<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><headerData><submissionType>NPORT-P</submissionType><isConfidential>false</isConfidential><filerInfo><filer><issuerCredentials><cik>0001082744</cik><ccc>XXXXXXXX</ccc></issuerCredentials></filer><seriesClassInfo><seriesId>S000003821</seriesId><classId>C000010660</classId><classId>C000171899</classId></seriesClassInfo></filerInfo></headerData><formData><genInfo><regName>Viking Mutual Funds</regName><regFileNumber>811-09277
</regFileNumber><regCik>0001082744</regCik><regLei>549300PSJICOHN07DD76</regLei><regStreet1>1 Main Street North</regStreet1><regCity>Minot</regCity><regStateConditional regCountry="US" regState="US-ND"/><regZipOrPostalCode>58703</regZipOrPostalCode><regPhone>701-857-5292</regPhone><seriesName>Viking Tax-Free Fund for Montana</seriesName><seriesId>S000003821</seriesId><seriesLei>549300HUF3GV9H84QF46</seriesLei><repPdEnd>2026-07-31</repPdEnd><repPdDate>2026-07-31</repPdDate><isFinalFiling>N</isFinalFiling></genInfo><fundInfo><totAssets>50105554.46</totAssets><totLiabs>119822.57</totLiabs><netAssets>49985731.89</netAssets><assetsAttrMiscSec>0</assetsAttrMiscSec><assetsInvested>0</assetsInvested><amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr><amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp><amtPayOneYrOthAffil>0</amtPayOneYrOthAffil><amtPayOneYrOther>0</amtPayOneYrOther><amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr><amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp><amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil><amtPayAftOneYrOther>0</amtPayAftOneYrOther><delayDeliv>0</delayDeliv><standByCommit>0</standByCommit><liquidPref>0</liquidPref><cshNotRptdInCorD>2554803.68</cshNotRptdInCorD><curMetrics><curMetric><curCd>USD</curCd><intrstRtRiskdv01 period10Yr="-19204.24" period1Yr="-440.89" period30Yr="-25666.81" period3Mon="-6.8" period5Yr="-1061.81"/><intrstRtRiskdv100 period10Yr="-1803602.86" period1Yr="-43155.3" period30Yr="-2396857.04" period3Mon="-567.8" period5Yr="-103828.8"/></curMetric></curMetrics><creditSprdRiskInvstGrade period10Yr="-19204.24" period1Yr="-440.89" period30Yr="-25666.81" period3Mon="-6.8" period5Yr="-1061.81"/><creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/><isNonCashCollateral>N</isNonCashCollateral><returnInfo><monthlyTotReturns><monthlyTotReturn classId="C000010660" rtn1="-2.09" rtn2="-1.88" rtn3="-3.9"/><monthlyTotReturn classId="C000171899" rtn1="0.4" rtn2="0.6" rtn3="-1.37"/></monthlyTotReturns><othMon1 netRealizedGain="0" netUnrealizedAppr="23399.41"/><othMon2 netRealizedGain="0" netUnrealizedAppr="169031.61"/><othMon3 netRealizedGain="0" netUnrealizedAppr="-828408.02"/></returnInfo><mon1Flow redemption="593507.37" reinvestment="107508.48" sales="436032.62"/><mon2Flow redemption="996600.22" reinvestment="111620.75" sales="583867.44"/><mon3Flow redemption="229805.02" reinvestment="209443.01" sales="241886.55"/></fundInfo><invstOrSecs><invstOrSec><name>City of Belgrade MT  5.000%  7/1/2034</name><lei>N/A</lei><title>City of Belgrade MT  5.000%  7/1/2034</title><cusip>077810CC1</cusip><identifiers><isin value="US077810CC10"/></identifiers><balance>355000</balance><units>PA</units><curCd>USD</curCd><valUSD>388764.05</valUSD><pctVal>0.82</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2034-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Billings MT  5.000%  7/1/2038</name><lei>N/A</lei><title>City of Billings MT  5.000%  7/1/2038</title><cusip>090141LC4</cusip><identifiers><isin value="US090141LC46"/></identifiers><balance>700000</balance><units>PA</units><curCd>USD</curCd><valUSD>730611</valUSD><pctVal>1.55</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Billings MT  5.000%  7/1/2039</name><lei>N/A</lei><title>City of Billings MT  5.000%  7/1/2039</title><cusip>090141LQ3</cusip><identifiers><isin value="US090141LQ32"/></identifiers><balance>300000</balance><units>PA</units><curCd>USD</curCd><valUSD>314598</valUSD><pctVal>0.67</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Billings MT  4.000%  7/1/2043</name><lei>N/A</lei><title>City of Billings MT  4.000%  7/1/2043</title><cusip>090141LR1</cusip><identifiers><isin value="US090141LR15"/></identifiers><balance>275000</balance><units>PA</units><curCd>USD</curCd><valUSD>261195</valUSD><pctVal>0.55</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Bozeman MT  4.000%  7/1/2028</name><lei>N/A</lei><title>City of Bozeman MT  4.000%  7/1/2028</title><cusip>103637GG3</cusip><identifiers><isin value="US103637GG33"/></identifiers><balance>540000</balance><units>PA</units><curCd>USD</curCd><valUSD>538682.4</valUSD><pctVal>1.14</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2028-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Fergus County High School District No 44  5.000%  7/1/2039</name><lei>N/A</lei><title>Fergus County High School District No 44  5.000%  7/1/2039</title><cusip>314701BB8</cusip><identifiers><isin value="US314701BB86"/></identifiers><balance>540000</balance><units>PA</units><curCd>USD</curCd><valUSD>565520.4</valUSD><pctVal>1.2</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Fergus County High School District No 44  5.000%  7/1/2040</name><lei>N/A</lei><title>Fergus County High School District No 44  5.000%  7/1/2040</title><cusip>314701BC6</cusip><identifiers><isin value="US314701BC69"/></identifiers><balance>560000</balance><units>PA</units><curCd>USD</curCd><valUSD>584169.6</valUSD><pctVal>1.24</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2040-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Flathead County School District No 44  5.250%  7/1/2043</name><lei>N/A</lei><title>Flathead County School District No 44  5.250%  7/1/2043</title><cusip>338729DG8</cusip><identifiers><isin value="US338729DG86"/></identifiers><balance>540000</balance><units>PA</units><curCd>USD</curCd><valUSD>592552.8</valUSD><pctVal>1.25</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Flathead County School District No 44  5.250%  7/1/2045</name><lei>N/A</lei><title>Flathead County School District No 44  5.250%  7/1/2045</title><cusip>338729DJ2</cusip><identifiers><isin value="US338729DJ26"/></identifiers><balance>1045000</balance><units>PA</units><curCd>USD</curCd><valUSD>1126384.6</valUSD><pctVal>2.38</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2045-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT  5.000%  7/1/2039</name><lei>N/A</lei><title>County of Gallatin MT  5.000%  7/1/2039</title><cusip>363651PB0</cusip><identifiers><isin value="US363651PB04"/></identifiers><balance>915000</balance><units>PA</units><curCd>USD</curCd><valUSD>958965.75</valUSD><pctVal>2.03</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Gallatin County School District No 72  4.000%  7/1/2037</name><lei>N/A</lei><title>Gallatin County School District No 72  4.000%  7/1/2037</title><cusip>363674BR2</cusip><identifiers><isin value="US363674BR21"/></identifiers><balance>800000</balance><units>PA</units><curCd>USD</curCd><valUSD>811224</valUSD><pctVal>1.72</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2037-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Gallatin County Rural Improvement District  6.000%  7/1/2030</name><lei>N/A</lei><title>Gallatin County Rural Improvement District  6.000%  7/1/2030</title><cusip>363684EJ6</cusip><identifiers><isin value="US363684EJ67"/></identifiers><balance>820000</balance><units>PA</units><curCd>USD</curCd><valUSD>808241.2</valUSD><pctVal>1.71</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>6</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  4.800%  6/30/2041</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  4.800%  6/30/2041</title><cusip>363684FA4</cusip><identifiers><isin value="US363684FA40"/></identifiers><balance>1160000</balance><units>PA</units><curCd>USD</curCd><valUSD>1191795.6</valUSD><pctVal>2.52</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2041-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  4.850%  6/30/2042</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  4.850%  6/30/2042</title><cusip>363684FB2</cusip><identifiers><isin value="US363684FB23"/></identifiers><balance>580000</balance><units>PA</units><curCd>USD</curCd><valUSD>599203.8</valUSD><pctVal>1.27</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.85</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  4.950%  6/30/2043</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  4.950%  6/30/2043</title><cusip>363684FC0</cusip><identifiers><isin value="US363684FC06"/></identifiers><balance>505000</balance><units>PA</units><curCd>USD</curCd><valUSD>522866.9</valUSD><pctVal>1.11</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.95</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  5.000%  6/30/2044</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  5.000%  6/30/2044</title><cusip>363684FD8</cusip><identifiers><isin value="US363684FD88"/></identifiers><balance>265000</balance><units>PA</units><curCd>USD</curCd><valUSD>273978.2</valUSD><pctVal>0.58</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  5.050%  6/30/2045</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  5.050%  6/30/2045</title><cusip>363684FE6</cusip><identifiers><isin value="US363684FE61"/></identifiers><balance>225000</balance><units>PA</units><curCd>USD</curCd><valUSD>231610.5</valUSD><pctVal>0.49</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2045-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.05</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Gallatin MT Rural Improvement  5.100%  6/30/2047</name><lei>N/A</lei><title>County of Gallatin MT Rural Improvement  5.100%  6/30/2047</title><cusip>363684FG1</cusip><identifiers><isin value="US363684FG10"/></identifiers><balance>510000</balance><units>PA</units><curCd>USD</curCd><valUSD>519057.6</valUSD><pctVal>1.1</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2047-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.1</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Helena MT  4.000%  7/1/2042</name><lei>N/A</lei><title>City of Helena MT  4.000%  7/1/2042</title><cusip>423128HM2</cusip><identifiers><isin value="US423128HM24"/></identifiers><balance>450000</balance><units>PA</units><curCd>USD</curCd><valUSD>465813</valUSD><pctVal>0.99</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Judith Basin County K-12 School District No 12  5.000%  7/1/2037</name><lei>N/A</lei><title>Judith Basin County K-12 School District No 12  5.000%  7/1/2037</title><cusip>48128SAP9</cusip><identifiers><isin value="US48128SAP92"/></identifiers><balance>235000</balance><units>PA</units><curCd>USD</curCd><valUSD>253308.85</valUSD><pctVal>0.54</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2037-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Judith Basin County K-12 School District No 12  5.000%  7/1/2038</name><lei>N/A</lei><title>Judith Basin County K-12 School District No 12  5.000%  7/1/2038</title><cusip>48128SAQ7</cusip><identifiers><isin value="US48128SAQ75"/></identifiers><balance>160000</balance><units>PA</units><curCd>USD</curCd><valUSD>171548.8</valUSD><pctVal>0.36</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Judith Basin County K-12 School District No 12  5.000%  7/1/2041</name><lei>N/A</lei><title>Judith Basin County K-12 School District No 12  5.000%  7/1/2041</title><cusip>48128SAT1</cusip><identifiers><isin value="US48128SAT15"/></identifiers><balance>465000</balance><units>PA</units><curCd>USD</curCd><valUSD>493002.3</valUSD><pctVal>1.04</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2041-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Judith Basin County K-12 School District No 12  5.000%  7/1/2043</name><lei>N/A</lei><title>Judith Basin County K-12 School District No 12  5.000%  7/1/2043</title><cusip>48128SAV6</cusip><identifiers><isin value="US48128SAV60"/></identifiers><balance>300000</balance><units>PA</units><curCd>USD</curCd><valUSD>316212</valUSD><pctVal>0.67</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Judith Basin County K-12 School District No 12  5.250%  7/1/2048</name><lei>N/A</lei><title>Judith Basin County K-12 School District No 12  5.250%  7/1/2048</title><cusip>48128SBA1</cusip><identifiers><isin value="US48128SBA15"/></identifiers><balance>450000</balance><units>PA</units><curCd>USD</curCd><valUSD>469485</valUSD><pctVal>0.99</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2048-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Kalispell MT  5.000%  7/1/2033</name><lei>N/A</lei><title>City of Kalispell MT  5.000%  7/1/2033</title><cusip>48342RBX3</cusip><identifiers><isin value="US48342RBX35"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>514595</valUSD><pctVal>1.09</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2033-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.000%  7/1/2043</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.000%  7/1/2043</title><cusip>509398DU4</cusip><identifiers><isin value="US509398DU43"/></identifiers><balance>510000</balance><units>PA</units><curCd>USD</curCd><valUSD>535367.4</valUSD><pctVal>1.13</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2042</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2042</title><cusip>509398EN9</cusip><identifiers><isin value="US509398EN90"/></identifiers><balance>320000</balance><units>PA</units><curCd>USD</curCd><valUSD>343616</valUSD><pctVal>0.73</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2043</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2043</title><cusip>509398EP4</cusip><identifiers><isin value="US509398EP49"/></identifiers><balance>350000</balance><units>PA</units><curCd>USD</curCd><valUSD>374356.5</valUSD><pctVal>0.79</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2044</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2044</title><cusip>509398EQ2</cusip><identifiers><isin value="US509398EQ22"/></identifiers><balance>360000</balance><units>PA</units><curCd>USD</curCd><valUSD>383284.8</valUSD><pctVal>0.81</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.000%  7/1/2042</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.000%  7/1/2042</title><cusip>50939RBE0</cusip><identifiers><isin value="US50939RBE09"/></identifiers><balance>400000</balance><units>PA</units><curCd>USD</curCd><valUSD>422296</valUSD><pctVal>0.89</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.000%  7/1/2043</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.000%  7/1/2043</title><cusip>50939RBF7</cusip><identifiers><isin value="US50939RBF73"/></identifiers><balance>635000</balance><units>PA</units><curCd>USD</curCd><valUSD>668534.35</valUSD><pctVal>1.41</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2042</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2042</title><cusip>50939RBZ3</cusip><identifiers><isin value="US50939RBZ38"/></identifiers><balance>250000</balance><units>PA</units><curCd>USD</curCd><valUSD>268450</valUSD><pctVal>0.57</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2043</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2043</title><cusip>50939RCA7</cusip><identifiers><isin value="US50939RCA77"/></identifiers><balance>250000</balance><units>PA</units><curCd>USD</curCd><valUSD>267397.5</valUSD><pctVal>0.57</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake County School District No 23 Polson  5.250%  7/1/2044</name><lei>N/A</lei><title>Lake County School District No 23 Polson  5.250%  7/1/2044</title><cusip>50939RCB5</cusip><identifiers><isin value="US50939RCB50"/></identifiers><balance>420000</balance><units>PA</units><curCd>USD</curCd><valUSD>447165.6</valUSD><pctVal>0.95</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Lake Missoula &amp; Sanders Counties Element  5.000%  7/1/2043</name><lei>N/A</lei><title>Lake Missoula &amp; Sanders Counties Element  5.000%  7/1/2043</title><cusip>51022FBF9</cusip><identifiers><isin value="US51022FBF99"/></identifiers><balance>1215000</balance><units>PA</units><curCd>USD</curCd><valUSD>1289115</valUSD><pctVal>2.73</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Livingston MT  4.000%  7/1/2034</name><lei>N/A</lei><title>City of Livingston MT  4.000%  7/1/2034</title><cusip>538709AR7</cusip><identifiers><isin value="US538709AR77"/></identifiers><balance>525000</balance><units>PA</units><curCd>USD</curCd><valUSD>522186</valUSD><pctVal>1.1</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2034-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Madison MT  5.000%  7/1/2043</name><lei>N/A</lei><title>County of Madison MT  5.000%  7/1/2043</title><cusip>557327BP7</cusip><identifiers><isin value="US557327BP70"/></identifiers><balance>250000</balance><units>PA</units><curCd>USD</curCd><valUSD>267920</valUSD><pctVal>0.57</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Madison County Rural Improvement District  6.000%  7/1/2030</name><lei>N/A</lei><title>Madison County Rural Improvement District  6.000%  7/1/2030</title><cusip>55734QAV1</cusip><identifiers><isin value="US55734QAV14"/></identifiers><balance>460000</balance><units>PA</units><curCd>USD</curCd><valUSD>453403.6</valUSD><pctVal>0.96</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>6</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Miles City MT  5.000%  7/1/2042</name><lei>N/A</lei><title>City of Miles City MT  5.000%  7/1/2042</title><cusip>599225AT6</cusip><identifiers><isin value="US599225AT64"/></identifiers><balance>395000</balance><units>PA</units><curCd>USD</curCd><valUSD>417807.3</valUSD><pctVal>0.88</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Miles City MT  5.000%  7/1/2044</name><lei>N/A</lei><title>City of Miles City MT  5.000%  7/1/2044</title><cusip>599225AV1</cusip><identifiers><isin value="US599225AV11"/></identifiers><balance>300000</balance><units>PA</units><curCd>USD</curCd><valUSD>314292</valUSD><pctVal>0.66</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Hellgate School District No 4  5.000%  6/15/2029</name><lei>N/A</lei><title>Hellgate School District No 4  5.000%  6/15/2029</title><cusip>605815EE5</cusip><identifiers><isin value="US605815EE50"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>510720</valUSD><pctVal>1.08</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-06-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Hellgate School District No 4  5.000%  6/15/2030</name><lei>N/A</lei><title>Hellgate School District No 4  5.000%  6/15/2030</title><cusip>605815EF2</cusip><identifiers><isin value="US605815EF26"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>509825</valUSD><pctVal>1.08</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-06-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Missoula Parking Commission  4.000%  10/1/2026</name><lei>N/A</lei><title>Missoula Parking Commission  4.000%  10/1/2026</title><cusip>605853DW7</cusip><identifiers><isin value="US605853DW78"/></identifiers><balance>340000</balance><units>PA</units><curCd>USD</curCd><valUSD>339724.6</valUSD><pctVal>0.72</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2026-10-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Missoula MT  4.750%  7/1/2027</name><lei>N/A</lei><title>City of Missoula MT  4.750%  7/1/2027</title><cusip>605858EV7</cusip><identifiers><isin value="US605858EV73"/></identifiers><balance>15000</balance><units>PA</units><curCd>USD</curCd><valUSD>14988.75</valUSD><pctVal>0.03</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>City of Missoula MT  6.000%  7/1/2030</name><lei>N/A</lei><title>City of Missoula MT  6.000%  7/1/2030</title><cusip>605858HH5</cusip><identifiers><isin value="US605858HH52"/></identifiers><balance>80000</balance><units>PA</units><curCd>USD</curCd><valUSD>78855.2</valUSD><pctVal>0.17</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>6</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Missoula Special Improvement Districts  5.400%  7/1/2029</name><lei>N/A</lei><title>Missoula Special Improvement Districts  5.400%  7/1/2029</title><cusip>605864GH4</cusip><identifiers><isin value="US605864GH48"/></identifiers><balance>150000</balance><units>PA</units><curCd>USD</curCd><valUSD>149386.5</valUSD><pctVal>0.32</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  5.000%  7/1/2032</name><lei>N/A</lei><title>Montana Facility Finance Authority  5.000%  7/1/2032</title><cusip>612043KU2</cusip><identifiers><isin value="US612043KU29"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1016560</valUSD><pctVal>2.15</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2032-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  5.000%  7/1/2033</name><lei>N/A</lei><title>Montana Facility Finance Authority  5.000%  7/1/2033</title><cusip>612043KV0</cusip><identifiers><isin value="US612043KV02"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1019500</valUSD><pctVal>2.16</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2033-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  5.000%  8/15/2048</name><lei>N/A</lei><title>Montana Facility Finance Authority  5.000%  8/15/2048</title><cusip>61204KLQ2</cusip><identifiers><isin value="US61204KLQ21"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1002250</valUSD><pctVal>2.12</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2048-08-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  4.000%  1/1/2037</name><lei>N/A</lei><title>Montana Facility Finance Authority  4.000%  1/1/2037</title><cusip>61204KMX6</cusip><identifiers><isin value="US61204KMX62"/></identifiers><balance>200000</balance><units>PA</units><curCd>USD</curCd><valUSD>200490</valUSD><pctVal>0.42</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2037-01-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  4.000%  1/1/2038</name><lei>N/A</lei><title>Montana Facility Finance Authority  4.000%  1/1/2038</title><cusip>61204KMY4</cusip><identifiers><isin value="US61204KMY46"/></identifiers><balance>1500000</balance><units>PA</units><curCd>USD</curCd><valUSD>1482645</valUSD><pctVal>3.14</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-01-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Facility Finance Authority  5.000%  6/1/2029</name><lei>N/A</lei><title>Montana Facility Finance Authority  5.000%  6/1/2029</title><cusip>61204MCB1</cusip><identifiers><isin value="US61204MCB19"/></identifiers><balance>915000</balance><units>PA</units><curCd>USD</curCd><valUSD>908229</valUSD><pctVal>1.92</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-06-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana State Board of Regents  4.000%  11/15/2041</name><lei>N/A</lei><title>Montana State Board of Regents  4.000%  11/15/2041</title><cusip>61212LSQ3</cusip><identifiers><isin value="US61212LSQ31"/></identifiers><balance>400000</balance><units>PA</units><curCd>USD</curCd><valUSD>393608</valUSD><pctVal>0.83</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2041-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana State Board of Regents  5.000%  11/15/2042</name><lei>N/A</lei><title>Montana State Board of Regents  5.000%  11/15/2042</title><cusip>61212LUS6</cusip><identifiers><isin value="US61212LUS68"/></identifiers><balance>1520000</balance><units>PA</units><curCd>USD</curCd><valUSD>1640916</valUSD><pctVal>3.47</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana State Board of Regents  5.000%  11/15/2045</name><lei>N/A</lei><title>Montana State Board of Regents  5.000%  11/15/2045</title><cusip>61212LUV9</cusip><identifiers><isin value="US61212LUV97"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>530275</valUSD><pctVal>1.12</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2045-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana State Board of Regents  5.000%  11/15/2050</name><lei>N/A</lei><title>Montana State Board of Regents  5.000%  11/15/2050</title><cusip>61212LUW7</cusip><identifiers><isin value="US61212LUW70"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>525035</valUSD><pctVal>1.11</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2050-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  5.100%  12/1/2045</name><lei>N/A</lei><title>Montana Board of Housing  5.100%  12/1/2045</title><cusip>61212WD44</cusip><identifiers><isin value="US61212WD443"/></identifiers><balance>750000</balance><units>PA</units><curCd>USD</curCd><valUSD>775260</valUSD><pctVal>1.64</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2045-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.1</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.450%  12/1/2038</name><lei>N/A</lei><title>Montana Board of Housing  4.450%  12/1/2038</title><cusip>61212WVB8</cusip><identifiers><isin value="US61212WVB89"/></identifiers><balance>1385000</balance><units>PA</units><curCd>USD</curCd><valUSD>1415054.5</valUSD><pctVal>2.99</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.45</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.800%  12/1/2043</name><lei>N/A</lei><title>Montana Board of Housing  4.800%  12/1/2043</title><cusip>61212WVC6</cusip><identifiers><isin value="US61212WVC62"/></identifiers><balance>1320000</balance><units>PA</units><curCd>USD</curCd><valUSD>1352524.8</valUSD><pctVal>2.86</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.375%  12/1/2038</name><lei>N/A</lei><title>Montana Board of Housing  4.375%  12/1/2038</title><cusip>61212WWF8</cusip><identifiers><isin value="US61212WWF84"/></identifiers><balance>405000</balance><units>PA</units><curCd>USD</curCd><valUSD>408948.75</valUSD><pctVal>0.87</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.375</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.600%  12/1/2043</name><lei>N/A</lei><title>Montana Board of Housing  4.600%  12/1/2043</title><cusip>61212WWG6</cusip><identifiers><isin value="US61212WWG67"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>991720</valUSD><pctVal>2.1</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.6</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.850%  12/1/2048</name><lei>N/A</lei><title>Montana Board of Housing  4.850%  12/1/2048</title><cusip>61212WWH4</cusip><identifiers><isin value="US61212WWH41"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>495490</valUSD><pctVal>1.05</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2048-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.85</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  3.950%  12/1/2039</name><lei>N/A</lei><title>Montana Board of Housing  3.950%  12/1/2039</title><cusip>61212WXL4</cusip><identifiers><isin value="US61212WXL44"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1000340</valUSD><pctVal>2.12</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.95</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.450%  12/1/2044</name><lei>N/A</lei><title>Montana Board of Housing  4.450%  12/1/2044</title><cusip>61212WXM2</cusip><identifiers><isin value="US61212WXM27"/></identifiers><balance>995000</balance><units>PA</units><curCd>USD</curCd><valUSD>996293.5</valUSD><pctVal>2.11</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.45</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  3.900%  12/1/2039</name><lei>N/A</lei><title>Montana Board of Housing  3.900%  12/1/2039</title><cusip>61212WYR0</cusip><identifiers><isin value="US61212WYR05"/></identifiers><balance>490000</balance><units>PA</units><curCd>USD</curCd><valUSD>479318</valUSD><pctVal>1.01</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.9</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.300%  12/1/2044</name><lei>N/A</lei><title>Montana Board of Housing  4.300%  12/1/2044</title><cusip>61212WYS8</cusip><identifiers><isin value="US61212WYS87"/></identifiers><balance>790000</balance><units>PA</units><curCd>USD</curCd><valUSD>781381.1</valUSD><pctVal>1.65</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2044-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.3</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  4.400%  12/1/2049</name><lei>N/A</lei><title>Montana Board of Housing  4.400%  12/1/2049</title><cusip>61212WYT6</cusip><identifiers><isin value="US61212WYT60"/></identifiers><balance>1625000</balance><units>PA</units><curCd>USD</curCd><valUSD>1578638.75</valUSD><pctVal>3.34</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2049-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Montana Board of Housing  3.800%  12/1/2038</name><lei>N/A</lei><title>Montana Board of Housing  3.800%  12/1/2038</title><cusip>61213TBA8</cusip><identifiers><isin value="US61213TBA88"/></identifiers><balance>455000</balance><units>PA</units><curCd>USD</curCd><valUSD>448930.3</valUSD><pctVal>0.95</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-12-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>County of Ravalli MT  4.250%  7/1/2030</name><lei>N/A</lei><title>County of Ravalli MT  4.250%  7/1/2030</title><cusip>75418JCD6</cusip><identifiers><isin value="US75418JCD63"/></identifiers><balance>525000</balance><units>PA</units><curCd>USD</curCd><valUSD>522779.25</valUSD><pctVal>1.11</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Ravalli &amp; Missoula Counties Joint School  4.000%  7/1/2038</name><lei>N/A</lei><title>Ravalli &amp; Missoula Counties Joint School  4.000%  7/1/2038</title><cusip>75418PBE1</cusip><identifiers><isin value="US75418PBE16"/></identifiers><balance>250000</balance><units>PA</units><curCd>USD</curCd><valUSD>247377.5</valUSD><pctVal>0.52</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Ravalli &amp; Missoula Counties Joint School  4.000%  7/1/2039</name><lei>N/A</lei><title>Ravalli &amp; Missoula Counties Joint School  4.000%  7/1/2039</title><cusip>75418PBF8</cusip><identifiers><isin value="US75418PBF80"/></identifiers><balance>250000</balance><units>PA</units><curCd>USD</curCd><valUSD>244492.5</valUSD><pctVal>0.52</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2039-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Silver Bow County School District No 1  4.000%  7/1/2038</name><lei>N/A</lei><title>Silver Bow County School District No 1  4.000%  7/1/2038</title><cusip>827422AU0</cusip><identifiers><isin value="US827422AU00"/></identifiers><balance>1960000</balance><units>PA</units><curCd>USD</curCd><valUSD>1960921.2</valUSD><pctVal>4.15</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2038-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Valley County K-12 School District No 1-A  4.250%  7/1/2031</name><lei>N/A</lei><title>Valley County K-12 School District No 1-A  4.250%  7/1/2031</title><cusip>919550BZ5</cusip><identifiers><isin value="US919550BZ52"/></identifiers><balance>450000</balance><units>PA</units><curCd>USD</curCd><valUSD>447808.5</valUSD><pctVal>0.95</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2031-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Yellowstone and Carbon Counties School District  5.000%  7/1/2042</name><lei>N/A</lei><title>Yellowstone and Carbon Counties School District  5.000%  7/1/2042</title><cusip>985686CJ1</cusip><identifiers><isin value="US985686CJ18"/></identifiers><balance>1395000</balance><units>PA</units><curCd>USD</curCd><valUSD>1488353.4</valUSD><pctVal>3.15</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2042-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Yellowstone and Carbon Counties School District  5.000%  7/1/2043</name><lei>N/A</lei><title>Yellowstone and Carbon Counties School District  5.000%  7/1/2043</title><cusip>985686CK8</cusip><identifiers><isin value="US985686CK80"/></identifiers><balance>600000</balance><units>PA</units><curCd>USD</curCd><valUSD>635388</valUSD><pctVal>1.34</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>MUN</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2043-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec></invstOrSecs><signature><dateSigned xmlns="http://www.sec.gov/edgar/nportcommon">2026-09-24</dateSigned><nameOfApplicant xmlns="http://www.sec.gov/edgar/nportcommon">Viking Mutual Funds</nameOfApplicant><signature xmlns="http://www.sec.gov/edgar/nportcommon">Shelly Nahrstedt</signature><signerName xmlns="http://www.sec.gov/edgar/nportcommon">Shelly Nahrstedt</signerName><title xmlns="http://www.sec.gov/edgar/nportcommon">Treasurer </title></signature></formData></edgarSubmission>
