# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-26-000037
**Filing Date:** 2026-3
**Character Count:** 41156
**Document Hash:** bea092c9f5f35c9c87ad3ec07cdcc425
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-26-000037.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001082744-26-000037

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**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:** 26811181

**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           |

## 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:** 2026-01-30

**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:** $52731151.40

**Total Liabilities:** $210913.75

**Net Assets:** $52520237.65

**Cash Not Reported:** $1451390.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -15.52 | **1-Year:** -392.05 | **5-Year:** -1487.01 | **10-Year:** -20155.37 | **30-Year:** -28482

**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 | -2.05%               | -2.31%               | -1.67%               |
| Class ID C000171899 | 0.44%                | 0.17%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $93726.08                                  |
| Month 2  | $34955.69                | $-90656.22                                 |
| Month 3  | $9735.75                 | $267942.05                                 |

### 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      | $405832.45    | 0.77%             | 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      | $756924.00    | 1.44%             | 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      | $324918.00    | 0.62%             | 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      | $267624.50    | 0.51%             | 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      | $540648.00    | 1.03%             | 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      | $583853.40    | 1.11%             | 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      | $602397.60    | 1.15%             | 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      | $604276.20    | 1.15%             | 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      | $1137200.35   | 2.17%             | 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      | $1035331.65   | 1.97%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2040                                                 | County of Gallatin MT     5.000%  07/01/2040                                                 | CUSIP: 363651PC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $720876.80    | 1.37%             | 2040-07-01      | 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      | $831896.00    | 1.58%             | 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      | $1000970.00   | 1.91%             | 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      | $1228985.20   | 2.34%             | 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      | $613367.40    | 1.17%             | 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      | $531845.80    | 1.01%             | 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      | $277296.00    | 0.53%             | 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      | $233356.50    | 0.44%             | 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      | $523209.00    | 1.00%             | 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      | $150210.00    | 0.29%             | 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      | $477297.00    | 0.91%             | 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      | $263980.20    | 0.50%             | 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      | $178049.60    | 0.34%             | 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      | $506901.15    | 0.97%             | 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      | $321300.00    | 0.61%             | 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      | $474358.50    | 0.90%             | 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      | $525865.00    | 1.00%             | 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      | $543838.50    | 1.04%             | 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      | $351324.80    | 0.67%             | 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      | $380677.50    | 0.72%             | 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      | $388083.60    | 0.74%             | 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      | $431384.00    | 0.82%             | 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      | $679240.45    | 1.29%             | 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      | $274472.50    | 0.52%             | 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      | $271912.50    | 0.52%             | 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      | $452764.20    | 0.86%             | 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      | $1309940.10   | 2.49%             | 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      | $534339.75    | 1.02%             | 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      | $272965.00    | 0.52%             | 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      | $640646.40    | 1.22%             | 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      | $427476.90    | 0.81%             | 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      | $318108.00    | 0.61%             | 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      | $519755.00    | 0.99%             | 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      | $518830.00    | 0.99%             | 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      | $340040.80    | 0.65%             | 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      | $30038.10     | 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      | $100098.00    | 0.19%             | 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      | $195218.40    | 0.37%             | 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      | $1035510.00   | 1.97%             | 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      | $1039350.00   | 1.98%             | 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      | $1001830.00   | 1.91%             | 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      | $204982.00    | 0.39%             | 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      | $1523940.00   | 2.90%             | 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      | $1016055.60   | 1.93%             | 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      | $915741.15    | 1.74%             | 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      | $404460.00    | 0.77%             | 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      | $1678292.80   | 3.20%             | 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      | $534650.00    | 1.02%             | 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      | $519485.00    | 0.99%             | 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      | $780382.50    | 1.49%             | 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      | $1441291.00   | 2.74%             | 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      | $1340979.50   | 2.55%             | 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      | $414703.80    | 0.79%             | 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      | $1008030.00   | 1.92%             | 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      | $503105.00    | 0.96%             | 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      | $1016410.00   | 1.94%             | 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      | $1000920.25   | 1.91%             | 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      | $496173.15    | 0.94%             | 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      | $793576.95    | 1.51%             | 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      | $1606986.80   | 3.06%             | 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      | $455682.50    | 0.87%             | 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      | $640691.20    | 1.22%             | 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      | $254067.50    | 0.48%             | 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      | $252220.00    | 0.48%             | 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      | $1994417.60   | 3.80%             | 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      | $450562.50    | 0.86%             | 2031-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2040        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2040        | CUSIP: 985686CG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    330000 | PA      | $368223.90    | 0.70%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $1521414.90   | 2.90%             | 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      | $645804.00    | 1.23%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer