# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000058
**Filing Date:** 2025-6
**Character Count:** 54305
**Document Hash:** 1d383d79bab98d86e4373596ffd36a71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000058.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001082744-25-000058

**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:** 251072188

**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

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **KANSAS MUNICIPAL FUND** | &nbsp;&nbsp; **KANSAS MUNICIPAL FUND** | &nbsp;&nbsp; **KANSAS MUNICIPAL FUND** |
| &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 (98.1%)** |  |  |
| &nbsp;&nbsp; **Education (8.7%)** |  |  |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.000% 04/01/2045 Callable @ 100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | $&nbsp;&nbsp; 897480 |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.000% 04/01/2046 Callable @ 100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 890720 |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.000% 04/01/2047 Callable @ 100.000 04/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 886210 |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.000% 07/01/2036 Callable @ 100.000 07/01/2031 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1929000 |
|  |  | &nbsp;&nbsp; 4603410 |
| &nbsp;&nbsp; **General Obligation (47.8%)** |  |  |
| &nbsp;&nbsp; Atchison County Unified School District No 409 5.000% 09/01/2042 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 632509 |
| &nbsp;&nbsp; City of Bel Aire KS 4.000% 11/01/2036 Callable @ 100.000 11/01/2031 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 287109 |
| &nbsp;&nbsp; City of Belle Plaine KS 4.000% 09/01/2027 Callable @ 100.000 09/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496200 |
| &nbsp;&nbsp; Butler County Unified School District No 205 Bluestem 5.250% 09/01/2042 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1611230 |
| &nbsp;&nbsp; Cowley County Unified School District No 465 Winfield 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212684 |
| &nbsp;&nbsp; Cowley County Unified School District No 465 Winfield 5.000% 09/01/2048 Callable @ 100.000 09/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516715 |
| &nbsp;&nbsp; Douglas County Unified School District No 348 Baldwin City 5.000% 09/01/2044 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 407140 |
| &nbsp;&nbsp; Douglas County Unified School District No 491 Eudora 5.000% 09/01/2042 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034240 |
| &nbsp;&nbsp; City of Edgerton KS 4.000% 08/01/2037 Callable @ 100.000 08/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303417 |
| &nbsp;&nbsp; City of Emporia KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502395 |
| &nbsp;&nbsp; City of Goddard KS 4.000% 10/01/2041 Callable @ 100.000 10/01/2032 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 311413 |
| &nbsp;&nbsp; City of Goddard KS 4.000% 10/01/2045 Callable @ 100.000 10/01/2032 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 322853 |
| &nbsp;&nbsp; Gove County Unified School District No 293 Quinter 4.000% 09/01/2041 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 625630 |
| &nbsp;&nbsp; Gove County Unified School District No 293 Quinter 4.000% 09/01/2043 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232613 |
| &nbsp;&nbsp; Harvey County Unified School District 440 Halstead Bentley 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1027790 |
| &nbsp;&nbsp; Harvey County Unified School District No 460 Hesston 5.000% 09/01/2031 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 446437 |
| &nbsp;&nbsp; City of Haysville KS 4.250% 10/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499310 |
| &nbsp;&nbsp; Jefferson County Unified School District No 343 Perry 5.500% 09/01/2038 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 281123 |
| &nbsp;&nbsp; Jefferson County Unified School District No 343 Perry 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040000 |
| &nbsp;&nbsp; \*Jefferson County Unified School District No 343 Perry 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044330 |
| &nbsp;&nbsp; Johnson & Miami Counties Unified School District No 230 Spring Hills 5.000% 09/01/2039 Callable @ 100.000 09/01/2027 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2088900 |
| &nbsp;&nbsp; Leavenworth County Unified School District No 458 5.000% 09/01/2049 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015660 |
| &nbsp;&nbsp; City of Maize KS 4.000% 10/01/2044 Callable @ 100.000 10/01/2031 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 944314 |
| &nbsp;&nbsp; City of Maize KS 4.000% 10/01/2045 Callable @ 100.000 10/01/2031 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 979379 |
| &nbsp;&nbsp; City of Manhattan KS 4.000% 11/01/2044 Callable @ 100.000 11/01/2034 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 807162 |
| &nbsp;&nbsp; Miami County Unified School District No 368 Paola 5.000% 09/01/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10011 |
| &nbsp;&nbsp; City of Prairie Village KS 4.000% 09/01/2040 Callable @ 100.000 09/01/2027 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 760028 |
| &nbsp;&nbsp; Pratt County Unified School District No 382 Pratt 5.000% 09/01/2038 Callable @ 100.000 09/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537190 |
| &nbsp;&nbsp; Pratt County Unified School District No 382 Pratt 5.000% 09/01/2042 Callable @ 100.000 09/01/2033 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1082527 |
| &nbsp;&nbsp; Rawlins County Unified School District No 105 4.000% 09/01/2045 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 915450 |
| &nbsp;&nbsp; Riley County Unified School District No 383 Manhattan Ogden 4.000% 09/01/2039 Callable @ 100.000 09/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982770 |
| &nbsp;&nbsp; Salina Airport Authority 4.000% 09/01/2040 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 478005 |
| &nbsp;&nbsp; Salina Airport Authority 4.000% 09/01/2043 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 246259 |
| &nbsp;&nbsp; Sedgwick County Unified School District No 262 Valley Center 4.500% 09/01/2044 Callable @ 100.000 09/01/2031 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 649116 |
| &nbsp;&nbsp; Shawnee County Unified School District No 372 Silver Lake 5.500% 09/01/2043 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 678808 |
| &nbsp;&nbsp; Shawnee County Unified School District No 372 Silver Lake 5.500% 09/01/2048 Callable @ 100.000 09/01/2030 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 807105 |
| &nbsp;&nbsp; City of South Hutchinson KS 4.000% 10/01/2038 Callable @ 100.000 10/01/2025 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 355412 |
| &nbsp;&nbsp; City of Wichita KS 4.750% 09/01/2027 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180266 |
|  |  | &nbsp;&nbsp; 25353500 |
| &nbsp;&nbsp; **Health Care (8.7%)** |  |  |
| &nbsp;&nbsp; Ashland Public Building Commission 5.000% 09/01/2030 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1021397 |
| &nbsp;&nbsp; Ashland Public Building Commission 5.000% 09/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499290 |
| &nbsp;&nbsp; City of Colby KS 5.500% 07/01/2026 Callable @ 100.000 01/01/2026 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750683 |
| &nbsp;&nbsp; City of Lawrence KS 5.000% 07/01/2043 Callable @ 100.000 07/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998930 |
| &nbsp;&nbsp; University of Kansas Hospital Authority 5.000% 09/01/2035 Callable @ 100.000 09/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500565 |
| &nbsp;&nbsp; University of Kansas Hospital Authority 4.000% 09/01/2048 Callable @ 100.000 03/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 862690 |
|  |  | &nbsp;&nbsp; 4633555 |
| &nbsp;&nbsp; **Housing (8.5%)** |  |  |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.700% 03/01/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1960500 |
| &nbsp;&nbsp; Kansas Development Finance Authority 4.170% 11/01/2041 | &nbsp;&nbsp; 1436986 | &nbsp;&nbsp; 1373557 |
| &nbsp;&nbsp; County of Shawnee KS 4.700% 07/01/2044 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 690942 |
| &nbsp;&nbsp; County of Shawnee KS 5.000% 07/01/2049 Callable @ 100.000 07/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484845 |
|  |  | &nbsp;&nbsp; 4509844 |
| &nbsp;&nbsp; **Other Revenue (11.1%)** |  |  |
| &nbsp;&nbsp; Blue Valley Recreation Commission 5.000% 04/01/2045 Callable @ 100.000 04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1058070 |
| &nbsp;&nbsp; Blue Valley Recreation Commission 5.000% 04/01/2045 Callable @ 100.000 04/01/2035 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1031618 |
| &nbsp;&nbsp; \*Dickson County Public Building Commission 4.000% 08/01/2038 Callable @ 100.000 08/01/2028 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 721148 |
| &nbsp;&nbsp; City of Manhattan KS 5.000% 12/01/2026 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85028 |
| &nbsp;&nbsp; City of Manhattan KS 4.500% 12/01/2025 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120103 |
| &nbsp;&nbsp; \*City of Manhattan KS 5.000% 12/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000250 |
| &nbsp;&nbsp; County of Shawnee KS 5.000% 09/01/2033 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 249709 |
| &nbsp;&nbsp; County of Shawnee KS 5.500% 09/01/2034 Callable @ 100.000 09/01/2032 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 236374 |
| &nbsp;&nbsp; City of Wichita KS 4.000% 09/01/2038 Callable @ 100.000 09/01/2027 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 709817 |
| &nbsp;&nbsp; Wyandotte County Kansas City Unified Government 5.250% 03/01/2046 Callable @ 100.000 03/01/2034 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 687690 |
|  |  | &nbsp;&nbsp; 5899807 |
| &nbsp;&nbsp; **Pre-Refunded (6.2%)** |  |  |
| &nbsp;&nbsp; \*Franklin County Unified School District No 290 Ottawa 5.000% 09/01/2040 Callable @ 100.000 09/01/2025 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3017910 |
| &nbsp;&nbsp; Seward County Unified School District No 480 Liberal 5.000% 09/01/2029 Callable @ 100.000 09/01/2025 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251525 |
|  |  | &nbsp;&nbsp; 3269435 |
| &nbsp;&nbsp; **Utilities (7.1%)** |  |  |
| &nbsp;&nbsp; Chisholm Creek Utility Authority 4.000% 09/01/2043 Callable @ 100.000 09/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 918770 |
| &nbsp;&nbsp; Kansas Municipal Energy Agency 5.000% 04/01/2038 Callable @ 100.000 04/01/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011590 |
| &nbsp;&nbsp; Kansas Power Pool 4.000% 12/01/2031 Callable @ 100.000 12/01/2025 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501695 |
| &nbsp;&nbsp; Kansas Power Pool 4.000% 12/01/2041 Callable @ 100.000 12/01/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 463870 |
| &nbsp;&nbsp; City of Olathe KS Stormwater Revenue 4.000% 10/01/2044 Callable @ 100.000 10/01/2032 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 411741 |
| &nbsp;&nbsp; City of Topeka KS Combined Utility Revenue 4.000% 08/01/2049 Callable @ 100.000 08/01/2032 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 444763 |
|  |  | &nbsp;&nbsp; 3752429 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $53,647,962)** |  | $&nbsp;&nbsp; **52021980** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (1.9%)** |  | $&nbsp;&nbsp; **991974** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **53013954** |
| &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; Kansas Municipal Fund |
| &nbsp;&nbsp; Investments at cost | &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 53647962 |
| &nbsp;&nbsp; Unrealized appreciation | &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 170126 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (1796108) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; (1625982) |
| &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> Kansas Municipal Fund** | &nbsp;&nbsp; **<br> Kansas Municipal Fund** | &nbsp;&nbsp; **<br> Kansas Municipal Fund** | &nbsp;&nbsp; **<br> Kansas Municipal Fund** | &nbsp;&nbsp; **<br> Kansas Municipal Fund** |
|  | &nbsp;&nbsp; Level 1 | &nbsp;&nbsp; Level 2 | &nbsp;&nbsp; Level 3 | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Municipal Bonds | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 52021980.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 52021980.00 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 52021980.00 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 52021980.00 |

---

## 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:** Kansas Municipal Fund

- **b. EDGAR series identifier (if any):** S000058942

- **c. LEI of Series:** 5493002C0EZK4TDD5944

**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:** $53262891.28

**Total Liabilities:** $248937.48

**Net Assets:** $53013953.80

**Cash Not Reported:** $786424.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -19.41 | **1-Year:** -181.23 | **5-Year:** -163.72 | **10-Year:** -5322.27 | **30-Year:** -20046.26

**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 C000193242 | -1.81%               | -4.32%               | -2.86%               |
| Class ID C000193243 | 0.78%                | -1.91%               | -0.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-76934.91               | $345362.65                                 |
| Month 2  | $-105650.00              | $-1082112.52                               |
| Month 3  | $-22477.22               | $-333230.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashland Public Building Commission     5.000%  09/01/2030                                   | Ashland Public Building Commission     5.000%  09/01/2030                                   | CUSIP: 044241AK3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1021397.40   | 1.93%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ashland Public Building Commission     5.000%  09/01/2035                                   | Ashland Public Building Commission     5.000%  09/01/2035                                   | CUSIP: 044241AM9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $499290.00    | 0.94%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atchison County Unified School District No 409     5.000%  09/01/2042                       | Atchison County Unified School District No 409     5.000%  09/01/2042                       | CUSIP: 046627GM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    610000 | PA      | $632509.00    | 1.19%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bel Aire KS     4.000%  11/01/2036                                                  | City of Bel Aire KS     4.000%  11/01/2036                                                  | CUSIP: 0773244G3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    285000 | PA      | $287109.00    | 0.54%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Belle Plaine KS     4.000%  09/01/2027                                              | City of Belle Plaine KS     4.000%  09/01/2027                                              | CUSIP: 078509EC6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $496200.00    | 0.94%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission     5.000%  04/01/2045                                    | Blue Valley Recreation Commission     5.000%  04/01/2045                                    | CUSIP: 096079GQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058070.00   | 2.00%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blue Valley Recreation Commission     5.000%  04/01/2045                                    | Blue Valley Recreation Commission     5.000%  04/01/2045                                    | CUSIP: 096079HL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    975000 | PA      | $1031618.25   | 1.95%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 205 Bluestem     5.250%  09/01/2042                | Butler County Unified School District No 205 Bluestem     5.250%  09/01/2042                | CUSIP: 123423CK9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1611230.40   | 3.04%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chisholm Creek Utility Authority     4.000%  09/01/2043                                     | Chisholm Creek Utility Authority     4.000%  09/01/2043                                     | CUSIP: 170123ED1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918770.00    | 1.73%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Colby KS     5.500%  07/01/2026                                                     | City of Colby KS     5.500%  07/01/2026                                                     | CUSIP: 19277TAA0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $750682.50    | 1.42%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cowley County Unified School District No 465 Winfield     5.000%  09/01/2038                | Cowley County Unified School District No 465 Winfield     5.000%  09/01/2038                | CUSIP: 223763HA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $212684.00    | 0.40%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cowley County Unified School District No 465 Winfield     5.000%  09/01/2048                | Cowley County Unified School District No 465 Winfield     5.000%  09/01/2048                | CUSIP: 223763HL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $516715.00    | 0.97%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dickson County Public Building Commission     4.000%  08/01/2038                            | Dickson County Public Building Commission     4.000%  08/01/2038                            | CUSIP: 253166AZ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $721147.50    | 1.36%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 348 Baldwin City     5.000%  09/01/2044           | Douglas County Unified School District No 348 Baldwin City     5.000%  09/01/2044           | CUSIP: 259133JF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    400000 | PA      | $407140.00    | 0.77%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Unified School District No 491 Eudora     5.000%  09/01/2042                 | Douglas County Unified School District No 491 Eudora     5.000%  09/01/2042                 | CUSIP: 259137LK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034240.00   | 1.95%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Edgerton KS     4.000%  08/01/2037                                                  | City of Edgerton KS     4.000%  08/01/2037                                                  | CUSIP: 280173ED3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $303417.00    | 0.57%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Emporia KS     4.000%  09/01/2038                                                   | City of Emporia KS     4.000%  09/01/2038                                                   | CUSIP: 292281N65<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $502395.00    | 0.95%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Unified School District No 290 Ottawa     5.000%  09/01/2040                | Franklin County Unified School District No 290 Ottawa     5.000%  09/01/2040                | CUSIP: 352802GR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017910.00   | 5.69%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goddard KS     4.000%  10/01/2041                                                   | City of Goddard KS     4.000%  10/01/2041                                                   | CUSIP: 380270TM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    335000 | PA      | $311412.65    | 0.59%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goddard KS     4.000%  10/01/2045                                                   | City of Goddard KS     4.000%  10/01/2045                                                   | CUSIP: 380270TR9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    365000 | PA      | $322853.45    | 0.61%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gove County Unified School District No 293 Quinter     4.000%  09/01/2041                   | Gove County Unified School District No 293 Quinter     4.000%  09/01/2041                   | CUSIP: 383648CW0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    655000 | PA      | $625629.80    | 1.18%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gove County Unified School District No 293 Quinter     4.000%  09/01/2043                   | Gove County Unified School District No 293 Quinter     4.000%  09/01/2043                   | CUSIP: 383648CY6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $232612.50    | 0.44%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District 440 Halstead-Bentley     5.000%  09/01/2049           | Harvey County Unified School District 440 Halstead-Bentley     5.000%  09/01/2049           | CUSIP: 417632DZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027790.00   | 1.94%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvey County Unified School District No 460 Hesston     5.000%  09/01/2031                 | Harvey County Unified School District No 460 Hesston     5.000%  09/01/2031                 | CUSIP: 417641DK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    410000 | PA      | $446436.70    | 0.84%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Haysville KS     4.250%  10/01/2025                                                 | City of Haysville KS     4.250%  10/01/2025                                                 | CUSIP: 421146VU2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $499310.00    | 0.94%             | 2025-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2038                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2038                | CUSIP: 472898EX9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $281122.60    | 0.53%             | 2038-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2043                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2043                | CUSIP: 472898EY7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040000.00   | 1.96%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jefferson County Unified School District No 343 Perry     5.500%  09/01/2048                | Jefferson County Unified School District No 343 Perry     5.500%  09/01/2048                | CUSIP: 472898EZ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044330.00   | 1.97%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No 230 Spring Hills     5.000%  09/01/2039 | Johnson & Miami Counties Unified School District No 230 Spring Hills     5.000%  09/01/2039 | CUSIP: 478164KA3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088900.00   | 3.94%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Municipal Energy Agency     5.000%  04/01/2038                                       | Kansas Municipal Energy Agency     5.000%  04/01/2038                                       | CUSIP: 48526CBL0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011590.00   | 1.91%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Power Pool     4.000%  12/01/2031                                                    | Kansas Power Pool     4.000%  12/01/2031                                                    | CUSIP: 485321BQ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $501695.00    | 0.95%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Power Pool     4.000%  12/01/2041                                                    | Kansas Power Pool     4.000%  12/01/2041                                                    | CUSIP: 485321CL5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $463870.00    | 0.87%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  04/01/2045                                 | Kansas Development Finance Authority     4.000%  04/01/2045                                 | CUSIP: 48542RE42<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897480.00    | 1.69%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  04/01/2046                                 | Kansas Development Finance Authority     4.000%  04/01/2046                                 | CUSIP: 48542RE59<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890720.00    | 1.68%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  04/01/2047                                 | Kansas Development Finance Authority     4.000%  04/01/2047                                 | CUSIP: 48542RE67<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886210.00    | 1.67%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.000%  07/01/2036                                 | Kansas Development Finance Authority     4.000%  07/01/2036                                 | CUSIP: 48542RXR0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1929000.00   | 3.64%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.700%  03/01/2043                                 | Kansas Development Finance Authority     4.700%  03/01/2043                                 | CUSIP: 48542TBL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1960500.00   | 3.70%             | 2043-03-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority     4.170%  11/01/2041                                 | Kansas Development Finance Authority     4.170%  11/01/2041                                 | CUSIP: 48542XAC5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1436986 | PA      | $1373557.04   | 2.59%             | 2041-11-01      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS     5.000%  07/01/2043                                                  | City of Lawrence KS     5.000%  07/01/2043                                                  | CUSIP: 520134FU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998930.00    | 1.88%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leavenworth County Unified School District No 458     5.000%  09/01/2049                    | Leavenworth County Unified School District No 458     5.000%  09/01/2049                    | CUSIP: 522218MU7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015660.00   | 1.92%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maize KS     4.000%  10/01/2044                                                     | City of Maize KS     4.000%  10/01/2044                                                     | CUSIP: 560687WE1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1030000 | PA      | $944314.30    | 1.78%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Maize KS     4.000%  10/01/2045                                                     | City of Maize KS     4.000%  10/01/2045                                                     | CUSIP: 560687WF8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1075000 | PA      | $979378.75    | 1.85%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     4.000%  11/01/2044                                                 | City of Manhattan KS     4.000%  11/01/2044                                                 | CUSIP: 562895WX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    880000 | PA      | $807162.40    | 1.52%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     5.000%  12/01/2026                                                 | City of Manhattan KS     5.000%  12/01/2026                                                 | CUSIP: 563055AG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |     85000 | PA      | $85028.05     | 0.16%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     4.500%  12/01/2025                                                 | City of Manhattan KS     4.500%  12/01/2025                                                 | CUSIP: 563059AJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    120000 | PA      | $120103.20    | 0.23%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS     5.000%  12/01/2032                                                 | City of Manhattan KS     5.000%  12/01/2032                                                 | CUSIP: 563059AK0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000250.00   | 1.89%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 368 Paola     5.000%  09/01/2027                    | Miami County Unified School District No 368 Paola     5.000%  09/01/2027                    | CUSIP: 593303LF5<br>LEI: N/A | Long             | DBT              | MUN               | US        |     10000 | PA      | $10011.20     | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olathe KS Stormwater Revenue     4.000%  10/01/2044                                 | City of Olathe KS Stormwater Revenue     4.000%  10/01/2044                                 | CUSIP: 679443CM1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    445000 | PA      | $411740.70    | 0.78%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Prairie Village KS     4.000%  09/01/2040                                           | City of Prairie Village KS     4.000%  09/01/2040                                           | CUSIP: 739715HP8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    795000 | PA      | $760027.95    | 1.43%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pratt County Unified School District No 382 Pratt     5.000%  09/01/2038                    | Pratt County Unified School District No 382 Pratt     5.000%  09/01/2038                    | CUSIP: 739776GN6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $537190.00    | 1.01%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pratt County Unified School District No 382 Pratt     5.000%  09/01/2042                    | Pratt County Unified School District No 382 Pratt     5.000%  09/01/2042                    | CUSIP: 739776GS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1082527.20   | 2.04%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rawlins County Unified School District No 105     4.000%  09/01/2045                        | Rawlins County Unified School District No 105     4.000%  09/01/2045                        | CUSIP: 754475AV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915450.00    | 1.73%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No 383 Manhattan-Ogden     4.000%  09/01/2039          | Riley County Unified School District No 383 Manhattan-Ogden     4.000%  09/01/2039          | CUSIP: 766651RK1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982770.00    | 1.85%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salina Airport Authority     4.000%  09/01/2040                                             | Salina Airport Authority     4.000%  09/01/2040                                             | CUSIP: 794760LM8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $478005.00    | 0.90%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salina Airport Authority     4.000%  09/01/2043                                             | Salina Airport Authority     4.000%  09/01/2043                                             | CUSIP: 794760LQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $246259.20    | 0.46%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No 262 Valley Center     4.500%  09/01/2044         | Sedgwick County Unified School District No 262 Valley Center     4.500%  09/01/2044         | CUSIP: 815662NA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $649116.00    | 1.22%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Seward County Unified School District No 480 Liberal     5.000%  09/01/2029                 | Seward County Unified School District No 480 Liberal     5.000%  09/01/2029                 | CUSIP: 818461JQ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $251525.00    | 0.47%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.000%  09/01/2033                                                 | County of Shawnee KS     5.000%  09/01/2033                                                 | CUSIP: 820561AZ1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    230000 | PA      | $249708.70    | 0.47%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.500%  09/01/2034                                                 | County of Shawnee KS     5.500%  09/01/2034                                                 | CUSIP: 820561BA5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    210000 | PA      | $236373.90    | 0.45%             | 2034-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     4.700%  07/01/2044                                                 | County of Shawnee KS     4.700%  07/01/2044                                                 | CUSIP: 820624EB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    700000 | PA      | $690942.00    | 1.30%             | 2044-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| County of Shawnee KS     5.000%  07/01/2049                                                 | County of Shawnee KS     5.000%  07/01/2049                                                 | CUSIP: 820624EC4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $484845.00    | 0.91%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2043            | Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2043            | CUSIP: 820640ES5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    650000 | PA      | $678808.00    | 1.28%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2048            | Shawnee County Unified School District No 372 Silver Lake     5.500%  09/01/2048            | CUSIP: 820640ET3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    780000 | PA      | $807105.00    | 1.52%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of South Hutchinson KS     4.000%  10/01/2038                                          | City of South Hutchinson KS     4.000%  10/01/2038                                          | CUSIP: 838430JX5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    355000 | PA      | $355411.80    | 0.67%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS Combined Utility Revenue     4.000%  08/01/2049                           | City of Topeka KS Combined Utility Revenue     4.000%  08/01/2049                           | CUSIP: 890680XW6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    490000 | PA      | $444763.20    | 0.84%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority     5.000%  09/01/2035                              | University of Kansas Hospital Authority     5.000%  09/01/2035                              | CUSIP: 914367DM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $500565.00    | 0.94%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority     4.000%  09/01/2048                              | University of Kansas Hospital Authority     4.000%  09/01/2048                              | CUSIP: 914367FU6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862690.00    | 1.63%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS     4.750%  09/01/2027                                                   | City of Wichita KS     4.750%  09/01/2027                                                   | CUSIP: 967244BL7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    180000 | PA      | $180266.40    | 0.34%             | 2027-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS     4.000%  09/01/2038                                                   | City of Wichita KS     4.000%  09/01/2038                                                   | CUSIP: 967323AV8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    760000 | PA      | $709817.20    | 1.34%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government     5.250%  03/01/2046                      | Wyandotte County-Kansas City Unified Government     5.250%  03/01/2046                      | CUSIP: 982707AB7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $687690.00    | 1.30%             | 2046-03-01      | Fixed         | 5.25%                 | 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