# EDGAR Filing Document

**Accession Number:** 0001082744
**File Stem:** 0001082744-25-000149
**Filing Date:** 2025-12
**Character Count:** 35764
**Document Hash:** 3aba69d143f43a7d31cdb60d79ee7e6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001082744-25-000149.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001082744-25-000149

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260731

**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:** 251589807

**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

### Nebraska Municipal Fund (Series ID: S000058944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193246 | Class A      | NEMUX           |
| C000193247 | Class I      | NEITX           |

## Nport-Ex

**Schedule of Investments** - October 31, 2025 (*unaudited*)

Nebraska Municipal Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (94.6%)^** |  |  |
| &nbsp;&nbsp; **Education (11.7%)** |  |  |
| &nbsp;&nbsp; NEBRASKA STATE COLLEGES 5.000% 07/01/2048 CALLABLE @ 100.000 07/01/2033 | &nbsp;&nbsp; 1000000 | $&nbsp;&nbsp; 1038840 |
| &nbsp;&nbsp; SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2043 CALLABLE @ 100.000 12/15/2031 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1226605 |
| &nbsp;&nbsp; SOUTHEAST COMMUNITY COLLEGE AREA 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030560 |
|  |  | &nbsp;&nbsp; 3296005 |
| &nbsp;&nbsp; **General Obligation (52.7%)** |  |  |
| &nbsp;&nbsp; CITY OF AURORA NE 5.000% 12/15/2028 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 806400 |
| &nbsp;&nbsp; CITY OF BELLEVUE NE 4.000% 09/15/2049 CALLABLE @ 100.000 09/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 892720 |
| &nbsp;&nbsp; COUNTY OF BUTLER NE 5.000% 12/01/2043 CALLABLE @ 100.000 12/01/2028 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 612312 |
| &nbsp;&nbsp; BROKEN BOW PUBLIC SCHOOLS 4.000% 12/15/2044 CALLABLE @ 100.000 03/18/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 469445 |
| &nbsp;&nbsp; CITY OF DAVID CITY NE 4.350% 06/15/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500070 |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.000% 12/15/2043 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 719158 |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2044 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 227606 |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2045 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 323829 |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.250% 12/15/2046 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 424258 |
| &nbsp;&nbsp; FREMONT SCHOOL DISTRICT 5.000% 12/15/2048 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 773936 |
| &nbsp;&nbsp; WESTSIDE COMMUNITY SCHOOLS 4.375% 12/01/2043 CALLABLE @ 100.000 12/01/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 356993 |
| &nbsp;&nbsp; FILLMORE COUNTY SCHOOL DISTRICT NO 25 5.000% 06/15/2038 CALLABLE @ 100.000 06/15/2030 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 592940 |
| &nbsp;&nbsp; COUNTY OF HALL NE 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 750136 |
| &nbsp;&nbsp; CITY OF HARTINGTON NE 4.500% 12/15/2040 CALLABLE @ 100.000 06/15/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195562 |
| &nbsp;&nbsp; CITY OF HENDERSON NE 4.600% 12/15/2034 CALLABLE @ 100.000 12/15/2026 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210636 |
| &nbsp;&nbsp; CITY OF HENDERSON NE 4.850% 12/15/2036 CALLABLE @ 100.000 12/15/2026 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 461385 |
| &nbsp;&nbsp; CITY OF HENDERSON NE 5.100% 12/15/2038 CALLABLE @ 100.000 12/15/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501240 |
| &nbsp;&nbsp; NANCE COUNTY SCHOOL DISTRICT NO 30 4.000% 12/15/2044 CALLABLE @ 100.000 06/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 468835 |
| &nbsp;&nbsp; NANCE COUNTY SCHOOL DISTRICT NO 30 4.125% 12/15/2049 CALLABLE @ 100.000 06/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 462495 |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.150% 07/15/2033 CALLABLE @ 100.000 07/15/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100870 |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 5.000% 07/15/2038 CALLABLE @ 100.000 07/15/2028 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 551907 |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.000% 01/15/2036 CALLABLE @ 100.000 02/22/2029 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 262814 |
| &nbsp;&nbsp; CITY OF NEBRASKA CITY NE 4.350% 01/15/2039 CALLABLE @ 100.000 02/22/2029 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205232 |
| &nbsp;&nbsp; OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.500% 12/15/2043 CALLABLE @ 100.000 11/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016370 |
| &nbsp;&nbsp; OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.750% 12/15/2047 CALLABLE @ 100.000 11/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012820 |
| &nbsp;&nbsp; OTOE COUNTY SCHOOL DISTRICT NO 501/NE 4.125% 12/15/2047 CALLABLE @ 100.000 06/26/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 473545 |
| &nbsp;&nbsp; PAPILLION LA VISTA SCHOOL DISTRICT NO 27 5.000% 12/01/2042 CALLABLE @ 100.000 12/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 548960 |
| &nbsp;&nbsp; CITY OF WAHOO NE 4.750% 12/15/2033 CALLABLE @ 100.000 08/15/2026 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 323213 |
| &nbsp;&nbsp; YORK COUNTY SCHOOL DISTRICT NO 96 4.000% 12/15/2044 CALLABLE @ 100.000 08/07/2029 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 607156 |
|  |  | &nbsp;&nbsp; 14852843 |
| &nbsp;&nbsp; **Housing (11.5%)** |  |  |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999280 |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.700% 09/01/2049 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997860 |
| &nbsp;&nbsp; NEBRASKA INVESTMENT FINANCE AUTHORITY 4.550% 09/01/2044 CALLABLE @ 100.000 09/01/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250555 |
|  |  | &nbsp;&nbsp; 3247695 |
| &nbsp;&nbsp; **Other Revenue (5.6%)** |  |  |
| &nbsp;&nbsp; CITY OF NORTH PLATTE NE 5.000% 12/15/2034 CALLABLE @ 100.000 06/15/2030 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 418798 |
| &nbsp;&nbsp; CITY OF NORTH PLATTE NE 5.000% 12/15/2035 CALLABLE @ 100.000 06/15/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214126 |
| &nbsp;&nbsp; CITY OF OMAHA NE RIVERFRONT REDEVELOPMENT SPECIAL TAX REVENUE 4.000% 04/15/2049 CALLABLE @ 100.000 04/15/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937130 |
|  |  | &nbsp;&nbsp; 1570054 |
| &nbsp;&nbsp; **Utilities (13.1%)** |  |  |
| &nbsp;&nbsp; CUSTER PUBLIC POWER DISTRICT 4.125% 06/01/2039 CALLABLE @ 100.000 06/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003240 |
| &nbsp;&nbsp; CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.400% 12/15/2029 CALLABLE @ 100.000 09/15/2026 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136181 |
| &nbsp;&nbsp; CITY OF DAVID CITY NE ELECTRIC UTILITY REVENUE 4.550% 12/15/2034 CALLABLE @ 100.000 09/15/2026 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 535777 |
| &nbsp;&nbsp; NEBRASKA PUBLIC POWER DISTRICT 5.000% 01/01/2036 CALLABLE @ 100.000 01/01/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2004260 |
|  |  | &nbsp;&nbsp; 3679458 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS (COST: $26,598,505)** |  | $&nbsp;&nbsp; **26646055** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (5.4%)** |  | $&nbsp;&nbsp; **1512885** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **28158940** |
| &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. | &nbsp;&nbsp; ^All portfolio securities are issued securities from the state of Nebraska. |
| &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. |

---

Schedule of Investments \| Nebraska Municipal Fund \| October 31, 2025 (*unaudited*)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** | &nbsp;&nbsp; **NOTE: INVESTMENT IN SECURITIES *(unaudited)*** |
| &nbsp;&nbsp; At October 31, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: | &nbsp;&nbsp; At October 31, 2025, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows: |
|  | &nbsp;&nbsp; Nebraska Municipal Fund |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 26598505 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 335861 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (288311) |
| &nbsp;&nbsp; Net unrealized appreciation/(depreciation)\* | $&nbsp;&nbsp; 47550 |
| &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. | &nbsp;&nbsp; \*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 October 31, 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 October 31, 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 October 31, 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 October 31, 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 October 31, 2025: |
| &nbsp;&nbsp; **Nebraska 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; 26646055 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 26646055 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 26646055 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 26646055 |

---

Schedule of Investments \| Nebraska Municipal Fund \| October 31, 2025 (*unaudited*)

## 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:** Nebraska Municipal Fund

- **b. EDGAR series identifier (if any):** S000058944

- **c. LEI of Series:** 54930037C87FDOGDP535

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $28276708.45

**Total Liabilities:** $117768.11

**Net Assets:** $28158940.34

**Cash Not Reported:** $1219331.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -15.16 | **1-Year:** -112.25 | **5-Year:** -193.94 | **10-Year:** -7672.11 | **30-Year:** -22091.84

**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 C000193246 | -1.80%               | 0.17%                | -1.33%               |
| Class ID C000193247 | 0.77%                | 2.78%                | 1.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-147728.61              | $285429.17                                 |
| Month 2  | $13915.81                | $670892.72                                 |
| Month 3  | $0.00                    | $262716.80                                 |

### 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 Aurora NE     5.000%  12/15/2028                                             | City of Aurora NE     5.000%  12/15/2028                                             | CUSIP: 051879JE5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $806400.00    | 2.86%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bellevue NE     4.000%  09/15/2049                                           | City of Bellevue NE     4.000%  09/15/2049                                           | CUSIP: 079213AR5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892720.00    | 3.17%             | 2049-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Butler NE     5.000%  12/01/2043                                           | County of Butler NE     5.000%  12/01/2043                                           | CUSIP: 123529HP7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $612312.00    | 2.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broken Bow Public Schools     4.000%  12/15/2044                                     | Broken Bow Public Schools     4.000%  12/15/2044                                     | CUSIP: 231795AW5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $469445.00    | 1.67%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Custer Public Power District     4.125%  06/01/2039                                  | Custer Public Power District     4.125%  06/01/2039                                  | CUSIP: 231868TB6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003240.00   | 3.56%             | 2039-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of David City NE     4.350%  06/15/2026                                         | City of David City NE     4.350%  06/15/2026                                         | CUSIP: 238554EP0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $500070.00    | 1.78%             | 2026-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| City of David City NE Electric Utility Revenue     4.400%  12/15/2029                | City of David City NE Electric Utility Revenue     4.400%  12/15/2029                | CUSIP: 238556CF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    135000 | PA      | $136181.25    | 0.48%             | 2029-12-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| City of David City NE Electric Utility Revenue     4.550%  12/15/2034                | City of David City NE Electric Utility Revenue     4.550%  12/15/2034                | CUSIP: 238556CG7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    530000 | PA      | $535777.00    | 1.90%             | 2034-12-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fremont School District     5.000%  12/15/2043                                       | Fremont School District     5.000%  12/15/2043                                       | CUSIP: 256435LR7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    675000 | PA      | $719158.50    | 2.55%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fremont School District     5.250%  12/15/2044                                       | Fremont School District     5.250%  12/15/2044                                       | CUSIP: 256435LS5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    210000 | PA      | $227606.40    | 0.81%             | 2044-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fremont School District     5.250%  12/15/2045                                       | Fremont School District     5.250%  12/15/2045                                       | CUSIP: 256435LT3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    300000 | PA      | $323829.00    | 1.15%             | 2045-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fremont School District     5.250%  12/15/2046                                       | Fremont School District     5.250%  12/15/2046                                       | CUSIP: 256435LU0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    395000 | PA      | $424257.65    | 1.51%             | 2046-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fremont School District     5.000%  12/15/2048                                       | Fremont School District     5.000%  12/15/2048                                       | CUSIP: 256435LW6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    740000 | PA      | $773936.40    | 2.75%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside Community Schools     4.375%  12/01/2043                                    | Westside Community Schools     4.375%  12/01/2043                                    | CUSIP: 259363WZ8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $356993.00    | 1.27%             | 2043-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fillmore County School District No 25     5.000%  06/15/2038                         | Fillmore County School District No 25     5.000%  06/15/2038                         | CUSIP: 317162BN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    555000 | PA      | $592939.80    | 2.11%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hall NE     4.000%  12/15/2044                                             | County of Hall NE     4.000%  12/15/2044                                             | CUSIP: 406027DL3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $750136.00    | 2.66%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hartington NE     4.500%  12/15/2040                                         | City of Hartington NE     4.500%  12/15/2040                                         | CUSIP: 416812HM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $195562.00    | 0.69%             | 2040-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Henderson NE     4.600%  12/15/2034                                          | City of Henderson NE     4.600%  12/15/2034                                          | CUSIP: 425191FL2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    210000 | PA      | $210636.30    | 0.75%             | 2034-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Henderson NE     4.850%  12/15/2036                                          | City of Henderson NE     4.850%  12/15/2036                                          | CUSIP: 425191FM0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    460000 | PA      | $461384.60    | 1.64%             | 2036-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Henderson NE     5.100%  12/15/2038                                          | City of Henderson NE     5.100%  12/15/2038                                          | CUSIP: 425191FN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $501240.00    | 1.78%             | 2038-12-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Nebraska State Colleges     5.000%  07/01/2048                                       | Nebraska State Colleges     5.000%  07/01/2048                                       | CUSIP: 583456KF4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038840.00   | 3.69%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nance County School District No 30     4.000%  12/15/2044                            | Nance County School District No 30     4.000%  12/15/2044                            | CUSIP: 63000RBS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $468835.00    | 1.66%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nance County School District No 30     4.125%  12/15/2049                            | Nance County School District No 30     4.125%  12/15/2049                            | CUSIP: 63000RBT4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $462495.00    | 1.64%             | 2049-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Nebraska City NE     4.150%  07/15/2033                                      | City of Nebraska City NE     4.150%  07/15/2033                                      | CUSIP: 639591MY9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    100000 | PA      | $100870.00    | 0.36%             | 2033-07-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| City of Nebraska City NE     5.000%  07/15/2038                                      | City of Nebraska City NE     5.000%  07/15/2038                                      | CUSIP: 639591MZ6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    540000 | PA      | $551907.00    | 1.96%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Nebraska City NE     4.000%  01/15/2036                                      | City of Nebraska City NE     4.000%  01/15/2036                                      | CUSIP: 639591NE2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    265000 | PA      | $262813.75    | 0.93%             | 2036-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Nebraska City NE     4.350%  01/15/2039                                      | City of Nebraska City NE     4.350%  01/15/2039                                      | CUSIP: 639591NF9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    205000 | PA      | $205231.65    | 0.73%             | 2039-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District     5.000%  01/01/2036                                | Nebraska Public Power District     5.000%  01/01/2036                                | CUSIP: 63968AK46<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004260.00   | 7.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority     4.500%  09/01/2044                         | Nebraska Investment Finance Authority     4.500%  09/01/2044                         | CUSIP: 63968M7E3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999280.00    | 3.55%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority     4.700%  09/01/2049                         | Nebraska Investment Finance Authority     4.700%  09/01/2049                         | CUSIP: 63968M7G8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997860.00   | 7.09%             | 2049-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority     4.550%  09/01/2044                         | Nebraska Investment Finance Authority     4.550%  09/01/2044                         | CUSIP: 63968M7S2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    250000 | PA      | $250555.00    | 0.89%             | 2044-09-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of North Platte NE     5.000%  12/15/2034                                       | City of North Platte NE     5.000%  12/15/2034                                       | CUSIP: 661615WK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    390000 | PA      | $418797.60    | 1.49%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Platte NE     5.000%  12/15/2035                                       | City of North Platte NE     5.000%  12/15/2035                                       | CUSIP: 661615WL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    200000 | PA      | $214126.00    | 0.76%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE Riverfront Redevelopment Special Tax Revenue     4.000%  04/15/2049 | City of Omaha NE Riverfront Redevelopment Special Tax Revenue     4.000%  04/15/2049 | CUSIP: 68189PLM4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937130.00    | 3.33%             | 2049-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Otoe County School District No 501/NE     4.500%  12/15/2043                         | Otoe County School District No 501/NE     4.500%  12/15/2043                         | CUSIP: 68905WGG1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016370.00   | 3.61%             | 2043-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Otoe County School District No 501/NE     4.750%  12/15/2047                         | Otoe County School District No 501/NE     4.750%  12/15/2047                         | CUSIP: 68905WGH9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012820.00   | 3.60%             | 2047-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Otoe County School District No 501/NE     4.125%  12/15/2047                         | Otoe County School District No 501/NE     4.125%  12/15/2047                         | CUSIP: 68905WGY2<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $473545.00    | 1.68%             | 2047-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Papillion-La Vista School District No 27     5.000%  12/01/2042                      | Papillion-La Vista School District No 27     5.000%  12/01/2042                      | CUSIP: 698873N69<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $548960.00    | 1.95%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area     5.000%  12/15/2043                              | Southeast Community College Area     5.000%  12/15/2043                              | CUSIP: 84134TBJ7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1226605.20   | 4.36%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area     5.000%  12/15/2048                              | Southeast Community College Area     5.000%  12/15/2048                              | CUSIP: 84134TBK4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030560.00   | 3.66%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wahoo NE     4.750%  12/15/2033                                              | City of Wahoo NE     4.750%  12/15/2033                                              | CUSIP: 930574JB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    320000 | PA      | $323212.80    | 1.15%             | 2033-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| York County School District No 96     4.000%  12/15/2044                             | York County School District No 96     4.000%  12/15/2044                             | CUSIP: 98636PCG3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    625000 | PA      | $607156.25    | 2.16%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** Viking Mutual Funds

**Signature:** Shelly Nahrstedt

**Name of Signer:** Shelly Nahrstedt

**Title:** Treasurer