# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000146
**Filing Date:** 2025-12
**Character Count:** 52194
**Document Hash:** 8dcf4659a9129620e4a9646810569d4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000146.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001082744-25-000146

**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:** 251589812

**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

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

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

## Nport-Ex

**Schedule of Investments** - October 31, 2025 (*unaudited*)

Kansas Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (98.7%)^** |  |  |
| &nbsp;&nbsp; **Education (9.5%)** |  |  |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2045 CALLABLE @ 100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | $&nbsp;&nbsp; 938230 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2046 CALLABLE @ 100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 929400 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 07/01/2036 CALLABLE @ 100.000 07/01/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2028940 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2035 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 306809 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 356096 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 359572 |
|  |  | &nbsp;&nbsp; 4919047 |
| &nbsp;&nbsp; **General Obligation (47.8%)** |  |  |
| &nbsp;&nbsp; ATCHISON COUNTY UNIFIED SCHOOL DISTRICT NO 409 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 645423 |
| &nbsp;&nbsp; CITY OF BEL AIRE KS 4.000% 11/01/2036 CALLABLE @ 100.000 11/01/2031 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 296876 |
| &nbsp;&nbsp; CITY OF BELLE PLAINE KS 4.000% 09/01/2027 CALLABLE @ 100.000 09/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497795 |
| &nbsp;&nbsp; BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 205 BLUESTEM 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1647938 |
| &nbsp;&nbsp; BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 402 AUGUSTA 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 655452 |
| &nbsp;&nbsp; COWLEY COUNTY UNIFIED SCHOOL DISTRICT NO 465 WINFIELD 5.000% 09/01/2038 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219786 |
| &nbsp;&nbsp; COWLEY COUNTY UNIFIED SCHOOL DISTRICT NO 465 WINFIELD 5.000% 09/01/2048 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524280 |
| &nbsp;&nbsp; DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 348 BALDWIN CITY 5.000% 09/01/2044 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 413688 |
| &nbsp;&nbsp; DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 491 EUDORA 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052680 |
| &nbsp;&nbsp; CITY OF EDGERTON KS 4.000% 08/01/2037 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312858 |
| &nbsp;&nbsp; CITY OF EMPORIA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518695 |
| &nbsp;&nbsp; CITY OF GODDARD KS 4.000% 10/01/2045 CALLABLE @ 100.000 10/01/2032 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 337326 |
| &nbsp;&nbsp; GREELEY COUNTY UNIFIED SCHOOL DISTRICT NO 200 5.250% 09/01/2043 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 549321 |
| &nbsp;&nbsp; HARVEY COUNTY UNIFIED SCHOOL DISTRICT 440 HALSTEAD BENTLEY 5.000% 09/01/2049 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039110 |
| &nbsp;&nbsp; HARVEY COUNTY UNIFIED SCHOOL DISTRICT NO 460 HESSTON 5.000% 09/01/2031 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 459151 |
| &nbsp;&nbsp; JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2038 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 286383 |
| &nbsp;&nbsp; JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1053130 |
| &nbsp;&nbsp; JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051650 |
| &nbsp;&nbsp; JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 5.000% 09/01/2039 CALLABLE @ 100.000 09/01/2027 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2087900 |
| &nbsp;&nbsp; JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2044 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 864405 |
| &nbsp;&nbsp; JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2045 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 802515 |
| &nbsp;&nbsp; JOHNSON COUNTY UNIFIED SCHOOL DISTRICT NO 231 GARDNER EDGERTON 5.000% 10/01/2042 CALLABLE @ 100.000 10/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1079120 |
| &nbsp;&nbsp; CITY OF MANHATTAN KS 4.000% 11/01/2044 CALLABLE @ 100.000 11/01/2034 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 843735 |
| &nbsp;&nbsp; MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 460003 |
| &nbsp;&nbsp; MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 5.250% 09/01/2043 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 510364 |
| &nbsp;&nbsp; PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2038 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 554880 |
| &nbsp;&nbsp; PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1112097 |
| &nbsp;&nbsp; RAWLINS COUNTY UNIFIED SCHOOL DISTRICT NO 105 4.000% 09/01/2045 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 956520 |
| &nbsp;&nbsp; SALINA AIRPORT AUTHORITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 259347 |
| &nbsp;&nbsp; SEDGWICK COUNTY UNIFIED SCHOOL DISTRICT NO 262 VALLEY CENTER 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 662025 |
| &nbsp;&nbsp; SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 688025 |
| &nbsp;&nbsp; SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 813376 |
| &nbsp;&nbsp; CITY OF SOUTH HUTCHINSON KS 4.000% 10/01/2038 CALLABLE @ 100.000 10/01/2025 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 355419 |
| &nbsp;&nbsp; CITY OF WAMEGO KS 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 936142 |
| &nbsp;&nbsp; CITY OF WICHITA KS 4.750% 09/01/2027 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 179782 |
|  |  | &nbsp;&nbsp; 24727197 |
| &nbsp;&nbsp; **Health Care (5.4%)** |  |  |
| &nbsp;&nbsp; ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2030 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1020653 |
| &nbsp;&nbsp; ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501210 |
| &nbsp;&nbsp; CITY OF COLBY KS 5.500% 07/01/2026 CALLABLE @ 100.000 01/01/2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750518 |
| &nbsp;&nbsp; UNIVERSITY OF KANSAS HOSPITAL AUTHORITY 5.000% 09/01/2035 CALLABLE @ 100.000 09/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500790 |
|  |  | &nbsp;&nbsp; 2773171 |
| &nbsp;&nbsp; **Housing (9.1%)** |  |  |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.700% 03/01/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2066440 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.170% 11/01/2041 | &nbsp;&nbsp; 1429966 | &nbsp;&nbsp; 1443422 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 4.700% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 703528 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 5.000% 07/01/2049 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505880 |
|  |  | &nbsp;&nbsp; 4719270 |
| &nbsp;&nbsp; **Other Revenue (15.4%)** |  |  |
| &nbsp;&nbsp; BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1081920 |
| &nbsp;&nbsp; BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1054872 |
| &nbsp;&nbsp; DICKSON COUNTY PUBLIC BUILDING COMMISSION 4.000% 08/01/2038 CALLABLE @ 100.000 08/01/2028 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 752820 |
| &nbsp;&nbsp; GARDEN CITY KS 5.375% 06/01/2039 CALLABLE @ 100.000 06/01/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1516575 |
| &nbsp;&nbsp; CITY OF MANHATTAN KS 4.500% 12/01/2025 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120044 |
| &nbsp;&nbsp; CITY OF MANHATTAN KS 5.000% 12/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000520 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 5.000% 09/01/2033 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 258497 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 5.500% 09/01/2034 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 244816 |
| &nbsp;&nbsp; CITY OF WICHITA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2027 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 753038 |
| &nbsp;&nbsp; #WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.500% 03/01/2041 CALLABLE @ 100.000 03/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 486485 |
| &nbsp;&nbsp; WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.250% 03/01/2046 CALLABLE @ 100.000 03/01/2034 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 717413 |
|  |  | &nbsp;&nbsp; 7987000 |
| &nbsp;&nbsp; **Transportation (2.1%)** |  |  |
| &nbsp;&nbsp; STATE OF KANSAS DEPARTMENT OF TRANSPORTATION 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1095800 |
|  |  | &nbsp;&nbsp; 1095800 |
| &nbsp;&nbsp; **Utilities (9.4%)** |  |  |
| &nbsp;&nbsp; CHISHOLM CREEK UTILITY AUTHORITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 950840 |
| &nbsp;&nbsp; KANSAS MUNICIPAL ENERGY AGENCY 5.000% 04/01/2038 CALLABLE @ 100.000 04/01/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007530 |
| &nbsp;&nbsp; KANSAS POWER POOL 4.000% 12/01/2031 CALLABLE @ 100.000 12/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500520 |
| &nbsp;&nbsp; KANSAS POWER POOL 4.000% 12/01/2041 CALLABLE @ 100.000 12/01/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492910 |
| &nbsp;&nbsp; CITY OF OLATHE KS STORMWATER REVENUE 4.000% 10/01/2044 CALLABLE @ 100.000 10/01/2032 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 430653 |
| &nbsp;&nbsp; CITY OF WAMEGO KS ELECTRIC UTILITY SYSTEM REVENUE 5.250% 09/01/2041 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp; 1481286 |
|  |  | &nbsp;&nbsp; 4863739 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $50,533,516)** |  | $&nbsp;&nbsp; **51085224** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (1.3%)** |  | $&nbsp;&nbsp; **656962** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **51742186** |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Kansas. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Kansas. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Kansas. |
| &nbsp;&nbsp; #When-issued purchase as of October 31, 2024. | &nbsp;&nbsp; #When-issued purchase as of October 31, 2024. | &nbsp;&nbsp; #When-issued purchase as of October 31, 2024. |
| &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 \| Kansas Municipal Fund \| 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; Kansas Municipal Fund |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 50533516 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 882370 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (330662) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; 551708 |
| &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; **Kansas Municipal Fund** |  |  |  |  |
|  | &nbsp;&nbsp; Level 1 | &nbsp;&nbsp; Level 2 | &nbsp;&nbsp; Level 3 | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 51085224 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 51085224 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 51085224 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 51085224 |

---

Schedule of Investments \| Kansas Municipal Fund \| 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:** Kansas Municipal Fund

- **b. EDGAR series identifier (if any):** S000058942

- **c. LEI of Series:** 5493002C0EZK4TDD5944

**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:** $52446709.35

**Total Liabilities:** $704522.93

**Net Assets:** $51742186.42

**Delayed Delivery Securities:** $487345.00

**Cash Not Reported:** $787352.54

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -24.66 | **1-Year:** -116.87 | **5-Year:** -381.12 | **10-Year:** -23764.61 | **30-Year:** -36815.64

**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 C000193242 | -1.75%               | -0.06%               | -0.96%               |
| Class ID C000193243 | 0.73%                | 2.67%                | 1.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-58021.37               | $289674.82                                 |
| Month 2  | $-8267.38                | $1188598.19                                |
| Month 3  | $-1775.00                | $654090.56                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashland Public Building Commission     5.000%  09/01/2030                                   | Ashland Public Building Commission     5.000%  09/01/2030                                   | CUSIP: 044241AK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1020652.80   | 1.97%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ashland Public Building Commission     5.000%  09/01/2035                                   | Ashland Public Building Commission     5.000%  09/01/2035                                   | CUSIP: 044241AM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $501210.00    | 0.97%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atchison County Unified School District No 409     5.000%  09/01/2042                       | Atchison County Unified School District No 409     5.000%  09/01/2042                       | CUSIP: 046627GM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    610000 | PA      | $645422.70    | 1.25%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bel Aire KS     4.000%  11/01/2036                                                  | City of Bel Aire KS     4.000%  11/01/2036                                                  | CUSIP: 0773244G3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    285000 | PA      | $296875.95    | 0.57%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Belle Plaine KS     4.000%  09/01/2027                                              | City of Belle Plaine KS     4.000%  09/01/2027                                              | CUSIP: 078509EC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $497795.00    | 0.96%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission     5.000%  04/01/2045                                    | Blue Valley Recreation Commission     5.000%  04/01/2045                                    | CUSIP: 096079GQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081920.00   | 2.09%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission     5.000%  04/01/2045                                    | Blue Valley Recreation Commission     5.000%  04/01/2045                                    | CUSIP: 096079HL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    975000 | PA      | $1054872.00   | 2.04%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 205 Bluestem     5.250%  09/01/2042                | Butler County Unified School District No 205 Bluestem     5.250%  09/01/2042                | CUSIP: 123423CK9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1647938.40   | 3.18%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 402 Augusta     5.250%  09/01/2042                 | Butler County Unified School District No 402 Augusta     5.250%  09/01/2042                 | CUSIP: 123439KM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $655452.00    | 1.27%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chisholm Creek Utility Authority     4.000%  09/01/2043                                     | Chisholm Creek Utility Authority     4.000%  09/01/2043                                     | CUSIP: 170123ED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950840.00    | 1.84%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colby KS     5.500%  07/01/2026                                                     | City of Colby KS     5.500%  07/01/2026                                                     | CUSIP: 19277TAA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $750517.50    | 1.45%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cowley County Unified School District No 465 Winfield     5.000%  09/01/2038                | Cowley County Unified School District No 465 Winfield     5.000%  09/01/2038                | CUSIP: 223763HA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $219786.00    | 0.42%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cowley County Unified School District No 465 Winfield     5.000%  09/01/2048                | Cowley County Unified School District No 465 Winfield     5.000%  09/01/2048                | CUSIP: 223763HL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $524280.00    | 1.01%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickson County Public Building Commission     4.000%  08/01/2038                            | Dickson County Public Building Commission     4.000%  08/01/2038                            | CUSIP: 253166AZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $752820.00    | 1.45%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 348 Baldwin City     5.000%  09/01/2044           | Douglas County Unified School District No 348 Baldwin City     5.000%  09/01/2044           | CUSIP: 259133JF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $413688.00    | 0.80%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 491 Eudora     5.000%  09/01/2042                 | Douglas County Unified School District No 491 Eudora     5.000%  09/01/2042                 | CUSIP: 259137LK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052680.00   | 2.03%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Edgerton KS     4.000%  08/01/2037                                                  | City of Edgerton KS     4.000%  08/01/2037                                                  | CUSIP: 280173ED3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $312858.00    | 0.60%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Emporia KS     4.000%  09/01/2038                                                   | City of Emporia KS     4.000%  09/01/2038                                                   | CUSIP: 292281N65<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $518695.00    | 1.00%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Garden City KS     5.375%  06/01/2039                                               | City of Garden City KS     5.375%  06/01/2039                                               | CUSIP: 36508AAC2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516575.00   | 2.93%             | 2039-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Goddard KS     4.000%  10/01/2045                                                   | City of Goddard KS     4.000%  10/01/2045                                                   | CUSIP: 380270TR9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $337325.70    | 0.65%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greeley County Unified School District No 200     5.250%  09/01/2043                        | Greeley County Unified School District No 200     5.250%  09/01/2043                        | CUSIP: 392555DJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $549321.00    | 1.06%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District 440 Halstead-Bentley     5.000%  09/01/2049           | Harvey County Unified School District 440 Halstead-Bentley     5.000%  09/01/2049           | CUSIP: 417632DZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039110.00   | 2.01%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District No 460 Hesston     5.000%  09/01/2031                 | Harvey County Unified School District No 460 Hesston     5.000%  09/01/2031                 | CUSIP: 417641DK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    410000 | PA      | $459150.80    | 0.89%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2038                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2038                | CUSIP: 472898EX9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $286382.85    | 0.55%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2043                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2043                | CUSIP: 472898EY7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053130.00   | 2.04%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2048                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2048                | CUSIP: 472898EZ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051650.00   | 2.03%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills     5.000%  09/01/2039 | Johnson & Miami Counties Unified School District No 230 Spring Hills     5.000%  09/01/2039 | CUSIP: 478164KA3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087900.00   | 4.04%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills     6.000%  09/01/2044 | Johnson & Miami Counties Unified School District No 230 Spring Hills     6.000%  09/01/2044 | CUSIP: 478164LA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $864405.00    | 1.67%             | 2044-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills     6.000%  09/01/2045 | Johnson & Miami Counties Unified School District No 230 Spring Hills     6.000%  09/01/2045 | CUSIP: 478164LB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $802515.00    | 1.55%             | 2045-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Johnson County Unified School District No 231 Gardner - Edgerton     5.000%  10/01/2042     | Johnson County Unified School District No 231 Gardner - Edgerton     5.000%  10/01/2042     | CUSIP: 478710YQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079120.00   | 2.09%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Municipal Energy Agency     5.000%  04/01/2038                                       | Kansas Municipal Energy Agency     5.000%  04/01/2038                                       | CUSIP: 48526CBL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007530.00   | 1.95%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Power Pool     4.000%  12/01/2031                                                    | Kansas Power Pool     4.000%  12/01/2031                                                    | CUSIP: 485321BQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $500520.00    | 0.97%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Power Pool     4.000%  12/01/2041                                                    | Kansas Power Pool     4.000%  12/01/2041                                                    | CUSIP: 485321CL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $492910.00    | 0.95%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation     5.000%  09/01/2042                         | State of Kansas Department of Transportation     5.000%  09/01/2042                         | CUSIP: 485424TJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095800.00   | 2.12%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  04/01/2045                                 | Kansas Development Finance Authority     4.000%  04/01/2045                                 | CUSIP: 48542RE42<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938230.00    | 1.81%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  04/01/2046                                 | Kansas Development Finance Authority     4.000%  04/01/2046                                 | CUSIP: 48542RE59<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929400.00    | 1.80%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  07/01/2036                                 | Kansas Development Finance Authority     4.000%  07/01/2036                                 | CUSIP: 48542RXR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028940.00   | 3.92%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.700%  03/01/2043                                 | Kansas Development Finance Authority     4.700%  03/01/2043                                 | CUSIP: 48542TBL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066440.00   | 3.99%             | 2043-03-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.170%  11/01/2041                                 | Kansas Development Finance Authority     4.170%  11/01/2041                                 | CUSIP: 48542XAC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1429966 | PA      | $1443421.81   | 2.79%             | 2041-11-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     4.000%  11/01/2044                                                 | City of Manhattan KS     4.000%  11/01/2044                                                 | CUSIP: 562895WX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    880000 | PA      | $843735.20    | 1.63%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     4.500%  12/01/2025                                                 | City of Manhattan KS     4.500%  12/01/2025                                                 | CUSIP: 563059AJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    120000 | PA      | $120044.40    | 0.23%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     5.000%  12/01/2032                                                 | City of Manhattan KS     5.000%  12/01/2032                                                 | CUSIP: 563059AK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000520.00   | 1.93%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 367 Osawatomie     5.250%  09/01/2042               | Miami County Unified School District No 367 Osawatomie     5.250%  09/01/2042               | CUSIP: 593286JS7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    425000 | PA      | $460003.00    | 0.89%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 367 Osawatomie     5.250%  09/01/2043               | Miami County Unified School District No 367 Osawatomie     5.250%  09/01/2043               | CUSIP: 593286JT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    475000 | PA      | $510363.75    | 0.99%             | 2043-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Olathe KS Stormwater Revenue     4.000%  10/01/2044                                 | City of Olathe KS Stormwater Revenue     4.000%  10/01/2044                                 | CUSIP: 679443CM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    445000 | PA      | $430653.20    | 0.83%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pratt County Unified School District No 382 Pratt     5.000%  09/01/2038                    | Pratt County Unified School District No 382 Pratt     5.000%  09/01/2038                    | CUSIP: 739776GN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $554880.00    | 1.07%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pratt County Unified School District No 382 Pratt     5.000%  09/01/2042                    | Pratt County Unified School District No 382 Pratt     5.000%  09/01/2042                    | CUSIP: 739776GS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1112097.15   | 2.15%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rawlins County Unified School District No 105     4.000%  09/01/2045                        | Rawlins County Unified School District No 105     4.000%  09/01/2045                        | CUSIP: 754475AV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956520.00    | 1.85%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salina Airport Authority     4.000%  09/01/2043                                             | Salina Airport Authority     4.000%  09/01/2043                                             | CUSIP: 794760LQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $259347.55    | 0.50%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No 262 Valley Center     4.500%  09/01/2044         | Sedgwick County Unified School District No 262 Valley Center     4.500%  09/01/2044         | CUSIP: 815662NA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $662025.00    | 1.28%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.000%  09/01/2033                                                 | County of Shawnee KS     5.000%  09/01/2033                                                 | CUSIP: 820561AZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    230000 | PA      | $258497.00    | 0.50%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.500%  09/01/2034                                                 | County of Shawnee KS     5.500%  09/01/2034                                                 | CUSIP: 820561BA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    210000 | PA      | $244815.90    | 0.47%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     4.700%  07/01/2044                                                 | County of Shawnee KS     4.700%  07/01/2044                                                 | CUSIP: 820624EB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $703528.00    | 1.36%             | 2044-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.000%  07/01/2049                                                 | County of Shawnee KS     5.000%  07/01/2049                                                 | CUSIP: 820624EC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $505880.00    | 0.98%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2043            | Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2043            | CUSIP: 820640ES5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $688025.00    | 1.33%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2048            | Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2048            | CUSIP: 820640ET3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    780000 | PA      | $813376.20    | 1.57%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of South Hutchinson KS     4.000%  10/01/2038                                          | City of South Hutchinson KS     4.000%  10/01/2038                                          | CUSIP: 838430JX5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $355418.90    | 0.69%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority     5.000%  09/01/2035                              | University of Kansas Hospital Authority     5.000%  09/01/2035                              | CUSIP: 914367DM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $500790.00    | 0.97%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wamego KS     5.250%  09/01/2042                                                    | City of Wamego KS     5.250%  09/01/2042                                                    | CUSIP: 933603PP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    845000 | PA      | $936141.70    | 1.81%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Wamego KS Electric Utility System Revenue     5.250%  09/01/2041                    | City of Wamego KS Electric Utility System Revenue     5.250%  09/01/2041                    | CUSIP: 933613BU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1481286.00   | 2.86%             | 2041-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washburn University/Topeka KS     5.000%  07/01/2038                                        | Washburn University/Topeka KS     5.000%  07/01/2038                                        | CUSIP: 937220HN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $306809.25    | 0.59%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washburn University/Topeka KS     5.000%  07/01/2040                                        | Washburn University/Topeka KS     5.000%  07/01/2040                                        | CUSIP: 937220HQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    325000 | PA      | $356096.00    | 0.69%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washburn University/Topeka KS     5.000%  07/01/2042                                        | Washburn University/Topeka KS     5.000%  07/01/2042                                        | CUSIP: 937220HS3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    335000 | PA      | $359572.25    | 0.69%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS     4.750%  09/01/2027                                                   | City of Wichita KS     4.750%  09/01/2027                                                   | CUSIP: 967244BL7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    180000 | PA      | $179782.20    | 0.35%             | 2027-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS     4.000%  09/01/2038                                                   | City of Wichita KS     4.000%  09/01/2038                                                   | CUSIP: 967323AV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    760000 | PA      | $753038.40    | 1.46%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government     5.500%  03/01/2041                      | Wyandotte County-Kansas City Unified Government     5.500%  03/01/2041                      | CUSIP: 98267VDM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $486485.00    | 0.94%             | 2041-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government     5.250%  03/01/2046                      | Wyandotte County-Kansas City Unified Government     5.250%  03/01/2046                      | CUSIP: 982707AB7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $717412.50    | 1.39%             | 2046-03-01      | Fixed         | 5.25%                 | 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