VIKING TAX-FREE FUND FOR MONTANA
Schedule of Investments October 31, 2022 (unaudited)
	Principal		Fair
	Amount		Value
MUNICIPAL BONDS (97.8%)
Education (4.6%)
Flathead County School District No 6 Columbia Falls 3.000% 07/01/2034 Callable @ 100.000 01/01/2031	280,000		249,880
Montana State Board of Regents 5.000% 11/15/2045 Callable @ 100.000 11/15/2027	1,000,000		1,036,360
Montana State Board of Regents 5.000% 11/15/2034 Callable @ 100.000 11/15/2031	500,000		543,040
Montana State Board of Regents 5.000% 11/15/2035 Callable @ 100.000 11/15/2031	410,000		443,354
Montana State Board of Regents 4.000% 11/15/2041 Callable @ 100.000 11/15/2031	400,000		362,128
Montana State Board of Regents 4.000% 11/15/2046 Callable @ 100.000 11/15/2031	755,000		646,159
			3,280,921
General Obligation (52.5%)
#City of Belgrade MT 5.000% 07/01/2031	280,000		305,029
#City of Belgrade MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2032	250,000		271,530
#City of Belgrade MT 5.000% 07/01/2034 Callable @ 100.000 07/01/2032	355,000		381,139
City of Bozeman MT 4.000% 07/01/2028 Callable @ 100.000 01/01/2024	540,000		546,869
City of Bozeman MT 4.000% 07/01/2034 Callable @ 100.000 07/01/2029	500,000		498,575
City of Bozeman MT 5.000% 07/01/2025	220,000		230,111
City of Bozeman MT 5.000% 07/01/2026	235,000		248,957
City & County of Butte Silver Bow MT 4.000% 07/01/2030 Callable @ 100.000 07/01/2026	225,000		227,851
City & County of Butte Silver Bow MT 4.000% 07/01/2032 Callable @ 100.000 07/01/2026	240,000		242,191
City & County of Butte Silver Bow MT 4.500% 07/01/2034 Callable @ 100.000 07/01/2026	850,000		869,261
Carbon County High School District No 1 Red Lodge 3.000% 07/01/2041 Callable @ 100.000 01/01/2031	255,000		196,513
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2037 Callable @ 100.000 01/01/2031	580,000		484,892
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2038 Callable @ 100.000 01/01/2031	600,000		493,428
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2039 Callable @ 100.000 01/01/2031	620,000		503,062
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2040 Callable @ 100.000 01/01/2031	535,000		425,330
Carbon County K 12 School District No 2 Bridger 3.000% 07/01/2041 Callable @ 100.000 01/01/2031	500,000		391,570
Cascade County Elementary School District No 1 Great Falls 4.000% 07/01/2031 Callable @ 100.000 07/01/2027	700,000		710,794
Cascade County School District 5/5C Centerville 3.000% 07/01/2033 Callable @ 100.000 07/01/2031	305,000		273,771
Cascade County School District 5/5C Centerville 3.000% 07/01/2035 Callable @ 100.000 07/01/2031	250,000		216,570
Cascade County School District 5/5C Centerville 3.000% 07/01/2039 Callable @ 100.000 07/01/2031	365,000		285,667
Flathead County High School District No 5 Kalispell 5.000% 07/01/2039 Callable @ 100.000 07/01/2028	455,000		479,333
Flathead County School District No 6 Columbia Falls 4.000% 07/01/2039 Callable @ 100.000 07/01/2030	1,000,000		925,490
City of Fort Benton MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030	715,000		604,625
City of Fort Benton MT 3.000% 07/01/2040 Callable @ 100.000 07/01/2030	770,000		584,384
Gallatin County MO Etc MO High School District No J 24 Three Forks 4.000% 07/01/2035 Callable @ 100.000 07/01/2030	465,000		462,838
Gallatin County MO Etc MO High School District No J 24 Three Forks 4.000% 07/01/2037 Callable @ 100.000 07/01/2030	605,000		592,894
Gallatin County High School District No 7 Bozeman 3.000% 12/01/2034 Callable @ 100.000 06/01/2027	500,000		440,740
Gallatin County High School District No 7 Bozeman 3.000% 06/01/2035 Callable @ 100.000 06/01/2027	300,000		256,200
Gallatin County School District No 72 Ophir 4.000% 07/01/2031 Callable @ 100.000 07/01/2030	775,000		801,521
Gallatin County School District No 72 Ophir 4.000% 07/01/2032 Callable @ 100.000 07/01/2030	695,000		715,954
Gallatin County School District No 72 Ophir 4.000% 07/01/2035 Callable @ 100.000 07/01/2030	535,000		527,815
Gallatin County School District No 72 Ophir 4.000% 07/01/2036 Callable @ 100.000 07/01/2030	565,000		554,079
Gallatin County School District No 72 Ophir 4.000% 07/01/2037 Callable @ 100.000 07/01/2030	800,000		779,712
Gallatin County School District No 7 Bozeman 4.000% 12/01/2032 Callable @ 100.000 06/01/2026	610,000		614,435
Gallatin County School District No 7 Bozeman 4.000% 12/01/2033 Callable @ 100.000 06/01/2026	260,000		260,939
Gallatin County School District No 7 Bozeman 4.000% 06/01/2023	325,000		326,427
Gallatin County School District No 7 Bozeman 4.000% 06/01/2027	250,000		257,192
Gallatin County School District No 7 Bozeman 4.000% 06/01/2028	400,000		413,280
Gallatin County School District No 7 Bozeman 4.000% 06/01/2029	1,000,000		1,032,020
Gallatin County School District No 7 Bozeman 4.000% 06/01/2030	570,000		589,460
Gallatin County School District No 27 Monforton 4.250% 06/15/2026 Callable @ 100.000 06/15/2023	415,000		417,930
Gallatin County School District No 44 Belgrade 3.500% 06/15/2028	575,000		572,913
Gallatin County School District No 44 Belgrade 4.000% 06/01/2036 Callable @ 100.000 06/01/2029	345,000		338,483
Missoula High School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026	275,000		278,168
Hellgate School District No 4 5.000% 06/15/2028 Callable @ 100.000 06/15/2027	500,000		539,010
Hellgate School District No 4 5.000% 06/15/2029 Callable @ 100.000 06/15/2027	500,000		531,980
Hellgate School District No 4 5.000% 06/15/2030 Callable @ 100.000 06/15/2027	500,000		529,135
Desmet School District No 20 3.000% 07/01/2040 Callable @ 100.000 07/01/2030	320,000		250,160
City of Missoula MT 4.000% 07/01/2031 Callable @ 100.000 07/01/2025	250,000		253,910
*Missoula County Elementary School District No 1 4.000% 07/01/2032 Callable @ 100.000 07/01/2026	500,000		503,370
Missoula County Elementary School District No 1 4.000% 07/01/2033 Callable @ 100.000 07/01/2026	750,000		756,330
State of Montana 4.000% 08/01/2023	385,000		388,450
State of Montana 4.000% 08/01/2026 Callable @ 100.000 08/01/2024	855,000		870,022
State of Montana 4.000% 08/01/2027 Callable @ 100.000 08/01/2024	480,000		488,659
State of Montana 5.000% 08/01/2030	500,000		554,075
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2037 Callable @ 100.000 07/01/2029	250,000		236,840
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2038 Callable @ 100.000 07/01/2029	965,000		910,777
Ravalli County High School District No 2 Stevensville 4.000% 07/01/2039 Callable @ 100.000 07/01/2029	355,000		332,078
County of Ravalli MT 4.250% 07/01/2030 Callable @ 100.000 07/01/2024	755,000		763,811
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2038 Callable @ 100.000 07/01/2029	250,000		230,385
Ravalli & Missoula Counties Joint School District No 15 6 4.000% 07/01/2039 Callable @ 100.000 07/01/2029	250,000		228,382
*Silver Bow County School District No 1 4.000% 07/01/2038 Callable @ 100.000 07/01/2029	1,960,000		1,849,868
Stillwater County Elementary School District No 6 Columbus 5.000% 07/01/2039 Callable @ 100.000 07/01/2029	300,000		314,046
Stillwater County High School District No 6 Columbus 4.000% 07/01/2037 Callable @ 100.000 07/01/2029	530,000		520,534
Stillwater County High School District No 6 Columbus 4.000% 07/01/2039 Callable @ 100.000 07/01/2029	275,000		267,580
Valley County K 12 School District No 1 A Glasgow/MT 4.250% 07/01/2031 Callable @ 100.000 07/01/2023	450,000		453,294
Yellowstone County High School District No 7 Laurel 3.000% 07/01/2025	225,000		222,453
Yellowstone County School District No 2 Billings 5.000% 06/15/2024	500,000		516,695
Yellowstone County School District No 2 Billings 3.000% 06/15/2032 Callable @ 100.000 12/15/2027	630,000		584,016
Yellowstone County School District No 2 Billings 3.000% 06/15/2034 Callable @ 100.000 12/15/2027	315,000		279,304
Yellowstone County School District No 2 Billings 3.000% 06/15/2035 Callable @ 100.000 12/15/2027	430,000		375,682
Yellowstone County School District No 8 Elder Grove 4.000% 07/01/2037 Callable @ 100.000 07/01/2028	875,000		831,652
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2037 Callable @ 100.000 07/01/2028	1,000,000		1,045,380
Yellowstone County K 12 School District No 26 Lockwood 5.000% 07/01/2038 Callable @ 100.000 07/01/2028	1,500,000		1,550,445
			37,808,265
Health Care (15.3%)
Montana Facility Finance Authority 5.000% 07/01/2032 Callable @ 100.000 07/01/2028	1,000,000		1,036,500
Montana Facility Finance Authority 5.000% 07/01/2033 Callable @ 100.000 07/01/2028	1,000,000		1,027,540
*Montana Facility Finance Authority 4.000% 07/01/2035 Callable @ 100.000 07/01/2030	1,075,000		976,519
Montana Facility Finance Authority 3.000% 07/01/2040 Callable @ 100.000 07/01/2030	2,000,000		1,533,540
Montana Facility Finance Authority 5.000% 08/15/2048 Callable @ 100.000 08/15/2028	500,000		509,170
Montana Facility Finance Authority 5.000% 01/01/2030	490,000		532,753
Montana Facility Finance Authority 4.000% 01/01/2037 Callable @ 100.000 01/01/2030	200,000		186,410
Montana Facility Finance Authority 4.000% 01/01/2038 Callable @ 100.000 01/01/2030	1,500,000		1,363,620
Montana Facility Finance Authority 5.000% 06/01/2028 Callable @ 100.000 12/01/2024	1,015,000		1,036,569
Montana Facility Finance Authority 5.000% 06/01/2029 Callable @ 100.000 06/01/2025	915,000		935,011
Montana Facility Finance Authority 5.000% 06/01/2035 Callable @ 100.000 06/01/2028	425,000		438,103
Montana Facility Finance Authority 5.000% 06/01/2036 Callable @ 100.000 06/01/2028	700,000		728,175
County of Yellowstone MT 4.000% 10/01/2029 Callable @ 100.000 10/01/2024	710,000		719,954
			11,023,864
Housing (4.3%)
Montana Board of Housing 3.000% 12/01/2023 Callable @ 100.000 12/01/2022	55,000		54,951
Montana Board of Housing 3.150% 06/01/2024 Callable @ 100.000 12/01/2022	220,000		220,090
Montana Board of Housing 3.150% 12/01/2024 Callable @ 100.000 12/01/2022	75,000		75,031
Montana Board of Housing 3.350% 06/01/2025 Callable @ 100.000 12/01/2022	100,000		100,045
Montana Board of Housing 3.875% 12/01/2023 Callable @ 100.000 06/01/2023	80,000		80,330
Montana Board of Housing 4.050% 06/01/2024 Callable @ 100.000 06/01/2023	80,000		80,793
Montana Board of Housing 4.050% 12/01/2024 Callable @ 100.000 06/01/2023	220,000		221,903
Montana Board of Housing 4.650% 12/01/2028 Callable @ 100.000 06/01/2023	130,000		131,158
Montana Board of Housing 3.400% 12/01/2033 Callable @ 100.000 12/01/2027	205,000		189,141
Montana Board of Housing 3.250% 12/01/2044 Callable @ 100.000 12/01/2028	770,000		713,990
Montana Board of Housing 2.800% 12/01/2039 Callable @ 100.000 06/01/2029	635,000		501,796
Montana Board of Housing 3.000% 12/01/2045 Callable @ 100.000 06/01/2029	350,000		297,038
Montana Board of Housing 3.800% 12/01/2038 Callable @ 100.000 06/01/2028	475,000		450,129
			3,116,395
Other Revenue (9.6%)
City of Billings MT 5.500% 07/01/2026	130,000		128,618
City of Billings MT 4.375% 07/01/2029 Callable @ 100.000 01/01/2023	490,000		483,140
*City of Billings MT 5.000% 07/01/2033 Callable @ 100.000 01/01/2023	900,000		856,746
City of Billings MT 5.000% 07/01/2032 Callable @ 100.000 07/01/2028	710,000		714,232
City of Billings MT 4.000% 07/01/2036 Callable @ 100.000 07/01/2030	405,000		371,247
Gallatin County Rural Improvement District 5.500% 07/01/2025	250,000		249,673
*Gallatin County Rural Improvement District 6.000% 07/01/2030	1,000,000		995,250
City of Great Falls MT 3.000% 07/01/2035 Callable @ 100.000 07/01/2030	1,005,000		785,980
City of Kalispell MT 5.000% 07/01/2033 Callable @ 100.000 07/01/2028	500,000		519,610
City of Livingston MT 4.000% 07/01/2034 Callable @ 100.000 01/01/2029	525,000		481,446
Madison County Rural Improvement District 5.500% 07/01/2025	10,000		9,968
*Madison County Rural Improvement District 6.000% 07/01/2030	1,000,000		993,840
City of Missoula MT 4.750% 07/01/2027	75,000		73,825
City of Missoula MT 6.000% 07/01/2030	160,000		156,750
City of Missoula MT 5.125% 07/01/2026	105,000		105,101
			6,925,426
Pre-Refunded (5.0%)
Montana State Board of Regents 4.000% 11/15/2025 Callable @ 100.000 11/15/2022	500,000		500,215
Montana State Board of Regents 5.000% 11/15/2025 Callable @ 100.000 11/15/2023	500,000		510,290
Montana State Board of Regents 5.000% 11/15/2030 Callable @ 100.000 11/15/2023	240,000		244,099
Yellowstone County School District No 2 Billings 5.000% 06/15/2026 Callable @ 100.000 06/15/2024	515,000		530,203
Yellowstone County School District No 2 Billings 5.000% 06/15/2027 Callable @ 100.000 06/15/2024	1,000,000		1,027,760
Yellowstone County School District No 2 Billings 5.000% 06/15/2031 Callable @ 100.000 06/15/2025	350,000		363,720
Yellowstone County School District No 2 Billings 5.000% 06/15/2032 Callable @ 100.000 06/15/2025	435,000		453,944
			3,630,231
Transportation (1.9%)
Missoula Parking Commission 4.000% 10/01/2026 Callable @ 100.000 04/01/2024	835,000		843,166
Missoula Special Improvement Districts/MT 4.600% 07/01/2024	100,000		97,834
Missoula Special Improvement Districts/MT 4.600% 07/01/2025	105,000		101,670
Missoula Special Improvement Districts/MT 5.400% 07/01/2029	330,000		321,687
			1,364,357
Utilities (4.6%)
City of Billings MT 5.000% 07/01/2031 Callable @ 100.000 07/01/2027	260,000		278,379
City of Billings MT Solid Waste System Revenue 3.500% 07/01/2039 Callable @ 100.000 07/01/2027	1,510,000		1,260,850
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2025 Callable @ 100.000 07/01/2023	215,000		216,378
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2026 Callable @ 100.000 07/01/2023	225,000		226,339
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2028 Callable @ 100.000 07/01/2025	250,000		255,770
City of Billings MT Storm Sewer Revenue 4.000% 07/01/2029 Callable @ 100.000 07/01/2025	250,000		254,272
City of Dillon MT Water & Sewer System Revenue 4.000% 07/01/2033 Callable @ 100.000 07/01/2025	250,000		253,528
City of Missoula MT Water System Revenue 4.000% 07/01/2037 Callable @ 100.000 07/01/2028	600,000		584,784
			3,330,300
TOTAL MUNICPAL BONDS (COST: $76,401,606)		$	70,479,759
OTHER ASSETS LESS LIABILITIES (2.2%)		$	1,613,801
NET ASSETS (100.0%)		$	72,093,560
*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.
#When-issued purchase as of October 31, 2022.

NOTE:  INVESTMENT IN SECURITIES (unaudited)
At October 31, 2022 the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:
	Viking Tax-Free Fund for Montana
Investments at cost	$76,401,606
Unrealized appreciation	$21,648
Unrealized depreciation	($5,943,495)
Net unrealized appreciation (depreciation)*	($5,921,847)
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount.

NOTE: FAIR VALUE MEASUREMENTS (unaudited)
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, 2022:
Viking Tax-Free Fund for Montana
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$70,479,759	$0	$70,479,759
Total	$0	$70,479,759	$0	$70,479,759