periods ended July 29, 2016

					Since Inception
	1 year	3 year	5 year	10 year	(December 31, 1992)
Without sales charge	5.12%	4.03%	3.34%	3.61%	4.17%
With sales charge (3.75%)	2.46%	3.15%	2.82%	3.35%	4.06%

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 1.68%. 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%. The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses through November 29, 2016 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% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2016 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 29, 2016

General Obligation	46.5%
Health Care	20.2%
Other Revenue	15.7%
Utilities	10.8%
Cash Equivalents and Other	3.2%
Education	2.3%
Transportation	1.0%
Housing	0.3%
	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 29, 2016

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (96.8%)

Education (2.3%)
#Colby KS Comnty College Cops 3.000% 05/01/38	$	500,000	$	469,590
KS Dev Fin Auth Sales Tax Rev K-St-Olathe Innovation-L1 5.000% 09/01/39		200,000		221,428
KS Dev Fin Auth Rev Wichita ST Univ Student Hsg 5.000% 06/01/27		250,000		288,405
Sedgwick Cnty Unified Sch 5.250% 09/01/20		345,000		378,127
Sedgwick Cnty Unified Sch 5.250% 09/01/20		15,000		16,406
				1,373,956
General Obligation (46.5%)
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 09/01/27		250,000		307,452
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 09/01/28		250,000		303,750
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 09/01/29		250,000		301,105
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 09/01/30		250,000		300,490
Bourbon Cnty KS USD #234 (Fort Scott) 5.000% 09/01/31		500,000		598,525
Butler Cnty KS USD #402 5.250% 09/01/21		560,000		613,726
Butler Cnty KS USD #402 4.000% 09/01/30		250,000		289,910
Butler Cnty KS USD #385 5.000% 09/01/18		500,000		544,180
Cowley Cnty KS USD #470 5.500% 09/01/21		100,000		109,503
Cowley Cnty KS USD #470 4.750% 09/01/27		490,000		535,942
Dickinson Cnty KS USD #473 5.000% 09/01/27		325,000		367,932
Dickinson Cnty KS USD #473 4.400% 09/01/29		100,000		111,379
Douglas Cnty KS USD #348 Baldwin GO 4.000% 09/01/30		250,000		293,757
Douglas Cnty KS USD #491 Eudora 5.500% 09/01/24		250,000		273,957
Douglas Cnty KS USD #491 Eudora 5.000% 09/01/23		375,000		422,947
Douglas Cnty KS USD #491 Eudora 5.125% 09/01/29		250,000		281,332
Ford Cnty KS Sales Tax - Ser A 4.500% 09/01/24		500,000		501,410
*Franklin Cnty KS USD #290 5.000% 09/01/40		3,000,000		3,534,000
Harvey Cnty KS USD #373 (Newton) 4.000% 09/01/18		250,000		269,467
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/23		200,000		219,664
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/25		1,000,000		1,098,320
Jackson Cnty KS USD #336 5.000% 09/01/29		250,000		293,348
Jackson Cnty KS USD #336 5.000% 09/01/34		250,000		289,010
Johnson & Miami Cnty KS USD #230 3.500% 09/01/30		250,000		270,440
Johnson Cnty KS USD #231 5.000% 10/01/25		250,000		307,775
Johnson Cnty KS USD #233 4.000% 09/01/18		150,000		162,213
Junction City KS Ref & Impt 5.000% 09/01/25		250,000		259,110
Junction City KS Unlimited GO 4.250% 09/01/21		100,000		110,618
Junction City KS Unlimited GO 4.400% 09/01/22		100,000		110,595
Junction City KS Unlimited GO 4.500% 09/01/23		100,000		109,814
Leavenworth Cnty KS USD #453 GO Impt & Ref 5.250% 03/01/24		200,000		229,072
Leavenworth Cnty KS USD #453 4.750% 09/01/25		300,000		333,939
*Leavenworth Cnty KS USD #453 GO Impt & Ref 5.125% 03/01/29		1,000,000		1,144,520
Leavenworth Cnty KS USD #458 5.000% 09/01/29		500,000		601,805
Leavenworth Cnty KS USD #469 Lansing 4.000% 09/01/30		320,000		352,758
Wichita Cnty KS USD #467 (Leoti) 5.000% 10/01/18		100,000		109,953
Manhattan KS GO 5.000% 11/01/28		130,000		141,696
Miami Cnty KD USD #368 5.000% 09/01/27		250,000		292,340
Miami Cnty USD #416 Louisburg 5.000% 09/01/20		275,000		276,108
Montgomery Cnty KS USD #446 5.000% 09/01/33		250,000		262,940
Neosho Cnty KS USD #413 4.000% 09/01/31		250,000		276,023
Newton KS Unlimited GO 5.000% 09/01/21		100,000		114,223
Newton KS Unlimited GO 4.750% 09/01/29		435,000		478,557
Olathe KS GO 4.000% 10/01/19		100,000		100,608
Park City KS 5.100% 12/01/20		200,000		229,390
Park City KS 5.500% 12/01/24		100,000		116,014
Park City KS 6.000% 12/01/29		500,000		588,315
City of Park City KS 5.375% 12/1/25		250,000		287,748
Salina KS GO 4.625% 10/01/27		200,000		209,290
Scott Cnty KS Ref GO 5.000% 04/01/32		500,000		617,260
Sedgwick Cnty KS USD #261 5.000% 11/01/21		245,000		259,497
Sedgwick Cnty KS USD #261 5.000% 11/01/21		5,000		5,307
Sedgwick Cnty KS USD #262 5.000% 09/01/18		100,000		109,764
Sedgwick Cnty KS USD #262 5.000% 09/01/28		485,000		532,569
Sedgwick Cnty KS USD #262 5.000% 09/01/28		15,000		16,209
Sedgwick Cnty Unified Sch 5.000% 09/01/24		245,000		267,256
Sedgwick Cnty Unified Sch 5.000% 09/01/24		5,000		5,447
Sedgwick Cnty KS USD #262 5.000% 09/01/35		1,000,000		1,168,200
Sedgwick Cnty KS USD #265 (Goddard) 4.250% 10/01/20		750,000		816,795
Sedgwick Cnty KS USD #265 (Goddard) 4.500% 10/01/26		250,000		272,763
Sedgwick Cnty Unified Sch 5.250% 09/01/19		215,000		235,597
Sedgwick Cnty Unified Sch 5.250% 09/01/19		10,000		10,959
Seward Cty KS Unlimited GO Hosp Ref & Impt 5.000% 08/01/34		260,000		302,955
Seward Cty KS Unlimited GO Hosp Ref & Impt 5.000% 08/01/34		240,000		274,142
Seward Cty KS USD #480 GO 5.000% 09/01/34		500,000		576,485
Seward Cty KS USD #480 GO 5.000% 09/01/33		500,000		584,530
Seward Cty KS USD #480 GO 4.250% 09/01/39		500,000		547,325
Sherman Cnty KS USD #352 (Goodland) GO 3.000% 09/01/33		500,000		522,415
Wichita KS GO 4.500% 09/01/22		150,000		157,452
Wichita KS GO 4.750% 09/01/27		180,000		188,752
Wyandotte Cnty KS GO 5.000% 08/01/19		150,000		150,038
Wyandotte Cnty KS GO 5.000% 08/01/25		250,000		261,165
Wyandotte Cnty KS GO 5.000% 08/01/27		500,000		522,330
Wyandotte Cnty KS USD #202 5.250% 09/01/18		100,000		110,478
Wyandotte Cnty KS USD #202 5.000% 09/01/25		250,000		307,333
				28,159,993
Health Care (20.2%)
Ashland KS Public Bldg Commission Revenue 5.000% 09/01/30		1,020,000		1,127,794
Ashland KS Public Bldg Commission Revenue 5.000% 09/01/35		500,000		546,920
Ashland KS Public Bldg Commission Revenue 5.000% 09/01/32		550,000		625,740
KS Dev Fin Auth Lease Rev Univ KS Tenant 5.000% 06/15/39		1,000,000		1,088,190
KS Dev Fin Auth Rev Sisters Leavenworth-Ser A 5.000% 01/01/40		435,000		500,298
KS Dev Fin Auth Rev Sisters Leavenworth-Ser A 5.000% 01/01/40		65,000		71,341
KS Dev Fin Auth Rev Adventist Health 5.150% 11/15/23		250,000		282,532
KS Dev Fin Auth Rev Adventist Health 5.250% 11/15/24		250,000		283,687
KS Dev Fin Auth Rev Adventist Health 5.500% 11/15/29		100,000		113,553
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 5.125% 11/15/32		410,000		431,447
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 5.125% 11/15/36		500,000		519,225
KS Dev Fin Auth Hlth Facs Rev Hays Med Ctr 5.000% 05/15/25		250,000		272,950
KS Dev Fin Auth Hlth Facs Rev Hays Med Ctr 5.000% 05/15/35		1,000,000		1,082,480
KS Dev Fin Auth Hlth Facs Rev (KU Hlth Sys) 5.000% 03/01/28		755,000		841,576
KS Dev Fin Auth Hlth Facs Rev Stormont-Vail Healthcare 4.125% 11/15/27		100,000		111,072
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.500% 03/01/35		500,000		530,145
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/23		250,000		298,055
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/24		250,000		296,823
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/29		500,000		576,940
Olathe KS Hlth Facs Rev Olathe Med Ctr 5.000% 09/01/29		500,000		518,135
Olathe KS Hlth Facs Rev Olathe Med Ctr 5.000% 09/01/30		250,000		274,368
Olathe KS Hlth Facs Rev Olathe Med Ctr 4.000% 09/01/28		250,000		270,343
Olathe KS Hlth Facs Rev Olathe Med Ctr 4.000% 09/01/30		445,000		479,474
Univ KS Hosp Auth 5.000% 09/01/35		500,000		593,740
Univ KS Hosp Auth 5.000% 09/01/26		60,000		60,242
Univ KS Hosp Auth 5.000% 09/01/26		40,000		40,128
Wichita KS Hosp Rev (Via Christi Hlth Sys) 5.000% 11/15/29		300,000		366,681
				12,203,879
Housing (0.3%)
KS Dev Fin Auth Rev (Sec. 8) Rev Ref. 6.400% 01/01/24		170,000		170,471

Other Revenue (15.7%)
Butler Cnty KS Pub Bldg Impt Rev 4.500% 10/01/21		160,000		160,179
Dodge City KS Sales Tax Rev 5.000% 06/01/21		310,000		347,321
Dodge City KS Sales Tax Rev 4.400% 06/01/25		350,000		386,347
Dodge City KS Sales Tax Rev 4.500% 06/01/28		100,000		110,666
*Dodge City KS Sales Tax Rev 5.250% 06/01/31		1,000,000		1,127,400
KS Dev Fin Auth Rev KS Projs-Ser B 4.125% 05/01/31		500,000		534,540
KS Dev Fin Auth Rev Athletic Facs (K-St Athletics Inc) 5.000% 07/01/32		250,000		260,337
KS Dev Fin Auth Rev (KS St Proj) Unrefunded 5.000% 10/01/17		20,000		20,030
KS Dev Fin Auth Rev (KS St Proj) 5.000% 11/01/34		500,000		553,995
KS Dev Fin Auth Rev (Dept Admin) 5.000% 11/01/25		250,000		252,893
KS Dev Fin Auth Rev (KS St Proj) 5.250% 11/01/25		350,000		370,891
KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/35		250,000		272,055
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.000% 03/01/28		250,000		264,853
Manhattan KS Sales Tax Rev Downtown Redev 5.250% 12/01/26		80,000		87,368
Manhattan KS Sales Oblig Rev North Proj Area - Downtown A 5.000% 12/01/26		500,000		532,110
Manhattan KS Sales Tax Rev 4.500% 12/01/25		500,000		558,590
*Manhattan KS Sales Tax Rev 5.000% 12/01/32		1,000,000		1,142,090
Neosho Cnty KS Sales Tax Rev 4.000% 10/01/23		500,000		546,675
Topeka KS Pub Bldg Commn Lease Rev Social & Rehab Proj 5.000% 06/01/22		255,000		279,720
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 4.000% 09/01/28		600,000		669,696
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/32		500,000		573,090
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/37		400,000		453,468
				9,504,314
Transportation (1.0%)
KS Dept of Transportation Highway Rev. 5.000% 09/01/35		250,000		312,175
KS Dev Fin Auth Rev (Road Revolving Fund) 4.625% 10/01/26		250,000		268,912
				581,087
Utilities (10.8%)
*KS Municipal Energy Agency (Jameson Energy Project) Rev 5.750% 07/01/38		1,000,000		1,218,930
KS Pwr Pool Elec Util Rev 4.500% 12/01/28		500,000		545,515
KS Pwr Pool Elec Util Rev 5.000% 12/01/31		750,000		830,625
Kansas Power Pool Elec Util Rev Dogwood Fac-Ser A 4.000% 12/01/31		500,000		545,255
Wichita KS Wtr & Swr Rev 5.000% 10/01/23		300,000		305,328
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/24		200,000		220,390
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/29		500,000		546,615
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/36		250,000		286,480
*Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/32		1,250,000		1,450,388
Wyandotte Cnty KS Govt Util Sys Rev Impt - Ser A 5.000% 09/01/35		500,000		595,965
				6,545,491

TOTAL MUNICIPAL BONDS (COST: $54,205,350)			$	58,539,191

OTHER ASSETS LESS LIABILITIES (3.2%)				1,949,700

NET ASSETS (100.0%)			$	60,488,891

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
#When-issued purchase as of July 29, 2016.


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

NEBRASKA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 29, 2016

Utilities	33.3%
Education	23.2%
General Obligation	21.6%
Health Care	10.2%
Other Revenue	7.9%
Housing	1.8%
Transportation	1.3%
Cash Equivalents and Other	0.7%
	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 29, 2016

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (99.3%)

Education (23.2%)
Douglas Cnty NE Edl Facs Rev Creighton Univ 5.500% 07/01/30	$	350,000	$	402,895
*Douglas Cnty NE Edl Facs Rev Creighton Univ 5.875% 07/01/40		1,500,000		1,746,600
Douglas Cnty NE Hosp Auth #2 (Boys Town Proj) 4.750% 09/01/28		200,000		213,374
Lincoln NE Ed & Fac Rev (Wesleyan Univ) 4.000% 04/01/32		750,000		804,465
NE St Colleges Student Fees (Wayne St College) 3.250% 07/01/36		500,000		517,805
Metropolitan Cmnty College Fort Omaha Campus Project 3.000% 03/01/36		500,000		506,935
NE Edl Fin Auth Rev Ref - Clarkson College Proj 5.050% 09/01/30		250,000		287,833
NE Elem & Secondary Sch Auth Ed Facs Rev 4.750% 09/01/28		250,000		267,787
Univ of NE Brd of Regt (Sutudent Fees & Fac) 5.000% 07/01/35		1,500,000		1,833,630
Univ of NE Brd of Regt (Sutudent Fees & Fac) 5.000% 05/15/35		500,000		607,815
Univ of NE Rev 5.000% 05/15/33		250,000		311,165
Univ of NE Brd of Regt Student Facs 5.000% 05/15/32		250,000		258,988
Univ of NE Brd of Regt (Hlth & Rec Proj) 5.000% 05/15/33		600,000		646,848
Univ of NE Rev Lincoln Student 4.000% 07/01/24		250,000		269,660
Univ of NE Omaha Student Hsg Proj 4.500% 05/15/30		250,000		276,003
Univ of NE Omaha Student Hsg Proj 5.000% 05/15/35		275,000		311,894
Univ of NE (Univ of NE - Lincoln Student Fees) Rev 5.000% 07/01/42		1,000,000		1,146,260
Univ of NE Lincoln Student Facs 5.000% 07/01/38		250,000		291,093
				10,701,050
General Obligation (21.6%)
Douglas Cnty NE SD #010 4.000% 12/15/34		300,000		335,835
Douglas CNTY SCH DIST #59 Bennington 3.000% 12/15/35		500,000		509,635
Hall Cnty NE Ref GO 4.000% 12/15/29		250,000		252,817
#Hall Cnty NE Arpt Auth Ser-A Amt GO 5.000% 07/15/30		410,000		457,621
#Hall Cnty NE Arpt Auth Ser-A Amt GO 5.000% 07/15/31		435,000		484,590
Hall Cnty NE Sch Dist #2 Grand Is GO 5.000% 12/15/33		500,000		605,765
Hall Cnty NE Sch Dist #2 Grand Is GO 5.000% 12/15/39		500,000		596,285
LaVista, NE Hwy Allocation FD 3.000% 5/01/36		600,000		603,468
Lincoln-Lancaster Cnty Neb Pub Bldg Lease Rev 4.000% 10/15/30		100,000		101,645
City of Lincoln COP 4.000% 04/01/27		325,000		390,530
*Omaha NE (Convention Center) GO 5.250% 04/01/27		1,000,000		1,348,520
Omaha NE Various Purpose 4.250% 10/15/26		500,000		503,990
Omaha NE Unlimited GO 5.000% 10/15/25		250,000		282,850
Sarpy Cnty Sch Dist #27 Papillion-LA Vista GO 5.000% 12/01/28		250,000		274,073
Papio Missouri River NE Natural Res Dist GO 4.000% 12/15/24		250,000		261,883
Papio Missouri River NE Natural Res Dist GO 5.000% 12/15/26		250,000		272,475
Papio Missouri River NE Ref-Flood Protn & Wtr Quality Enhancement 4.000% 12/15/30		1,000,000		1,073,520
Ralston NE Arena GO 4.500% 09/15/31		500,000		506,720
Sarpy Cnty NE Sch Dist #37 Ref & Sch Bldg 5.000% 12/15/35		250,000		304,635
#Sarpy Cnty NE Sch Dist #37 Ref & Sch Bldg - Gretna Public Schools 3.000% 12/15/39		500,000		493,870
Scotts Bluff Cnty NE Sch Dist #32 GO 5.000% 12/01/31		250,000		309,345
				9,970,072
Health Care (10.2%)
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.250% 12/15/33		250,000		272,103
Douglas Cnty NE Hosp Auth #002 (NE Med Ctr) 5.000% 11/15/16		250,000		252,778
Douglas Cnty NE Hosp Auth #002 Immanuel Group 5.500% 01/01/30		500,000		561,105
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		795,000		878,761
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		415,000		458,724
*Lancaster Cnty NE Hosp Auth #1 (BryanLGH Med Ctr Proj) 4.750% 06/01/21		1,000,000		1,002,930
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/23		250,000		291,530
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/24		250,000		290,610
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/25		250,000		290,545
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/32		250,000		283,985
Lincoln Cnty NE Hosp Auth #1 North Platte 4.000% 11/01/37		150,000		157,815
				4,740,886
Housing (1.8%)
Lancaster Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		250,000		280,553
Sarpy Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		500,000		561,105
				841,658
Other Revenue (7.9%)
Lincoln NE West Haymarket Joint Pub Agy GO Fac 5.000% 12/15/42		750,000		871,485
NE Coop Republican Platte Enhancement Project River 5.125% 12/15/33		250,000		272,345
NE Coop Republican Platte Enhancement Project River 5.000% 12/15/38		160,000		170,843
NE Coop Republican Platte Enhancement Project River 3.850% 12/15/30		300,000		309,897
Omaha Convention Hotel Corp 5.000% 02/01/35		500,000		506,440
Omaha Pub Fac Corp Lease Rev Omaha Tech & Forestry Equip 4.000% 11/15/31		115,000		121,179
*Omaha NE Special Tax Rev 5.000% 02/01/27		1,000,000		1,183,090
Upper Republican Natural Resource District 4.000% 12/15/24		200,000		212,484
				3,647,763
Transportation (1.3%)
Lincoln NE Pkg Rev 5.500% 08/15/31		500,000		588,930

Utilities (33.3%)
*Central Plains Energy Proj Rev 5.000% 09/01/27		1,000,000		1,163,750
Central Plains Energy Proj Rev 5.250% 09/01/37		500,000		574,130
Central Plains Energy Proj Rev 5.000% 09/01/42		500,000		564,135
#Dawson NE Pub Pwr Dist Elec Sys Rev 3.050% 06/15/36		575,000		575,978
Grand Island NE Sewer Sys Rev 5.000% 09/15/26		250,000		303,493
Hastings NE Comb Utility Rev Ref 4.000% 10/15/32		500,000		554,095
*Lincoln NE Elec Syst Rev 5.000% 09/01/37		1,000,000		1,179,900
Lincoln NE San Swr Rev 4.500% 06/15/29		250,000		256,043
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/25		275,000		321,742
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/27		400,000		461,360
Lincoln NE Wtr Rev 4.000% 08/15/25		250,000		272,080
Lincoln NE Wtr Rev 4.500% 08/15/34		250,000		270,588
NE Metro Util Dist Omaha Wtr Rev 4.000% 12/15/24		750,000		850,860
NE Metro Util Dist Omaha Wtr Rev 4.000% 12/15/26		250,000		284,950
Muni Energy Agy of NE Pwr Supply Sys Rev 5.125% 04/01/24		195,000		216,260
Muni Energy Agy of NE Pwr Supply Sys Rev 5.000% 04/01/30		500,000		575,595
Muni Energy Agy of NE Pwr Supply Sys Rev 5.000% 04/01/32		100,000		114,716
NE Pub Pwr Dist Rev 5.000% 01/01/41		250,000		301,375
NE Pub Pwr Dist Rev 5.000% 01/01/28		250,000		296,515
NE Pub Pwr Dist Rev 5.000% 01/01/30		500,000		591,340
Omaha NE Metro Util Wtr Dist Rev 4.375% 12/01/26		400,000		405,296
Omaha NE Pub Pwr Dist Elec Sys Rev 5.250% 02/01/23		250,000		268,417
Omaha NE Pub Pwr Dist Elec Sys Rev 5.500% 02/01/33		100,000		107,742
Omaha NE Pub Pwr Dist Elec Sys Rev 6.200% 02/01/17		140,000		142,735
Omaha Sanitation & Sewer 5.000% 11/15/29		250,000		309,537
Omaha Sanitation & Sewer 5.000% 11/15/30		250,000		308,887
Omaha Sanitation & Sewer 5.000% 11/15/31		500,000		615,190
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 5.000% 02/01/32		250,000		303,700
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 5.000% 02/01/31		445,000		548,974
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 4.000% 02/01/32		400,000		448,136
Omaha NE Pub Pwr Dist Sep Elec Sys Rev 4.000% 02/01/35		365,000		406,807
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/24		250,000		254,780
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/27		250,000		254,780
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32		780,000		794,648
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32		220,000		224,206
Southern Pub Pwr Dist 5.000% 12/15/23		250,000		277,210
				15,399,950

TOTAL MUNICIPAL BONDS (COST: $42,910,833)			$	45,890,309

OTHER ASSETS LESS LIABILITIES (0.7%)				326,733

NET ASSETS (100.0%)			$	46,217,042

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
#When-issued purchase as of July 29, 2016.


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

OKLAHOMA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 29, 2016

Utilities	32.7%
Other Revenue	24.1%
Education	21.0%
Transportation	7.9%
Cash Equivalents and Other	4.9%
Health Care	4.4%
General Obligation	4.1%
Housing	0.9%
	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 29, 2016

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (95.1%)

Education (21.0%)
OK Agric & Mech Colleges Rev (OK St Univ) 5.000% 07/01/39	$	140,000	$	155,148
OK Agric & Mech Colleges Rev (OK St Univ) 4.400% 08/01/39		740,000		801,797
*OK Community College Student Fac Rev 4.375% 07/01/30		750,000		815,798
OK Dev Fin Auth Lease Rev Master St Higher Ed 4.400% 12/01/29		250,000		271,840
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/39		500,000		593,615
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/29		250,000		307,032
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/34		500,000		605,410
OK Dev Fin Auth Lease Rev Higher Ed Master Ppty 5.000% 06/01/39		500,000		594,800
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/30		280,000		314,182
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/31		290,000		324,501
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/32		305,000		340,109
OK Dev Fin Auth Rev East Central Univ 4.000% 08/01/33		315,000		350,047
Brd of Regt (OK Univ Science Ctr) 5.000% 07/01/36		1,000,000		1,063,570
Univ of OK Rev 5.000% 07/01/37		290,000		334,579
Univ of OK Rev Gen-Ser A 5.000% 07/01/41		500,000		578,375
Univ of OK Rev Gen-Ser A 3.375% 07/01/42		435,000		454,001
Univ of OK Rev Gen-Ser C 5.000% 07/01/36		500,000		599,095
Univ of OK Rev Gen-Ser C 4.000% 07/01/40		650,000		718,263
Univ of OK Rev Gen-Ser C 5.000% 07/01/38		500,000		598,110
				9,820,272
General Obligation (4.1%)
Broken Arrow GO Series A 4.125% 08/01/31		180,000		199,217
Oklahoma City OK 5.000% 03/01/27		400,000		426,344
*Oklahoma City OK 4.000% 03/01/24		1,000,000		1,175,960
Oklahoma City OK GO 3.000% 03/01/30		100,000		103,145
				1,904,666
Health Care (4.4%)
OK St Dev Fin Auth Hlth Sys Rev Ref Sef A 5.000% 08/15/25		350,000		446,281
OK St Dev Fin Auth Hlth Sys Rev Ref Sef A 5.000% 08/15/29		250,000		306,842
OK St Dev Fin Auth Hlth Sys Rev Ref Sef A 4.000% 08/15/38		250,000		271,107
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/42		250,000		280,580
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/37		15,000		15,370
OK Dev Fin Auth Rev (St John Hlth Sys) 5.000% 02/15/37		485,000		492,581
Tulsa Cnty Ind Auth Health Fac 4.600% 02/01/35		250,000		270,090
				2,082,851
Housing (0.9%)
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.050% 09/01/23		190,000		191,148
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.150% 09/01/29		95,000		95,472
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.200% 09/01/32		90,000		90,522
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.100% 03/01/17		15,000		15,128
OK Hsg Fin Agy Single Family Mtg Rev AMT 5.100% 09/01/17		10,000		10,140
				402,410
Other Revenue (24.1%)
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/35		275,000		319,105
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/40		250,000		290,095
Oklahoma City OK Economic Dev Trust 5.000% 03/01/32		250,000		281,023
Oklahoma City OK Economic Dev Trust 5.000% 03/01/34		500,000		559,995
Oklahoma City OK Economic Dev Trust 5.000% 03/01/33		250,000		280,558
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 4.500% 10/01/31		155,000		159,979
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/27		350,000		432,061
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/28		400,000		490,616
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/29		625,000		762,156
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/36		230,000		273,470
Oklahoma City OK Pub Ppty Auth Hotel Tax Rev 5.000% 10/01/39		835,000		989,951
OK State Water Resources Board Rev. 5.000% 10/01/29		250,000		308,430
OK State Water Resources Loan Program Rev. 5.000% 10/01/33		500,000		615,160
Okmulgee Cnty OK Govtl Bldg Auth Sales Tax Rev 4.250% 12/01/35		500,000		548,700
Pawnee Cnty OK Pub Programs Auth Sales Tax Rev 4.875% 02/01/30		145,000		161,518
*Rogers Cnty OK Indl Dev Auth Cap Impt Rev 4.900% 04/01/35		500,000		558,350
Sand Springs OK Muni Auth Capital IMPT Rev 4.250% 01/01/35		250,000		275,853
Sand Springs OK Muni Auth Capital IMPT Rev 4.000% 01/01/36		500,000		535,435
Tahlequah OK Pub Facs Auth Sales Tax Rev 4.000% 04/01/23		550,000		624,602
Tulsa Cnty OK Indl Auth Cap Impts Rev 3.000% 09/01/27		245,000		255,143
Tulsa Cnty OK Pub Facs Auth Capital Impt Rev Ref 3.000% 11/01/22		500,000		543,110
Tulsa Airport Impt Rev 5.000% 06/01/23		420,000		484,235
Tulsa Airport Impt Rev 5.000% 06/01/24		230,000		263,658
Tulsa Airport Impt Rev 5.250% 06/01/25		245,000		282,615
Tulsa Airport Impt Rev 5.250% 06/01/26		360,000		414,166
Tulsa OK Pkg Auth Pkg Rev 4.000% 07/01/25		500,000		552,565
				11,262,549
Transportation (7.9%)
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/19		250,000		261,166
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/21		250,000		260,510
OK St Cap Impt Auth 4.000% 10/01/24		800,000		908,528
OK St Cap Impt Auth 4.000% 10/01/25		1,000,000		1,129,860
OK St Turnpike Auth Rev 5.000% 01/01/28		250,000		288,135
OK St Turnpike Auth Rev 4.000% 01/01/31		500,000		545,860
OK St Turnpike Auth Rev 5.000% 01/01/30		250,000		286,365
				3,680,424
Utilities (32.7%)
Clinton OK Public Works Auth Utility 4.000% 12/01/34		750,000		829,013
Clinton OK Public Works Auth Utility 4.000% 12/01/39		500,000		543,425
Coweta Pub Works Util Rev 5.000% 08/01/34		100,000		109,999
Edmond, OK Pub Wks Auth Sales Tax & Util Sys Rev 4.000% 07/01/41		355,000		390,408
Glenpool Util Rev 5.100% 12/01/35		250,000		287,965
Grand River Dam Auth Rev 5.000% 06/01/27		1,000,000		1,080,130
Grand River Dam Auth Rev 4.800% 06/01/33		200,000		212,744
*Grand River Dam Auth Rev 5.250% 06/01/40		2,000,000		2,280,460
*Midwest City Municipal Auth Cap Impt Rev 5.000 % 03/01/25		2,000,000		2,350,000
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/34		250,000		263,638
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/31		250,000		294,015
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/34		100,000		123,425
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/39		175,000		194,995
*OK Mun Pwr Auth Rev 5.750% 01/01/24		1,900,000		2,221,803
OK Municipal Power Auth Ref-Ser A 5.000% 01/01/38		575,000		686,239
OK Wtr Resources Brd 5.000% 04/01/28		500,000		558,695
OK Wtr Resources Brd 5.000% 04/01/32		140,000		166,516
Oklahoma St Wtr Resource Brd Rev 4.000% 04/01/25		150,000		171,570
Sallisaw OK Mun Auth Rev 4.450% 01/01/28		100,000		108,347
Sapulpa OK Mun Auth Util Sys Rev 5.000% 04/01/28		750,000		885,727
Seminole OK Utilities Auth Sales Tax Rev 3.000% 09/01/24		100,000		107,470
Seminole OK Utilities Auth Sales Tax Rev 3.150% 09/01/25		380,000		410,081
Seminole OK Utilities Auth Sales Tax Rev 3.300% 09/01/26		315,000		339,523
Tulsa OK Metropolitan Util Auth Ref- Ser C 5.000% 10/01/25		500,000		647,495
				15,263,683

TOTAL MUNICIPAL BONDS (COST: $41,265,797)			$	44,416,855

OTHER ASSETS LESS LIABILITIES (4.9%)				2,301,178

NET ASSETS (100.0%)			$	46,718,033

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


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

MAINE MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 29, 2016

General Obligation	26.8%
Health Care	19.9%
Education	17.3%
Housing	12.5%
Transportation	10.1%
Other Revenue	6.4%
Utilities	5.2%
Cash Equivalents and Other	1.8%
	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 29, 2016

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (98.2%)

Education (17.3%)
ME Edl Ln Auth Student Ln Rev 5.875% 12/01/39	$	130,000	$	143,590
ME Edl Ln Auth Student Ln Rev 4.450% 12/01/25		100,000		110,187
*ME Health & Higher Ed Facs Auth Rev Ser A-Bowdoin College 5.125% 07/01/39		715,000		790,139
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39		500,000		594,100
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/34		250,000		302,125
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/37		185,000		194,106
ME Health & Higher Ed Facs Auth Rev 4.750% 07/01/31		250,000		280,125
ME Health & Higher Ed Facs Auth Rev Colby Clg 4.000% 07/01/24		270,000		309,749
Regl Sch Unit No 1 ME Lower Kennebec Region Sch Unit 5.000% 02/01/26		100,000		116,352
Univ of ME Sys Rev 4.625% 03/01/29		100,000		102,446
Univ of ME Sys Rev 4.750% 03/01/37		545,000		558,734
Univ of ME Sys Rev 4.750% 03/01/37		5,000		5,093
				3,506,746
General Obligation (26.8%)
Auburn, ME GO 4.500% 09/01/22		100,000		118,203
Bangor ME 4.000% 09/01/24		155,000		165,084
Falmouth ME GO 4.250% 11/15/31		200,000		223,404
Gorham, ME Unlimited GO 4.000% 10/01/23		100,000		113,675
Gray ME Unlimited GO 4.000% 10/15/26		280,000		304,847
Gray ME Unlimited GO 4.000% 10/15/27		280,000		304,074
Lewiston ME GO 3.000% 02/15/31		185,000		196,561
State of Maine General Obligation 4.000% 06/01/20		150,000		170,946
Maine ST GO BDS 2016 B 5.000% 06/01/26		250,000		328,625
ME St Hsg Auth Energy Recovery Fd 5.000% 06/15/24		250,000		282,242
Portland ME 4.250% 05/01/29		150,000		162,308
Portland ME 4.125% 10/01/29		100,000		108,073
Portland ME UNLTD GO 5.000% 08/01/21		125,000		152,489
Portland ME 5.000% 08/01/22		125,000		150,499
Presque Isle ME 3.000% 12/01/37		140,000		143,987
Presque Isle ME 3.125% 12/01/39		165,000		170,153
Saco ME GO 4.000% 04/01/28		100,000		108,821
Scarborough, ME GO 4.000% 11/01/28		100,000		113,458
ME Sch Adminstrative Dist # 51 4.250% 10/15/29		250,000		271,220
ME Sch Adminstrative Dist # 51 4.000% 10/15/29		100,000		117,634
South Berwick ME 2.000% 10/01/25		400,000		419,568
Waterville ME GO 4.000% 07/01/25		135,000		152,732
Waterville ME GO 3.000% 04/01/25		250,000		275,550
Wells-Ogunquit Community School Dist. 4.000% 11/01/24		100,000		121,412
Town of York ME 2.250% 10/01/32		755,000		745,019
				5,420,584
Health Care (19.9%)
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		50,000		58,071
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		130,000		149,764
ME Health & Higher Ed Facs Auth Rev 4.500% 07/01/31		10,000		11,417
ME Health & Higher Ed Facs Auth Rev 5.250% 07/01/23		10,000		11,711
ME Health & Higher Ed Facs Auth Rev 4.500% 07/01/31		190,000		204,581
ME Health & Higher Ed Facs Auth Rev 5.250% 07/01/23		190,000		218,540
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22		15,000		15,660
*ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39		610,000		668,255
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/26		115,000		127,783
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		250,000		287,073
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/40		250,000		277,263
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/30		500,000		588,300
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/31		500,000		585,165
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/23		15,000		18,718
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/23		235,000		289,957
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22		5,000		5,201
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22		230,000		237,804
ME Health & Higher Ed Facs Auth Rev E Main Healthcare - Ser A 4.000% 07/01/46		250,000		257,870
				4,013,133
Housing (12.5%)
*ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/29		1,000,000		1,175,930
ME St Hsg Auth Mtg Pur 4.000% 11/15/24		45,000		47,934
ME St Hsg Auth Mtg Pur 4.000% 11/15/35		435,000		461,213
ME St Hsg Auth Mtg Pur 4.000% 11/15/30		250,000		265,207
ME St Hsg Auth Mtg Pur 3.300% 11/15/35		330,000		333,749
#ME St Hsg Auth 3.000% 11/15/36		250,000		249,415
				2,533,448
Other Revenue (6.4%)
ME Governmental Facs Auth Ser A 4.000% 10/01/24		200,000		222,568
Maine Municipal Bond Bank 4.000% 11/01/38		125,000		135,924
Maine Municipal Bond Bank 5.000% 11/01/25		125,000		151,709
Maine Municipal Bond Bank 5.000% 11/01/27		100,000		125,815
Maine Municipal Bond Bank 3.000% 11/01/33		100,000		102,014
ME Mun Bd Bk (Swr & Wtr) Rev Unrefunded 4.900% 11/01/24		5,000		5,012
*PR Pub Fin Corp Comwlth Appropriations 5.375% 06/01/18		515,000		556,236
				1,299,278
Transportation (10.1%)
*ME Mun Bd Bk Transn Infrastructure Rev 5.000% 09/01/24		1,000,000		1,130,460
Maine St Tpk Auth Spl Oblig 4.000% 07/01/32		250,000		273,110
Portland ME Airport Rev 5.250% 01/01/35		250,000		273,605
Portland ME Airport Rev 5.000% 07/01/22		100,000		117,493
Portland ME Airport Rev 5.000% 07/01/23		100,000		119,676
Portland ME Airport Rev 5.000% 07/01/24		100,000		117,827
				2,032,171
Utilities (5.2%)
*Kennebunk ME Pwr & Light Dist 5.000% 08/01/22		500,000		519,440
Portland ME Wtr Dist Rev 4.250% 11/01/27		500,000		523,015
				1,042,455

TOTAL MUNICIPAL BONDS (COST: $18,706,499)			$	19,847,815

OTHER ASSETS LESS LIABILITIES (1.8%)				365,172

NET ASSETS (100.0%)			$	20,212,987

* Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
#When-issued purchase as of July 29, 2016.


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

NEW HAMPSHIRE MUNICIPAL FUND

PORTFOLIO MARKET SECTORS July 29, 2016

General Obligation	45.6%
Education	17.8%
Health Care	13.5%
Cash Equivalents and Other	10.6%
Housing	5.9%
Utilities	3.5%
Transportation	3.1%
	100%

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 29, 2016

		Principal		Fair
		Amount		Value
MUNICIPAL BONDS (89.4%)

Education (17.8%)
NH Health & Ed Facs Auth Rev Ref-Univ New Hampshire 5.000% 07/01/28	$	175,000	$	220,423
NH Health & Ed Facs Auth Rev Ref Univ Sys of NH 3.000% 07/01/37		170,000		172,222
NH Health & Ed Facs Auth Rev Ref-Univ Sys of NH 3.000% 07/01/38		115,000		115,793
NH Health & Ed Facs Auth Rev (Pinkerton Academy) 4.625% 06/01/30		175,000		187,320
NH Health & Ed Facs Auth Rev (Pinkerton Academy) 4.875% 06/01/35		70,000		75,877
*NH Health & Ed Facs Auth Rev Southern NH Univ 5.000% 01/01/17		200,000		202,736
NH Health & Ed Facs Auth Rev Southern NH Univ 5.000% 01/01/20		100,000		113,661
NH Health & Ed Facs Auth Rev Dartmouth College 5.250% 06/01/39		100,000		112,861
				1,200,893
General Obligation (45.6%)
Concord NH GO 4.000% 07/15/24		50,000		59,989
#Concord NH Ref GO 4.000% 08/15/26		200,000		246,138
Dover NH GO Ref 5.000% 06/15/25		100,000		131,364
Dover NH GO 5.000% 06/15/39		100,000		103,257
Dover NH GO 4.000% 06/15/28		100,000		111,808
Hillsborough NH GO 4.000% 11/01/20		100,000		100,217
Hillsborough NH GO 4.000% 11/01/21		100,000		100,217
Hooksett NH Sch Dist GO 5.000% 07/15/22		100,000		122,679
Merrimack Cnty NH GO 4.250% 12/01/19		100,000		105,287
Merrimack Cnty NH GO 4.500% 12/01/27		100,000		105,593
Nashua NH GO 3.000% 10/1/35		175,000		183,641
*NH Mun Bd Bk 2009 Series D 4.000% 07/15/25		175,000		189,291
NH St GO Cap Impt - Ser B 5.000% 12/01/28		75,000		95,342
NH St Cap Impt GO 4.750% 03/01/27		100,000		107,023
Portsmouth NH GO 3.000% 06/15/36		525,000		541,611
Portsmouth NH GO Cap Impt 4.000% 12/01/30		100,000		110,575
*Rochester NH GO Ser A 3.000% 03/01/32		130,000		140,430
Rochester NH GO Ser C 3.000% 10/15/35		100,000		105,622
Salem NH School District GO 5.000% 11/15/24		100,000		128,049
*Salem NH School District GO 4.000% 12/01/27		250,000		292,848
				3,080,981
Health Care (13.5%)
NH Health & Ed Facs Auth Rev Wentworth Douglas Hosp 5.500% 01/01/26		100,000		115,695
NH Health & Ed Facs Auth Rev Southern NH Med Ctr 5.250% 10/01/23		100,000		104,759
NH Health & Ed Facs Auth Rev Healthcare Sys-Covenant Hlth-B 5.000% 07/01/24		100,000		107,066
NH Health & Ed Facs Auth Rev Cheshire Med Ctr 4.000% 07/01/39		100,000		105,670
*NH Health & Ed Facs Auth Rev Covenant Health 5.000% 07/01/31		150,000		158,775
NH Health & Ed Facs Auth Rev Catholic Med Center 5.000% 07/01/24		100,000		115,485
*NH Health & Ed Facs Auth Rev Concord Hosp-Ser A 5.000% 10/01/26		100,000		117,447
NH St Health & Ed Fac Covenant Hlth Sys 5.000% 07/01/42		75,000		83,731
				908,628
Housing (5.9%)
NH St Hsg Fin Auth Single Family Mtg Rev 5.350% 07/01/40		70,000		71,924
NH St Hsg Fin Auth Single Family Mtg Rev 4.625% 07/01/25		135,000		141,163
NH St Hsg Fin Auth Single Family Mtg Rev 4.875% 07/01/28		70,000		76,120
NH St Hsg Fin Auth Multi Family Hsg 5.200% 07/01/31		100,000		110,155
				399,362
Transportation (3.1%)
Manchester NH Gen Airport Rev 5.000% 01/01/23		75,000		88,806
NH St Turnpike Sys Rev 5.000% 08/01/25		100,000		121,370
				210,176
Utilities (3.5%)
NH St Bus Fin Auth Wtr Fac Rev AMT Pennuchuck Wtr Wks 5.000% 01/01/29		100,000		118,382
NH St Bus Fin Auth Wtr Fac Rev AMT Pennuchuck Wtr Wks 5.000% 01/01/30		100,000		118,369
				236,751

TOTAL MUNICIPAL BONDS (COST: $5,782,969)			$	6,036,791

OTHER ASSETS LESS LIABILITIES (10.6%)				717,537

NET ASSETS (100.0%)			$	6,754,328

*Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.
#When-issued purchase as of July 29, 2016.


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

FINANCIAL STATEMENTS

Statements of Assets and Liabilities July 29, 2016

									New
	Kansas		Nebraska		Oklahoma		Maine		Hampshire
	Municipal		Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund		Fund		Fund
ASSETS
Investments in securities, at cost	$	54,205,350	$	42,910,833	$	41,265,797	$	18,706,499	$	5,782,969

Investments in securities, at fair value	$	58,539,191	$	45,890,309	$	44,416,855	$	19,847,815	$	6,036,791
Cash		1,751,170		1,983,293		1,970,336		491,030		937,984
Receivable for Fund shares sold		10,000		0		556,000		8,800		0
Accrued dividends receivable		81		44		71		37		10
Accrued interest receivable		810,882		432,232		446,442		147,497		37,245
Prepaid expenses		2,136		3,667		3,234		2,016		819
Total assets	$	61,113,460	$	48,309,545	$	47,392,938	$	20,497,195	$	7,012,849

LIABILITIES
Payable for securities purchased	$	484,400	$	2,005,098	$	583,433	$	250,000	$	246,316
Payable for Fund shares redeemed		31,133		4,906		6,912		2,773		0
Dividends payable		38,527		30,089		30,312		7,461		2,918
Trustees' fees payable		3,482		2,613		2,615		1,106		312
Payable to affiliates		47,197		34,237		36,270		14,672		4,763
Accrued expenses		19,830		15,560		15,363		8,196		4,212
Total liabilities	$	624,569	$	2,092,503	$	674,905	$	284,208	$	258,521

NET ASSETS	$	60,488,891	$	46,217,042	$	46,718,033	$	20,212,987	$	6,754,328

NET ASSETS ARE REPRESENTED BY:
Capital stock outstanding, no par value, unlimited shares authorized	$	56,372,453	$	43,498,002	$	43,923,784	$	19,056,896	$	6,513,377
Accumulated net realized gain (loss) on investments		(223,427)		(261,641)		(356,809)		30		(15,742)
Accumulated undistributed net investment income (loss)		6,024		1,205		0		14,745		2,871
Unrealized appreciation (depreciation) on investments		4,333,841		2,979,476		3,151,058		1,141,316		253,822

NET ASSETS	$	60,488,891	$	46,217,042	$	46,718,033	$	20,212,987	$	6,754,328

Shares outstanding		5,436,053		4,270,592		3,860,797		1,787,069		609,926
Net asset value per share*	$	11.13	$	10.82	$	12.10	$	11.31	$	11.07
Public offering price (sales charge of 2.50%)	$	11.42	$	11.10	$	12.41	$	11.60	$	11.35

* 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 29, 2016

									New
	Kansas		Nebraska		Oklahoma		Maine		Hampshire
	Municipal		Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund		Fund		Fund
INVESTMENT INCOME
Interest	$	2,212,005	$	1,528,010	$	1,478,884	$	616,022	$	165,635
Dividends		1,430		1,129		761		506		279
Total investment income	$	2,213,435	$	1,529,139	$	1,479,645	$	616,528	$	165,914

EXPENSES
Investment advisory fees	$	291,410	$	214,232	$	218,519	$	91,228	$	26,276
Distribution (12b-1) fees		145,705		107,116		109,260		45,614		13,138
Transfer agent fees		81,595		59,985		61,185		25,544		7,357
Administrative service fees		105,528		83,918		85,119		49,477		31,291
Professional fees		15,795		12,089		12,346		6,603		3,664
Reports to shareholders		2,057		1,513		1,463		779		308
License, fees, and registrations		3,582		7,148		3,979		2,685		1,301
Audit fees		13,420		10,289		10,194		4,463		1,383
Trustees’ fees		5,181		3,817		3,873		1,621		461
Transfer agent out-of-pockets		4,978		3,418		3,266		1,576		512
Custodian fees		6,388		4,647		5,129		2,130		1,067
Legal fees		8,729		6,440		6,550		2,744		788
Insurance expense		1,444		1,011		1,038		431		128
Total expenses	$	685,812	$	515,623	$	521,921	$	234,895	$	87,674
Less expenses waived or reimbursed		(114,648)		(95,728)		(93,624)		(56,087)		(36,173)
Total net expenses	$	571,164	$	419,895	$	428,297	$	178,808	$	51,501

NET INVESTMENT INCOME	$	1,642,271	$	1,109,244	$	1,051,348	$	437,720	$	114,413

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions	$	39,118	$	6,667	$	52,357	$	30	$	(2,287)
Net change in unrealized appreciation (depreciation) on investments		1,334,412		1,377,841		1,655,184		536,043		145,181
Net realized and unrealized gain (loss) on investments	$	1,373,530	$	1,384,508	$	1,707,541	$	536,073	$	142,894

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,015,801	$	2,493,752	$	2,758,889	$	973,793	$	257,307


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

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the year ended July 29, 2016

									New
	Kansas		Nebraska		Oklahoma		Maine		Hampshire
	Municipal		Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund		Fund		Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,642,271	$	1,109,244	$	1,051,348	$	437,720	$	114,413
Net realized gain (loss) from investment transactions		39,118		6,667		52,357		30		(2,287)
Net change in unrealized appreciation (depreciation) on investments		1,334,412		1,377,841		1,655,184		536,043		145,181
Net increase (decrease) in net assets resulting from operations	$	3,015,801	$	2,493,752	$	2,758,889	$	973,793	$	257,307

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income	$	(1,641,358)	$	(1,108,961)	$	(1,051,277)	$	(436,128)	$	(112,772)
Net realized gain on investments		0		0		0		(8,442)		0
Total distributions	$	(1,641,358)	$	(1,108,961)	$	(1,051,277)	$	(444,570)	$	(112,772)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	$	5,676,711	$	6,523,495	$	7,816,620	$	3,302,647	$	2,298,225
Proceeds from reinvested dividends		1,165,076		746,962		665,587		349,320		71,416
Cost of shares redeemed		(6,305,595)		(3,627,437)		(5,899,274)		(1,442,995)		(924,067)
Net increase (decrease) in net assets resulting from capital share transactions	$	536,192	$	3,643,020	$	2,582,933	$	2,208,972	$	1,445,574

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	1,910,635	$	5,027,811	$	4,290,545	$	2,738,195	$	1,590,109
NET ASSETS, BEGINNING OF PERIOD	$	58,578,256		41,189,231	$	42,427,488	$	17,474,792	$	5,164,219
NET ASSETS, END OF PERIOD	$	60,488,891	$	46,217,042	$	46,718,033	$	20,212,987	$	6,754,328

Accumulated undistributed net investment income	$	6,024	$	1,205	$	0	$	14,745	$	2,871


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, 2015

									New
	Kansas		Nebraska		Oklahoma		Maine		Hampshire
	Municipal		Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund		Fund		Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,648,160	$	1,098,865	$	997,811	$	428,956	$	106,922
Net realized gain (loss) from investment transactions		(5,419)		5,696		27,061		14,679		5,549
Net change in unrealized appreciation (depreciation) on investments		98,524		313,698		104,391		(38,419)		1,109
Net increase (decrease) in net assets resulting from operations	$	1,741,265	$	1,418,259	$	1,129,263	$	405,216	$	113,580

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income	$	(1,647,296)	$	(1,098,476)	$	(997,700)	$	(427,448)	$	(105,037)
Total distributions	$	(1,647,296)	$	(1,098,476)	$	(997,700)	$	(427,448)	$	(105,037)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	$	4,753,374	$	4,850,261	$	6,684,819	$	1,283,466	$	1,170,331
Proceeds from reinvested dividends		1,141,713		665,490		522,925		294,444		66,338
Cost of shares redeemed		(6,926,940)		(4,380,652)		(3,707,085)		(1,532,262)		(764,914)
Net increase (decrease) in net assets resulting from capital share transactions	$	(1,031,853)	$	1,135,099	$	3,500,659	$	45,648	$	471,755

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	(937,884)	$	1,454,882	$	3,632,222	$	23,416	$	480,298
NET ASSETS, BEGINNING OF PERIOD	$	59,516,140	$	39,734,349	$	38,795,266	$	17,451,376	$	4,683,921
NET ASSETS, END OF PERIOD	$	58,578,256	$	41,189,231	$	42,427,488	$	17,474,792	$	5,164,219

Accumulated undistributed net investment income	$	5,111	$	2,333	$	860	$	13,153	$	9,448


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

NOTES TO FINANCIAL STATEMENTS

NOTE 1: Organization

Integrity Managed Portfolios (the “Trust”) was organized as a Massachusetts business trust on August 10, 1990 and commenced operations on November 15, 1990. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of five series (the “Funds”).

The Kansas Municipal Fund (“KS Muni Fund”), Nebraska Municipal Fund (“NE Muni Fund”), and Oklahoma Municipal Fund (“OK Muni Fund”), 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 Maine Municipal Fund (“ME Muni Fund”) and New Hampshire Municipal Fund (“NH Muni Fund”), 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 (interest and dividend tax with respect to New Hampshire) without assuming undue risk.

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 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 year ended July 29, 2016, 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 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 are those that 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 over the lives of the respective securities.

Security transactions, investment income, expenses and distributions—Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the first in, first out basis unless specifically identified. 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 preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

Reporting period end date—For financial reporting purposes, the last day of the reporting period will be the last business day of the month.

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 29, 2016:

		Level 1		Level 2		Level 3		Total
KS Muni Fund	Municipal Bonds	$	0	$	58,539,191	$	0		58,539,191
	Total	$	0	$	58,539,191	$	0	$	58,539,191

NE Muni Fund	Municipal Bonds	$	0	$	45,890,309	$	0	$	45,890,309
	Total	$	0	$	45,890,309	$	0	$	45,890,309

OK Muni Fund	Municipal Bonds	$	0	$	44,416,855	$	0	$	44,416,855
	Total	$	0	$	44,416,855	$	0	$	44,416,855

ME Muni Fund	Municipal Bonds	$	0	$	19,847,815	$	0	$	19,847,815
	Total	$	0	$	19,847,815	$	0	$	19,847,815

NH Muni Fund	Municipal Bonds	$	0	$	6,036,791	$	0	$	6,036,791
	Total	$	0	$	6,036,791	$	0	$	6,036,791

See Schedule of Investments to view by type of obligation. The Funds did not hold any Level 3 assets during the year ended July 29, 2016. There were no transfers into or out of Level 1 or Level 2 during the year ended July 29, 2016. 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 year ended July 29, 2016.

NOTE 4: Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the year ended July 29, 2016, were as follows:

	KS Muni		NE Muni		OK Muni		ME Muni		NH Muni
	Fund		Fund		Fund		Fund		Fund
Purchases	$	6,895,481	$	7,440,614	$	7,998,360	$	3,367,511	$	2,460,811
Sales	$	7,194,855	$	3,122,228	$	4,512,441	$	330,000	$	1,167,093

NOTE 5: Capital Share Transactions

Transactions in capital shares were as follows:

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
Year Ended 7/29/16:	Fund	Fund	Fund	Fund	Fund
Shares sold	515,596	610,955	656,299	294,264	208,450
Shares issued from reinvestments	105,988	70,178	56,033	31,317	6,539
Shares redeemed	(574,747)	(340,869)	(496,094)	(129,061)	(85,209)
Net increase (decrease)	46,837	340,264	216,238	196,520	129,780

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
Year Ended 7/31/15:	Fund	Fund	Fund	Fund	Fund
Shares sold	434,821	462,386	572,764	116,160	108,612
Shares issued from reinvestments	104,484	63,312	44,740	26,611	6,140
Shares redeemed	(633,613)	(416,575)	(317,309)	(138,627)	(70,882)
Net increase (decrease)	(94,308)	109,123	300,195	4,144	43,870

NOTE 6: Income Tax Information

At July 29, 2016, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

		KS Muni		NE Muni		OK Muni		ME Muni		NH Muni
		Fund		Fund		Fund		Fund		Fund
Investments at cost		$	54,199,325	$	42,909,627	$	41,265,797	$	18,691,754	$	5,780,099
Unrealized appreciation		$	4,355,261	$	2,981,039	$	3,167,313	$	1,166,117	$	267,122
Unrealized depreciation			(15,395)		(357)		(16,255)		(10,056)		(10,430)
Net unrealized appreciation*		$	4,339,866	$	2,980,682	$	3,151,058	$	1,156,061	$	256,692

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

The tax character of distributions paid or accrued were as follows:

Year Ended 7/29/16:	KS Muni Fund		NE Muni Fund		OK Muni Fund		ME Muni Fund		NH Muni Fund
Tax-exempt income	$	1,641,358	$	1,108,961	$	1,051,277	$	436,128	$	112,772
Capital gains	$	0	$	0	$	0	$	8,442	$	0

Year Ended 7/31/15:	KS Muni Fund		NE Muni Fund		OK Muni Fund		ME Muni Fund		NH Muni Fund
Tax-exempt income	$	1,647,296	$	1,098,476	$	997,700	$	427,448	$	105,037

As of July 29, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

		KS Muni		NE Muni		OK Muni		ME Muni		NH Muni
		Fund		Fund		Fund		Fund		Fund
Undistributed tax-exempt income		$	38,527	$	30,089	$	30,312	$	7,461	$	2,918
Undistributed capital gain			0		0		0		30		0
Accumulated capital and other losses			(223,427)		(261,642)		(356,809)		0		(15,742)
Unrealized appreciation*			4,339,866		2,980,682		3,151,058		1,156,061		256,692
Total accumulated earnings/(deficit)		$	$4,154,966	$	$2,749,129	$	$2,824,561	$	$1,163,552	$	$243,868

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

Under the Regulated Investment Company Modernization Act of 2010 (“Act”), funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period of time. The short-term and long-term character of such losses are retained rather than being treated as short-term as under previous law. Pre-enactment losses are eligible to be carried forward for a maximum period of eight years. Pursuant to the Act, post-enactment capital losses must be utilized before pre-enactment capital losses. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. The Funds’ capital loss carryforward amounts as of July 29, 2016 are as follows:

		KS Muni Fund		NE Muni Fund		OK Muni Fund		NH Muni Fund
Expires in 2018	$	-	$	-	$	260,308	$	-
Non-expiring S-T losses		133,526		177,427		52,527		12,953
Non-expiring L-T losses		89,901		84,215		43,974		2,789
Total	$	223,427	$	261,642	$	356,809	$	15,742

For the year ended July 29, 2016, NH Muni Fund reclassified accumulated net realized loss of $529 to paid-in capital due to expired capital loss carryforward. For the year ended July 29, 2016, KS Muni Fund, NE Muni Fund, OK Muni Fund, and NH Muni Fund utilized capital loss carryforwards of $39,118, $8,077, $53,288, and $5,931, respectively. For the year ended July 29, 2016, NE Muni Fund, OK Muni Fund, and NH Muni Fund reclassified accumulated net investment income of $1,411, $931, and $8,218, respectively, to accumulated realized gain due to market discount on bonds sold.

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 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. Under the terms of the Advisory Agreement, 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, 2016 so that the net annual operating expenses do not exceed 0.98%. After November 29, 2016, 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. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

		Year Ended 7/29/16				Payable at 7/29/16
		Advisory Fees*		Advisory Fees Waived		Advisory Fees*
KS Muni Fund		$	238,889	$	52,521	$	19,908
NE Muni Fund		$	170,933	$	43,299	$	14,757
OK Muni Fund		$	176,137	$	42,382	$	14,710
ME Muni Fund		$	67,521	$	23,707	$	5,907
NH Muni Fund		$	14,345	$	11,931	$	1,560

*	After waivers.

IFD serves as the principal underwriter for the Funds and receives sales charges deducted from sale proceeds and CDSC from applicable 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.

		Year Ended 7/29/16								Payable at 7/29/16
		Sales				Distribution		Distribution		Sales				Distribution
		Charges		CDSC		Fees*		Fees Waived		Charges		CDSC		Fees*
KS Muni Fund		$	96,519	$	0	$	119,445	$	26,260	$	3,379	$	0	$	9,954
NE Muni Fund		$	101,374	$	0	$	85,467	$	21,649	$	1,341	$	0	$	7,378
OK Muni Fund		$	118,910	$	0	$	88,069	$	21,191	$	3,410	$	0	$	7,355
ME Muni Fund		$	45,331	$	0	$	33,761	$	11,853	$	678	$	0	$	2,953
NH Muni Fund		$	24,166	$	0	$	7,172	$	5,966	$	267	$	0	$	780

*	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. 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.

		Year Ended 7/29/16								Payable at 7/29/16
		Transfer		Transfer		Admin.		Admin.		Transfer		Admin.
		Agency		Agency		Service		Service		Agency		Service
		Fees*		Fees Waived		Fees*		Fees Waived		Fees*		Fees*
KS Muni Fund		$	70,933	$	15,640	$	85,301	$	20,227	$	6,797	$	7,159
NE Muni Fund		$	50,575	$	12,828	$	65,966	$	17,952	$	5,090	$	5,671
OK Muni Fund		$	51,886	$	12,565	$	67,633	$	17,486	$	5,133	$	5,662
ME Muni Fund		$	20,134	$	6,986	$	35,936	$	13,541	$	2,066	$	3,068
NH Muni Fund		$	4,399	$	3,470	$	16,485	$	14,806	$	580	$	1,576

*	After waivers.

KANSAS MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/29/16		7/31/15		7/31/14		7/31/13		7/31/12
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.87	$	10.85	$	10.56	$	11.12	$	10.64

Income (loss) from investment operations:
Net investment income (loss)	$	0.31	$	0.31	$	0.32	$	0.30	$	0.37
Net realized and unrealized gain (loss) on investments³		0.26		0.02		0.29		(0.56)		0.48
Total from investment operations	$	0.57	$	0.33	$	0.61	$	(0.26)	$	0.85

Distributions from net investment income	$	(0.31)	$	(0.31)	$	(0.32)	$	(0.30)	$	(0.37)

NET ASSET VALUE, END OF PERIOD	$	11.13	$	10.87	$	10.85	$	10.56	$	11.12

Total Return (excludes any applicable sales charge)	5.30%		3.03%		5.81%		(2.37%)		8.07%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$60,489		$58,578		$59,516		$64,405		$48,093
Ratio of expenses to average net assets after waivers^1,2,*	0.98%		0.98%		1.01%		1.08%		1.07%
Ratio of expenses to average net assets before waivers²	1.18%		1.16%		1.16%		1.17%		1.18%
Ratio of net investment income to average net assets^1,2,*	2.81%		2.80%		2.95%		2.75%		3.36%
Portfolio turnover rate	12.10%		10.87%		6.63%		13.40%		11.46%

¹	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and loss per share in this caption 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.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012.


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

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/29/16		7/31/15		7/31/14		7/31/13		7/31/12
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.48	$	10.40	$	9.99	$	10.69	$	10.20

Income (loss) from investment operations:
Net investment income (loss)	$	0.27	$	0.29	$	0.29	$	0.29	$	0.34
Net realized and unrealized gain (loss) on investments³		0.34		0.08		0.41		(0.70)		0.49
Total from investment operations	$	0.61	$	0.37	$	0.70	$	(0.41)	$	0.83

Distributions from net investment income	$	(0.27)	$	(0.29)	$	(0.29)	$	(0.29)	$	(0.34)

NET ASSET VALUE, END OF PERIOD	$	10.82	$	10.48	$	10.40	$	9.99	$	10.69

Total Return (excludes any applicable sales charge)	5.94%		3.54%		7.14%		(3.96%)		8.23%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$46,217		$41,189		$39,734		$41,633		$46,038
Ratio of expenses to average net assets after waivers^1,2,*	0.98%		0.98%		1.01%		1.08%		1.07%
Ratio of expenses to average net assets before waivers²	1.20%		1.19%		1.20%		1.20%		1.21%
Ratio of net investment income to average net assets^1,2*	2.58%		2.72%		2.89%		2.72%		3.22%
Portfolio turnover rate	7.47%		11.76%		3.88%		23.65%		12.38%

¹	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and loss per share in this caption 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.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012.


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

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/29/16		7/31/15		7/31/14		7/31/13		7/31/12
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.64	$	11.60	$	11.20	$	11.93	$	11.24

Income (loss) from investment operations:
Net investment income (loss)	$	0.28	$	0.29	$	0.31	$	0.32	$	0.34
Net realized and unrealized gain (loss) on investments³		0.46		0.04		0.40		(0.73)		0.69
Total from investment operations	$	0.74	$	0.33	$	0.71	$	(0.41)	$	1.03

Distributions from net investment income	$	(0.28)	$	(0.29)	$	(0.31)	$	(0.32)	$	(0.34)

NET ASSET VALUE, END OF PERIOD	$	12.10	$	11.64	$	11.60	$	11.20	$	11.93

Total Return (excludes any applicable sales charge)	6.47%		2.82%		6.42%		(3.54%)		9.30%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$46,718		$42,427		$38,795		$41,551		$43,253
Ratio of expenses to average net assets after waivers^1,2,*	0.98%		0.98%		1.01%		1.08%		1.07%
Ratio of expenses to average net assets before waivers²	1.19%		1.18%		1.19%		1.18%		1.19%
Ratio of net investment income to average net assets^1,2,*	2.40%		2.44%		2.72%		2.70%		2.93%
Portfolio turnover rate	10.58%		14.53%		1.41%		9.54%		17.72%

¹		This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

²		Average net assets was calculated using a 360-day period.

³		Realized and unrealized gains and loss per share in this caption 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.

*		For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012.


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

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/29/16		7/31/15		7/31/14		7/31/13		7/31/12
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.99	$	11.00	$	10.79	$	11.36	$	10.77

Income (loss) from investment operations:
Net investment income (loss)	$	0.27	$	0.27	$	0.29	$	0.31	$	0.34
Net realized and unrealized gain (loss) on investments³		0.33		(0.01)		0.21		(0.57)		0.59
Total from investment operations	$	0.60	$	0.26	$	0.50	$	(0.26)	$	0.93

Less Distributions:
Distributions from net investment income	$	(0.27)	$	(0.27)	$	(0.29)	$	(0.31)	$	(0.34)
Distributions from net realized gains		(0.01)		0.00		0.00		0.00		0.00
Total distributions	$	(0.28)	$	(0.27)	$	(0.29)	$	(0.31)	$	(0.34)

NET ASSET VALUE, END OF PERIOD	$	11.31	$	10.99	$	11.00	$	10.79	$	11.36

Total Return (excludes any applicable sales charge)	5.44%		2.37%		4.72%		(2.37%)		8.79%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$20,213		$17,475		$17,451		$17,702		$18,084
Ratio of expenses to average net assets after waivers^1,2,*	0.98%		0.98%		1.01%		1.08%		1.07%
Ratio of expenses to average net assets before waivers²	1.29%		1.28%		1.28%		1.27%		1.29%
Ratio of net investment income to average net assets^1,2,*	2.39%		2.45%		2.70%		2.76%		3.11%
Portfolio turnover rate	1.88%		16.18%		11.27%		11.52%		1.87%

¹	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and loss per share in this caption 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.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012.


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.

NEW HAMPSHIRE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated


	Year		Year		Year		Year		Year
	Ended		Ended		Ended		Ended		Ended
	7/29/16		7/31/15		7/31/14		7/31/13		7/31/12
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.76	$	10.74	$	10.55	$	11.07	$	10.66

Income (loss) from investment operations:
Net investment income (loss)	$	0.24	$	0.24	$	0.28	$	0.28	$	0.33
Net realized and unrealized gain (loss) on investments³		0.31		0.02		0.19		(0.52)		0.41
Total from investment operations	$	0.55	$	0.26	$	0.47	$	(0.24)	$	0.74

Distributions from net investment income	$	(0.24)	$	(0.24)	$	(0.28)	$	(0.28)	$	(0.33)

NET ASSET VALUE, END OF PERIOD	$	11.07	$	10.76	$	10.74	$	10.55	$	11.07

Total Return (excludes any applicable sales charge)	5.12%		2.45%		4.53%		(2.19%)		7.04%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$6,754		$5,164		$4,684		$5,173		$4,854
Ratio of expenses to average net assets after waivers^1,2,*	0.98%		0.98%		1.01%		1.08%		1.07%
Ratio of expenses to average net assets before waivers²	1.67%		1.71%		1.71%		1.67%		1.78%
Ratio of net investment income to average net assets^1,2,*	2.17%		2.27%		2.68%		2.62%		3.07%
Portfolio turnover rate	23.42%		13.08%		4.85%		10.57%		13.73%

¹	This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and loss per share in this caption 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.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012.


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.

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
		1/29/2016	7/29/2016	Period*	Ratio
Kansas Municipal Fund
Actual		$1,000.00	$1,024.15	$4.96	0.98%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.10	$4.95	0.98%
Nebraska Municipal Fund
Actual		$1,000.00	$1,026.82	$4.97	0.98%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.10	$4.95	0.98%
Oklahoma Municipal Fund
Actual		$1,000.00	$1,026.40	$4.96	0.98%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.10	$4.95	0.98%
Maine Municipal Fund
Actual		$1,000.00	$1,021.72	$4.95	0.98%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.10	$4.95	0.98%
New Hampshire Municipal Fund
Actual		$1,000.00	$1,022.44	$4.95	0.98%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.10	$4.95	0.98%

*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 180 days in one-half year period, and dividend by 360 days in the fiscal year (to reflect the one-half year period).

PRIVACY POLICY

Rev. 12/2012


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:

	Ÿ	Social Security number, name, address

	Ÿ	Account balance, transaction history, account transactions

	Ÿ	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—		Yes	No
	such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus


For our marketing purposes—		Yes	No
	to offer our products and services to you


For joint marketing with other financial companies		No	We don’t share


For our affiliates’ everyday business purposes—		Yes	No
	information about your transactions and experiences

For our affiliates’ everyday business purposes—		No	We don’t share
	information about your creditworthiness

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

	Ÿ		train employees on privacy, information security and protection of client information.

	Ÿ		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:

	Ÿ	open an account or seek financial or tax advice

	Ÿ	provide account information or give us your contact information

	Ÿ	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:

	Ÿ	sharing for affiliates’ everyday business purposes—information about your creditworthiness

	Ÿ	affiliates from using your information to market to you

	Ÿ	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

	Ÿ	The Integrity Funds

	Ÿ	Viking Mutual Funds

	Ÿ	Integrity Managed Portfolios

	Ÿ	Corridor Investors, LLC

	Ÿ	Viking Fund Management, LLC

	Ÿ	Integrity Funds Distributor, LLC

	Ÿ	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:

Ÿ	The Integrity Funds

Ÿ	Viking Mutual Funds

Ÿ	Integrity Managed Portfolios

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 accountants 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 $39,750 for the year ended July 29, 2016 and $39,750 for the year ended July 31, 2015.

(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 year ended July 29, 2016 and $0 for the year ended July 31, 2015.

(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 $12,500 for the year ended July 29, 2016 and $12,500 for the year ended July 31, 2015. 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.

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


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

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
Jerry M. Stai Birth date: March 31, 1952 Began serving: January 2006 Funds overseen: 12 funds	Principal occupation(s): Minot State University (1999 to present); Non-Profit Specialist, Bremer Bank (2006 to 2014); Director/Trustee: Integrity Fund of Funds, Inc. (2006 to 2012), The Integrity Funds and Integrity Managed Portfolios (2006 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable
Orlin W. Backes Birth date: May 11, 1935 Began serving: January 1996 Funds overseen: 12 funds	Principal occupation(s): Attorney: McGee, Hankla, Backes & Dobrovolny, P.C. (1963 to 2012); Director/Trustee: Integrity Fund of Funds, Inc. (1995 to 2012), Integrity Managed Portfolios (1996 to present), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Not Applicable
R. James Maxson Birth date: December 12, 1947 Began serving: January 1999 Funds overseen: 12 funds	Principal occupation(s): Attorney: Maxson Law Office P.C. (2002 to present); Director/Trustee: Integrity Fund of Funds, Inc. (1999 to 2012), Integrity Managed Portfolios (1999 to present), 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
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 present), The Integrity Funds (2016 to present), and Viking Mutual Funds (2016 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⁾Trustee, and Chairman Birth date: August 16, 1944 Began serving: January 1996 Funds overseen: 12 funds		Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Portfolio Manager (2010 to 2013): Viking Fund Management, LLC; Director and Chairman: Integrity Fund of Funds, Inc. (1994 to 2012); Trustee and Chairman: Integrity Managed Portfolios (1996 to present), The Integrity Funds (2003 to present), and Viking Mutual Funds (2009 to present) Other Directorships Held: Governor: Mainstream Investors, LLC (2012)

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

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 2009	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: Viking Mutual Funds (1999 to present), Integrity Fund of Funds, Inc. (2009 to 2012), The Integrity Funds (2009 to present), and Integrity Managed Portfolios (2009 to present) Other Directorships Held: Minot Chamber of Commerce
Peter A. Quist Vice President Birth date: February 23, 1934 Began serving: January 1996	Principal occupation(s): Governor (2009 to present): Corridor Investors, LLC; Attorney (inactive); Vice President (1994 to 2012): Integrity Fund of Funds, Inc.; Vice President: Integrity Managed Portfolios (1996 to present); 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: May 2008	Principal occupation(s): Fund Accounting Manager (2008 to present) and Chief Operating Officer (2013 to present): Integrity Fund Services, LLC; Treasurer: Integrity Fund of Funds, Inc. (2008 to 2012), Integrity Managed Portfolios and 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: October 2005 Secretary: October 2009	Principal occupation(s): Mutual Fund Chief Compliance Officer: Integrity Fund of Funds, Inc. (2005 to 2012), Integrity Managed Portfolios and The Integrity Funds, (2005 to present), and Viking Mutual Funds (2009 to present); Secretary (2009 to 2012): Integrity Fund of Funds, Inc.; Secretary (2009 to present): Integrity Managed Portfolios, The Integrity Funds, and Viking Mutual Funds 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.

	(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.

(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.