# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000096
**Filing Date:** 2025-9
**Character Count:** 44921
**Document Hash:** e77bf2930f8ff3b7c1ad2c352f2fb65c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000096.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001082744-25-000096

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09277
- **FILM NUMBER:** 251341268

**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           |

## 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:** 2025-07-31

**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:** $55962274.36

**Total Liabilities:** $2371318.78

**Net Assets:** $53590955.58

**Delayed Delivery Securities:** $2150591.80

**Cash Not Reported:** $3223588.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** -404.31 | **5-Year:** -1677.5 | **10-Year:** -20285.53 | **30-Year:** -30140.46

**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 | -2.70%               | -2.50%               | -2.84%               |
| Class ID C000171899 | -0.17%               | 0.06%                | -0.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-291399.13                                |
| Month 2  | $-115300.96              | $21143.23                                  |
| Month 3  | $-193907.01              | $-108966.95                                |

### 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      | $278710.00    | 0.52%             | 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      | $393300.95    | 0.73%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $718473.00    | 1.34%             | 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      | $307686.00    | 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      | $242363.00    | 0.45%             | 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      | $540842.40    | 1.01%             | 2028-07-01      | 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      | $717642.25    | 1.34%             | 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      | $570709.80    | 1.06%             | 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      | $1086298.40   | 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      | $471070.20    | 0.88%             | 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      | $982344.00    | 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      | $683027.20    | 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      | $800792.00    | 1.49%             | 2037-07-01      | Fixed         | 4.00%                 | 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      | $1001360.00   | 1.87%             | 2030-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.800%  06/30/2041               | County of Gallatin MT Rural Improvement District No 396     4.800%  06/30/2041               | CUSIP: 363684FA4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1148284.00   | 2.14%             | 2041-06-30      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.850%  06/30/2042               | County of Gallatin MT Rural Improvement District No 396     4.850%  06/30/2042               | CUSIP: 363684FB2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    580000 | PA      | $574089.80    | 1.07%             | 2042-06-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     4.950%  06/30/2043               | County of Gallatin MT Rural Improvement District No 396     4.950%  06/30/2043               | CUSIP: 363684FC0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    505000 | PA      | $499020.80    | 0.93%             | 2043-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.000%  06/30/2044               | County of Gallatin MT Rural Improvement District No 396     5.000%  06/30/2044               | CUSIP: 363684FD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $261085.95    | 0.49%             | 2044-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.050%  06/30/2045               | County of Gallatin MT Rural Improvement District No 396     5.050%  06/30/2045               | CUSIP: 363684FE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    225000 | PA      | $221244.75    | 0.41%             | 2045-06-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT Rural Improvement District No 396     5.100%  06/30/2047               | County of Gallatin MT Rural Improvement District No 396     5.100%  06/30/2047               | CUSIP: 363684FG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    510000 | PA      | $499004.40    | 0.93%             | 2047-06-30      | Fixed         | 5.10%                 | 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        |    150000 | PA      | $150258.00    | 0.28%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Helena MT     4.000%  07/01/2042                                                     | City of Helena MT     4.000%  07/01/2042                                                     | CUSIP: 423128HM2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    450000 | PA      | $446733.00    | 0.83%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Helena MT     4.000%  07/01/2043                                                     | City of Helena MT     4.000%  07/01/2043                                                     | CUSIP: 423128HN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    470000 | PA      | $463410.60    | 0.86%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Helena MT     4.000%  07/01/2044                                                     | City of Helena MT     4.000%  07/01/2044                                                     | CUSIP: 423128HP5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    490000 | PA      | $479616.90    | 0.89%             | 2044-07-01      | Fixed         | 4.00%                 | 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      | $250674.50    | 0.47%             | 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      | $169225.60    | 0.32%             | 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      | $481516.80    | 0.90%             | 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      | $306255.00    | 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      | $460903.50    | 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      | $521780.00    | 0.97%             | 2033-07-01      | 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      | $348296.15    | 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      | $366413.25    | 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      | $332891.00    | 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      | $518272.20    | 0.97%             | 2043-07-01      | Fixed         | 5.00%                 | 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      | $660081.25    | 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      | $334531.20    | 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      | $363265.00    | 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      | $371682.00    | 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      | $331580.80    | 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      | $410248.00    | 0.77%             | 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      | $647401.55    | 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      | $494346.15    | 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      | $517503.70    | 0.97%             | 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      | $261352.50    | 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      | $259475.00    | 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      | $433629.00    | 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      | $1245885.30   | 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      | $521718.75    | 0.97%             | 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      | $641004.80    | 1.20%             | 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      | $404128.45    | 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      | $302721.00    | 0.56%             | 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      | $524060.00    | 0.98%             | 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      | $521870.00    | 0.97%             | 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      | $665226.10    | 1.24%             | 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        |     30000 | PA      | $30021.30     | 0.06%             | 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        |    100000 | PA      | $100129.00    | 0.19%             | 2030-07-01      | Fixed         | 6.00%                 | 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        |    195000 | PA      | $195351.00    | 0.36%             | 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      | $1025700.00   | 1.91%             | 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      | $1028980.00   | 1.92%             | 2033-07-01      | 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      | $196700.00    | 0.37%             | 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      | $1435695.00   | 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      | $1016684.90   | 1.90%             | 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      | $916006.50    | 1.71%             | 2029-06-01      | 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      | $371032.00    | 0.69%             | 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      | $1581727.20   | 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      | $512120.00    | 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      | $503700.00    | 0.94%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Board of Housing     5.100%  12/01/2045                                              | Montana Board of Housing     5.100%  12/01/2045                                              | CUSIP: 61212WD44<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $751455.00    | 1.40%             | 2045-12-01      | Fixed         | 5.10%                 | 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        |   1395000 | PA      | $1412618.85   | 2.64%             | 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        |   1330000 | PA      | $1311273.60   | 2.45%             | 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      | $404898.75    | 0.76%             | 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      | $973730.00    | 1.82%             | 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      | $504460.00    | 0.94%             | 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      | $938900.00    | 1.75%             | 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      | $963880.00    | 1.80%             | 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      | $463840.00    | 0.87%             | 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      | $737888.00    | 1.38%             | 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      | $1489933.50   | 2.78%             | 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      | $427358.75    | 0.80%             | 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        |    640000 | PA      | $640915.20    | 1.20%             | 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      | $239792.50    | 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      | $239407.50    | 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      | $1889322.40   | 3.53%             | 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      | $451116.00    | 0.84%             | 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      | $348744.00    | 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      | $1450437.30   | 2.71%             | 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      | $615708.00    | 1.15%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer