Viking Mutual Funds NPORT-P Viking Tax-Free Fund for North Dakota (Oct 2022 report)

VIKING TAX-FREE FUND FOR NORTH DAKOTA
Schedule of Investments October 31, 2022 (unaudited)
	Principal		Fair
	Amount		Value
MUNICIPAL BONDS (97.1%)
Education (13.2%)
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2025 Callable @ 100.000 04/01/2024	415,000		420,723
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2028 Callable @ 100.000 04/01/2024	365,000		365,365
State Board of Higher Education of the State of North Dakota 4.000% 04/01/2033 Callable @ 100.000 04/01/2025	500,000		493,155
State Board of Higher Education of the State of North Dakota 3.250% 04/01/2037 Callable @ 100.000 04/01/2027	250,000		212,692
State Board of Higher Education of the State of North Dakota 3.125% 07/01/2037 Callable @ 100.000 07/01/2029	200,000		145,586
State Board of Higher Education of the State of North Dakota 3.200% 07/01/2039 Callable @ 100.000 07/01/2029	200,000		141,722
State Board of Higher Education of the State of North Dakota 5.000% 10/01/2030	150,000		160,542
State Board of Higher Education of the State of North Dakota 5.000% 10/01/2036 Callable @ 100.000 10/01/2030	310,000		319,260
State Board of Higher Education of the State of North Dakota 2.000% 08/01/2033 Callable @ 100.000 08/01/2028	200,000		153,922
State Board of Higher Education of the State of North Dakota 2.000% 08/01/2034 Callable @ 100.000 08/01/2028	415,000		303,448
University of North Dakota 4.000% 06/01/2040 Callable @ 100.000 06/01/2030	625,000		560,769
			3,277,184
General Obligation (29.9%)
#City of Bismarck ND 5.000% 05/01/2024	1,000,000		1,023,720
Dickinson Public School District No 1 4.000% 08/01/2034 Callable @ 100.000 08/01/2025	400,000		398,484
Fargo Park District 4.000% 05/01/2024	415,000		420,096
City of Grand Forks ND 4.000% 12/01/2039 Callable @ 100.000 12/01/2028	470,000		430,765
City of Grand Forks ND 4.500% 05/01/2032 Callable @ 100.000 05/01/2025	240,000		241,805
City of Horace ND 4.250% 05/01/2035 Callable @ 100.000 05/01/2023	340,000		328,936
City of Horace ND 3.000% 05/01/2037 Callable @ 100.000 05/01/2026	150,000		118,653
City of Horace ND 3.000% 05/01/2034 Callable @ 100.000 05/01/2027	500,000		405,480
Mandan Public School District No 1 3.125% 08/01/2024	200,000		199,208
Mandan Public School District No 1 3.000% 08/01/2033 Callable @ 100.000 08/01/2029	1,000,000		881,830
Nesson Public School District No 2 4.000% 08/01/2039 Callable @ 100.000 08/01/2027	500,000		458,605
Thompson Public School District No 61 1.550% 08/01/2038 Callable @ 100.000 08/01/2028	275,000		185,259
City of West Fargo ND 2.250% 05/01/2040 Callable @ 100.000 05/01/2026	500,000		356,400
West Fargo Park District 3.000% 05/01/2029	275,000		266,134
West Fargo Public School District No 6 3.000% 08/01/2035 Callable @ 100.000 08/01/2028	1,000,000		855,170
West Fargo Public School District No 6 3.000% 08/01/2036 Callable @ 100.000 08/01/2028	500,000		437,905
City of Williston ND 4.000% 05/01/2035 Callable @ 100.000 05/01/2023	200,000		191,346
City of Williston ND 4.000% 05/01/2038 Callable @ 100.000 05/01/2023	230,000		214,822
			7,414,618
Health Care (12.6%)
County of Burleigh ND 3.500% 11/01/2028 Callable @ 101.000 11/01/2025	215,000		194,194
County of Burleigh ND 4.000% 11/01/2032 Callable @ 101.000 11/01/2025	250,000		211,793
County of Cass ND 5.000% 02/15/2033 Callable @ 100.000 02/15/2028	445,000		463,761
County of Cass ND 4.125% 02/15/2037 Callable @ 100.000 02/15/2028	595,000		572,574
*County of Cass ND 4.250% 02/15/2043 Callable @ 100.000 02/15/2028	1,290,000		1,152,680
City of Grand Forks ND 3.000% 12/01/2039 Callable @ 100.000 12/01/2031	250,000		190,673
City of Grand Forks ND 5.125% 12/01/2025	250,000		245,520
City of Langdon ND 6.200% 01/01/2025	100,000		98,805
			3,130,000
Housing (9.8%)
North Dakota Housing Finance Agency 1.750% 01/01/2031 Callable @ 100.000 07/01/2030	500,000		421,480
North Dakota Housing Finance Agency 2.150% 07/01/2024	530,000		524,250
North Dakota Housing Finance Agency 2.500% 01/01/2026	340,000		326,842
North Dakota Housing Finance Agency 3.550% 07/01/2040 Callable @ 100.000 07/01/2026	280,000		260,660
North Dakota Housing Finance Agency 3.550% 07/01/2033 Callable @ 100.000 07/01/2027	110,000		107,192
North Dakota Housing Finance Agency 3.750% 07/01/2038	250,000		237,540
North Dakota Housing Finance Agency 2.950% 07/01/2039 Callable @ 100.000 01/01/2029	195,000		155,469
North Dakota Housing Finance Agency 3.050% 07/01/2043 Callable @ 100.000 01/01/2029	185,000		141,562
North Dakota Housing Finance Agency 3.000% 07/01/2040 Callable @ 100.000 07/01/2029	300,000		241,635
			2,416,630
Other Revenue (26.3%)
County of Barnes ND 4.000% 05/01/2032 Callable @ 100.000 05/01/2025	250,000		234,697
County of Barnes ND 4.000% 05/01/2040 Callable @ 100.000 05/01/2025	500,000		430,555
City of Grand Forks ND 5.000% 12/15/2028 Callable @ 100.000 12/15/2025	250,000		262,862
Jamestown Park District/ND 4.000% 07/01/2032 Callable @ 100.000 07/01/2024	500,000		500,405
Jamestown Park District/ND 4.000% 07/01/2033 Callable @ 100.000 07/01/2024	345,000		329,075
Jamestown Park District/ND 3.000% 07/01/2035 Callable @ 100.000 07/01/2024	500,000		421,810
*City of Mandan ND 4.000% 09/01/2034 Callable @ 100.000 09/01/2024	500,000		490,635
*City of Mandan ND 3.250% 09/01/2041 Callable @ 100.000 09/01/2024	1,250,000		964,688
Minot Park District 3.000% 12/01/2028 Callable @ 100.000 12/01/2023	250,000		238,143
Minot Park District 3.750% 12/01/2038 Callable @ 100.000 12/01/2025	435,000		394,515
City of Minot ND 2.000% 10/01/2042 Callable @ 100.000 10/01/2028	595,000		371,119
City of Minot ND 3.000% 10/01/2038 Callable @ 100.000 10/01/2029	500,000		388,395
North Dakota Public Finance Authority 5.000% 06/01/2031	240,000		236,412
North Dakota Public Finance Authority 4.000% 06/01/2030 Callable @ 100.000 06/01/2023	400,000		401,196
North Dakota Public Finance Authority 4.000% 06/01/2028 Callable @ 100.000 06/01/2024	265,000		267,332
North Dakota Public Finance Authority 5.000% 06/01/2028 Callable @ 100.000 06/01/2025	130,000		135,548
City of West Fargo ND 4.000% 12/01/2023	230,000		232,013
City of West Fargo ND 4.000% 12/01/2033 Callable @ 100.000 12/01/2029	240,000		235,159
			6,534,559
Pre-Refunded (1.6%)
County of Burleigh ND Multi County Sales Tax Revenue 4.000% 11/01/2032 Callable @ 100.000 11/01/2022	400,000		400,000
Utilities (3.7%)
City of Grand Forks ND Sanitation Revenue 2.600% 09/01/2038 Callable @ 100.000 09/01/2027	290,000		220,154
City of Grand Forks ND Sanitation Revenue 2.625% 09/01/2040 Callable @ 100.000 09/01/2027	485,000		357,295
Mclean Sheridan Water District 2.000% 09/01/2038 Callable @ 100.000 09/01/2028	205,000		142,081
City of West Fargo ND Water & Sewer Revenue 2.625% 11/01/2034 Callable @ 100.000 11/01/2025	250,000		206,075
			925,605
TOTAL MUNICIPAL BONDS (COST: $27,529,996)		$	24,098,596
OTHER ASSETS LESS LIABILITIES (2.9%)		$	716,815
NET ASSETS (100.0%)		$	24,815,411
*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 North Dakota
Investments at cost	$27,529,996
Unrealized appreciation	$3,237
Unrealized depreciation	($3,434,637)
Net unrealized appreciation (depreciation)*	($3,431,400)
*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 North Dakota
	Level 1	Level 2	Level 3	Total
Municipal Bonds	$0	$24,098,596	$0	$24,098,596
Total	$0	$24,098,596	$0	$24,098,596