# EDGAR Filing Document

**Accession Number:** 0001849683
**File Stem:** 0001849683-23-000001
**Filing Date:** 2023-2
**Character Count:** 14182
**Document Hash:** 97dd16ed92ef0bcc3e2e97985f532ccb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001849683-23-000001.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001849683-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TNF LLC
- **CENTRAL INDEX KEY:** 0001849683
- **IRS NUMBER:** 810766211
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21433
- **FILM NUMBER:** 23594180

**BUSINESS ADDRESS:**
- **STREET 1:** 3178 GABEL ROAD
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59102
- **BUSINESS PHONE:** 406 294-5000

**MAIL ADDRESS:**
- **STREET 1:** 3178 GABEL ROAD
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59102

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** TNF LLC<br>**Address:** 3178 GABEL ROAD<br>BILLINGS, MT 59102

**Form 13F File Number:** 028-21433

**CRD Number (if applicable):** 000309126

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Teresa Harris<br>**Title:** Director of Business Operations<br>**Phone:** 4062945000

**Signature, Place, and Date of Signing:**

Teresa Harris  0001849683, MT  02-07-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 106

**Form 13F Information Table Value Total:** $219816210

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 313678 | 2163 | SH |  | SOLE | 0 | 0 | 0 | 2163 |
| AMAZON COM INC | COM | 023135106 |  | 589987 | 5774 | SH |  | SOLE | 0 | 0 | 0 | 5774 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 630916 | 3575 | SH |  | SOLE | 0 | 0 | 0 | 3575 |
| AMGEN INC | COM | 031162100 |  | 400831 | 1644 | SH |  | SOLE | 0 | 0 | 0 | 1644 |
| ANALOG DEVICES INC | COM | 032654105 |  | 316039 | 1780 | SH |  | SOLE | 0 | 0 | 0 | 1780 |
| APPLE INC | COM | 037833100 |  | 2735799 | 18031 | SH |  | SOLE | 0 | 0 | 0 | 18031 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 219140 | 876 | SH |  | SOLE | 0 | 0 | 0 | 876 |
| BEST BUY INC | COM | 086516101 |  | 235985 | 2683 | SH |  | SOLE | 0 | 0 | 0 | 2683 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 |  | 212957 | 22948 | SH |  | SOLE | 0 | 0 | 0 | 22948 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 237304 | 3184 | SH |  | SOLE | 0 | 0 | 0 | 3184 |
| BROADCOM INC | COM | 11135F101 |  | 288456 | 480 | SH |  | SOLE | 0 | 0 | 0 | 480 |
| CALAMOS CONV  HIGH INCOME F | COM SHS | 12811P108 |  | 586292 | 46791 | SH |  | SOLE | 0 | 0 | 0 | 46791 |
| CHEVRON CORP NEW | COM | 166764100 |  | 463680 | 2733 | SH |  | SOLE | 0 | 0 | 0 | 2733 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 305864 | 2846 | SH |  | SOLE | 0 | 0 | 0 | 2846 |
| DEERE  CO | COM | 244199105 |  | 370438 | 903 | SH |  | SOLE | 0 | 0 | 0 | 903 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 343249 | 9721 | SH |  | SOLE | 0 | 0 | 0 | 9721 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 555776 | 31329 | SH |  | SOLE | 0 | 0 | 0 | 31329 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2816652 | 25209 | SH |  | SOLE | 0 | 0 | 0 | 25209 |
| FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 316092808 |  | 320933 | 3008 | SH |  | SOLE | 0 | 0 | 0 | 3008 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055Y201 |  | 902348 | 24480 | SH |  | SOLE | 0 | 0 | 0 | 24480 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33733E104 |  | 316313 | 4224 | SH |  | SOLE | 0 | 0 | 0 | 4224 |
| FORD MTR CO DEL | COM | 345370860 |  | 192281 | 14633 | SH |  | SOLE | 0 | 0 | 0 | 14633 |
| HOME DEPOT INC | COM | 437076102 |  | 891439 | 2707 | SH |  | SOLE | 0 | 0 | 0 | 2707 |
| INVESCO EXCHANGE TRADED FD T | DYNMC LRG VALU | 46137V738 |  | 268339 | 5668 | SH |  | SOLE | 0 | 0 | 0 | 5668 |
| INVESCO EXCHANGE TRADED FD T | S MDCP MOMNTUM | 46137V464 |  | 467107 | 5924 | SH |  | SOLE | 0 | 0 | 0 | 5924 |
| INVESCO EXCHANGE TRADED FD T | ZACKS MID CAP | 46137Y401 |  | 404456 | 4320 | SH |  | SOLE | 0 | 0 | 0 | 4320 |
| INVESCO EXCHANGE TRADED FD T | HIG YLD EQ DIV | 46137V563 |  | 398812 | 18610 | SH |  | SOLE | 0 | 0 | 0 | 18610 |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 |  | 99896 | 10060 | SH |  | SOLE | 0 | 0 | 0 | 10060 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2218348 | 7307 | SH |  | SOLE | 0 | 0 | 0 | 7307 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 7412802 | 149211 | SH |  | SOLE | 0 | 0 | 0 | 149211 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 1078065 | 33449 | SH |  | SOLE | 0 | 0 | 0 | 33449 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 841252 | 15501 | SH |  | SOLE | 0 | 0 | 0 | 15501 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 4222750 | 39984 | SH |  | SOLE | 0 | 0 | 0 | 39984 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 18847589 | 409819 | SH |  | SOLE | 0 | 0 | 0 | 409819 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 275522 | 2649 | SH |  | SOLE | 0 | 0 | 0 | 2649 |
| ISHARES TR | U.S. ENERGY ETF | 464287796 |  | 329384 | 7268 | SH |  | SOLE | 0 | 0 | 0 | 7268 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 3618390 | 41938 | SH |  | SOLE | 0 | 0 | 0 | 41938 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 2531068 | 29069 | SH |  | SOLE | 0 | 0 | 0 | 29069 |
| ISHARES TR | MSCI USA VALUE | 46432F388 |  | 1099563 | 11315 | SH |  | SOLE | 0 | 0 | 0 | 11315 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 548410 | 8841 | SH |  | SOLE | 0 | 0 | 0 | 8841 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 5516138 | 238691 | SH |  | SOLE | 0 | 0 | 0 | 238691 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 1030811 | 9564 | SH |  | SOLE | 0 | 0 | 0 | 9564 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 523516 | 4187 | SH |  | SOLE | 0 | 0 | 0 | 4187 |
| ISHARES TR | MORNINGSTAR GRWT | 464287119 |  | 369875 | 6875 | SH |  | SOLE | 0 | 0 | 0 | 6875 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 3791710 | 52062 | SH |  | SOLE | 0 | 0 | 0 | 52062 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 719430 | 6872 | SH |  | SOLE | 0 | 0 | 0 | 6872 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 5209455 | 48460 | SH |  | SOLE | 0 | 0 | 0 | 48460 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 531213 | 9706 | SH |  | SOLE | 0 | 0 | 0 | 9706 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 4453237 | 39294 | SH |  | SOLE | 0 | 0 | 0 | 39294 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 200722 | 7063 | SH |  | SOLE | 0 | 0 | 0 | 7063 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 767247 | 6995 | SH |  | SOLE | 0 | 0 | 0 | 6995 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 248889 | 3349 | SH |  | SOLE | 0 | 0 | 0 | 3349 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 24081293 | 264775 | SH |  | SOLE | 0 | 0 | 0 | 264775 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 661337 | 6662 | SH |  | SOLE | 0 | 0 | 0 | 6662 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 422489 | 5731 | SH |  | SOLE | 0 | 0 | 0 | 5731 |
| ISHARES TR | RUS TP200 GR ETF | 464289438 |  | 806368 | 6057 | SH |  | SOLE | 0 | 0 | 0 | 6057 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 942389 | 3531 | SH |  | SOLE | 0 | 0 | 0 | 3531 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 256309 | 3867 | SH |  | SOLE | 0 | 0 | 0 | 3867 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 431962 | 2225 | SH |  | SOLE | 0 | 0 | 0 | 2225 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 2151436 | 51544 | SH |  | SOLE | 0 | 0 | 0 | 51544 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 522122 | 5015 | SH |  | SOLE | 0 | 0 | 0 | 5015 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 2358622 | 16688 | SH |  | SOLE | 0 | 0 | 0 | 16688 |
| ISHARES TR | US INFRASTRUC | 46435U713 |  | 1113318 | 28415 | SH |  | SOLE | 0 | 0 | 0 | 28415 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 |  | 634913 | 12513 | SH |  | SOLE | 0 | 0 | 0 | 12513 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 10856844 | 118966 | SH |  | SOLE | 0 | 0 | 0 | 118966 |
| ISHARES TR | CORE S ETF | 464287200 |  | 31234973 | 75850 | SH |  | SOLE | 0 | 0 | 0 | 75850 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 372042 | 4036 | SH |  | SOLE | 0 | 0 | 0 | 4036 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 1262362 | 49563 | SH |  | SOLE | 0 | 0 | 0 | 49563 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 229840 | 2021 | SH |  | SOLE | 0 | 0 | 0 | 2021 |
| ISHARES TR | MBS ETF | 464288588 |  | 9258237 | 97620 | SH |  | SOLE | 0 | 0 | 0 | 97620 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 909427 | 12865 | SH |  | SOLE | 0 | 0 | 0 | 12865 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 440072 | 4155 | SH |  | SOLE | 0 | 0 | 0 | 4155 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 666821 | 13254 | SH |  | SOLE | 0 | 0 | 0 | 13254 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 11476682 | 235467 | SH |  | SOLE | 0 | 0 | 0 | 235467 |
| ISHARES U S ETF TR | GSCI CMDTY STGY | 46431W853 |  | 488286 | 18071 | SH |  | SOLE | 0 | 0 | 0 | 18071 |
| JOHN HANCOCK EXCHANGE TRADED | MLTFCTR LRG CAP | 47804J107 |  | 269891 | 5131 | SH |  | SOLE | 0 | 0 | 0 | 5131 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 295990 | 2086 | SH |  | SOLE | 0 | 0 | 0 | 2086 |
| MERCK  CO INC | COM | 58933Y105 |  | 4368740 | 41995 | SH |  | SOLE | 0 | 0 | 0 | 41995 |
| MICROSOFT CORP | COM | 594918104 |  | 454205 | 1769 | SH |  | SOLE | 0 | 0 | 0 | 1769 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 229018 | 510 | SH |  | SOLE | 0 | 0 | 0 | 510 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 305603 | 38635 | SH |  | SOLE | 0 | 0 | 0 | 38635 |
| PIONEER MUNICIPAL HIGH INCOM | COM | 723762100 |  | 323137 | 37706 | SH |  | SOLE | 0 | 0 | 0 | 37706 |
| PPG INDS INC | COM | 693506107 |  | 650565 | 5026 | SH |  | SOLE | 0 | 0 | 0 | 5026 |
| PUBLIC STORAGE | COM | 74460D109 |  | 343776 | 1117 | SH |  | SOLE | 0 | 0 | 0 | 1117 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 176954 | 13108 | SH |  | SOLE | 0 | 0 | 0 | 13108 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 6536207 | 139962 | SH |  | SOLE | 0 | 0 | 0 | 139962 |
| SCHWAB STRATEGIC TR | 1 5YR CORP BD | 808524714 |  | 250799 | 5290 | SH |  | SOLE | 0 | 0 | 0 | 5290 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 266609 | 5086 | SH |  | SOLE | 0 | 0 | 0 | 5086 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 215460 | 2100 | SH |  | SOLE | 0 | 0 | 0 | 2100 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 301858 | 8252 | SH |  | SOLE | 0 | 0 | 0 | 8252 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 465915 | 3531 | SH |  | SOLE | 0 | 0 | 0 | 3531 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 432916 | 1279 | SH |  | SOLE | 0 | 0 | 0 | 1279 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 249084 | 1433 | SH |  | SOLE | 0 | 0 | 0 | 1433 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2159010 | 5268 | SH |  | SOLE | 0 | 0 | 0 | 5268 |
| SPDR SER TR | PORTFOLIO S | 78464A854 |  | 14189957 | 294336 | SH |  | SOLE | 0 | 0 | 0 | 294336 |
| STAG INDL INC | COM | 85254J102 |  | 387200 | 10652 | SH |  | SOLE | 0 | 0 | 0 | 10652 |
| TJX COS INC NEW | COM | 872540109 |  | 247664 | 3090 | SH |  | SOLE | 0 | 0 | 0 | 3090 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 357169 | 1892 | SH |  | SOLE | 0 | 0 | 0 | 1892 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 210971 | 7551 | SH |  | SOLE | 0 | 0 | 0 | 7551 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 439522 | 1986 | SH |  | SOLE | 0 | 0 | 0 | 1986 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 359686 | 3271 | SH |  | SOLE | 0 | 0 | 0 | 3271 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 377925 | 1047 | SH |  | SOLE | 0 | 0 | 0 | 1047 |
| VIRTUS CONVERTIBLE  INCOME | COM | 92838X102 |  | 78788 | 19550 | SH |  | SOLE | 0 | 0 | 0 | 19550 |
| WISDOMTREE TR | INTL EQUITY FD | 97717W703 |  | 273643 | 5489 | SH |  | SOLE | 0 | 0 | 0 | 5489 |
| WISDOMTREE TR | US MIDCAP FUND | 97717W570 |  | 353088 | 6467 | SH |  | SOLE | 0 | 0 | 0 | 6467 |
| WISDOMTREE TR | US MIDCAP DIVID | 97717W505 |  | 396363 | 8875 | SH |  | SOLE | 0 | 0 | 0 | 8875 |

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