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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AEROFLEX INCORPORATED

Ticker:        ARXX                 Security ID:     007768104
Meeting Date:  July 26, 2007         Meeting Type:    Special

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Adopt merger plan                    For       For        Management
2     Adjourn to solicit proxies           For       For        Management

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ALBANY INTERNATIONAL GROUP

Ticker:        AIN                 Security ID:     012348108
Meeting Date:  May 9, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2	Selection of Auditor 		  For	    For	        Management

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A.O. SMITH CORPORATION

Ticker:        AOS                 Security ID:     831865209
Meeting Date:  April 14, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   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:  Oct 30, 2007        Meeting Type:    Special

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Approve plan for merger             For       For         Management
2     Approve proposal to adourn          For       For         Management

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APTARGROUP, INC.

Ticker:        ATR                 Security ID:     038336103
Meeting Date:  April 30, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For         For         Management
2     Approval of bonus plan		  For	      For         Management
3     Approval of stock option plan       For	      For         Management
4     Approval of director stock op. plan For	      For         Management
5     Approval to increase common stock   For	      For         Management
6     Appointment of auditor              For	      For         Management



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BJ'S WHOLESALE

Ticker:        BJ                  Security ID:     05548J106
Meeting Date:  May 22, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval of mngmt incentive plan    For       For         Management
3     Approval of growth incentive plan   For	    For         Management

4     Ratify appointment of independent   For       For         Management
      auditors

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BORGWARNER INC.

Ticker:        BWA                 Security ID:     099724106
Meeting Date:  April 30, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve the issue of common stock   For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors

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Boston Private Financial Holdings, I

Ticker:        BPFH                Security ID:     101119105
Meeting Date:  April 23, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Vote for election of directors ann. Agnst     For         Shareholder
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BRISTOW GROUP INC

Ticker:        BRS                 Security ID:     110394103
Meeting Date:  August 02, 2007        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Increase common stock               Agnst     Agnst       Management
3     Eliminate Series B shares           For       For         Management
4     Approve Long Term Incentive Plan    For       For         Management
5     Ratify appointment of independent   For       For         Management
      auditors


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BROCADE COMM

Ticker:        BRCD                 Security ID:     111621306
Meeting Date:  April 10, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     1999 Director Option Plan           For       For         Management
3     Ratify Appointment of Independent   For       For         Management
      Auditors


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CARTERS, INC.

Ticker:        CRI                 Security ID:     146229109
Meeting Date:  May 09, 2008        Meeting Type:    Annual

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


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Chattem, INC.

Ticker:        CHTT                 Security ID:     162456
Meeting Date:  April 09, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approval of cash incentive plan     For       For         Management

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CHIQUITA BRANDS INTERNATIONAL, INC.

Ticker:        CQB                  Security ID:     170032809
Meeting Date:  May 22, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve stock and incentive plan    For       For         Management


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CHURCH & DWIGHT

Ticker:        CHD                 Security ID:     171340102
Meeting Date:  May 1, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Approval to amend common stock      For       For         Management
4     Approval of equity comp. plan       For       For         Management

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Cimarex Energy Co

Ticker:        XEC                 Security ID:     171798
Meeting Date:  May 21, 2008        Meeting Type:    Annual

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

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CLARCOR INC.

Ticker:        CLC                 Security ID:     179895107
Meeting Date:  March 31, 2008      Meeting Type:    Annual

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


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CLECO CORPORATION

Ticker:        CNL                 Security ID:     12561W105
Meeting Date:  April 25, 2008        Meeting Type:    Annual

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

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DIODES INCORPORATED

Ticker:        DIOD                Security ID:     254543101
Meeting Date:  May 29, 2008        Meeting Type:    Annual

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

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EPICOR SOFTWARE CORPORATION

Ticker:        EPIC                Security ID:     29426L108
Meeting Date:  May 27, 2008        Meeting Type:    Annual

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

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FAIRPOINT COMMUNICATIONS

Ticker:        FRP                Security ID:     305560104
Meeting Date:  June 18, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify Appointment of independent   For       For         Management
      auditors
3     Long Term Incentive Plan            For       For         Management
4     Annual Incentive Plan               For       For         Management
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FIRST MIDWEST BANCORP, INC.

Ticker:        FMBI                Security ID:     320867104
Meeting Date:  May 21, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify Appointment of independent   For       For         Management
      auditors
3     Amend directors stock plan          For       For         Management

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FIRST NIAGARA FINANCIAL

Ticker:        FNFG                  Security ID:     33582V108
Meeting Date:  April 29, 2008        Meeting Type:    Annual

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

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HANMI FINANCIAL CORPORATION

Ticker:        HAFC                Security ID:     410495105
Meeting Date:  May 28, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Annual election of Directors        For       Agnst       Shareholder

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HIGHLAND HOSPITALITY CORP

Ticker:        HIH                     Security ID:     430141101
Meeting Date:  July 12, 2007             Meeting Type:    Special

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Approval of the Merger             For       For         Management

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IPC Holdings, LTD.

Ticker:        IPCR                     Security ID:     G4933P101
Meeting Date:  Jun 20, 2008             Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Auth. Board to fill board vacancies For       For         Management
3     Ratify appointment of independent   For       For         Management
      Auditors
4     Remuneration of Board of Direct     For       For         Management

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LONG DRUG STORES

Ticker:        LDG                Security ID:     64104X108
Meeting Date:  May 28, 2008       Meeting Type:    Annual

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

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NESS TECHNOLOGIES INC

Ticker:        NSTC                Security ID:     64104X108
Meeting Date:  June 16, 2008       Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     2007 Stock Option Plan              For       For         Management

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NORDSON CORPORATION

Ticker:        NDSN                Security ID:     655663102
Meeting Date:  February 19, 2008   Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     2004 Long Term Performance Plan     For       For         Management
3     2004 Management Incentive Plan      For       For         Management

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OIL STATES INTERNATIONAL, INC.

Ticker:        OIS                Security ID:     678026105
Meeting Date:  May 15, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approval of equity partic. plan     For       For         Management

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ON SEMICONDUCTOR CORPORATION

Ticker:        ONNN                Security ID:     682189105
Meeting Date:  May 14, 2008        Meeting Type:    Annual

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

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OPTIONS EXPRESS HOLDINGS

Ticker:        OXPS                 Security ID:     684010101
Meeting Date:  May 22, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval of 2008 Equity Plan        For       For         Management
3     Ratify appointment of independent   For       For         Management
      Auditors


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OWENS & MINOR, INC.

Ticker:        OMI                 Security ID:     690732102
Meeting Date:  April 25, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval to declassify board        For       For         Management
3     Approval to eliminate pref. stock   For       For         Management

4     Ratify appointment of independent   For       For         Management
      Auditors


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PERFORMANCE FOOD GROUP COMPANY

Ticker:        PFGC                Security ID:     713755106
Meeting Date:  May 14, 2008        Meeting Type:    Special

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Approval of plan of merger            For       For     Management
2     Approval to postpone special meeting  For       For         Management

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PIEDMONT NATURAL GAS COMPANY

Ticker:        PNY                Security ID:     720186105
Meeting Date:  March 06, 2008     Meeting Type:    Annual

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

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PIKE ELECTRIC CORPORATION

Ticker:        PEC                Security ID:     721283109
Meeting Date:  December 05, 2007     Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      accountants
3     Ratify 2008 Incentive Plan          For       For         Management

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PIONEER DRILLING COMPANY

Ticker:        PDC                Security ID:     723655106
Meeting Date:  August 03, 2007     Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      accountants
3     Ratify 2007 Incentive Plan          For       For         Management

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POLYMEDICA CORPORATION

Ticker:        PLMD                Security ID:     731738100
Meeting Date:  September 18, 2007  Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      accountants
3     Ratify Senior Exec. Bonus Plan      For       For         Management
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PROTECTIVE LIFE CORPORATION

Ticker:        PL                  Security ID:     743674103
Meeting Date:  May 5, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Approval of incentive plan          For       For         Management

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PROVIDENT BANKSHARES CORPORATION

Ticker:        PBKS                Security ID:     743859100
Meeting Date:  April 16, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   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 20, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Declassification of Board           For       For         Shareholder

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RC2 CORPORATION

Ticker:        RCRC                Security ID:     749388106
Meeting Date:  May 8, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve stock plan                  For       For         Management
3     Approve corporate bonus plan        For       For         Management


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ROSETTA RESOURCE INC

Ticker:        ROSE                 Security ID:    777779307
Meeting Date:  May 09, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     2005 Long Term Incentive Plan       For       For         Management
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RPM INTERNATIONAL INC.

Ticker:        RPM                 Security ID:     749685103
Meeting Date:  October 4, 2007     Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approve comp plan                   For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors

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SCIELE PHARMA, INC

Ticker:        SCRX                 Security ID:     808627103
Meeting Date:  April 25, 2008        Meeting Type:    Annual

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


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SENIOR HOUSING PROPERTIES TRUST

Ticker:        SNH                 Security ID:     81721M109
Meeting Date:  May 15, 2008        Meeting Type:    Annual

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

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SMITH MICRO SOFTWARE

Ticker:        SMSI                 Security ID:     832154108
Meeting Date:  April 28, 2008         Meeting Type:    Special

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     2005 Stock Option Plan              For       For         Management
2     Discretion of proxy holders         For       For         Management




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STERLING BANKSHARES

Ticker:        SBIB                 Security ID:     858907108
Meeting Date:  April 28, 2008         Meeting Type:    Annual

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



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STRATEGIC HOTELS & RESORTS INC.

Ticker:        BEE                 Security ID:     86272T106
Meeting Date:  May 22, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Approval of incentive plan	  For       For         Management


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TECHNITROL, INC.

Ticker:        TNL                 Security ID:     878555101
Meeting Date:  May 15, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval of Board incentive plan    For       For         Management
3     Approval of Stock Plan II           For       For         Management

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TELEFLEX INCORPORATED

Ticker:        TFX                 Security ID:     879369106
Meeting Date:  May 01, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval of stock incentive plan    For       For         Management
3     Ratify appointment of independent   For       For         Management
      auditors

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TRUSTMARK CORP

Ticker:        TRMK                 Security ID:    898402102
Meeting Date:  May 13, 2008         Meeting Type:    Annual

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


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Tupperware Brand Corporation

Ticker:        TUP                 Security ID:     899896
Meeting Date:  May 14, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Amend company certif.               For       For         Management


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WABTEC CORP

Ticker:        WAB                 Security ID:     929740108
Meeting Date:  May 14, 2008        Meeting Type:    Annual

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

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WALTER INDUSTRIES

Ticker:        WLT                 Security ID:     93317Q105
Meeting Date:  April 23, 2008        Meeting Type:    Annual

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

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WESTAR ENERGY INC

Ticker:        WR                 Security ID:     95709T100
Meeting Date:  May 15, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   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 6, 2008      Meeting Type:    Annual

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

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ZENITH NATIONAL INSURANCE

Ticker:        ZNT                 Security ID:     989390109
Meeting Date:  May 13, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     2004 Restricted Stock Plan          For       For         Management
3     Ratify appointment of independent   For       For         Management
      Auditors

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Cimarex Energy Co

Ticker:        XEC                 Security ID:     171798
Meeting Date:  May 21, 2008        Meeting Type:    Annual

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

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Viking Large-Cap Value Fund

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ALCOA

Ticker:        AA                  Security ID:     013817101
Meeting Date:  May 8, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Impact on climate report            For	    Agnst       Shareholder
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AMERICAN ELECTRIC POWER, INC.

Ticker:        AEP                 Security ID:     025537101
Meeting Date:  April 22, 2008      Meeting Type:    Annual

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

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American International Group, Inc.

Ticker:        AIG                 Security ID:     026874107
Meeting Date:  May 14, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Human right to water                For       Angst       Shareholder
4     Reporting of political contributionsFor       Against     Shareholder

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AMERISOURCEBERGEN CORPORATION

Ticker:        ABC                     Security ID:     03073E105
Meeting Date:  February 28, 2008       Meeting Type:    Annual

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

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ANADARKO PETROLEUM CORPORATION

Ticker:        APC                 Security ID:     032511107
Meeting Date:  May 20, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Approval of omnibus incentive plan  For       For         Management
4     Approval of director comp plan      For       For         Management
5     Stockholder prop to declassify brd  Angst     For 	   Shareholder
6     Amendment to non-discrim policy     Angst     Abstain 	   Shareholder

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APACHE CORPORATION

Ticker:        APA                 Security ID:     037411105
Meeting Date:  May 8, 2008         Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Reimbursement of proxy expenses     For       Against     Shareholder

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AT&T INC.

Ticker:        T                   Security ID:     00206R102
Meeting Date:  April 25, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors              For       For         Management
2     Ratify appointment of independent  For       For         Management
      auditors
3     Report on Political Contributions  For       Agnst       Shareholder
4   Pension Credit Policy                For       Against     Shareholder
5   Lead Independent Director of Law     For       Against     Shareholder
6   Serp Policy                          For       Against     Shareholder
7   Advisory Vote on Compensation        For       Against     Shareholder

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BANK OF AMERICA CORPORATION

Ticker:        BAC                 Security ID:     060505104
Meeting Date:  April 23, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Stock option plan                   For       Against     Shareholder
4     Advisory Vote on Exec Comp          For       Against     Shareholder
5     CEO Compensastion                   For       Against     Shareholder
6     Cumulative Voting                   For       Against     Shareholder
7     Independent Board Chairman          For       Against     Shareholder
8     Special Shareholder Meetings        For       Against     Shareholder
9     Equator Principles                  For       Against     Shareholder
10    Human Rights                        For       Against     Shareholder
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BP PLC

Ticker:        BP                    Security ID:     055622104
Meeting Date:  April 17, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Receive directors report            For       For         Management
2     Approve remuneration report         For       For         Management
3     Election of Directors               For       For         Management
4     Ratify appointment of independent   For       For         Management
      Auditors
5     Adopt New Articles of Assoc.        For       For         Management
6     Limited Warranty on Shares          For       For         Management
7     Allot shares                        For       For         Management
8     Allot shares for cash               For       For         Management

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

Bunge Limited

Ticker:        BG                  Security ID:     G16962105
Meeting Date:  May 23, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For          For      Management
2     Ratify appointment of independent   For          For      Management
      Auditors
3     Increase Common Stock                Agnst        Agnst    Management
4     Increase Authorized Shares           Agnst        Agnst    Management
5     Allow Repurchase of Shares           For          For      Management


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

CANADIAN PACIFIC RAILWAY LIMITED

Ticker:        CP                  Security ID:     13645T100
Meeting Date:  May 09, 2008        Meeting Type:    Special and Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Appoint auditors                    For       For         Management
3     Approve Shareholder Rights Plan     For       For         Management
4     Approve Management Stock Option     For       For         Management

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

CITIGROUP INC.

Ticker:        C                   Security ID:     172967101
Meeting Date:  April 22, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Report on governmental service      For       Against     Shareholder
4     Report on political contributions   For       Against     Shareholder
5     Ratify Executive Compensation       For       Against     Shareholder
6     Two Candidates for Board Positions  For       Against     Shareholder
7     Report on Equator Principles        For       Against     Shareholder
8     Principles for Executive Officers   For       Against     Shareholder
9     Amend Emissions Policy              For       Against     Shareholder
10    Independent Board Chairman          For       Against     Shareholder
11    Ratify Executive Compensation       For       Against     Shareholder

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

CONOCOPHILLIPS

Ticker:        COP                  Security ID:     20825C104
Meeting Date:  May 14, 2008          Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Amend by-laws                       For       For         Management
4     Indigenous Rights                   Agnst     Abstain     Shareholder
5     Qualifications for Nominees         For       Against     Shareholder
6     Report on Executive Compensation    Against   For         Shareholder
7     Political Contributions             For       Against     Shareholder
8     Greenhouse Gas Reduction            Against   Abstain     Shareholder
9     Community Accountability            Against   Abstain     Shareholder
10    Drilling in Sensitive Areas         Against   Abstain     Shareholder
11    Environmental Impact		  Against   Abstain     Shareholder
12    Global Warming   	   		  Against   Abstain     Shareholder


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

CVS/CAREMARK CORPORATION

Ticker:        CVS                 Security ID:     126650100
Meeting Date:  Mar 07, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Special Shareholder Meetings        For       Agnst       Shareholder
4     Tax Gross-Up Payments               For       Agnst       Shareholder
5     Political Expenditures              For       Agnst       Shareholder

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


DEAN FOODS COMPANY

Ticker:        DF                  Security ID:     242370104
Meeting Date:  May 22, 2008        Meeting Type:    Annual

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

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

DOMINION RESOURCES, INC.

Ticker:        D                   Security ID:     25746U109
Meeting Date:  May 9, 2008         Meeting Type:    Annual

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

- --------------------------------------------------------------------------------
EDISON INTERNATIONAL

Ticker:        EIX                   Security ID:     281020107
Meeting Date:  April 24, 2008        Meeting Type:    Annual

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

3     Shareholder say on executive pay    For       Agnst       Shareholder

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

ENTERGY CORP

Ticker:        ETR                 Security ID:     29364G103
Meeting Date:  May 02, 2008        Meeting Type:    Annual

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

3     Advisory Vote on Exec. Compensation  Agnst     For        Shareholder
4     Management Compensation              Agnst     For        Shareholder
5     Corporate Political Contributions    Agnst     For        Shareholder
6     Special Shareholder Meetings         Agnst     For        Management


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

FREEPORT-MCMORAN COPPER & GOLD INC.

Ticker:        FCX                  Security ID:     35671D857
Meeting Date:  June 05, 2008        Meeting Type:    Annual

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

3     Approval to issue common stock      For       For         Management


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

THE HARTFORD FINANCIAL SVCS GROUP

Ticker:        HIG                 Security ID:     416515104
Meeting Date:  May 21, 2008        Meeting Type:    Annual

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

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


HONEYWELL INTERNATIONAL INC.

Ticker:        HON                 Security ID:     438516106
Meeting Date:  April 28, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Right to call special Meeting       For       For         Management
4     Pay for Performance Principal       For       Agnst	   Shareholder

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



Johnson Controls Inc.

Ticker:        JCI                     Security ID:     478366107
Meeting Date:  January 23, 2008        Meeting Type:    Annual

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

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

JP MORGAN CHASE

Ticker:        JPM                 Security ID:     46625H100
Meeting Date:  May 20, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     2005 Long-Term Incentive Plan       For       For         Management
4     Executive Performance Plan          For       For         Management
5     Governmental Service Report         For       Angst       Shareholder
6     Political Contributions Report      For       Angst       Shareholder
7     Independent Chairman of Board       For       Angst       Shareholder
8     Executive Compensation Approval     For       Angst       Shareholder
9     Two Candidates per Directorship     For       Angst       Shareholder
10    Human Rights and Investment Report  For       Angst       Shareholder
11    Lobbying Priorities Report          For       Angst       Shareholder


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


KIMBERLY-CLARK CORPORATION

Ticker:        KMB                 Security ID:     494368103
Meeting Date:  April 17, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Eliminate Super-Majority Voting     For       For         Management
4     Qualifications for Directors        For       Agnst       Shareholder
5     Human Rights Standards              For       Agnst       Shareholder
6     Special Shareholder Meetings        For       Agnst       Shareholder
7     Cumulative Voting                   For       Agnst       Shareholder
8     Board Committee on Sustainability   For       Agnst       Shareholder


- --------------------------------------------------------------------------------
LEGG MASON, INC

Ticker:        LM                  Security ID:     524901105
Meeting Date:  July 19, 2007       Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     1996 Equity Incentive Plan          For       For         Management
3     Non-Employee Director Equity Plan   For       For         Management
4     Ratify appointment of independent   For       For         Management
      auditors
5     Independent director as board chair For       Agnst       Shareholder


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

MERCK & CO.

Ticker:        MRK                 Security ID:     589331107
Meeting Date:  April 22, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Management Compensation             For       Agnst       Shareholder
4     Executive Compensation              For       Agnst       Shareholder
5     Special Shareholder Meetings        For       Agnst       Shareholder
6     Independent Lead Director           For       Agnst       Shareholder


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

MICROSOFT CORPORATION

Ticker:        MSFT                Security ID:     594918104
Meeting Date:  Nov 13, 2007        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Internet Censorship                 For       Agnst       Shareholder
4     Board Committee on Human Rights     For       Agnst       Shareholder

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

MORGAN STANLEY

Ticker:        MS                  Security ID:     617446448
Meeting Date:  April 08, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Supermajority Voting Requirements   For       For         Management
4     Executive Compensation              For       Against     Shareholder
5     Human Rights 		          For       Against     Shareholder

- --------------------------------------------------------------------------------
PNC FINANCIAL SERVICES

Ticker:        PNC                 Security ID:     693475105
Meeting Date:  April 22, 2008      Meeting Type:    Annual

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

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

PFIZER INC.

Ticker:        PFE                 Security ID:     717081103
Meeting Date:  April 24, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Stock Options                       For       Against     Shareholder
4     Chairman and CEO roles              For       Against     Shareholder

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

Public Service Enterprise Group Inc

Ticker:        PEG                 Security ID:     744573106
Meeting Date:  April 15, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      Auditors
3     Proposal regarding executive        For       Against     Shareholder
      compensation
4     Nomination of Directors             For       Against     Shareholder
5     Election of Directors               For       Against     Shareholder

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


QUESTAR CORPORATION

Ticker:        STR                 Security ID:     748356102
Meeting Date:  May 20, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Declassification of Board           For       For         Shareholder


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

RIO TINTO PLC

Ticker:        RTP                 Security ID:     767204100
Meeting Date:  April 17, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Reports for year end Dec 07         For       For         Management
2     Approval of remuneration report     For       For         Management
3     Election of Directors               For       For         Management
4     Ratify appointment of independent   For       For         Management
      Auditors
5     Email for shareholder communication For       For         Management
6     Section 80 of the comp act of 1985  For       For         Management
7     Section 89 of the comp act of 1985  For       For         Management
8     Authority to buy Rio Tino Shares    For       For         Management
9     Directors conflict of interest      For       For         Management
10    Amendment to dividend shares        For       For         Management

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

SEALED AIR CORPORATION

Ticker:        SEE                 Security ID:     81211K100
Meeting Date:  May 20, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Approval of Stock Plan              For       For         Management
3     Approval of per. based comp         For       For         Management
4     Ratify appointment of independent   For       For         Management
      Auditors

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

SUNTRUST BANKS, INC.

Ticker:        STI                 Security ID:     867914103
Meeting Date:  Apr 29, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Amendment to the 2004 stock plan    For       For         Management
3     Ratify appointment of independent   For       For         Management
      Auditors

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

TARGET

Ticker:        TGT                 Security ID:     87612E106
Meeting Date:  May 22, 2008        Meeting Type:    Annual

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


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

TIMER WARNER CABLE

Ticker:        TWC                 Security ID:     88732J108
Meeting Date:  May 29, 2008        Meeting Type:    Annual

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


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


U.S. BANCORP

Ticker:        USB                 Security ID:     902973304
Meeting Date:  April 15, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Executive Officer Compensation      For       Against     Shareholder
4     Separate Roles of Chair and CEO     For       Against     Shareholder


- --------------------------------------------------------------------------------
VERIZON COMMUNICATIONS

Ticker:        VZ                  Security ID:      92343V104
Meeting Date:  May 01, 2008        Meeting Type:     Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Eliminate Stock Options             For       Agnst       Shareholder
4     Gender Identity Non-Discrim Policy  For       Agnst       Shareholder
5     Separate offices for CEO and Chair  For       Agnst       Shareholder
- --------------------------------------------------------------------------------

Wachovia Corp.

Ticker:        WB                  Security ID:      929903102
Meeting Date:  Apr 22, 2008        Meeting Type:     Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Vote ratifying executive comp.      For       Against     Shareholder
4     Report political contributions      For       Against     Shareholder
5     Proposal for nomination of directorsFor       Against     Shareholder

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

THE WALT DISNEY COMPANY

Ticker:        DIS                 Security ID:     254687106
Meeting Date:  March 06, 2008      Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors               For       For         Management
2     Ratify appointment of independent   For       For         Management
      auditors
3     Amend 2005 stock incentive plan     For       For         Management
4     Amend 2002 exec performance plan    For       For         Management

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

Exxon Mobil Corporation

Ticker:        XOM                 Security ID:     30231G102
Meeting Date:  May 28, 2008        Meeting Type:    Annual

#     Proposal                        For/Agnt Mgt   Vote Cast   Sponsor
1     Election of Directors                 For       For         Management
2     Ratify appointment of independent     For       For         Management
      Auditors
3     Shareholders proposals prohibited     For       Agnst       Shareholder
4     Director nominee qualifications       For       Agnst       Shareholder
5     Board Chairman and CEO                Angst     For         Shareholder
6     Shareholder return policy             For       Agnst       Shareholder
7    Shareholder advisory vote on executive Agnst     For         Shareholder
8    Executive compensation report          For       Agnst       Shareholder
9    Incentive pay recoupment               For       Agnst       Shareholder
10   Corporate sponsorships report          For       Agnst       Shareholder
11   Political contributions report         For       Agnst       Shareholder
12   Amendment of EEO policy                Agnst     Abstain     Shareholder
13   Community environmental impact         Agnst     Abstain     Shareholder
14   ANWR drilling report                   Agnst     Abstain     Shareholder
15   Greenhouse gas emissions               Agnst     Abstain     Shareholder
16   Co2 information at the pump            Agnst     Abstain     Shareholder
17   Climate change and technology report   Agnst     Abstain     Shareholder
18   Energy technology report               Agnst     Abstain     Shareholder
19   Renewable energy policy                Agnst     Abstain     Shareholder

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


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, 2007 through June 30, 2008.

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

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, 2007 through June 30, 2008.

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

                                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
             -------------------------------------------------------------------
By: /s/ Shannon D Radke, President
                          ------------------------------------------------------
Date August 26, 2008
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