# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0000899635-25-000048
**Filing Date:** 2025-6
**Character Count:** 18730
**Document Hash:** 02a53db19fc8223f1fdfadac08650d82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899635-25-000048.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000899635-25-000048

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 251071072

**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           |

## 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