# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000148
**Filing Date:** 2025-12
**Character Count:** 63694
**Document Hash:** a3730f379ddb910fb09bc938808cc63b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000148.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001082744-25-000148

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**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:** 251589813

**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** - October 31, 2025 (*unaudited*)

Viking Tax-Free Fund for Montana

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (96.9%)^**  |  |  |
| &nbsp;&nbsp; **Education (5.6%)**  |  |  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 4.000% 11/15/2041 CALLABLE @ 100.000 11/15/2031  | &nbsp;&nbsp; 400000 | $&nbsp;&nbsp; 401148 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2042 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1664142 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2045 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535905 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2050 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524715 |
|  |  | &nbsp;&nbsp; 3125910 |
| &nbsp;&nbsp; **General Obligation (45.1%)**  |  |  |
| &nbsp;&nbsp; CITY OF BELGRADE MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2032  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284800 |
| &nbsp;&nbsp; CITY OF BELGRADE MT 5.000% 07/01/2034 CALLABLE @ 100.000 07/01/2032  | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 404725 |
| &nbsp;&nbsp; CITY OF BOZEMAN MT 4.000% 07/01/2028  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 540265 |
| &nbsp;&nbsp; FERGUS COUNTY HIGH SCHOOL DISTRICT NO 44 MOORE 5.000% 07/01/2039 CALLABLE @ 100.000 01/01/2033  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 577832 |
| &nbsp;&nbsp; FERGUS COUNTY HIGH SCHOOL DISTRICT NO 44 MOORE 5.000% 07/01/2040 CALLABLE @ 100.000 01/01/2033  | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 594910 |
| &nbsp;&nbsp; FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 600037 |
| &nbsp;&nbsp; FLATHEAD COUNTY SCHOOL DISTRICT NO 44 WHITEFISH 5.250% 07/01/2045 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1136845 |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 492468 |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 1027673 |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 714195 |
| &nbsp;&nbsp; GALLATIN COUNTY SCHOOL DISTRICT NO 72 OPHIR 4.000% 07/01/2037 CALLABLE @ 100.000 07/01/2030  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 826328 |
| &nbsp;&nbsp; GALLATIN COUNTY SCHOOL DISTRICT NO 27 MONFORTON 4.250% 06/15/2026  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150051 |
| &nbsp;&nbsp; CITY OF HELENA MT 4.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 472307 |
| &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; 235000 | &nbsp;&nbsp; 261905 |
| &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; 160000 | &nbsp;&nbsp; 176987 |
| &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; 465000 | &nbsp;&nbsp; 502846 |
| &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; 300000 | &nbsp;&nbsp; 319413 |
| &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; 450000 | &nbsp;&nbsp; 477738 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 382669 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 347506 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 540585 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2041 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 688812 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 348954 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 378612 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 386561 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2041 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 346266 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 428244 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 675227 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2041 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 540029 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272620 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270437 |
| &nbsp;&nbsp; LAKE COUNTY SCHOOL DISTRICT NO 23 POLSON 5.250% 07/01/2044 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 450988 |
| &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; 1215000 | &nbsp;&nbsp; 1298556 |
| &nbsp;&nbsp; COUNTY OF MADISON MT 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270903 |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 423855 |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2044 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 316440 |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2029 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 521150 |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2030 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520435 |
| &nbsp;&nbsp; COUNTY OF RAVALLI MT 4.250% 07/01/2030  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640493 |
| &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 | &nbsp;&nbsp; 252850 |
| &nbsp;&nbsp; RAVALLI & MISSOULA COUNTIES JOINT SCHOOL DISTRICT NO 15 6 4.000% 07/01/2039 CALLABLE @ 100.000 07/01/2029  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250577 |
| &nbsp;&nbsp; SILVER BOW COUNTY SCHOOL DISTRICT NO 1 4.000% 07/01/2038 CALLABLE @ 100.000 07/01/2029  | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 1985029 |
| &nbsp;&nbsp; VALLEY COUNTY K 12 SCHOOL DISTRICT NO 1 A GLASGOW/MT 4.250% 07/01/2031  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450652 |
| &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; 330000 | &nbsp;&nbsp; 364723 |
| &nbsp;&nbsp; YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1510785 |
| &nbsp;&nbsp; YELLOWSTONE AND CARBON COUNTIES SCHOOL DISTRICT NO 7 70 LAUREL 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 642096 |
|  |  | &nbsp;&nbsp; 25067379 |
| &nbsp;&nbsp; **Health Care (12.1%)**  |  |  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2032 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034290 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038770 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 08/15/2048 CALLABLE @ 100.000 08/15/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002720 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2037 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203900 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2038 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1515510 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2028  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1015355 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2029  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 915210 |
|  |  | &nbsp;&nbsp; 6725755 |
| &nbsp;&nbsp; **Housing (19.5%)**  |  |  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 5.100% 12/01/2045 CALLABLE @ 100.000 12/01/2033  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 781890 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1441300 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.800% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1343646 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.375% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 413059 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.600% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006110 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.850% 12/01/2048 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504095 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.950% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 977010 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003300 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.900% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495855 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.300% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 766976 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.400% 12/01/2049 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1618700 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.800% 12/01/2038 CALLABLE @ 100.000 06/01/2028  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 452270 |
|  |  | &nbsp;&nbsp; 10804211 |
| &nbsp;&nbsp; **Other Revenue (13.6%)**  |  |  |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 751828 |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 322143 |
| &nbsp;&nbsp; CITY OF BILLINGS MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 263521 |
| &nbsp;&nbsp; GALLATIN COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000670 |
| &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 | &nbsp;&nbsp; 1215077 |
| &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 | &nbsp;&nbsp; 607161 |
| &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 | &nbsp;&nbsp; 527457 |
| &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 | &nbsp;&nbsp; 275558 |
| &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 | &nbsp;&nbsp; 233231 |
| &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 | &nbsp;&nbsp; 526203 |
| &nbsp;&nbsp; CITY OF KALISPELL MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526165 |
| &nbsp;&nbsp; CITY OF LIVINGSTON MT 4.000% 07/01/2034 CALLABLE @ 100.000 01/01/2029  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 532571 |
| &nbsp;&nbsp; MADISON COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640486 |
| &nbsp;&nbsp; CITY OF MISSOULA MT 4.750% 07/01/2027  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30002 |
| &nbsp;&nbsp; CITY OF MISSOULA MT 6.000% 07/01/2030  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100066 |
|  |  | &nbsp;&nbsp; 7552139 |
| &nbsp;&nbsp; **Transportation (1.0%)**  |  |  |
| &nbsp;&nbsp; MISSOULA PARKING COMMISSION 4.000% 10/01/2026  | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 339565 |
| &nbsp;&nbsp; MISSOULA SPECIAL IMPROVEMENT DISTRICTS/MT 5.400% 07/01/2029  | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195121 |
|  |  | &nbsp;&nbsp; 534686 |
| &nbsp;&nbsp; **TOTAL MUNICPAL BONDS (COST: $53,338,572)**  |  | $&nbsp;&nbsp; **53810080** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (3.1%)**  |  | $&nbsp;&nbsp; **1717594** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)**  |  | $&nbsp;&nbsp; **55527674** |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Montana.  | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Montana.  | &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.  |

---

Schedule of Investments \| Viking Tax-Free Fund for Montana \| October 31, 2025 (*unaudited*)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** | &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** |
| &nbsp;&nbsp; At October 31, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At October 31, 2025, 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 <br> for Montana |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 53338572 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 651074 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (179566) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; 471508 |
| &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 October 31, 2025: | &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 October 31, 2025: | &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 October 31, 2025: | &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 October 31, 2025: | &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 October 31, 2025: |
| &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; 53810080 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53810080 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53810080 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53810080 |

---

Schedule of Investments \| Viking Tax-Free Fund for Montana \| October 31, 2025 (*unaudited*)

------

## 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:** 2025-10-31

**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:** $55720246.92

**Total Liabilities:** $192572.76

**Net Assets:** $55527674.16

**Cash Not Reported:** $985188.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4.55 | **1-Year:** -403.71 | **5-Year:** -1606.36 | **10-Year:** -21075.58 | **30-Year:** -31054.75

**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 | -1.85%               | -0.30%               | -1.09%               |
| Class ID C000171899 | 0.74%                | 2.33%                | 1.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19383.32               | $259677.44                                 |
| Month 2  | $-25715.11               | $1125106.24                                |
| Month 3  | $0.00                    | $704705.16                                 |

### 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%  07/01/2033                                                   | City of Belgrade MT     5.000%  07/01/2033                                                   | CUSIP: 077810CB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $284800.00    | 0.51%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 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      | $404724.85    | 0.73%             | 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      | $751828.00    | 1.35%             | 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      | $322143.00    | 0.58%             | 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      | $263521.50    | 0.47%             | 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      | $540264.60    | 0.97%             | 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      | $577832.40    | 1.04%             | 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      | $594910.40    | 1.07%             | 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      | $600037.20    | 1.08%             | 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      | $1136845.05   | 2.05%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2038                                                 | County of Gallatin MT     5.000%  07/01/2038                                                 | CUSIP: 363651PA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    435000 | PA      | $492467.85    | 0.89%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $1027673.10   | 1.85%             | 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      | $714195.20    | 1.29%             | 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      | $826328.00    | 1.49%             | 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      | $1000670.00   | 1.80%             | 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      | $1215076.80   | 2.19%             | 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      | $607161.40    | 1.09%             | 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      | $527457.35    | 0.95%             | 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      | $275557.60    | 0.50%             | 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      | $233230.50    | 0.42%             | 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      | $526202.70    | 0.95%             | 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      | $150051.00    | 0.27%             | 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      | $472306.50    | 0.85%             | 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      | $261905.15    | 0.47%             | 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      | $176987.20    | 0.32%             | 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      | $502846.35    | 0.91%             | 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      | $319413.00    | 0.58%             | 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      | $477738.00    | 0.86%             | 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      | $526165.00    | 0.95%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2041                              | Lake County School District No 23 Polson     5.000%  07/01/2041                              | CUSIP: 509398DS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $382668.70    | 0.69%             | 2041-07-01      | Fixed         | 5.00%                 | 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: 509398DT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    325000 | PA      | $347506.25    | 0.63%             | 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: 509398DU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $540584.70    | 0.97%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2041                              | Lake County School District No 23 Polson     5.250%  07/01/2041                              | CUSIP: 509398EM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    625000 | PA      | $688812.50    | 1.24%             | 2041-07-01      | Fixed         | 5.25%                 | 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      | $348953.60    | 0.63%             | 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      | $378612.50    | 0.68%             | 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      | $386560.80    | 0.70%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2041                              | Lake County School District No 23 Polson     5.000%  07/01/2041                              | CUSIP: 50939RBD2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    320000 | PA      | $346265.60    | 0.62%             | 2041-07-01      | Fixed         | 5.00%                 | 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      | $428244.00    | 0.77%             | 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      | $675227.25    | 1.22%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2041                              | Lake County School District No 23 Polson     5.250%  07/01/2041                              | CUSIP: 50939RBY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    490000 | PA      | $540029.00    | 0.97%             | 2041-07-01      | Fixed         | 5.25%                 | 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      | $272620.00    | 0.49%             | 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      | $270437.50    | 0.49%             | 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      | $450987.60    | 0.81%             | 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      | $1298555.55   | 2.34%             | 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      | $532570.50    | 0.96%             | 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      | $270902.50    | 0.49%             | 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      | $640486.40    | 1.15%             | 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      | $423854.75    | 0.76%             | 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      | $316440.00    | 0.57%             | 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      | $521150.00    | 0.94%             | 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      | $520435.00    | 0.94%             | 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      | $339564.80    | 0.61%             | 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      | $30001.80     | 0.05%             | 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      | $100066.00    | 0.18%             | 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      | $195120.90    | 0.35%             | 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      | $1034290.00   | 1.86%             | 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      | $1038770.00   | 1.87%             | 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      | $1002720.00   | 1.81%             | 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      | $203900.00    | 0.37%             | 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      | $1515510.00   | 2.73%             | 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      | $1015355.25   | 1.83%             | 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      | $915210.45    | 1.65%             | 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      | $401148.00    | 0.72%             | 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      | $1664141.60   | 3.00%             | 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      | $535905.00    | 0.97%             | 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      | $524715.00    | 0.94%             | 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      | $781890.00    | 1.41%             | 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        |   1395000 | PA      | $1441300.05   | 2.60%             | 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        |   1330000 | PA      | $1343645.80   | 2.42%             | 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      | $413059.50    | 0.74%             | 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      | $1006110.00   | 1.81%             | 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      | $504095.00    | 0.91%             | 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      | $977010.00    | 1.76%             | 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        |   1000000 | PA      | $1003300.00   | 1.81%             | 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        |    500000 | PA      | $495855.00    | 0.89%             | 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        |    800000 | PA      | $766976.00    | 1.38%             | 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        |   1650000 | PA      | $1618699.50   | 2.92%             | 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      | $452270.00    | 0.81%             | 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      | $640492.80    | 1.15%             | 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      | $252850.00    | 0.46%             | 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      | $250577.50    | 0.45%             | 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      | $1985029.20   | 3.57%             | 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      | $450652.50    | 0.81%             | 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      | $364722.60    | 0.66%             | 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      | $1510785.00   | 2.72%             | 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      | $642096.00    | 1.16%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer