# EDGAR Filing Document

**Accession Number:** 0001169069
**File Stem:** 0001213900-25-082461
**Filing Date:** 2025-8
**Character Count:** 78175
**Document Hash:** d0cff88b30f44c3e9d3cb2ded815d285
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-082461.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001213900-25-082461

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIKING FUND MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001169069

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15008
- **FILM NUMBER:** 251280089

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MAIN STREET NORTH
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58701
- **BUSINESS PHONE:** 701-852-5292

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001169069

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** VIKING FUND MANAGEMENT LLC

**Address:** 1 Main Street North, Minot, ND 58703

**Telephone number:** 701-852-5292

**Name of agent for service:** Kevin Flagstad

**Agent Address:** 1 Main Street North, Minot, ND 58703

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-15008

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                              | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| AbbVie Inc.                                 | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          90000 |                0 | FOR         |                                    90000 | FOR                         |  |
| Advanced Micro Devices, Inc.                | 007903107 | 05/14/2025     | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          17000 |                0 | AGAINST     |                                    17000 | AGAINST                     |  |
| Air Products and Chemicals, Inc.            | 009158106 | 01/23/2025     | An advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          26000 |                0 | FOR         |                                    26000 | NONE                        |  |
| Altria Group, Inc.                          | 02209S103 | 05/15/2025     | Non-Binding Advisory Vote to Approve the Compensation of Altria's Named Executive Officers                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         175250 |                0 | FOR         |                                   175250 | FOR                         |  |
| American Electric Power Company, Inc.       | 025537101 | 04/29/2025     | Advisory approval of the AEP's namex executive officer compensation.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         110000 |                0 | FOR         |                                   110000 | FOR                         |  |
| American Financial Group, Inc.              | 025932104 | 05/22/2025     | Advisory vote on compensation of named executive officers.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          41000 |                0 | FOR         |                                    41000 | FOR                         |  |
| Antero Resources Corporation                | 03674X106 | 06/04/2025     | To approve, on an advisory basis, the compensation of Antero Resources Corporation's named executive officers.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         140000 |                0 | AGAINST     |                                   140000 | AGAINST                     |  |
| Apple Inc.                                  | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          21000 |                0 | FOR         |                                    21000 | FOR                         |  |
| Archrock, Inc.                              | 03957W106 | 04/24/2025     | Advisory, non-binding vote to approve the compensation provided to our Named Executive Officers for 2024                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | FOR         |                                    40000 | FOR                         |  |
| Array Technologies, Inc.                    | 04271T100 | 05/20/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          90000 |                0 | FOR         |                                    90000 | FOR                         |  |
| AT Inc.                                     | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         387000 |                0 | FOR         |                                   387000 | FOR                         |  |
| Baker Hughes Company                        | 05722G100 | 05/20/2025     | An advisory vote related to the Company's executive compensation program                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         132000 |                0 | FOR         |                                   132000 | FOR                         |  |
| Bank of America Corporation                 | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         180000 |                0 | FOR         |                                   180000 | FOR                         |  |
| Best Buy Co., Inc.                          | 086516101 | 06/13/2025     | To approve in a non-binding advisory vote our named executive officer compensation                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2500 |                0 | FOR         |                                     2500 | FOR                         |  |
| Bristol-Myers Squibb Company                | 110122108 | 05/06/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         298700 |                0 | FOR         |                                   298700 | FOR                         |  |
| Broadcom Inc.                               | 11135F101 | 04/21/2025     | Advisory vote to approve the named executive officer compensation.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         123000 |                0 | FOR         |                                   123000 | FOR                         |  |
| Caterpillar Inc.                            | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR         |                                     4000 | FOR                         |  |
| Chart Industries, Inc.                      | 16115Q308 | 05/20/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          11000 |                0 | FOR         |                                    11000 | FOR                         |  |
| Cheniere Energy, Inc.                       | 16411R208 | 05/15/2025     | Approve, on an advisory and non-binding basis, the compensation of the Company's named executive officers for 2024                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          39000 |                0 | FOR         |                                    39000 | FOR                         |  |
| Chevron Corporation                         | 166764100 | 05/28/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         117000 |                0 | FOR         |                                   117000 | FOR                         |  |
| Cisco Systems, Inc.                         | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          45000 |                0 | AGAINST     |                                    45000 | AGAINST                     |  |
| Citigroup Inc.                              | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         135000 |                0 | FOR         |                                   135000 | FOR                         |  |
| Clear Channel Outdoor Holdings, Inc.        | 18453H106 | 05/29/2025     | Approval of the advisory (non-binding) resolution on executive compensation                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           4640 |                0 | FOR         |                                     4640 | FOR                         |  |
| Cloudflare, Inc.                            | 18915M107 | 06/05/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          21000 |                0 | AGAINST     |                                    21000 | AGAINST                     |  |
| CME Group Inc.                              | 12572Q105 | 05/08/2025     | Advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          25000 |                0 | FOR         |                                    25000 | FOR                         |  |
| ConocoPhillips                              | 20825C104 | 05/13/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          24000 |                0 | FOR         |                                    24000 | FOR                         |  |
| Corning Incorporated                        | 219350105 | 05/01/2025     | Advisory approval of our executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         250000 |                0 | AGAINST     |                                   250000 | AGAINST                     |  |
| Coterra Energy Inc.                         | 127097103 | 04/30/2025     | A non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         290000 |                0 | FOR         |                                   290000 | FOR                         |  |
| Deere  Company                              | 244199105 | 02/26/2025     | Advisory vote to approve executive compensation ("say-on-pay")                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| Dell Technologies Inc.                      | 24703L202 | 06/26/2025     | Approval, on a non-binding, advisory basis, of the compensation of Dell Technologies Inc.'s named executive officers as disclosed in the proxy statement                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          52000 |                0 | FOR         |                                    52000 | FOR                         |  |
| Diamondback Energy, Inc.                    | 25278X109 | 05/21/2025     | The approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | FOR         |                                    20000 | FOR                         |  |
| DigitalOcean Holdings, Inc.                 | 25402D102 | 06/09/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          65000 |                0 | AGAINST     |                                    65000 | AGAINST                     |  |
| Dominion Energy, Inc.                       | 25746U109 | 05/07/2025     | Advisory Vote on Approval of Executive Compensation (Say on Pay)                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3500 |                0 | FOR         |                                     3500 | FOR                         |  |
| Dow Inc.                                    | 260557103 | 04/10/2025     | Advisory Resolution to Approve Executive Compensation                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           9000 |                0 | FOR         |                                     9000 | FOR                         |  |
| Edwards Lifesciences Corporation            | 28176E108 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | FOR         |                                    20000 | FOR                         |  |
| Endo, Inc.                                  | 29290D117 | 06/13/2025     | The Combination-Related Compensation Proposal -- To consider and vote on a non-binding, advisory proposal to approve compensation that will or may become payable by Endo to its named executive officers in connection with the transactions contemplated by the Transaction Agreement (the "Endo combination-related compensation proposal"). | SECTION 14A SAY-ON-PAY VOTES |           1570 |                0 | FOR         |                                     1570 | FOR                         |  |
| Endo, Inc.                                  | 29290D117 | 06/25/2025     | To approve, on an advisory basis, the compensation of our named executive officers (say-on-pay).                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1570 |                0 | FOR         |                                     1570 | FOR                         |  |
| Endo, Inc.                                  | 29290D117 | 06/25/2025     | To approve, on an advisory basis, the frequency of soliciting an advisory say-on-pay vote (say-on-frequency).                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           1570 |                0 | 1 YEAR      |                                     1570 | FOR                         |  |
| Entergy Corporation                         | 29364G103 | 05/02/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         112000 |                0 | FOR         |                                   112000 | FOR                         |  |
| EQT Corporation                             | 26884L109 | 04/16/2025     | Approval of a non-binding resolution to approve the 2024 compensation of EQT Corporation s named executive officers (say-on-pay).                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         110000 |                0 | FOR         |                                   110000 | FOR                         |  |
| Evergy, Inc.                                | 30034W106 | 05/06/2025     | Approve the 2024 compensation of our named executive officers on an advisory non-binding basis.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | FOR         |                                    80000 | FOR                         |  |
| Evergy, Inc.                                | 30034W106 | 05/06/2025     | To recommend, on a non-binding advisory basis, the frequency of the advisory vote on executive compensation.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | 1 YEAR      |                                    80000 | FOR                         |  |
| Eversource Energy                           | 30040W108 | 05/01/2025     | Consider an advisory proposal approving the compensation of our Named Executive Officers.                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR         |                                     4000 | FOR                         |  |
| Excelerate Energy, Inc.                     | 30069T101 | 06/11/2025     | Approval, on a non-binding and advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          90000 |                0 | FOR         |                                    90000 | FOR                         |  |
| Exelon Corporation                          | 30161N101 | 04/29/2025     | Advisory vote to approve the compensation paid to Exelon s named executive officers.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          62000 |                0 | FOR         |                                    62000 | FOR                         |  |
| Expro Group Holdings N.V.                   | N3144W105 | 06/05/2025     | To approve on a non-binding advisory basis the compensation of the Company's named executive officers for the year ended December 31, 2024.                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | FOR         |                                    30000 | FOR                         |  |
| Exxon Mobil Corporation                     | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          50000 |                0 | FOR         |                                    50000 | FOR                         |  |
| FedEx Corporation                           | 31428X106 | 09/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           7000 |                0 | FOR         |                                     7000 | FOR                         |  |
| First Solar, Inc.                           | 336433107 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          21000 |                0 | FOR         |                                    21000 | FOR                         |  |
| Frontier Communications Parent, Inc.        | 35909D109 | 11/13/2024     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to the Company's named executive officers in connection with the consummation of the merger.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1519 |                0 | AGAINST     |                                     1519 | AGAINST                     |  |
| Frontier Communications Parent, Inc.        | 35909D109 | 05/21/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           1519 |                0 | FOR         |                                     1519 | FOR                         |  |
| GE Vernova Inc.                             | 36828A101 | 05/14/2025     | Approve the compensation of our named executives officers in an advisory vote                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| GE Vernova Inc.                             | 36828A101 | 05/14/2025     | Approve the frequency of future advisory votes on named executive officers compensation in an advisory vote                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | 1 YEAR      |                                     5000 | FOR                         |  |
| Generac Holdings Inc.                       | 368736104 | 06/12/2025     | Advisory vote on the non-binding say-on-pay resolution to approve the compensation of our executive officers                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| Genuine Parts Company                       | 372460105 | 04/28/2025     | Advisory Vote On Executive Compensation                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          55000 |                0 | FOR         |                                    55000 | FOR                         |  |
| Gulfport Energy Corporation                 | 402635502 | 05/21/2025     | To approve, on an advisory, non-binding basis, the compensation paid to the Company's named executive officers as described in this proxy statement (the Say-On-Pay Proposal or Proposal 3).                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          24000 |                0 | FOR         |                                    24000 | FOR                         |  |
| Halliburton Company                         | 406216101 | 05/21/2025     | Advisory Approval of Executive Compensation.                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | FOR         |                                    30000 | FOR                         |  |
| HF Sinclair Corporation                     | 403949100 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | FOR         |                                    40000 | FOR                         |  |
| iHeartMedia, Inc.                           | 45174J509 | 05/13/2025     | The approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1902 |                0 | AGAINST     |                                     1902 | AGAINST                     |  |
| Illinois Tool Works Inc.                    | 452308109 | 05/02/2025     | Advisory vote to approve compensation of ITW's named executive officers.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          17000 |                0 | FOR         |                                    17000 | FOR                         |  |
| International Business Machines Corporation | 459200101 | 04/29/2025     | Advisory Vote on Executive Compensation                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          22200 |                0 | FOR         |                                    22200 | FOR                         |  |
| Intuit Inc.                                 | 461202103 | 01/23/2025     | Advisory vote to approve Intuit's executive compensation (say-on-pay).                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| JPMorgan Chase  Co.                         | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          42000 |                0 | FOR         |                                    42000 | FOR                         |  |
| Kenvue Inc.                                 | 49177J102 | 05/22/2025     | Approve, on a non-binding advisory basis, the compensation of Kenvue Inc.'s named executive officers.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         400000 |                0 | FOR         |                                   400000 | FOR                         |  |
| Kimberly-Clark Corporation                  | 494368103 | 05/01/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          71000 |                0 | FOR         |                                    71000 | FOR                         |  |
| Kinder Morgan, Inc.                         | 49456B101 | 05/15/2025     | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          75000 |                0 | FOR         |                                    75000 | FOR                         |  |
| KLA Corporation                             | 482480100 | 11/06/2024     | To approve on a non-binding, advisory basis our named executive officer compensation.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           6000 |                0 | FOR         |                                     6000 | FOR                         |  |
| Lam Research Corporation                    | 512807108 | 11/05/2024     | Advisory vote to approve the compensation of the named executive officers of Lam Research, or Say on Pay.                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | FOR         |                                     8000 | FOR                         |  |
| Lockheed Martin Corporation                 | 539830109 | 05/09/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay)                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | FOR         |                                    15000 | FOR                         |  |
| Lowe's Companies, Inc.                      | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR         |                                    10000 | FOR                         |  |
| LyondellBasell Industries N.V.              | N53745100 | 05/23/2025     | Advisory Vote Approving Executive Compensation (Say-on-Pay)                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Marathon Oil Corporation                    | 565849106 | 08/29/2024     | To approve, by a non-binding advisory vote, certain compensation that may be paid or become payable to Marathon Oil's named executive officers that is based on or otherwise relates to the merger contemplated by the merger agreement.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         160000 |                0 | FOR         |                                   160000 | FOR                         |  |
| Mastercard Incorporated                     | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           7000 |                0 | FOR         |                                     7000 | FOR                         |  |
| McDonald's Corporation                      | 580135101 | 05/20/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | FOR         |                                    20000 | FOR                         |  |
| Merck  Co., Inc.                            | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | FOR         |                                   100000 | FOR                         |  |
| Microsoft Corporation                       | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           6000 |                0 | FOR         |                                     6000 | FOR                         |  |
| Morgan Stanley                              | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in the proxy statement (non-binding advisory vote)                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          95000 |                0 | FOR         |                                    95000 | FOR                         |  |
| Newmont Corporation                         | 651639106 | 04/30/2025     | Approval of the advisory resolution on Newmonts executive compensation.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          50000 |                0 | FOR         |                                    50000 | FOR                         |  |
| NextEra Energy, Inc.                        | 65339F101 | 05/22/2025     | Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         495000 |                0 | FOR         |                                   495000 | FOR                         |  |
| Nextracker Inc.                             | 65290E101 | 08/19/2024     | The approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | AGAINST     |                                    20000 | AGAINST                     |  |
| NRG Energy, Inc.                            | 629377508 | 05/01/2025     | To approve, on a non-binding advisory basis, NRG Energy, Inc.'s executive compensation.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | FOR         |                                    30000 | FOR                         |  |
| NVIDIA Corporation                          | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          65000 |                0 | FOR         |                                    65000 | FOR                         |  |
| Old Republic International Corporation      | 680223104 | 05/22/2025     | To provide an advisory approval on executive compensation.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | FOR         |                                   200000 | FOR                         |  |
| Patterson-UTI Energy, Inc.                  | 703481101 | 06/05/2025     | Approval, on an advisory basis, of Patterson-UTI's compensation of its named executive officers.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | AGAINST     |                                   100000 | AGAINST                     |  |
| Paychex, Inc.                               | 704326107 | 10/10/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          43000 |                0 | FOR         |                                    43000 | FOR                         |  |
| PepsiCo, Inc.                               | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         111000 |                0 | FOR         |                                   111000 | FOR                         |  |
| Permian Resources Corporation               | 71424F105 | 05/21/2025     | To approve, by a non-binding advisory vote, the Company's named executive officer compensation.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         821000 |                0 | FOR         |                                   821000 | FOR                         |  |
| Pfizer Inc.                                 | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         384000 |                0 | FOR         |                                   384000 | FOR                         |  |
| Philip Morris International Inc.            | 718172109 | 05/07/2025     | Advisory Vote Approving Executive Compensation                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          67000 |                0 | FOR         |                                    67000 | FOR                         |  |
| Phillips 66                                 | 718546104 | 05/21/2025     | The Company's Proposal To Approve, On An Advisory Basis, The Company's Named Executive Officer Compensation.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          87000 |                0 | FOR         |                                    87000 | NONE                        |  |
| Phillips 66                                 | 718546104 | 05/21/2025     | The Company's Proposal To Approve, On An Advisory Basis, The Frequency Of Future Shareholder Advisory Votes To Approve Executive Compensation.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          87000 |                0 | 1 YEAR      |                                    87000 | NONE                        |  |
| Portland General Electric Company           | 736508847 | 04/18/2025     | To Approve, By A Non-Binding Vote, The Compensation Of The Company's Named Executive Officers.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR         |                                     4000 | FOR                         |  |
| Primoris Services Corporation               | 74164F103 | 04/30/2025     | Advisory, Non-Binding Vote Approving the Company's Named Executive Officer Compensation.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          12000 |                0 | FOR         |                                    12000 | FOR                         |  |
| Prudential Financial, Inc.                  | 744320102 | 05/13/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| QUALCOMM Incorporated                       | 747525103 | 03/18/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          72000 |                0 | FOR         |                                    72000 | FOR                         |  |
| Quanta Services, Inc.                       | 74762E102 | 05/22/2025     | Approval, by non-binding advisory vote, of Quanta's executive compensation.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR         |                                     3000 | FOR                         |  |
| Regions Financial Corporation               | 7591EP100 | 04/16/2025     | Advisory Vote to Approve Regions' Executive Compensation.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           6000 |                0 | FOR         |                                     6000 | FOR                         |  |
| S Global Inc.                               | 78409V104 | 05/07/2025     | Approve, on an advisory basis, the executive compensation program for the Company's named executive officers, as described in the Proxy Statement.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         |                                     5000 | FOR                         |  |
| Schlumberger Limited                        | 806857108 | 04/02/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | FOR         |                                    80000 | FOR                         |  |
| Seagate Technology Holdings plc             | G7997R103 | 10/19/2024     | Approve, in an Advisory, Non-binding Vote, the Compensation of the Company's Named Executive Officers ( Say-on-Pay ).                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            740 |                0 | FOR         |                                      740 | FOR                         |  |
| Shoals Technologies Group, Inc.             | 82489W107 | 05/01/2025     | Approval, by an advisory vote, of the compensation of the Company's Named Executive Officers (i.e., "say-on-pay" proposal).                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         215000 |                0 | AGAINST     |                                   215000 | AGAINST                     |  |
| Skyworks Solutions, Inc.                    | 83088M102 | 05/14/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as described in the Company's Proxy Statement.                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          55000 |                0 | FOR         |                                    55000 | FOR                         |  |
| Starbucks Corporation                       | 855244109 | 03/12/2025     | Approve, on an advisory, nonbinding basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          85000 |                0 | AGAINST     |                                    85000 | AGAINST                     |  |
| T. Rowe Price Group, Inc.                   | 74144T108 | 05/08/2025     | Approve, by a non-binding advisory vote, the compensation paid by the Company to its Named Executive Officers.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            600 |                0 | FOR         |                                      600 | FOR                         |  |
| Targa Resources Corp.                       | 87612G101 | 05/20/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers for the fiscal year ended December 31, 2024.                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          26000 |                0 | FOR         |                                    26000 | FOR                         |  |
| Target Corporation                          | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          68000 |                0 | FOR         |                                    68000 | FOR                         |  |
| Texas Instruments Incorporated              | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          41000 |                0 | FOR         |                                    41000 | FOR                         |  |
| Texas Pacific Land Corporation              | 88262P102 | 11/08/2024     | To approve, by non-binding advisory vote, the executive compensation paid to the Company's named executive officers.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR         |                                     2000 | FOR                         |  |
| The AES Corporation                         | 00130H105 | 05/09/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         630000 |                0 | FOR         |                                   630000 | FOR                         |  |
| The Coca-Cola Company                       | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | FOR         |                                    80000 | FOR                         |  |
| The Home Depot, Inc.                        | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ( Say-on-Pay )                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          26000 |                0 | FOR         |                                    26000 | FOR                         |  |
| The PNC Financial Services Group, Inc.      | 693475105 | 04/23/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR         |                                    10000 | FOR                         |  |
| The Procter  Gamble Company                 | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay vote").                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          18000 |                0 | FOR         |                                    18000 | FOR                         |  |
| The Wendy's Company                         | 95058W100 | 05/21/2025     | Advisory resolution to approve executive compensation.                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | FOR         |                                     8000 | FOR                         |  |
| Thermo Fisher Scientific Inc.               | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | AGAINST     |                                     5000 | AGAINST                     |  |
| Trane Technologies Plc                      | G8994E103 | 06/05/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          11000 |                0 | FOR         |                                    11000 | FOR                         |  |
| Truist Financial Corporation                | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR         |                                     3000 | FOR                         |  |
| U.S. Bancorp                                | 902973304 | 04/15/2025     | An Advisory Vote To Approve The Compensation Of Our Executives Disclosed In The Proxy Statement.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5340 |                0 | FOR         |                                     5340 | FOR                         |  |
| United Parcel Service, Inc.                 | 911312106 | 05/08/2025     | To approve on an advisory basis named executive officer compensation.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          57000 |                0 | FOR         |                                    57000 | FOR                         |  |
| UnitedHealth Group Incorporated             | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR         |                                     4000 | FOR                         |  |
| Unum Group                                  | 91529Y106 | 05/22/2025     | To approve, on an advisory basis, the compensation of the company's named executive officers.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          70000 |                0 | FOR         |                                    70000 | FOR                         |  |
| Valero Energy Corporation                   | 91913Y100 | 05/06/2025     | Advisory vote to approve the 2024 compensation of named executive officers.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          32000 |                0 | FOR         |                                    32000 | FOR                         |  |
| Verizon Communications Inc.                 | 92343V104 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         216000 |                0 | FOR         |                                   216000 | FOR                         |  |
| Vertiv Holdings Co                          | 92537N108 | 06/18/2025     | To approve, on an advisory basis, the 2024 compensation of our named executive officers as disclosed in the Proxy Statement.                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | FOR         |                                    40000 | FOR                         |  |
| VICI Properties Inc.                        | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation of our named executive officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           6754 |                0 | FOR         |                                     6754 | FOR                         |  |
| Visa Inc.                                   | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | FOR         |                                    15000 | FOR                         |  |
| Vistra Corp.                                | 92840M102 | 04/30/2025     | To approve, on a non-binding advisory basis, the 2024 compensation of the Company's named executive officers;                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          21000 |                0 | FOR         |                                    21000 | FOR                         |  |
| Walgreens Boots Alliance, Inc.              | 931427108 | 01/30/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4300 |                0 | FOR         |                                     4300 | FOR                         |  |
| Waste Management, Inc.                      | 94106L109 | 05/13/2025     | Approval, on an advisory basis, of our executive compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          13000 |                0 | FOR         |                                    13000 | FOR                         |  |
| Whirlpool Corporation                       | 963320106 | 04/15/2025     | Advisory vote to approve Whirlpool Corporation's executive compensation.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | FOR         |                                     1000 | FOR                         |  |
| Xcel Energy Inc.                            | 98389B100 | 05/21/2025     | Approval of Xcel Energy Inc.'s executive compensation in an advisory vote (say on pay vote)                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         160000 |                0 | FOR         |                                   160000 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** VIKING FUND MANAGEMENT LLC

**By (Signature):** Shannon D. Radke

**By (Printed Signature):** Shannon D. Radke

**By (Title):** PRES

**Date:** 08/29/2025