# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-26-000077
**Filing Date:** 2026-6
**Character Count:** 58343
**Document Hash:** 10cb02e22434cda59c7a1866f5c2c283
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-26-000077.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001082744-26-000077

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 261124914

**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           |

## Nport-Ex

**Schedule of Investments** – April 30, 2026 *(unaudited)*

Viking Tax-Free Fund for Montana

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**  | &nbsp;&nbsp; **Fair**  |
|  | &nbsp;&nbsp; **Amount**  | &nbsp;&nbsp; **Value**  |
| &nbsp;&nbsp; **MUNICIPAL BONDS (98.0%)^**  |  |  |
| &nbsp;&nbsp; **Education (6.2%)**  |  |  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 4.000% 11/15/2041 CALLABLE @ 100.000 11/15/2031  | &nbsp;&nbsp; 400000.00  | $&nbsp;&nbsp; 403692  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2042 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 1520000.00  | &nbsp;&nbsp; 1678080  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2045 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 536030  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2050 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 519085  |
|  |  | &nbsp;&nbsp; 3136887  |
| &nbsp;&nbsp; **General Obligation (41.2%)**  |  |  |
| &nbsp;&nbsp; CITY OF BELGRADE MT 5.000% 07/01/2034 CALLABLE @ 100.000 07/01/2032  | &nbsp;&nbsp; 355000.00  | &nbsp;&nbsp; 397277  |
| &nbsp;&nbsp; CITY OF BOZEMAN MT 4.000% 07/01/2028  | &nbsp;&nbsp; 540000.00  | &nbsp;&nbsp; 539514  |
| &nbsp;&nbsp; FERGUS COUNTY HIGH SCHOOL DISTRICT NO 44 MOORE 5.000% 07/01/2039 CALLABLE @ 100.000 01/01/2033  | &nbsp;&nbsp; 540000.00  | &nbsp;&nbsp; 577330  |
| &nbsp;&nbsp; FERGUS COUNTY HIGH SCHOOL DISTRICT NO 44 MOORE 5.000% 07/01/2040 CALLABLE @ 100.000 01/01/2033  | &nbsp;&nbsp; 560000.00  | &nbsp;&nbsp; 597072  |
| &nbsp;&nbsp; FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 540000.00  | &nbsp;&nbsp; 604908  |
| &nbsp;&nbsp; FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2045 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 1045000.00  | &nbsp;&nbsp; 1140022  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 915000.00  | &nbsp;&nbsp; 1023546  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 800000.00  | &nbsp;&nbsp; 823024  |
| &nbsp;&nbsp; GALLATIN COUNTY SCHOOL DISTRICT NO 72 OPHIR 4.000% 07/01/2037 CALLABLE @ 100.000 07/01/2030  | &nbsp;&nbsp; 150000.00  | &nbsp;&nbsp; 149999  |
| &nbsp;&nbsp; GALLATIN COUNTY SCHOOL DISTRICT NO 27 MONFORTON 4.250% 06/15/2026  | &nbsp;&nbsp; 450000.00  | &nbsp;&nbsp; 476978  |
| &nbsp;&nbsp; CITY OF HELENA MT 4.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 235000.00  | &nbsp;&nbsp; 259466  |
| &nbsp;&nbsp; JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2037 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 160000.00  | &nbsp;&nbsp; 175747  |
| &nbsp;&nbsp; JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 465000.00  | &nbsp;&nbsp; 504153  |
| &nbsp;&nbsp; JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 300000.00  | &nbsp;&nbsp; 321576  |
| &nbsp;&nbsp; JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 450000.00  | &nbsp;&nbsp; 473130  |
| &nbsp;&nbsp; JUDITH BASIN COUNTY K 12 SCHOOL DISTRICT NO 12 STANFORD 5.250% 07/01/2048 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 510000.00  | &nbsp;&nbsp; 544369  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 320000.00  | &nbsp;&nbsp; 350576  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 350000.00  | &nbsp;&nbsp; 380835  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 360000.00  | &nbsp;&nbsp; 388634  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 400000.00  | &nbsp;&nbsp; 430672  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 635000.00  | &nbsp;&nbsp; 679844  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 250000.00  | &nbsp;&nbsp; 273888  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 250000.00  | &nbsp;&nbsp; 272025  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 420000.00  | &nbsp;&nbsp; 453407  |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 1215000.00  | &nbsp;&nbsp; 1310365  |
| &nbsp;&nbsp; LAKE MISSOULA & SANDERS COUNTIES ELEMENTARY SCHOOL DISTRICT NO JT & 8 5.000% 07/01/2043 CALLABLE @ 100.000 01/01/2033  | &nbsp;&nbsp; 250000.00  | &nbsp;&nbsp; 273395  |
| &nbsp;&nbsp; COUNTY OF MADISON MT 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 395000.00  | &nbsp;&nbsp; 426888  |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 300000.00  | &nbsp;&nbsp; 318915  |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2044 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 514780  |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2029 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 513810  |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2030 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 640000.00  | &nbsp;&nbsp; 640934  |
| &nbsp;&nbsp; COUNTY OF RAVALLI MT 4.250% 07/01/2030  | &nbsp;&nbsp; 250000.00  | &nbsp;&nbsp; 252535  |
| &nbsp;&nbsp; RAVALLI & MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO 15 6 4.000% 07/01/2038 CALLABLE @ 100.000 07/01/2029  | &nbsp;&nbsp; 250000.00  | &nbsp;&nbsp; 250985  |
| &nbsp;&nbsp; RAVALLI & MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO 15 6 4.000% 07/01/2039 CALLABLE @ 100.000 07/01/2029  | &nbsp;&nbsp; 1960000.00  | &nbsp;&nbsp; 1982207  |
| &nbsp;&nbsp; SILVER BOW COUNTY SCHOOL DISTRICT NO 1 4.000% 07/01/2038 CALLABLE @ 100.000 07/01/2029  | &nbsp;&nbsp; 450000.00  | &nbsp;&nbsp; 450882  |
| &nbsp;&nbsp; VALLEY COUNTY K 12 SCHOOL DISTRICT NO 1 A GLASGOW/MT 4.250% 07/01/2031  | &nbsp;&nbsp; 1395000.00  | &nbsp;&nbsp; 1518416  |
| &nbsp;&nbsp; YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 600000.00  | &nbsp;&nbsp; 646266  |
|  |  | &nbsp;&nbsp; 20938370  |
| &nbsp;&nbsp; **Health Care (13.2%)**  |  |  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2032 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 1024640  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 1028420  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 08/15/2048 CALLABLE @ 100.000 08/15/2028  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 1004890  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2037 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 200000.00  | &nbsp;&nbsp; 202924  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2038 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 1500000.00  | &nbsp;&nbsp; 1513005  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2028  | &nbsp;&nbsp; 1015000.00  | &nbsp;&nbsp; 1015000  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2029  | &nbsp;&nbsp; 915000.00  | &nbsp;&nbsp; 912456  |
|  |  | &nbsp;&nbsp; 6701335  |
| &nbsp;&nbsp; **Housing (21.4%)**  |  |  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 5.100% 12/01/2045 CALLABLE @ 100.000 12/01/2033  | &nbsp;&nbsp; 750000.00  | &nbsp;&nbsp; 782235  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1390000.00  | &nbsp;&nbsp; 1436120  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.800% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1325000.00  | &nbsp;&nbsp; 1340688  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.375% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 405000.00  | &nbsp;&nbsp; 413379  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.600% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 1007940  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.850% 12/01/2048 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 501125  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.950% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 1012660  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 995000.00  | &nbsp;&nbsp; 1003477  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.900% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 495000.00  | &nbsp;&nbsp; 494238  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.300% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 795000.00  | &nbsp;&nbsp; 797449  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.400% 12/01/2049 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1640000.00  | &nbsp;&nbsp; 1605478  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.800% 12/01/2038 CALLABLE @ 100.000 06/01/2028  | &nbsp;&nbsp; 455000.00  | &nbsp;&nbsp; 455046  |
|  |  | &nbsp;&nbsp; 10849835  |
| &nbsp;&nbsp; **Other Revenue (14.9%)**  |  |  |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 700000.00  | &nbsp;&nbsp; 747782  |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 300000.00  | &nbsp;&nbsp; 321642  |
| &nbsp;&nbsp; CITY OF BILLINGS MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 275000.00  | &nbsp;&nbsp; 269228  |
| &nbsp;&nbsp; GALLATIN COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 1000000.00  | &nbsp;&nbsp; 993120  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.800% 06/30/2041 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 1160000.00  | &nbsp;&nbsp; 1222976  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.850% 06/30/2042 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 580000.00  | &nbsp;&nbsp; 613008  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 4.950% 06/30/2043 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 505000.00  | &nbsp;&nbsp; 533083  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.000% 06/30/2044 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 265000.00  | &nbsp;&nbsp; 278231  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.050% 06/30/2045 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 225000.00  | &nbsp;&nbsp; 234169  |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT RURAL IMPROVEMENT DISTRICT NO 396 5.100% 06/30/2047 CALLABLE @ 100.000 06/30/2035  | &nbsp;&nbsp; 510000.00  | &nbsp;&nbsp; 522979  |
| &nbsp;&nbsp; CITY OF KALISPELL MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 500000.00  | &nbsp;&nbsp; 519725  |
| &nbsp;&nbsp; CITY OF LIVINGSTON MT 4.000% 07/01/2034 CALLABLE @ 100.000 01/01/2029  | &nbsp;&nbsp; 525000.00  | &nbsp;&nbsp; 529321  |
| &nbsp;&nbsp; MADISON COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 640000.00  | &nbsp;&nbsp; 635597  |
| &nbsp;&nbsp; CITY OF MISSOULA MT 4.750% 07/01/2027  | &nbsp;&nbsp; 30000.00  | &nbsp;&nbsp; 29972  |
| &nbsp;&nbsp; CITY OF MISSOULA MT 6.000% 07/01/2030  | &nbsp;&nbsp; 100000.00  | &nbsp;&nbsp; 99396  |
|  |  | &nbsp;&nbsp; 7550229  |
| &nbsp;&nbsp; **Transportation (1.1%)**  |  |  |
| &nbsp;&nbsp; MISSOULA PARKING COMMISSION 4.000% 10/01/2026  | &nbsp;&nbsp; 340000.00  | &nbsp;&nbsp; 339323  |
| &nbsp;&nbsp; MISSOULA SPECIAL IMPROVEMENT DISTRICTS/MT 5.400% 07/01/2029  | &nbsp;&nbsp; 195000.00  | &nbsp;&nbsp; 195230  |
|  |  | &nbsp;&nbsp; 534553  |
| &nbsp;&nbsp; **TOTAL MUNICPAL BONDS (COST: $49,112,008)**  |  | $&nbsp;&nbsp; **49711209**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (2.0%)**  |  | $&nbsp;&nbsp; **1039527**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)**  |  | $&nbsp;&nbsp; **50750736**  |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Montana.  |  |  |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements.  | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements.  | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements.  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** | &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** |
| &nbsp;&nbsp; At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: |
|  | &nbsp;&nbsp; Viking Tax-Free Fund for Montana |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 49112008 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 683999 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (84798) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; 599201 |
| &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** |
| &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: |
| &nbsp;&nbsp; **Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **Viking Tax-Free Fund for Montana** |
|  | &nbsp;&nbsp; Level 1 | &nbsp;&nbsp; Level 2 | &nbsp;&nbsp; Level 3 | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 49711209 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 49711209 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 49711209 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 49711209 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Viking Mutual Funds

- **b. Investment Company Act file number:** 811-09277

- **c. CIK number of Registrant:** 0001082744

- **d. LEI of Registrant:** 549300PSJICOHN07DD76

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1 Main Street North

  - **City:** Minot

  - **State:** ND

  - **Foreign country:** US

  - **Zip / Postal Code:** 58703

  - **Telephone number:** 701-857-5292

**Item A.2. Information about the Series.**

- **a. Name of Series:** Viking Tax-Free Fund for Montana

- **b. EDGAR series identifier (if any):** S000003821

- **c. LEI of Series:** 549300HUF3GV9H84QF46

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $50945015.53

**Total Liabilities:** $194279.43

**Net Assets:** $50750736.10

**Cash Not Reported:** $411966.43

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -12.01 | **1-Year:** -402.57 | **5-Year:** -1391.36 | **10-Year:** -19457.14 | **30-Year:** -26922.07

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010660 | -1.58%               | -4.17%               | -1.36%               |
| Class ID C000171899 | 1.02%                | -1.66%               | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $378998.86                                 |
| Month 2  | $-7945.43                | $-978151.74                                |
| Month 3  | $0.00                    | $455834.02                                 |

### Schedule of Portfolio Investments

| Name                                                                                         | Title                                                                                        | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Belgrade MT     5.000%  07/01/2034                                                   | City of Belgrade MT     5.000%  07/01/2034                                                   | CUSIP: 077810CC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $397276.95    | 0.78%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     5.000%  07/01/2038                                                   | City of Billings MT     5.000%  07/01/2038                                                   | CUSIP: 090141LC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $747782.00    | 1.47%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     5.000%  07/01/2039                                                   | City of Billings MT     5.000%  07/01/2039                                                   | CUSIP: 090141LQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $321642.00    | 0.63%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     4.000%  07/01/2043                                                   | City of Billings MT     4.000%  07/01/2043                                                   | CUSIP: 090141LR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $269227.75    | 0.53%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bozeman MT     4.000%  07/01/2028                                                    | City of Bozeman MT     4.000%  07/01/2028                                                    | CUSIP: 103637GG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $539514.00    | 1.06%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fergus County High School District No 44 Moore     5.000%  07/01/2039                        | Fergus County High School District No 44 Moore     5.000%  07/01/2039                        | CUSIP: 314701BB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $577330.20    | 1.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fergus County High School District No 44 Moore     5.000%  07/01/2040                        | Fergus County High School District No 44 Moore     5.000%  07/01/2040                        | CUSIP: 314701BC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    560000 | PA      | $597072.00    | 1.18%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Flathead County School District No 44 Whitefish     5.250%  07/01/2043                       | Flathead County School District No 44 Whitefish     5.250%  07/01/2043                       | CUSIP: 338729DG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $604908.00    | 1.19%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flathead County School District No 44 Whitefish     5.250%  07/01/2045                       | Flathead County School District No 44 Whitefish     5.250%  07/01/2045                       | CUSIP: 338729DJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1140021.85   | 2.25%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2039                                                 | County of Gallatin MT     5.000%  07/01/2039                                                 | CUSIP: 363651PB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    915000 | PA      | $1023546.45   | 2.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No 72 Ophir     4.000%  07/01/2037                           | Gallatin County School District No 72 Ophir     4.000%  07/01/2037                           | CUSIP: 363674BR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $823024.00    | 1.62%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County Rural Improvement District     6.000%  07/01/2030                            | Gallatin County Rural Improvement District     6.000%  07/01/2030                            | CUSIP: 363684EJ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993120.00    | 1.96%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.800%  06/30/2041               | County of Gallatin MT Rural Improvement District No 396     4.800%  06/30/2041               | CUSIP: 363684FA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1222976.40   | 2.41%             | 2041-06-30      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.850%  06/30/2042               | County of Gallatin MT Rural Improvement District No 396     4.850%  06/30/2042               | CUSIP: 363684FB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    580000 | PA      | $613007.80    | 1.21%             | 2042-06-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.950%  06/30/2043               | County of Gallatin MT Rural Improvement District No 396     4.950%  06/30/2043               | CUSIP: 363684FC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    505000 | PA      | $533083.05    | 1.05%             | 2043-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.000%  06/30/2044               | County of Gallatin MT Rural Improvement District No 396     5.000%  06/30/2044               | CUSIP: 363684FD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $278231.45    | 0.55%             | 2044-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.050%  06/30/2045               | County of Gallatin MT Rural Improvement District No 396     5.050%  06/30/2045               | CUSIP: 363684FE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $234168.75    | 0.46%             | 2045-06-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.100%  06/30/2047               | County of Gallatin MT Rural Improvement District No 396     5.100%  06/30/2047               | CUSIP: 363684FG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $522979.50    | 1.03%             | 2047-06-30      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No 27 Monforton     4.250%  06/15/2026                       | Gallatin County School District No 27 Monforton     4.250%  06/15/2026                       | CUSIP: 36370DBX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    150000 | PA      | $149998.50    | 0.30%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Helena MT     4.000%  07/01/2042                                                     | City of Helena MT     4.000%  07/01/2042                                                     | CUSIP: 423128HM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $476977.50    | 0.94%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2037               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2037               | CUSIP: 48128SAP9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    235000 | PA      | $259465.85    | 0.51%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2038               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2038               | CUSIP: 48128SAQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    160000 | PA      | $175747.20    | 0.35%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2041               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2041               | CUSIP: 48128SAT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    465000 | PA      | $504153.00    | 0.99%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2043               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2043               | CUSIP: 48128SAV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $321576.00    | 0.63%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.250%  07/01/2048               | Judith Basin County K-12 School District No 12 Stanford     5.250%  07/01/2048               | CUSIP: 48128SBA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $473130.00    | 0.93%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT     5.000%  07/01/2033                                                  | City of Kalispell MT     5.000%  07/01/2033                                                  | CUSIP: 48342RBX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519725.00    | 1.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2043                              | Lake County School District No 23 Polson     5.000%  07/01/2043                              | CUSIP: 509398DU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $544368.90    | 1.07%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2042                              | Lake County School District No 23 Polson     5.250%  07/01/2042                              | CUSIP: 509398EN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    320000 | PA      | $350576.00    | 0.69%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2043                              | Lake County School District No 23 Polson     5.250%  07/01/2043                              | CUSIP: 509398EP4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $380835.00    | 0.75%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2044                              | Lake County School District No 23 Polson     5.250%  07/01/2044                              | CUSIP: 509398EQ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    360000 | PA      | $388634.40    | 0.77%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2042                              | Lake County School District No 23 Polson     5.000%  07/01/2042                              | CUSIP: 50939RBE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $430672.00    | 0.85%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2043                              | Lake County School District No 23 Polson     5.000%  07/01/2043                              | CUSIP: 50939RBF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    635000 | PA      | $679843.70    | 1.34%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2042                              | Lake County School District No 23 Polson     5.250%  07/01/2042                              | CUSIP: 50939RBZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $273887.50    | 0.54%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2043                              | Lake County School District No 23 Polson     5.250%  07/01/2043                              | CUSIP: 50939RCA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $272025.00    | 0.54%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2044                              | Lake County School District No 23 Polson     5.250%  07/01/2044                              | CUSIP: 50939RCB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    420000 | PA      | $453406.80    | 0.89%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake Missoula & Sanders Counties Elementary School District No JT & 8     5.000%  07/01/2043 | Lake Missoula & Sanders Counties Elementary School District No JT & 8     5.000%  07/01/2043 | CUSIP: 51022FBF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1310365.35   | 2.58%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Livingston MT     4.000%  07/01/2034                                                 | City of Livingston MT     4.000%  07/01/2034                                                 | CUSIP: 538709AR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $529320.75    | 1.04%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Madison MT     5.000%  07/01/2043                                                  | County of Madison MT     5.000%  07/01/2043                                                  | CUSIP: 557327BP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $273395.00    | 0.54%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County Rural Improvement District     6.000%  07/01/2030                             | Madison County Rural Improvement District     6.000%  07/01/2030                             | CUSIP: 55734QAV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $635596.80    | 1.25%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Miles City MT     5.000%  07/01/2042                                                 | City of Miles City MT     5.000%  07/01/2042                                                 | CUSIP: 599225AT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    395000 | PA      | $426888.35    | 0.84%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miles City MT     5.000%  07/01/2044                                                 | City of Miles City MT     5.000%  07/01/2044                                                 | CUSIP: 599225AV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $318915.00    | 0.63%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hellgate School District No 4     5.000%  06/15/2029                                         | Hellgate School District No 4     5.000%  06/15/2029                                         | CUSIP: 605815EE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $514780.00    | 1.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hellgate School District No 4     5.000%  06/15/2030                                         | Hellgate School District No 4     5.000%  06/15/2030                                         | CUSIP: 605815EF2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $513810.00    | 1.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missoula Parking Commission     4.000%  10/01/2026                                           | Missoula Parking Commission     4.000%  10/01/2026                                           | CUSIP: 605853DW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    340000 | PA      | $339323.40    | 0.67%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT     4.750%  07/01/2027                                                   | City of Missoula MT     4.750%  07/01/2027                                                   | CUSIP: 605858EV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |     30000 | PA      | $29971.80     | 0.06%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT     6.000%  07/01/2030                                                   | City of Missoula MT     6.000%  07/01/2030                                                   | CUSIP: 605858HH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $99396.00     | 0.20%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Missoula Special Improvement Districts/MT     5.400%  07/01/2029                             | Missoula Special Improvement Districts/MT     5.400%  07/01/2029                             | CUSIP: 605864GH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    195000 | PA      | $195230.10    | 0.38%             | 2029-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  07/01/2032                                    | Montana Facility Finance Authority     5.000%  07/01/2032                                    | CUSIP: 612043KU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024640.00   | 2.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  07/01/2033                                    | Montana Facility Finance Authority     5.000%  07/01/2033                                    | CUSIP: 612043KV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028420.00   | 2.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  08/15/2048                                    | Montana Facility Finance Authority     5.000%  08/15/2048                                    | CUSIP: 61204KLQ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004890.00   | 1.98%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     4.000%  01/01/2037                                    | Montana Facility Finance Authority     4.000%  01/01/2037                                    | CUSIP: 61204KMX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $202924.00    | 0.40%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     4.000%  01/01/2038                                    | Montana Facility Finance Authority     4.000%  01/01/2038                                    | CUSIP: 61204KMY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513005.00   | 2.98%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  06/01/2028                                    | Montana Facility Finance Authority     5.000%  06/01/2028                                    | CUSIP: 61204MBG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015000.00   | 2.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  06/01/2029                                    | Montana Facility Finance Authority     5.000%  06/01/2029                                    | CUSIP: 61204MCB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    915000 | PA      | $912456.30    | 1.80%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     4.000%  11/15/2041                                        | Montana State Board of Regents     4.000%  11/15/2041                                        | CUSIP: 61212LSQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $403692.00    | 0.80%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2042                                        | Montana State Board of Regents     5.000%  11/15/2042                                        | CUSIP: 61212LUS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1678080.00   | 3.31%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2045                                        | Montana State Board of Regents     5.000%  11/15/2045                                        | CUSIP: 61212LUV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $536030.00    | 1.06%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2050                                        | Montana State Board of Regents     5.000%  11/15/2050                                        | CUSIP: 61212LUW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519085.00    | 1.02%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     5.100%  12/01/2045                                              | Montana Board of Housing     5.100%  12/01/2045                                              | CUSIP: 61212WD44<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $782235.00    | 1.54%             | 2045-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.450%  12/01/2038                                              | Montana Board of Housing     4.450%  12/01/2038                                              | CUSIP: 61212WVB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1436120.20   | 2.83%             | 2038-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.800%  12/01/2043                                              | Montana Board of Housing     4.800%  12/01/2043                                              | CUSIP: 61212WVC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1340688.00   | 2.64%             | 2043-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.375%  12/01/2038                                              | Montana Board of Housing     4.375%  12/01/2038                                              | CUSIP: 61212WWF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    405000 | PA      | $413379.45    | 0.81%             | 2038-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.600%  12/01/2043                                              | Montana Board of Housing     4.600%  12/01/2043                                              | CUSIP: 61212WWG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007940.00   | 1.99%             | 2043-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.850%  12/01/2048                                              | Montana Board of Housing     4.850%  12/01/2048                                              | CUSIP: 61212WWH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $501125.00    | 0.99%             | 2048-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.950%  12/01/2039                                              | Montana Board of Housing     3.950%  12/01/2039                                              | CUSIP: 61212WXL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012660.00   | 2.00%             | 2039-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.450%  12/01/2044                                              | Montana Board of Housing     4.450%  12/01/2044                                              | CUSIP: 61212WXM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    995000 | PA      | $1003477.40   | 1.98%             | 2044-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.900%  12/01/2039                                              | Montana Board of Housing     3.900%  12/01/2039                                              | CUSIP: 61212WYR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    495000 | PA      | $494237.70    | 0.97%             | 2039-12-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.300%  12/01/2044                                              | Montana Board of Housing     4.300%  12/01/2044                                              | CUSIP: 61212WYS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    795000 | PA      | $797448.60    | 1.57%             | 2044-12-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.400%  12/01/2049                                              | Montana Board of Housing     4.400%  12/01/2049                                              | CUSIP: 61212WYT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1605478.00   | 3.16%             | 2049-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.800%  12/01/2038                                              | Montana Board of Housing     3.800%  12/01/2038                                              | CUSIP: 61213TBA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    455000 | PA      | $455045.50    | 0.90%             | 2038-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| County of Ravalli MT     4.250%  07/01/2030                                                  | County of Ravalli MT     4.250%  07/01/2030                                                  | CUSIP: 75418JCD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $640934.40    | 1.26%             | 2030-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2038             | Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2038             | CUSIP: 75418PBE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $252535.00    | 0.50%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2039             | Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2039             | CUSIP: 75418PBF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $250985.00    | 0.49%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silver Bow County School District No 1     4.000%  07/01/2038                                | Silver Bow County School District No 1     4.000%  07/01/2038                                | CUSIP: 827422AU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1982206.80   | 3.91%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Valley County K-12 School District No 1-A Glasgow/MT     4.250%  07/01/2031                  | Valley County K-12 School District No 1-A Glasgow/MT     4.250%  07/01/2031                  | CUSIP: 919550BZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $450882.00    | 0.89%             | 2031-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2042        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2042        | CUSIP: 985686CJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1518415.65   | 2.99%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2043        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2043        | CUSIP: 985686CK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $646266.00    | 1.27%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-26

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer