# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001213900-25-092884
**Filing Date:** 2025-9
**Character Count:** 251913
**Document Hash:** 1775f8cb50b3541cf25ff7002e3f4217
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-092884.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001213900-25-092884

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Viking Mutual Funds
- **CENTRAL INDEX KEY:** 0001082744

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 251354782

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500
- **BUSINESS PHONE:** 701-852-5292

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIKING MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990325

## Series and Classes Contracts Data

### Viking Tax-Free Fund for Montana (Series ID: S000003821)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000010660 | Viking Tax-Free Fund for Montana, Class A | VMTTX           |
| C000171899 | Viking Tax-Free Fund for Montana, Class I | VMTIX           |

### Viking Tax-Free Fund for North Dakota (Series ID: S000026083)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000078180 | Viking Tax-Free Fund for North Dakota, Class A | VNDFX           |
| C000171900 | Viking Tax-Free Fund for North Dakota, Class I | VNDIX           |

### Kansas Municipal Fund (Series ID: S000058942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193242 | Class A      | KSMUX           |
| C000193243 | Class I      | KSITX           |

### Maine Municipal Fund (Series ID: S000058943)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193244 | Class A      | MEMUX           |
| C000193245 | Class I      | MEIMX           |

### Nebraska Municipal Fund (Series ID: S000058944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193246 | Class A      | NEMUX           |
| C000193247 | Class I      | NEITX           |

### Oklahoma Municipal Fund (Series ID: S000058946)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193250 | Class I      | OKMIX           |
| C000193251 | Class A      | OKMUX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-09277</u>

**<u>Viking Mutual Funds</u>**

(Exact name of registrant as specified in charter)

<u>1 Main Street North, Minot, ND</u> <u>58703</u> <br> (Address of principal offices) (Zip code)

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

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>701-852-5292</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>July 31, 2025</u>

**Item 1. Reports to Stockholders**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Kansas Municipal Fund** <br>Class A / KSMUX<br>| <br>![](image_001.jpg)<br>This annual shareholder report contains important information about the Kansas Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -2.23%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-2.23 | &nbsp;&nbsp;-1.58 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-4.69 | &nbsp;&nbsp;-2.09 | &nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$51 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$172K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;48.9 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;AA | &nbsp;&nbsp;74.75 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;A | &nbsp;&nbsp;12.17 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;3.07 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;NR | &nbsp;&nbsp;9.65 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;5.4 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.3 |  |  |
| &nbsp;&nbsp;Pre-Refunded | &nbsp;&nbsp;2.4 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;2.0 |  |  |

---

\* All portfolio holdings are issued securities from the state of Kansas.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Kansas Municipal Fund** <br>Class I / KSITX<br>| <br>![](image_004.jpg)<br>This annual shareholder report contains important information about the Kansas Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $72 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -1.98%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

November 1, 2017 through July 31, 2025

![](image_006.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-1.98 | &nbsp;&nbsp;-1.32 | &nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;**^Inception Date of 11/1/2017** |  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$51 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$172K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;48.9 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;AA | &nbsp;&nbsp;74.75 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;A | &nbsp;&nbsp;12.17 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;3.07 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;NR | &nbsp;&nbsp;9.65 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;5.4 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.3 |  |  |
| &nbsp;&nbsp;Pre-Refunded | &nbsp;&nbsp;2.4 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;2.0 |  |  |

---

\* All portfolio holdings are issued securities from the state of Kansas.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_005.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Maine Municipal Fund** <br>Class A / MEMUX<br>| <br>![](image_007.jpg)<br>This annual shareholder report contains important information about the Maine Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -1.90%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_009.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-1.90 | &nbsp;&nbsp;-1.53 | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-4.31 | &nbsp;&nbsp;-2.03 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$7 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;27.6 &nbsp;&nbsp;AAA | &nbsp;&nbsp;8.67 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;22.0 &nbsp;&nbsp;AA | &nbsp;&nbsp;84.27 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;17.5 &nbsp;&nbsp;A | &nbsp;&nbsp;7.06 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;17.3 |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;12.4 |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;3.2 |  |

---

\* All portfolio holdings are issued securities from the state of Maine.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_008.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Maine Municipal Fund** <br>Class I / MEIMX<br>| <br>![](image_010.jpg)<br>This annual shareholder report contains important information about the Maine Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $72 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -1.55%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

November 1, 2017 through July 31, 2025

![](image_012.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-1.55 | &nbsp;&nbsp;-1.29 | &nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;**^Inception Date of 11/1/2017** |  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$7 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;27.6 &nbsp;&nbsp;AAA | &nbsp;&nbsp;8.67 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;22.0 &nbsp;&nbsp;AA | &nbsp;&nbsp;84.27 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;17.5 &nbsp;&nbsp;A | &nbsp;&nbsp;7.06 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;17.3 |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;12.4 |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;3.2 |  |

---

\* All portfolio holdings are issued securities from the state of Maine.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_011.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Nebraska Municipal Fund** <br>Class A / NEMUX<br>| <br>![](image_013.jpg)<br>This annual shareholder report contains important information about the Nebraska Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -2.41%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_015.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-2.41 | &nbsp;&nbsp;-1.66 | &nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-4.85 | &nbsp;&nbsp;-2.17 | &nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$29 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;45 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$68K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;AA | &nbsp;&nbsp;58.55 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;A | &nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;NR | &nbsp;&nbsp;19.27 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;5.1 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.6 |  |  |

---

\* All portfolio holdings are issued securities from the state of Nebraska.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_014.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Nebraska Municipal Fund** <br>Class I / NEITX<br>| <br>![](image_016.jpg)<br>This annual shareholder report contains important information about the Nebraska Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $72 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -2.07%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

November 1, 2017 through July 31, 2025

![](image_018.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-2.07 | &nbsp;&nbsp;-1.40 | &nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;**^Inception Date of 11/1/2017** |  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$29 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;45 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$68K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;AA | &nbsp;&nbsp;58.55 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;A | &nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;NR | &nbsp;&nbsp;19.27 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;5.1 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.6 |  |  |

---

\* All portfolio holdings are issued securities from the state of Nebraska.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_017.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Oklahoma Municipal Fund**<br>Class A / OKMUX<br>| <br>![](image_019.jpg)<br>This annual shareholder report contains important information about the Oklahoma Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -1.07%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_021.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;-1.26 | &nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-3.53 | &nbsp;&nbsp;-1.75 | &nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$40 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$116K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;68.5 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;11.78 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;AA | &nbsp;&nbsp;24.16 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;A | &nbsp;&nbsp;25.75 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;16.30 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;NR | &nbsp;&nbsp;22.01 |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;3.0 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.5 |  |  |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;1.1 |  |  |

---

\* All portfolio holdings are issued securities from the state of Oklahoma.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_020.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Oklahoma Municipal Fund**<br>Class I / OKMIX<br>| <br>![](image_022.jpg)<br>This annual shareholder report contains important information about the Oklahoma Municipal Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $73 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -0.92%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

November 1, 2017 through July 31, 2025

![](image_024.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-0.92 | &nbsp;&nbsp;-1.02 | &nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;**^Inception Date of 11/1/2017** |  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$40 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$116K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;68.5 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;11.78 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;AA | &nbsp;&nbsp;24.16 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;A | &nbsp;&nbsp;25.75 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;16.30 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;NR | &nbsp;&nbsp;22.01 |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;3.0 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.5 |  |  |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;1.1 |  |  |

---

\* All portfolio holdings are issued securities from the state of Oklahoma.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_023.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Viking Tax-Free Fund for Montana**<br> Class A / VMTTX<br>| <br>![](image_025.jpg)<br>This annual shareholder report contains important information about the Viking Tax-Free Fund for Montana.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -1.16%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_027.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-1.16 | &nbsp;&nbsp;-1.01 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-3.59 | &nbsp;&nbsp;-1.52 | &nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$54 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$178K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;AA | &nbsp;&nbsp;72.57 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;A | &nbsp;&nbsp;19.54 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;NR | &nbsp;&nbsp;7.27 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;5.5 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.4 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;1.6 |  |  |

---

\* All portfolio holdings are issued securities from the state of Montana.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_026.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Viking Tax-Free Fund for Montana**<br>Class I / VMTIX<br>| <br>![](image_028.jpg)<br>This annual shareholder report contains important information about the Viking Tax-Free Fund for Montana.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $73 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -0.92%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

August 1, 2016 through July 31, 2025

![](image_030.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-0.92 | &nbsp;&nbsp;-0.76 | &nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.59 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016**<br>|  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$54 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$178K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;AA | &nbsp;&nbsp;72.57 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;A | &nbsp;&nbsp;19.54 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;NR | &nbsp;&nbsp;7.27 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;5.5 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;2.4 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;1.6 |  |  |

---

\* All portfolio holdings are issued securities from the state of Montana.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_029.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Viking Tax-Free Fund for North Dakota**<br>Class A / VNDFX<br>| <br>![](image_031.jpg)<br>This annual shareholder report contains important information about the Viking Tax-Free Fund for North Dakota.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $97 | 0.98% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class A shares returned -2.81%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform over the past 10 years?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025

![](image_033.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;-2.81 | &nbsp;&nbsp;-1.80 | &nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-5.23 | &nbsp;&nbsp;-2.30 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index**<br>| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.11 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$17 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$18K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;35.5 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;AA | &nbsp;&nbsp;52.02 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;A | &nbsp;&nbsp;10.85 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;10.91 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;NR | &nbsp;&nbsp;24.30 |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;9.9 |  |  |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;5.4 |  |  |

---

\* All portfolio holdings are issued securities from the state of North Dakota.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_032.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br>**Viking Tax-Free Fund for North Dakota**<br>Class I / VNDIX<br>| <br>![](image_034.jpg)<br>This annual shareholder report contains important information about the Viking Tax-Free Fund for North Dakota.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $72 | 0.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How did the Fund perform last year?** | &nbsp;&nbsp;**How did the Fund perform last year?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;For the 12 month period ended July 31, 2025, the Fund's Class I shares returned -2.57%. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;In comparison, the Bloomberg U.S. Municipal Bond Index (the Benchmark) returned 0.00% for the same period. |
| &nbsp;&nbsp;**What affected the Fund's performance?** | &nbsp;&nbsp;**What affected the Fund's performance?** |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Short-term rates declined, while intermediate and long-term rates increased. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;The Fund underperformed the benchmark, primarily due to its longer duration, which increased sensitivity to rising rates. |
| &nbsp;&nbsp;• | &nbsp;&nbsp;Credit positioning had little impact on performance, as yield movements were similar across maturities. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

August 1, 2016 through July 31, 2025

![](image_036.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;-2.57 | &nbsp;&nbsp;-1.55 | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;**Bloomberg U.S. Muni Bond Index** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.59 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016**<br>|  |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$17 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$18K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net Assets** | &nbsp;&nbsp;**Credit Rating<br> Breakdown\*\*** | &nbsp;&nbsp;**% Net Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;35.5 | &nbsp;&nbsp;AAA | &nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;AA | &nbsp;&nbsp;52.02 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;A | &nbsp;&nbsp;10.85 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;BBB | &nbsp;&nbsp;10.91 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;NR | &nbsp;&nbsp;24.30 |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;9.9 |  |  |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;5.4 |  |  |

---

\* All portfolio holdings are issued securities from the state of North Dakota.

\*\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_035.jpg)

**Item 2. Code of Ethics**

As of the end of the period covered by this report, Viking Mutual Funds (herein referred to as 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 Registrant's 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 19(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) | **<u>Audit Fees:</u>** The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen & Company, Ltd. ("Cohen"), the principal accountant for the audit of the Registrant's annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $41,043 for the year ended July 31, 2025 and $51,137 for the year ended July 31, 2024. | **<u>Audit Fees:</u>** The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen & Company, Ltd. ("Cohen"), the principal accountant for the audit of the Registrant's annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $41,043 for the year ended July 31, 2025 and $51,137 for the year ended July 31, 2024. |
| (b) | **<u>Audit-Related Fees:</u>** 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 31, 2025 and $0 for the year ended July 31, 2024. | **<u>Audit-Related Fees:</u>** 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 31, 2025 and $0 for the year ended July 31, 2024. |
| (c) | **<u>Tax Fees:</u>** The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,275 for the year ended July 31, 2025 and $15,275 for the year ended July 31, 2024. 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. | **<u>Tax Fees:</u>** The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,275 for the year ended July 31, 2025 and $15,275 for the year ended July 31, 2024. 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) | **<u>All Other Fees:</u>** 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: Other fees include: 1) An examination of management's assertion of the operating effectiveness of the internal controls over the transfer agent and registrar functions of Integrity Fund Services, LLC, under Rule 17ad-12(a)(3) for 2025 fiscal year-end for a fee of $3,250 and (2) Global Investment Performance Standards verification services for Viking Fund Management, LLC for the periods from January 1, 2020 to December 31, 2024 for a fee of $9,000. | **<u>All Other Fees:</u>** 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: Other fees include: 1) An examination of management's assertion of the operating effectiveness of the internal controls over the transfer agent and registrar functions of Integrity Fund Services, LLC, under Rule 17ad-12(a)(3) for 2025 fiscal year-end for a fee of $3,250 and (2) Global Investment Performance Standards verification services for Viking Fund Management, LLC for the periods from January 1, 2020 to December 31, 2024 for a fee of $9,000. |
| (e) | (1) | **<u>Audit Committee Pre-Approval Policies and Procedures</u>** |
|  |  | 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) | **<u>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</u>** |
|  |  | 100% of the services described in paragraphs (b) through (d) of Item 4 were pre-approved by the audit committee. |
| (f) | Not applicable. 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. | Not applicable. 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) | **<u>Non-Audit Fees:</u>** None. | **<u>Non-Audit Fees:</u>** None. |
| (h) | **<u>Principal Accountant's Independence:</u>** 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. | **<u>Principal Accountant's Independence:</u>** 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. |
| (i) | Not applicable. | Not applicable. |
| (j) | Not applicable. | Not applicable. |

---

Viking Mutual Funds \| July 31, 2025

**Item 5. Audit Committee of Listed Registrants**

The independent board members are acting as the Registrant's Audit Committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c)(a)(58)(A)). The Audit Committee consists of the following Board members: Jerry M. Stai, R. James Maxson, and Wade A. Dokken.

**Item 6. Investments**

See Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Viking Mutual Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Viking Mutual Funds comprising Kansas Municipal Fund, Maine Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Viking Tax-Free Fund for Montana, and Viking Tax-Free Fund for North Dakota (the "Funds") as of July 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](image_037.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 26, 2025

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Kansas Municipal Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (96.7%)^** | | |
| **Education (9.0%)** | | |
| KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2045 CALLABLE @ 100.000 04/01/2032 | 1000000 | $865470 |
| KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2046 CALLABLE @ 100.000 04/01/2032 | 1000000 | 856980 |
| KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 07/01/2036 CALLABLE @ 100.000 07/01/2031 | 2000000 | 1925340 |
| WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2035 | 275000 | 290447 |
| WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2035 | 325000 | 337074 |
| WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035 | 335000 | 341562 |
|  |  | 4616873 |
| **General Obligation (48.9%)** |  |  |
| ATCHISON COUNTY UNIFIED SCHOOL DISTRICT NO 409 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2031 | 610000 | 624115 |
| CITY OF BEL AIRE KS 4.000% 11/01/2036 CALLABLE @ 100.000 11/01/2031 | 285000 | 286114 |
| CITY OF BELLE PLAINE KS 4.000% 09/01/2027 CALLABLE @ 100.000 09/01/2025 | 500000 | 500150 |
| BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 205 BLUESTEM 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2032 | 1520000 | 1586606 |
| #BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 402 AUGUSTA 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | 600000 | 625068 |
| COWLEY COUNTY UNIFIED SCHOOL DISTRICT NO 465 WINFIELD 5.000% 09/01/2038 CALLABLE @ 100.000 09/01/2033 | 200000 | 209868 |
| COWLEY COUNTY UNIFIED SCHOOL DISTRICT NO 465 WINFIELD 5.000% 09/01/2048 CALLABLE @ 100.000 09/01/2033 | 500000 | 505220 |
| DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 348 BALDWIN CITY 5.000% 09/01/2044 CALLABLE @ 100.000 09/01/2031 | 400000 | 400916 |
| DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 491 EUDORA 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2032 | 1000000 | 1019100 |
| CITY OF EDGERTON KS 4.000% 08/01/2037 CALLABLE @ 100.000 08/01/2031 | 300000 | 301743 |
| CITY OF EMPORIA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2032 | 500000 | 494405 |
| CITY OF GODDARD KS 4.000% 10/01/2045 CALLABLE @ 100.000 10/01/2032 | 365000 | 311060 |
| GOVE COUNTY UNIFIED SCHOOL DISTRICT NO 293 QUINTER 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2030 | 250000 | 225218 |
| GREELEY COUNTY UNIFIED SCHOOL DISTRICT NO 200 5.250% 09/01/2043 CALLABLE @ 100.000 09/01/2035 | 510000 | 522102 |
| HARVEY COUNTY UNIFIED SCHOOL DISTRICT 440 HALSTEAD BENTLEY 5.000% 09/01/2049 CALLABLE @ 100.000 09/01/2031 | 1000000 | 1010310 |
| HARVEY COUNTY UNIFIED SCHOOL DISTRICT NO 460 HESSTON 5.000% 09/01/2031 | 410000 | 453944 |
| CITY OF HAYSVILLE KS 4.250% 10/01/2025 | 500000 | 500060 |
| JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2038 CALLABLE @ 100.000 09/01/2030 | 265000 | 278247 |
| JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030 | 1000000 | 1026310 |
| JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030 | 1000000 | 1027490 |
| JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 5.000% 09/01/2039 CALLABLE @ 100.000 09/01/2027 | 2000000 | 2101600 |
| JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2044 CALLABLE @ 100.000 09/01/2035 | 750000 | 825960 |
| JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2045 CALLABLE @ 100.000 09/01/2035 | 700000 | 767949 |
| JOHNSON COUNTY UNIFIED SCHOOL DISTRICT NO 231 GARDNER EDGERTON 5.000% 10/01/2042 CALLABLE @ 100.000 10/01/2034 | 1000000 | 1028180 |
| CITY OF MANHATTAN KS 4.000% 11/01/2044 CALLABLE @ 100.000 11/01/2034 | 880000 | 778430 |
| MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 368 PAOLA 5.000% 09/01/2027 | 10000 | 10007 |
| PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2038 CALLABLE @ 100.000 09/01/2033 | 500000 | 529930 |
| PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2033 | 1035000 | 1064798 |
| RAWLINS COUNTY UNIFIED SCHOOL DISTRICT NO 105 4.000% 09/01/2045 CALLABLE @ 100.000 09/01/2031 | 1000000 | 881660 |
| RILEY COUNTY UNIFIED SCHOOL DISTRICT NO 383 MANHATTAN OGDEN 4.000% 09/01/2039 CALLABLE @ 100.000 09/01/2027 | 1000000 | 961330 |
| SALINA AIRPORT AUTHORITY 4.000% 09/01/2040 CALLABLE @ 100.000 09/01/2032 | 500000 | 467165 |
| SALINA AIRPORT AUTHORITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2032 | 265000 | 238434 |
| SEDGWICK COUNTY UNIFIED SCHOOL DISTRICT NO 262 VALLEY CENTER 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2031 | 650000 | 630910 |
| SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030 | 650000 | 669754 |
| SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030 | 780000 | 794414 |
| CITY OF SOUTH HUTCHINSON KS 4.000% 10/01/2038 CALLABLE @ 100.000 10/01/2025 | 355000 | 355029 |
| CITY OF WAMEGO KS 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2035 | 845000 | 888923 |
| CITY OF WICHITA KS 4.750% 09/01/2027 | 180000 | 180140 |
|  |  | 25082659 |
| **Health Care (5.4%)** |  |  |
| ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2030 | 1020000 | 1020724 |
| ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2035 | 500000 | 500005 |
| CITY OF COLBY KS 5.500% 07/01/2026 CALLABLE @ 100.000 01/01/2026 | 750000 | 751958 |
| UNIVERSITY OF KANSAS HOSPITAL AUTHORITY 5.000% 09/01/2035 CALLABLE @ 100.000 09/01/2025 | 500000 | 500130 |
|  |  | 2772817 |
| **Housing (8.7%)** |  |  |
| KANSAS DEVELOPMENT FINANCE AUTHORITY 4.700% 03/01/2043 | 2000000 | 1944580 |
| KANSAS DEVELOPMENT FINANCE AUTHORITY 4.170% 11/01/2041 | 1433396 | 1344311 |
| COUNTY OF SHAWNEE KS 4.700% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | 700000 | 680855 |
| COUNTY OF SHAWNEE KS 5.000% 07/01/2049 CALLABLE @ 100.000 07/01/2033 | 500000 | 492465 |
|  |  | 4462211 |
| **Other Revenue (11.2%)** |  |  |
| BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035 | 1000000 | 1034010 |
| BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035 | 975000 | 1008160 |
| DICKSON COUNTY PUBLIC BUILDING COMMISSION 4.000% 08/01/2038 CALLABLE @ 100.000 08/01/2028 | 750000 | 709125 |
| CITY OF MANHATTAN KS 4.500% 12/01/2025 | 120000 | 120253 |
| CITY OF MANHATTAN KS 5.000% 12/01/2032 | 1000000 | 1000810 |
| COUNTY OF SHAWNEE KS 5.000% 09/01/2033 CALLABLE @ 100.000 09/01/2032 | 230000 | 252448 |
| COUNTY OF SHAWNEE KS 5.500% 09/01/2034 CALLABLE @ 100.000 09/01/2032 | 210000 | 237739 |
| CITY OF WICHITA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2027 | 760000 | 697908 |
| WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.250% 03/01/2046 CALLABLE @ 100.000 03/01/2034 | 750000 | 664477 |
|  |  | 5724930 |
| **Pre-Refunded (2.4%)** |  |  |
| FRANKLIN COUNTY UNIFIED SCHOOL DISTRICT NO 290 OTTAWA 5.000% 09/01/2040 CALLABLE @ 100.000 09/01/2025 | 1000000 | 1001400 |
| SEWARD COUNTY UNIFIED SCHOOL DISTRICT NO 480 LIBERAL 5.000% 09/01/2029 CALLABLE @ 100.000 09/01/2025 | 250000 | 250493 |
|  |  | 1251893 |
| **Transportation (2.0%)** |  |  |
| STATE OF KANSAS DEPARTMENT OF TRANSPORTATION 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | 1000000 | 1046820 |
|  |  | 1046820 |
| **Utilities (9.1%)** |  |  |
| CHISHOLM CREEK UTILITY AUTHORITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2035 | 1000000 | 889760 |
| KANSAS MUNICIPAL ENERGY AGENCY 5.000% 04/01/2038 CALLABLE @ 100.000 04/01/2026 | 1000000 | 1007310 |
| KANSAS POWER POOL 4.000% 12/01/2031 CALLABLE @ 100.000 12/01/2025 | 500000 | 501515 |
| KANSAS POWER POOL 4.000% 12/01/2041 CALLABLE @ 100.000 12/01/2029 | 500000 | 452915 |
| CITY OF OLATHE KS STORMWATER REVENUE 4.000% 10/01/2044 CALLABLE @ 100.000 10/01/2032 | 445000 | 397082 |
| CITY OF WAMEGO KS ELECTRIC UTILITY SYSTEM REVENUE 5.250% 09/01/2041 CALLABLE @ 100.000 09/01/2035 | 1355000 | 1405298 |
|  |  | 4653880 |
| **TOTAL MUNICIPAL BONDS (COST: $51,192,738)** |  | $**49612083** |
| **OTHER ASSETS LESS LIABILITIES (3.3%)** |  | $**1682899** |
| **NET ASSETS (100.0%)** |  | $**51294982** |

---

^All portfolio securities are issued securities from the state of Kansas.

#When-issued purchase as of July 31, 2025.

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

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Maine Municipal Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (87.6%)^** | | |
| **General Obligation (27.6%)** | | |
| CITY OF AUBURN ME 4.000% 09/01/2049 CALLABLE @ 100.000 09/01/2034 | 215000 | $180522 |
| TOWN OF BAR HARBOR ME 5.000% 09/01/2049 CALLABLE @ 100.000 09/01/2034 | 250000 | 255837 |
| CITY OF BATH ME 4.000% 05/01/2044 CALLABLE @ 100.000 05/01/2034 | 300000 | 271296 |
| TOWN OF GORHAM ME 4.000% 09/01/2040 CALLABLE @ 100.000 09/01/2033 | 265000 | 256849 |
| CITY OF LEWISTON ME 4.000% 03/15/2037 CALLABLE @ 100.000 03/15/2031 | 310000 | 309027 |
| MAINE SCHOOL ADMINISTRATIVE DISTRICT NO 51 4.000% 10/15/2029 | 100000 | 100169 |
| MAINE SCHOOL ADMINISTRATIVE DISTRICT NO 28 4.000% 05/01/2036 CALLABLE @ 100.000 05/01/2028 | 300000 | 301515 |
| TOWN OF YORK ME 4.000% 10/01/2042 CALLABLE @ 100.000 10/01/2034 | 165000 | 154098 |
| TOWN OF YORK ME 4.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034 | 140000 | 129342 |
|  |  | 1958655 |
| **Health Care (17.3%)** |  |  |
| MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 4.500% 07/01/2031 | 5000 | 5006 |
| MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 4.000% 07/01/2045 CALLABLE @ 100.000 07/01/2030 | 250000 | 209915 |
| MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 5.250% 07/01/2048 CALLABLE @ 100.000 07/01/2033 | 1000000 | 1011780 |
|  |  | 1226701 |
| **Housing (22.0%)** |  |  |
| MAINE STATE HOUSING AUTHORITY 4.950% 11/15/2048 CALLABLE @ 100.000 05/15/2033 | 900000 | 880704 |
| MAINE STATE HOUSING AUTHORITY 4.450% 11/15/2044 CALLABLE @ 100.000 05/15/2033 | 500000 | 481565 |
| MAINE STATE HOUSING AUTHORITY 4.950% 11/15/2047 CALLABLE @ 100.000 11/15/2031 | 200000 | 200494 |
|  |  | 1562763 |
| **Other Revenue (17.5%)** |  |  |
| CITY OF AUGUSTA ME 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2033 | 700000 | 711438 |
| MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 275000 | 275325 |
| MAINE MUNICIPAL BOND BANK 5.000% 11/01/2042 CALLABLE @ 100.000 11/01/2035 | 250000 | 258335 |
|  |  | 1245098 |
| **Transportation (3.2%)** |  |  |
| CITY OF PORTLAND ME GENERAL AIRPORT REVENUE 4.000% 01/01/2040 CALLABLE @ 100.000 01/01/2030 | 250000 | 229693 |
|  |  | 229693 |
| **TOTAL MUNICIPAL BONDS (COST: $6,468,343)** |  | $**6222910** |
| **OTHER ASSETS LESS LIABILITIES (12.4%)** |  | $**881254** |
| **NET ASSETS (100.0%)** |  | $**7104164** |

---

^All portfolio securities are issued securities from the state of Maine.

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

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Nebraska Municipal Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (97.4%)^** | | |
| **Education (11.0%)** | | |
| NEBRASKA STATE COLLEGES 5.000% 07/01/2048 CALLABLE @ 100.000 07/01/2033 | 1000000 | $1001460 |
| SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2043 CALLABLE @ 100.000 12/15/2031 | 1165000 | 1185679 |
| SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2031 | 1000000 | 1000080 |
|  |  | 3187219 |
| **General Obligation (58.0%)** |  |  |
| CITY OF AURORA NE 5.000% 12/15/2028 CALLABLE @ 100.000 06/15/2026 | 800000 | 809008 |
| CITY OF BELLEVUE NE 4.000% 09/15/2049 CALLABLE @ 100.000 09/15/2029 | 1000000 | 821460 |
| COUNTY OF BUTLER NE 5.000% 12/01/2043 CALLABLE @ 100.000 12/01/2028 | 600000 | 601050 |
| BROKEN BOW PUBLIC SCHOOLS 4.000% 12/15/2044 CALLABLE @ 100.000 03/18/2029 | 500000 | 433205 |
| CITY OF DAVID CITY NE 4.350% 06/15/2026 | 500000 | 500565 |
| FREMONT SCHOOL DISTRICT 5.000% 12/15/2043 CALLABLE @ 100.000 12/15/2033 | 675000 | 688669 |
| FREMONT SCHOOL DISTRICT 5.250% 12/15/2044 CALLABLE @ 100.000 12/15/2033 | 210000 | 218755 |
| FREMONT SCHOOL DISTRICT 5.250% 12/15/2045 CALLABLE @ 100.000 12/15/2033 | 300000 | 311454 |
| FREMONT SCHOOL DISTRICT 5.250% 12/15/2046 CALLABLE @ 100.000 12/15/2033 | 395000 | 408628 |
| FREMONT SCHOOL DISTRICT 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2033 | 740000 | 745113 |
| ELKHORN SCHOOL DISTRICT 4.000% 12/15/2045 CALLABLE @ 100.000 12/15/2034 | 1500000 | 1307445 |
| WESTSIDE COMMUNITY SCHOOLS 4.375% 12/01/2043 CALLABLE @ 100.000 12/01/2031 | 350000 | 336094 |
| FILLMORE COUNTY SCHOOL DISTRICT NO 25 5.000% 06/15/2037 CALLABLE @ 100.000 06/15/2030 | 525000 | 548011 |
| FILLMORE COUNTY SCHOOL DISTRICT NO 25 5.000% 06/15/2038 CALLABLE @ 100.000 06/15/2030 | 555000 | 575807 |
| COUNTY OF HALL NE 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029 | 800000 | 692232 |
| CITY OF HARTINGTON NE 4.500% 12/15/2040 CALLABLE @ 100.000 06/15/2029 | 200000 | 180428 |
| CITY OF HENDERSON NE 4.600% 12/15/2034 CALLABLE @ 100.000 12/15/2026 | 210000 | 205995 |
| CITY OF HENDERSON NE 4.850% 12/15/2036 CALLABLE @ 100.000 12/15/2026 | 460000 | 443219 |
| CITY OF HENDERSON NE 5.100% 12/15/2038 CALLABLE @ 100.000 12/15/2026 | 500000 | 472830 |
| NANCE COUNTY SCHOOL DISTRICT NO 30 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029 | 500000 | 432645 |
| NANCE COUNTY SCHOOL DISTRICT NO 30 4.125% 12/15/2049 CALLABLE @ 100.000 06/15/2029 | 500000 | 425730 |
| CITY OF NEBRASKA CITY NE 4.150% 07/15/2033 CALLABLE @ 100.000 07/15/2028 | 100000 | 99107 |
| CITY OF NEBRASKA CITY NE 5.000% 07/15/2038 CALLABLE @ 100.000 07/15/2028 | 540000 | 541695 |
| CITY OF NEBRASKA CITY NE 4.000% 01/15/2036 CALLABLE @ 100.000 02/22/2029 | 265000 | 248202 |
| CITY OF NEBRASKA CITY NE 4.350% 01/15/2039 CALLABLE @ 100.000 02/22/2029 | 205000 | 190252 |
| OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.500% 12/15/2043 CALLABLE @ 100.000 11/01/2028 | 1000000 | 987180 |
| OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.750% 12/15/2047 CALLABLE @ 100.000 11/01/2028 | 1000000 | 981700 |
| OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.125% 12/15/2047 CALLABLE @ 100.000 06/26/2029 | 500000 | 436275 |
| PAPILLION LA VISTA SCHOOL DISTRICT NO 27 5.000% 12/01/2042 CALLABLE @ 100.000 12/01/2035 | 500000 | 520575 |
| CITY OF WAHOO NE 4.750% 12/15/2033 CALLABLE @ 100.000 08/15/2026 | 320000 | 321693 |
| CITY OF WAYNE NE 4.250% 12/15/2026 CALLABLE @ 100.000 12/15/2025 | 750000 | 750915 |
| YORK COUNTY SCHOOL DISTRICT NO 96 4.000% 12/15/2044 CALLABLE @ 100.000 08/07/2029 | 625000 | 559994 |
|  |  | 16795931 |
| **Housing (10.8%)** |  |  |
| NEBRASKA INVESTMENT FINANCE AUTHORITY 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2033 | 1000000 | 966760 |
| NEBRASKA INVESTMENT FINANCE AUTHORITY 4.700% 09/01/2049 CALLABLE @ 100.000 09/01/2033 | 2000000 | 1919160 |
| NEBRASKA INVESTMENT FINANCE AUTHORITY 4.550% 09/01/2044 CALLABLE @ 100.000 09/01/2033 | 250000 | 242330 |
|  |  | 3128250 |
| **Other Revenue (5.1%)** |  |  |
| CITY OF NORTH PLATTE NE 5.000% 12/15/2034 CALLABLE @ 100.000 06/15/2030 | 390000 | 409535 |
| CITY OF NORTH PLATTE NE 5.000% 12/15/2035 CALLABLE @ 100.000 06/15/2030 | 200000 | 208934 |
| CITY OF OMAHA NE RIVERFRONT REDEVELOPMENT SPECIAL TAX REVENUE 4.000% 04/15/2049 CALLABLE @ 100.000 04/15/2034 | 1000000 | 861450 |
|  |  | 1479919 |
| **Utilities (12.5%)** |  |  |
| CUSTER PUBLIC POWER DISTRICT 4.125% 06/01/2039 CALLABLE @ 100.000 06/01/2029 | 1000000 | 935290 |
| CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.400% 12/15/2029 CALLABLE @ 100.000 09/15/2026 | 135000 | 136311 |
| CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.550% 12/15/2034 CALLABLE @ 100.000 09/15/2026 | 530000 | 532714 |
| NEBRASKA PUBLIC POWER DISTRICT 5.000% 01/01/2036 CALLABLE @ 100.000 01/01/2026 | 2000000 | 2005340 |
|  |  | 3609655 |
| **TOTAL MUNICIPAL BONDS (COST: $29,372,462)** |  | $**28200974** |
| **OTHER ASSETS LESS LIABILITIES (2.6%)** |  | $**761271** |
| **NET ASSETS (100.0%)** |  | $**28962245** |

---

^All portfolio securities are issued securities from the state of Nebraska.

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

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Oklahoma Municipal Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (97.5%)^** | | |
| **Education (4.9%)** | | |
| OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 5.000% 06/01/2039 | 19000 | $19039 |
| OKLAHOMA STATE UNIVERSITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2034 | 500000 | 449320 |
| UNIVERSITY OF OKLAHOMA/THE 5.000% 07/01/2036 | 500000 | 500605 |
| UNIVERSITY OF OKLAHOMA/THE 4.000% 07/01/2040 | 500000 | 458665 |
| UNIVERSITY OF OKLAHOMA/THE 5.000% 07/01/2038 | 500000 | 497725 |
|  |  | 1925354 |
| **General Obligation (3.0%)** |  |  |
| CITY OF BROKEN ARROW OK 4.000% 12/01/2037 CALLABLE @ 100.000 12/01/2028 | 605000 | 592821 |
| CITY OF BROKEN ARROW OK 4.000% 12/01/2038 CALLABLE @ 100.000 12/01/2028 | 610000 | 591926 |
|  |  | 1184747 |
| **Health Care (1.1%)** |  |  |
| OKLAHOMA COUNTY FINANCE AUTHORITY 4.000% 04/01/2041 CALLABLE @ 100.000 04/01/2031 | 250000 | 230815 |
| OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 4.000% 08/15/2038 CALLABLE @ 100.000 08/15/2025 | 250000 | 221952 |
|  |  | 452767 |
| **Housing (11.6%)** |  |  |
| CLEVELAND COUNTY HOME LOAN AUTHORITY 4.600% 07/01/2049 CALLABLE @ 100.000 07/01/2034 | 500000 | 468975 |
| OKLAHOMA HOUSING FINANCE AGENCY 4.450% 09/01/2044 CALLABLE @ 100.000 09/01/2032 | 2000000 | 1904220 |
| OKLAHOMA HOUSING FINANCE AGENCY 4.400% 09/01/2044 CALLABLE @ 100.000 03/01/2033 | 870000 | 820880 |
| OKLAHOMA HOUSING FINANCE AGENCY 4.600% 09/01/2049 CALLABLE @ 100.000 03/01/2033 | 1000000 | 963290 |
| TULSA COUNTY HOME FINANCE AUTHORITY 4.550% 07/01/2049 CALLABLE @ 100.000 07/01/2034 | 500000 | 459025 |
|  |  | 4616390 |
| **Other Revenue (68.5%)** |  |  |
| BRYAN COUNTY SCHOOL FINANCE AUTHORITY 5.000% 12/01/2033 | 800000 | 826528 |
| BRYAN COUNTY SCHOOL FINANCE AUTHORITY 4.125% 12/01/2037 CALLABLE @ 100.000 12/01/2033 | 1000000 | 928520 |
| CADDO COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2033 | 645000 | 678353 |
| CADDO COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2034 | 735000 | 767252 |
| CADDO COUNTY GOVERNMENTAL BUILDING AUTHORITY 5.000% 09/01/2040 CALLABLE @ 100.000 09/01/2028 | 1010000 | 1015151 |
| CHOUTEAU EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2032 | 350000 | 345275 |
| CHOUTEAU EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2034 | 240000 | 231334 |
| CREEK COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.125% 09/01/2048 CALLABLE @ 100.000 09/01/2034 | 500000 | 439735 |
| CREEK COUNTY PUBLIC FACILITIES AUTHORITY 5.000% 08/01/2044 CALLABLE @ 100.000 08/01/2032 | 500000 | 503220 |
| CREEK COUNTY PUBLIC FACILITIES AUTHORITY 5.000% 08/01/2048 CALLABLE @ 100.000 08/01/2032 | 2000000 | 1880300 |
| DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2033 | 150000 | 148607 |
| DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.375% 09/01/2034 | 125000 | 123400 |
| DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.625% 09/01/2036 CALLABLE @ 100.000 09/01/2035 | 200000 | 194118 |
| GRADY COUNTY SCHOOL FINANCE AUTHORITY 5.125% 12/01/2039 CALLABLE @ 100.000 12/01/2035 | 500000 | 514440 |
| GRADY COUNTY SCHOOL FINANCE AUTHORITY 5.125% 12/01/2040 CALLABLE @ 100.000 12/01/2035 | 500000 | 509940 |
| HOBART EDUCATIONAL FACILITIES AUTHORITY 4.500% 09/01/2025 | 590000 | 590525 |
| HOBART EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2026 | 635000 | 644728 |
| HOBART EDUCATIONAL FACILITIES AUTHORITY 4.500% 09/01/2027 | 340000 | 345726 |
| HOBART EDUCATIONAL FACILITIES AUTHORITY 4.500% 09/01/2028 | 365000 | 373289 |
| JACKSON COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2031 | 400000 | 391128 |
| KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 4.500% 12/01/2033 | 1130000 | 1170691 |
| KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 5.000% 12/01/2038 CALLABLE @ 100.000 12/01/2033 | 1000000 | 1016260 |
| KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 5.125% 12/01/2043 CALLABLE @ 100.000 12/01/2033 | 1000000 | 988000 |
| LEFLORE COUNTY PUBLIC FACILITY AUTHORITY 4.250% 09/01/2033 | 525000 | 511408 |
| LEFLORE COUNTY PUBLIC FACILITY AUTHORITY 4.500% 09/01/2036 CALLABLE @ 100.000 09/01/2034 | 690000 | 653409 |
| LOVE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.750% 09/01/2037 CALLABLE @ 100.000 09/01/2034 | 250000 | 235890 |
| OKLAHOMA CITY PUBLIC PROPERTY AUTHORITY 5.000% 10/01/2036 CALLABLE @ 100.000 10/01/2025 | 230000 | 230168 |
| OKLAHOMA CITY PUBLIC PROPERTY AUTHORITY 5.000% 10/01/2039 CALLABLE @ 100.000 10/01/2025 | 835000 | 835660 |
| OKLAHOMA COUNTY FINANCE AUTHORITY 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2032 | 600000 | 569400 |
| OKLAHOMA COUNTY FINANCE AUTHORITY 5.000% 10/01/2045 CALLABLE @ 100.000 10/01/2034 | 640000 | 646989 |
| OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 5.000% 12/01/2038 CALLABLE @ 100.000 12/01/2033 | 280000 | 291127 |
| OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 5.000% 12/01/2043 CALLABLE @ 100.000 12/01/2033 | 1630000 | 1633162 |
| PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY 4.250% 09/01/2034 | 500000 | 477160 |
| PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2034 CALLABLE @ 100.000 09/01/2031 | 625000 | 624600 |
| PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2040 CALLABLE @ 100.000 09/01/2031 | 1000000 | 892120 |
| PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | 1000000 | 899900 |
| ROGERS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.125% 09/01/2036 CALLABLE @ 100.000 09/01/2029 | 750000 | 727950 |
| ROGERS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2038 CALLABLE @ 100.000 09/01/2029 | 1000000 | 932190 |
| STEPHENS COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2027 | 400000 | 415768 |
| STEPHENS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2032 | 665000 | 652358 |
| TULSA STADIUM TRUST 4.000% 12/01/2038 CALLABLE @ 100.000 12/01/2033 | 500000 | 457200 |
| WASHINGTON COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2025 | 400000 | 400560 |
| WASHINGTON COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2031 | 445000 | 473115 |
|  |  | 27186654 |
| **Transportation (5.0%)** |  |  |
| OKLAHOMA TURNPIKE AUTHORITY 5.250% 01/01/2048 CALLABLE @ 100.000 01/01/2032 | 500000 | 515430 |
| TULSA AIRPORTS IMPROVEMENT TRUST 4.000% 06/01/2035 CALLABLE @ 100.000 06/01/2028 | 1355000 | 1343103 |
| TULSA AIRPORTS IMPROVEMENT TRUST 4.000% 06/01/2036 CALLABLE @ 100.000 06/01/2028 | 145000 | 139809 |
|  |  | 1998342 |
| **Utilities (3.4%)** |  |  |
| CLINTON PUBLIC WORKS AUTHORITY 4.000% 12/01/2039 | 500000 | 460800 |
| OKLAHOMA WATER RESOURCES BOARD 4.000% 10/01/2049 CALLABLE @ 100.000 10/01/2031 | 1000000 | 870510 |
|  |  | 1331310 |
| **TOTAL MUNICIPAL BONDS (COST: $40,019,430)** |  | $**38695564** |
| **OTHER ASSETS LESS LIABILITIES (2.5%)** |  | $**1012179** |
| **NET ASSETS (100.0%)** |  | $**39707743** |

---

^All portfolio securities are issued securities from the state of Oklahoma.

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

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Viking Tax-Free Fund for Montana

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (97.6%)^** | | |
| **Education (5.5%)** | | |
| MONTANA STATE BOARD OF REGENTS 4.000% 11/15/2041 CALLABLE @ 100.000 11/15/2031 | 400000 | $371032 |
| MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2042 CALLABLE @ 100.000 05/15/2035 | 1520000 | 1581727 |
| MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2045 CALLABLE @ 100.000 05/15/2035 | 500000 | 512120 |
| MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2050 CALLABLE @ 100.000 05/15/2035 | 500000 | 503700 |
|  |  | 2968579 |
| **General Obligation (47.1%)** |  |  |
| CITY OF BELGRADE MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2032 | 250000 | 278710 |
| CITY OF BELGRADE MT 5.000% 07/01/2034 CALLABLE @ 100.000 07/01/2032 | 355000 | 393301 |
| CITY OF BOZEMAN MT 4.000% 07/01/2028 | 540000 | 540842 |
| CITY OF BOZEMAN MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 775000 | 717642 |
| FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2035 | 540000 | 570710 |
| FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2045 CALLABLE @ 100.000 07/01/2035 | 1045000 | 1086298 |
| COUNTY OF GALLATIN MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033 | 435000 | 471070 |
| COUNTY OF GALLATIN MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033 | 915000 | 982344 |
| COUNTY OF GALLATIN MT 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033 | 640000 | 683027 |
| GALLATIN COUNTY SCHOOL DISTRICT NO 72 OPHIR 4.000% 07/01/2037 CALLABLE @ 100.000 07/01/2030 | 800000 | 800792 |
| GALLATIN COUNTY SCHOOL DISTRICT NO 27 MONFORTON 4.250% 06/15/2026 | 150000 | 150258 |
| #CITY OF HELENA MT 4.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035 | 450000 | 446733 |
| #CITY OF HELENA MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2035 | 470000 | 463411 |
| #CITY OF HELENA MT 4.000% 07/01/2044 CALLABLE @ 100.000 07/01/2035 | 490000 | 479617 |
| JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2037 CALLABLE @ 100.000 07/01/2033 | 235000 | 250675 |
| JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033 | 160000 | 169226 |
| JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033 | 465000 | 481517 |
| JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 300000 | 306255 |
| JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.250% 07/01/2048 CALLABLE @ 100.000 07/01/2033 | 450000 | 460904 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033 | 335000 | 348296 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033 | 355000 | 366413 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033 | 325000 | 332891 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 510000 | 518272 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2041 CALLABLE @ 100.000 07/01/2033 | 625000 | 660081 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033 | 320000 | 334531 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 350000 | 363265 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | 360000 | 371682 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033 | 320000 | 331581 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033 | 400000 | 410248 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 635000 | 647402 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2040 CALLABLE @ 100.000 07/01/2033 | 465000 | 494346 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2041 CALLABLE @ 100.000 07/01/2033 | 490000 | 517504 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033 | 250000 | 261352 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 250000 | 259475 |
| LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | 420000 | 433629 |
| LAKE MISSOULA & SANDERS COUNTIES ELEMENTARY SCHOOL DISTRICT NO JT & 8 5.000% 07/01/2043 CALLABLE @ 100.000 01/01/2033 | 1215000 | 1245885 |
| CITY OF MILES CITY MT 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2034 | 395000 | 404128 |
| CITY OF MILES CITY MT 5.000% 07/01/2044 CALLABLE @ 100.000 07/01/2034 | 300000 | 302721 |
| HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2029 CALLABLE @ 100.000 06/15/2027 | 500000 | 524060 |
| HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2030 CALLABLE @ 100.000 06/15/2027 | 500000 | 521870 |
| COUNTY OF RAVALLI MT 4.250% 07/01/2030 | 640000 | 640915 |
| RAVALLI & MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO 15 6 4.000% 07/01/2038 CALLABLE @ 100.000 07/01/2029 | 250000 | 239793 |
| RAVALLI & MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO 15 6 4.000% 07/01/2039 CALLABLE @ 100.000 07/01/2029 | 250000 | 239408 |
| SILVER BOW COUNTY SCHOOL DISTRICT NO 1 4.000% 07/01/2038 CALLABLE @ 100.000 07/01/2029 | 1960000 | 1889322 |
| VALLEY COUNTY K 12 SCHOOL DISTRICT NO 1 A GLASGOW/MT 4.250% 07/01/2031 | 450000 | 451116 |
| YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033 | 330000 | 348744 |
| YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033 | 1395000 | 1450437 |
| YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 600000 | 615708 |
|  |  | 25258407 |
| **Health Care (10.5%)** |  |  |
| MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2032 CALLABLE @ 100.000 07/01/2028 | 1000000 | 1025700 |
| MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028 | 1000000 | 1028980 |
| MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2037 CALLABLE @ 100.000 01/01/2030 | 200000 | 196700 |
| MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2038 CALLABLE @ 100.000 01/01/2030 | 1500000 | 1435695 |
| MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2028 | 1015000 | 1016685 |
| MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2029 | 915000 | 916006 |
|  |  | 5619766 |
| **Housing (19.3%)** |  |  |
| #MONTANA BOARD OF HOUSING 5.100% 12/01/2045 CALLABLE @ 100.000 12/01/2033 | 750000 | 751455 |
| MONTANA BOARD OF HOUSING 4.450% 12/01/2038 CALLABLE @ 100.000 12/01/2032 | 1395000 | 1412619 |
| MONTANA BOARD OF HOUSING 4.800% 12/01/2043 CALLABLE @ 100.000 12/01/2032 | 1330000 | 1311274 |
| MONTANA BOARD OF HOUSING 4.375% 12/01/2038 CALLABLE @ 100.000 12/01/2032 | 405000 | 404899 |
| MONTANA BOARD OF HOUSING 4.600% 12/01/2043 CALLABLE @ 100.000 12/01/2032 | 1000000 | 973730 |
| MONTANA BOARD OF HOUSING 4.850% 12/01/2048 CALLABLE @ 100.000 12/01/2032 | 500000 | 504460 |
| MONTANA BOARD OF HOUSING 3.950% 12/01/2039 CALLABLE @ 100.000 06/01/2033 | 1000000 | 938900 |
| MONTANA BOARD OF HOUSING 4.450% 12/01/2044 CALLABLE @ 100.000 06/01/2033 | 1000000 | 963880 |
| MONTANA BOARD OF HOUSING 3.900% 12/01/2039 CALLABLE @ 100.000 06/01/2033 | 500000 | 463840 |
| MONTANA BOARD OF HOUSING 4.300% 12/01/2044 CALLABLE @ 100.000 06/01/2033 | 800000 | 737888 |
| MONTANA BOARD OF HOUSING 4.400% 12/01/2049 CALLABLE @ 100.000 06/01/2033 | 1650000 | 1489933 |
| MONTANA BOARD OF HOUSING 3.800% 12/01/2038 CALLABLE @ 100.000 06/01/2028 | 455000 | 427359 |
|  |  | 10380237 |
| **Other Revenue (13.6%)** |  |  |
| CITY OF BILLINGS MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033 | 700000 | 718473 |
| CITY OF BILLINGS MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033 | 300000 | 307686 |
| CITY OF BILLINGS MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | 275000 | 242363 |
| GALLATIN COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030 | 1000000 | 1001360 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.800% 06/30/2041 CALLABLE @ 100.000 06/30/2035 | 1160000 | 1148284 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.850% 06/30/2042 CALLABLE @ 100.000 06/30/2035 | 580000 | 574090 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.950% 06/30/2043 CALLABLE @ 100.000 06/30/2035 | 505000 | 499021 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.000% 06/30/2044 CALLABLE @ 100.000 06/30/2035 | 265000 | 261086 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.050% 06/30/2045 CALLABLE @ 100.000 06/30/2035 | 225000 | 221245 |
| COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.100% 06/30/2047 CALLABLE @ 100.000 06/30/2035 | 510000 | 499004 |
| CITY OF KALISPELL MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028 | 500000 | 521780 |
| CITY OF LIVINGSTON MT 4.000% 07/01/2034 CALLABLE @ 100.000 01/01/2029 | 525000 | 521719 |
| MADISON COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030 | 640000 | 641005 |
| CITY OF MISSOULA MT 4.750% 07/01/2027 | 30000 | 30021 |
| CITY OF MISSOULA MT 6.000% 07/01/2030 | 100000 | 100129 |
|  |  | 7287266 |
| **Transportation (1.6%)** |  |  |
| MISSOULA PARKING COMMISSION 4.000% 10/01/2026 | 665000 | 665226 |
| MISSOULA SPECIAL IMPROVEMENT DISTRICTS/MT 5.400% 07/01/2029 | 195000 | 195351 |
|  |  | 860577 |
| **TOTAL MUNICPAL BONDS (COST: $53,992,813)** |  | $**52374832** |
| **OTHER ASSETS LESS LIABILITIES (2.4%)** |  | $**1301370** |
| **NET ASSETS (100.0%)** |  | $**53676202** |

---

^All portfolio securities are issued securities from the state of Montana.

#When-issued purchase as of July 31, 2025.

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

Viking Mutual Funds \| July 31, 2025

**Schedule of Investments –** July 31, 2025

Viking Tax-Free Fund for North Dakota

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **MUNICIPAL BONDS (90.1%)^** | | |
| **Education (10.4%)** | | |
| STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 4.000% 04/01/2035 CALLABLE @ 100.000 04/01/2026 | 530000 | $494607 |
| STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2033 | 750000 | 740182 |
| UND ALUMNI ASSOCIATION & FOUNDATION 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2034 | 500000 | 495495 |
|  |  | 1730284 |
| **General Obligation (35.5%)** |  |  |
| FAIRMONT PUBLIC SCHOOL DISTRICT NO 18 4.250% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | 260000 | 240815 |
| CITY OF FARGO ND 5.000% 05/01/2045 CALLABLE @ 100.000 05/01/2033 | 500000 | 508145 |
| FARGO PARK DISTRICT 5.000% 05/01/2036 CALLABLE @ 100.000 05/01/2031 | 750000 | 801120 |
| CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2033 | 750000 | 812040 |
| CITY OF HORACE ND 5.000% 05/01/2039 CALLABLE @ 100.000 05/01/2033 | 650000 | 648492 |
| CITY OF HORACE ND 4.850% 08/01/2026 CALLABLE @ 100.000 08/01/2025 | 400000 | 400000 |
| CITY OF HORACE ND 4.750% 05/01/2044 CALLABLE @ 100.000 05/01/2033 | 500000 | 463455 |
| CITY OF MAYVILLE ND 5.000% 05/01/2044 CALLABLE @ 100.000 05/01/2031 | 500000 | 442445 |
| VALLEY CITY PARK DISTRICT 4.800% 01/01/2035 CALLABLE @ 100.000 01/01/2030 | 160000 | 163867 |
| VALLEY CITY PARK DISTRICT 5.400% 01/01/2043 CALLABLE @ 100.000 01/01/2030 | 200000 | 201502 |
| WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2040 CALLABLE @ 100.000 08/01/2031 | 250000 | 236203 |
| WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | 285000 | 258358 |
| CITY OF WEST FARGO ND 4.000% 05/01/2047 CALLABLE @ 100.000 05/01/2034 | 880000 | 754644 |
|  |  | 5931086 |
| **Health Care (12.5%)** |  |  |
| COUNTY OF BURLEIGH ND 4.000% 11/01/2032 CALLABLE @ 101.000 11/01/2025 | 250000 | 230695 |
| COUNTY OF CASS ND 4.250% 02/15/2043 CALLABLE @ 100.000 02/15/2028 | 1290000 | 1137922 |
| CITY OF GRAND FORKS ND 5.000% 12/01/2037 CALLABLE @ 100.000 12/01/2027 | 130000 | 130378 |
| CITY OF GRAND FORKS ND 5.125% 12/01/2025 | 250000 | 250092 |
| CITY OF GRAND FORKS ND 4.750% 12/01/2027 CALLABLE @ 100.000 12/01/2026 | 350000 | 349724 |
|  |  | 2098811 |
| **Housing (14.9%)** |  |  |
| NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2038 CALLABLE @ 100.000 01/01/2033 | 1000000 | 1029320 |
| NORTH DAKOTA HOUSING FINANCE AGENCY 4.550% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | 500000 | 484945 |
| NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | 1000000 | 970130 |
|  |  | 2484395 |
| **Other Revenue (5.4%)** |  |  |
| CITY OF FARGO ND 4.000% 12/01/2044 CALLABLE @ 100.000 12/01/2034 | 300000 | 258714 |
| MANDAN PARK DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2030 | 280000 | 262088 |
| MANDAN PARK DISTRICT 4.750% 05/01/2043 CALLABLE @ 100.000 05/01/2030 | 165000 | 149635 |
| NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 06/01/2031 | 240000 | 240317 |
|  |  | 910754 |
| **Utilities (11.4%)** |  |  |
| CASS RURAL WATER USERS DISTRICT 4.150% 05/01/2039 CALLABLE @ 100.000 05/01/2031 | 500000 | 445660 |
| CASS RURAL WATER USERS DISTRICT 4.170% 05/01/2035 CALLABLE @ 100.000 05/01/2030 | 815000 | 811047 |
| CASS RURAL WATER USERS DISTRICT 4.375% 05/01/2038 CALLABLE @ 100.000 05/01/2030 | 365000 | 351561 |
| NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034 | 280000 | 289691 |
|  |  | 1897959 |
| **TOTAL MUNICIPAL BONDS (COST: $15,722,117)** |  | $**15053289** |
| **OTHER ASSETS LESS LIABILITIES (9.9%)** |  | $**1644916** |
| **NET ASSETS (100.0%)** |  | $**16698205** |

---

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

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

Viking Mutual Funds \| July 31, 2025

**Statements of Assets and Liabilities –** *as of July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Kansas<br>Municipal<br>Fund | Maine<br>Municipal<br>Fund | Nebraska<br>Municipal<br>Fund |
| **ASSETS** |  |  |  |
| Investments in securities, at cost | $51192738 | $6468343 | $29372462 |
| Investments in securities, at value | $49612083 | $6222910 | $28200974 |
| Cash and cash equivalents | 1726466 | 828176 | 609544 |
| Accrued interest receivable | 741110 | 71831 | 222623 |
| Receivable from affiliate | 8283 | 6614 | 6705 |
| Prepaid expenses | 9 | 11 | - |
| **Total assets** | $52087951 | $7129542 | $29039846 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | $624006 | $- | $- |
| Payable for Fund shares redeemed | 63353 | 2493 | 18380 |
| Distributions payable | 19304 | 2419 | 11390 |
| Trustees' fees payable | 4005 | 627 | 1982 |
| Payable to affiliates | 48380 | 10224 | 28645 |
| Accrued expenses | 33921 | 9615 | 17204 |
| **Total liabilities** | $792969 | $25378 | $77601 |
| **NET ASSETS** | $51294982 | $7104164 | $28962245 |
| **NET ASSETS ARE REPRESENTED BY:** |  |  |  |
| Capital stock outstanding, no par value, unlimited shares authorized | $60343849 | $8899679 | $35576107 |
| Distributable earnings (accumulated losses) | (9048867) | (1795515) | (6613862) |
| **NET ASSETS** | $51294982 | $7104164 | $28962245 |
| Net Assets - Class A | $44534879 | $6946406 | $25302912 |
| Net Assets - Class I | $6760103 | $157758 | $3659333 |
| Shares outstanding - Class A | 4838820 | 766962 | 2856500 |
| Shares outstanding - Class I | 734124 | 17402 | 413209 |
| Net asset value per share - Class A\* | $9.20 | $9.06 | $8.86 |
| Maximum sales charge - Class A | 2.50% | 2.50% | 2.50% |
| Public offering price per share - Class A | $9.44 | $9.29 | $9.09 |
| Net asset value per share - Class I | $9.21 | $9.07 | $8.86 |

---

\* 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.

Viking Mutual Funds \| July 31, 2025

**Statements of Assets and Liabilities** (continued) **–** *as of July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Oklahoma<br>Municipal<br>Fund |<br>Tax-Free<br>Fund For MT |<br>Tax-Free<br>Fund For ND |
| **ASSETS** |  |  |  |
| Investments in securities, at cost | $40019430 | $53992813 | $15722117 |
| Investments in securities, at value | $38695564 | $52374832 | $15053289 |
| Cash and cash equivalents | 554509 | 3258581 | 1502922 |
| Accrued interest receivable | 561217 | 320542 | 176248 |
| Receivable from affiliate | 7483 | 8319 | 6048 |
| **Total assets** | $39818773 | $55962274 | $16738507 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | $- | $2150592 | $- |
| Payable for Fund shares redeemed | 38997 | 29198 | 3398 |
| Distributions payable | 7870 | 27946 | 5226 |
| Trustees' fees payable | 3350 | 4034 | 1511 |
| Payable to affiliates | 38422 | 49064 | 18926 |
| Accrued expenses | 22391 | 25238 | 11241 |
| **Total liabilities** | $111030 | $2286072 | $40302 |
| **NET ASSETS** | $39707743 | $53676202 | $16698205 |
| **NET ASSETS ARE REPRESENTED BY:** |  |  |  |
| Capital stock outstanding, no par value, unlimited shares authorized | $47900194 | $64935672 | $21724942 |
| Distributable earnings (accumulated losses) | (8192451) | (11259470) | (5026737) |
| **NET ASSETS** | $39707743 | $53676202 | $16698205 |
| Net Assets - Class A | $37117852 | $43150334 | $15096640 |
| Net Assets - Class I | $2589891 | $10525868 | $1601565 |
| Shares outstanding - Class A | 3658526 | 4913530 | 1782656 |
| Shares outstanding - Class I | 255081 | 1198638 | 189055 |
| Net asset value per share - Class A\* | $10.15 | $8.78 | $8.47 |
| Maximum sales charge - Class A | 2.50% | 2.50% | 2.50% |
| Public offering price per share - Class A | $10.41 | $9.01 | $8.69 |
| Net asset value per share - Class I | $10.15 | $8.78 | $8.47 |

---

\* 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.

Viking Mutual Funds \| July 31, 2025

**Statements of Operations –** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Kansas<br>Municipal<br>Fund | Maine<br>Municipal<br>Fund | Nebraska<br>Municipal<br>Fund |
| **INVESTMENT INCOME** |  |  |  |
| Interest | $2238919 | $321990 | $1277113 |
| Total investment income | $2238919 | $321990 | $1277113 |
| **EXPENSES** |  |  |  |
| Investment advisory fees | $279652 | $40156 | $150801 |
| Distribution (12b-1) fees - Class A | 123082 | 19724 | 67155 |
| Transfer agent fees | 73117 | 15638 | 42193 |
| Administrative service fees | 116966 | 49907 | 80887 |
| Professional fees | 8522 | 2782 | 5458 |
| Reports to shareholders | 92 | 739 | 92 |
| License, fees, and registrations | 3002 | 4806 | 1513 |
| Audit fees | 18178 | 9625 | 12135 |
| Trustees' fees | 6266 | 1015 | 3314 |
| Transfer agent out-of-pockets | 6687 | 1402 | 4137 |
| Custodian fees | 830 | 415 | 830 |
| Legal fees | 1149 | 251 | 839 |
| Insurance expense | 1183 | 152 | 741 |
| Total expenses | $638726 | $146612 | $370095 |
| Less expenses waived or reimbursed (See Note 7) | (107540) | (68315) | (82837) |
| Total net expenses | $531186 | $78297 | $287258 |
| **NET INVESTMENT INCOME (LOSS)** | $1707733 | $243693 | $989855 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) from investment transactions | $(1930596) | $(308507) | $(152501) |
| Net change in unrealized appreciation (depreciation) of investments | (970573) | (81256) | (1534174) |
| Net realized and unrealized gain (loss) on investments | $(2901169) | $(389763) | $(1686675) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1193436) | $(146070) | $(696820) |

---

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

Viking Mutual Funds \| July 31, 2025

**Statements of Operations** (continued) **–** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Oklahoma<br>Municipal<br>Fund |<br>Tax-Free<br>Fund For MT |<br>Tax-Free<br>Fund For ND |
| **INVESTMENT INCOME** |  |  |  |
| Interest | $1748219 | $2254057 | $743652 |
| Total investment income | $1748219 | $2254057 | $743652 |
| **EXPENSES** |  |  |  |
| Investment advisory fees | $210753 | $286466 | $90917 |
| Distribution (12b-1) fees - Class A | 99079 | 117316 | 42283 |
| Transfer agent fees | 56581 | 74752 | 27821 |
| Administrative service fees | 97674 | 118874 | 64120 |
| Professional fees | 6451 | 9141 | 3333 |
| Reports to shareholders | 304 | 92 | 92 |
| License, fees, and registrations | 2936 | 2575 | 1240 |
| Audit fees | 16040 | 18595 | 11622 |
| Trustees' fees | 4969 | 6442 | 2202 |
| Transfer agent out-of-pockets | 3942 | 6187 | 2722 |
| Custodian fees | 830 | 830 | 415 |
| Legal fees | 1012 | 1289 | 444 |
| Insurance expense | 957 | 1162 | 423 |
| Total expenses | $501528 | $643721 | $247634 |
| Less expenses waived or reimbursed (See Note 7) | (94893) | (108365) | (72734) |
| Total net expenses | $406635 | $535356 | $174900 |
| **NET INVESTMENT INCOME (LOSS)** | $1341584 | $1718701 | $568752 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) from investment transactions | $34287 | $(670502) | $(314705) |
| Net change in unrealized appreciation (depreciation) of investments | (1824477) | (1624812) | (757036) |
| Net realized and unrealized gain (loss) on investments | $(1790190) | $(2295314) | $(1071741) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(448606) | $(576613) | $(502989) |

---

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

Viking Mutual Funds \| July 31, 2025

**Statements of Changes in Net Assets –** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Kansas<br>Municipal<br>Fund | Maine<br>Municipal<br>Fund | Nebraska<br>Municipal<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $1707733 | $243693 | $989855 |
| Net realized gain (loss) from investment transactions | (1930596) | (308507) | (152501) |
| Net change in unrealized appreciation (depreciation) of investments | (970573) | (81256) | (1534174) |
| Net increase (decrease) in net assets resulting from operations | $(1193436) | $(146070) | $(696820) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(1487268) | $(238683) | $(874019) |
| Distributions - Class I | (219872) | (4678) | (115774) |
| Total distributions | $(1707140) | $(243361) | $(989793) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $1606250 | $54150 | $2171315 |
| Proceeds from sale of shares - Class I | 948779 | 43800 | 1962461 |
| Proceeds from reinvested dividends - Class A | 1374509 | 209064 | 764410 |
| Proceeds from reinvested dividends - Class I | 112691 | 4672 | 105530 |
| Cost of shares redeemed - Class A | (8108149) | (1355696) | (5889257) |
| Cost of shares redeemed - Class I | (570884) | (6130) | (1180761) |
| Net increase (decrease) in net assets resulting from capital share transactions | $(4636804) | $(1050140) | $(2066302) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(7537380) | $(1439571) | $(3752915) |
| **NET ASSETS, BEGINNING OF PERIOD** | 58832362 | 8543735 | 32715160 |
| **NET ASSETS, END OF PERIOD** | $51294982 | $7104164 | $28962245 |

---

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

Viking Mutual Funds \| July 31, 2025

**Statements of Changes in Net Assets** (continued) **–** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Oklahoma<br>Municipal<br>Fund |<br>Tax-Free<br>Fund For MT |<br>Tax-Free<br>Fund For ND |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $1341584 | $1718701 | $568752 |
| Net realized gain (loss) from investment transactions | 34287 | (670502) | (314705) |
| Net change in unrealized appreciation (depreciation) of investments | (1824477) | (1624812) | (757036) |
| Net increase (decrease) in net assets resulting from operations | $(448606) | $(576613) | $(502989) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(1254296) | $(1384191) | $(525118) |
| Distributions - Class I | (86155) | (332613) | (42662) |
| Total distributions | $(1340451) | $(1716804) | $(567780) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $1855822 | $4539253 | $1127387 |
| Proceeds from sale of shares - Class I | 762733 | 2061871 | 506704 |
| Proceeds from reinvested dividends - Class A | 1198607 | 1161392 | 476697 |
| Proceeds from reinvested dividends - Class I | 44468 | 216482 | 37556 |
| Cost of shares redeemed - Class A | (6961554) | (11149390) | (4784715) |
| Cost of shares redeemed - Class I | (378633) | (1572531) | (226098) |
| Net increase (decrease) in net assets resulting from capital share transactions | $(3478557) | $(4742923) | $(2862469) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(5267614) | $(7036340) | $(3933238) |
| **NET ASSETS, BEGINNING OF PERIOD** | 44975357 | 60712542 | 20631443 |
| **NET ASSETS, END OF PERIOD** | $39707743 | $53676202 | $16698205 |

---

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

Viking Mutual Funds \| July 31, 2025

**Statements of Changes in Net Assets –** *for the year ended July 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | Kansas<br>Municipal<br>Fund | Maine<br>Municipal<br>Fund | Nebraska<br>Municipal<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $1588489 | $278630 | $970754 |
| Net realized gain (loss) from investment transactions | (1418676) | (522388) | (1766043) |
| Net change in unrealized appreciation (depreciation) of investments | 1107911 | 523179 | 1385521 |
| Net increase (decrease) in net assets resulting from operations | $1277724 | $279421 | $590232 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions – Class A | $(1384581) | $(272093) | $(870091) |
| Distributions – Class I | (200706) | (6354) | (100668) |
| Total distributions | $(1585287) | $(278447) | $(970759) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares – Class A | $4580837 | $2239131 | $1431857 |
| Proceeds from sale of shares – Class I | 1355397 | 85426 | 472715 |
| Proceeds from reinvested dividends – Class A | 1252547 | 235118 | 763613 |
| Proceeds from reinvested dividends – Class I | 106170 | 5686 | 95371 |
| Cost of shares redeemed – Class A | (8988840) | (3872822) | (5293943) |
| Cost of shares redeemed – Class I | (2597563) | (485032) | (1257565) |
| Net increase (decrease) in net assets resulting from capital share transactions | $(4291452) | $(1792493) | $(3787952) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(4599015) | $(1791519) | $(4168479) |
| **NET ASSETS, BEGINNING OF PERIOD** | 63431377 | 10335254 | 36883639 |
| **NET ASSETS, END OF PERIOD** | $58832362 | $8543735 | $32715160 |

---

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

Viking Mutual Funds \| July 31, 2025

**Statements of Changes in Net Assets** (continued) **–** *for the year ended July 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | Oklahoma<br>Municipal<br>Fund |<br>Tax-Free<br>Fund For MT |<br>Tax-Free<br>Fund For ND |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $1360987 | $1773178 | $588233 |
| Net realized gain (loss) from investment transactions | (2061584) | (1136220) | (2108337) |
| Net change in unrealized appreciation (depreciation) of investments | 1685522 | 674698 | 1741216 |
| Net increase (decrease) in net assets resulting from operations | $984925 | $1311656 | $221112 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions – Class A | $(1264029) | $(1449776) | $(545000) |
| Distributions – Class I | (95906) | (321226) | (42241) |
| Total distributions | $(1359935) | $(1771002) | $(587241) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares – Class A | $1525226 | $6628957 | $1456920 |
| Proceeds from sale of shares – Class I | 507054 | 1602421 | 237716 |
| Proceeds from reinvested dividends – Class A | 1205358 | 1237759 | 485112 |
| Proceeds from reinvested dividends – Class I | 51667 | 220754 | 37565 |
| Cost of shares redeemed – Class A | (11016639) | (11937774) | (4873610) |
| Cost of shares redeemed – Class I | (1580671) | (3092740) | (388799) |
| Net increase (decrease) in net assets resulting from capital share transactions | $(9308005) | $(5340623) | $(3045096) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(9683015) | $(5799969) | $(3411225) |
| **NET ASSETS, BEGINNING OF PERIOD** | 54658372 | 66512511 | 24042668 |
| **NET ASSETS, END OF PERIOD** | $44975357 | $60712542 | $20631443 |

---

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

Viking Mutual Funds \| July 31, 2025

**Notes to Financial Statements**

**NOTE 1: Organization**

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

The Kansas Municipal Fund ("KS Muni Fund"), Maine Municipal Fund ("ME Muni Fund"), Nebraska Municipal Fund ("NE Muni Fund"), Oklahoma Municipal Fund ("OK Muni Fund"), Viking Tax-Free Fund for Montana ("Tax-Free Fund for MT"), and Viking Tax-Free Fund for North Dakota ("Tax-Free Fund for ND") 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. KS Muni Fund and OK Muni Fund are diversified Funds. ME Muni Fund, NE Muni Fund, Tax-Free Fund for MT and Tax Free Fund for ND are non-diversified Funds.

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

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers of the Funds, and the Principal Executive Officer and the Principal Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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**—The Funds value their investments at fair value. 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. 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' Schedules of Investments. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Contingent deferred sales charge**—In the case of investments into the Funds of $200,000 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).

Viking Mutual Funds \| July 31, 2025

**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 July 31, 2025, 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 ended July 31, 2025, the Funds did not incur any interest or penalties.

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

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

**Cash and cash equivalents**— The Funds consider investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

**Security transactions, investment income, expenses and distributions**—Income and expenses are recorded on an accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification basis. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America ("GAAP").

**Use of estimates**—The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase (decrease) in net assets during the reporting period. Actual results could differ from those estimates.

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

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

**NOTE 3: Fair Value Measurements**

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The following is a summary of the inputs used to value the Funds' investments as of July 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **KS Muni Fund** | Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $49612083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $49612083 |
|  | Total | $– | $49612083 | $– | $49612083 |
| **ME Muni Fund** | Municipal Bonds | $– | $6222910 | $– | $6222910 |
|  | Total | $– | $6222910 | $– | $6222910 |
| **NE Muni Fund** | Municipal Bonds | $– | $28200974 | $– | $28200974 |
|  | Total | $– | $28200974 | $– | $28200974 |
| **OK Muni Fund** | Municipal Bonds | $– | $38695564 | $– | $38695564 |
|  | Total | $– | $38695564 | $– | $38695564 |
| **Tax-Free Fund for MT** | Municipal Bonds | $– | $52374832 | $– | $52374832 |
|  | Total | $– | $52374832 | $– | $52374832 |
| **Tax-Free Fund for ND** | Municipal Bonds | $– | $15053289 | $– | $15053289 |
|  | Total | $– | $15053289 | $– | $15053289 |

---

The Funds did not hold any Level 3 assets during the year ended July 31, 2025.

Viking Mutual Funds \| July 31, 2025

**NOTE 4: Investment Transactions**

Purchases and sales of investment securities (excluding short-term securities) for the year ended July 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | KS Muni<br>Fund | ME Muni<br>Fund | NE Muni<br>Fund | OK Muni<br>Fund | Tax-Free<br>Fund for MT | Tax-Free<br>Fund for ND |
| Purchases | $23180738 | $1356345 | $9453827 | $11954103 | $12793538 | $3962254 |
| Sales | $28322124 | $2897249 | $12004839 | $14286438 | $17208968 | $8443327 |

---

**NOTE 5: Capital Share Transactions**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended 7/31/2025: | KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free |
| <u>Class A</u> | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND |
| Shares sold | 168402 | 5743 | 238870 | 177772 | 503094 | 128679 |
| Shares issued from reinvestments | 144804 | 22340 | 83260 | 114884 | 128809 | 54370 |
| Shares redeemed | (855415) | (146000) | (637881) | (665156) | (1235124) | (544084) |
| Net increase (decrease) | (542209) | (117917) | (315751) | (372500) | (603221) | (361035) |
| <u>Class I</u> |  |  |  |  |  |  |
| Shares sold | 98953 | 4687 | 214481 | 72223 | 229161 | 59327 |
| Shares issued from reinvestments | 11861 | 500 | 11511 | 4264 | 24017 | 4281 |
| Shares redeemed | (59766) | (663) | (129177) | (36021) | (174721) | (25426) |
| Net increase (decrease) | 51048 | 4524 | 96815 | 40466 | 78457 | 38182 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended 7/31/2024: | KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free |
| <u>Class A</u> | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND |
| Shares sold | 474622 | 233219 | 152556 | 144178 | 733029 | 162427 |
| Shares issued from reinvestments | 129956 | 24827 | 81675 | 114635 | 136089 | 54034 |
| Shares redeemed | (930720) | (407788) | (566758) | (1053955) | (1308655) | (548837) |
| Net increase (decrease) | (326142) | (149742) | (332527) | (795142) | (439537) | (332376) |
| <u>Class I</u> |  |  |  |  |  |  |
| Shares sold | 141598 | 8879 | 50330 | 47263 | 174704 | 26032 |
| Shares issued from reinvestments | 11014 | 603 | 10208 | 4907 | 24271 | 4184 |
| Shares redeemed | (269066) | (51054) | (134548) | (149463) | (337967) | (42960) |
| Net increase (decrease) | (116454) | (41572) | (74010) | (97293) | (138992) | (12744) |

---

Viking Mutual Funds \| July 31, 2025

**NOTE 6: Income Tax Information**

At July 31, 2025, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | KS Muni<br>Fund | ME Muni<br>Fund | NE Muni<br>Fund | OK Muni<br>Fund | Tax-Free<br>Fund for MT | Tax-Free<br>Fund for ND |
| Investments at cost | $51192773 | $6467886 | $29372249 | $40015537 | $53985865 | $15733546 |
| Unrealized appreciation | $134663 | $12102 | $71069 | $139380 | $79956 | $64054 |
| Unrealized depreciation | (1715353) | (257078) | (1242344) | (1459353) | (1690989) | (744311) |
| Net unrealized appreciation/ (depreciation)\* | $(1580690) | $(244976) | $(1171275) | $(1319973) | $(1611033) | $(680257) |

---

\*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales.

The tax character of distributions were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | KS Muni | ME Muni | NE Muni | OK Muni | Tax-Free | Tax-Free |
| Year ended 7/31/2025: | Fund | Fund | Fund | Fund | Fund for MT | Fund for ND |
| Tax-exempt Income | $1706612 | $243439 | $987776 | $1340727 | $1716894 | $567761 |
| Taxable Income | - | - | - | - | - | - |
| Total Income | $1706612 | $243439 | $987776 | $1340727 | $1716894 | $567761 |
| Year ended 7/31/2024: |  |  |  |  |  |  |
| Tax-exempt Income | $1565459 | $270721 | $956698 | $1349433 | $1746890 | $581255 |
| Taxable Income | 21399 | 8520 | 13185 | 11429 | 15603 | 6804 |
| Total Income | $1586858 | $279241 | $969883 | $1360862 | $1762493 | $588059 |

---

As of July 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | KS Muni<br>Fund | ME Muni<br>Fund | NE Muni<br>Fund | OK Muni<br>Fund | Tax-Free<br>Fund for MT | Tax-Free<br>Fund for ND |
| Undistributed tax-exempt income | $19312 | $2451 | $11385 | $7878 | $28056 | $5198 |
| Distributions payable | (19304) | (2419) | (11390) | (7870) | (27946) | (5226) |
| Capital loss carryforward | (7468185) | (1550571) | (5442582) | (6872486) | (9648547) | (4346452) |
| Unrealized appreciation/(depreciation)\* | (1580690) | (244976) | (1171275) | (1319973) | (1611033) | (680257) |
| Total accumulated earnings/(deficit) | $(9048867) | $(1795515) | $(6613862) | $(8192451) | $(11259470) | $(5026737) |

---

The Funds' capital loss carryforward amounts as of July 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | KS Muni<br>Fund | ME Muni<br>Fund | NE Muni<br>Fund | OK Muni<br>Fund | Tax-Free<br>Fund for MT | Tax-Free<br>Fund for ND |
| Non-expiring S-T losses | $1775499 | $495384 | $1278125 | $1455998 | $3144364 | $1000422 |
| Non-expiring L-T losses | 5692686 | 1055187 | 4164457 | 5416488 | 6504183 | 3346030 |
| **Total** | $7468185 | $1550571 | $5442582 | $6872486 | $9648547 | $4346452 |
| Capital loss carryforward utilized | $- | $- | $- | $34287 | $- | $- |

---

There were no reclassifications between distributable earnings (accumulated losses) and paid-in capital for the Funds for the year ended July 31, 2025.

**NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates**

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

Viking Mutual Funds \| July 31, 2025

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. The Funds' pay investment advisory fees to VFM on a monthly basis. VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses, taxes, brokerage fees, commissions, and acquired fund fees and expenses, until November 29, 2025 so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2025, 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 7/31/2025 | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 |
|  | Advisory Fees | Waived | Reimb. | Advisory | Waived | Reimb. |
| KS Muni Fund | $279652 | $107540 | $- | $22018 | $8283 | $- |
| ME Muni Fund | $40156 | $40156 | $28159 | $3039 | $3039 | $3575 |
| NE Muni Fund | $150801 | $82837 | $- | $12313 | $6705 | $- |
| OK Muni Fund | $210753 | $94893 | $- | $16984 | $7483 | $- |
| Tax-Free Fund for MT | $286466 | $108365 | $- | $22937 | $8319 | $- |
| Tax-Free Fund for ND | $90917 | $72734 | $- | $7122 | $6048 | $- |

---

VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund's current expense limitation. As of July 31, 2025, the following amounts are available to be repaid to VFM.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 7/31/2026<br> Amount | 7/31/2027<br> Amount | 07/31/2028<br> Amount | Total |
| KS Muni Fund | $125158 | $122198 | $107540 | $354896 |
| ME Muni Fund | $58758 | $57713 | $68315 | $184786 |
| NE Muni Fund | $100193 | $88798 | $82837 | $271828 |
| OK Muni Fund | $115141 | $99757 | $94893 | $309791 |
| Tax-Free Fund for MT | $133646 | $119811 | $108365 | $361822 |
| Tax Free Fund for ND | $76459 | $69819 | $72734 | $219012 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Payable<br> 7/31/2025 |
|  | Sales Charges | CDSC | Distribution<br> Fees | Distribution<br> Fees |
| KS Muni Fund - A | $10451 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $123082 | $9570 |
| ME Muni Fund - A | $871 | $- | $19724 | $1486 |
| NE Muni Fund - A | $6550 | $- | $67155 | $5378 |
| OK Muni Fund - A | $13319 | $- | $99079 | $7941 |
| Tax-Free Fund for MT - A | $8665 | $101 | $117316 | $9237 |
| Tax-Free Fund for ND - A | $159 | $- | $42283 | $3220 |

---

IFS acts as the Funds' transfer agent for a monthly variable fee equal to 0.12% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds' average daily net assets on an annual basis plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses and an additional fee of $500 per month for each additional share class. Sub-transfer agent out-of-pocket expenses are included in the transfer agent fees below and in the transfer agent out-of-pocket balance on the Statements of Operations.

IFS also acts as the Funds' administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds' average daily net assets on an annual basis and an additional fee of $1,000 per month for each additional share class plus reimbursement of out-of-pocket expenses. Commencing on November 30, 2024, IFS also charges a $2,500 annual fee for tailored shareholder reporting plus an additional fee of $750 per year for each share class. Certain Officers of the Funds are also Officers and Governors of IFS.

Viking Mutual Funds \| July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 |
|  | Transfer<br>Agency Fees | Admin.<br>Service Fees | Transfer<br>Agency Fees | Admin.<br>Service Fees |
| KS Muni Fund | $79804 | $116966 | $7230 | $9562 |
| ME Muni Fund | $17040 | $49907 | $1451 | $4248 |
| NE Muni Fund | $46330 | $80887 | $4109 | $6845 |
| OK Muni Fund | $60523 | $97674 | $5344 | $8153 |
| Tax-Free Fund for MT | $80939 | $118874 | $7070 | $9820 |
| Tax-Free Fund for ND | $30543 | $64120 | $3192 | $5392 |

---

**NOTE 8: Principal Risks**

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

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

**NOTE 9: Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Kansas Municipal Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.70 | $9.75 | $10.17 | $11.08 | $11.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.29 | $0.25 | $0.22 | $0.18 | $0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.50) | (0.05) | (0.42) | (0.91) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.21) | $0.20 | $(0.20) | $(0.73) | $0.12 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.29) | $(0.25) | $(0.22) | $(0.18) | $(0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.29) | $(0.25) | $(0.22) | $(0.18) | $(0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $9.20 | $9.70 | $9.75 | $10.17 | $11.08 |
| Total Return (excludes any applicable sales charge) | (2.23)% | 2.09% | (1.98)% | (6.62)% | 1.05% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $44535 | $52202 | $55633 | $60816 | $70686 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.17% | 1.18% | 1.17% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.02% | 2.59% | 2.21% | 1.75% | 1.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 42.15% | 29.19% | 33.60% | 15.28% | 4.30% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Kansas Municipal Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.71 | $9.75 | $10.17 | $11.08 | $11.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.31 | $0.27 | $0.24 | $0.20 | $0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.50) | (0.04) | (0.42) | (0.91) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.19) | $0.23 | $(0.18) | $(0.71) | $0.14 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.31) | $(0.27) | $(0.24) | $(0.20) | $(0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.31) | $(0.27) | $(0.24) | $(0.20) | $(0.21) |
| **NET ASSET VALUE, END OF PERIOD** | $9.21 | $9.71 | $9.75 | $10.17 | $11.08 |
| Total Return (excludes any applicable sales charge) | (1.98)% | 2.45% | (1.74)% | (6.38)% | 1.30% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $6760 | $6630 | $7798 | $10443 | $10503 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 0.92% | 0.93% | 0.92% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.27% | 2.84% | 2.46% | 1.97% | 1.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 42.15% | 29.19% | 33.60% | 15.28% | 4.30% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Maine Municipal Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.52 | $9.49 | $9.87 | $10.89 | $10.97 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.28 | $0.25 | $0.21 | $0.18 | $0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.46) | 0.03 | (0.38) | (1.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.18) | $0.28 | $(0.17) | $(0.84) | $0.11 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.28) | $(0.25) | $(0.21) | $(0.18) | $(0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.28) | $(0.25) | $(0.21) | $(0.18) | $(0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $9.06 | $9.52 | $9.49 | $9.87 | $10.89 |
| Total Return (excludes any applicable sales charge) | (1.90)% | 3.05% | (1.74)% | (7.74)% | 1.00% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $6946 | $8421 | $9818 | $10908 | $13477 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.83% | 1.54% | 1.53% | 1.46% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.03% | 2.69% | 2.16% | 1.76% | 1.73% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18.05% | 69.10% | 0.00% | 9.66% | 15.80% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Maine Municipal Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.52 | $9.49 | $9.87 | $10.89 | $10.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.31 | $0.28 | $0.23 | $0.21 | $0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.45) | 0.03 | (0.38) | (1.02) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.14) | $0.31 | $(0.15) | $(0.81) | $0.13 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.31) | $(0.28) | $(0.23) | $(0.21) | $(0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.31) | $(0.28) | $(0.23) | $(0.21) | $(0.22) |
| **NET ASSET VALUE, END OF PERIOD** | $9.07 | $9.52 | $9.49 | $9.87 | $10.89 |
| Total Return (excludes any applicable sales charge) | (1.55)% | 3.30% | (1.50)% | (7.52)% | 1.16% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $158 | $123 | $517 | $602 | $973 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.60% | 1.29% | 1.28% | 1.21% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.28% | 2.94% | 2.41% | 2.01% | 1.98% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18.05% | 69.10% | 0.00% | 9.66% | 15.80% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Nebraska Municipal Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.38 | $9.47 | $9.81 | $10.64 | $10.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.30 | $0.26 | $0.19 | $0.15 | $0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.52) | (0.09) | (0.34) | (0.83) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.22) | $0.17 | $(0.15) | $(0.68) | $0.04 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.30) | $(0.26) | $(0.19) | $(0.15) | $(0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.30) | $(0.26) | $(0.19) | $(0.15) | $(0.17) |
| **NET ASSET VALUE, END OF PERIOD** | $8.86 | $9.38 | $9.47 | $9.81 | $10.64 |
| Total Return (excludes any applicable sales charge) | (2.41)% | 1.87% | (1.56)% | (6.39)% | 0.38% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $25303 | $29749 | $33188 | $49780 | $55363 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.25% | 1.24% | 1.20% | 1.17% | 1.18% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.26% | 2.81% | 1.93% | 1.51% | 1.59% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 32.31% | 79.45% | 19.33% | 26.33% | 8.21% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Nebraska Municipal Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.37 | $9.47 | $9.81 | $10.63 | $10.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.32 | $0.29 | $0.21 | $0.18 | $0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.51) | (0.10) | (0.34) | (0.82) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.19) | $0.19 | $(0.13) | $(0.64) | $0.07 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.32) | $(0.29) | $(0.21) | $(0.18) | $(0.20) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.32) | $(0.29) | $(0.21) | $(0.18) | $(0.20) |
| **NET ASSET VALUE, END OF PERIOD** | $8.86 | $9.37 | $9.47 | $9.81 | $10.63 |
| Total Return (excludes any applicable sales charge) | (2.07)% | 2.02% | (1.32)% | (6.07)% | 0.63% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $3659 | $2966 | $3695 | $2520 | $2495 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.00% | 0.99% | 0.95% | 0.92% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.51% | 3.06% | 2.18% | 1.76% | 1.84% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 32.31% | 79.45% | 19.33% | 26.33% | 8.21% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Oklahoma Municipal Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.59 | $10.64 | $11.02 | $12.14 | $12.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.33 | $0.29 | $0.23 | $0.17 | $0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.44) | (0.05) | (0.38) | (1.12) | 0.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.11) | $0.24 | $(0.15) | $(0.95) | $0.24 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.33) | $(0.29) | $(0.23) | $(0.17) | $(0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.33) | $(0.29) | $(0.23) | $(0.17) | $(0.18) |
| **NET ASSET VALUE, END OF PERIOD** | $10.15 | $10.59 | $10.64 | $11.02 | $12.14 |
| Total Return (excludes any applicable sales charge) | (1.07)% | 2.33% | (1.34)% | (7.88)% | 2.03% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $37118 | $42700 | $51337 | $61402 | $77021 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.21% | 1.18% | 1.18% | 1.15% | 1.14% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.17% | 2.77% | 2.16% | 1.45% | 1.51% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 29.22% | 69.12% | 22.50% | 38.98% | 11.13% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Oklahoma Municipal Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.60 | $10.65 | $11.03 | $12.15 | $12.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.36 | $0.32 | $0.26 | $0.20 | $0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.45) | (0.05) | (0.38) | (1.12) | 0.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.09) | $0.27 | $(0.12) | $(0.92) | $0.27 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.36) | $(0.32) | $(0.26) | $(0.20) | $(0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.36) | $(0.32) | $(0.26) | $(0.20) | $(0.21) |
| **NET ASSET VALUE, END OF PERIOD** | $10.15 | $10.60 | $10.65 | $11.03 | $12.15 |
| Total Return (excludes any applicable sales charge) | (0.92)% | 2.59% | (1.09)% | (7.64)% | 2.29% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $2590 | $2275 | $3321 | $3216 | $4970 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 0.95% | 0.93% | 0.93% | 0.90% | 0.89% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.42% | 3.02% | 2.41% | 1.70% | 1.76% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 29.22% | 69.12% | 22.50% | 38.98% | 11.13% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Viking Tax-Free Fund For Montana, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.15 | $9.22 | $9.51 | $10.34 | $10.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.27 | $0.25 | $0.22 | $0.17 | $0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.37) | (0.07) | (0.29) | (0.83) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.10) | $0.18 | $(0.07) | $(0.66) | $0.16 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.27) | $(0.25) | $(0.22) | $(0.17) | $(0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.27) | $(0.25) | $(0.22) | $(0.17) | $(0.17) |
| **NET ASSET VALUE, END OF PERIOD** | $8.78 | $9.15 | $9.22 | $9.51 | $10.34 |
| Total Return (excludes any applicable sales charge) | (1.16)% | 1.98% | (0.76)% | (6.46)% | 1.57% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $43150 | $50466 | $54906 | $65357 | $79710 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.17% | 1.17% | 1.17% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 2.96% | 2.72% | 2.33% | 1.68% | 1.65% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22.82% | 31.96% | 16.20% | 26.78% | 12.00% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Viking Tax-Free Fund For Montana, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $9.15 | $9.22 | $9.51 | $10.34 | $10.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.29 | $0.27 | $0.24 | $0.19 | $0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.37) | (0.07) | (0.29) | (0.83) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.08) | $0.20 | $(0.05) | $(0.64) | $0.19 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.29) | $(0.27) | $(0.24) | $(0.19) | $(0.20) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.29) | $(0.27) | $(0.24) | $(0.19) | $(0.20) |
| **NET ASSET VALUE, END OF PERIOD** | $8.78 | $9.15 | $9.22 | $9.51 | $10.34 |
| Total Return (excludes any applicable sales charge) | (0.92)% | 2.23% | (0.51)% | (6.21)% | 1.82% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $10526 | $10247 | $11607 | $15776 | $18055 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 0.92% | 0.92% | 0.92% | 0.89% | 0.88% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.21% | 2.97% | 2.58% | 1.93% | 1.90% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 22.82% | 31.96% | 16.20% | 26.78% | 12.00% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Viking Tax-Free Fund For North Dakota, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.99 | $9.11 | $9.51 | $10.36 | $10.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.27 | $0.24 | $0.19 | $0.16 | $0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.52) | (0.12) | (0.40) | (0.85) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.25) | $0.12 | $(0.21) | $(0.69) | $0.16 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.27) | $(0.24) | $(0.19) | $(0.16) | $(0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.27) | $(0.24) | $(0.19) | $(0.16) | $(0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $8.47 | $8.99 | $9.11 | $9.51 | $10.36 |
| Total Return (excludes any applicable sales charge) | (2.81)% | 1.35% | (2.18)% | (6.70)% | 1.57% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $15097 | $19274 | $22552 | $27459 | $30747 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.38% | 1.30% | 1.28% | 1.23% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.11% | 2.67% | 2.08% | 1.63% | 1.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23.04% | 55.91% | 12.19% | 22.82% | 22.02% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Financial Highlights**

Viking Tax-Free Fund For North Dakota, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.99 | $9.11 | $9.51 | $10.36 | $10.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.30 | $0.26 | $0.21 | $0.19 | $0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.52) | (0.12) | (0.40) | (0.85) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $(0.22) | $0.14 | $(0.19) | $(0.66) | $0.19 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.30) | $(0.26) | $(0.21) | $(0.19) | $(0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.30) | $(0.26) | $(0.21) | $(0.19) | $(0.22) |
| **NET ASSET VALUE, END OF PERIOD** | $8.47 | $8.99 | $9.11 | $9.51 | $10.36 |
| Total Return (excludes any applicable sales charge) | (2.57)% | 1.61% | (1.94)% | (6.46)% | 1.83% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $1602 | $1357 | $1491 | $1631 | $2069 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.13% | 1.05% | 1.03% | 0.98% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.36% | 2.92% | 2.33% | 1.88% | 2.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23.04% | 55.91% | 12.19% | 22.82% | 22.02% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

<sup>(3)</sup> This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers.

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

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

Viking Mutual Funds \| July 31, 2025

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with Cohen during the period covered by the report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies**

As of July 31, 2025, Trustees who are not considered to be "interested persons," as that term is defined in the 1940 Act, of Viking Mutual Funds (the "Independent Trustees") are paid an annual fee of $30,500 for service as trustee on the boards of the trusts in the Fund Complex (the Registrant and The Integrity Funds). In addition, each Independent Trustee is entitled to receive a fee of $3,500 for attendance at each meeting of the Board of Trustees (whether attendance is telephonic or in person) that is not on the regular Board of Trustees meeting schedule. For the fiscal year ended July 31, 2025, the aggregate remuneration paid by the Trust to the Independent Trustees was $23,960. In addition, for the fiscal year ended July 31, 2025, Brent M. Wheeler was paid by the Trust an aggregate amount of $26,810 for service to the Fund Complex as Mutual Fund Chief Compliance Officer.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

There were no approvals or renewals of investment advisory contracts during the most recent fiscal half-year.

**Item 12. Disclosures of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers for Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities for Closed-End Management Investment Companies**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees in the last fiscal half-year.

**Item 16. Controls and Procedures**

(a) Based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the "Report"), the Registrant's principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) 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 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Viking Mutual Funds \| July 31, 2025

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recover of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

---

| | | |
|:---|:---|:---|
| (a) | (1) | [The Registrant's code of ethics filed pursuant to Item 2 of the N-CSR is filed and attached hereto.](ea0257898-01_ex99codeeth.htm) |
|  | (2) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257898-01_ex99cert.htm) |
|  | (3) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257898-01_ex99906cert.htm) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257898-01_ex99906cert.htm) |

---

Viking Mutual Funds \| July 31, 2025

**Signatures**

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

---

| | |
|:---|:---|
| **Viking Mutual Funds** | **Viking Mutual Funds** |
| By: | /s/ Shannon D. Radke |
|  | Shannon D. Radke |
|  | Principal Executive Officer |

---

September 29, 2025

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

---

| | |
|:---|:---|
| By: | /s/ Shannon D. Radke |
|  | Shannon D. Radke |
|  | Principal Executive Officer |

---

September 29, 2025

---

| | |
|:---|:---|
| By: | /s/ Shelly Nahrstedt |
|  | Shelly Nahrstedt |
|  | Principal Financial Officer |

---

September 29, 2025

Viking Mutual Funds \| July 31, 2025

## Ex-99.Code

**Exhibit 99.CODE ETH**

INTEGRITY VIKING FUNDS

CODE OF ETHICS

AND

STATEMENT ON INSIDER TRADING

CODE OF ETHICS

INTEGRITY VIKING FUNDS

Rule 17j-1 (the "Rule") under the Investment Company Act of 1940 (the "Act") requires registered investment companies ("investment companies") and their investment advisers, sub-advisers and principal underwriters to adopt written codes of ethics designed to prevent fraudulent trading by those persons covered under the Rule. The Rule also makes it unlawful for certain persons, including any officer or director of an investment company, in connection with the purchase or sale by such person of a security held or to be acquired by an investment company to:

(1) employ any device, scheme or artifice to defraud the investment company;

(2) make to the investment company any untrue statement of a material fact or omit to state to the investment company a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

(3) engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the investment company; or

(4) engage in any manipulative practice with respect to the investment company.

The Rule also requires that each investment company and its affiliates use reasonable diligence and institute procedures reasonably necessary to prevent violations of its code of ethics.

In addition to the Rule, the Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires that all investment advisers and broker-dealers establish, maintain, and enforce written policies and procedures designed to detect and prevent the misuse of material nonpublic information by such investment adviser and/or broker- dealer. Section 204A of the Investment Advisers Act of 1940 (the "Advisers Act") states that an investment adviser must adopt and disseminate written policies with respect to ITSFEA, and an investment adviser must also vigilantly review, update, and enforce them. Section 204A provides that every person subject to Section 204 of the Advisers Act shall be required to establish procedures to prevent insider trading.

Rule 204A-1 under the Investment Advisers Act of 1940 ("the Advisers Act"), which is effective February 1, 2005, requires registered investment advisers and sub-advisers to adopt written codes of ethics designed to prevent fraudulent trading by those persons covered under the Rule.

Attached to this Code of Ethics ("Code") as Exhibit A is a Statement on Insider Trading. Any investment adviser who acts as such for the Fund and any broker-dealer who acts as the principal underwriter for the Fund must comply with the policy and procedures outlined in the Statement on Insider Trading unless such investment adviser or principal underwriter has adopted a similar policy and procedures with respect to insider trading, which are determined by the Fund's Board to comply with ITSFEA's requirements.

This Code is being adopted by the Fund (1) for implementation with respect to covered persons of the Fund and (2) for implementation by each "investment adviser" to the Fund as that term is defined in the Act (each such investment adviser being deemed an "investment adviser" for purposes of this Code) and for each principal underwriter ("Principal Underwriter") for the Fund unless such Investment Adviser or Principal Underwriter has adopted a code of ethics and plan of implementation thereof which is determined by the Fund's Board to comply with the requirements of the Rule and to be sufficient to effectuate the purpose and objectives of the Rule.

The personal trading activity by access persons of unaffiliated sub-advisers shall be governed by the Code of Ethics and Statement on Insider Trading of the applicable sub- adviser, provided that each such sub-adviser's Code of Ethics meet the requirements of Rule 17j-1 under the 1940 Act, is in the best interests of the shareholders and is determined by the Fund's Board to comply with the requirements of the Rule and to be sufficient to effectuate the purpose and objectives of the Rule.

STATEMENT OF GENERAL PRINCIPLES

This Code is based on the principle that the officers, directors/trustees, and employees of the Fund and the officers, governors, and employees of the Fund's investment adviser owe a fiduciary duty to the shareholders of the Fund and, therefore, the Fund's and investment adviser's personnel must place the shareholders' interests ahead of their own. The Fund's and investment adviser's personnel must also avoid any conduct which could create a potential conflict of interest and must ensure that their personal securities transactions do not in any way interfere with the Fund's portfolio transactions and that they do not take inappropriate advantage of their positions. All persons covered by this Code must adhere to these general principles as well as the Code's specific provisions, procedures, and restrictions. In addition, all employees must comply with all other applicable federal securities laws.

DEFINITIONS

"Access Person" means any director/trustee, officer, employee, or Advisory Person of the Fund or those persons who have an active part in the management, portfolio selection, or underwriting functions of the Fund, or who, in the course of their normal duties, obtain prior information about the Fund's purchases or sales of securities (i.e. traders and analysts. The Access Persons of the firm are listed in Exhibit G.

"Advisory Person" With respect to an investment adviser, an Advisory Person means any governor, officer, general partner, or employee who, in connection with his/her regular functions or duties, makes, participates in, or obtains current information regarding the purchase or sale of a security by the Fund or whose functions relate to the making of any recommendations with respect to such purchases or sales, including any natural person in a control relationship to the Fund who obtains current information concerning recommendations made with regard to the purchase or sale of a security by the Fund. Under this definition, Advisory Person would include: (i) personnel with direct responsibility and authority to make investment decisions affecting a Fund (such as portfolio managers); (ii) personnel who provide information and advice to such portfolio managers (such as research/securities analysts); and (iii) personnel who assist in executing investment decisions for a Fund (such as traders).

For the purposes of this Code, an Advisory Person is also considered an Access Person.

"Non-Access Fund Personnel" are all other employees of Integrity Viking Funds not covered under any of the aforementioned classifications of personnel and, in most cases, do not have to pre-clear or report their security transactions.

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

"Board" means either the Board of Directors or the Board of Trustees, as the case may be, of the Fund.

"Fund" means any mutual fund or series of any mutual fund in the Integrity Viking Funds group, whether one or more funds or series of a Fund are involved.

"Portfolio Manager" means an employee of an investment adviser or sub-adviser entrusted with the direct responsibility and authority to make investment decisions affecting the Fund. The Portfolio Managers are listed in Exhibit H.

"Beneficial Ownership" is as defined in Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder which, generally speaking, encompass those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This includes:

(i) securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name, or otherwise, regardless of whether the securities are owned individually or jointly;

(ii) securities held in the name of a member of his or her immediate family sharing the same household;

(iii) securities held in the name of an investment club of which the person is a member;

(iv) securities held by a trustee, executor, administrator, custodian, or broker;

(v) securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general partner;

(vi) securities held by a corporation which can be regarded as a personal holding company of a person; and

(vii) securities recently purchased by a person and awaiting transfer into his or her name.

"Chief Compliance Officer" means a person appointed that title by the Board of Governors of the Investment Adviser pursuant to Rule 206(4)-7 under the Advisers Act or a person appointed that title by the Board of Directors/Trustees of a Fund pursuant to Rule 38a-1 under the Act and shall not include a Compliance Officer as defined herein.

"Covered Security" has the meaning set forth in Section 2(a) (36) of the Act, except that it does not include shares of registered open-end investment companies with the exception of the purchase and/or sale of fund shares of any of the Integrity Viking Funds, securities issued by the Government of the United States or by Federal agencies which are direct obligations of the United States, bankers' acceptances, bank certificates of deposits, and commercial paper. A future or an option on a future is deemed to be a security subject to this Code.

"Compliance Officer" means an employee of the Investment Adviser and/or Principal Underwriter of a Fund who has been appointed such position by the adviser or underwriter, but shall not include a Chief Compliance Officer as defined herein.

"Reportable Fund" means any Fund advised by the Investment Adviser, and any Fund whose Investment Adviser or Principal Underwriter is controlled by Corridor Investors, LLC, the parent company.

"Reportable Security" means any personal transaction in a covered security that must be reported to the Chief Compliance Officer of the Investment Adviser after execution of a trade (see Exhibit E for examples).

"Security Requiring Pre-clearance" means any personal transaction in a reportable covered security that must be pre-cleared by the Chief Compliance Officer of the Investment Adviser prior to execution of a trade (see Exhibit E for examples).

"Purchase or sale of a security" includes the writing of an option to purchase or sell a security.

A security is "being considered for purchase or sale" or is "being purchased or sold" when a recommendation to purchase or sell the security has been made by an investment adviser and such determination has been communicated to the Fund. With respect to the investment adviser making the recommendation, a security is being considered for purchase or sale when an officer, governor, or employee of such investment adviser seriously considers making such a recommendation.

Solely for purposes of this Code, any agent of the Fund charged with arranging the execution of a transaction is subject to the reporting requirements of this Code as to any such security as and from the time the security is identified to such agent as though such agent were an investment adviser hereunder.

Note: An officer or employee of the Fund or an investment adviser whose duties do not include the advisory functions described above, who does not have access to the advisory information contemplated above, and whose assigned place of employment is at a location where no investment advisory services are performed for the Fund is not an "Advisory Person" or an "Access Person" unless actual advance knowledge of a covered transaction is furnished to such person. Such personnel will be considered "Non-Access Fund Personnel" and will be subject to the requirements of this Code as such.

PROHIBITED TRANSACTIONS

Access Persons shall not engage in any act, practice, or course of conduct which would violate the provisions of the Rule set forth above. No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which, to his/her actual knowledge, at the time of such purchase or sale (i) is being considered for purchase or sale by the Fund, or (ii) is being purchased or sold by the Fund; except that the prohibitions of this section shall not apply to:

(1) purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control;

(2) purchases or sales which are nonvolitional on the part of either the Access Person or the Fund;

(3) purchases which are part of an automatic dividend reinvestment or other plan established by the Access Person prior to the time the security involved came within the purview of this Code;

(4) purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

(5) purchases or sales that are pre-cleared in writing and approved by the Chief Compliance Officer as (a) clearly not economically related to securities to be purchased or sold or held by the Fund and (b) not representing any danger of the abuses proscribed by Rule 17j-1 of the Act, but only after the prospective purchaser has identified to the Chief Compliance Officer all relevant factors of which he/she is aware of regarding any potential conflict between his/her transaction and securities held or to be held by the Fund.

PROHIBITED TRANSACTIONS BY ACCESS PERSONS

No Access Persons shall:

(a) acquire any securities in an initial public offering; or

(b) acquire securities in a private placement without prior written approval of the Chief Compliance Officer or other officer designated by the Board.

In considering a request to invest in a private placement, the Chief Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for the Fund and whether the opportunity is being offered to the Access Person by virtue of their position with the Fund. Should an Access Person be authorized to acquire securities through a private placement, they shall, in addition to reporting the transaction on the quarterly report to the Fund, disclose the interest in that investment to other Access Persons participating in that investment decision if and when they play a part in the Fund's subsequent consideration of an investment in that issuer. In such a case, the Fund's decision to purchase securities of that issuer will be subject to an independent review by an Access Person who has no personal interest in the issuer.

BLACKOUT PERIODS

No Access Person shall execute a securities transaction on a day during which the Fund has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, a Portfolio Manager is expressly prohibited from purchasing or selling a security within seven (7) calendar days before or after the Fund that he manages trades in that security.

The foregoing prohibition of personal transactions during the seven-day period following the execution of a transaction for the Fund shall not apply with respect to a security when the Portfolio Manager certifies in writing to the Chief Compliance Officer that the Fund's trading program in that security is complete. Each transaction authorized by the Chief Compliance Officer pursuant to this provision shall be reported to the Board by the Chief Compliance Officer at the Board's next regular meeting.

The prohibitions of this section shall not apply to:

(1) purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control if the person making the investment decision with respect to such account has no actual knowledge about the Fund's pending "buy" or "sell" order;

(2) purchases or sales which are nonvolitional on the part of either the Access Person or the Fund;

(3) purchases which are part of an automatic dividend reinvestment or other plan established by the Access Person prior to the time the security involved came within the purview of this Code; and

(4) purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

(5) purchases or sales that are pre-cleared in writing by the Chief Compliance Officer as (a) clearly not economically related to securities to be purchased or sold or held by the Fund and (b) not representing any danger of the abuses proscribed by Rule 17j-1 of the Act, but only after the prospective purchaser has identified to the Chief Compliance Officer all relevant factors of which he/she is aware of regarding any potential conflict between his/her transaction and securities held or to be held by the Fund.

PERSONAL INTEREST

No Advisory Person shall make a recommendation regarding the purchase or sale of a security for a Fund or participate in the discussions of the Portfolio Management Team with regard to the potential purchase or sale of a security for a Fund if that Advisory Person has a beneficial ownership interest in the same (or equivalent) securities of such issuer. Additionally, no Advisory Person shall place a portfolio trade for a Fund nor intentionally defer a recommendation to purchase or sell a portfolio security for purposes of personal gain.

SHORT-TERM TRADING

No Access Person shall profit from the purchase and sale or sale and purchase of the same (or equivalent) securities which are owned by the Fund or which are of a type suitable for purchase by the Fund within sixty (60) calendar days. Any profits realized on such short-term trades must be disgorged, and the profits will be paid to a charity selected by the Access Person and approved by the officers of the Fund. The Chief Compliance Officer or other officer designated by the Board may permit in writing exemptions to the prohibition of this section on a case-by-case basis when no abuse is involved and the equities of the circumstances support an exemption.

GIFTS

No Access Person shall accept a gift or other thing of more than one hundred dollars in value ("gift") from any person or entity that does business with or on behalf of the Fund if such gift is in relation to the business of the employer of the recipient of the gift. In addition, any Access Person who receives an unsolicited gift or a gift of an unclear status under this section shall promptly notify the Chief Compliance Officer and accept the gift only upon written approval of the Chief Compliance Officer.

SERVICE AS A DIRECTOR

No Access Person shall serve as a director of a publicly-traded company absent prior written authorization from the Fund Board based upon a determination that such board service would not be inconsistent with the interests of the Fund and its shareholders.

PRE-CLEARANCE AND REPORTING REQUIREMENTS

1. All Access Persons shall obtain prior authorization before executing a personal securities transaction in a Reportable Security requiring pre-clearance. Exhibit E attached to this Code provides a list of those securities that require pre-clearance. Access Persons must submit a Pre-clearance Form (Exhibit I) to the Chief Compliance Officer (or his designee), and the Chief Compliance Officer must give his authorization prior to an Access Person placing a purchase or sell order with a broker. Should the Chief Compliance Officer deny the request, he will give a reason for the denial. Approval of a request will remain valid for two (2) business days from the date of the approval.\*

\* The Board has determined that placement of a limit order constitutes a transaction requiring approval, and the limit order must be placed within two days from the date of approval. Implementation of a limit order in accordance with its approved terms is a ministerial act, which occurs in the future by the terms of the limit order and does not require approval. A change of terms in, or withdrawal of, a standing limit order is an investment decision for which clearance must be obtained.

2. All Access Persons shall instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. These documents will be utilized to monitor and maintain compliance with this Code.

3. Access Persons, other than directors/trustees and officers required to report their personal securities transactions to a registered investment adviser pursuant to Rule 204A-1 under the Advisers Act, as amended, shall submit quarterly transaction reports showing all transactions in reportable securities as defined herein in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership.

4. Each director/trustee who is not an "interested person" of the Fund as defined in the Act shall pre-clear and submit quarterly transaction reports as required under subparagraph 3 above, but only for transactions in reportable securities where at the time of the transaction the director knew, or in the ordinary course of fulfilling his/her official duties as a director/trustee should have known, that during the fifteen (15)-day period immediately preceding or following the date of the transaction by the director/trustee such security was purchased or sold by the Fund or was being considered for purchase or sale by the Fund or its investment adviser.

5. Every quarterly transaction report required to be made under subparagraphs 3 and 4 above shall be made not later than thirty (30) days after the end of the calendar quarter and shall cover all transactions during the quarter. The report shall contain the following information concerning any transaction required to be reported therein:

(a) the date of the transaction;

(b) the title and number of shares, and as applicable the exchange ticker symbol or CUSIP number;

(c) the principal dollar amount involved;

(d) the nature of the transaction (i.e. purchase, sale, or other type of acquisition or disposition);

(e) the price at which the transaction was effected;

(f) the name of the broker, dealer, or bank with or through whom the transaction was effected; and

(g) the date the report is submitted.

6. The Chief Compliance Officer shall identify all Access Persons and Non-Access Fund Personnel, who have a duty to make the reports required hereunder (as applicable), shall inform each such person of such duty, and shall receive and review all reports required hereunder.

7. Any employee or officer of a Fund or the Investment Adviser or Principal Underwriter of the Fund shall promptly report any violation he or she uncovers to the Chief Compliance Officer [Rule 204A-1(a)(4)]. The Chief Compliance Officer shall promptly report to the Fund's Board (a) any apparent violation of the prohibitions contained in this Code and (b) any reported transactions in a security which was purchased or sold by the Fund within fifteen (15) days before or after the date of the reported transaction.

9. This Code, a list of all persons required to make reports hereunder from time to time, a copy of each report made by Access Persons and Non-Access Fund Personnel (as applicable), each memorandum made by the Chief Compliance Officer hereunder, and a record of any violation hereof and any action taken as a result of such violation shall be maintained by the Investment Adviser or Fund as required under the Rule.

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| (a) | Initial Holdings Reports. |
|  | Upon the commencement of employment of a person who would be deemed to fall within the definition of "Access Person" (other than disinterested directors/trustees) that person must disclose all personal securities holdings to the Chief Compliance Officer. The Initial Holdings Report must be submitted to the Fund, investment adviser or principal underwriter no later than 10 days after the person becomes an access person, and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. |
| (b) | Annual Holdings Reports. |
|  | All Access Persons (other than disinterested directors/trustees) must report, on an annual basis, all personal securities holdings. The information included on the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the report is submitted. |
| (c) | Contents of Initial and Annual Holdings Reports. |
|  | Each holdings report must contain: |

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(i) the title and type of security, and as applicable the exchange ticker symbol or CUSIP number,

(ii) number of shares,

(iii) principal dollar amount of each reportable security in which the Access Person has any direct or indirect beneficial ownership;

(iv) the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

(v) the date the Access Person submits the report.

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| (d) | Annual Certification. |
|  | At least annually, all Access Persons and Non-Access Fund Personnel will be required to certify that they (a) have read and understand the Code; (b) recognize that they are subject to the requirements outlined therein; (c) have complied with the requirements of the Code; (d) have disclosed and reported all personal securities transactions involving reportable securities required to be disclosed; and |
| (e) | have disclosed all personal securities holdings. |

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| (e) | Annual Compliance Report. |
|  | The Chief Compliance Officer shall prepare an annual report to the Fund's Board. Such report shall (a) include a copy of the Fund's Code; (b) summarize existing procedures concerning personal investing and any changes in the Code's policies or procedures during the past year; (c) identify any violations of the Code; and (d) identify any recommended changes in existing restrictions, policies, or procedures based upon the Fund's experience under the Code, any evolving industry practices, or developments in applicable laws or regulations. |

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10. An Access Person need not submit:

(a) Any report with respect to securities held in accounts over which the Access Person had no direct or indirect influence or control; or

(b) A transaction report with respect to transactions effected pursuant to an automatic investment plan; or

(c) A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Investment Adviser holds in his or her records so long as the Investment Adviser receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

Exhibit A

STATEMENT ON INSIDER TRADING

The Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires that all investment advisers and broker-dealers establish, maintain, and enforce written policies and procedures designed to detect and prevent the misuse of material nonpublic information by such investment adviser and/or broker-dealer or any person associated with the investment adviser and/or broker-dealer.

Section 204A of the Investment Advisers Act of 1940 (the "Advisers Act") states that an investment adviser must adopt and disseminate written policies with respect to ITSFEA, and an investment adviser must also vigilantly review, update, and enforce them. Section 204A provides that every person subject to Section 204 of the Advisers Act shall be required to establish procedures to prevent insider trading.

Each investment adviser which acts as such for the Fund and each broker-dealer which acts as principal underwriter for the Fund has adopted the following policy, procedures, and supervisory procedures in addition the Fund's Code of Ethics. Throughout this document the investment advisers and principal underwriters collectively are called the "Providers".

SECTION I. POLICY

The purpose of this Section 1 is to familiarize the officers, trustees/governors, and employees of the Providers with issues concerning insider trading and to assist them in putting into context the policy and procedures on insider trading.

Policy Statement:

No person to whom this Statement on Insider Trading applies, including officers, trustees/governors, and employees, may trade, either personally or on behalf of others (such as mutual funds and private accounts managed by a Provider) while in the possession of material nonpublic information; nor may any officer, trustee/governor, or employee of a Provider communicate material nonpublic information to others in violation of the law. This conduct is frequently referred to as "insider trading". This policy applies to every officer, trustee/governor, and employee of a Provider and extends to activities within and outside their duties as a Provider. It covers not only personal transactions of covered persons, but also indirect trading by family, friends, and others or the nonpublic distribution of inside information from you to others. Every officer, trustee/governor, and employee must read and retain a copy of this policy statement. Any questions regarding the policy and procedures should be referred to the Chief Compliance Officer.

The term "insider trading" is not defined in the Federal securities laws but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or the communications of material nonpublic information to others who may then seek to benefit from such information.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

(a) trading by an insider, while in possession of material nonpublic information, or

(b) trading by a non-insider, while in the possession of material nonpublic information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

(c) communicating material nonpublic information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below.

1. Who is an insider? The concept of "insider" is broad. It includes officers, trustees/governors, and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, an investment adviser may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed nonpublic information confidential, and the relationship must at least imply such a duty before the outsider will be considered an insider.

2. What is material information? Trading on inside information can be the basis for liability when the information is material. In general, information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that officers, trustees/governors, and employees should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

3. What is nonpublic information? Information is nonpublic until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public. (Depending on the nature of the information and the type and timing of the filing or other public release, it may be appropriate to allow for adequate time for the information to be "effectively" disseminated).

4. Reason for liability. (a) Fiduciary duty theory. In 1980 the Supreme Court found that there is no general duty to disclose before trading on material nonpublic information but that such a duty arises only where there is a direct or indirect fiduciary relationship with the issuer or its agents. That is, there must be a relationship between the parties to the transaction such that one party has a right to expect that the other party will disclose any material nonpublic information or refrain from trading. (b) Misappropriation theory. Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material nonpublic information that was stolen or misappropriated from any other person.

5. Penalties for insider trading. Penalties for trading on or communicating material nonpublic information are severe, both for individuals and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

\* civil injunctions

\* treble damages

\* disgorgement of profits

\* jail sentences

\* fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited

\* fines for the employer or other controlling person of up to the greater of $1 million or three times amount of the profit gained or loss avoided

In addition, any violation of this policy statement can be expected to result in serious sanctions by a Provider, including dismissal of the persons involved.

SECTION II. PROCEDURES

The following procedures have been established to aid the officers, trustees/governors, and employees of a Provider in avoiding insider trading and to aid in preventing, detecting, and imposing sanctions against insider trading. Every officer, trustee/governor, and employee of a Provider must follow these procedures or risk serious sanctions including dismissal, substantial personal liability, and/or criminal penalties. If you have any questions about these procedures, you should consult the Chief Compliance Officer.

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| 1. | Identifying inside information. Before trading for yourself or others, including investment companies or private accounts managed by a Provider, in the securities of a company about which you may have potential inside information, ask yourself the following questions: | Identifying inside information. Before trading for yourself or others, including investment companies or private accounts managed by a Provider, in the securities of a company about which you may have potential inside information, ask yourself the following questions: |
|  | (i.) | Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed? |
|  | (ii.) | Is the information nonpublic? To whom has this information been provided? Has the information been effectively communicated to the marketplace by being published in Reuters, The Wall Street Journal, or other publications of general circulation? |
|  | If, after consideration of the above, you believe that the information is material and nonpublic or if you have questions as to whether the information is material and nonpublic, you should take the following steps: | If, after consideration of the above, you believe that the information is material and nonpublic or if you have questions as to whether the information is material and nonpublic, you should take the following steps: |
|  | (a) | Report the matter immediately to the Chief Compliance Officer. |
|  | (b) | Do not purchase or sell the security on behalf of yourself or others, including investment companies or private accounts managed by a Provider. |
|  | (c) | Do not communicate the information to anybody, other than the Chief Compliance Officer. |

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|  | (d) | After the Chief Compliance Officer has reviewed the issue, you will be instructed to either continue the prohibitions against trading and communication or you will be allowed to communicate the information and then trade. |
| 2. | Personal security trading. All officers, trustees/governors, and employees of a Provider (other than officers, trustees/governors, and employees who are required to report their securities transactions to a registered investment company in accordance with a Code of Ethics) shall submit to the Chief Compliance Officer, on a quarterly basis or at such lesser intervals as may be required from time to time, a report of every reportable securities transaction in which they, their families (including the spouse, minor children, and adults living in the same household as the officer, trustee/governor, or employee), and trusts of which they are trustees or in which they have a beneficial interest have participated. The report shall include the name of the security, date of the transaction, quantity, price, and broker-dealer through which the transaction was effected. All officers, trustees/governors, and employees must also instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. | Personal security trading. All officers, trustees/governors, and employees of a Provider (other than officers, trustees/governors, and employees who are required to report their securities transactions to a registered investment company in accordance with a Code of Ethics) shall submit to the Chief Compliance Officer, on a quarterly basis or at such lesser intervals as may be required from time to time, a report of every reportable securities transaction in which they, their families (including the spouse, minor children, and adults living in the same household as the officer, trustee/governor, or employee), and trusts of which they are trustees or in which they have a beneficial interest have participated. The report shall include the name of the security, date of the transaction, quantity, price, and broker-dealer through which the transaction was effected. All officers, trustees/governors, and employees must also instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. |
| 3. | Restricting access to material nonpublic information. Any information in your possession that you identify as material and nonpublic may not be communicated other than in the course of performing your duties to anyone, including persons within the company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be restricted. | Restricting access to material nonpublic information. Any information in your possession that you identify as material and nonpublic may not be communicated other than in the course of performing your duties to anyone, including persons within the company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be restricted. |
| 4. | Resolving issues concerning insider trading. If, after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Chief Compliance Officer before trading or communicating the information to anyone. | Resolving issues concerning insider trading. If, after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Chief Compliance Officer before trading or communicating the information to anyone. |

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SECTION III. SUPERVISION

The role of the Chief Compliance Officer is critical to the implementation and maintenance of this Statement on Insider Trading. These supervisory procedures can be divided into two classifications: (1) the prevention of insider trading, and (2) the detection of insider trading.

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|:---|:---|:---|:---|
| 1. | Prevention of insider trading: | Prevention of insider trading: | Prevention of insider trading: |
|  | To prevent insider trading, the Chief Compliance Officer should: | To prevent insider trading, the Chief Compliance Officer should: | To prevent insider trading, the Chief Compliance Officer should: |
|  | (a) | answer promptly any questions regarding the Statement on Insider Trading; | answer promptly any questions regarding the Statement on Insider Trading; |
|  | (b) | resolve issues of whether information received by an officer, trustee/governor, or employee is material and nonpublic; | resolve issues of whether information received by an officer, trustee/governor, or employee is material and nonpublic; |
|  | (c) | review and ensure that officers, trustees, and employees review, at least annually, and update as necessary, the Statement on Insider Trading; and | review and ensure that officers, trustees, and employees review, at least annually, and update as necessary, the Statement on Insider Trading; and |
|  | (d) | when it has been determined that an officer, trustee/governor, or employee has material nonpublic information, | when it has been determined that an officer, trustee/governor, or employee has material nonpublic information, |
|  |  | (i) | implement measures to prevent dissemination of such information, and |
|  |  | (ii) | if necessary, restrict officers, trustees/governors, and employees from trading the securities. |
| 2. | Detection of insider trading: | Detection of insider trading: | Detection of insider trading: |
|  | To detect insider trading, the Chief Compliance Officer should: | To detect insider trading, the Chief Compliance Officer should: | To detect insider trading, the Chief Compliance Officer should: |
|  | (a) | review the trading activity reports filed by each officer, trustee/governor, and employee to ensure no trading took place in securities in which the Provider has material nonpublic information; | review the trading activity reports filed by each officer, trustee/governor, and employee to ensure no trading took place in securities in which the Provider has material nonpublic information; |
|  | (b) | review the trading activity of the mutual funds managed by the investment adviser and the mutual funds for which the broker-dealer acts as principal underwriter; and | review the trading activity of the mutual funds managed by the investment adviser and the mutual funds for which the broker-dealer acts as principal underwriter; and |
|  | (c) | coordinate, if necessary, the review of such reports with other appropriate officers, trustees, or employees of a Provider and the Fund. | coordinate, if necessary, the review of such reports with other appropriate officers, trustees, or employees of a Provider and the Fund. |

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| | | |
|:---|:---|:---|
| 3. | Special reports to management: | Special reports to management: |
|  | Promptly upon learning of a potential violation of the Statement on Insider Trading, the Chief Compliance Officer must prepare a written report to management of the Provider and provide a copy of such report to the Board providing full details and recommendations for further action. | Promptly upon learning of a potential violation of the Statement on Insider Trading, the Chief Compliance Officer must prepare a written report to management of the Provider and provide a copy of such report to the Board providing full details and recommendations for further action. |
| 4. | Annual reports: | Annual reports: |
|  | On an annual basis, the Chief Compliance Officer of each Provider will prepare a written report to the management of the Provider and provide a copy of such report to the Board setting forth the following: | On an annual basis, the Chief Compliance Officer of each Provider will prepare a written report to the management of the Provider and provide a copy of such report to the Board setting forth the following: |
|  | (a) | a summary of the existing procedures to detect and prevent insider trading; |
|  | (b) | full details of any investigation, either internal or by a regulatory agency, of any suspected insider trading and the results of such investigation; and |
|  | (c) | an evaluation of the current procedures and any recommendations for improvement. |

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Exhibit B

INTEGRITY VIKING FUNDS

CODE OF ETHICS

INITIAL REPORT

To the Chief Compliance Officer of Viking Fund Management:

1. I hereby acknowledge receipt of a copy of the Code of Ethics for Integrity Viking Funds.

2. I have read and understand the Code and recognize that I am subject thereto in the capacity of "Access Person."

3. Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

4. As of the date below, I had a direct or indirect beneficial ownership in the following securities:

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| | | | |
|:---|:---|:---|:---|
| Ticker or Title<br> <u>Symbol of Security</u> | <br> <u>Number of Shares</u> | Principal ($) Amount<br> <u>of Shares Held</u> | Broker/Dealer or Bank<br> <u>Maintaining Account</u> |

---

Date:   Signature:   <br>Print Name:  

Exhibit C

INTEGRITY VIKING FUNDS

CODE OF ETHICS

ANNUAL REPORT

To the Chief Compliance Officer of Viking Fund Management:

1. I have read and understand the Code of Ethics and recognize that I am subject thereto in the capacity of "Access Person."

2. I hereby certify that during the year ended December 31, 2022, I have complied with requirements of the Code, and I have reported all securities transactions required to be reported pursuant to the Code.

3. Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

4. As of December 31, 2022, I had a direct or indirect beneficial ownership in the following securities:

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| | | | |
|:---|:---|:---|:---|
| Ticker or Title<br> <u>Symbol of Security</u> | <br> <u>Number of Shares</u> | Principal ($) Amount<br> <u>of Shares Held</u> | Broker/Dealer or Bank<br> <u>Maintaining Account</u> |

---

Date:   Signature:   <br>Print Name:  

Exhibit D

INTEGRITY VIKING FUNDS

Securities Transactions Report

For the Calendar Quarter Ended: December 31, 2022

To the Chief Compliance Officer of Viking Fund Management:

During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics adopted by Integrity Viking Funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security | &nbsp;&nbsp;Date of<br> Transaction | &nbsp;&nbsp;No. of Shares | &nbsp;&nbsp;Dollar Amount <br> of Transaction | &nbsp;&nbsp;Nature of<br> Transaction<br> (buy, sell, etc.) | &nbsp;&nbsp;Price | &nbsp;&nbsp;Broker/Dealer or<br> Bank Through<br> Whom Effected |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Except as noted on the reverse side of this report, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as the existence of any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

Date:   Signature:   <br>Print Name:  

Exhibit E

Reportable Securities and Securities Requiring Pre-Clearance

The following table illustrates the types of securities that are generally considered to be "reportable securities" and/or "securities requiring pre-clearance" when being considered for purchase or sale by an Access Person. This table does not contain an all-inclusive list of the aforementioned securities, and under certain circumstances, securities which might ordinarily not require pre-clearance may have to be pre-cleared. For this reason, any doubts or questions you may have should be directed to the Chief Compliance Officer of Viking Fund Management or his designee for clarification.

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| | | |
|:---|:---|:---|
| Types of Securities | &nbsp;&nbsp;&nbsp;Reportable Securities | Securities <br> Requiring<br> Pre-Clearance |
| &nbsp;&nbsp;Municipal bonds, notes and debentures | Yes | Yes |
| &nbsp;&nbsp;Corporate bonds, notes and debentures | Yes | Yes |
| &nbsp;&nbsp;Direct obligations of the Government of the United States | No | No |
| &nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements | No | No |
| &nbsp;&nbsp;Shares issued by open-end Funds (other than Reportable Funds) | No | No |
| &nbsp;&nbsp;Shares issued by Reportable Funds | Yes | No |
| &nbsp;&nbsp;Shares issued by closed-end Funds | Yes | No |
| &nbsp;&nbsp;Options on a stock market index and options on futures | Yes | Yes |
| &nbsp;&nbsp;Securities acquired upon merger, recapitalizations or non- volitional transactions | Yes | No |
| &nbsp;&nbsp;IPOs or private placement securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All securities not previously mentioned, including but not limited to:<br> - equity stock (common, preferred and options)<br> - foreign securities<br> - ETF's<br> - limited partnership interests<br> - rights and warrants<br> - securities acquired through exercise of rights, warrants and options | Yes | Yes |

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Exhibit F

**<u>List of Integrity Viking Funds</u>**

**<u>The Integrity Funds</u>**

Integrity Growth & Income Fund

Integrity High Income Fund

Integrity Mid-North American Resources Fund

Integrity Dividend Harvest Fund

Integrity Short Term Government Fund

Integrity Dividend Summit Fund

**<u>Viking Mutual Funds</u>**

Viking Tax-Free Fund for Montana

Viking Tax-Free Fund for North Dakota

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

Oklahoma Municipal Fund

Exhibit G

**<u>List of Access and Non-Access Persons</u>**

<u>Access Persons:</u>

Compliance

Portfolio Managers

Pricing Analyst(s)

Interested Fund Trustees/Officers

Corporate Accounting

Fund Accounting

Information Services

Research Analysts/Product Specialist(s)

<u>Non-Access Fund Personnel:</u>

Independent Fund Trustees

Human Resources

Transfer Agency

Marketing

Graphics

Fund Administration Specialist

Wholesalers (Internal/External)

Exhibit H

**<u>List of Portfolio Managers</u>**

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| | |
|:---|:---|
| <u>The Integrity Funds</u> |  |
| Integrity Growth & Income Fund | Josh Larson |
|  | Trey Welstad |
| Integrity Mid-North American Resources Fund | Shannon Radke |
|  | Mike Morey |
| Integrity Dividend Harvest Fund | Shannon Radke |
|  | Josh Larson |
|  | Mike Morey |
|  | Trey Welstad |
| Integrity Dividend Summit Fund | Shannon Radke |
|  | Josh Larson |
|  | Mike Morey |
|  | Trey Welstad |
| <u>Viking Mutual Funds</u> |  |
| Viking Tax-Free Fund for Montana | Larson/Radke |
| Viking Tax-Free Fund for North Dakota | Larson/Radke |
| Kansas Municipal Fund | Larson/Radke |
| Maine Municipal Fund | Larson/Radke |
| Nebraska Municipal Fund | Larson/Radke |
| Oklahoma Municipal Fund | Larson/Radke |

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**<u>Sub-Adviser Portfolio Managers</u>**

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| | |
|:---|:---|
| <u>The Integrity Funds</u> |  |
| Integrity High Income Fund | Rob Cook/Thomas Hauser |
| Integrity Short Term Government Fund | Lu/Clancy/Persoons |

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Exhibit I

SECURITY TRANSACTION PRE-CLEARANCE FORM

(1) Name of Access Person requesting authorization: <u> </u> 

(2) Transaction Type: Purchase <u> </u> Sale <u> </u> Other <u> </u> 

(3) Name of security: <u> </u> 

(4) Quantity (shares/units) to be purchased or sold: <u> </u> 

(5) Registration to be listed on security: <u> </u> 

(6) B/D transaction to be placed through: <u> </u> 

(7) Do you possess any material nonpublic information regarding the security or the issuer of the security? ☐ Yes <br>
☐ No<br>
☐ N/A

(8) To your knowledge, are the securities or "equivalent" securities (i.e., securities issued by the
same issuer) held by any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(9) To your knowledge, are there any outstanding purchase or sell orders for this security (or any equivalent
security) by any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(10) To your knowledge, are the securities (or equivalent securities) being considered for purchase or sale by
any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(11) Are the securities being acquired in
an Initial Public Offering or Private Placement? ☐ Yes <br>
☐ No<br>
☐ N/A

(12) Has any account you managed, purchased or sold these securities (or equivalent securities) within the past
seven calendar days or do you expect the account to purchase or sell these securities (or equivalent securities) within seven calendar
days after your purchase or sale? ☐ Yes <br>
☐ No<br>
☐ N/A

(13) Have you purchased or sold these securities
(or equivalent securities) in the prior 60 days? ☐ Yes <br>
☐ No

NOTE: Duplicate confirmations and statements are requested for all transactions.

    <br> Requesting Party Signature Print Name

Authorized by:   Date:  

Comments:

Revised form 11/22/10

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATION</u>**

I, Shannon D. Radke, certify that:

1. I have reviewed this report on Form N-CSR of Viking Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal year ended January 31, 2025 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 29, 2025

---

| |
|:---|
| /s/ Shannon D. Radke |
| Shannon D. Radke |
| Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Shelly Nahrstedt, certify that:

1. I have reviewed this report on Form N-CSR of Viking Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal year ended January 31, 2025 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 29, 2025

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| |
|:---|
| /s/ Shelly Nahrstedt |
| Shelly Nahrstedt |
| Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Name of Registrant: <u>Viking Mutual Funds</u>

Date of Form N-CSR: <u>July 31, 2025</u>

The undersigned, the principal executive officer of Viking Mutual Funds (the "Registrant"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 29<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Shannon D. Radke |
| Shannon D. Radke |
| Principal Executive Officer |

---

The undersigned, the principal financial officer of the Registrant, hereby certifies that, with respect to the Form N-CSR referred to above, to the best of her knowledge and belief, after reasonably inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 29<sup>th</sup> day of September, 2025.

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| |
|:---|
| /s/ Shelly Nahrstedt |
| Shelly Nahrstedt |
| Principal Financial Officer |

---