VIKING MUTUAL FUNDS
CODE OF ETHICS FOR PRESIDENT AND TREASURER

1.	Covered Officers and Purposes of this Code

   This code of ethics ("Code") applies to the President and the Treasurer
(the "Covered Officers") of the Viking Mutual Funds (the "Trust").  The Code
serves to promote:

(a)	honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;
(b)	full, fair, accurate, timely and understandable disclosure in
reports and documents that a registrant files with, or submits to,
the Securities and Exchange Commission ("SEC") and in other public
communications made by the Trust;
(c)	compliance with applicable laws and governmental rules and
regulations;
(d)	the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and
(e)	accountability for adherence to the Code.
   Each Covered Officer should adhere to a high standard of business ethics
and should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.

2.	Covered Officers Should Resolve Ethically Any Actual or Apparent
Conflicts of Interest

   A "conflict of interest" occurs when a Covered Officer's private interest
interferes with the interests of, or his or her service to, the Trust.  For
example, a conflict of interest would arise if a Covered Officer, or a member
of his or her family, receives improper personal benefits as a result of his
position with the Trust.

   Certain conflicts of interest arise out of the relationships between
Covered Officers and the Trust and already are subject to conflict of
interest provisions in the Investment Company Act of 1940, as amended ("1940
Act"), and the Investment Advisers Act of 1940, as amended ("Advisers Act").
For example, Covered Officers may not engage individually in certain
transactions (such as the purchase or sale of securities or other property)
with the Trust because of their status as "affiliated persons" of the Trust.
The compliance programs and procedures of the Trust and Viking Fund
Management, LLC (the "Investment Adviser") are designed to prevent, or
identify and correct, violations of these provisions.  This Code does not,
and is not intended to, repeat or replace these programs and procedures, and
such conflicts fall outside of the parameters of this Code.

   Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or as a result of, the contractual
relationship between the Trust and the Investment Adviser of which the
Covered Officers are also officers.  As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Trust or for the Investment Adviser, or for both), be
involved in establishing policies and implementing decisions that will have
different effects on the Investment Adviser and the Trust.  The participation
of the Covered Officers in such activities is inherent in the contractual
relationship between the Trust and the Investment Adviser and is consistent
with the performance by the Covered Officers of their duties as officers of
the Trust.  Thus, if performed in conformity with the provisions of the 1940
Act and the Investment Advisers Act, such activities will be deemed to have
been handled ethically.

   Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the 1940 Act and the
Advisers Act.  The following list provides examples of conflicts of interest
under the Code, but Covered Officers should keep in mind that these examples
are not exhaustive.  The overarching principle is that the personal interest
of a Covered Officer should not be placed improperly before the interest of
the Trust.  Thus, a Covered Officer should not:

(a)	use personal influence or personal relationships improperly to
influence investment decisions or financial reporting by the Trust
whereby the Covered Officer would benefit personally to the
detriment of the Trust; or
(b)	cause the Trust to take action, or fail to take action, for the
personal benefit of the Covered Officer, rather than the benefit of
the Trust.
   At times, certain situations may arise that may, or may not be, considered
conflicts of interest under this Code.  Covered Officers are encouraged to
discuss such situations with legal counsel to the Trust if they are concerned
that the situation poses a conflict of interest to him or her.  Examples of
these types of situations include:
(a)	service as director on the board of any public or private
company;
(b)	the receipt of any non-nominal gifts;
(c)	the receipt of any entertainment from any company with which the
Trust has current or prospective business dealings unless such
entertainment is business-related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question
of impropriety;
(d)	any ownership interest in, or any consulting or employment
relationship with, any of the Trust's service providers, other than
the Investment Adviser and Viking Fund Distributors, LLC, or any
affiliated person thereof; and
(e)	a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Trust for effecting
portfolio transactions or for selling or redeeming shares other than
an interest arising from the Covered Officer's employment, such as
compensation or equity ownership.
3.	Disclosure and Compliance

   It is Trust policy to make full, fair, accurate, timely and understandable
disclosure in compliance with all applicable laws and regulations in all
reports and documents that the Trust files with, or submits to, the
Securities and Exchange Commission and in all other public communications
made by the Trust.  Covered Officers are required to promote compliance with
this policy by all employees and to abide by Trust standards, policies and
procedures designed to promote compliance with this policy.  Thus, a Covered
Officer shall

(a)	familiarize himself with the disclosure requirements generally
applicable to the Trust;
(b)	not knowingly misrepresent, or cause others to misrepresent,
facts regarding a Trust to others, whether within or outside the
Trust, including to the Trust's trustees and auditors, and to
governmental regulators and self-regulatory organizations;
(c)	each Covered Officer should, to the extent appropriate within his
area of responsibility, consult with other officers and employees of
the Trust and the Investment Adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the
reports and documents the Trust files with, or submit to, the SEC
and in other public communications made by the Trust; and
(d)	promote compliance with the standards and restrictions imposed by
applicable laws, rules and regulations.
4.	Reporting and Accountability

   Each Covered Officer must:

(a)	upon adoption of the Code (or thereafter as applicable, upon
becoming a Covered Officer), affirm in writing to the Board that he
or she has received, read, and understands the Code;
(b)	annually thereafter affirm to the Board that he or she has
complied with the requirements of the Code;
(c)	not retaliate against any other Covered Officer or any employee
of the Trust or their affiliated persons for reports of potential
violations that are made in good faith;
(d)	notify the Audit Committee ("Committee")  promptly if he or she
knows of any violation of this Code (failure to do so is itself a
violation of the Code); and
(e)	report at least annually any affiliations or other relationships
related to conflicts of interest in accordance with the Trust's
Trustees and Officers Questionnaire.
   The Committee is responsible for applying this Code to any specific
situations presented to it and has the authority to interpret this Code in
any particular situation.  Any approvals or waivers sought by Covered
Officers shall be considered by the Committee.

   The following procedures will be used by the Committee in investigating
and enforcing this Code:

(a)	the Committee will take all appropriate action to investigate any
potential violations reported to the Committee;
(b)	if, after such investigation, the Committee believes that no
violation has occurred, no further action is required;
(c)	if the Committee believes that a violation has occurred, it will
inform and make a recommendation to the Board, which will consider
appropriate action, which may include review of, and appropriate
modifications to, applicable policies and procedures; notification
to appropriate personnel of the investment adviser or its board; or
a recommendation to dismiss the Covered Officer;
(d)	the Committee will be responsible for granting waivers, as
appropriate; and
(e)	any changes to or waivers of this Code will, to the extent
required, be disclosed as provided by SEC rules.
   The Committee may retain appropriate counsel or other experts to assist
and to perform the foregoing duties and its other duties under this Code.
5.	Other Policies and Procedures

   This Code shall be the sole code of ethics adopted by the Trust for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder.  Any other
policies or procedures of the Trust, the Investment Adviser or other service
providers that govern or purport to govern the behavior or activities of the
Covered Officers who are subject to this Code are to be interpreted and
enforced in conjunction with this Code.  The codes of ethics under Rule 17j-1
under the 1940 Act for the Trust and the Investment Adviser contain separate
requirements applying to the Covered Officers and others and are not part of
this Code.
6.	Amendments

   Any amendments to this Code must be approved or ratified by a majority
vote of the Board, including a majority of independent trustees.
7.	Confidentiality

   All reports and records prepared or maintained pursuant to this Code will
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the Board, the Trust counsel and the
Investment Adviser.
8.	Internal Use

   The Code is intended solely for the internal use by the Trust and does not
constitute an admission, by or on behalf of the Trust, as to any fact,
circumstance, or legal conclusion.

Date:   March 1, 2004
     The Sarbanes Oxley Act and SEC rules provide that if no audit committee
 exists, then the audit committee is the entire board of trustees.  For
 purpose of this Code, the President and the Treasurer shall report to the
 members of the board of trustees who are not "interested persons" of the
 Trust as the that term is defined in the 1940 Act.