UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

Investment Company Act file number 811-09277

                            Viking Mutual Funds
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                Exact name of registrant as specified in charter)

116 1st Street SW Suite C Minot, ND                          58701
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(Address of principal executive offices)                          (Zip code)

                                     Shannon D Radke
                        116 1st Street SW Suite C, Minot, ND 58701
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                     (Name and address of agent for service)

Registrant's telephone number, including area code: 701-852-1264

Date of fiscal year end: December 31

Date of reporting period: Twelve month period ended June 30

Viking Small-Cap Value Fund

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ALBANY INTERNATIONAL GROUP

Ticker:        AIN                 Security ID:     012348108
Meeting Date:  May 12, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Miscellaneous compensation          For       For         Management

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A.O. SMITH CORPORATION

Ticker:        AOS                 Security ID:     831865209
Meeting Date:  April 10, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify Appointment of independent   For       For         Management
      auditors

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APPLEBEE'S INTERNATIONAL

Ticker:        APPB                Security ID:     037899101
Meeting Date:  May 11, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amend cash/stock bonus plan         For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors
4     Miscellaneous Shareholder Proposal  For       Against     Shareholder


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APTARGROUP, INC.

Ticker:        ATR                 Security ID:     038336103
Meeting Date:  May 3, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management


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ARKANSAS BEST CORPORATION

Ticker:        ABFS                Security ID:     040790107
Meeting Date:  April 18, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors


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BELDEN CDT INC

Ticker:        BDC                 Security ID:     077454106
Meeting Date:  May 24, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amend incentive stock option        For       For         Management

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BJ'S WHOLESALE

Ticker:        BJ                  Security ID:     05548J106
Meeting Date:  May 25, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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BORGWARNER INC.

Ticker:        BWA                 Security ID:     099724106
Meeting Date:  April 26, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Adopt/Amend Executive Incentive     For       For         Management
      Bonus Plan
3     Ratify appointment of independent   For       For         Management
      auditors

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CBRL GROUP, INC.

Ticker:        CBRL                Security ID:     12489V106
Meeting Date:  November 22, 2005   Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify Appointment of Independent   For       For         Management
      Auditors

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CHURCH & DWIGHT

Ticker:        CHD                 Security ID:     171340102
Meeting Date:  May 4, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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CLAIRE'S STORES, INC.

Ticker:        CLE                 Security ID:     179584107
Meeting Date:  June 27, 2006       Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of auditors      For       For         Management
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CLARCOR INC.

Ticker:        CLC                 Security ID:     179895107
Meeting Date:  March 27, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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CONMED CORPORATION

Ticker:        CNMD                Security ID:     207410101
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Adopt incentive stock option plan   For       For         Management

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GRANITE CONSTRUCTION INCORPORATED

Ticker:        GVA                 Security ID:     387328107
Meeting Date:  May 22, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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Grey Wolf

Ticker:        GW                  Security ID:     397888
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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IPC Holdings, LTD.

Ticker:        IPCR                Security ID:     G4933P
Meeting Date:  February 21, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors
C     Miscellaneous Corporate Governance  For       For         Management

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INTERNATIONAL RECTIFIER CORPORATION

Ticker:        IRF                 Security ID:     460254105
Meeting Date:  November 21, 2005   Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amend stock purchase plan           For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors

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LANDRY'S RESTAURANTS, INC.

Ticker:        LNY                 Security ID:     51508L103
Meeting Date:  June 1, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
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Maverick Tube Corp

Ticker:        MVK                 Security ID:     577914
Meeting Date:  May 15, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors

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MENTOR CORPORATION

Ticker:        MNT                 Security ID:     587188103
Meeting Date:  September 14, 2005  Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Set/Change Number of Directors on   For       For         Management
      Board
2     Election of Directors               For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors


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NEWIELD EXPLORATION COMPANY

Ticker:        NFX                 Security ID:     651290108
Meeting Date:  May 4, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Adopt restricted stock award plan   For       For         Management
3     Adopt stock purchase plan           For       For         Management
4     Ratify appointment of independent   For       For         Management
      auditors

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OWENS & MINOR, INC.

Ticker:        OMI                 Security ID:     690732102
Meeting Date:  April 28, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Transact other businesss            For       For         Management

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OMI Corporation

Ticker:        OMM                   Security ID:     Y6476W
Meeting Date:  April 27, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Adopt incentive stock option plan   For       For         Management

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PERFORMANCE FOOD GROUP COMPANY

Ticker:        PFGC                Security ID:     713755106
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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PIEDMONT NATURAL GAS COMPANY, INC.

Ticker:        PNY                 Security ID:     720186105
Meeting Date:  March 3, 2006       Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approve authorized stock increase   For       For         Shareholder
4     Adopt incentive stock option plan   For       For         Management

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POLYMEDICA CORPORATION

Ticker:        PLMD                Security ID:     731738100
Meeting Date:  September 23, 2005  Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amend Incentive Stock Option Plan   For       Against     Management
      to Increase Shares
3     Ratify appointment of independent   For       For         Management
      auditors

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PROTECTIVE LIFE CORPORATION

Ticker:        PL                  Security ID:     743674103
Meeting Date:  May 1, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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QUESTAR CORPORATION

Ticker:        STR                 Security ID:     748356102
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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RC2 CORPORATION

Ticker:        RCRC                Security ID:     749388106
Meeting Date:  May 5, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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RPM INTERNATIONAL INC.

Ticker:        RPM                 Security ID:     749685103
Meeting Date:  October 7, 2005     Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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SCOTTISH RE GROUP LIMITED

Ticker:        SCT                 Security ID:     G7885T104
Meeting Date:  May 3, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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SPINNAKER EXPLORATION COMPANY

Ticker:        SKE                 Security ID:     84855W10
Meeting Date:  December 13, 2005         Meeting Type:    Special

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Approve merger agreement            For       For         Management
2     Approve motion to adjourn           For       For         Management

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SUPERVALU INC.

Ticker:        SVU                 Security ID:     868536103
Meeting Date:  May 30, 2006       Meeting Type:    Special

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Approve merger agreement            For       For         Management
2     Approve motion to adjourn           For       For         Management

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TECHNITROL, INC.

Ticker:        TNL                 Security ID:     878555101
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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TELEFLEX INCORPORATED

Ticker:        TFX                 Security ID:     879369106
Meeting Date:  May.05, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve common stock increase       For       For         Shareholder
3     Approve cash/stock bonus plan       For       For         Management
4     Ratify appointment of independent   For       For         Management
      auditors

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Tupperware Brand Corporation

Ticker:        TUP                 Security ID:     899896
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors

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WEST PHARMACEUTICAL SERVICES, INC.

Ticker:        WST                 Security ID:     955306105
Meeting Date:  May 2, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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Cimarex Energy Co

Ticker:        XEC                 Security ID:     171798
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Amend restricted stock award plan   For       For         Management

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YRC Worldwide Inc

Ticker:        YRCW                Security ID:     984249
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

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Viking Large-Cap Value Fund

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ALCOA

Ticker:        AA                  Security ID:     013817101
Meeting Date:  April 21, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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AMERICAN ELECTRIC POWER, INC.

Ticker:        AEP                 Security ID:     025537101
Meeting Date:  April 25, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

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American Internation Group

Ticker:        AIG                 Security ID:     026874
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approve cash stock bonus plan       For       For         Management

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AMERISOURCEBERGEN CORPORATION

Ticker:        ABC                 Security ID:     03073E105
Meeting Date:  February 09, 2006       Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve common stock increase       For       For         Shareholder
3     Amend omnibus stock option plan     For       For         Management
4     Ratify appointment of independent   For       For         Management
      auditors

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ANADARKO PETROLEUM CORPORATION

Ticker:        APC                 Security ID:     032511107
Meeting Date:  May 11, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve common stock increase       For       For         Shareholder
3     Ratify appointment of independent   For       For         Management
      auditors

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APACHE CORPORATION

Ticker:        APA                 Security ID:     037411105
Meeting Date:  May 4, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amend Non-employee director plan    For       For         Managmenet
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BANK OF AMERICA CORPORATION

Ticker:        BAC                 Security ID:     060505104
Meeting Date:  April 26, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Adopt stock option plan             For       For         Management
4     SH proposal political government    For       Against       Shareholder
5     SH proposal corporate governance    For       Against       Shareholder
6     SH proposal human rights related    For       Against       Shareholder

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BB&T Corporation

Ticker:        BBT                 Security ID:     054937
Meeting Date:  April 25, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors

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BP PLC

Ticker:        BP                  Security ID:     055622
Meeting Date:  April 20, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Stock conversion                    For       For         Management

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Bunge Limited

Ticker:        BG                  Security ID:     G16962
Meeting Date:  May 26, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Miscellaneous corporate governance  For       For         Management

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CANADIAN PACIFIC CORPORATION

Ticker:        CP                  Security ID:     13645T100
Meeting Date:  May 5, 2006         Meeting Type:    Special

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Appoint auditors                    For       For         Management
3     Adopt incentive stock option plan   For       For         Management
4     Adopt incentive stock option plan   For       For         Management

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Chattem, INC.

Ticker:        CHTT                 Security ID:     162456
Meeting Date:  April 12, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors

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CHEVRONTEXACO CORPORATION

Ticker:        CVX                 Security ID:     166764100
Meeting Date:  April 26, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal executive compensation  No        For         Shareholder
4     SH proposal environmental           No        For         Shareholder
5     SH proposal political government    No        For         Shareholder
6     SH proposal animal rights related   No        For         Shareholder
7     SH proposal human rights related    No        For         Shareholder
8     Miscellaneous shareholder proposal  No        For         Shareholder
9     Shareholder proposal                No        For         Shareholder

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CITIGROUP INC.

Ticker:        C                   Security ID:     172967101
Meeting Date:  April 18, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Approve charter amendment           No        Abstain     Management
4     Approve charter amendment           No        Abstain     Management
5     Approve charter amendment           No        Against     Manangement
6     SH proposal corporate governance    No        Against     Shareholder
7     SH proposal political government    For       Against     Shareholder
8     SH proposal estab nominat committee For       Against     Shareholder
9     SH proposal override CSA vote       For       Against     Shareholder
10    Miscellaneous shareholder proposal  No        For         Shareholder
11    SH proposal corporate governance    No        Abstain     Shareholder
12    SH proposal corporate governance    No        For         Shareholder

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CONOCOPHILLIPS

Ticker:        COP                 Security ID:     20825C104
Meeting Date:  May 10, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal environmental           No        For         Shareholder
4     SH proposal corporate governance    No        For         Shareholder
5     SH proposal put golden parachute    No        For         Shareholder
      to shareholder vote
6     SH proposal environmental           No        For         Shareholder
7     SH proposal executive compensation  No        For         Shareholder

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CSX Corp

Ticker:        CSX                 Security ID:     126408
Meeting Date:  May 03, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Separate Chairman/CEO               No        For         Shareholder

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CVS CORPORATION

Ticker:        CVS                 Security ID:     126650100
Meeting Date:  May 11, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal declassify board        For       Against     Shareholder
4     SH proposal put golden parachute    For       Against     Shareholder
      to shareholder vote
5     SH proposal establish indep chrmn   For       Against     Shareholder
6     SH proposal health issues           For       Against     Shareholder
7     SH proposal                         For       Against     Shareholder

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DEAN FOODS COMPANY

Ticker:        DF                  Security ID:     242370104
Meeting Date:  May 19, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal environmental           For       Against     Shareholder

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DOMINION RESOURCES, INC.

Ticker:        D                   Security ID:     25746U109
Meeting Date:  April 28, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify Appointment of independent   For       For         Management
      auditors
3     SH proposal corporate governance    For       Against     Shareholder
4     SH proposal environmental           For       Against     Shareholder
5     SH proposal limit compensation      For       Against     Shareholder
- --------------------------------------------------------------------------------

THE DOW CHEMICAL COMPANY

Ticker:        DOW                 Security ID:     260543103
Meeting Date:  May 11, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal environmental           For       Against     Shareholder
4     SH proposal report on gene          For       Against     Shareholder
      Engineered products
5     SH proposal environmental           For       Against     Shareholder
6     SH proposal environmental           For       Against     Shareholder


- --------------------------------------------------------------------------------

THE HARTFORD FINANCIAL SVCS GROUP

Ticker:        HIG                 Security ID:     416515104
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management


- --------------------------------------------------------------------------------


HEALTH MANAGEMENT ASSOCIATES, INC.

Ticker:        HMA                 Security ID:     421933102
Meeting Date:  February 21, 2006   Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Adopt restricted stock award plan   For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors

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HEWLETT-PACKARD CO.

Ticker:        HPQ                 Security ID:     428236103
Meeting Date:  March 15, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Miscellaneous compensation plans    For       For         Management
4     Miscellaneous shareholder proposal  For       Against     Shareholder
5     Miscellaneous shareholder proposal  For       Against     Shareholder

- --------------------------------------------------------------------------------

HONEYWELL INTERNATIONAL INC.

Ticker:        HON                 Security ID:     438516106
Meeting Date:  April 24, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Adopt incentive stock option plan   For       For         Management
4     Adopt non employee director plan    For       For         Management
5     SH proposal adhere to Mcbride       For       Against     Shareholder
6     SH proposal adhere to Mcbride       For       Against     Shareholder
7     SH proposal environmental           No        Abstain     Shareholder
8     SH proposal put golden parachute    For       Against     Shareholder
      to shareholder vote
9     Miscellaneous shareholder proposal  For       Against     Shareholder
- --------------------------------------------------------------------------------

Intel Corp

Ticker:        INTC                Security ID:     458140
Meeting Date:  May 17, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Miscellaneous Corporate Governance  For       For         Management

- --------------------------------------------------------------------------------


INGERSOLL-RAND COMPANY LIMITED

Ticker:        IR                  Security ID:     G4776G101
Meeting Date:  June 7, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

- --------------------------------------------------------------------------------

ITT INDUSTRIES, INC.

Ticker:        ITT                 Security ID:     450911102
Meeting Date:  May 09, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors
C     Approve company name change         For       For         Management

- --------------------------------------------------------------------------------

Johnson Controls Inc.

Ticker:        JCI                 Security ID:     478366
Meeting Date:  January 25, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors
C     Adopt incentive stock option plan   For       For         Management

- --------------------------------------------------------------------------------


KIMBERLY-CLARK CORPORATION

Ticker:        KMB                 Security ID:     494368103
Meeting Date:  April 27, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

- --------------------------------------------------------------------------------

Marsh & Mclennan.

Ticker:        MMC                 Security ID:     571748
Meeting Date:  May 18, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Corporate Governance                For       For         Management

- --------------------------------------------------------------------------------


MASCO CORPORATION

Ticker:        MAS                 Security ID:     574599106
Meeting Date:  May 09, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

- --------------------------------------------------------------------------------

MERCK & CO.

Ticker:        MRK                 Security ID:     589331107
Meeting Date:  April 25, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Adopt incentive stock option plan   For       For         Management
4     Adopt non employee director plan    For       For         Management
5     SH proposal corporate governess     No        For         Shareholder
6     SH proposal animal rights           For       Against     Shareholder
- --------------------------------------------------------------------------------

MERRILL LYNCH & CO., INC.

Ticker:        MER                 Security ID:     590188108
Meeting Date:  April 28, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal adopt cumulative voting For       Against     Shareholder
4     SH proposal limit compensation      For       Against     Shareholder
5     SH proposal establish compensation  For       Against     Shareholder
      committee

- --------------------------------------------------------------------------------

MORGAN STANLEY

Ticker:        MS                 Security ID:     617446448
Meeting Date:  April 04, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Declassify board                    For       For         Management
4     Classify board                      For       For         Management
5     Eliminate supermajority requirement For       For         Management
      to act by written consent

- --------------------------------------------------------------------------------

Nash Finch Company

Ticker:        NAFC                Security ID:     631158
Meeting Date:  May 16, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management

- --------------------------------------------------------------------------------


NATIONAL CITY CORPORATION

Ticker:        NCC                 Security ID:     635405103
Meeting Date:  April 25, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

- --------------------------------------------------------------------------------

NOKIA Corporation.

Ticker:        NOK                   Security ID:     654902
Meeting Date:  March 13, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors

- --------------------------------------------------------------------------------


Public Service Enterprise Group Inc

Ticker:        PEG                 Security ID:     744573
Meeting Date:  July 19, 2005      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approve merger agreement            For       For         Management
4     Approve motion to adjourn meeting   For       For         Management
5     Board of Directors                  For       Against     Shareholder

- --------------------------------------------------------------------------------

RIO TINTO PLC

Ticker:        RTP                 Security ID:     767204100
Meeting Date:  April 12, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Allot securities                    For       For         Shareholder
2     Allot securities                    For       For         Shareholder
3     Authorize directors to repurchase   For       For         Management
      shares
4     Approve article amendments          For       For         Management
5     Miscellaneous corporate governance  For       For         Management
6     Ratify appointment of independent   For       For         Management
      auditors
7     Approve renumeration of directors   For       For         Management
      and auditors
8     Approve financial statement         For       For         Management
      allocation of income and discharge
      directors

- --------------------------------------------------------------------------------

SEALED AIR CORPORATION

Ticker:        SEE                 Security ID:     81211K100
Meeting Date:  May 12, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Ratify appointment of independent   For       For         Management
      Auditors
2     Miscellaneous corporate governance  For       For         Management

- --------------------------------------------------------------------------------

TRIAD HOSPITALS, INC.

Ticker:        TRI                 Security ID:     89579K109
Meeting Date:  May 23, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors

- --------------------------------------------------------------------------------

UNION PACIFIC CORPORATION

Ticker:        UNP                 Security ID:     907818108
Meeting Date:  May 4, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     SH proposal corporate governance    No        For          Shareholder
4     SH proposal political government    No        For          Shareholder
5     SH establish independent chairman   No        For          Shareholder
- --------------------------------------------------------------------------------

U.S. BANCORP

Ticker:        USB                 Security ID:     902973106
Meeting Date:  April 18, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Adopt incentive stock option plan   For       Against     Management
4     SH proposal reincorporate out of DE For       For         Shareholder
5     SH declassify board                 No        For         Shareholder
- --------------------------------------------------------------------------------

VERIZON COMMUNICATIONS INC.

Ticker:        VZ                  Security ID:     92343V104
Meeting Date:  May 4, 2006         Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Adopt cumulative voting             For       Against     Shareholder
4     Corporate governance                No        For         Shareholder
5     Board composition                   No        For         Shareholder
6     Board composition                   For       Against     Shareholder
7     Separate Chairman/CEO               No        For         Shareholder
8     Override CSA vote restrictions      No        For         Shareholder
9     Political Government                For       Against     Shareholder

- --------------------------------------------------------------------------------

Wachovia Corp.

Ticker:        WB                 Security ID:      929903
Meeting Date:  April 18, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
A     Election of Directors               For       For         Management
B     Ratify appointment of independent   For       For         Management
      Auditors

- --------------------------------------------------------------------------------

Wal-Mart Stores.

Ticker:        WMT                 Security ID:     931142
Meeting Date:  June 02, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors

- --------------------------------------------------------------------------------

THE WALT DISNEY COMPANY

Ticker:        DIS                 Security ID:     254687106
Meeting Date:  March 10, 2006   Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Rescind anti-takeover provision     No        For         Shareholder
4     Human Rights related                For       Against     Shareholder
- --------------------------------------------------------------------------------

WASHINGTON MUTUAL

Ticker:        WM                  Security ID:     939322103
Meeting Date:  April 18, 2006      Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Amend incentive stock option plan   For       For         Management
4     Declassify board                    For       For         Management
5     Political Government                For       Against     Shareholder
6     Adopt Amend Executive Incentive     For       For         Management
      bonus plan

- --------------------------------------------------------------------------------

Exxon Mobil

Ticker:        ITT                 Security ID:     450911102
Meeting Date:  May 09, 2006        Meeting Type:    Annual

#     Proposal                            Mgt Rec   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors

- --------------------------------------------------------------------------------


Viking Tax-Free Fund for Montana

- --------------------------------------------------------------------------------

The Viking Tax-Free Fund for Montana did not hold any portfolio securities
with respect to which the Fund was entitled to vote during the period from
July 1, 2005 through June 30, 2006.

- --------------------------------------------------------------------------------

Viking Tax-Free Fund for North Dakota

- --------------------------------------------------------------------------------

The Viking Tax-Free Fund for North Dakota did not hold any portfolio securities
with respect to which the Fund was entitled to vote during the period from
July 1, 2005 through June 30, 2006.

- --------------------------------------------------------------------------------

                                SIGNATURES

     Pursuant to the requirements of the Investment Company Act of 1940, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Viking Mutual Funds
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By: /s/ Shannon D Radke, President
                          ------------------------------------------------------
Date August 31, 2006
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