Exhibit 1
VIKING MUTUAL FUNDS
CODE OF ETHICS FOR PRESIDENT AND TREASURER

1.  Covered Officers and Purposes of this Code

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

       a) honest and ethical conduct, including the ethical handling of
       actual or apparent conflicts of interest between personal and
professional relationships;
       b) full, fair, accurate, timely and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Securities and Exchange Commission (SEC) and in other public communications
made by the Trust;
       c) compliance with applicable laws and governmental rules and
regulations;
       d) the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and
       e) accountability for adherence to the Code.
     Each Covered Officer should adhere to a high standard of business ethics
and should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.
2.  Covered Officers Should Resolve Ethically Any
    Actual or Apparent Conflicts of Interest
     A conflict of interest occurs when a Covered Officers private
interest interferes with the interests of, or his or her service to, the
Trust.  For example, a conflict of interest would arise if a Covered Officer,
or a member of his or her family, receives improper personal benefits as a
result of his position with the Trust.

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

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

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

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

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

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

     Each Covered Officer must:

     a)upon adoption of the Code (or thereafter as applicable, upon becoming
a Covered Officer), affirm in writing to the Board that he or she has
received, read, and understands the Code;
     b) annually thereafter affirm to the Board that he or she has complied
with the requirements of the Code;
     c) not retaliate against any other Covered Officer or any employee of
the Trust or their affiliated persons for reports of potential violations
that are made in good faith;
     d) notify the Audit Committee (Committee)1 promptly if he or she knows
of any violation of this Code (failure to do so is itself a violation of the
Code); and
     e) report at least annually any affiliations or other relationships
related to conflicts of interest in accordance with the Trusts Trustees and
Officers Questionnaire.
     The Committee is responsible for applying this Code to any specific
situations presented to it and has the authority to interpret this Code in
any particular situation.  Any approvals or waivers sought by Covered
Officers shall be considered by the Committee.

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

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

     This Code shall be the sole code of ethics adopted by the Trust for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder.  Any other
policies or procedures of the Trust, the Investment Adviser or other service
providers that govern or purport to govern the behavior or activities of the
Covered Officers who are subject to this Code are to be interpreted and
enforced in conjunction with this Code.  The codes of ethics under Rule 17j-1
under the 1940 Act for the Trust and the Investment Adviser contain separate
requirements applying to the Covered Officers and others and are not part of
this Code.
6. Amendments
     Any amendments to this Code must be approved or ratified by a majority
vote of the Board, including a majority of independent trustees.
7.Confidentiality
     All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly.  Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the Board, the Trust counsel and
the Investment Adviser.
8. Internal Use
     The Code is intended solely for the internal use by the Trust and does
not constitute an admission, by or on behalf of the Trust, as to any fact,
circumstance, or legal conclusion.

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

DC-594686 v1 0305661-101