# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001213900-26-028088
**Filing Date:** 2026-3
**Character Count:** 226100
**Document Hash:** 8f16173a20d2c1d3a41be9b2fc9cf7c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-028088.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001213900-26-028088

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**EFFECTIVENESS DATE**: 20260316

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 26755029

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? viking20260131.htm - Generated by SEC Publisher for SEC Filing

N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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

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

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

(Exact name of registrant as specified in charter)

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

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

(Name and address of agent for service)

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

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

Date of reporting period: <u>January 31, 2026</u>

------

**Item 1. Reports to Stockholders**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Kansas Municipal Fund**<br> Class A / KSMUX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_001.jpg) <br>This semi-annual shareholder report contains important information about the Kansas Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$49 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;6% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;43.1 | &nbsp;&nbsp;AAA | 0.38 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;AA | 77.00 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;A | 8.82 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;BBB | 3.22 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;NR | 10.58 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;5.7 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.6 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;2.2 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_002.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_002.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_002.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_002.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Kansas Municipal Fund**<br> Class I / KSITX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_003.jpg) <br>This semi-annual shareholder report contains important information about the Kansas Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$49 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;6% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;43.1 | &nbsp;&nbsp;AAA | 0.38 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;AA | 77.00 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;A | 8.82 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;BBB | 3.22 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;NR | 10.58 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;5.7 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.6 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;2.2 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_004.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_004.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_004.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_004.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Maine Municipal Fund**<br> Class A / MEMUX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_005.jpg) <br>This semi-annual shareholder report contains important information about the Maine Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

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

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;30.2 &nbsp;&nbsp;AAA | 8.93 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;22.1 &nbsp;&nbsp;AA | 83.46 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;19.1 &nbsp;&nbsp;A | 7.61 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;18.8 |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;6.1 |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;3.7 |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_006.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_006.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_006.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_006.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Maine Municipal Fund**<br> Class I / MEIMX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_007.jpg) <br>This semi-annual shareholder report contains important information about the Maine Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

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

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;30.2 &nbsp;&nbsp;AAA | 8.93 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;22.1 &nbsp;&nbsp;AA | 83.46 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;19.1 &nbsp;&nbsp;A | 7.61 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;18.8 |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;6.1 |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;3.7 |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_008.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_008.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_008.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_008.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Nebraska Municipal Fund**<br> Class A / NEMUX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_009.jpg) <br>This semi-annual shareholder report contains important information about the Nebraska Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$27 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;1% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;55.6 | &nbsp;&nbsp;AAA | 12.45 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;AA | 57.82 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;A | 9.94 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;NR | 19.79 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;4.3 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;1.7 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_010.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_010.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_010.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_010.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Nebraska Municipal Fund**<br> Class I / NEITX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_011.jpg) <br>This semi-annual shareholder report contains important information about the Nebraska Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$27 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;1% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;55.6 | &nbsp;&nbsp;AAA | 12.45 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;AA | 57.82 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;A | 9.94 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;NR | 19.79 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;4.3 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;1.7 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_012.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_012.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_012.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_012.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Oklahoma Municipal Fund**<br> Class A / OKMUX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_013.jpg)<br>This semi-annual shareholder report contains important information about the Oklahoma Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$39 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;7% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;70.0 | &nbsp;&nbsp;AAA | 11.20 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;AA | 23.23 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;A | 22.96 |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;BBB | 20.64 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;NR | 21.97 |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;1.6 |  |  |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;1.3 |  |  |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;1.2 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_014.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_014.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_014.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_014.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Oklahoma Municipal Fund**<br> Class I / OKMIX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_015.jpg)<br>This semi-annual shareholder report contains important information about the Oklahoma Municipal Fund.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$39 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;7% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;70.0 | &nbsp;&nbsp;AAA | 11.20 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;AA | 23.23 |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;A | 22.96 |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;BBB | 20.64 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;NR | 21.97 |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;1.6 |  |  |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;1.3 |  |  |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;1.2 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_016.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_016.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_016.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_016.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Viking Tax-Free Fund for Montana**<br> Class A / VMTTX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_017.jpg)<br>This semi-annual shareholder report contains important information about the Viking Tax-Free Fund for Montana.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$53 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;4% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;42.0 | &nbsp;&nbsp;AA | 67.65 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;A | 24.16 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;BBB | 0.64 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;NR | 7.55 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;6.0 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.1 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;1.0 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_018.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_018.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_018.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_018.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Viking Tax-Free Fund for Montana**<br> Class I / VMTIX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_019.jpg)<br>This semi-annual shareholder report contains important information about the Viking Tax-Free Fund for Montana.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$53 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;4% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;42.0 | &nbsp;&nbsp;AA | 67.65 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;A | 24.16 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;BBB | 0.64 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;NR | 7.55 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;6.0 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;3.1 |  |  |
| &nbsp;&nbsp;Transportation | &nbsp;&nbsp;1.0 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_020.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_020.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_020.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_020.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Viking Tax-Free Fund for North Dakota**<br> Class A / VNDFX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_021.jpg)<br>This semi-annual shareholder report contains important information about the Viking Tax-Free Fund for North Dakota.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.98% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$19 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;3% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;35.9 | &nbsp;&nbsp;AAA | 1.68 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;15.8 | &nbsp;&nbsp;AA | 50.61 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;A | 11.44 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;BBB | 9.48 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;NR | 26.79 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;9.1 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;6.0 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_022.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_022.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_022.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_022.jpg) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Viking Tax-Free Fund for North Dakota**<br> Class I / VNDIX<br>| &nbsp;&nbsp;&nbsp;&nbsp;![](image_023.jpg)<br>This semi-annual shareholder report contains important information about the Viking Tax-Free Fund for North Dakota.<br> Period covered: August 1, 2025 through January 31, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> Viking Mutual Funds<br> January 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.73% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$19 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;3% |

---

**What did the Fund invest in?** 

(as of January 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sectors\*** | &nbsp;&nbsp;**% Net <br> Assets** | &nbsp;&nbsp;**Credit Rating Breakdown\*\*** | **% Net<br> Assets** |
| &nbsp;&nbsp;General Obligation | &nbsp;&nbsp;35.9 | &nbsp;&nbsp;AAA | 1.68 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;15.8 | &nbsp;&nbsp;AA | 50.61 |
| &nbsp;&nbsp;Housing | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;A | 11.44 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;BBB | 9.48 |
| &nbsp;&nbsp;Education | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;NR | 26.79 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;9.1 |  |  |
| &nbsp;&nbsp;Cash Equivalents and Other | &nbsp;&nbsp;6.0 |  |  |

---

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

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

---

| | |
|:---|:---|
| **Where can I find additional information about the Fund?** | ![](image_024.jpg) |
| Additional information is available on the Fund's website, including… | ![](image_024.jpg) |
| • Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information | ![](image_024.jpg) |
| **Website address: www.integrityvikingfunds.com/documents** | ![](image_024.jpg) |

---

Viking Mutual Funds \| January 31, 2026

------

**Item 2. Code of Ethics**

The information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 3. Audit Committee Financial Expert**

The information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 4. Principal Accountant Fees and Services**

The information required by this Item is not required in a semi-annual report on this Form N-CSR.

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

The information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 6. Investments**

See Item 7.

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

**Report of Independent Registered Public Accounting Firm**

The information required by this Item is not required in a semi-annual report on this Form N-CSR.

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(unaudited)*

Kansas Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (96.4%)^** |  |  |
| &nbsp;&nbsp; **Education (10.1%)** |  |  |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2045 CALLABLE @100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | $&nbsp;&nbsp; 943520 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2046 CALLABLE @100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 925950 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 07/01/2036 CALLABLE @100.000 07/01/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2047800 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2038 CALLABLE @100.000 07/01/2035 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 309389 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2040 CALLABLE @100.000 07/01/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 360756 |
| &nbsp;&nbsp; WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2042 CALLABLE @100.000 07/01/2035 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 363060 |
|  |  | &nbsp;&nbsp; 4950475 |
| &nbsp;&nbsp; **General Obligation (43.1%)** |  |  |
| &nbsp;&nbsp; CITY OF BEL AIRE KS 4.000% 11/01/2036 CALLABLE @100.000 11/01/2031 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 299053 |
| &nbsp;&nbsp; CITY OF BELLE PLAINE KS 4.000% 09/01/2027 CALLABLE @100.000 09/01/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500065 |
| &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; 1657119 |
| &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; 660726 |
| &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; 520675 |
| &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; 415008 |
| &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; 1059520 |
| &nbsp;&nbsp; CITY OF EDGERTON KS 4.000% 08/01/2037 CALLABLE @100.000 08/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 315030 |
| &nbsp;&nbsp; CITY OF EMPORIA KS 4.000% 09/01/2038 CALLABLE @100.000 09/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522175 |
| &nbsp;&nbsp; CITY OF GODDARD KS 4.000% 10/01/2045 CALLABLE @100.000 10/01/2032 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 337713 |
| &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; 553891 |
| &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; 1032220 |
| &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; 286960 |
| &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; 1056150 |
| &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; 1045470 |
| &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; 867922 |
| &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; 800919 |
| &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; 1088100 |
| &nbsp;&nbsp; CITY OF MANHATTAN KS 4.000% 11/01/2044 CALLABLE @100.000 11/01/2034 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 852500 |
| &nbsp;&nbsp; MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 OSAWATOMIE 5.250% 09/01/2042 CALLABLE @100.000 09/01/2034 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 463794 |
| &nbsp;&nbsp; MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 OSAWATOMIE 5.250% 09/01/2043 CALLABLE @100.000 09/01/2034 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 513750 |
| &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; 558175 |
| &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; 1120139 |
| &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; 957920 |
| &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; 664541 |
| &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; 689845 |
| &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; 808907 |
| &nbsp;&nbsp; CITY OF SOUTH HUTCHINSON KS 4.000% 10/01/2038 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 355252 |
| &nbsp;&nbsp; CITY OF WAMEGO KS 5.250% 09/01/2042 CALLABLE @100.000 09/01/2035 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 944533 |
| &nbsp;&nbsp; CITY OF WICHITA KS 4.750% 09/01/2027 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180031 |
|  |  | &nbsp;&nbsp; 21128103 |
| &nbsp;&nbsp; **Health Care (5.7%)** |  |  |
| &nbsp;&nbsp; ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2030 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1020275 |
| &nbsp;&nbsp; ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500360 |
| &nbsp;&nbsp; CITY OF COLBY KS 5.500% 07/01/2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750698 |
| &nbsp;&nbsp; UNIVERSITY OF KANSAS HOSPITAL AUTHORITY 5.000% 09/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500235 |
|  |  | &nbsp;&nbsp; 2771568 |
| &nbsp;&nbsp; **Housing (9.7%)** |  |  |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.700% 03/01/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2072940 |
| &nbsp;&nbsp; KANSAS DEVELOPMENT FINANCE AUTHORITY 4.170% 11/01/2041 | &nbsp;&nbsp; 1426489 | &nbsp;&nbsp; 1459826 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 4.700% 07/01/2044 CALLABLE @100.000 07/01/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 705565 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 5.000% 07/01/2049 CALLABLE @100.000 07/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506020 |
|  |  | &nbsp;&nbsp; 4744351 |
| &nbsp;&nbsp; **Other Revenue (15.6%)** |  |  |
| &nbsp;&nbsp; BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @100.000 04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1083240 |
| &nbsp;&nbsp; BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @100.000 04/01/2035 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1056159 |
| &nbsp;&nbsp; DICKSON COUNTY PUBLIC BUILDING COMMISSION 4.000% 08/01/2038 CALLABLE @100.000 08/01/2028 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 755055 |
| &nbsp;&nbsp; CITY OF GARDEN CITY KS 5.375% 06/01/2039 CALLABLE @100.000 06/01/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1527990 |
| &nbsp;&nbsp; CITY OF MANHATTAN KS 5.000% 12/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000790 |
| &nbsp;&nbsp; COUNTY OF SHAWNEE KS 5.500% 09/01/2034 CALLABLE @100.000 09/01/2032 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 245333 |
| &nbsp;&nbsp; CITY OF WICHITA KS 4.000% 09/01/2038 CALLABLE @100.000 09/01/2027 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 763108 |
| &nbsp;&nbsp; WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.500% 03/01/2041 CALLABLE @100.000 03/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498390 |
| &nbsp;&nbsp; WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.250% 03/01/2046 CALLABLE @100.000 03/01/2034 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 721290 |
|  |  | &nbsp;&nbsp; 7651355 |
| &nbsp;&nbsp; **Transportation (2.2%)** |  |  |
| &nbsp;&nbsp; STATE OF KANSAS DEPARTMENT OF TRANSPORTATION 5.000% 09/01/2042 CALLABLE @100.000 09/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1104620 |
|  |  | &nbsp;&nbsp; 1104620 |
| &nbsp;&nbsp; **Utilities (10.0%)** |  |  |
| &nbsp;&nbsp; CHISHOLM CREEK UTILITY AUTHORITY 4.000% 09/01/2043 CALLABLE @100.000 09/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 966570 |
| &nbsp;&nbsp; KANSAS MUNICIPAL ENERGY AGENCY 5.000% 04/01/2038 CALLABLE @100.000 04/01/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003320 |
| &nbsp;&nbsp; KANSAS POWER POOL 4.000% 12/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500280 |
| &nbsp;&nbsp; KANSAS POWER POOL 4.000% 12/01/2041 CALLABLE @100.000 12/01/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501765 |
| &nbsp;&nbsp; CITY OF OLATHE KS STORMWATER REVENUE 4.000% 10/01/2044 CALLABLE @100.000 10/01/2032 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 435775 |
| &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; 1497099 |
|  |  | &nbsp;&nbsp; 4904809 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $46,523,198)** |  | $&nbsp;&nbsp; **47255281** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (3.6%)** |  | $&nbsp;&nbsp; **1748454** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **49003735** |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Kansas. |  |  |
| &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. |

---

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(unaudited)*

Maine Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (93.9%)^** |  |  |
| &nbsp;&nbsp; **General Obligation (30.2%)** |  |  |
| &nbsp;&nbsp; CITY OF AUBURN ME 4.000% 09/01/2049 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 215000  | $&nbsp;&nbsp; 193296  |
| &nbsp;&nbsp; TOWN OF BAR HARBOR ME 5.000% 09/01/2049 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 263482  |
| &nbsp;&nbsp; CITY OF BATH ME 4.000% 05/01/2044 CALLABLE @ 100.000 05/01/2034 | &nbsp;&nbsp; 300000  | &nbsp;&nbsp; 296616  |
| &nbsp;&nbsp; TOWN OF GORHAM ME 4.000% 09/01/2040 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 265000  | &nbsp;&nbsp; 275375  |
| &nbsp;&nbsp; CITY OF LEWISTON ME 4.000% 03/15/2037 CALLABLE @ 100.000 03/15/2031 | &nbsp;&nbsp; 310000  | &nbsp;&nbsp; 322576  |
| &nbsp;&nbsp; MAINE SCHOOL ADMINISTRATIVE DISTRICT NO 51 4.000% 10/15/2029 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 100031  |
| &nbsp;&nbsp; MAINE SCHOOL ADMINISTRATIVE DISTRICT NO 28 4.000% 05/01/2036 CALLABLE @ 100.000 05/01/2028 | &nbsp;&nbsp; 300000  | &nbsp;&nbsp; 306654  |
| &nbsp;&nbsp; TOWN OF YORK ME 4.000% 10/01/2042 CALLABLE @ 100.000 10/01/2034 | &nbsp;&nbsp; 165000  | &nbsp;&nbsp; 168140  |
| &nbsp;&nbsp; TOWN OF YORK ME 4.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034 | &nbsp;&nbsp; 140000  | &nbsp;&nbsp; 141697  |
|  |  | &nbsp;&nbsp; 2067867  |
| &nbsp;&nbsp; **Health Care (18.8%)** |  |  |
| &nbsp;&nbsp; MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 4.500% 07/01/2031 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 5005  |
| &nbsp;&nbsp; MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 4.000% 07/01/2045 CALLABLE @ 100.000 07/01/2030 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 236885  |
| &nbsp;&nbsp; MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 5.250% 07/01/2048 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1041910  |
|  |  | &nbsp;&nbsp; 1283800  |
| &nbsp;&nbsp; **Housing (22.1%)** |  |  |
| &nbsp;&nbsp; MAINE STATE HOUSING AUTHORITY 4.950% 11/15/2048 CALLABLE @ 100.000 05/15/2033 | &nbsp;&nbsp; 800000  | &nbsp;&nbsp; 805560  |
| &nbsp;&nbsp; MAINE STATE HOUSING AUTHORITY 4.450% 11/15/2044 CALLABLE @ 100.000 05/15/2033 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 501540  |
| &nbsp;&nbsp; MAINE STATE HOUSING AUTHORITY 4.950% 11/15/2047 CALLABLE @ 100.000 11/15/2031 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 202748  |
|  |  | &nbsp;&nbsp; 1509848  |
| &nbsp;&nbsp; **Other Revenue (19.1%)** |  |  |
| &nbsp;&nbsp; CITY OF AUGUSTA ME 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2033 | &nbsp;&nbsp; 700000  | &nbsp;&nbsp; 746102  |
| &nbsp;&nbsp; MAINE HEALTH & HIGHER EDUCATIONAL FACILITIES AUTHORITY 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 275000  | &nbsp;&nbsp; 288733  |
| &nbsp;&nbsp; MAINE MUNICIPAL BOND BANK 5.000% 11/01/2042 CALLABLE @ 100.000 11/01/2035 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 274663  |
|  |  | &nbsp;&nbsp; 1309498  |
| &nbsp;&nbsp; **Transportation (3.7%)** |  |  |
| &nbsp;&nbsp; CITY OF PORTLAND ME GENERAL AIRPORT REVENUE 4.000% 01/01/2040 CALLABLE @ 100.000 01/01/2030 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 251978  |
|  |  | &nbsp;&nbsp; 251978  |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $6,361,425)** |  | $&nbsp;&nbsp; **6422991**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (6.1%)** |  | $&nbsp;&nbsp; **416343**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **6839334**  |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Maine. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Maine. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Maine. |
| &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. |

---

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(unaudited)*

Nebraska Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (98.3%)^** |  |  |
| &nbsp;&nbsp; **Education (12.4%)** |  |  |
| &nbsp;&nbsp; NEBRASKA STATE COLLEGES 5.000% 07/01/2048 CALLABLE @100.000 07/01/2033 | &nbsp;&nbsp; 1000000  | $&nbsp;&nbsp; 1032050  |
| &nbsp;&nbsp; SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2043 CALLABLE @100.000 12/15/2031 | &nbsp;&nbsp; 1165000  | &nbsp;&nbsp; 1232127  |
| &nbsp;&nbsp; SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2048 CALLABLE @100.000 12/15/2031 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1024730  |
|  |  | &nbsp;&nbsp; 3288907  |
| &nbsp;&nbsp; **General Obligation (55.6%)** |  |  |
| &nbsp;&nbsp; CITY OF AURORA NE 5.000% 12/15/2028 CALLABLE @100.000 06/15/2026 | &nbsp;&nbsp; 800000  | &nbsp;&nbsp; 804632  |
| &nbsp;&nbsp; CITY OF BELLEVUE NE 4.000% 09/15/2049 CALLABLE @100.000 09/15/2029 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 879270  |
| &nbsp;&nbsp; COUNTY OF BUTLER NE 5.000% 12/01/2043 CALLABLE @100.000 12/01/2028 | &nbsp;&nbsp; 600000  | &nbsp;&nbsp; 613368  |
| &nbsp;&nbsp; BROKEN BOW PUBLIC SCHOOLS 4.000% 12/15/2044 CALLABLE @100.000 03/18/2029 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 473825  |
| &nbsp;&nbsp; CITY OF DAVID CITY NE 4.350% 06/15/2026 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 500660  |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.000% 12/15/2043 CALLABLE @100.000 12/15/2033 | &nbsp;&nbsp; 675000  | &nbsp;&nbsp; 723836  |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2044 CALLABLE @100.000 12/15/2033 | &nbsp;&nbsp; 210000  | &nbsp;&nbsp; 228146  |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2045 CALLABLE @100.000 12/15/2033 | &nbsp;&nbsp; 300000  | &nbsp;&nbsp; 322899  |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2046 CALLABLE @100.000 12/15/2033 | &nbsp;&nbsp; 395000  | &nbsp;&nbsp; 422034  |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.000% 12/15/2048 CALLABLE @100.000 12/15/2033 | &nbsp;&nbsp; 740000  | &nbsp;&nbsp; 768497  |
| &nbsp;&nbsp; #DOUGLAS COUNTY SANITARY & IMPROVEMENT DISTRICT NO 404 5.000% 11/15/2046 CALLABLE @100.000 05/15/2031 | &nbsp;&nbsp; 375000  | &nbsp;&nbsp; 370238  |
| &nbsp;&nbsp; WESTSIDE COMMUNITY SCHOOLS 4.375% 12/01/2043 CALLABLE @100.000 12/01/2031 | &nbsp;&nbsp; 350000  | &nbsp;&nbsp; 359009  |
| &nbsp;&nbsp; FILLMORE COUNTY SCHOOL DISTRICT NO 25 5.000% 06/15/2038 CALLABLE @100.000 06/15/2030 | &nbsp;&nbsp; 555000  | &nbsp;&nbsp; 595110  |
| &nbsp;&nbsp; COUNTY OF HALL NE 4.000% 12/15/2044 CALLABLE @100.000 06/15/2029 | &nbsp;&nbsp; 800000  | &nbsp;&nbsp; 757136  |
| &nbsp;&nbsp; CITY OF HARTINGTON NE 4.500% 12/15/2040 CALLABLE @100.000 06/15/2029 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 199802  |
| &nbsp;&nbsp; CITY OF HENDERSON NE 4.600% 12/15/2034 CALLABLE @100.000 12/15/2026 | &nbsp;&nbsp; 210000  | &nbsp;&nbsp; 210735  |
| &nbsp;&nbsp; CITY OF HENDERSON NE 4.850% 12/15/2036 CALLABLE @100.000 12/15/2026 | &nbsp;&nbsp; 460000  | &nbsp;&nbsp; 461780  |
| &nbsp;&nbsp; CITY OF HENDERSON NE 5.100% 12/15/2038 CALLABLE @100.000 12/15/2026 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 501690  |
| &nbsp;&nbsp; NANCE COUNTY SCHOOL DISTRICT NO 30 4.000% 12/15/2044 CALLABLE @100.000 06/15/2029 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 473210  |
| &nbsp;&nbsp; NANCE COUNTY SCHOOL DISTRICT NO 30 4.125% 12/15/2049 CALLABLE @100.000 06/15/2029 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 455305  |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.150% 07/15/2033 CALLABLE @100.000 07/15/2028 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 101195  |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 5.000% 07/15/2038 CALLABLE @100.000 07/15/2028 | &nbsp;&nbsp; 540000  | &nbsp;&nbsp; 553084  |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.000% 01/15/2036 CALLABLE @100.000 02/22/2029 | &nbsp;&nbsp; 265000  | &nbsp;&nbsp; 265967  |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.350% 01/15/2039 CALLABLE @100.000 02/22/2029 | &nbsp;&nbsp; 205000  | &nbsp;&nbsp; 206339  |
| &nbsp;&nbsp; OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.500% 12/15/2043 CALLABLE @100.000 11/01/2028 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1018510  |
| &nbsp;&nbsp; OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.750% 12/15/2047 CALLABLE @100.000 11/01/2028 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1009780  |
| &nbsp;&nbsp; PAPILLION LA VISTA SCHOOL DISTRICT NO 27 5.000% 12/01/2042 CALLABLE @100.000 12/01/2035 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 553865  |
| &nbsp;&nbsp; CITY OF WAHOO NE 4.750% 12/15/2033 CALLABLE @100.000 08/15/2026 | &nbsp;&nbsp; 320000  | &nbsp;&nbsp; 322963  |
| &nbsp;&nbsp; YORK COUNTY SCHOOL DISTRICT NO 96 4.000% 12/15/2044 CALLABLE @100.000 08/07/2029 | &nbsp;&nbsp; 625000  | &nbsp;&nbsp; 612688  |
|  |  | &nbsp;&nbsp; 14765573  |
| &nbsp;&nbsp; **Housing (12.2%)** |  |  |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.500% 09/01/2044 CALLABLE @100.000 09/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1003240  |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.700% 09/01/2049 CALLABLE @100.000 09/01/2033 | &nbsp;&nbsp; 2000000  | &nbsp;&nbsp; 1998160  |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.550% 09/01/2044 CALLABLE @100.000 09/01/2033 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 251288  |
|  |  | &nbsp;&nbsp; 3252688  |
| &nbsp;&nbsp; **Other Revenue (4.3%)** |  |  |
| &nbsp;&nbsp; CITY OF NORTH PLATTE NE 5.000% 12/15/2035 CALLABLE @100.000 06/15/2030 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 214760  |
| &nbsp;&nbsp; CITY OF OMAHA NE RIVERFRONT REDEVELOPMENT SPECIAL TAX REVENUE 4.000% 04/15/2049 CALLABLE @100.000 04/15/2034 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 924540  |
|  |  | &nbsp;&nbsp; 1139300  |

---

Viking Mutual Funds \| January 31, 2026

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Utilities (13.8%)** |  |  |
| &nbsp;&nbsp; CUSTER PUBLIC POWER DISTRICT 4.125% 06/01/2039 CALLABLE @100.000 06/01/2029 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1008270  |
| &nbsp;&nbsp; CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.400% 12/15/2029 CALLABLE @100.000 09/15/2026 | &nbsp;&nbsp; 135000  | &nbsp;&nbsp; 136181  |
| &nbsp;&nbsp; CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.550% 12/15/2034 CALLABLE @100.000 09/15/2026 | &nbsp;&nbsp; 530000  | &nbsp;&nbsp; 535130  |
| &nbsp;&nbsp; NEBRASKA PUBLIC POWER DISTRICT 5.000% 01/01/2036 CALLABLE @100.000 01/01/2027 | &nbsp;&nbsp; 2000000  | &nbsp;&nbsp; 2001460  |
|  |  | &nbsp;&nbsp; 3681041  |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $26,062,338)** |  | $&nbsp;&nbsp; **26127509**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (1.7%)** |  | $&nbsp;&nbsp; **457302**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **26584811**  |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. |
| &nbsp;&nbsp; #When-issued purchase as of January 31, 2026. | &nbsp;&nbsp; #When-issued purchase as of January 31, 2026. | &nbsp;&nbsp; #When-issued purchase as of January 31, 2026. |
| &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. |

---

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(unaudited)*

Oklahoma Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (95.0%)^** |  |  |
| &nbsp;&nbsp; **Education (1.3%)** |  |  |
| &nbsp;&nbsp; OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 5.000% 06/01/2039 | &nbsp;&nbsp; 19000  | $&nbsp;&nbsp; 19348  |
| &nbsp;&nbsp; UNIVERSITY OF OKLAHOMA/THE 4.000% 07/01/2040 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 500615  |
|  |  | &nbsp;&nbsp; 519963  |
| &nbsp;&nbsp; **General Obligation (1.6%)** |  |  |
| &nbsp;&nbsp; CITY OF BROKEN ARROW OK 4.000% 12/01/2038 CALLABLE @ 100.000 12/01/2028 | &nbsp;&nbsp; 610000  | &nbsp;&nbsp; 618827  |
|  |  | &nbsp;&nbsp; 618827  |
| &nbsp;&nbsp; **Health Care (1.2%)** |  |  |
| &nbsp;&nbsp; OKLAHOMA COUNTY FINANCE AUTHORITY 4.000% 04/01/2041 CALLABLE @ 100.000 04/01/2031 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 252175  |
| &nbsp;&nbsp; OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 4.000% 08/15/2038 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 244562  |
|  |  | &nbsp;&nbsp; 496737  |
| &nbsp;&nbsp; **Housing (13.7%)** |  |  |
| &nbsp;&nbsp; CLEVELAND COUNTY HOME LOAN AUTHORITY 4.600% 07/01/2049 CALLABLE @ 100.000 07/01/2034 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 488445  |
| &nbsp;&nbsp; CLEVELAND COUNTY HOME LOAN AUTHORITY 4.700% 07/01/2045 CALLABLE @ 100.000 01/01/2036 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 500690  |
| &nbsp;&nbsp; OKLAHOMA HOUSING FINANCE AGENCY 4.450% 09/01/2044 CALLABLE @ 100.000 09/01/2032 | &nbsp;&nbsp; 2000000  | &nbsp;&nbsp; 2024000  |
| &nbsp;&nbsp; OKLAHOMA HOUSING FINANCE AGENCY 4.400% 09/01/2044 CALLABLE @ 100.000 03/01/2033 | &nbsp;&nbsp; 870000  | &nbsp;&nbsp; 875307  |
| &nbsp;&nbsp; OKLAHOMA HOUSING FINANCE AGENCY 4.600% 09/01/2049 CALLABLE @ 100.000 03/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 990560  |
| &nbsp;&nbsp; TULSA COUNTY HOME FINANCE AUTHORITY 4.550% 07/01/2049 CALLABLE @ 100.000 07/01/2034 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 488390  |
|  |  | &nbsp;&nbsp; 5367392  |
| &nbsp;&nbsp; **Other Revenue (70.0%)** |  |  |
| &nbsp;&nbsp; BRYAN COUNTY SCHOOL FINANCE AUTHORITY 5.000% 12/01/2033 | &nbsp;&nbsp; 800000  | &nbsp;&nbsp; 862232  |
| &nbsp;&nbsp; BRYAN COUNTY SCHOOL FINANCE AUTHORITY 4.125% 12/01/2037 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1010390  |
| &nbsp;&nbsp; CADDO COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2033 | &nbsp;&nbsp; 645000  | &nbsp;&nbsp; 704675  |
| &nbsp;&nbsp; CADDO COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2034 | &nbsp;&nbsp; 735000  | &nbsp;&nbsp; 807199  |
| &nbsp;&nbsp; CADDO COUNTY GOVERNMENTAL BUILDING AUTHORITY 5.000% 09/01/2040 CALLABLE @ 100.000 09/01/2028 | &nbsp;&nbsp; 1010000  | &nbsp;&nbsp; 1038310  |
| &nbsp;&nbsp; CHOUTEAU EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2032 | &nbsp;&nbsp; 350000  | &nbsp;&nbsp; 358932  |
| &nbsp;&nbsp; CHOUTEAU EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2034 | &nbsp;&nbsp; 240000  | &nbsp;&nbsp; 244608  |
| &nbsp;&nbsp; CREEK COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.125% 09/01/2048 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 471980  |
| &nbsp;&nbsp; CREEK COUNTY PUBLIC FACILITIES AUTHORITY 5.000% 08/01/2048 CALLABLE @ 100.000 08/01/2032 | &nbsp;&nbsp; 2000000  | &nbsp;&nbsp; 2014320  |
| &nbsp;&nbsp; DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2033 | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; 155057  |
| &nbsp;&nbsp; DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.375% 09/01/2034 | &nbsp;&nbsp; 125000  | &nbsp;&nbsp; 130255  |
| &nbsp;&nbsp; DELAWARE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.625% 09/01/2036 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 208994  |
| &nbsp;&nbsp; ELLIS COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2040 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 715000  | &nbsp;&nbsp; 777748  |
| &nbsp;&nbsp; ELLIS COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2045 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 259120  |
| &nbsp;&nbsp; GRADY COUNTY SCHOOL FINANCE AUTHORITY 5.125% 12/01/2039 CALLABLE @ 100.000 12/01/2035 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 555645  |
| &nbsp;&nbsp; GRADY COUNTY SCHOOL FINANCE AUTHORITY 5.125% 12/01/2040 CALLABLE @ 100.000 12/01/2035 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 549450  |
| &nbsp;&nbsp; HOBART EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2026 | &nbsp;&nbsp; 635000  | &nbsp;&nbsp; 641160  |
| &nbsp;&nbsp; HOBART EDUCATIONAL FACILITIES AUTHORITY 4.500% 09/01/2027 | &nbsp;&nbsp; 340000  | &nbsp;&nbsp; 345858  |
| &nbsp;&nbsp; HOBART EDUCATIONAL FACILITIES AUTHORITY 4.500% 09/01/2028 | &nbsp;&nbsp; 365000  | &nbsp;&nbsp; 374220  |
| &nbsp;&nbsp; JACKSON COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2031 | &nbsp;&nbsp; 320000  | &nbsp;&nbsp; 321117  |
| &nbsp;&nbsp; KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 4.500% 12/01/2033 | &nbsp;&nbsp; 1130000  | &nbsp;&nbsp; 1222355  |
| &nbsp;&nbsp; KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 5.000% 12/01/2038 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1078480  |
| &nbsp;&nbsp; KIOWA COUNTY PUBLIC FACILITIES AUTHORITY 5.125% 12/01/2043 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1051140  |
| &nbsp;&nbsp; LEFLORE COUNTY PUBLIC FACILITY AUTHORITY 4.250% 09/01/2033 | &nbsp;&nbsp; 525000  | &nbsp;&nbsp; 533668  |
| &nbsp;&nbsp; LEFLORE COUNTY PUBLIC FACILITY AUTHORITY 4.500% 09/01/2036 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 690000  | &nbsp;&nbsp; 704580  |
| &nbsp;&nbsp; LOVE COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.750% 09/01/2037 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 255363  |
| &nbsp;&nbsp; MCINTOSH COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2036 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 400000  | &nbsp;&nbsp; 442868  |
| &nbsp;&nbsp; MURRAY COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.750% 09/01/2043 CALLABLE @ 100.000 09/01/2035 | &nbsp;&nbsp; 600000  | &nbsp;&nbsp; 598410  |
| &nbsp;&nbsp; OKLAHOMA CITY PUBLIC PROPERTY AUTHORITY 5.000% 10/01/2036 | &nbsp;&nbsp; 230000  | &nbsp;&nbsp; 230124  |
| &nbsp;&nbsp; OKLAHOMA CITY PUBLIC PROPERTY AUTHORITY 5.000% 10/01/2039 | &nbsp;&nbsp; 835000  | &nbsp;&nbsp; 835534  |
| &nbsp;&nbsp; OKLAHOMA DEVELOPMENT FINANCE AUTHORITY 5.000% 12/01/2043 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 1630000  | &nbsp;&nbsp; 1717661  |
| &nbsp;&nbsp; PAYNE COUNTY ECONOMIC DEVELOPMENT AUTHORITY 4.250% 09/01/2034 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 504780  |
| &nbsp;&nbsp; PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2034 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 625000  | &nbsp;&nbsp; 648556  |
| &nbsp;&nbsp; PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2040 CALLABLE @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 993450  |
| &nbsp;&nbsp; PONTOTOC COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2042 CALLABLE @ 100.000 09/01/2034 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1003010  |
| &nbsp;&nbsp; ROGERS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.125% 09/01/2036 CALLABLE @ 100.000 09/01/2029 | &nbsp;&nbsp; 750000  | &nbsp;&nbsp; 763883  |
| &nbsp;&nbsp; ROGERS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.250% 09/01/2038 CALLABLE @ 100.000 09/01/2029 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1007570  |
| &nbsp;&nbsp; STEPHENS COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2027 | &nbsp;&nbsp; 400000  | &nbsp;&nbsp; 413152  |
| &nbsp;&nbsp; STEPHENS COUNTY EDUCATIONAL FACILITIES AUTHORITY 4.000% 09/01/2032 | &nbsp;&nbsp; 665000  | &nbsp;&nbsp; 677156  |
| &nbsp;&nbsp; TULSA STADIUM TRUST 4.000% 12/01/2038 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 501975  |
| &nbsp;&nbsp; WASHINGTON COUNTY EDUCATIONAL FACILITIES AUTHORITY 5.000% 09/01/2031 | &nbsp;&nbsp; 445000  | &nbsp;&nbsp; 482184  |
|  |  | &nbsp;&nbsp; 27497169  |
| &nbsp;&nbsp; **Transportation (5.2%)** |  |  |
| &nbsp;&nbsp; OKLAHOMA TURNPIKE AUTHORITY 5.250% 01/01/2048 CALLABLE @ 100.000 01/01/2032 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 527645  |
| &nbsp;&nbsp; TULSA AIRPORTS IMPROVEMENT TRUST 4.000% 06/01/2035 CALLABLE @ 100.000 06/01/2028 | &nbsp;&nbsp; 1355000  | &nbsp;&nbsp; 1373970  |
| &nbsp;&nbsp; TULSA AIRPORTS IMPROVEMENT TRUST 4.000% 06/01/2036 CALLABLE @ 100.000 06/01/2028 | &nbsp;&nbsp; 145000  | &nbsp;&nbsp; 146324  |
|  |  | &nbsp;&nbsp; 2047939  |
| &nbsp;&nbsp; **Utilities (2.0%)** |  |  |
| &nbsp;&nbsp; CLINTON PUBLIC WORKS AUTHORITY 4.000% 12/01/2039 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 500465  |
| &nbsp;&nbsp; OKLAHOMA WATER RESOURCES BOARD 5.000% 10/01/2045 CALLABLE @ 100.000 10/01/2032 | &nbsp;&nbsp; 280000  | &nbsp;&nbsp; 294053  |
|  |  | &nbsp;&nbsp; 794518  |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $36,494,746)** |  | $&nbsp;&nbsp; **37342545**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (5.0%)** |  | $&nbsp;&nbsp; **1950719**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **39293264**  |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Oklahoma. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Oklahoma. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Oklahoma. |
| &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. |

---

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(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 (6.0%)**  |  |  |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 4.000% 11/15/2041 CALLABLE @ 100.000 11/15/2031  | &nbsp;&nbsp; 400000 | $&nbsp;&nbsp; 404460 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2042 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1678293 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2045 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 534650 |
| &nbsp;&nbsp; MONTANA STATE BOARD OF REGENTS 5.000% 11/15/2050 CALLABLE @ 100.000 05/15/2035  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519485 |
|  |  | &nbsp;&nbsp; 3136888 |
| &nbsp;&nbsp; **General Obligation (42.0%)**  |  |  |
| &nbsp;&nbsp; CITY OF BELGRADE MT 5.000% 07/01/2034 CALLABLE @ 100.000 07/01/2032  | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 405832 |
| &nbsp;&nbsp; CITY OF BOZEMAN MT 4.000% 07/01/2028  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 540648 |
| &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; 583853 |
| &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; 602398 |
| &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; 604276 |
| &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; 1137200 |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 1035332 |
| &nbsp;&nbsp; COUNTY OF GALLATIN MT 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 720877 |
| &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; 831896 |
| &nbsp;&nbsp; GALLATIN COUNTY SCHOOL DISTRICT NO 27 MONFORTON 4.250% 06/15/2026  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150210 |
| &nbsp;&nbsp; CITY OF HELENA MT 4.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 477297 |
| &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; 263980 |
| &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; 178050 |
| &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; 506901 |
| &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; 321300 |
| &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; 474358 |
| &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; 543838 |
| &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; 351325 |
| &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; 380677 |
| &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; 388084 |
| &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; 431384 |
| &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; 679240 |
| &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; 274473 |
| &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; 271913 |
| &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; 452764 |
| &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; 1309940 |
| &nbsp;&nbsp; COUNTY OF MADISON MT 5.000% 07/01/2043 CALLABLE @ 100.000 07/01/2035  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272965 |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 427477 |
| &nbsp;&nbsp; CITY OF MILES CITY MT 5.000% 07/01/2044 CALLABLE @ 100.000 07/01/2034  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 318108 |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2029 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519755 |
| &nbsp;&nbsp; HELLGATE SCHOOL DISTRICT NO 4 5.000% 06/15/2030 CALLABLE @ 100.000 06/15/2027  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518830 |
| &nbsp;&nbsp; COUNTY OF RAVALLI MT 4.250% 07/01/2030  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640691 |
| &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; 254067 |
| &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; 252220 |
| &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; 1994418 |
| &nbsp;&nbsp; VALLEY COUNTY K 12 SCHOOL DISTRICT NO 1 A GLASGOW/MT 4.250% 07/01/2031  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450563 |
| &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; 368224 |
| &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; 1521415 |
| &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; 645804 |
|  |  | &nbsp;&nbsp; 22102583 |
| &nbsp;&nbsp; **Health Care (12.8%)**  |  |  |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2032 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035510 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039350 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 08/15/2048 CALLABLE @ 100.000 08/15/2028  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001830 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2037 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204982 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 4.000% 01/01/2038 CALLABLE @ 100.000 01/01/2030  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523940 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2028  | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1016056 |
| &nbsp;&nbsp; MONTANA FACILITY FINANCE AUTHORITY 5.000% 06/01/2029  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 915741 |
|  |  | &nbsp;&nbsp; 6737409 |
| &nbsp;&nbsp; **Housing (20.7%)**  |  |  |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 5.100% 12/01/2045 CALLABLE @ 100.000 12/01/2033  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 780382 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1441291 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.800% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1340980 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.375% 12/01/2038 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 414704 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.600% 12/01/2043 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008030 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.850% 12/01/2048 CALLABLE @ 100.000 12/01/2032  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503105 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.950% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016410 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.450% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 1000920 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.900% 12/01/2039 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 496173 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.300% 12/01/2044 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 793577 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 4.400% 12/01/2049 CALLABLE @ 100.000 06/01/2033  | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1606987 |
| &nbsp;&nbsp; MONTANA BOARD OF HOUSING 3.800% 12/01/2038 CALLABLE @ 100.000 06/01/2028  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 455683 |
|  |  | &nbsp;&nbsp; 10858242 |
| &nbsp;&nbsp; **Other Revenue (14.4%)**  |  |  |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 756924 |
| &nbsp;&nbsp; CITY OF BILLINGS MT 5.000% 07/01/2039 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324918 |
| &nbsp;&nbsp; CITY OF BILLINGS MT 4.000% 07/01/2043 CALLABLE @ 100.000 07/01/2033  | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 267625 |
| &nbsp;&nbsp; GALLATIN COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000970 |
| &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; 1228985 |
| &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; 613367 |
| &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; 531846 |
| &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; 277296 |
| &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; 233357 |
| &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; 523209 |
| &nbsp;&nbsp; CITY OF KALISPELL MT 5.000% 07/01/2033 CALLABLE @ 100.000 07/01/2028  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525865 |
| &nbsp;&nbsp; CITY OF LIVINGSTON MT 4.000% 07/01/2034 CALLABLE @ 100.000 01/01/2029  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 534340 |
| &nbsp;&nbsp; MADISON COUNTY RURAL IMPROVEMENT DISTRICT 6.000% 07/01/2030  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640646 |
| &nbsp;&nbsp; CITY OF MISSOULA MT 4.750% 07/01/2027  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30038 |
| &nbsp;&nbsp; CITY OF MISSOULA MT 6.000% 07/01/2030  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100098 |
|  |  | &nbsp;&nbsp; 7589484 |
| &nbsp;&nbsp; **Transportation (1.0%)**  |  |  |
| &nbsp;&nbsp; MISSOULA PARKING COMMISSION 4.000% 10/01/2026  | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 340041 |
| &nbsp;&nbsp; MISSOULA SPECIAL IMPROVEMENT DISTRICTS/MT 5.400% 07/01/2029  | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195218 |
|  |  | &nbsp;&nbsp; 535259 |
| &nbsp;&nbsp; **TOTAL MUNICPAL BONDS (COST: $50,217,345)**  |  | $&nbsp;&nbsp; **50959865** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (3.1%)**  |  | $&nbsp;&nbsp; **1639937** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)**  |  | $&nbsp;&nbsp; **52599802** |
| &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.  |

---

Viking Mutual Funds \| January 31, 2026

------

**Schedule of Investments –** January 31, 2026 *(unaudited)*

Viking Tax-Free Fund for North Dakota

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (94.0%)^** |  |  |
| &nbsp;&nbsp; **Education (9.4%)** |  |  |
| &nbsp;&nbsp; STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 4.000% 04/01/2035 CALLABLE @ 100.000 04/01/2026 | &nbsp;&nbsp; 530000 | $&nbsp;&nbsp; 526083 |
| &nbsp;&nbsp; STATE BOARD OF HIGHER EDUCATION OF THE STATE OF NORTH DAKOTA 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 766875 |
| &nbsp;&nbsp; UND ALUMNI ASSOCIATION & FOUNDATION 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513910 |
|  |  | &nbsp;&nbsp; 1806868 |
| &nbsp;&nbsp; **General Obligation (35.9%)** |  |  |
| &nbsp;&nbsp; FAIRMONT PUBLIC SCHOOL DISTRICT NO 18 4.250% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 262280 |
| &nbsp;&nbsp; CITY OF FARGO ND 5.000% 05/01/2045 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527945 |
| &nbsp;&nbsp; FARGO PARK DISTRICT 5.000% 05/01/2036 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 828773 |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 856155 |
| &nbsp;&nbsp; CITY OF HORACE ND 5.000% 05/01/2039 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 687161 |
| &nbsp;&nbsp; CITY OF HORACE ND 4.850% 08/01/2026 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400256 |
| &nbsp;&nbsp; CITY OF HORACE ND 4.750% 05/01/2044 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506535 |
| &nbsp;&nbsp; KILLDEER PUBLIC SCHOOL DISTRICT NO 16 5.000% 08/01/2027 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259877 |
| &nbsp;&nbsp; CITY OF MAYVILLE ND 5.000% 05/01/2044 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500980 |
| &nbsp;&nbsp; VALLEY CITY PARK DISTRICT 4.800% 01/01/2035 CALLABLE @ 100.000 01/01/2030 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 152280 |
| &nbsp;&nbsp; VALLEY CITY PARK DISTRICT 5.400% 01/01/2043 CALLABLE @ 100.000 01/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207866 |
| &nbsp;&nbsp; WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2040 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255260 |
| &nbsp;&nbsp; WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285413 |
| &nbsp;&nbsp; CITY OF WEST FARGO ND 4.000% 05/01/2047 CALLABLE @ 100.000 05/01/2034 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 811624 |
| &nbsp;&nbsp; WEST FARGO PUBLIC SCHOOL DISTRICT NO 6 5.000% 08/01/2026 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303783 |
|  |  | &nbsp;&nbsp; 6846188 |
| &nbsp;&nbsp; **Health Care (10.5%)** |  |  |
| &nbsp;&nbsp; COUNTY OF CASS ND 4.250% 02/15/2043 CALLABLE @ 100.000 02/15/2028 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1267580 |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2037 CALLABLE @ 100.000 12/01/2027 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132391 |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 4.750% 12/01/2027 CALLABLE @ 100.000 12/01/2026 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350665 |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2026 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255844 |
|  |  | &nbsp;&nbsp; 2006480 |
| &nbsp;&nbsp; **Housing (13.3%)** |  |  |
| &nbsp;&nbsp; NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2038 CALLABLE @ 100.000 01/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039810 |
| &nbsp;&nbsp; NORTH DAKOTA HOUSING FINANCE AGENCY 4.550% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503680 |
| &nbsp;&nbsp; NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005450 |
|  |  | &nbsp;&nbsp; 2548940 |
| &nbsp;&nbsp; **Other Revenue (9.1%)** |  |  |
| &nbsp;&nbsp; CITY OF FARGO ND 4.000% 12/01/2044 CALLABLE @ 100.000 12/01/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 290064 |
| &nbsp;&nbsp; MANDAN PARK DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284133 |
| &nbsp;&nbsp; MANDAN PARK DISTRICT 4.750% 05/01/2043 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165521 |
| &nbsp;&nbsp; NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 06/01/2031 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240166 |
| &nbsp;&nbsp; WILLISTON PARKS & RECREATION DISTRICT 4.500% 12/01/2045 CALLABLE @ 100.000 12/01/2034 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751567 |
|  |  | &nbsp;&nbsp; 1731451 |

---

Viking Mutual Funds \| January 31, 2026

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Utilities (15.8%)** |  |  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.150% 05/01/2039 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491945 |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.400% 05/01/2038 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153378 |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 855458 |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.170% 05/01/2035 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 838798 |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.375% 05/01/2038 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 372716 |
| &nbsp;&nbsp; NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 305606 |
|  |  | &nbsp;&nbsp; 3017901 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $17,734,165)** |  | $&nbsp;&nbsp; **17957828** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (6.0%)** |  | $&nbsp;&nbsp; **1137542** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **19095370** |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of North Dakota. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of North Dakota. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of North Dakota. |
| &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. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Assets and Liabilities –** *as of January 31, 2026 (unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Kansas | &nbsp;&nbsp; Kansas | &nbsp;&nbsp; Maine | &nbsp;&nbsp; Maine | &nbsp;&nbsp; Nebraska | &nbsp;&nbsp; Nebraska |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investments in securities, at cost | &nbsp;&nbsp; $ | &nbsp;&nbsp; 46523198 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6361425 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 26062338 |
| &nbsp;&nbsp; Investments in securities, at value | &nbsp;&nbsp; $ | &nbsp;&nbsp; 47255281 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6422991 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 26127509 |
| &nbsp;&nbsp; Cash and cash equivalents |  | &nbsp;&nbsp; 984525 |  | &nbsp;&nbsp; 367983 |  | &nbsp;&nbsp; 677610 |
| &nbsp;&nbsp; Receivable for Fund shares sold |  | &nbsp;&nbsp; 115 |  | &nbsp;&nbsp; 13 |  | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; Accrued interest receivable |  | &nbsp;&nbsp; 858971 |  | &nbsp;&nbsp; 67448 |  | &nbsp;&nbsp; 210553 |
| &nbsp;&nbsp; Receivable from affiliate |  | &nbsp;&nbsp; 8121 |  | &nbsp;&nbsp; 4705 |  | &nbsp;&nbsp; 6443 |
| &nbsp;&nbsp; Prepaid expenses |  | &nbsp;&nbsp; 273 |  | &nbsp;&nbsp; 8 |  | &nbsp;&nbsp; – |
| &nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 49107286 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6863148 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 27022124 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp; Payable for securities purchased | &nbsp;&nbsp; $ | &nbsp;&nbsp; – | &nbsp;&nbsp; $ | &nbsp;&nbsp; – | &nbsp;&nbsp; $ | &nbsp;&nbsp; 370200 |
| &nbsp;&nbsp; Payable for Fund shares redeemed |  | &nbsp;&nbsp; 17921 |  | &nbsp;&nbsp; 2537 |  | &nbsp;&nbsp; 21391 |
| &nbsp;&nbsp; Distributions payable |  | &nbsp;&nbsp; 18531 |  | &nbsp;&nbsp; 2412 |  | &nbsp;&nbsp; 10642 |
| &nbsp;&nbsp; Trustees' fees payable |  | &nbsp;&nbsp; 598 |  | &nbsp;&nbsp; 81 |  | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp; Payable to affiliates |  | &nbsp;&nbsp; 44409 |  | &nbsp;&nbsp; 9816 |  | &nbsp;&nbsp; 25419 |
| &nbsp;&nbsp; Accrued expenses |  | &nbsp;&nbsp; 22092 |  | &nbsp;&nbsp; 8968 |  | &nbsp;&nbsp; 9342 |
| &nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 103551 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 23814 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 437313 |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 49003735 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6839334 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 26584811 |
| &nbsp;&nbsp; **NET ASSETS ARE REPRESENTED BY:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Capital stock outstanding, no par value, unlimited shares authorized | &nbsp;&nbsp; $ | &nbsp;&nbsp; 55749095 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 8330416 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 32082788 |
| &nbsp;&nbsp; Distributable earnings (accumulated losses) |  | &nbsp;&nbsp; (6745360) |  | &nbsp;&nbsp; (1491082) |  | &nbsp;&nbsp; (5497977) |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 49003735 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6839334 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 26584811 |
| &nbsp;&nbsp; Net Assets - Class A | &nbsp;&nbsp; $ | &nbsp;&nbsp; 41918160 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 6671789 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 22386795 |
| &nbsp;&nbsp; Net Assets - Class I  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 7085575 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 167545 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 4198016  |
| &nbsp;&nbsp; Shares outstanding - Class A |  | &nbsp;&nbsp; 4353819 |  | &nbsp;&nbsp; 705735 |  | &nbsp;&nbsp; 2429021 |
| &nbsp;&nbsp; Shares outstanding - Class I |  | &nbsp;&nbsp; 735557 |  | &nbsp;&nbsp; 17706 |  | &nbsp;&nbsp; 455580 |
| &nbsp;&nbsp; Net asset value per share - Class A\* |  | &nbsp;&nbsp; $9.63 |  | &nbsp;&nbsp; $9.45 |  | &nbsp;&nbsp; $9.22 |
| &nbsp;&nbsp; Maximum sales charge - Class A |  | &nbsp;&nbsp; 2.50% |  | &nbsp;&nbsp; 2.50% |  | &nbsp;&nbsp; 2.50% |
| &nbsp;&nbsp; Public offering price per share - Class A |  | &nbsp;&nbsp; $9.88 |  | &nbsp;&nbsp; $9.69 |  | &nbsp;&nbsp; $9.46 |
| &nbsp;&nbsp; Net asset value per share - Class I |  | &nbsp;&nbsp; $9.63 |  | &nbsp;&nbsp; $9.46 |  | &nbsp;&nbsp; $9.21 |
| &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Assets and Liabilities** (continued) **–** *as of January 31, 2026 (unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Oklahoma | &nbsp;&nbsp; Oklahoma |  |  |  |  |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund For MT | &nbsp;&nbsp; Fund For MT | &nbsp;&nbsp; Fund For ND | &nbsp;&nbsp; Fund For ND |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investments in securities, at cost | &nbsp;&nbsp; $ | &nbsp;&nbsp; 36494746 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 50217345 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 17734165 |
| &nbsp;&nbsp; Investments in securities, at value | &nbsp;&nbsp; $ | &nbsp;&nbsp; 37342545 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 50959865 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 17957828 |
| &nbsp;&nbsp; Cash and cash equivalents |  | &nbsp;&nbsp; 1484420 |  | &nbsp;&nbsp; 1460828 |  | &nbsp;&nbsp; 704395 |
| &nbsp;&nbsp; Security sales receivable |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; 249153 |
| &nbsp;&nbsp; Receivable for Fund shares sold |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; 42 |  | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Accrued interest receivable |  | &nbsp;&nbsp; 555807 |  | &nbsp;&nbsp; 291722 |  | &nbsp;&nbsp; 213280 |
| &nbsp;&nbsp; Receivable from affiliate |  | &nbsp;&nbsp; 7061 |  | &nbsp;&nbsp; 8166 |  | &nbsp;&nbsp; 5594 |
| &nbsp;&nbsp; Prepaid expenses |  | &nbsp;&nbsp; 188 |  | &nbsp;&nbsp; 275 |  | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 39390021 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 52720898 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 19130319 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed |  | &nbsp;&nbsp; 38334 |  | &nbsp;&nbsp; 31322 |  | &nbsp;&nbsp; 2367 |
| &nbsp;&nbsp; Distributions payable |  | &nbsp;&nbsp; 8966 |  | &nbsp;&nbsp; 30130 |  | &nbsp;&nbsp; 5996 |
| &nbsp;&nbsp; Trustees' fees payable |  | &nbsp;&nbsp; 445 |  | &nbsp;&nbsp; 609 |  | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp; Payable to affiliates |  | &nbsp;&nbsp; 36544 |  | &nbsp;&nbsp; 46048 |  | &nbsp;&nbsp; 19648 |
| &nbsp;&nbsp; Accrued expenses |  | &nbsp;&nbsp; 12468 |  | &nbsp;&nbsp; 12987 |  | &nbsp;&nbsp; 6731 |
| &nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 96757 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 121096 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 34949 |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 39293264 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 52599802 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 19095370 |
| &nbsp;&nbsp; **NET ASSETS ARE REPRESENTED BY:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Capital stock outstanding, no par value, unlimited shares authorized | &nbsp;&nbsp; $ | &nbsp;&nbsp; 45476356 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 61498018 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 23232481 |
| &nbsp;&nbsp; Distributable earnings (accumulated losses) |  | &nbsp;&nbsp; (6183092) |  | &nbsp;&nbsp; (8898216) |  | &nbsp;&nbsp; (4137111) |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 39293264 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 52599802 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 19095370 |
| &nbsp;&nbsp; Net Assets - Class A | &nbsp;&nbsp; $ | &nbsp;&nbsp; 35982762 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 40994364 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 14981882 |
| &nbsp;&nbsp; Net Assets - Class I  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 3310502 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 11605438 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 4113488 |
| &nbsp;&nbsp; Shares outstanding - Class A |  | &nbsp;&nbsp; 3372185 |  | &nbsp;&nbsp; 4470086 |  | &nbsp;&nbsp; 1686864 |
| &nbsp;&nbsp; Shares outstanding - Class I |  | &nbsp;&nbsp; 310027 |  | &nbsp;&nbsp; 1265558 |  | &nbsp;&nbsp; 463044 |
| &nbsp;&nbsp; Net asset value per share - Class A\* |  | &nbsp;&nbsp; $10.67 |  | &nbsp;&nbsp; $9.17 |  | &nbsp;&nbsp; $8.88 |
| &nbsp;&nbsp; Maximum sales charge - Class A |  | &nbsp;&nbsp; 2.50% |  | &nbsp;&nbsp; 2.50% |  | &nbsp;&nbsp; 2.50% |
| &nbsp;&nbsp; Public offering price per share - Class A |  | &nbsp;&nbsp; $10.94 |  | &nbsp;&nbsp; $9.41 |  | &nbsp;&nbsp; $9.11 |
| &nbsp;&nbsp; Net asset value per share - Class I |  | &nbsp;&nbsp; $10.68 |  | &nbsp;&nbsp; $9.17 |  | &nbsp;&nbsp; $8.88 |
| &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Operations –** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Kansas | &nbsp;&nbsp; Maine | &nbsp;&nbsp; Nebraska |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp; Interest | $&nbsp;&nbsp; 1079637 | $&nbsp;&nbsp; 140227 | $&nbsp;&nbsp; 607219 |
| &nbsp;&nbsp; Total investment income | $&nbsp;&nbsp; 1079637 | $&nbsp;&nbsp; 140227 | $&nbsp;&nbsp; 607219 |
| &nbsp;&nbsp; **EXPENSES** |  |  |  |
| &nbsp;&nbsp; Investment advisory fees | $&nbsp;&nbsp; 128097 | $&nbsp;&nbsp; 17645 | $&nbsp;&nbsp; 70268 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class A | &nbsp;&nbsp; 55157 | &nbsp;&nbsp; 8616 | &nbsp;&nbsp; 30327 |
| &nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 33768 | &nbsp;&nbsp; 7260 | &nbsp;&nbsp; 19889 |
| &nbsp;&nbsp; Administrative service fees | &nbsp;&nbsp; 56032 | &nbsp;&nbsp; 25105 | &nbsp;&nbsp; 39840 |
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1241 |
| &nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp; License, fees, and registrations | &nbsp;&nbsp; 1648 | &nbsp;&nbsp; 2381 | &nbsp;&nbsp; 1280 |
| &nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 7973 | &nbsp;&nbsp; 4040 | &nbsp;&nbsp; 5810 |
| &nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 3007 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 1637 |
| &nbsp;&nbsp; Transfer agent out-of-pockets | &nbsp;&nbsp; 1629 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 1067 |
| &nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 184 | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Insurance expense | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp; Total expenses | $&nbsp;&nbsp; 290757 | $&nbsp;&nbsp; 68242 | $&nbsp;&nbsp; 171820 |
| &nbsp;&nbsp; Less expenses waived or reimbursed (See Note 7) | &nbsp;&nbsp; (48700) | &nbsp;&nbsp; (33886) | &nbsp;&nbsp; (39014) |
| &nbsp;&nbsp; Total net expenses | $&nbsp;&nbsp; 242057 | $&nbsp;&nbsp; 34356 | $&nbsp;&nbsp; 132806 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)** | $&nbsp;&nbsp; 837580 | $&nbsp;&nbsp; 105871 | $&nbsp;&nbsp; 474413 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | $&nbsp;&nbsp; (9452) | $&nbsp;&nbsp; (2740) | $&nbsp;&nbsp; (120773) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 2312738 | &nbsp;&nbsp; 306999 | &nbsp;&nbsp; 1236659  |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | $&nbsp;&nbsp; 2303286 | $&nbsp;&nbsp; 304259 | $&nbsp;&nbsp; 1115886  |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp; 3140866 | $&nbsp;&nbsp; 410130 | $&nbsp;&nbsp; 1590299  |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Operations** (continued) **–** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Oklahoma |  |  |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund For MT | &nbsp;&nbsp; Fund For ND |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp; Interest | $&nbsp;&nbsp; 851903 | $&nbsp;&nbsp; 1068050 | $&nbsp;&nbsp; 379731 |
| &nbsp;&nbsp; Total investment income | $&nbsp;&nbsp; 851903 | $&nbsp;&nbsp; 1068050 | $&nbsp;&nbsp; 379731 |
| &nbsp;&nbsp; **EXPENSES** |  |  |  |
| &nbsp;&nbsp; Investment advisory fees | $&nbsp;&nbsp; 100021 | $&nbsp;&nbsp; 137249 | $&nbsp;&nbsp; 47300 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class A | &nbsp;&nbsp; 46668 | &nbsp;&nbsp; 54525 | &nbsp;&nbsp; 18996 |
| &nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 27030 | &nbsp;&nbsp; 35965 | &nbsp;&nbsp; 14377 |
| &nbsp;&nbsp; Administrative service fees | &nbsp;&nbsp; 48170 | &nbsp;&nbsp; 58594 | &nbsp;&nbsp; 33409 |
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 1838 | &nbsp;&nbsp; 2527 | &nbsp;&nbsp; 1057 |
| &nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp; License, fees, and registrations | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 527 |
| &nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 6972 | &nbsp;&nbsp; 8511 | &nbsp;&nbsp; 4962 |
| &nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 2301 | &nbsp;&nbsp; 3072 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp; Transfer agent out-of-pockets | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp; Insurance expense | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; Total expenses | $&nbsp;&nbsp; 235903 | $&nbsp;&nbsp; 303913 | $&nbsp;&nbsp; 122678 |
| &nbsp;&nbsp; Less expenses waived or reimbursed (See Note 7) | &nbsp;&nbsp; (43294) | &nbsp;&nbsp; (49118) | &nbsp;&nbsp; (34615) |
| &nbsp;&nbsp; Total net expenses | $&nbsp;&nbsp; 192609 | $&nbsp;&nbsp; 254795 | $&nbsp;&nbsp; 88063 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)** | $&nbsp;&nbsp; 659294 | $&nbsp;&nbsp; 813255 | $&nbsp;&nbsp; 291668 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | $&nbsp;&nbsp; (162921) | $&nbsp;&nbsp; (408) | $&nbsp;&nbsp; (3375) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 2171665 | &nbsp;&nbsp; 2360501 | &nbsp;&nbsp; 892491 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | $&nbsp;&nbsp; 2008744 | $&nbsp;&nbsp; 2360093 | $&nbsp;&nbsp; 889116 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp; 2668038 | $&nbsp;&nbsp; 3173348 | $&nbsp;&nbsp; 1180784 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Changes in Net Assets –** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Kansas | &nbsp;&nbsp; Maine | &nbsp;&nbsp; Nebraska |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Municipal |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 837580 | $&nbsp;&nbsp; 105871 | $&nbsp;&nbsp; 474413 |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; (9452) | &nbsp;&nbsp; (2740) | &nbsp;&nbsp; (120773) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 2312738 | &nbsp;&nbsp; 306999 | &nbsp;&nbsp; 1236659 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $&nbsp;&nbsp; 3140866 | $&nbsp;&nbsp; 410130 | $&nbsp;&nbsp; 1590299 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (713407) | $&nbsp;&nbsp; (103012) | $&nbsp;&nbsp; (405249) |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (123952) | &nbsp;&nbsp; (2685) | &nbsp;&nbsp; (69165) |
| &nbsp;&nbsp; Total distributions | $&nbsp;&nbsp; (837359) | $&nbsp;&nbsp; (105697) | $&nbsp;&nbsp; (474414) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 400963 | $&nbsp;&nbsp; 109146 | $&nbsp;&nbsp; 572541 |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 495525 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 710340 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 663262 | &nbsp;&nbsp; 88905 | &nbsp;&nbsp; 344613 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 58619 | &nbsp;&nbsp; 2685 | &nbsp;&nbsp; 61921 |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (5669317) | &nbsp;&nbsp; (770156) | &nbsp;&nbsp; (4802515) |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (543806) | &nbsp;&nbsp; (1843) | &nbsp;&nbsp; (380219) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | $&nbsp;&nbsp; (4594754) | $&nbsp;&nbsp; (569263) | $&nbsp;&nbsp; (3493319) |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; (2291247) | $&nbsp;&nbsp; (264830) | $&nbsp;&nbsp; (2377434) |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 51294982 | &nbsp;&nbsp; 7104164 | &nbsp;&nbsp; 28962245 |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 49003735 | $&nbsp;&nbsp; 6839334 | $&nbsp;&nbsp; 26584811 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Statements of Changes in Net Assets** (continued) **–** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Oklahoma |  |  |
|  | &nbsp;&nbsp; Municipal | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund For MT | &nbsp;&nbsp; Fund For ND |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 659294 | $&nbsp;&nbsp; 813255 | $&nbsp;&nbsp; 291668 |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; (162921) | &nbsp;&nbsp; (408) | &nbsp;&nbsp; (3375) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 2171665 | &nbsp;&nbsp; 2360501 | &nbsp;&nbsp; 892491 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $&nbsp;&nbsp; 2668038 | $&nbsp;&nbsp; 3173348 | $&nbsp;&nbsp; 1180784 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (611439) | $&nbsp;&nbsp; (634051) | $&nbsp;&nbsp; (230022) |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (47240) | &nbsp;&nbsp; (178043) | &nbsp;&nbsp; (61136) |
| &nbsp;&nbsp; Total distributions | $&nbsp;&nbsp; (658679) | $&nbsp;&nbsp; (812094) | $&nbsp;&nbsp; (291158) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 488372 | $&nbsp;&nbsp; 1366911 | $&nbsp;&nbsp; 536966 |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 1210013 | &nbsp;&nbsp; 1621432 | &nbsp;&nbsp; 2288695 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 589051 | &nbsp;&nbsp; 538672 | &nbsp;&nbsp; 208613 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 19761 | &nbsp;&nbsp; 107881 | &nbsp;&nbsp; 51061 |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (4087541) | &nbsp;&nbsp; (5949102) | &nbsp;&nbsp; (1574263) |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (643494) | &nbsp;&nbsp; (1123448) | &nbsp;&nbsp; (3533) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | $&nbsp;&nbsp; (2423838) | $&nbsp;&nbsp; (3437654) | $&nbsp;&nbsp; 1507539 |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; (414479) | $&nbsp;&nbsp; (1076400) | $&nbsp;&nbsp; 2397165 |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 39707743 | &nbsp;&nbsp; 53676202 | &nbsp;&nbsp; 16698205 |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 39293264 | $&nbsp;&nbsp; 52599802 | $&nbsp;&nbsp; 19095370 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

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Viking Mutual Funds \| January 31, 2026

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

---

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

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Viking Mutual Funds \| January 31, 2026

------

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

---

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

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Viking Mutual Funds \| January 31, 2026

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**Notes to Financial Statements** (unaudited)

**NOTE 1: Organization**

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

The Kansas Municipal Fund ("KS Muni Fund"), Maine Municipal Fund ("ME Muni Fund"), Nebraska Municipal Fund ("NE Muni Fund"), Oklahoma Municipal Fund ("OK Muni Fund"), Viking Tax-Free Fund for Montana ("Tax-Free Fund for MT"), and Viking Tax-Free Fund for North Dakota ("Tax-Free Fund for ND") seek the highest level of current income that is exempt from both federal income tax and each Fund's respective state income tax as is consistent with preservation of capital. KS Muni Fund and OK Muni Fund are diversified Funds. ME Muni Fund, NE Muni Fund, Tax-Free Fund for MT and Tax Free Fund for ND are non-diversified Funds.

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

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

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

Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, *Financial Services* – *Investment Companies*.

**NOTE 2: Summary of Significant Accounting Policies**

**Investment security valuation**—The Funds value their investments at fair value. Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by the Funds' administrative services agent, Integrity Fund Services, LLC ("Integrity Fund Services" or "IFS"). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Shares of a registered investment company, including money market funds that are not traded on an exchange are valued at the investment company's net asset value per share.

**When-issued securities**—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds' Schedules of Investments. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Contingent deferred sales charge**—In the case of investments into the Funds of $200,000 or more, a 1.00% contingent deferred sales charge ("CDSC") may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).

Viking Mutual Funds \| January 31, 2026

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**Federal and state income taxes**—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.

As of January 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended January 31, 2026, the Funds did not incur any interest or penalties.

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

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

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

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

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

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

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

**NOTE 3: Fair Value Measurements**

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

The following is a summary of the inputs used to value the Funds' investments as of January 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; **Total** |
| &nbsp;&nbsp; **KS Muni Fund** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 47255281 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 47255281 |
| &nbsp;&nbsp; **KS Muni Fund** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 47255281 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 47255281 |
| &nbsp;&nbsp; **ME Muni Fund** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 6422991 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 6422991 |
| &nbsp;&nbsp; **ME Muni Fund** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 6422991 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 6422991 |
| &nbsp;&nbsp; **NE Muni Fund** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 26127509 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 26127509 |
| &nbsp;&nbsp; **NE Muni Fund** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 26127509 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 26127509 |
| &nbsp;&nbsp; **OK Muni Fund** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 37342545 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 37342545 |
| &nbsp;&nbsp; **OK Muni Fund** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 37342545 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 37342545 |
| &nbsp;&nbsp; **Tax-Free Fund for MT** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 50959865 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 50959865 |
| &nbsp;&nbsp; **Tax-Free Fund for MT** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 50959865 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 50959865 |
| &nbsp;&nbsp; **Tax-Free Fund for ND** | &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 17957828 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 17957828 |
| &nbsp;&nbsp; **Tax-Free Fund for ND** | &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 17957828 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 17957828 |
| &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. | &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. | &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. | &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. | &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. | &nbsp;&nbsp; The Funds did not hold any Level 3 assets during the six months ended January 31, 2026. |

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Viking Mutual Funds \| January 31, 2026

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**NOTE 4: Investment Transactions**

Purchases and sales of investment securities (excluding short-term securities) for the six months ended January 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; KS Muni | &nbsp;&nbsp; ME Muni | &nbsp;&nbsp; NE Muni | &nbsp;&nbsp; OK Muni | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund for MT | &nbsp;&nbsp; Fund for ND |
| &nbsp;&nbsp; Purchases | &nbsp;&nbsp; $2910061 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; $370200 | &nbsp;&nbsp; $2758803 | &nbsp;&nbsp; $2371608 | &nbsp;&nbsp; $2544482 |
| &nbsp;&nbsp; Sales | &nbsp;&nbsp; $7487606 | &nbsp;&nbsp; $98300 | &nbsp;&nbsp; $3536071 | &nbsp;&nbsp; $6099082 | &nbsp;&nbsp; $5991601 | &nbsp;&nbsp; $511625 |

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**NOTE 5: Capital Share Transactions**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Six Months Ended 1/31/2026: | &nbsp;&nbsp; KS Muni | &nbsp;&nbsp; ME Muni | &nbsp;&nbsp; NE Muni | &nbsp;&nbsp; OK Muni | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
| &nbsp;&nbsp; <u>Class A</u> | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund for MT | &nbsp;&nbsp; Fund for ND |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 42030  | &nbsp;&nbsp; 11669  | &nbsp;&nbsp; 62368  | &nbsp;&nbsp; 46111  | &nbsp;&nbsp; 151146  | &nbsp;&nbsp; 62422  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 69736  | &nbsp;&nbsp; 9503  | &nbsp;&nbsp; 37733  | &nbsp;&nbsp; 56008  | &nbsp;&nbsp; 59518  | &nbsp;&nbsp; 23812  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (596767) | &nbsp;&nbsp; (82399) | &nbsp;&nbsp; (527580) | &nbsp;&nbsp; (388460) | &nbsp;&nbsp; (654108) | &nbsp;&nbsp; (182026) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; (485001) | &nbsp;&nbsp; (61227) | &nbsp;&nbsp; (427479) | &nbsp;&nbsp; (286341) | &nbsp;&nbsp; (443444) | &nbsp;&nbsp; (95792) |
| &nbsp;&nbsp; <u>Class I</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 52953  | &nbsp;&nbsp; 214  | &nbsp;&nbsp; 77446  | &nbsp;&nbsp; 114217  | &nbsp;&nbsp; 178727  | &nbsp;&nbsp; 268584  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 6158  | &nbsp;&nbsp; 287  | &nbsp;&nbsp; 6778  | &nbsp;&nbsp; 1881  | &nbsp;&nbsp; 11914  | &nbsp;&nbsp; 5812  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (57678) | &nbsp;&nbsp; (197) | &nbsp;&nbsp; (41853) | &nbsp;&nbsp; (61152) | &nbsp;&nbsp; (123721) | &nbsp;&nbsp; (407) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 1433  | &nbsp;&nbsp; 304  | &nbsp;&nbsp; 42371  | &nbsp;&nbsp; 54946  | &nbsp;&nbsp; 66920  | &nbsp;&nbsp; 273989  |
| &nbsp;&nbsp; Year Ended 7/31/2025: | &nbsp;&nbsp; KS Muni | &nbsp;&nbsp; ME Muni | &nbsp;&nbsp; NE Muni | &nbsp;&nbsp; OK Muni | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
| &nbsp;&nbsp; <u>Class A</u> | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund for MT | &nbsp;&nbsp; Fund for ND |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 168402  | &nbsp;&nbsp; 5743  | &nbsp;&nbsp; 238870  | &nbsp;&nbsp; 177772  | &nbsp;&nbsp; 503094  | &nbsp;&nbsp; 128679  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 144804  | &nbsp;&nbsp; 22340  | &nbsp;&nbsp; 83260  | &nbsp;&nbsp; 114884  | &nbsp;&nbsp; 128809  | &nbsp;&nbsp; 54370  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (855415) | &nbsp;&nbsp; (146000) | &nbsp;&nbsp; (637881) | &nbsp;&nbsp; (665156) | &nbsp;&nbsp; (1235124) | &nbsp;&nbsp; (544084) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; (542209) | &nbsp;&nbsp; (117917) | &nbsp;&nbsp; (315751) | &nbsp;&nbsp; (372500) | &nbsp;&nbsp; (603221) | &nbsp;&nbsp; (361035) |
| &nbsp;&nbsp; <u>Class I</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 98953  | &nbsp;&nbsp; 4687  | &nbsp;&nbsp; 214481  | &nbsp;&nbsp; 72223  | &nbsp;&nbsp; 229161  | &nbsp;&nbsp; 59327  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 11861  | &nbsp;&nbsp; 500  | &nbsp;&nbsp; 11511  | &nbsp;&nbsp; 4264  | &nbsp;&nbsp; 24017  | &nbsp;&nbsp; 4281  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (59766) | &nbsp;&nbsp; (663) | &nbsp;&nbsp; (129177) | &nbsp;&nbsp; (36021) | &nbsp;&nbsp; (174721) | &nbsp;&nbsp; (25426) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 51048  | &nbsp;&nbsp; 4524  | &nbsp;&nbsp; 96815  | &nbsp;&nbsp; 40466  | &nbsp;&nbsp; 78457  | &nbsp;&nbsp; 38182  |

---

Viking Mutual Funds \| January 31, 2026

------

**NOTE 6: Income Tax Information** 

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending July 31, 2026.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; KS Muni | &nbsp;&nbsp; ME Muni | &nbsp;&nbsp; NE Muni | &nbsp;&nbsp; OK Muni | &nbsp;&nbsp; Tax-Free | &nbsp;&nbsp; Tax-Free |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund for MT | &nbsp;&nbsp; Fund for ND |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 51192773 | $&nbsp;&nbsp; 6467886 | $&nbsp;&nbsp; 29372249 | $&nbsp;&nbsp; 40015537 | $&nbsp;&nbsp; 53985865 | $&nbsp;&nbsp; 15733546 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 134663 | $&nbsp;&nbsp; 12102  | $&nbsp;&nbsp; 71069 | $&nbsp;&nbsp; 139380 | $&nbsp;&nbsp; 79956 | $&nbsp;&nbsp; 64054 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (1715353) | &nbsp;&nbsp; (257078) | &nbsp;&nbsp; (1242344) | &nbsp;&nbsp; (1459353) | &nbsp;&nbsp; (1690989) | &nbsp;&nbsp; (744311) |
| &nbsp;&nbsp; Net unrealized appreciation/<br> (depreciation)\* | $&nbsp;&nbsp; (1580690) | $&nbsp;&nbsp; (244976) | $&nbsp;&nbsp; (1171275) | $&nbsp;&nbsp; (1319973) | $&nbsp;&nbsp; (1611033) | $&nbsp;&nbsp; (680257) |
| &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount and the tax deferral of losses on wash sales. |

---

The tax character of distributions were as follows:

---

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

---

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

---

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

---

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

---

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

---

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

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

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

Viking Mutual Funds \| January 31, 2026

------

VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the "Advisory Agreement") provides for fees to be computed at an annual rate of 0.50% of each Fund's average daily net assets. The Funds' pay investment advisory fees to VFM on a monthly basis. VFM has contractually agreed to waive its management fee and to reimburse expenses for the Funds, other than extraordinary or non-recurring expenses, taxes, brokerage fees, commissions, and acquired fund fees and expenses, until November 29, 2026 so that the net annual operating expenses do not exceed 0.98% and 0.73% for Class A and I, respectively. After November 29, 2026, the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 |
|  | &nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp; Waived | &nbsp;&nbsp; Reimb. | &nbsp;&nbsp; Advisory | &nbsp;&nbsp; Waived | &nbsp;&nbsp; Reimb. |
| &nbsp;&nbsp; KS Muni Fund | $&nbsp;&nbsp; 128097 | $&nbsp;&nbsp; 48700  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 20904  | $&nbsp;&nbsp; 8121  | $&nbsp;&nbsp; -  |
| &nbsp;&nbsp; ME Muni Fund | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;17645 | $&nbsp;&nbsp; 17645  | $&nbsp;&nbsp; 16241  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2920  | $&nbsp;&nbsp; 2920  | $&nbsp;&nbsp; 1785  |
| &nbsp;&nbsp; NE Muni Fund | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;70268 | $&nbsp;&nbsp; 39014  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 11281  | $&nbsp;&nbsp; 6443  | $&nbsp;&nbsp; -  |
| &nbsp;&nbsp; OK Muni Fund | $&nbsp;&nbsp; 100021 | $&nbsp;&nbsp; 43294  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 16623  | $&nbsp;&nbsp; 7061  | $&nbsp;&nbsp; -  |
| &nbsp;&nbsp; Tax-Free Fund for MT | $&nbsp;&nbsp; 137249 | $&nbsp;&nbsp; 49118  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 22260  | $&nbsp;&nbsp; 8166  | $&nbsp;&nbsp; -  |
| &nbsp;&nbsp; Tax-Free Fund for ND | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;47300 | $&nbsp;&nbsp; 34615  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;8085  | $&nbsp;&nbsp; 5594  | $&nbsp;&nbsp; -  |

---

VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund's current expense limitation. Amounts subject to recoupment and expiration dates are as follow:

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 |
|  | &nbsp;&nbsp; Sales Charges | &nbsp;&nbsp; CDSC | &nbsp;&nbsp; Distribution Fees | &nbsp;&nbsp; Distribution Fees |
| &nbsp;&nbsp; KS Muni Fund - A | $&nbsp;&nbsp; 2025  | $&nbsp;&nbsp; 2720 | $&nbsp;&nbsp; 55157 | $&nbsp;&nbsp; 8947 |
| &nbsp;&nbsp; ME Muni Fund - A | $&nbsp;&nbsp; 2219  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;8616 | $&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp; NE Muni Fund - A | $&nbsp;&nbsp; 5191  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp; 30327 | $&nbsp;&nbsp; 4779 |
| &nbsp;&nbsp; OK Muni Fund - A | $&nbsp;&nbsp; 2632  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp; 46668 | $&nbsp;&nbsp; 7631 |
| &nbsp;&nbsp; Tax-Free Fund for MT - A | $&nbsp;&nbsp; 6899  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp; 54525 | $&nbsp;&nbsp; 8732 |
| &nbsp;&nbsp; Tax-Free Fund for ND - A | $&nbsp;&nbsp; 2509  | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp; 18996 | $&nbsp;&nbsp; 3173 |

---

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

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

Viking Mutual Funds \| January 31, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Six Months Ended 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 | &nbsp;&nbsp; Payable 1/31/2026 |
|  | &nbsp;&nbsp; Transfer | &nbsp;&nbsp; Admin. | &nbsp;&nbsp; Transfer | &nbsp;&nbsp; Admin. |
|  | &nbsp;&nbsp; Agency Fees | &nbsp;&nbsp; Service Fees | &nbsp;&nbsp; Agency Fees | &nbsp;&nbsp; Service Fees |
| &nbsp;&nbsp; KS Muni Fund | $&nbsp;&nbsp; 35397 | $&nbsp;&nbsp; 56032 | $&nbsp;&nbsp; 5308 | $&nbsp;&nbsp; 9250 |
| &nbsp;&nbsp; ME Muni Fund | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;7861 | $&nbsp;&nbsp; 25105 | $&nbsp;&nbsp; 1256 | $&nbsp;&nbsp; 4215 |
| &nbsp;&nbsp; NE Muni Fund | $&nbsp;&nbsp; 20956 | $&nbsp;&nbsp; 39840 | $&nbsp;&nbsp; 2803 | $&nbsp;&nbsp; 6556 |
| &nbsp;&nbsp; OK Muni Fund | $&nbsp;&nbsp; 28004 | $&nbsp;&nbsp; 48170 | $&nbsp;&nbsp; 4238 | $&nbsp;&nbsp; 8052 |
| &nbsp;&nbsp; Tax-Free Fund for MT | $&nbsp;&nbsp; 37453 | $&nbsp;&nbsp; 58594 | $&nbsp;&nbsp; 5426 | $&nbsp;&nbsp; 9630 |
| &nbsp;&nbsp; Tax-Free Fund for ND | $&nbsp;&nbsp; 15026 | $&nbsp;&nbsp; 33409 | $&nbsp;&nbsp; 2729 | $&nbsp;&nbsp; 5661 |

---

**NOTE 8: Principal Risks**

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

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

**NOTE 9: Subsequent Events**

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

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Kansas Municipal Fund, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 9.20  | $| 9.70  | $| 9.75  | $| 10.17  | $| 11.08  | $| 11.15  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.15 | $| 0.29 | $| 0.25 | $| 0.22 | $| 0.18 | $| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.43 |  | (0.50) |  | (0.05) |  | (0.42) |  | (0.91) |  | (0.07) |
| &nbsp;&nbsp; Total from investment operations | $| 0.58 | $| (0.21) | $| 0.20 | $| (0.20) | $| (0.73) | $| 0.12 |
| **Dividends from net investment income** | $| (0.15) | $| (0.29) | $| (0.25) | $| (0.22) | $| (0.18) | $| (0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.63 | $ | 9.20 | $ | 9.70 | $ | 9.75 | $ | 10.17 | $ | 11.08 |
| Total Return (excludes any applicable sales charge)# | 6.39% | 6.39% | (2.23%)  | (2.23%)  | 2.09% | 2.09% | (1.98%) | (1.98%) | (6.62%) | (6.62%) | 1.05% | 1.05% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $41918  | $41918  | $44535 | $44535 | $52202  | $52202  | $55633  | $55633  | $60816  | $60816  | $70686  | $70686  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.17%  | 1.17%  | 1.17%  | 1.17%  | 1.18%  | 1.18%  | 1.17%  | 1.17%  | 1.15%  | 1.15%  | 1.15%  | 1.15%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.23%  | 3.23%  | 3.02%  | 3.02%  | 2.59%  | 2.59%  | 2.21%  | 2.21%  | 1.75%  | 1.75%  | 1.67%  | 1.67%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 5.90%  | 5.90%  | 42.15%  | 42.15%  | 29.19%  | 29.19%  | 33.60%  | 33.60%  | 15.28%  | 15.28%  | 4.30%  | 4.30%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Kansas Municipal Fund, Class I

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 9.21  | $| 9.71  | $| 9.75  | $| 10.17  | $| 11.08  | $| 11.15  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.17 | $| 0.31 | $| 0.27 | $| 0.24 | $| 0.20 | $| 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.42 |  | (0.50) |  | (0.04) |  | (0.42) |  | (0.91) |  | (0.07) |
| &nbsp;&nbsp; Total from investment operations | $| 0.59 | $| (0.19) | $| 0.23 | $| (0.18) | $| (0.71) | $| 0.14 |
| **Dividends from net investment income** | $| (0.17) | $| (0.31) | $| (0.27) | $| (0.24) | $| (0.20) | $| (0.21) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.63 | $ | 9.21 | $ | 9.71 | $ | 9.75 | $ | 10.17 | $ | 11.08 |
| Total Return (excludes any applicable sales charge)# | 6.41% | 6.41% | (1.98%)  | (1.98%)  | 2.45% | 2.45% | (1.74%) | (1.74%) | (6.38%) | (6.38%) | 1.30% | 1.30% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $7086  | $7086  | $6760 | $6760 | $6630  | $6630  | $7798  | $7798  | $10443  | $10443  | $10503  | $10503  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 0.92%  | 0.92%  | 0.92%  | 0.92%  | 0.93%  | 0.93%  | 0.92%  | 0.92%  | 0.90%  | 0.90%  | 0.90%  | 0.90%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.48%  | 3.48%  | 3.27%  | 3.27%  | 2.84%  | 2.84%  | 2.46%  | 2.46%  | 1.97%  | 1.97%  | 1.92%  | 1.92%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 5.90%  | 5.90%  | 42.15%  | 42.15%  | 29.19%  | 29.19%  | 33.60%  | 33.60%  | 15.28%  | 15.28%  | 4.30%  | 4.30%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Maine Municipal Fund, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 9.06  | $| 9.52  | $| 9.49  | $| 9.87  | $| 10.89  | $| 10.97  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.14 | $| 0.28 | $| 0.25 | $| 0.21 | $| 0.18 | $| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.39 |  | (0.46) |  | 0.03 |  | (0.38) |  | (1.02) |  | (0.08) |
| &nbsp;&nbsp; Total from investment operations | $| 0.53 | $| (0.18) | $| 0.28 | $| (0.17) | $| (0.84) | $| 0.11 |
| **Dividends from net investment income** | $| (0.14) | $| (0.28) | $| (0.25) | $| (0.21) | $| (0.18) | $| (0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.45 | $ | 9.06 | $ | 9.52 | $ | 9.49 | $ | 9.87 | $ | 10.89 |
| Total Return (excludes any applicable sales charge)# | 5.88% | 5.88% | (1.90%)  | (1.90%)  | 3.05% | 3.05% | (1.74%) | (1.74%) | (7.74%) | (7.74%) | 1.00% | 1.00% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $6672  | $6672  | $6946 | $6946 | $8421  | $8421  | $9818  | $9818  | $10908  | $10908  | $13477  | $13477  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.94%  | 1.94%  | 1.83%  | 1.83%  | 1.54%  | 1.54%  | 1.53%  | 1.53%  | 1.46%  | 1.46%  | 1.40%  | 1.40%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 2.99%  | 2.99%  | 3.03%  | 3.03%  | 2.69%  | 2.69%  | 2.16%  | 2.16%  | 1.76%  | 1.76%  | 1.73%  | 1.73%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 0.00%  | 0.00%  | 18.05%  | 18.05%  | 69.10%  | 69.10%  | 0.00%  | 0.00%  | 9.66%  | 9.66%  | 15.80%  | 15.80%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Maine Municipal Fund, Class I

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 9.07  | $| 9.52  | $| 9.49  | $| 9.87  | $| 10.89  | $| 10.98  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.15 | $| 0.31 | $| 0.28 | $| 0.23 | $| 0.21 | $| 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.39 |  | (0.45) |  | 0.03 |  | (0.38) |  | (1.02) |  | (0.09) |
| &nbsp;&nbsp; Total from investment operations | $| 0.54 | $| (0.14) | $| 0.31 | $| (0.15) | $| (0.81) | $| 0.13 |
| **Dividends from net investment income** | $| (0.15) | $| (0.31) | $| (0.28) | $| (0.23) | $| (0.21) | $| (0.22) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.46 | $ | 9.07 | $ | 9.52 | $ | 9.49 | $ | 9.87 | $ | 10.89 |
| Total Return (excludes any applicable sales charge)# | 6.01% | 6.01% | (1.55%)  | (1.55%)  | 3.30% | 3.30% | (1.50%) | (1.50%) | (7.52%) | (7.52%) | 1.16% | 1.16% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $168  | $168  | $158 | $158 | $123  | $123  | $517  | $517  | $602  | $602  | $973  | $973  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.69%  | 1.69%  | 1.60%  | 1.60%  | 1.29%  | 1.29%  | 1.28%  | 1.28%  | 1.21%  | 1.21%  | 1.15%  | 1.15%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.24%  | 3.24%  | 3.28%  | 3.28%  | 2.94%  | 2.94%  | 2.41%  | 2.41%  | 2.01%  | 2.01%  | 1.98%  | 1.98%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 0.00%  | 0.00%  | 18.05%  | 18.05%  | 69.10%  | 69.10%  | 0.00%  | 0.00%  | 9.66%  | 9.66%  | 15.80%  | 15.80%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Nebraska Municipal Fund, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.86  | $| 9.38  | $| 9.47  | $| 9.81  | $| 10.64  | $| 10.77  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.15 | $| 0.30 | $| 0.26 | $| 0.19 | $| 0.15 | $| 0.17 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.36 |  | (0.52) |  | (0.09) |  | (0.34) |  | (0.83) |  | (0.13) |
| &nbsp;&nbsp; Total from investment operations | $| 0.51 | $| (0.22) | $| 0.17 | $| (0.15) | $| (0.68) | $| 0.04 |
| **Dividends from net investment income** | $| (0.15) | $| (0.30) | $| (0.26) | $| (0.19) | $| (0.15) | $| (0.17) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.22 | $ | 8.86 | $ | 9.38 | $ | 9.47 | $ | 9.81 | $ | 10.64 |
| Total Return (excludes any applicable sales charge)# | 5.83% | 5.83% | (2.41%)  | (2.41%)  | 1.87% | 1.87% | (1.56%) | (1.56%) | (6.39%) | (6.39%) | 0.38% | 0.38% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $22387  | $22387  | $25303 | $25303 | $29749  | $29749  | $33188  | $33188  | $49780  | $49780  | $55363  | $55363  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.26%  | 1.26%  | 1.25%  | 1.25%  | 1.24%  | 1.24%  | 1.20%  | 1.20%  | 1.17%  | 1.17%  | 1.18%  | 1.18%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.34%  | 3.34%  | 3.26%  | 3.26%  | 2.81%  | 2.81%  | 1.93%  | 1.93%  | 1.51%  | 1.51%  | 1.59%  | 1.59%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 1.38%  | 1.38%  | 32.31%  | 32.31%  | 79.45%  | 79.45%  | 19.33%  | 19.33%  | 26.33%  | 26.33%  | 8.21%  | 8.21%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Nebraska Municipal Fund, Class I

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.86  | $| 9.37  | $| 9.47  | $| 9.81  | $| 10.63  | $| 10.76  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.17 | $| 0.32 | $| 0.29 | $| 0.21 | $| 0.18 | $| 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.35 |  | (0.51) |  | (0.10) |  | (0.34) |  | (0.82) |  | (0.13) |
| &nbsp;&nbsp; Total from investment operations | $| 0.52 | $| (0.19) | $| 0.19 | $| (0.13) | $| (0.64) | $| 0.07 |
| **Dividends from net investment income** | $| (0.17) | $| (0.32) | $| (0.29) | $| (0.21) | $| (0.18) | $| (0.20) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.21 | $ | 8.86 | $ | 9.37 | $ | 9.47 | $ | 9.81 | $ | 10.63 |
| Total Return (excludes any applicable sales charge)# | 5.85% | 5.85% | (2.07%)  | (2.07%)  | 2.02% | 2.02% | (1.32%) | (1.32%) | (6.07%) | (6.07%) | 0.63% | 0.63% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $4198  | $4198  | $3659 | $3659 | $2966  | $2966  | $3695  | $3695  | $2520  | $2520  | $2495  | $2495  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.01%  | 1.01%  | 1.00%  | 1.00%  | 0.99%  | 0.99%  | 0.95%  | 0.95%  | 0.92%  | 0.92%  | 0.93%  | 0.93%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.59%  | 3.59%  | 3.51%  | 3.51%  | 3.06%  | 3.06%  | 2.18%  | 2.18%  | 1.76%  | 1.76%  | 1.84%  | 1.84%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 1.38%  | 1.38%  | 32.31%  | 32.31%  | 79.45%  | 79.45%  | 19.33%  | 19.33%  | 26.33%  | 26.33%  | 8.21%  | 8.21%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Oklahoma Municipal Fund, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 10.15  | $| 10.59  | $| 10.64  | $| 11.02  | $| 12.14  | $| 12.08  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.17 | $| 0.33 | $| 0.29 | $| 0.23 | $| 0.17 | $| 0.18 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.52 |  | (0.44) |  | (0.05) |  | (0.38) |  | (1.12) |  | 0.06 |
| &nbsp;&nbsp; Total from investment operations | $| 0.69 | $| (0.11) | $| 0.24 | $| (0.15) | $| (0.95) | $| 0.24 |
| **Dividends from net investment income** | $| (0.17) | $| (0.33) | $| (0.29) | $| (0.23) | $| (0.17) | $| (0.18) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 10.67 | $ | 10.15 | $ | 10.59 | $ | 10.64 | $ | 11.02 | $ | 12.14 |
| Total Return (excludes any applicable sales charge)# | 6.87% | 6.87% | (1.07%)  | (1.07%)  | 2.33% | 2.33% | (1.34%) | (1.34%) | (7.88%) | (7.88%) | 2.03% | 2.03% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $35983  | $35983  | $37118 | $37118 | $42700  | $42700  | $51337  | $51337  | $61402  | $61402  | $77021  | $77021  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.20%  | 1.20%  | 1.21%  | 1.21%  | 1.18%  | 1.18%  | 1.18%  | 1.18%  | 1.15%  | 1.15%  | 1.14%  | 1.14%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.28%  | 3.28%  | 3.17%  | 3.17%  | 2.77%  | 2.77%  | 2.16%  | 2.16%  | 1.45%  | 1.45%  | 1.51%  | 1.51%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 7.17%  | 7.17%  | 29.22%  | 29.22%  | 69.12%  | 69.12%  | 22.50%  | 22.50%  | 38.98%  | 38.98%  | 11.13%  | 11.13%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Oklahoma Municipal Fund, Class I

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 10.15  | $| 10.60  | $| 10.65  | $| 11.03  | $| 12.15  | $| 12.09  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.19 | $| 0.36 | $| 0.32 | $| 0.26 | $| 0.20 | $| 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.53 |  | (0.45) |  | (0.05) |  | (0.38) |  | (1.12) |  | 0.06 |
| &nbsp;&nbsp; Total from investment operations | $| 0.72 | $| (0.09) | $| 0.27 | $| (0.12) | $| (0.92) | $| 0.27 |
| **Dividends from net investment income** | $| (0.19) | $| (0.36) | $| (0.32) | $| (0.26) | $| (0.20) | $| (0.21) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 10.68 | $ | 10.15 | $ | 10.60 | $ | 10.65 | $ | 11.03 | $ | 12.15 |
| Total Return (excludes any applicable sales charge)# | 7.10% | 7.10% | (0.92%)  | (0.92%)  | 2.59% | 2.59% | (1.09%) | (1.09%) | (7.64%) | (7.64%) | 2.29% | 2.29% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $3311  | $3311  | $2590 | $2590 | $2275  | $2275  | $3321  | $3321  | $3216  | $3216  | $4970  | $4970  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 0.95%  | 0.95%  | 0.95%  | 0.95%  | 0.93%  | 0.93%  | 0.93%  | 0.93%  | 0.90%  | 0.90%  | 0.89%  | 0.89%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.53%  | 3.53%  | 3.42%  | 3.42%  | 3.02%  | 3.02%  | 2.41%  | 2.41%  | 1.70%  | 1.70%  | 1.76%  | 1.76%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 7.17%  | 7.17%  | 29.22%  | 29.22%  | 69.12%  | 69.12%  | 22.50%  | 22.50%  | 38.98%  | 38.98%  | 11.13%  | 11.13%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Viking Tax-Free Fund for Montana, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.78  | $| 9.15  | $| 9.22  | $| 9.51  | $| 10.34  | $| 10.35  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.13 | $| 0.27 | $| 0.25 | $| 0.22 | $| 0.17 | $| 0.17 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.39 |  | (0.37) |  | (0.07) |  | (0.29) |  | (0.83) |  | (0.01) |
| &nbsp;&nbsp; Total from investment operations | $| 0.52 | $| (0.10) | $| 0.18 | $| (0.07) | $| (0.66) | $| 0.16 |
| **Dividends from net investment income** | $| (0.13) | $| (0.27) | $| (0.25) | $| (0.22) | $| (0.17) | $| (0.17) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.17 | $ | 8.78 | $ | 9.15 | $ | 9.22 | $ | 9.51 | $ | 10.34 |
| Total Return (excludes any applicable sales charge)# | 5.98% | 5.98% | (1.16%)  | (1.16%)  | 1.98% | 1.98% | (0.76%) | (0.76%) | (6.46%) | (6.46%) | 1.57% | 1.57% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $40994  | $40994  | $43150 | $43150 | $50466  | $50466  | $54906  | $54906  | $65357  | $65357  | $79710  | $79710  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.16%  | 1.16%  | 1.17%  | 1.17%  | 1.17%  | 1.17%  | 1.17%  | 1.17%  | 1.14%  | 1.14%  | 1.13%  | 1.13%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 2.91%  | 2.91%  | 2.96%  | 2.96%  | 2.72%  | 2.72%  | 2.33%  | 2.33%  | 1.68%  | 1.68%  | 1.65%  | 1.65%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 4.49%  | 4.49%  | 22.82%  | 22.82%  | 31.96%  | 31.96%  | 16.20%  | 16.20%  | 26.78%  | 26.78%  | 12.00%  | 12.00%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Viking Tax-Free Fund for Montana, Class I

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.78  | $| 9.15  | $| 9.22  | $| 9.51  | $| 10.34  | $| 10.35  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.14 | $| 0.29 | $| 0.27 | $| 0.24 | $| 0.19 | $| 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.39 |  | (0.37) |  | (0.07) |  | (0.29) |  | (0.83) |  | (0.01) |
| &nbsp;&nbsp; Total from investment operations | $| 0.53 | $| (0.08) | $| 0.20 | $| (0.05) | $| (0.64) | $| 0.19 |
| **Dividends from net investment income** | $| (0.14) | $| (0.29) | $| (0.27) | $| (0.24) | $| (0.19) | $| (0.20) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 9.17 | $ | 8.78 | $ | 9.15 | $ | 9.22 | $ | 9.51 | $ | 10.34 |
| Total Return (excludes any applicable sales charge)# | 6.12% | 6.12% | (0.92%)  | (0.92%)  | 2.23% | 2.23% | (0.51%) | (0.51%) | (6.21%) | (6.21%) | 1.82% | 1.82% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $11605  | $11605  | $10526 | $10526 | $10247  | $10247  | $11607  | $11607  | $15776  | $15776  | $18055  | $18055  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 0.91%  | 0.91%  | 0.92%  | 0.92%  | 0.92%  | 0.92%  | 0.92%  | 0.92%  | 0.89%  | 0.89%  | 0.88%  | 0.88%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.16%  | 3.16%  | 3.21%  | 3.21%  | 2.97%  | 2.97%  | 2.58%  | 2.58%  | 1.93%  | 1.93%  | 1.90%  | 1.90%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 4.49%  | 4.49%  | 22.82%  | 22.82%  | 31.96%  | 31.96%  | 16.20%  | 16.20%  | 26.78%  | 26.78%  | 12.00%  | 12.00%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Viking Tax-Free Fund for North Dakota, Class A

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.47  | $| 8.99  | $| 9.11  | $| 9.51  | $| 10.36  | $| 10.39  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.13 | $| 0.27 | $| 0.24 | $| 0.19 | $| 0.16 | $| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.41 |  | (0.52) |  | (0.12) |  | (0.40) |  | (0.85) |  | (0.03) |
| &nbsp;&nbsp; Total from investment operations | $| 0.54 | $| (0.25) | $| 0.12 | $| (0.21) | $| (0.69) | $| 0.16 |
| **Dividends from net investment income** | $| (0.13) | $| (0.27) | $| (0.24) | $| (0.19) | $| (0.16) | $| (0.19) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 8.88 | $ | 8.47 | $ | 8.99 | $ | 9.11 | $ | 9.51 | $ | 10.36 |
| Total Return (excludes any applicable sales charge)# | 6.45% | 6.45% | (2.81%)  | (2.81%)  | 1.35% | 1.35% | (2.18%) | (2.18%) | (6.70%) | (6.70%) | 1.57% | 1.57% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $14982  | $14982  | $15097 | $15097 | $19274  | $19274  | $22552  | $22552  | $27459  | $27459  | $30747  | $30747  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.35%  | 1.35%  | 1.38%  | 1.38%  | 1.30%  | 1.30%  | 1.28%  | 1.28%  | 1.23%  | 1.23%  | 1.24%  | 1.24%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.03%  | 3.03%  | 3.11%  | 3.11%  | 2.67%  | 2.67%  | 2.08%  | 2.08%  | 1.63%  | 1.63%  | 1.85%  | 1.85%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 2.96%  | 2.96%  | 23.04%  | 23.04%  | 55.91%  | 55.91%  | 12.19%  | 12.19%  | 22.82%  | 22.82%  | 22.02%  | 22.02%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

**Financial Highlights**

Viking Tax-Free Fund for North Dakota, Class I

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $| 8.47  | $| 8.99  | $| 9.11  | $| 9.51  | $| 10.36  | $| 10.39  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $| 0.14 | $| 0.30 | $| 0.26 | $| 0.21 | $| 0.19 | $| 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> |  | 0.41 |  | (0.52) |  | (0.12) |  | (0.40) |  | (0.85) |  | (0.03) |
| &nbsp;&nbsp; Total from investment operations | $| 0.55 | $| (0.22) | $| 0.14 | $| (0.19) | $| (0.66) | $| 0.19 |
| **Dividends from net investment income** | $| (0.14) | $| (0.30) | $| (0.26) | $| (0.21) | $| (0.19) | $| (0.22) |
| **NET ASSET VALUE, END OF PERIOD** | $ | 8.88 | $ | 8.47 | $ | 8.99 | $ | 9.11 | $ | 9.51 | $ | 10.36 |
| Total Return (excludes any applicable sales charge)# | 6.58% | 6.58% | (2.57%)  | (2.57%)  | 1.61% | 1.61% | (1.94%) | (1.94%) | (6.46%) | (6.46%) | 1.83% | 1.83% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $4113  | $4113  | $1602 | $1602 | $1357  | $1357  | $1491  | $1491  | $1631  | $1631  | $2069  | $2069  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.09%  | 1.09%  | 1.13%  | 1.13%  | 1.05%  | 1.05%  | 1.03%  | 1.03%  | 0.98%  | 0.98%  | 0.99%  | 0.99%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.28%  | 3.28%  | 3.36%  | 3.36%  | 2.92%  | 2.92%  | 2.33%  | 2.33%  | 1.88%  | 1.88%  | 2.10%  | 2.10%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 2.96%  | 2.96%  | 23.04%  | 23.04%  | 55.91%  | 55.91%  | 12.19%  | 12.19%  | 22.82%  | 22.82%  | 22.02%  | 22.02%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. | Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

Viking Mutual Funds \| January 31, 2026

------

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

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

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

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

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

As of January 31, 2026, Trustees who are not considered to be "interested persons," as that term is defined in the 1940 Act, of Viking Mutual Funds (the "Independent Trustees") are paid an annual fee of $31,500 for service as trustee on the boards of the trusts in the Fund Complex (the Registrant and The Integrity Funds). In addition, each Independent Trustee is entitled to receive a fee of $3,500 for attendance at each meeting of the Board of Trustees (whether attendance is telephonic or in person) that is not on the regular Board of Trustees meeting schedule. For the fiscal year ended July 31, 2025, the aggregate remuneration paid by the Trust to the Independent Trustees was $23,960. In addition, for the fiscal year ended July 31, 2025, Brent M. Wheeler was paid by the Trust an aggregate amount of $26,810 for service to the Fund Complex as Mutual Fund Chief Compliance Officer.

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

At a meeting held on November 7, 2025, the Board of Trustees (the "Board" or the "Trustees") of Viking Mutual Funds (the "Trust"), including a majority of the trustees who are neither a party to the advisory agreement nor "interested persons" of any such party (the "Independent Trustees"), unanimously determined to renew the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of its series (each, a "Fund," and together, the "Funds"), and Viking Fund Management, LLC ("Viking" or the "Adviser"). The Board considered information received and discussions held at the November 7, 2025 Board meeting and, with respect to the Independent Trustees, discussions held at the October 13, 2025 meeting of the Governance Committee.

In determining whether it was appropriate to renew the Advisory Agreement, the Trustees requested and reviewed information, provided by the Adviser, that they believed to be reasonably necessary to reach their conclusion. The Independent Trustees also received advice from their independent counsel on the issues to focus on during contract renewals. In connection with the renewal of the Advisory Agreement for each Fund, the Board reviewed factors set out in judicial decisions and Securities and Exchange Commission disclosure rules relating to the renewal of advisory contracts, which include, but are not limited to, the following:

(a) the nature, extent and quality of services provided to the
 Fund;

(b) the various personnel furnishing such services and their
 duties and qualifications;

(c) the Fund's investment performance as compared to
 standardized industry performance data;

(d) the costs and profitability of furnishing the investment
 management services to the Fund;

(e) the extent to which the Adviser or Sub-Adviser realizes
 economies of scale as the Fund grows larger and whether fee levels reflect
 these economies of scale for the benefit of Fund shareholders;

(f) an analysis of the rates charged by other investment
 advisers to similar funds;

(g) the expense ratios of the Fund as compared to data for
 comparable funds; and

(h) information with
 respect to all benefits to the Adviser and, if applicable, the Sub-Adviser
 associated with its relationship with the Fund, including an analysis of
 so-called "fallout" benefits or indirect profits to the Adviser from its
 relationship to the Fund.

Viking Mutual Funds \| January 31, 2026

------

In reviewing the Advisory Agreement with the Trust on behalf of the Funds, the Trustees considered, among other things, the advisory fees, each Fund's past performance, the nature, extent and quality of the services provided, the profitability of the Adviser and its affiliates that provide services to the Funds (costs and profits from furnishing services to each Fund), and the contractual expense limitations agreed to by the Adviser with respect to Fund expenses. The Trustees also considered any ancillary benefits to the Adviser and its affiliates for services provided to each Fund. The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees also considered the Adviser's commitment to contractually or voluntarily limit Fund expenses, the skills and capabilities of the personnel of the Adviser and the representations from the Adviser that the Funds' portfolio managers will continue to manage each Fund in substantially the same way as it had been managed.

The following paragraphs summarize the material information and factors considered by the Trustees, including the Independent Trustees, as well as their conclusions relative to such factors in considering the renewal of the Advisory Agreement:

**Nature, extent and quality of services.** The Board considered that the Adviser currently provides services to 12 funds with investment strategies ranging from non-diversified sector funds to broad-based equity funds to municipal funds. The Board also considered that the Adviser has a strong culture of compliance and provides quality services. The Board noted that the expertise of the Adviser is attributable to its long-term focus on managing investment companies. They considered the background and experience of the Adviser personnel. The Board discussed the depth of the portfolio management team. Based on the information provided, the Board determined that the overall nature, extent and quality of the services provided by the Adviser have historically been, and continue to be, adequate and appropriate.

**Investment performance.** The Board considered the total return history and category rankings of each Fund, according to Morningstar data, as well as additional information and commentary of the Adviser regarding the differences in the investment profile of the Funds versus the applicable index and peer group. The Board considered information provided by the Adviser regarding certain limitations of the peer group categories, noting that certain Fund's average maturity range falls between two Morningstar categories. With respect to index performance comparisons, the Board recognized that the index of each Fund is a general municipal index. In this regard, the Board made the following observations:

As of September 30, 2025, the Morningstar risk rating for Class A shares of: (1) Kansas Municipal Fund was above average for the 3-, 5-, and 10-year periods; (2) Nebraska Municipal Fund was above average for the 3-, 5-, and 10-year periods; (3) Oklahoma Municipal Fund was high for the 3-, 5- and 10-year periods; (4) Maine Municipal Fund was average for the 3-, 5- and 10-year periods; (5) Viking Tax-Free Fund for North Dakota was high for the 3- and 5-year periods and above average for the 10-year period; and (6) Viking Tax-Free Fund for Montana was average for the 3-, 5- and 10-year periods.

As of September 30, 2025, the Morningstar return rating for Class A shares of: (1) Kansas Municipal Fund was below average for the 3- and 10-year periods, and low for the 5-year period; (2) Nebraska Municipal Fund was below average for the 3- and 10-year periods, and low for the 5-year period; (3) Oklahoma Municipal Fund was average for the 3-year period and below average for the 5- and 10-year periods; (4) Maine Municipal Fund was rated as below average for the 3- and 5-year periods and low for the 10-year period; (5) Viking Tax-Free Fund for North Dakota was low for the 3-, 5-, and 10-year periods; and (6) Viking Tax-Free Fund for Montana was below average for the 3- and 5-year periods and average for the 10-year period.

As of September 30, 2025, the Fund performance for Class A shares of: (1) Kansas Municipal Fund was below its index and category median for the 1-, 3-, 5- and 10-year periods; (2) Nebraska Municipal Fund was below its index and category median for the 1-, 3-, 5- and 10-year periods; (3) Oklahoma Municipal Fund was below its index and category median for the 1-, 3-, 5- and 10-year periods; (4) Maine Municipal Fund was below its index and category median for the 1-, 3-, 5- and 10-year periods; (5) Viking Tax-Free Fund for North Dakota was below its index and category median for the 1-, 3-, 5 and 10-year periods; and (6) Viking Tax-Free Fund for Montana was below its index and category median for the 1-, 3-, 5- and 10-year periods. The Board determined that the performance of each Fund was satisfactory and that each Fund has sought to meet its investment objective(s) pursuant to its principal investment strategies.

**Profitability.** In connection with its review of advisory fees, the Board also considered the profitability to the Adviser and its affiliates from their relationship with the Funds. In this regard, the Board received information regarding the financial condition of the Adviser and the distributor for the calendar year ended December 31, 2024 and the six months ended June 30, 2025. The Board also received Fund-by-Fund profitability information, which included fees and expenses of the Adviser as well as the affiliated distributor and transfer agent. Based on the information provided, the Board concluded that the level of profitability under the Advisory Agreement was not unreasonable in light of the services provided and taking into account fees and expenses of affiliated service providers to the Funds.

**Economies of scale.** The Board considered whether there were economies of scale with respect to management of the Funds and whether the Adviser had benefitted from any economies of scale. In this regard, the Board considered information regarding each Fund's size and noted that the size of each Fund had not reached an asset level at which the Adviser would materially benefit from economies of scale. The Board also noted that each Fund's expenses are managed pursuant to a contractual expense limitation. The Board determined that the advisory fees are structured appropriately based on the size of the respective Fund.

Viking Mutual Funds \| January 31, 2026

------

**Analysis of the rates charged by other investment advisers to similar funds.** The Board considered that a comparison of the advisory fees charged by the Adviser with respect to the Funds to advisory fees charged by other investment advisers to other funds with a similar investment strategy and size, as compiled by the Adviser, reflected that the fees charged by the Adviser for each Fund are comparable to those charged by other investment advisers to other similar funds.

**Expense ratios of the Fund as compared to data for comparable funds.** The Board considered that a comparison of the net annual operating expense for Class A shares of each Fund to other funds with a similar investment strategy and within fund complexes of similar size, as determined by the Adviser, reflected that the net operating expense of 0.98% for Class A shares of each Fund is comparable to, although generally higher than, that of other similar funds. The Board considered information provided by the Adviser regarding the limitations of certain peer group comparisons.

**Information with respect to *all* benefits to the Adviser associated with the Fund, including an analysis of so-called "fallout" benefits or indirect profits to the Adviser from its relationship to the Fund.** The Board noted that the Adviser and its affiliates do not realize material direct benefits from their relationship to the Funds except for fees earned for services provided. The Board considered that the Adviser uses an internal model to provide services to the Funds and that the Adviser or its affiliates provide most services to the Funds including distribution and transfer agency services. The Board considered that the Adviser does not benefit from soft dollar arrangements with respect to securities trading in the Funds in light of the types of securities traded for the Funds.

In voting unanimously to renew the Advisory Agreement, the Board did not identify any single factor as being of paramount importance. The Board unanimously determined that, after considering all relevant factors, the renewal of the Advisory Agreement is in the best interests of each of the Funds and that the advisory fees are reasonable considering the nature, extent and quality of services provided by the Adviser.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures**

(a) Based on their
 evaluation of the Registrant's disclosure controls and procedures as of a
 date within 90 days of the filing date of this Form N-CSR (the "Report"), the
 Registrant's principal executive officer and principal financial officer
 believe that the disclosure controls and procedures (as defined in Rule
 30a-3(c) under the Act (17 CFR 270.30a-3(c))) are effectively designed to
 ensure that information required to be disclosed by the Registrant in the
 Report is recorded, processed, summarized and reported by the filing date,
 including ensuring that information required to be disclosed in the Report is
 accumulated and communicated to the Registrant's principal executive officer
 and principal financial officer who are making certifications in the Report,
 as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
 270.30a-3(d)) that occurred during the period covered by this report that
 have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

Viking Mutual Funds \| January 31, 2026

------

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

Not applicable.

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

Not applicable.

**Item 19. Exhibits**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (a) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; The Registrant's code of ethics filed pursuant to Item 2 of the N-CSR was filed with the Registrant's annual N-CSR. |
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0279417-01_ex99cert.htm) |
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; Not applicable. |
| &nbsp;&nbsp; (b) | &nbsp;&nbsp; [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0279417-01_ex99906cert.htm) | &nbsp;&nbsp; [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0279417-01_ex99906cert.htm) |

---

Viking Mutual Funds \| January 31, 2026

------

**Signatures**

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

**Viking Mutual Funds**

By: /s/ <u>Shannon D. Radke</u>

Shannon D. Radke

Principal Executive Officer

March 16, 2026

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

By: <u>/s/ Shannon D. Radke</u> Shannon D. Radke

Principal Executive Officer

March 16, 2026

By: <u>/s/ Shelly Nahrstedt</u> Shelly Nahrstedt

Principal Financial Officer

March 16, 2026

Viking Mutual Funds \| January 31, 2026

## Ex-99.Cert

EX-99 CERT

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

I, Shannon D. Radke, certify that:

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

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

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

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

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

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

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

 (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: March 16, 2026

<u>/s/ Shannon D. Radke</u><br> Shannon D. Radke<br>Principal Executive Officer

------

I, Shelly Nahrstedt, certify that:

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

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

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

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

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

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

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

 (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: March 16, 2026

<u>/s/ Shelly Nahrstedt</u><br> Shelly Nahrstedt<br>Principal Financial Officer

## Exhibit 99.906

EX-99.906 CERT

**CERTIFICATION**

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

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

Date of Form N-CSR: <u>January 31, 2026</u>

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

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

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

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

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 16th day of March, 2026.

<u>/s/Shannon D. Radke</u><br> Shannon D. Radke<br> Principal Executive Officer

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

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

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

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

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 16th day of March, 2026.

<u>/s/ Shelly Nahrstedt</u><br> Shelly Nahrstedt<br> Principal Financial Officer