# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-26-000079
**Filing Date:** 2026-6
**Character Count:** 31910
**Document Hash:** 9be3e124de33448827dce294eeeb1ff6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-26-000079.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001082744-26-000079

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 261124915

**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 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           |

## Nport-Ex

**Schedule of Investments** – April 30, 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 (91.6%)^** |  |  |
| &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; 516029  |
| &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; 765983  |
| &nbsp;&nbsp; UND ALUMNI ASSOCIATION & FOUNDATION 5.000% 05/01/2049 CALLABLE @ 100.000 05/01/2034 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 513260  |
|  |  | &nbsp;&nbsp; 1795272  |
| &nbsp;&nbsp; **General Obligation (33.6%)** |  |  |
| &nbsp;&nbsp; FAIRMONT PUBLIC SCHOOL DISTRICT NO 18 4.250% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 260000  | &nbsp;&nbsp; 262512  |
| &nbsp;&nbsp; CITY OF FARGO ND 5.000% 05/01/2045 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 529010  |
| &nbsp;&nbsp; FARGO PARK DISTRICT 5.000% 05/01/2036 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 750000  | &nbsp;&nbsp; 815558  |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2033 | &nbsp;&nbsp; 750000  | &nbsp;&nbsp; 839055  |
| &nbsp;&nbsp; CITY OF HORACE ND 5.000% 05/01/2039 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 650000  | &nbsp;&nbsp; 680452  |
| &nbsp;&nbsp; CITY OF HORACE ND 4.750% 05/01/2044 CALLABLE @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 508025  |
| &nbsp;&nbsp; KILLDEER PUBLIC SCHOOL DISTRICT NO 16 5.000% 08/01/2027 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 257215  |
| &nbsp;&nbsp; CITY OF MAYVILLE ND 5.000% 05/01/2044 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 505720  |
| &nbsp;&nbsp; VALLEY CITY PARK DISTRICT 4.800% 01/01/2035 CALLABLE @ 100.000 01/01/2030 | &nbsp;&nbsp; 145000  | &nbsp;&nbsp; 150384  |
| &nbsp;&nbsp; VALLEY CITY PARK DISTRICT 5.400% 01/01/2043 CALLABLE @ 100.000 01/01/2030 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 207610  |
| &nbsp;&nbsp; WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2040 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 253745  |
| &nbsp;&nbsp; WAHPETON PUBLIC SCHOOL DISTRICT NO 37 4.000% 08/01/2043 CALLABLE @ 100.000 08/01/2031 | &nbsp;&nbsp; 285000  | &nbsp;&nbsp; 287098  |
| &nbsp;&nbsp; CITY OF WEST FARGO ND 4.000% 05/01/2047 CALLABLE @ 100.000 05/01/2034 | &nbsp;&nbsp; 880000  | &nbsp;&nbsp; 812706  |
| &nbsp;&nbsp; WEST FARGO PUBLIC SCHOOL DISTRICT NO 6 5.000% 08/01/2026 | &nbsp;&nbsp; 300000  | &nbsp;&nbsp; 301632  |
|  |  | &nbsp;&nbsp; 6410722  |
| &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; 1271772  |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2037 CALLABLE @ 100.000 12/01/2027 | &nbsp;&nbsp; 130000  | &nbsp;&nbsp; 131669  |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 4.750% 12/01/2027 CALLABLE @ 100.000 12/01/2026 | &nbsp;&nbsp; 350000  | &nbsp;&nbsp; 349517  |
| &nbsp;&nbsp; CITY OF GRAND FORKS ND 5.000% 12/01/2036 CALLABLE @ 100.000 12/01/2026 | &nbsp;&nbsp; 255000  | &nbsp;&nbsp; 255232  |
|  |  | &nbsp;&nbsp; 2008190  |
| &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; 1035470  |
| &nbsp;&nbsp; NORTH DAKOTA HOUSING FINANCE AGENCY 4.550% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 504940  |
| &nbsp;&nbsp; NORTH DAKOTA HOUSING FINANCE AGENCY 4.650% 07/01/2044 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; 1008010  |
|  |  | &nbsp;&nbsp; 2548420  |
| &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; 292446  |
| &nbsp;&nbsp; MANDAN PARK DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 280000  | &nbsp;&nbsp; 282593  |
| &nbsp;&nbsp; MANDAN PARK DISTRICT 4.750% 05/01/2043 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 165000  | &nbsp;&nbsp; 166673  |
| &nbsp;&nbsp; NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 06/01/2031 | &nbsp;&nbsp; 240000  | &nbsp;&nbsp; 238111  |
| &nbsp;&nbsp; WILLISTON PARKS & RECREATION DISTRICT 4.500% 12/01/2045 CALLABLE @ 100.000 12/01/2034 | &nbsp;&nbsp; 750000  | &nbsp;&nbsp; 757635  |
|  |  | &nbsp;&nbsp; 1737458  |
| &nbsp;&nbsp; **Utilities (15.7%)** |  |  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.150% 05/01/2039 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000  | &nbsp;&nbsp; 485300  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.400% 05/01/2038 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; 152082  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.625% 05/01/2040 CALLABLE @ 100.000 05/01/2031 | &nbsp;&nbsp; 835000  | &nbsp;&nbsp; 849721  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.170% 05/01/2035 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 815000  | &nbsp;&nbsp; 828513  |
| &nbsp;&nbsp; CASS RURAL WATER USERS DISTRICT 4.375% 05/01/2038 CALLABLE @ 100.000 05/01/2030 | &nbsp;&nbsp; 365000  | &nbsp;&nbsp; 370011  |
| &nbsp;&nbsp; NORTH DAKOTA PUBLIC FINANCE AUTHORITY 5.000% 10/01/2043 CALLABLE @ 100.000 10/01/2034 | &nbsp;&nbsp; 280000  | &nbsp;&nbsp; 306872  |
|  |  | &nbsp;&nbsp; 2992499  |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $17,325,132)** |  | $&nbsp;&nbsp; **17492561**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (8.4%)** |  | $&nbsp;&nbsp; **1606311**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **19098872**  |
| &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. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** | &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** |
| &nbsp;&nbsp; At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: |
|  | &nbsp;&nbsp; Viking Tax-Free Fund for North Dakota |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 17325132 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 294104 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (126675) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; 167429 |
| &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** | &nbsp;&nbsp; **NOTE: FAIR VALUE MEASUREMENTS *(unaudited)*** |
| &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2026: |
| &nbsp;&nbsp; **Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **Viking Tax-Free Fund for North Dakota** |
|  | &nbsp;&nbsp; Level 1 | &nbsp;&nbsp; Level 2 | &nbsp;&nbsp; Level 3 | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 17492561 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 17492561 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 17492561 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 17492561 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minot

  - **State:** ND

  - **Foreign country:** US

  - **Zip / Postal Code:** 58703

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

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

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

- **b. EDGAR series identifier (if any):** S000026083

- **c. LEI of Series:** 5493008A1FRCUURB2493

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $19173848.80

**Total Liabilities:** $74977.00

**Net Assets:** $19098871.80

**Cash Not Reported:** $1350415.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -8.97 | **1-Year:** -69.89 | **5-Year:** -15.15 | **10-Year:** -7395.06 | **30-Year:** -10325.14

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000078180 | -1.52%               | -4.32%               | -1.09%               |
| Class ID C000171900 | 1.05%                | -1.84%               | 1.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3375.00                | $154554.03                                 |
| Month 2  | $0.00                    | $-415487.97                                |
| Month 3  | $0.00                    | $208104.44                                 |

### Schedule of Portfolio Investments

| Name                                                                                | Title                                                                               | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Cass ND     4.250%  02/15/2043                                            | County of Cass ND     4.250%  02/15/2043                                            | CUSIP: 148047BC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1271772.30   | 6.66%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cass Rural Water Users District     4.150%  05/01/2039                              | Cass Rural Water Users District     4.150%  05/01/2039                              | CUSIP: 148130CP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $485300.00    | 2.54%             | 2039-05-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Cass Rural Water Users District     4.400%  05/01/2038                              | Cass Rural Water Users District     4.400%  05/01/2038                              | CUSIP: 148130DB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    150000 | PA      | $152082.00    | 0.80%             | 2038-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Cass Rural Water Users District     4.625%  05/01/2040                              | Cass Rural Water Users District     4.625%  05/01/2040                              | CUSIP: 148130DC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    835000 | PA      | $849721.05    | 4.45%             | 2040-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Cass Rural Water Users District     4.170%  05/01/2035                              | Cass Rural Water Users District     4.170%  05/01/2035                              | CUSIP: 148131CM5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    815000 | PA      | $828512.70    | 4.34%             | 2035-05-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Cass Rural Water Users District     4.375%  05/01/2038                              | Cass Rural Water Users District     4.375%  05/01/2038                              | CUSIP: 148131CN3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $370011.45    | 1.94%             | 2038-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fairmont Public School District No 18     4.250%  08/01/2043                        | Fairmont Public School District No 18     4.250%  08/01/2043                        | CUSIP: 30555DAV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    260000 | PA      | $262511.60    | 1.37%             | 2043-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Fargo ND     5.000%  05/01/2045                                             | City of Fargo ND     5.000%  05/01/2045                                             | CUSIP: 30747NQQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $529010.00    | 2.77%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fargo Park District     5.000%  05/01/2036                                          | Fargo Park District     5.000%  05/01/2036                                          | CUSIP: 307489ZT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $815557.50    | 4.27%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fargo ND     4.000%  12/01/2044                                             | City of Fargo ND     4.000%  12/01/2044                                             | CUSIP: 30748FCE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $292446.00    | 1.53%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND     5.000%  12/01/2036                                       | City of Grand Forks ND     5.000%  12/01/2036                                       | CUSIP: 385444EB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $839055.00    | 4.39%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND     5.000%  12/01/2037                                       | City of Grand Forks ND     5.000%  12/01/2037                                       | CUSIP: 38546WCR9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    130000 | PA      | $131669.20    | 0.69%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND     4.750%  12/01/2027                                       | City of Grand Forks ND     4.750%  12/01/2027                                       | CUSIP: 38549PAK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $349517.00    | 1.83%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND     5.000%  12/01/2036                                       | City of Grand Forks ND     5.000%  12/01/2036                                       | CUSIP: 38549PBG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    255000 | PA      | $255232.05    | 1.34%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND     5.000%  05/01/2039                                            | City of Horace ND     5.000%  05/01/2039                                            | CUSIP: 440365HZ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $680452.50    | 3.56%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND     4.750%  05/01/2044                                            | City of Horace ND     4.750%  05/01/2044                                            | CUSIP: 440365JN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $508025.00    | 2.66%             | 2044-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Killdeer Public School District No 16     5.000%  08/01/2027                        | Killdeer Public School District No 16     5.000%  08/01/2027                        | CUSIP: 494123BT8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $257215.00    | 1.35%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mandan Park District     4.625%  05/01/2040                                         | Mandan Park District     4.625%  05/01/2040                                         | CUSIP: 562576AP3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    280000 | PA      | $282592.80    | 1.48%             | 2040-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mandan Park District     4.750%  05/01/2043                                         | Mandan Park District     4.750%  05/01/2043                                         | CUSIP: 562576AQ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    165000 | PA      | $166673.10    | 0.87%             | 2043-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Mayville ND     5.000%  05/01/2044                                          | City of Mayville ND     5.000%  05/01/2044                                          | CUSIP: 578660FC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $505720.00    | 2.65%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority     5.000%  06/01/2031                        | North Dakota Public Finance Authority     5.000%  06/01/2031                        | CUSIP: 65887PCB9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    240000 | PA      | $238111.20    | 1.25%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Public Finance Authority     5.000%  10/01/2043                        | North Dakota Public Finance Authority     5.000%  10/01/2043                        | CUSIP: 65887PZE8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    280000 | PA      | $306871.60    | 1.61%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Board of Higher Education of the State of North Dakota     4.000%  04/01/2035 | State Board of Higher Education of the State of North Dakota     4.000%  04/01/2035 | CUSIP: 65888UHZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    530000 | PA      | $516029.20    | 2.70%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Board of Higher Education of the State of North Dakota     5.000%  05/01/2049 | State Board of Higher Education of the State of North Dakota     5.000%  05/01/2049 | CUSIP: 65888USM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $765982.50    | 4.01%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency     4.650%  07/01/2038                          | North Dakota Housing Finance Agency     4.650%  07/01/2038                          | CUSIP: 6589095H5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035470.00   | 5.42%             | 2038-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency     4.550%  07/01/2044                          | North Dakota Housing Finance Agency     4.550%  07/01/2044                          | CUSIP: 6589096P6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $504940.00    | 2.64%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency     4.650%  07/01/2044                          | North Dakota Housing Finance Agency     4.650%  07/01/2044                          | CUSIP: 6589097Z3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008010.00   | 5.28%             | 2044-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| UND Alumni Association & Foundation     5.000%  05/01/2049                          | UND Alumni Association & Foundation     5.000%  05/01/2049                          | CUSIP: 91472BAL7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $513260.00    | 2.69%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Valley City Park District     4.800%  01/01/2035                                    | Valley City Park District     4.800%  01/01/2035                                    | CUSIP: 919466AA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    145000 | PA      | $150383.85    | 0.79%             | 2035-01-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Valley City Park District     5.400%  01/01/2043                                    | Valley City Park District     5.400%  01/01/2043                                    | CUSIP: 919466AB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $207610.00    | 1.09%             | 2043-01-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wahpeton Public School District No 37     4.000%  08/01/2040                        | Wahpeton Public School District No 37     4.000%  08/01/2040                        | CUSIP: 930608KP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $253745.00    | 1.33%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wahpeton Public School District No 37     4.000%  08/01/2043                        | Wahpeton Public School District No 37     4.000%  08/01/2043                        | CUSIP: 930608KS2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    285000 | PA      | $287097.60    | 1.50%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of West Fargo ND     4.000%  05/01/2047                                        | City of West Fargo ND     4.000%  05/01/2047                                        | CUSIP: 952718W75<br>LEI: N/A | Long             | DBT              | MUN               | US        |    880000 | PA      | $812706.40    | 4.26%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Fargo Public School District No 6     5.000%  08/01/2026                       | West Fargo Public School District No 6     5.000%  08/01/2026                       | CUSIP: 952734QA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $301632.00    | 1.58%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williston Parks & Recreation District     4.500%  12/01/2045                        | Williston Parks & Recreation District     4.500%  12/01/2045                        | CUSIP: 97071RAL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $757635.00    | 3.97%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer