# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000060
**Filing Date:** 2025-6
**Character Count:** 66054
**Document Hash:** 8c8c3e4e176ee4a3bda4fc0e10877b3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000060.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001082744-25-000060

**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:** 251072190

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **VIKING TAX-FREE FUND FOR MONTANA** | &nbsp;&nbsp; **VIKING TAX-FREE FUND FOR MONTANA** | &nbsp;&nbsp; **VIKING TAX-FREE FUND FOR MONTANA** |
| &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 (98.0%)** |  |  |
| &nbsp;&nbsp; **Education (5.5%)** |  |  |
| &nbsp;&nbsp; Montana State Board of Regents 4.000% 11/15/2041 Callable @ 100.000 11/15/2031 | &nbsp;&nbsp; 400000 | $&nbsp;&nbsp; 379996 |
| &nbsp;&nbsp; Montana State Board of Regents 5.000% 11/15/2042 Callable @ 100.000 05/15/2035 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1613222 |
| &nbsp;&nbsp; Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 05/15/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524250 |
| &nbsp;&nbsp; Montana State Board of Regents 5.000% 11/15/2050 Callable @ 100.000 05/15/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513060 |
|  |  | &nbsp;&nbsp; 3030528 |
| &nbsp;&nbsp; **General Obligation (48.2%)** |  |  |
| &nbsp;&nbsp; City of Belgrade MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275772 |
| &nbsp;&nbsp; City of Belgrade MT 5.000% 07/01/2034 Callable @ 100.000 07/01/2032 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 390493 |
| &nbsp;&nbsp; City of Bozeman MT 4.000% 07/01/2028 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 540103 |
| &nbsp;&nbsp; City of Bozeman MT 4.000% 07/01/2041 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 700064 |
| &nbsp;&nbsp; City of Bozeman MT 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 740962 |
| &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; 583168 |
| &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; 1111974 |
| &nbsp;&nbsp; County of Gallatin MT 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 477526 |
| &nbsp;&nbsp; County of Gallatin MT 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 998137 |
| &nbsp;&nbsp; County of Gallatin MT 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 694003 |
| &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; 804600 |
| &nbsp;&nbsp; Gallatin County School District No 27 Monforton 4.250% 06/15/2026 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285046 |
| &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; 252665 |
| &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; 171429 |
| &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; 488548 |
| &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; 311766 |
| &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; 471366 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 558978 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.000% 07/01/2040 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 353623 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 371731 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.000% 07/01/2042 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 338159 |
| &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; 527529 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 642546 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 670012 |
| &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; 339978 |
| &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; 369918 |
| &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; 379015 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.000% 07/01/2041 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 336432 |
| &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; 416756 |
| &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; 659022 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.250% 07/01/2040 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 502158 |
| &nbsp;&nbsp; Lake County School District No 23 Polson 5.250% 07/01/2041 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 525290 |
| &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; 265607 |
| &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; 264227 |
| &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; 442184 |
| &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; 1267561 |
| &nbsp;&nbsp; City of Miles City MT 5.000% 07/01/2042 Callable @ 100.000 07/01/2034 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 411080 |
| &nbsp;&nbsp; City of Miles City MT 5.000% 07/01/2044 Callable @ 100.000 07/01/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309099 |
| &nbsp;&nbsp; Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 521050 |
| &nbsp;&nbsp; Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519280 |
| &nbsp;&nbsp; County of Ravalli MT 4.250% 07/01/2030 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 755189 |
| &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; 243853 |
| &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; 244725 |
| &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; 1921486 |
| &nbsp;&nbsp; Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450153 |
| &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; 354245 |
| &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; 1474041 |
| &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; 626880 |
|  |  | &nbsp;&nbsp; 26359429 |
| &nbsp;&nbsp; **Health Care (12.4%)** |  |  |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018540 |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024290 |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401636 |
| &nbsp;&nbsp; Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197902 |
| &nbsp;&nbsp; \*Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1464885 |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 06/01/2028 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1015284 |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 916116 |
| &nbsp;&nbsp; Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 712621 |
|  |  | &nbsp;&nbsp; 6751274 |
| &nbsp;&nbsp; **Housing (18.2%)** |  |  |
| &nbsp;&nbsp; Montana Board of Housing 3.350% 06/01/2025 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80001 |
| &nbsp;&nbsp; Montana Board of Housing 4.450% 12/01/2038 Callable @ 100.000 12/01/2032 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1424976 |
| &nbsp;&nbsp; Montana Board of Housing 4.800% 12/01/2043 Callable @ 100.000 12/01/2032 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1335347 |
| &nbsp;&nbsp; Montana Board of Housing 4.375% 12/01/2038 Callable @ 100.000 12/01/2032 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 406604 |
| &nbsp;&nbsp; Montana Board of Housing 4.600% 12/01/2043 Callable @ 100.000 12/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 987030 |
| &nbsp;&nbsp; Montana Board of Housing 4.850% 12/01/2048 Callable @ 100.000 12/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508030 |
| &nbsp;&nbsp; Montana Board of Housing 3.950% 12/01/2039 Callable @ 100.000 06/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985640 |
| &nbsp;&nbsp; Montana Board of Housing 4.450% 12/01/2044 Callable @ 100.000 06/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 978600 |
| &nbsp;&nbsp; Montana Board of Housing 3.900% 12/01/2039 Callable @ 100.000 06/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484740 |
| &nbsp;&nbsp; Montana Board of Housing 4.300% 12/01/2044 Callable @ 100.000 06/01/2033 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 768520 |
| &nbsp;&nbsp; Montana Board of Housing 4.400% 12/01/2049 Callable @ 100.000 06/01/2033 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1569942 |
| &nbsp;&nbsp; Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 430289 |
|  |  | &nbsp;&nbsp; 9959719 |
| &nbsp;&nbsp; **Other Revenue (7.7%)** |  |  |
| &nbsp;&nbsp; City of Billings MT 5.500% 07/01/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10003 |
| &nbsp;&nbsp; City of Billings MT 5.000% 07/01/2038 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 727209 |
| &nbsp;&nbsp; City of Billings MT 5.000% 07/01/2039 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312216 |
| &nbsp;&nbsp; City of Billings MT 4.000% 07/01/2043 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 250011 |
| &nbsp;&nbsp; Gallatin County Rural Improvement District 5.500% 07/01/2025 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 89954 |
| &nbsp;&nbsp; \*Gallatin County Rural Improvement District 6.000% 07/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000240 |
| &nbsp;&nbsp; City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519975 |
| &nbsp;&nbsp; City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 514820 |
| &nbsp;&nbsp; \*Madison County Rural Improvement District 6.000% 07/01/2030 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 634573 |
| &nbsp;&nbsp; City of Missoula MT 4.750% 07/01/2027 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 44723 |
| &nbsp;&nbsp; City of Missoula MT 6.000% 07/01/2030 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 118860 |
|  |  | &nbsp;&nbsp; 4222584 |
| &nbsp;&nbsp; **Pre-Refunded (1.3%)** |  |  |
| &nbsp;&nbsp; Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 706678 |
| &nbsp;&nbsp; <br> **Transportation (1.8%)** |  |  |
| &nbsp;&nbsp; Missoula Parking Commission 4.000% 10/01/2026 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 662180 |
| &nbsp;&nbsp; Missoula Special Improvement Districts/MT 4.600% 07/01/2025 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 104807 |
| &nbsp;&nbsp; Missoula Special Improvement Districts/MT 5.400% 07/01/2029 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240163 |
|  |  | &nbsp;&nbsp; 1007150 |
| &nbsp;&nbsp; **Utilities (2.9%)** |  |  |
| &nbsp;&nbsp; City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1345621 |
| &nbsp;&nbsp; City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215125 |
|  |  | &nbsp;&nbsp; 1560746 |
| &nbsp;&nbsp; **TOTAL MUNICPAL BONDS (COST: $54,836,866)** |  | $&nbsp;&nbsp; **53598108** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (2.0%)** |  | $&nbsp;&nbsp; **1069265** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **54667373** |
| &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 Montana |
| &nbsp;&nbsp; Investments at cost | &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 54836866 |
| &nbsp;&nbsp; Unrealized appreciation | &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 60935 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (1299693) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; (1238758) |
| &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 Montana** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for Montana** | &nbsp;&nbsp; **<br> Viking Tax-Free Fund for Montana** |
|  | &nbsp;&nbsp; Level 1 | &nbsp;&nbsp; Level 2 | &nbsp;&nbsp; Level 3 | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53598108.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53598108.00 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53598108.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 53598108.00 |

---

## 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 Montana

- **b. EDGAR series identifier (if any):** S000003821

- **c. LEI of Series:** 549300HUF3GV9H84QF46

**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:** $54903974.12

**Total Liabilities:** $236601.50

**Net Assets:** $54667372.62

**Cash Not Reported:** $444316.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -9 | **1-Year:** -298.06 | **5-Year:** -870.86 | **10-Year:** -21630.06 | **30-Year:** -29598.47

**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 C000010660 | -1.82%               | -3.93%               | -2.91%               |
| Class ID C000171899 | 0.69%                | -1.49%               | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-189727.14              | $451194.94                                 |
| Month 2  | $-34397.66               | $-988755.73                                |
| Month 3  | $-1229.62                | $-344723.06                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Belgrade MT     5.000%  07/01/2033                                                   | City of Belgrade MT     5.000%  07/01/2033                                                   | CUSIP: 077810CB3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $275772.50    | 0.50%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Belgrade MT     5.000%  07/01/2034                                                   | City of Belgrade MT     5.000%  07/01/2034                                                   | CUSIP: 077810CC1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $390492.90    | 0.71%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     5.500%  07/01/2026                                                   | City of Billings MT     5.500%  07/01/2026                                                   | CUSIP: 090127CZ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |     10000 | PA      | $10003.10     | 0.02%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Billings MT Solid Waste System Revenue     3.500%  07/01/2039                        | City of Billings MT Solid Waste System Revenue     3.500%  07/01/2039                        | CUSIP: 090133AV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1345621.40   | 2.46%             | 2039-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Billings MT Storm Sewer Revenue     4.000%  07/01/2025                               | City of Billings MT Storm Sewer Revenue     4.000%  07/01/2025                               | CUSIP: 090139AH9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    215000 | PA      | $215124.70    | 0.39%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     5.000%  07/01/2038                                                   | City of Billings MT     5.000%  07/01/2038                                                   | CUSIP: 090141LC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $727209.00    | 1.33%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     5.000%  07/01/2039                                                   | City of Billings MT     5.000%  07/01/2039                                                   | CUSIP: 090141LQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $312216.00    | 0.57%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Billings MT     4.000%  07/01/2043                                                   | City of Billings MT     4.000%  07/01/2043                                                   | CUSIP: 090141LR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $250010.75    | 0.46%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bozeman MT     4.000%  07/01/2028                                                    | City of Bozeman MT     4.000%  07/01/2028                                                    | CUSIP: 103637GG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $540102.60    | 0.99%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bozeman MT     4.000%  07/01/2041                                                    | City of Bozeman MT     4.000%  07/01/2041                                                    | CUSIP: 103637LP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    715000 | PA      | $700063.65    | 1.28%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bozeman MT     4.000%  07/01/2043                                                    | City of Bozeman MT     4.000%  07/01/2043                                                    | CUSIP: 103637LR3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    775000 | PA      | $740962.00    | 1.36%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Flathead County School District No 44 Whitefish     5.250%  07/01/2043                       | Flathead County School District No 44 Whitefish     5.250%  07/01/2043                       | CUSIP: 338729DG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $583167.60    | 1.07%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flathead County School District No 44 Whitefish     5.250%  07/01/2045                       | Flathead County School District No 44 Whitefish     5.250%  07/01/2045                       | CUSIP: 338729DJ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1111974.05   | 2.03%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2038                                                 | County of Gallatin MT     5.000%  07/01/2038                                                 | CUSIP: 363651PA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    435000 | PA      | $477525.60    | 0.87%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2039                                                 | County of Gallatin MT     5.000%  07/01/2039                                                 | CUSIP: 363651PB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    915000 | PA      | $998136.90    | 1.83%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT     5.000%  07/01/2040                                                 | County of Gallatin MT     5.000%  07/01/2040                                                 | CUSIP: 363651PC8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $694003.20    | 1.27%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No 72 Ophir     4.000%  07/01/2037                           | Gallatin County School District No 72 Ophir     4.000%  07/01/2037                           | CUSIP: 363674BR2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $804600.00    | 1.47%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County Rural Improvement District     5.500%  07/01/2025                            | Gallatin County Rural Improvement District     5.500%  07/01/2025                            | CUSIP: 363684ED9<br>LEI: N/A | Long             | DBT              | MUN               | US        |     90000 | PA      | $89954.10     | 0.16%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gallatin County Rural Improvement District     6.000%  07/01/2030                            | Gallatin County Rural Improvement District     6.000%  07/01/2030                            | CUSIP: 363684EJ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000240.00   | 1.83%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No 27 Monforton     4.250%  06/15/2026                       | Gallatin County School District No 27 Monforton     4.250%  06/15/2026                       | CUSIP: 36370DBX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    285000 | PA      | $285045.60    | 0.52%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2037               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2037               | CUSIP: 48128SAP9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    235000 | PA      | $252664.95    | 0.46%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2038               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2038               | CUSIP: 48128SAQ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    160000 | PA      | $171428.80    | 0.31%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2041               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2041               | CUSIP: 48128SAT1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    465000 | PA      | $488547.60    | 0.89%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2043               | Judith Basin County K-12 School District No 12 Stanford     5.000%  07/01/2043               | CUSIP: 48128SAV6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $311766.00    | 0.57%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Judith Basin County K-12 School District No 12 Stanford     5.250%  07/01/2048               | Judith Basin County K-12 School District No 12 Stanford     5.250%  07/01/2048               | CUSIP: 48128SBA1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $471366.00    | 0.86%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT     5.000%  07/01/2033                                                  | City of Kalispell MT     5.000%  07/01/2033                                                  | CUSIP: 48342RBX3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519975.00    | 0.95%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2039                              | Lake County School District No 23 Polson     5.000%  07/01/2039                              | CUSIP: 509398DQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $558978.00    | 1.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2040                              | Lake County School District No 23 Polson     5.000%  07/01/2040                              | CUSIP: 509398DR1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    335000 | PA      | $353622.65    | 0.65%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2041                              | Lake County School District No 23 Polson     5.000%  07/01/2041                              | CUSIP: 509398DS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $371731.15    | 0.68%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2042                              | Lake County School District No 23 Polson     5.000%  07/01/2042                              | CUSIP: 509398DT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    325000 | PA      | $338159.25    | 0.62%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2043                              | Lake County School District No 23 Polson     5.000%  07/01/2043                              | CUSIP: 509398DU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $527528.70    | 0.96%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2040                              | Lake County School District No 23 Polson     5.250%  07/01/2040                              | CUSIP: 509398EL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    595000 | PA      | $642546.45    | 1.18%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2041                              | Lake County School District No 23 Polson     5.250%  07/01/2041                              | CUSIP: 509398EM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    625000 | PA      | $670012.50    | 1.23%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2042                              | Lake County School District No 23 Polson     5.250%  07/01/2042                              | CUSIP: 509398EN9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    320000 | PA      | $339977.60    | 0.62%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2043                              | Lake County School District No 23 Polson     5.250%  07/01/2043                              | CUSIP: 509398EP4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $369918.50    | 0.68%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2044                              | Lake County School District No 23 Polson     5.250%  07/01/2044                              | CUSIP: 509398EQ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    360000 | PA      | $379015.20    | 0.69%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2041                              | Lake County School District No 23 Polson     5.000%  07/01/2041                              | CUSIP: 50939RBD2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    320000 | PA      | $336432.00    | 0.62%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2042                              | Lake County School District No 23 Polson     5.000%  07/01/2042                              | CUSIP: 50939RBE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $416756.00    | 0.76%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.000%  07/01/2043                              | Lake County School District No 23 Polson     5.000%  07/01/2043                              | CUSIP: 50939RBF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    635000 | PA      | $659022.05    | 1.21%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2040                              | Lake County School District No 23 Polson     5.250%  07/01/2040                              | CUSIP: 50939RBX8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    465000 | PA      | $502158.15    | 0.92%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2041                              | Lake County School District No 23 Polson     5.250%  07/01/2041                              | CUSIP: 50939RBY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    490000 | PA      | $525289.80    | 0.96%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2042                              | Lake County School District No 23 Polson     5.250%  07/01/2042                              | CUSIP: 50939RBZ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $265607.50    | 0.49%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2043                              | Lake County School District No 23 Polson     5.250%  07/01/2043                              | CUSIP: 50939RCA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $264227.50    | 0.48%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake County School District No 23 Polson     5.250%  07/01/2044                              | Lake County School District No 23 Polson     5.250%  07/01/2044                              | CUSIP: 50939RCB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    420000 | PA      | $442184.40    | 0.81%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake Missoula & Sanders Counties Elementary School District No JT & 8     5.000%  07/01/2043 | Lake Missoula & Sanders Counties Elementary School District No JT & 8     5.000%  07/01/2043 | CUSIP: 51022FBF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1267560.90   | 2.32%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Livingston MT     4.000%  07/01/2034                                                 | City of Livingston MT     4.000%  07/01/2034                                                 | CUSIP: 538709AR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    525000 | PA      | $514820.25    | 0.94%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison County Rural Improvement District     6.000%  07/01/2030                             | Madison County Rural Improvement District     6.000%  07/01/2030                             | CUSIP: 55734QAV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    640000 | PA      | $634572.80    | 1.16%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Miles City MT     5.000%  07/01/2042                                                 | City of Miles City MT     5.000%  07/01/2042                                                 | CUSIP: 599225AT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    395000 | PA      | $411080.45    | 0.75%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Miles City MT     5.000%  07/01/2044                                                 | City of Miles City MT     5.000%  07/01/2044                                                 | CUSIP: 599225AV1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $309099.00    | 0.57%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hellgate School District No 4     5.000%  06/15/2029                                         | Hellgate School District No 4     5.000%  06/15/2029                                         | CUSIP: 605815EE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $521050.00    | 0.95%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hellgate School District No 4     5.000%  06/15/2030                                         | Hellgate School District No 4     5.000%  06/15/2030                                         | CUSIP: 605815EF2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $519280.00    | 0.95%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missoula Parking Commission     4.000%  10/01/2026                                           | Missoula Parking Commission     4.000%  10/01/2026                                           | CUSIP: 605853DW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    665000 | PA      | $662180.40    | 1.21%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT     4.750%  07/01/2027                                                   | City of Missoula MT     4.750%  07/01/2027                                                   | CUSIP: 605858EV7<br>LEI: N/A | Long             | DBT              | MUN               | US        |     45000 | PA      | $44722.80     | 0.08%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT     6.000%  07/01/2030                                                   | City of Missoula MT     6.000%  07/01/2030                                                   | CUSIP: 605858HH5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    120000 | PA      | $118860.00    | 0.22%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Missoula Special Improvement Districts/MT     4.600%  07/01/2025                             | Missoula Special Improvement Districts/MT     4.600%  07/01/2025                             | CUSIP: 605864FK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    105000 | PA      | $104806.80    | 0.19%             | 2025-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Missoula Special Improvement Districts/MT     5.400%  07/01/2029                             | Missoula Special Improvement Districts/MT     5.400%  07/01/2029                             | CUSIP: 605864GH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    240000 | PA      | $240163.20    | 0.44%             | 2029-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  07/01/2032                                    | Montana Facility Finance Authority     5.000%  07/01/2032                                    | CUSIP: 612043KU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018540.00   | 1.86%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  07/01/2033                                    | Montana Facility Finance Authority     5.000%  07/01/2033                                    | CUSIP: 612043KV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024290.00   | 1.87%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  08/15/2048                                    | Montana Facility Finance Authority     5.000%  08/15/2048                                    | CUSIP: 61204KLQ2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $401636.00    | 0.73%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     4.000%  01/01/2037                                    | Montana Facility Finance Authority     4.000%  01/01/2037                                    | CUSIP: 61204KMX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $197902.00    | 0.36%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     4.000%  01/01/2038                                    | Montana Facility Finance Authority     4.000%  01/01/2038                                    | CUSIP: 61204KMY4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464885.00   | 2.68%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  06/01/2028                                    | Montana Facility Finance Authority     5.000%  06/01/2028                                    | CUSIP: 61204MBG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015284.20   | 1.86%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  06/01/2029                                    | Montana Facility Finance Authority     5.000%  06/01/2029                                    | CUSIP: 61204MCB1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    915000 | PA      | $916116.30    | 1.68%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority     5.000%  06/01/2036                                    | Montana Facility Finance Authority     5.000%  06/01/2036                                    | CUSIP: 61204MCW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $712621.00    | 1.30%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     4.000%  11/15/2041                                        | Montana State Board of Regents     4.000%  11/15/2041                                        | CUSIP: 61212LSQ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $379996.00    | 0.70%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2042                                        | Montana State Board of Regents     5.000%  11/15/2042                                        | CUSIP: 61212LUS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1613221.60   | 2.95%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2045                                        | Montana State Board of Regents     5.000%  11/15/2045                                        | CUSIP: 61212LUV9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $524250.00    | 0.96%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents     5.000%  11/15/2050                                        | Montana State Board of Regents     5.000%  11/15/2050                                        | CUSIP: 61212LUW7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $513060.00    | 0.94%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.350%  06/01/2025                                              | Montana Board of Housing     3.350%  06/01/2025                                              | CUSIP: 61212R3N4<br>LEI: N/A | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.80     | 0.15%             | 2025-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.450%  12/01/2038                                              | Montana Board of Housing     4.450%  12/01/2038                                              | CUSIP: 61212WVB8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1424976.00   | 2.61%             | 2038-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.800%  12/01/2043                                              | Montana Board of Housing     4.800%  12/01/2043                                              | CUSIP: 61212WVC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1335347.10   | 2.44%             | 2043-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.375%  12/01/2038                                              | Montana Board of Housing     4.375%  12/01/2038                                              | CUSIP: 61212WWF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    405000 | PA      | $406603.80    | 0.74%             | 2038-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.600%  12/01/2043                                              | Montana Board of Housing     4.600%  12/01/2043                                              | CUSIP: 61212WWG6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987030.00    | 1.81%             | 2043-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.850%  12/01/2048                                              | Montana Board of Housing     4.850%  12/01/2048                                              | CUSIP: 61212WWH4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $508030.00    | 0.93%             | 2048-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.950%  12/01/2039                                              | Montana Board of Housing     3.950%  12/01/2039                                              | CUSIP: 61212WXL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985640.00    | 1.80%             | 2039-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.450%  12/01/2044                                              | Montana Board of Housing     4.450%  12/01/2044                                              | CUSIP: 61212WXM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978600.00    | 1.79%             | 2044-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.900%  12/01/2039                                              | Montana Board of Housing     3.900%  12/01/2039                                              | CUSIP: 61212WYR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $484740.00    | 0.89%             | 2039-12-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.300%  12/01/2044                                              | Montana Board of Housing     4.300%  12/01/2044                                              | CUSIP: 61212WYS8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $768520.00    | 1.41%             | 2044-12-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     4.400%  12/01/2049                                              | Montana Board of Housing     4.400%  12/01/2049                                              | CUSIP: 61212WYT6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1569942.00   | 2.87%             | 2049-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     3.800%  12/01/2038                                              | Montana Board of Housing     3.800%  12/01/2038                                              | CUSIP: 61213TBA8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    455000 | PA      | $430288.95    | 0.79%             | 2038-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| County of Ravalli MT     4.250%  07/01/2030                                                  | County of Ravalli MT     4.250%  07/01/2030                                                  | CUSIP: 75418JCD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    755000 | PA      | $755188.75    | 1.38%             | 2030-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2038             | Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2038             | CUSIP: 75418PBE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $243852.50    | 0.45%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2039             | Ravalli & Missoula Counties Joint School District No 15-6     4.000%  07/01/2039             | CUSIP: 75418PBF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $244725.00    | 0.45%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silver Bow County School District No 1     4.000%  07/01/2038                                | Silver Bow County School District No 1     4.000%  07/01/2038                                | CUSIP: 827422AU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1921486.00   | 3.51%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Valley County K-12 School District No 1-A Glasgow/MT     4.250%  07/01/2031                  | Valley County K-12 School District No 1-A Glasgow/MT     4.250%  07/01/2031                  | CUSIP: 919550BZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $450153.00    | 0.82%             | 2031-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2040        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2040        | CUSIP: 985686CG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    330000 | PA      | $354245.10    | 0.65%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2042        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2042        | CUSIP: 985686CJ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1474040.70   | 2.70%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2043        | Yellowstone and Carbon Counties School District No 7-70 Laurel     5.000%  07/01/2043        | CUSIP: 985686CK8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $626880.00    | 1.15%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yellowstone County School District No 2 Billings     5.000%  06/15/2031                      | Yellowstone County School District No 2 Billings     5.000%  06/15/2031                      | CUSIP: 985743QC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    705000 | PA      | $706677.90    | 1.29%             | 2031-06-15      | Fixed         | 5.00%                 | 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