# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000062
**Filing Date:** 2025-6
**Character Count:** 30818
**Document Hash:** 3584d90d749fa34ef1e1279b155698ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000062.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001082744-25-000062

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 251072193

**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

---

| | | |
|:---|:---|:---|
| &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; **Schedule of Investments April 30, 2025 *(unaudited)*** | &nbsp;&nbsp; **Schedule of Investments April 30, 2025 *(unaudited)*** | &nbsp;&nbsp; **Schedule of Investments April 30, 2025 *(unaudited)*** |
|  | &nbsp;&nbsp; **Principal**  | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (91.7%)** |  |  |
| &nbsp;&nbsp; **Education (10.4%)** |  |  |
| &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; 490420 |
| &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; 766867 |
| &nbsp;&nbsp; UND Alumni Association & Foundation 5.000% 05/01/2049 Callable @ 100.000 05/01/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509065 |
|  |  | &nbsp;&nbsp; 1766352 |
| &nbsp;&nbsp; **General Obligation (39.1%)** |  |  |
| &nbsp;&nbsp; Fairmont Public School District No 18 4.250% 08/01/2043 Callable @ 100.000 08/01/2031 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 248589 |
| &nbsp;&nbsp; \*City of Fargo ND 5.000% 05/01/2045 Callable @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518000 |
| &nbsp;&nbsp; Fargo Park District 5.000% 05/01/2036 Callable @ 100.000 05/01/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 803295 |
| &nbsp;&nbsp; City of Grand Forks ND 5.000% 12/01/2036 Callable @ 100.000 12/01/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 817282 |
| &nbsp;&nbsp; City of Horace ND 5.000% 05/01/2039 Callable @ 100.000 05/01/2033 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 658106 |
| &nbsp;&nbsp; City of Horace ND 4.850% 08/01/2026 Callable @ 100.000 08/01/2025 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400032 |
| &nbsp;&nbsp; City of Horace ND 4.750% 05/01/2044 Callable @ 100.000 05/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 479440 |
| &nbsp;&nbsp; City of Mayville ND 5.000% 05/01/2044 Callable @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 456980 |
| &nbsp;&nbsp; Stanley Public School District No 2 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 633152 |
| &nbsp;&nbsp; Valley City Park District 4.800% 01/01/2035 Callable @ 100.000 01/01/2030 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 163296 |
| &nbsp;&nbsp; Valley City Park District 5.400% 01/01/2043 Callable @ 100.000 01/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203584 |
| &nbsp;&nbsp; Wahpeton Public School District No 37 4.000% 08/01/2040 Callable @ 100.000 08/01/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 240635 |
| &nbsp;&nbsp; Wahpeton Public School District No 37 4.000% 08/01/2043 Callable @ 100.000 08/01/2031 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 264762 |
| &nbsp;&nbsp; City of West Fargo ND 4.000% 05/01/2047 Callable @ 100.000 05/01/2034 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 788286 |
|  |  | &nbsp;&nbsp; 6675439 |
| &nbsp;&nbsp; **Health Care (12.5%)** |  |  |
| &nbsp;&nbsp; County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 226122 |
| &nbsp;&nbsp; \*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1170649 |
| &nbsp;&nbsp; City of Grand Forks ND 5.000% 12/01/2037 Callable @ 100.000 12/01/2027 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130836 |
| &nbsp;&nbsp; City of Grand Forks ND 5.125% 12/01/2025 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249498 |
| &nbsp;&nbsp; City of Grand Forks ND 4.750% 12/01/2027 Callable @ 100.000 12/01/2026 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 345307 |
|  |  | &nbsp;&nbsp; 2122412 |
| &nbsp;&nbsp; **Housing (14.7%)** |  |  |
| &nbsp;&nbsp; \*North Dakota Housing Finance Agency 4.650% 07/01/2038 Callable @ 100.000 01/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034150 |
| &nbsp;&nbsp; North Dakota Housing Finance Agency 4.550% 07/01/2044 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492205 |
| &nbsp;&nbsp; North Dakota Housing Finance Agency 4.650% 07/01/2044 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984530 |
|  |  | &nbsp;&nbsp; 2510885 |
| &nbsp;&nbsp; **Other Revenue (5.5%)** |  |  |
| &nbsp;&nbsp; City of Fargo ND 4.000% 12/01/2044 Callable @ 100.000 12/01/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 268149 |
| &nbsp;&nbsp; Mandan Park District 4.625% 05/01/2040 Callable @ 100.000 05/01/2030 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 267859 |
| &nbsp;&nbsp; Mandan Park District 4.750% 05/01/2043 Callable @ 100.000 05/01/2030 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 154006 |
| &nbsp;&nbsp; North Dakota Public Finance Authority 5.000% 06/01/2031 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240074 |
|  |  | &nbsp;&nbsp; 930088 |
| &nbsp;&nbsp; **Utilities (9.5%)** |  |  |
| &nbsp;&nbsp; Cass Rural Water Users District 4.150% 05/01/2039 Callable @ 100.000 05/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 454730 |
| &nbsp;&nbsp; Cass Rural Water Users District 4.170% 05/01/2035 Callable @ 100.000 05/01/2030 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 805791 |
| &nbsp;&nbsp; Cass Rural Water Users District 4.375% 05/01/2038 Callable @ 100.000 05/01/2030 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 357021 |
|  |  | &nbsp;&nbsp; 1617542 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $16,121,284)** |  | $&nbsp;&nbsp; **15622718** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (8.3%)** |  | $&nbsp;&nbsp; **1413903** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **17036621** |
| &nbsp;&nbsp; \*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | &nbsp;&nbsp; \*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. | &nbsp;&nbsp; \*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases. |
| &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; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** |
| &nbsp;&nbsp; At April 30, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At April 30, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At April 30, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: |
|  |  | &nbsp;&nbsp; Viking Tax-Free Fund for <br> North Dakota |
| &nbsp;&nbsp; Investments at cost | &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 16121284 |
| &nbsp;&nbsp; Unrealized appreciation | &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 86774 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (585340) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; (498566) |
| &nbsp;&nbsp; \* | &nbsp;&nbsp; Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales. | &nbsp;&nbsp; Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2025: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025: | &nbsp;&nbsp; Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025: |
| &nbsp;&nbsp; **<br> Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for North Dakota** | &nbsp;&nbsp; **<br> 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; 15622718.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 15622718.00 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 15622718.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 15622718.00 |

---

## 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $17111178.73

**Total Liabilities:** $74557.95

**Net Assets:** $17036620.78

**Cash Not Reported:** $1180003.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.87 | **1-Year:** -92.92 | **5-Year:** -44.71 | **10-Year:** -5935.55 | **30-Year:** -10227.45

**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 | -1.87%               | -4.70%               | -2.90%               |
| Class ID C000171900 | 0.71%                | -2.20%               | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $89934.51                                  |
| Month 2  | $0.00                    | $-462020.81                                |
| Month 3  | $-92695.05               | $-46489.22                                 |

### 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 Burleigh ND     4.000%  11/01/2032                                        | County of Burleigh ND     4.000%  11/01/2032                                        | CUSIP: 120906FR8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $226122.50    | 1.33%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 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      | $1170649.20   | 6.87%             | 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      | $454730.00    | 2.67%             | 2039-05-01      | Fixed         | 4.15%                 | 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      | $805790.50    | 4.73%             | 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      | $357021.10    | 2.10%             | 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      | $248588.60    | 1.46%             | 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      | $518000.00    | 3.04%             | 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      | $803295.00    | 4.72%             | 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      | $268149.00    | 1.57%             | 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      | $817282.50    | 4.80%             | 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      | $130835.90    | 0.77%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND     5.125%  12/01/2025                                       | City of Grand Forks ND     5.125%  12/01/2025                                       | CUSIP: 38549PAJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $249497.50    | 1.46%             | 2025-12-01      | Fixed         | 5.12%                 | 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      | $345306.50    | 2.03%             | 2027-12-01      | Fixed         | 4.75%                 | 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      | $658105.50    | 3.86%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND     4.850%  08/01/2026                                            | City of Horace ND     4.850%  08/01/2026                                            | CUSIP: 440365JC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $400032.00    | 2.35%             | 2026-08-01      | Fixed         | 4.85%                 | 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      | $479440.00    | 2.81%             | 2044-05-01      | Fixed         | 4.75%                 | 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      | $267859.20    | 1.57%             | 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      | $154006.05    | 0.90%             | 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      | $456980.00    | 2.68%             | 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      | $240074.40    | 1.41%             | 2031-06-01      | 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      | $490419.60    | 2.88%             | 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      | $766867.50    | 4.50%             | 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      | $1034150.00   | 6.07%             | 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      | $492205.00    | 2.89%             | 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      | $984530.00    | 5.78%             | 2044-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Stanley Public School District No 2     4.000%  08/01/2043                          | Stanley Public School District No 2     4.000%  08/01/2043                          | CUSIP: 854569GM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    685000 | PA      | $633152.35    | 3.72%             | 2043-08-01      | Fixed         | 4.00%                 | 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      | $509065.00    | 2.99%             | 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        |    160000 | PA      | $163296.00    | 0.96%             | 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      | $203584.00    | 1.19%             | 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      | $240635.00    | 1.41%             | 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      | $264762.15    | 1.55%             | 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      | $788286.40    | 4.63%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-25

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer