UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07322
(Exact name of registrant as specified in charter)
|
1 Main Street North, Minot, ND |
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58703 |
|
(Address of principal offices) |
|
(Zip code) |
Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702
(Name and address of agent for service)
Registrant’s telephone number, including area code: 701-852-5292
Date of fiscal year end: July 31
Date of reporting period:
Item 1. Reports to Stockholders
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This annual shareholder report contains important information about the Integrity Dividend Harvest Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class A shares returned 29.99%. | |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the Benchmark) returned 16.59% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, health care, and financials. | |
| • | Detracting from relative performance was an underweight allocation to industrials. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | |||
| Class A with sales charge | |||
S&P 500 TR Index | |||
| S&P High Yield Dividend Aristocrats Index |
*
| The Integrity Funds | July 31, 2026 Page 1 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover | |
| Distribution Rate @ NAV | 2.63% |
| Beta | 0.66 |
| 30-Day SEC Yield (IDIVX) | 2.15% |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Financials | |||
| Energy | |||
| Information Technology | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Materials |
| Top 10 Holdings | % Net Assets | |
| Broadcom Inc | ||
| Chevron Corp | ||
| Bristol Myers Squibb Co | ||
| AbbVie Inc | ||
| Hewlett Packard Enterprise Co | ||
| TC Energy Corp | ||
| NextEra Energy Inc | ||
| Williams Cos Inc/The | ||
| Morgan Stanley | ||
| Genuine Parts Co | ||
Additional Fund Statistics Information
Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend
distributions and actual
number of days in the distribution period.
Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index.
The Beta value is
determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.
SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers.
The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net
expenses. The yield is net of expense waivers and reimbursements.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 2 |
|
|
This annual shareholder report contains important information about the Integrity Dividend Harvest Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class C shares returned 28.96%. | |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the Benchmark) returned 16.59% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, health care, and financials. | |
| • | Detracting from relative performance was an underweight allocation to industrials. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted without sales charges. There is a 1% contingent deferred sales charge on any Class C shares you sell within 12 months of purchase. This would not apply to the chart below as the investment is held for over 12 months.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class C without sales charge | |||
| Class C with sales charge | |||
S&P 500 TR Index | |||
| S&P High Yield Dividend Aristocrats Index |
*
| The Integrity Funds | July 31, 2026 Page 3 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover | |
| Distribution Rate | 1.93% |
| Beta | 0.66 |
| 30-Day SEC Yield (IDHCX) | 1.58% |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Financials | |||
| Energy | |||
| Information Technology | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Materials |
| Top 10 Holdings | % Net Assets | |
| Broadcom Inc | ||
| Chevron Corp | ||
| Bristol Myers Squibb Co | ||
| AbbVie Inc | ||
| Hewlett Packard Enterprise Co | ||
| TC Energy Corp | ||
| NextEra Energy Inc | ||
| Williams Cos Inc/The | ||
| Morgan Stanley | ||
| Genuine Parts Co | ||
Additional Fund Statistics Information
Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend
distributions and actual
number of days in the distribution period.
Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index.
The Beta value is
determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.
SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers.
The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net
expenses. The yield is net of expense waivers and reimbursements.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 4 |
|
|
This annual shareholder report contains important information about the Integrity Dividend Harvest Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class I shares returned 30.28%. | |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the Benchmark) returned 16.59% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, health care, and financials. | |
| • | Detracting from relative performance was an underweight allocation to industrials. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | Inception^ | |
| Class I | |||
| S&P 500 TR Index | |||
S&P High Yield Dividend Aristocrats Index | |||
| ^ | |||
*
| The Integrity Funds | July 31, 2026 Page 5 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover | |
| Distribution Rate | 2.87% |
| Beta | 0.66 |
| 30-Day SEC Yield (IDHIX) | 2.50% |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Financials | |||
| Energy | |||
| Information Technology | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Materials |
| Top 10 Holdings | % Net Assets | |
| Broadcom Inc | ||
| Chevron Corp | ||
| Bristol Myers Squibb Co | ||
| AbbVie Inc | ||
| Hewlett Packard Enterprise Co | ||
| TC Energy Corp | ||
| NextEra Energy Inc | ||
| Williams Cos Inc/The | ||
| Morgan Stanley | ||
| Genuine Parts Co | ||
Additional Fund Statistics Information
Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend
distributions and actual
number of days in the distribution period.
Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index.
The Beta value is
determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.
SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers.
The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net
expenses. The yield is net of expense waivers and reimbursements.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 6 |
|
|
This annual shareholder report contains important information about the Integrity Dividend Summit Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class A shares returned 28.99%. | |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the Benchmark) returned 24.30% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by as stock selection in materials and an underweight allocation to utilities. | |
| • | Detracting from relative performance was an underweight allocation to technology. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | Inception^ | |
| Class A without sales charge | ||
| Class A with sales charge | ||
S&P 500 TR Index | ||
| Dow Jones U.S. Select Dividend Index | ||
| ^ | ||
*
| The Integrity Funds | July 31, 2026 Page 7 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Financials | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Communication Services | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Information Technology | |||
Industrials | |
| Top 10 Holdings | % Net Assets | |
| Dorian LPG Ltd | ||
| Bristol Myers Squibb Co | ||
| Altria Group Inc | ||
| Verizon Communications Inc | ||
| Sanofi SA ADR | ||
| Kimberly Clark Corp | ||
| Truist Financial Corp | ||
| Prudential Financial Inc | ||
| British American Tobacco PLC ADR | ||
| UBS Group AG | ||
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 8 |
|
|
This annual shareholder report contains important information about the Integrity Dividend Summit Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class C shares returned 27.80%. | |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the Benchmark) returned 24.30% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by as stock selection in materials and an underweight allocation to utilities. | |
| • | Detracting from relative performance was an underweight allocation to technology. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted without sales charges. There is a 1% contingent deferred sales charge on any Class C shares you sell within 12 months of purchase. This would not apply to the chart below as the investment is held for over 12 months.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | Inception^ | |
| Class C without sales charge | ||
| Class C with sales charge | ||
| S&P 500 TR Index | ||
| Dow Jones U.S. Select Dividend Index | ||
| ^ |
*
| The Integrity Funds | July 31, 2026 Page 9 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Financials | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Communication Services | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Information Technology | |||
| Industrials |
| Top 10 Holdings | % Net Assets | |
| Dorian LPG Ltd | ||
| Bristol Myers Squibb Co | ||
| Altria Group Inc | ||
| Verizon Communications Inc | ||
| Sanofi SA ADR | ||
| Kimberly Clark Corp | ||
| Truist Financial Corp | ||
| Prudential Financial Inc | ||
| British American Tobacco PLC ADR | ||
| UBS Group AG |
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 10 |
|
|
This annual shareholder report contains important information about the Integrity Dividend Summit Fund. Period covered: August 1, 2025 through July 31, 2026
|
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class I shares returned 29.04%. | |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the Benchmark) returned 24.30% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by as stock selection in materials and an underweight allocation to utilities. | |
| • | Detracting from relative performance was an underweight allocation to technology. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | Inception^ | |
| Class I | ||
| S&P 500 TR Index | ||
Dow Jones U.S. Select Dividend Index | ||
| ^ | ||
*
| The Integrity Funds | July 31, 2026 Page 11 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Financials | |||
| Consumer Staples | |||
| Health Care | |||
| Utilities | |||
| Communication Services | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Information Technology | |||
Industrials | |
| Top 10 Holdings | % Net Assets | |
| Dorian LPG Ltd | ||
| Bristol Myers Squibb Co | ||
| Altria Group Inc | ||
| Verizon Communications Inc | ||
| Sanofi SA ADR | ||
| Kimberly Clark Corp | ||
| Truist Financial Corp | ||
| Prudential Financial Inc | ||
| British American Tobacco PLC ADR | ||
| UBS Group AG | ||
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 12 |
|
|
This annual shareholder report contains important information about the Integrity Growth & Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class A shares returned 30.98%. | |
| • | In comparison, the S&P 500 Index (the Benchmark) returned 19.56% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology and an underweight allocation to consumer discretionary. | |
| • | Detracting from relative performance was selection within consumer discretionary. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | |||
| Class A with sales charge | |||
S&P 500 TR Index |
*
| The Integrity Funds | July 31, 2026 Page 13 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Information Technology | |||
| Financials | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Communication Services | |||
| Health Care | |||
| Consumer Staples | |||
| Utilities | |||
| Consumer Discretionary | |||
| Materials | |||
| Energy |
| Top 10 Holdings | % Net Assets | |
| Advanced Micro Devices Inc | ||
| DigitalOcean Holdings Inc | ||
| NVIDIA Corp | ||
| Apple Inc | ||
| Alphabet Inc | ||
| Cloudflare Inc | ||
| Visa Inc | ||
| Broadcom Inc | ||
| Trane Technologies PLC | ||
| Lam Research Corp | ||
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 14 |
|
|
This annual shareholder report contains important information about the Integrity Growth & Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class C shares returned 30.02%. | |
| • | In comparison, the S&P 500 Index (the Benchmark) returned 19.56% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology and an underweight allocation to consumer discretionary. | |
| • | Detracting from relative performance was selection within consumer discretionary. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted without sales charges. There is a 1% contingent deferred sales charge on any Class C shares you sell within 12 months of purchase. This would not apply to the chart below as the investment is held for over 12 months.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class C without sales charge | |||
| Class C with sales charge | |||
| S&P 500 TR Index |
*
| The Integrity Funds | July 31, 2026 Page 15 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Information Technology | |||
| Financials | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Communication Services | |||
| Health Care | |||
| Consumer Staples | |||
| Utilities | |||
| Consumer Discretionary | |||
| Materials | |||
| Energy |
| Top 10 Holdings | % Net Assets | |
| Advanced Micro Devices Inc | ||
| DigitalOcean Holdings Inc | ||
| NVIDIA Corp | ||
| Apple Inc | ||
| Alphabet Inc | ||
| Cloudflare Inc | ||
| Visa Inc | ||
| Broadcom Inc | ||
| Trane Technologies PLC | ||
| Lam Research Corp |
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 16 |
|
|
This annual shareholder report contains important information about the Integrity Growth & Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class I shares returned 31.31%. | |
| • | In comparison, the S&P 500 Index (the Benchmark) returned 19.56% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Energy and technology were the best performing sectors, while communication services and consumer discretionary performed the worst. | |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology and an underweight allocation to consumer discretionary. | |
| • | Detracting from relative performance was selection within consumer discretionary. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | Inception^ | |
| Class I | |||
S&P 500 TR Index | |||
| ^ | |||
*
| The Integrity Funds | July 31, 2026 Page 17 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Information Technology | |||
| Financials | |||
| Industrials | |||
| Cash Equivalents and Other | |||
| Communication Services | |||
| Health Care | |||
| Consumer Staples | |||
| Utilities | |||
| Consumer Discretionary | |||
| Materials | |||
Energy | |
| Top 10 Holdings | % Net Assets | |
| Advanced Micro Devices Inc | ||
| DigitalOcean Holdings Inc | ||
| NVIDIA Corp | ||
| Apple Inc | ||
| Alphabet Inc | ||
| Cloudflare Inc | ||
| Visa Inc | ||
| Broadcom Inc | ||
| Trane Technologies PLC | ||
| Lam Research Corp | ||
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 18 |
|
|
This annual shareholder report contains important information about the Integrity High Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund's Class A shares returned 4.68%. | |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the Benchmark) returned 5.17% for the same period. | |
| What affected the Fund’s performance? | ||
| • | The Fund’s relative underperformance during the period was driven largely by security selection in the Transportation Services, REITS - Other and Chemicals sectors. Conversely, security selection in the Media Entertainment, Cable Satellite and Technology sectors contributed to relative performance. | |
| • | Compared to the benchmark on July 31, 2026, the Integrity High Income Fund was overweight in Cable Satellite, Leisure and Consumer Products due to the Fund's view of relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers as the Fund did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the benchmark on July 31, 2026, the Fund had a lower yield, tighter spread and was more defensively positioned in duration. | |
| • | Specifically, relative weightings in Hertz Global, Trinseo, VICI Properties, Ardagh Group and The-Michaels detracted from the Fund's relative performance during the trailing 12 month period. Conversely, relative weightings in iHeartMedia, Clear Channel Outdoor, Cooper-Standard Holdings, Echostar and DISH Network contributed to the Fund's relative performance during the trailing 12 month period. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | |||
Class A with sales charge | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Bloomberg U.S. Corporate High Yield Bond Index |
*
| The Integrity Funds | July 31, 2026 Page 19 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Energy | |||
| Health Care | |||
| Materials | |||
| Information Technology | |||
| Cash Equivalents and Other | |||
| Utilities | |||
| Consumer Staples | |||
| Real Estate | |||
| Financials | |||
U.S. Treasury Obligations | |
| Credit Rating Breakdown* | % Net Assets | |
| AA | ||
| BBB | ||
| BB | ||
| B | ||
| CCC | ||
| CC | ||
| D | ||
| NR | ||
*
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 20 |
|
|
This annual shareholder report contains important information about the Integrity High Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class C shares returned 3.90%. | |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the Benchmark) returned 5.17% for the same period. | |
| What affected the Fund’s performance? | ||
| • | The Fund’s relative underperformance during the period was driven largely by security selection in the Transportation Services, REITS - Other and Chemicals sectors. Conversely, security selection in the Media Entertainment, Cable Satellite and Technology sectors contributed to relative performance. | |
| • | Compared to the benchmark on July 31, 2026, the Integrity High Income Fund was overweight in Cable Satellite, Leisure and Consumer Products due to the Fund's view of relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers as the Fund did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the benchmark on July 31, 2026, the Fund had a lower yield, tighter spread and was more defensively positioned in duration. | |
| • | Specifically, relative weightings in Hertz Global, Trinseo, VICI Properties, Ardagh Group and The-Michaels detracted from the Fund's relative performance during the trailing 12 month period. Conversely, relative weightings in iHeartMedia, Clear Channel Outdoor, Cooper-Standard Holdings, Echostar and DISH Network contributed to the Fund's relative performance during the trailing 12 month period. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted without sales charges. There is a 1% contingent deferred sales charge on any Class C shares you sell within 12 months of purchase. This would not apply to the chart below as the investment is held for over 12 months.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class C without sales charge | |||
| Class C with sales charge | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
| Bloomberg U.S. Corporate High Yield Bond Index |
*
| The Integrity Funds | July 31, 2026 Page 21 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Energy | |||
| Health Care | |||
| Materials | |||
| Information Technology | |||
| Cash Equivalents and Other | |||
| Utilities | |||
| Consumer Staples | |||
| Real Estate | |||
| Financials | |||
| U.S. Treasury Obligations |
| Credit Rating Breakdown* | % Net Assets | |
| AA | ||
| BBB | ||
| BB | ||
| B | ||
| CCC | ||
| CC | ||
| D | ||
| NR | ||
*
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 22 |
|
|
This annual shareholder report contains important information about the Integrity High Income Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class I shares returned 4.80%. | |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the Benchmark) returned 5.17% for the same period. | |
| What affected the Fund’s performance? | ||
| • | The Fund’s relative underperformance during the period was driven largely by security selection in the Transportation Services, REITS - Other and Chemicals sectors. Conversely, security selection in the Media Entertainment, Cable Satellite and Technology sectors contributed to relative performance. | |
| • | Compared to the benchmark on July 31, 2026, the Integrity High Income Fund was overweight in Cable Satellite, Leisure and Consumer Products due to the Fund's view of relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers as the Fund did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the benchmark on July 31, 2026, the Fund had a lower yield, tighter spread and was more defensively positioned in duration. | |
| • | Specifically, relative weightings in Hertz Global, Trinseo, VICI Properties, Ardagh Group and The-Michaels detracted from the Fund's relative performance during the trailing 12 month period. Conversely, relative weightings in iHeartMedia, Clear Channel Outdoor, Cooper-Standard Holdings, Echostar and DISH Network contributed to the Fund's relative performance during the trailing 12 month period. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | Inception^ | |
| Class I | |||
| Bloomberg U.S. Aggregate Bond Index | - | ||
| Bloomberg U.S. Corporate High Yield Bond Index | |||
| ^ | |||
*
| The Integrity Funds | July 31, 2026 Page 23 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Consumer Discretionary | |||
| Communication Services | |||
| Industrials | |||
| Energy | |||
| Health Care | |||
| Materials | |||
| Information Technology | |||
| Cash Equivalents and Other | |||
| Utilities | |||
| Consumer Staples | |||
| Real Estate | |||
| Financials | |||
| U.S. Treasury Obligations |
| Credit Rating Breakdown* | % Net Assets | |
| AA | ||
| BBB | ||
| BB | ||
| B | ||
| CCC | ||
| CC | ||
| D | ||
| NR |
*
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 24 |
|
|
This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class A shares returned 35.85%. | |
| • | In comparison, the S&P 1500 Energy Index (the Benchmark) returned 41.88% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Crude oil prices experienced heightened volatility over the period, driven primarily by escalating geopolitical tensions surrounding Iran and regional supply disruption risks. Crude oil finished the period moderately higher. | |
| • | Detracting from relative performance versus the Benchmark over the period was an overweight allocation to utilities and independent power producers. | |
| • | Aiding relative performance was selection within midstream and oilfield service. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class A without sales charge | |||
| Class A with sales charge | |||
| S&P 1500 TR Index | |||
| S&P 1500 Energy TR Index |
*
| The Integrity Funds | July 31, 2026 Page 25 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Utilities | |||
| Industrials | |||
| Information Technology | |||
| Real Estate | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Consumer Staples |
| Top 10 Holdings | % Net Assets | |
| Cheniere Energy Inc | ||
| Williams Cos Inc/The | ||
| Valero Energy Corp | ||
| Targa Resources Corp | ||
| Permian Resources Corp | ||
| Diamondback Energy Inc | ||
| Chevron Corp | ||
| Baker Hughes a GE Co | ||
| Phillips 66 | ||
| Archrock Inc |
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 26 |
|
Integrity Mid-North American Resources Fund
|
This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class C shares returned 35.35%. | |
| • | In comparison, the S&P 1500 Energy Index (the Benchmark) returned 41.88% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve (“the Fed”) reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed’s rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Crude oil prices experienced heightened volatility over the period, driven primarily by escalating geopolitical tensions surrounding Iran and regional supply disruption risks. Crude oil finished the period moderately higher. | |
| • | Detracting from relative performance versus the Benchmark over the period was an overweight allocation to utilities and independent power producers. | |
| • | Aiding relative performance was selection within midstream and oilfield service. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted without sales charges. There is a 1% contingent deferred sales charge on any Class C shares you sell within 12 months of purchase. This would not apply to the chart below as the investment is held for over 12 months.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class C without sales charge | |||
| Class C with sales charge | |||
| S&P 1500 TR Index | |||
| S&P 1500 Energy TR Index |
*
| The Integrity Funds | July 31, 2026 Page 27 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Utilities | |||
| Industrials | |||
| Information Technology | |||
| Real Estate | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Consumer Staples |
| Top 10 Holdings | % Net Assets | |
| Cheniere Energy Inc | ||
| Williams Cos Inc/The | ||
| Valero Energy Corp | ||
| Targa Resources Corp | ||
| Permian Resources Corp | ||
| Diamondback Energy Inc | ||
| Chevron Corp | ||
| Baker Hughes a GE Co | ||
| Phillips 66 | ||
| Archrock Inc |
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 28 |
|
|
This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
How did the Fund perform last year?
| ||
| • | For the 12 month period ended July 31, 2026, the Fund's Class I shares returned 36.69%. | |
| • | In comparison, the S&P 1500 Energy Index (the Benchmark) returned 41.88% for the same period. | |
| What affected the Fund’s performance? | ||
| • | During the period, the Federal Reserve ("the Fed") reduced rates by 0.25% in September 2025, 0.25% in October 2025, and 0.25% in December 2025, bringing the Federal Funds Rate to 3.50%-3.75%. | |
| • | U.S. stocks rose over the period. Performance was supported by continued optimism surrounding artificial intelligence and solid corporate earnings, while the Fed's rate cuts provided additional support. Markets experienced periods of volatility amid concerns over tariffs, inflation, interest rates, and geopolitical tensions. | |
| • | Crude oil prices experienced heightened volatility over the period, driven primarily by escalating geopolitical tensions surrounding Iran and regional supply disruption risks. Crude oil finished the period moderately higher. | |
| • | Detracting from relative performance versus the Benchmark over the period was an overweight allocation to utilities and independent power producers. | |
| • | Aiding relative performance was selection within midstream and oilfield service. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | Inception^ | |
| Class I | |||
| S&P 1500 TR Index | |||
| S&P 1500 Energy TR Index | |||
| ^ | |||
*
| The Integrity Funds | July 31, 2026 Page 29 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Sectors | % Net Assets | ||
| Energy | |||
| Utilities | |||
| Industrials | |||
| Information Technology | |||
| Real Estate | |||
| Cash Equivalents and Other | |||
| Materials | |||
| Consumer Discretionary | |||
| Consumer Staples |
| Top 10 Holdings | % Net Assets | |
| Cheniere Energy Inc | ||
| Williams Cos Inc/The | ||
| Valero Energy Corp | ||
| Targa Resources Corp | ||
| Permian Resources Corp | ||
| Diamondback Energy Inc | ||
| Chevron Corp | ||
| Baker Hughes a GE Co | ||
| Phillips 66 | ||
| Archrock Inc |
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 30 |
|
|
This annual shareholder report contains important information about the Integrity Short Term Government Fund. Period covered: August 1, 2025 through July 31, 2026
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class A shares returned 5.23%. | |
| • | In comparison, the ICE BofA 1–3 Year U.S. Treasury Index (the Benchmark) returned 3.15% for the same period. | |
| What affected the Fund’s performance? | ||
| • | Fixed income markets experienced shifting Federal Reserve ("the Fed") expectations and significant changes in the shape of the Treasury yield curve during the 12 month period. The Fed reduced policy rates during the latter part of 2025, while persistent inflation and resilient economic activity subsequently led markets to reassess the pace and extent of additional easing in 2026. Geopolitical uncertainty also contributed to higher rate volatility, particularly during the first quarter of 2026. The Fund’s short-duration profile helped limit sensitivity to these fluctuations while allowing the portfolio to benefit from attractive front-end income. | |
| • | The Fund’s exposure to Agency mortgage-backed securities contributed positively to performance and relative returns. The sector benefited from attractive yields relative to comparable-duration Treasuries, favorable supply and demand technicals, and generally slower prepayment activity. The Fund’s emphasis on seasoned collateral, specified pools, and securities with favorable prepayment characteristics supported income generation and security selection. Agency MBS also benefited at times from lower interest-rate volatility and strong institutional demand. | |
| • | The Fund maintained a moderately longer duration than the Benchmark, while continuing to emphasize short- and intermediate-duration securities. This positioning allowed the portfolio to earn incremental carry without assuming significant long-term interest-rate exposure. Active management of duration and the yield curve also helped navigate periods of both falling rates and the subsequent backup in Treasury yields during 2026. | |
| • | Income was the primary driver of the Fund’s return, supported by a portfolio yield that generally exceeded that of the Benchmark. The combination of higher income, Agency MBS exposure, and security selection enabled the Fund to outperform the 1–3 Year Treasury Index by approximately 2.08 percentage points over the 12 month period. | |
How did the Fund perform since inception?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted with and without sales charges.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | Inception^ | |
| Class A without sales charge | |||
| Class A with sales charge | |||
| Bloomberg U.S. Aggregate Bond Index | - | ||
| ICE BofA 1-3 Year U.S. Treasury Index | |||
| ^ | |||
*
| The Integrity Funds | July 31, 2026 Page 31 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Assets | % Net Assets | ||
| Mortgage Backed Securities | |||
| Cash Equivalents and Other | |||
| U.S. Government Treasury Bills |
| Top 10 Holdings | % Net Assets | |
| Freddie Mac Pool, 5.5000% 12/01/2050 | ||
| Fannie Mae Pool, 5.0000% 10/01/2050 | ||
| Freddie Mac Real Estate Mortgage Investment Conduit, 5.0000% 08/25/2051 | ||
| Ginnie Mae II Pool, 5.5000% 01/20/2056 (H15T 1 Year + 1.500%)* | ||
| Government National Mortgage Association, 1.20382% 08/16/2063 | ||
| Fannie Mae Real Estate Mortgage Investment Conduit, 5.0000% 07/25/2055 | ||
| Government National Mortgage Association, 0.97478% 12/16/2062 | ||
| Freddie Mac Pool, 5.0000% 03/01/2051 | ||
| Fannie Mae Pool, 5.0000% 01/01/2056 | ||
| Government National Mortgage Association, 0.57524% 08/16/2067 |
*
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
| The Integrity Funds | July 31, 2026 Page 32 |
|
|
|
The Integrity Funds July 31, 2026 |
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $ |
| How did the Fund perform last year? | ||
| • | For the 12 month period ended July 31, 2026, the Fund’s Class I shares returned 5.49%. | |
| In comparison, the ICE BofA 1–3 Year U.S. Treasury Index (the Benchmark) returned 3.15% for the same period. | ||
| What affected the Fund’s performance? | ||
| • | Fixed income markets experienced shifting Federal Reserve ("the Fed") expectations and significant changes in the shape of the Treasury yield curve during the 12 month period. The Fed reduced policy rates during the latter part of 2025, while persistent inflation and resilient economic activity subsequently led markets to reassess the pace and extent of additional easing in 2026. Geopolitical uncertainty also contributed to higher rate volatility, particularly during the first quarter of 2026. The Fund’s short-duration profile helped limit sensitivity to these fluctuations while allowing the portfolio to benefit from attractive front-end income. | |
| • | The Fund’s exposure to Agency mortgage-backed securities contributed positively to performance and relative returns. The sector benefited from attractive yields relative to comparable-duration Treasuries, favorable supply and demand technicals, and generally slower prepayment activity. The Fund’s emphasis on seasoned collateral, specified pools, and securities with favorable prepayment characteristics supported income generation and security selection. Agency MBS also benefited at times from lower interest-rate volatility and strong institutional demand. | |
| • | The Fund maintained a moderately longer duration than the Benchmark, while continuing to emphasize short- and intermediate-duration securities. This positioning allowed the portfolio to earn incremental carry without assuming significant long-term interest-rate exposure. Active management of duration and the yield curve also helped navigate periods of both falling rates and the subsequent backup in Treasury yields during 2026. | |
| • | Income was the primary driver of the Fund’s return, supported by a portfolio yield that generally exceeded that of the Benchmark. The combination of higher income, Agency MBS exposure, and security selection enabled the Fund to outperform the 1–3 Year Treasury Index by approximately 2.34 percentage points over the 12 month period. | |
How did the Fund perform over the past 10 years?*
The chart below reflects a hypothetical $10,000 investment in the class of shares noted.
CUMULATIVE PERFORMANCE
AVERAGE ANNUAL TOTAL RETURN (%)
For the Periods Ended July 31, 2026
| 1 Year | 5 Years | 10 Years | |
| Class I | |||
| Bloomberg U.S. Aggregate Bond Index | - | ||
| ICE BofA 1-3 Year U.S. Treasury Index |
*
| The Integrity Funds | July 31, 2026 Page 33 |
What are some key Fund statistics?
(as of July 31, 2026)
| Total Net Assets (Millions) | $ |
| Number of Holdings | |
| Net Advisory Fee Paid | $ |
| Annual Portfolio Turnover |
What did the Fund invest in?
(as of July 31, 2026)
| Assets | % Net Assets | ||
| Mortgage Backed Securities | |||
| Cash Equivalents and Other | |||
| U.S. Government Treasury Bills |
| Top 10 Holdings | % Net Assets | |
| Freddie Mac Pool, 5.5000% 12/01/2050 | ||
| Fannie Mae Pool, 5.0000% 10/01/2050 | ||
| Freddie Mac Real Estate Mortgage Investment Conduit, 5.0000% 08/25/2051 | ||
| Ginnie Mae II Pool, 5.5000% 01/20/2056 (H15T 1 Year + 1.500%)* | ||
| Government National Mortgage Association, 1.20382% 08/16/2063 | ||
| Fannie Mae Real Estate Mortgage Investment Conduit, 5.0000% 07/25/2055 | ||
| Government National Mortgage Association, 0.97478% 12/16/2062 | ||
| Freddie Mac Pool, 5.0000% 03/01/2051 | ||
| Fannie Mae Pool, 5.0000% 01/01/2056 | ||
| Government National Mortgage Association, 0.57524% 08/16/2067 |
*
Where can I find additional information about the Fund?
Additional information is available on the Fund's website, including…
• Prospectus • Financial information • Portfolio Holdings • Proxy voting information • Updated performance information
Website address:
The Integrity Funds | July 31, 2026
Page 34
Item 2. Code of Ethics
As of the end of the period covered by this report, The Integrity Funds (herein referred to as the “Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer (herein referred to as the “Code”). There were no amendments to the Code during the period covered by this report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period of this report. The Code is available on the Registrant’s website at www.integrityvikingfunds.com. A copy of the Code is also available, without charge, upon request by calling 800-601-5593. The Code is filed herewith pursuant to Item 19(a)(1) as EX-99.CODE ETH.
Item 3. Audit Committee Financial Expert
The Board of Trustees has determined that Jerry Stai is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stai is “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
|
|
(a) |
Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by Cohen & Company, Ltd. (“Cohen”), the principal accountant for the audit of the Registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $122,686 for the year ended July 31, 2026 and $126,157 for the year ended July 31, 2025. |
||
|
|
|
|
||
|
|
(b) |
Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended July 31, 2026 and $0 for the year ended July 31, 2025. |
||
|
|
|
|
||
|
|
(c) |
Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $18,280 for the year ended July 31, 2026 and $15,275 for the year ended July 31, 2025. Such services included review of excise distribution calculations (if applicable), preparation of the Trust’s federal, state, and excise tax returns, tax services related to mergers, and routine counseling. |
||
|
|
|
|
||
|
|
(d) |
All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by Cohen, other than the services reported in paragraphs (a) through (c) of this Item: Other fees include: (1) An examination of management’s assertion of the operating effectiveness of the internal controls over the transfer agent and registrar functions of Integrity Fund Services, LLC, under Rule 17ad-12(a)(3) for 2025 fiscal year-end for a fee of $3,250, (2) Global Investment Performance Standards verification services for Viking Fund Management, LLC for the periods from January 1, 2020 to December 31, 2024 for a fee of $9,000, (3) An examination of management’s assertion of the operating effectiveness of the internal controls over the transfer agent and registrar functions of Integrity Fund Services, LLC, under Rule 17ad-12(a)(3) for 2026 fiscal year-end for a fee of $3,250, and (4) Global Investment Performance Standards verification services for Viking Fund Management, LLC for the periods from January 1, 2025 to December 31, 2025 for a fee of $8,000. |
||
|
|
|
|
||
|
|
(e) |
(1) |
Audit Committee Pre-Approval Policies and Procedures |
|
|
|
|
|
|
|
|
|
|
|
|
The Registrant’s audit committee has adopted policies and procedures that require the audit committee to pre-approve all audit and non-audit services provided to the Registrant by the principal accountant. |
|
|
|
|
|
|
|
|
|
(2) |
Percentage of services referred to in 4(b) through 4(d) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X |
|
|
|
|
|
|
|
|
|
|
|
|
100% of the services described in paragraphs (b) through (d) of Item 4 were pre-approved by the audit committee. |
|
|
|
|
||
|
|
(f) |
Not applicable. All services performed on the engagement to audit the Registrant’s financial statements for the most recent fiscal year-end were performed by Cohen’s full-time permanent employees. |
||
|
|
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||
|
|
(g) |
Non-Audit Fees: None. |
||
|
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||
|
|
(h) |
Principal Accountant’s Independence: The Registrant’s auditor did not provide any non-audit services to the Registrant’s investment adviser or any entity controlling, controlled by, or controlled with the Registrant’s investment adviser that provides ongoing services to the Registrant. |
||
|
|
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||
|
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(i) |
Not applicable. |
||
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||
|
|
(j) |
Not applicable. |
||
The Integrity Funds | July 31, 2026
Page 35
Item 5. Audit Committee of Listed Registrants
The independent board members are acting as the Registrant’s Audit Committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c)(a)(58)(A)). The Audit Committee consists of the following Board members: Jerry M. Stai, R. James Maxson, and Wade A. Dokken.
Item 6. Investments
See Item 7.
The Integrity Funds | July 31, 2026
Page 36
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
The Integrity Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Integrity Funds comprising the funds listed below (the “Funds”) as of July 31, 2026, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| Fund Name | Statements of Operations |
Statements of Changes in Net Assets |
Financial Highlights |
| Integrity Dividend Harvest Fund, Integrity Growth & Income Fund, Integrity High Income Fund, Integrity Mid-North American Resources Fund, and Integrity Short Term Government Fund | For the year ended July 31, 2026 | For the years ended July 31, 2026 and 2025 | For the years ended July 31, 2026, 2025, 2024, 2023, and 2022 |
| Integrity Dividend Summit Fund | For the year ended July 31, 2026 | For the years ended July 31, 2026 and 2025 | For the years ended July 31, 2026, 2025, 2024, and the period from May 1, 2023 (commencement of operations) through July 31, 2023 |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian, counterparties, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies advised by Viking Fund Management since 2009.
/s/ COHEN & COMPANY, LTD.
COHEN & COMPANY, LTD.
Greenwood Village, Colorado
September 25, 2026
The Integrity Funds | July 31, 2026
Page 37
Schedule of Investments - July 31, 2026
Integrity Dividend Harvest Fund
|
Fair |
||||
|
Shares |
|
Value |
||
|
COMMON STOCKS (97.6%) |
||||
|
Communication Services (4.6%) |
||||
|
AT&T INC |
580,000 |
$ |
13,485,000 |
|
|
T MOBILE US INC |
30,000 |
5,181,300 |
||
|
ARRAY DIGITAL INFRASTRUCTURE INC |
60,000 |
2,090,400 |
||
|
VERIZON COMMUNICATIONS INC |
350,000 |
16,383,500 |
||
|
|
37,140,200 |
|||
|
Consumer Discretionary (6.0%) |
||||
|
BEST BUY CO INC |
100,000 |
8,626,000 |
||
|
GENUINE PARTS CO |
160,000 |
19,899,200 |
||
|
HOME DEPOT INC/THE |
22,000 |
7,303,120 |
||
|
MCDONALD'S CORP |
25,000 |
6,766,000 |
||
|
STARBUCKS CORP |
52,000 |
5,473,000 |
||
|
|
48,067,320 |
|||
|
Consumer Staples (13.2%) |
||||
|
ALTRIA GROUP INC |
190,000 |
12,982,700 |
||
|
BRITISH AMERICAN TOBACCO PLC ADR |
220,000 |
13,343,000 |
||
|
COCA COLA CO/THE |
135,000 |
11,824,650 |
||
|
KIMBERLY CLARK CORP |
132,000 |
14,428,920 |
||
|
MCCORMICK & CO INC/MD |
330,000 |
16,797,000 |
||
|
PEPSICO INC |
140,000 |
19,538,400 |
||
|
PHILIP MORRIS INTERNATIONAL INC |
30,000 |
5,724,600 |
||
|
PROCTER & GAMBLE CO/THE |
80,000 |
11,559,200 |
||
|
|
106,198,470 |
|||
|
Energy (15.9%) |
||||
|
EXPAND ENERGY CORP |
50,000 |
4,701,500 |
||
|
CHEVRON CORP |
156,000 |
30,705,480 |
||
|
DEVON ENERGY CORP |
100,000 |
4,513,000 |
||
|
EXXONMOBIL HOLDINGS CORP |
40,000 |
6,217,600 |
||
|
PHILLIPS 66 |
50,000 |
10,584,000 |
||
|
SHELL PLC ADR |
132,000 |
12,141,360 |
||
|
TC ENERGY CORP |
350,000 |
23,600,500 |
||
|
WILLIAMS COS INC/THE |
280,000 |
20,031,200 |
||
|
TOTALENERGIES SE |
150,000 |
13,179,000 |
||
|
TEEKAY CORP LTD |
230,000 |
2,679,500 |
||
|
|
128,353,140 |
|||
|
Financials (17.1%) |
||||
|
ALLSTATE CORP/THE |
35,000 |
9,242,800 |
||
|
AMERICAN FINANCIAL GROUP INC/OH |
108,000 |
15,305,760 |
||
|
BANK OF AMERICA CORP |
230,000 |
14,248,500 |
||
|
BLACKROCK INC |
8,000 |
8,723,120 |
||
|
CITIGROUP INC |
98,000 |
12,980,100 |
||
|
FIFTH THIRD BANCORP |
270,000 |
15,255,000 |
||
|
JPMORGAN CHASE & CO |
32,000 |
11,257,280 |
||
|
MORGAN STANLEY |
95,000 |
19,989,900 |
||
|
OLD REPUBLIC INTERNATIONAL CORP |
200,000 |
8,642,000 |
||
|
PRUDENTIAL FINANCIAL INC |
130,000 |
15,870,400 |
||
|
UNUM GROUP |
70,000 |
6,027,700 |
||
|
|
137,542,560 |
The Integrity Funds | July 31, 2026
Page 38
|
Health Care (12.7%) |
||||
|
ABBVIE INC |
110,000 |
27,603,400 |
||
|
BRISTOL MYERS SQUIBB CO |
430,000 |
28,083,300 |
||
|
ELI LILLY & CO |
11,000 |
12,637,240 |
||
|
MERCK & CO INC |
100,000 |
13,020,000 |
||
|
NOVO NORDISK A/S ADR |
270,000 |
12,711,600 |
||
|
PFIZER INC |
320,000 |
8,003,200 |
||
|
|
102,058,740 |
|||
|
Industrials (3.1%) |
||||
|
ILLINOIS TOOL WORKS INC |
17,000 |
4,878,150 |
||
|
LOCKHEED MARTIN CORP |
13,000 |
7,575,620 |
||
|
PAYCHEX INC |
60,000 |
7,010,400 |
||
|
UNITED PARCEL SERVICE INC |
55,000 |
5,732,100 |
||
|
|
25,196,270 |
|||
|
Information Technology (15.5%) |
||||
|
BROADCOM INC |
103,000 |
40,095,840 |
||
|
CORNING INC |
130,000 |
17,972,500 |
||
|
DELL TECHNOLOGIES INC |
39,000 |
15,809,430 |
||
|
HEWLETT PACKARD ENTERPRISE CO |
500,000 |
23,950,000 |
||
|
INTERNATIONAL BUSINESS MACHINES CORP |
50,000 |
11,182,500 |
||
|
QUALCOMM INC |
50,000 |
7,380,500 |
||
|
TEXAS INSTRUMENTS INC |
32,000 |
8,823,680 |
||
|
|
125,214,450 |
|||
|
Materials (1.1%) |
||||
|
EASTMAN CHEMICAL CO |
130,000 |
9,093,500 |
||
|
9,093,500 |
||||
|
Utilities (8.4%) |
||||
|
ENTERGY CORP |
147,000 |
15,820,140 |
||
|
EVERGY INC |
100,000 |
8,301,000 |
||
|
NEXTERA ENERGY INC |
250,000 |
21,730,000 |
||
|
SPIRE INC |
60,000 |
4,791,600 |
||
|
XCEL ENERGY INC |
210,000 |
16,422,000 |
||
|
|
67,064,740 |
|||
|
TOTAL INVESTMENTS (Cost $602,503,203) |
$ |
785,929,390 |
||
|
OTHER ASSETS LESS LIABILITIES (2.4%) |
$ |
19,588,760 |
||
|
NET ASSETS (100.0%) |
$ |
805,518,150 |
||
|
PLC - Public Limited Company |
||||
|
ADR - American Depositary Receipt |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The Integrity Funds | July 31, 2026
Page 39
Schedule of Investments - July 31, 2026
Integrity Dividend Summit Fund
|
Fair |
||||
|
Shares |
|
Value |
||
|
COMMON STOCKS (94.1%) |
||||
|
Communication Services (7.3%) |
||||
|
AT&T INC |
15,000 |
$ |
348,750 |
|
|
ARRAY DIGITAL INFRASTRUCTURE INC |
2,800 |
97,552 |
||
|
VERIZON COMMUNICATIONS INC |
17,000 |
795,770 |
||
|
|
1,242,072 |
|||
|
Consumer Discretionary (4.1%) |
||||
|
BEST BUY CO INC |
6,000 |
517,560 |
||
|
BUCKLE INC/THE |
4,000 |
175,080 |
||
|
|
692,640 |
|||
|
Consumer Staples (15.2%) |
||||
|
ALTRIA GROUP INC |
12,000 |
819,960 |
||
|
BRITISH AMERICAN TOBACCO PLC ADR |
10,000 |
606,500 |
||
|
KIMBERLY CLARK CORP |
7,000 |
765,170 |
||
|
MCCORMICK & CO INC/MD |
8,000 |
407,200 |
||
|
|
2,598,830 |
|||
|
Energy (18.3%) |
||||
|
CHEVRON CORP |
2,500 |
492,075 |
||
|
DIVERSIFIED ENERGY COMPANY |
15,000 |
201,900 |
||
|
ENBRIDGE INC ADR |
6,000 |
326,760 |
||
|
PERMIAN RESOURCES CORP |
11,000 |
234,410 |
||
|
SOUTH BOW CORP ADR |
12,000 |
445,200 |
||
|
NOBLE CORP PLC |
10,000 |
424,000 |
||
|
DORIAN LPG LTD |
21,000 |
995,820 |
||
|
|
3,120,165 |
|||
|
Financials (17.0%) |
||||
|
AMERICAN FINANCIAL GROUP INC/OH |
3,000 |
425,160 |
||
|
ING GROEP NV ADR |
10,000 |
349,300 |
||
|
PRUDENTIAL FINANCIAL INC |
5,000 |
610,400 |
||
|
REGIONS FINANCIAL CORP |
12,000 |
371,400 |
||
|
TRUIST FINANCIAL CORP |
12,000 |
622,080 |
||
|
UBS GROUP AG |
10,000 |
527,400 |
||
|
|
2,905,740 |
|||
|
Health Care (12.1%) |
||||
|
BRISTOL MYERS SQUIBB CO |
13,000 |
849,030 |
||
|
PFIZER INC |
18,000 |
450,180 |
||
|
SANOFI SA ADR |
18,000 |
775,440 |
||
|
|
2,074,650 |
|||
|
Industrials (2.4%) |
||||
|
UNITED PARCEL SERVICE INC |
4,000 |
416,880 |
||
|
|
416,880 |
|||
|
Information Technology (4.0%) |
||||
|
BROADCOM INC |
1,000 |
389,280 |
||
|
QUALCOMM INC |
2,000 |
295,220 |
||
|
|
684,500 |
|||
|
Materials (4.3%) |
||||
|
BHP GROUP LTD ADR |
3,000 |
253,470 |
||
|
RIO TINTO PLC ADR |
3,000 |
290,550 |
||
|
LYONDELLBASELL INDUSTRIES NV |
3,000 |
186,240 |
||
|
|
730,260 |
The Integrity Funds | July 31, 2026
Page 40
|
Utilities (9.4%) |
||||
|
DOMINION RESOURCES INC/VA |
3,500 |
242,095 |
||
|
EVERSOURCE ENERGY |
4,000 |
286,360 |
||
|
NRG ENERGY INC |
1,500 |
201,435 |
||
|
NATIONAL GRID PLC ADR |
5,000 |
399,850 |
||
|
NEXTERA ENERGY INC |
2,300 |
199,916 |
||
|
PORTLAND GENERAL ELECTRIC CO |
5,500 |
271,315 |
||
|
|
1,600,971 |
|||
|
TOTAL INVESTMENTS (COST: $13,817,800) |
$ |
16,066,708 |
||
|
OTHER ASSETS LESS LIABILITIES (5.9%) |
$ |
1,016,019 |
||
|
NET ASSETS (100.0%) |
$ |
17,082,727 |
||
|
PLC - Public Limited Company |
||||
|
ADR - American Depositary Receipt |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The Integrity Funds | July 31, 2026
Page 41
Schedule of Investments - July 31, 2026
Integrity Growth & Income Fund
|
Fair |
||||
|
Shares |
|
Value |
||
|
COMMON STOCKS (89.7%) |
||||
|
Communication Services (5.2%) |
||||
|
AT&T INC |
65,000 |
$ |
1,511,250 |
|
|
ALPHABET INC |
18,000 |
6,410,340 |
||
|
|
7,921,590 |
|||
|
Consumer Discretionary (2.7%) |
||||
|
HOME DEPOT INC/THE |
6,000 |
1,991,760 |
||
|
LOWE'S COS INC |
10,000 |
2,078,100 |
||
|
|
4,069,860 |
|||
|
Consumer Staples (4.3%) |
||||
|
KIMBERLY CLARK CORP |
21,000 |
2,295,510 |
||
|
PEPSICO INC |
11,000 |
1,535,160 |
||
|
TARGET CORP |
18,000 |
2,600,820 |
||
|
|
6,431,490 |
|||
|
Energy (1.6%) |
||||
|
KINDER MORGAN INC/DE |
75,000 |
2,413,500 |
||
|
|
2,413,500 |
|||
|
Financials (13.4%) |
||||
|
BANK OF AMERICA CORP |
30,000 |
1,858,500 |
||
|
JPMORGAN CHASE & CO |
12,000 |
4,221,480 |
||
|
MASTERCARD INC |
7,000 |
4,011,700 |
||
|
PNC FINANCIAL SERVICES GROUP INC/THE |
10,000 |
2,498,700 |
||
|
S&P GLOBAL INC |
5,000 |
2,059,650 |
||
|
VISA INC |
15,000 |
5,491,950 |
||
|
|
20,141,980 |
|||
|
Health Care (4.7%) |
||||
|
*EDWARDS LIFESCIENCES CORP |
20,000 |
1,721,400 |
||
|
THERMO FISHER SCIENTIFIC INC |
5,000 |
2,871,500 |
||
|
UNITEDHEALTH GROUP INC |
6,000 |
2,486,400 |
||
|
|
7,079,300 |
|||
|
Industrials (10.8%) |
||||
|
CATERPILLAR INC |
4,000 |
3,259,240 |
||
|
DEERE & CO |
5,000 |
2,963,350 |
||
|
FEDEX CORP |
7,000 |
2,151,800 |
||
|
WASTE MANAGEMENT INC |
13,000 |
2,945,150 |
||
|
TRANE TECHNOLOGIES PLC |
11,000 |
5,004,450 |
||
|
|
16,323,990 |
|||
|
Information Technology (41.0%) |
||||
|
*ADVANCED MICRO DEVICES INC |
15,000 |
7,142,250 |
||
|
APPLE INC |
21,000 |
6,487,110 |
||
|
BROADCOM INC |
14,000 |
5,449,920 |
||
|
CISCO SYSTEMS INC |
15,000 |
1,739,850 |
||
|
*CLOUDFLARE INC |
21,000 |
5,858,580 |
||
|
*DIGITALOCEAN HOLDINGS INC |
60,000 |
7,050,000 |
||
|
INTUIT INC |
5,000 |
1,580,350 |
||
|
KLA TENCOR CORP |
25,000 |
4,570,500 |
||
|
LAM RESEARCH CORP |
16,000 |
4,688,320 |
||
|
MICROSOFT CORP |
6,000 |
2,788,320 |
||
|
NVIDIA CORP |
35,000 |
7,026,250 |
||
|
*PALO ALTO NETWORKS INC |
13,203 |
4,381,151 |
||
|
QUALCOMM INC |
20,000 |
2,952,200 |
||
|
|
61,714,801 |
The Integrity Funds | July 31, 2026
Page 42
|
Materials (2.2%) |
||||
|
AIR PRODUCTS & CHEMICALS INC |
11,000 |
3,243,790 |
||
|
|
3,243,790 |
|||
|
Utilities (3.8%) |
||||
|
EXELON CORP |
60,000 |
2,749,200 |
||
|
NEXTERA ENERGY INC |
35,000 |
3,042,200 |
||
|
|
5,791,400 |
|||
|
TOTAL INVESTMENTS (COST $58,548,735) |
$ |
135,131,701 |
||
|
OTHER ASSETS LESS LIABILITIES (10.3%) |
$ |
15,514,178 |
||
|
NET ASSETS (100.0%) |
$ |
150,645,879 |
||
|
*Non-income producing |
||||
|
PLC - Public Limited Company |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The Integrity Funds | July 31, 2026
Page 43
Schedule of Investments - July 31, 2026
Integrity High Income Fund
|
Principal |
Fair |
|||
|
Amount |
|
Value |
||
|
CORPORATE BONDS (92.3%) |
||||
|
Communication Services (18.4%) |
||||
|
AP CORE HOLDINGS II LLC 144A 11.000% 05/15/2031 CALLABLE @ 105.500 05/15/2027 |
36,000 |
$ |
37,574 |
|
|
ALTICE FRANCE SA 144A 6.875% 10/15/2030 CALLABLE @ 101.000 10/01/2026 |
156,439 |
152,729 |
||
|
ALTICE FRANCE SA 144A 6.500% 04/15/2032 CALLABLE @ 101.000 10/01/2026 |
30,000 |
29,033 |
||
|
ALTICE FRANCE SA 144A 6.875% 07/15/2032 CALLABLE @ 100.000 10/15/2026 |
55,000 |
53,393 |
||
|
APLD COMPUTECO 2 LLC 144A 6.750% 03/15/2031 CALLABLE @ 103.375 03/15/2028 |
67,000 |
65,514 |
||
|
ARCHES BUYER INC 144A 4.250% 06/01/2028 |
85,000 |
82,287 |
||
|
ARCHES BUYER INC 144A 6.125% 12/01/2028 |
17,000 |
16,624 |
||
|
#ARCHES BUYER, INC. 144A 9.000% 08/15/2031 CALLABLE @ 104.500 08/15/2028 |
37,000 |
37,232 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 5.125% 05/01/2027 |
15,000 |
14,969 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.750% 03/01/2030 CALLABLE @ 100.792 09/01/2026 |
684,000 |
639,090 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.500% 08/15/2030 CALLABLE @ 100.750 02/15/2027 |
606,000 |
552,935 |
||
|
CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 4.250% 02/01/2031 CALLABLE @ 100.708 07/01/2027 |
346,000 |
306,286 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 4.500% 05/01/2032 CALLABLE @ 101.125 05/01/2027 |
43,000 |
37,084 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP. 144A 4.750% 02/01/2032 CALLABLE @ 102.375 02/01/2027 |
93,000 |
81,208 |
||
|
CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP. 144A 7.375% 03/01/2031 CALLABLE @ 101.844 03/01/2027 |
119,000 |
118,488 |
||
|
CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 7.000% 02/01/2033 CALLABLE @ 103.500 02/01/2029 |
46,000 |
44,070 |
||
|
CSC HOLDINGS LLC 144A 6.500% 02/01/2029 CALLABLE @ 100.000 02/01/2027 |
400,000 |
226,470 |
||
|
CSC HOLDINGS LLC 144A 5.750% 01/15/2030 CALLABLE @ 100.958 01/15/2027 |
200,000 |
42,000 |
||
|
CIPHER COMPUTE LLC 144A 7.125% 11/15/2030 CALLABLE @ 103.563 11/15/2027 |
34,000 |
34,678 |
||
|
CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.750% 04/15/2028 |
124,000 |
124,193 |
||
|
CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.500% 06/01/2029 |
188,000 |
188,294 |
||
|
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.125% 02/15/2031 CALLABLE @ 103.563 08/15/2027 |
160,000 |
165,025 |
||
|
CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.500% 03/15/2033 CALLABLE @ 103.750 09/15/2028 |
77,000 |
80,707 |
||
|
CONNECT HOLDING II LLC 144A 10.500% 04/03/2031 CALLABLE @ 100.000 12/24/2027 |
84,000 |
82,255 |
||
|
DIRECTV HOLDINGS LLC/DIRECTV FINANCING CO., INC. 144A 5.875% 08/15/2027 CALLABLE @ 100.000 08/15/2026 |
21,000 |
20,947 |
||
|
DISCOVERY COMMUNICATIONS LLC 5.000% 09/20/2037 CALLABLE @ 100.000 03/20/2037 |
15,000 |
10,987 |
||
|
(2)(3)DISH DBS CORP 144A 5.250% 12/01/2026 |
350,000 |
348,250 |
||
|
(2)(3)DISH DBS CORP 144A 5.750% 12/01/2028 CALLABLE @ 100.000 12/01/2027 |
65,000 |
62,793 |
||
|
DISCOVERY GLOBAL HOLDINGS, INC. 4.279% 03/15/2032 CALLABLE @ 100.000 12/15/2031 |
73,000 |
64,605 |
||
|
DISCOVERY GLOBAL HOLDINGS, INC. 5.050% 03/15/2042 CALLABLE @ 100.000 09/15/2041 |
45,000 |
30,825 |
||
|
ECHOSTAR CORP 6.750% 11/30/2030 CALLABLE @ 102.000 11/30/2026 |
50,829 |
51,551 |
||
|
ECHOSTAR CORP 10.750% 11/30/2029 CALLABLE @ 105.375 11/30/2026 |
80,000 |
86,536 |
||
|
VENTURE GLOBAL CALCASIEU PASS LLC 144A 7.500% 04/30/2031 CALLABLE @ 103.750 04/30/2028 |
45,000 |
42,643 |
||
|
ELK GROVE VILLAGE PROPERTY LLC 144A 7.500% 06/15/2031 CALLABLE @ 103.750 06/15/2028 |
12,000 |
11,514 |
||
|
GCI LLC 144A 4.750% 10/15/2028 |
176,000 |
172,371 |
||
|
GRAY MEDIA INC 144A 5.375% 11/15/2031 CALLABLE @ 102.688 11/15/2026 |
128,000 |
93,817 |
||
|
GRAY MEDIA INC 144A 4.750% 10/15/2030 CALLABLE @ 101.583 10/15/2026 |
53,000 |
40,951 |
||
|
GRAY MEDIA INC 144A 10.500% 07/15/2029 CALLABLE @ 102.625 07/15/2027 |
146,000 |
153,965 |
||
|
GRAY MEDIA, INC. 144A 7.250% 08/15/2033 CALLABLE @ 103.625 08/15/2028 |
93,000 |
91,981 |
The Integrity Funds | July 31, 2026
Page 44
|
HUGHES SATELLITE SYSTEMS CORP 6.625% 08/01/2026 |
20,000 |
8,503 |
||
|
IHEARTCOMMUNICATIONS INC 144A 9.125% 05/01/2029 CALLABLE @ 103.000 12/20/2026 |
300,251 |
278,256 |
||
|
IHEARTCOMMUNICATIONS INC 144A 10.875% 05/01/2030 CALLABLE @ 105.438 12/20/2026 |
192,587 |
147,136 |
||
|
IHEARTCOMMUNICATIONS INC 144A 7.750% 08/15/2030 CALLABLE @ 105.813 12/20/2026 |
107,293 |
94,106 |
||
|
LEVEL 3 FINANCING, INC. 144A 6.875% 06/30/2033 CALLABLE @ 103.438 06/30/2028 |
98,000 |
99,137 |
||
|
LEVEL 3 FINANCING INC 144A 7.000% 03/31/2034 CALLABLE @ 103.500 08/31/2028 |
89,265 |
90,799 |
||
|
LUMEN TECHNOLOGIES INC 144A 5.375% 06/15/2029 |
70,000 |
66,938 |
||
|
MCGRAW-HILL EDUCATION INC 144A 5.750% 08/01/2028 CALLABLE @ 100.000 08/01/2026 |
57,000 |
56,525 |
||
|
MERIDIAN ARC HOLDCO LLC 144A 6.250% 04/30/2031 CALLABLE @ 103.125 04/30/2028 |
140,000 |
134,569 |
||
|
STAGWELL GLOBAL LLC 144A 5.625% 08/15/2029 CALLABLE @ 100.000 08/15/2026 |
113,000 |
109,880 |
||
|
MIDCONTINENT COMMUNICATIONS 144A 8.000% 08/15/2032 CALLABLE @ 104.000 08/15/2027 |
70,000 |
59,452 |
||
|
NEWS CORP 144A 5.125% 02/15/2032 CALLABLE @ 102.563 02/15/2027 |
40,000 |
38,471 |
||
|
NEXSTAR MEDIA INC 144A 4.750% 11/01/2028 |
65,000 |
63,732 |
||
|
NEXSTAR MEDIA, INC. 144A 7.250% 04/15/2034 CALLABLE @ 103.625 04/15/2029 |
181,000 |
181,392 |
||
|
NEXSTAR MEDIA, INC. 144A 6.500% 09/15/2033 CALLABLE @ 103.250 03/15/2029 |
267,000 |
265,666 |
||
|
OAK-EAGLE ACQUIRECO, INC. 144A 7.250% 07/01/2033 CALLABLE @ 103.625 07/01/2029 |
39,000 |
40,408 |
||
|
OAK-EAGLE ACQUIRECO, INC. 144A 8.750% 07/01/2034 CALLABLE @ 104.375 07/01/2029 |
41,000 |
43,195 |
||
|
OUTFRONT MEDIA CAPITAL LLC 144A 4.625% 03/15/2030 CALLABLE @ 100.771 03/15/2027 |
15,000 |
14,487 |
||
|
OUTFRONT MEDIA CAPITAL LLC 144A 4.250% 01/15/2029 |
13,000 |
12,632 |
||
|
OUTFRONT MEDIA CAPITAL LLC 144A 7.375% 02/15/2031 CALLABLE @ 103.688 11/15/2026 |
77,000 |
79,653 |
||
|
OUTFRONT MEDIA CAPITAL LLC / OUTFRONT MEDIA 144A 6.000% 06/15/2034 CALLABLE @ 103.000 06/15/2029 |
16,000 |
15,785 |
||
|
PR RNO PROPERTY OWNER 1 LLC 144A 6.500% 05/01/2031 CALLABLE @ 103.250 05/01/2028 |
151,000 |
141,971 |
||
|
PHOTO HOLDINGS LLC 144A 12.000% 07/01/2031 CALLABLE @ 106.000 07/01/2028 |
88,000 |
90,662 |
||
|
SV RNO PROPERTY OWNER 1 LLC 144A 5.875% 03/01/2031 CALLABLE @ 102.938 03/01/2028 |
95,000 |
88,098 |
||
|
SINCLAIR TELEVISION GROUP INC 144A 8.125% 02/15/2033 CALLABLE @ 104.063 02/15/2028 |
58,000 |
59,477 |
||
|
SIRIUS XM RADIO LLC 144A 5.875% 04/15/2032 CALLABLE @ 102.938 04/15/2029 |
49,000 |
48,082 |
||
|
SIRIUS XM RADIO LLC 144A 5.000% 08/01/2027 |
87,000 |
86,877 |
||
|
SIRIUS XM RADIO LLC 144A 5.500% 07/01/2029 CALLABLE @ 100.000 07/01/2027 |
160,000 |
159,227 |
||
|
SIRIUS XM RADIO LLC 144A 4.125% 07/01/2030 CALLABLE @ 100.688 07/01/2027 |
33,000 |
30,856 |
||
|
SIRIUS XM RADIO LLC 144A 4.000% 07/15/2028 |
150,000 |
145,865 |
||
|
SIRIUS XM RADIO LLC 144A 3.875% 09/01/2031 CALLABLE @ 101.938 09/01/2026 |
70,000 |
63,163 |
||
|
SNAP INC 144A 6.875% 03/01/2033 CALLABLE @ 103.438 03/01/2028 |
22,000 |
21,517 |
||
|
STINGRAY COMPUTE LLC 144A 6.000% 06/15/2031 CALLABLE @ 103.000 06/15/2028 |
23,000 |
22,424 |
||
|
TELECOM ITALIA CAPITAL SA 6.375% 11/15/2033 |
12,000 |
12,350 |
||
|
UNIVISION COMMUNICATIONS INC 144A 7.375% 06/30/2030 CALLABLE @ 100.000 06/30/2027 |
65,000 |
64,724 |
||
|
UNIVISION COMMUNICATIONS, INC. 144A 8.500% 07/31/2031 CALLABLE @ 104.250 07/31/2027 |
3,000 |
2,993 |
||
|
UNIVISION COMMUNICATIONS INC 144A 9.375% 08/01/2032 CALLABLE @ 104.688 08/01/2028 |
53,000 |
52,939 |
||
|
UNIVISION COMMUNICATIONS, INC. 144A 8.875% 04/15/2033 CALLABLE @ 104.438 04/15/2029 |
32,000 |
30,995 |
||
|
VIASAT, INC. 144A 7.500% 05/30/2031 CALLABLE @ 101.875 05/30/2027 |
27,000 |
27,010 |
||
|
WULF COMPUTE LLC 144A 7.750% 10/15/2030 CALLABLE @ 103.875 10/15/2027 |
95,000 |
98,675 |
||
|
XPO INC 144A 6.250% 06/01/2028 CALLABLE @ 100.000 06/01/2027 |
45,000 |
45,338 |
||
|
YONDR JK 1 LLC 144A 6.875% 06/30/2031 CALLABLE @ 103.438 06/30/2028 |
22,000 |
20,908 |
||
|
|
7,710,747 |
|||
|
Consumer Discretionary (18.7%) |
||||
|
ACCO BRANDS CORP 144A 4.250% 03/15/2029 |
110,000 |
103,670 |
||
|
ACUSHNET CO. 144A 5.625% 12/01/2033 CALLABLE @ 102.813 12/01/2028 |
10,000 |
9,794 |
||
|
ADIENT GLOBAL HOLDINGS LTD 144A 7.000% 04/15/2028 CALLABLE @ 100.000 04/15/2027 |
3,000 |
3,045 |
||
|
ADIENT GLOBAL HOLDINGS LTD 144A 8.250% 04/15/2031 CALLABLE @ 102.063 04/15/2027 |
177,000 |
184,041 |
||
|
ADIENT GLOBAL HOLDINGS LTD 144A 7.500% 02/15/2033 CALLABLE @ 103.750 02/15/2028 |
63,000 |
65,012 |
||
|
AMERICAN AXLE & MANUFACTURING INC 6.875% 07/01/2028 |
27,000 |
27,000 |
||
|
ASBURY AUTOMOTIVE GROUP INC 4.500% 03/01/2028 |
87,000 |
86,046 |
||
|
ASBURY AUTOMOTIVE GROUP INC 4.750% 03/01/2030 CALLABLE @ 100.792 03/01/2027 |
11,000 |
10,675 |
||
|
ASBURY AUTOMOTIVE GROUP INC 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 |
20,000 |
19,397 |
||
|
AVIS BUDGET CAR RENTAL LLC 144A 5.750% 07/15/2027 |
24,000 |
24,005 |
||
|
AVIS BUDGET CAR RENTAL LLC 144A 5.375% 03/01/2029 |
100,000 |
97,351 |
||
|
AVIS BUDGET CAR RENTAL LLC 144A 4.750% 04/01/2028 |
50,000 |
49,195 |
||
|
AVIS BUDGET CAR RENTAL LLC 144A 8.000% 02/15/2031 CALLABLE @ 104.000 11/15/2026 |
9,000 |
8,986 |
||
|
AVIS BUDGET CAR RENTAL LLC 144A 8.250% 01/15/2030 CALLABLE @ 102.063 01/15/2027 |
107,000 |
108,597 |
The Integrity Funds | July 31, 2026
Page 45
|
AVIS BUDGET CAR RENTAL LLC / AVIS BUDGET FINANCE, 144A 8.375% 06/15/2032 CALLABLE @ 104.188 06/15/2028 |
51,000 |
50,755 |
||
|
BOYNE USA INC 144A 4.750% 05/15/2029 |
86,000 |
83,662 |
||
|
BUILDERS FIRSTSOURCE INC 144A 5.000% 03/01/2030 CALLABLE @ 100.833 03/01/2027 |
14,000 |
13,569 |
||
|
BUILDERS FIRSTSOURCE INC 144A 4.250% 02/01/2032 CALLABLE @ 102.125 08/01/2026 |
94,000 |
85,509 |
||
|
BUILDERS FIRSTSOURCE INC 144A 6.375% 06/15/2032 CALLABLE @ 103.188 06/15/2027 |
69,000 |
68,597 |
||
|
BUILDERS FIRSTSOURCE INC 144A 6.375% 03/01/2034 CALLABLE @ 103.188 03/01/2029 |
40,000 |
39,259 |
||
|
BUILDERS FIRSTSOURCE, INC. 144A 6.750% 05/15/2035 CALLABLE @ 103.375 05/15/2030 |
27,000 |
26,762 |
||
|
CHURCHILL DOWNS, INC. 144A 5.750% 04/01/2030 CALLABLE @ 100.000 04/01/2027 |
61,000 |
60,825 |
||
|
CD&R SMOKEY BUYER INC / RADIO SYSTEMS CORP 144A 9.500% 10/15/2029 CALLABLE @ 104.750 10/15/2026 |
105,000 |
51,526 |
||
|
CAESARS ENTERTAINMENT, INC. 144A 7.000% 02/15/2030 CALLABLE @ 101.750 02/15/2027 |
54,000 |
54,179 |
||
|
CAESARS ENTERTAINMENT INC 144A 6.500% 02/15/2032 CALLABLE @ 103.250 02/15/2027 |
112,000 |
106,994 |
||
|
CARNIVAL CORP. 144A 4.000% 08/01/2028 CALLABLE @ 100.000 05/01/2028 |
19,000 |
18,593 |
||
|
CARNIVAL CORP 144A 7.000% 08/15/2029 CALLABLE @ 103.500 08/15/2026 |
29,000 |
30,019 |
||
|
CARNIVAL CORP 144A 6.125% 02/15/2033 CALLABLE @ 103.063 02/15/2028 |
90,000 |
90,015 |
||
|
CARNIVAL CORP. 144A 5.750% 03/15/2030 CALLABLE @ 100.000 12/15/2029 |
40,000 |
40,066 |
||
|
CARNIVAL CORP. 144A 5.875% 06/15/2031 CALLABLE @ 100.000 03/15/2031 |
10,000 |
10,007 |
||
|
CARNIVAL CORP. 144A 5.750% 08/01/2032 CALLABLE @ 100.000 05/01/2032 |
116,000 |
114,813 |
||
|
CHURCHILL DOWNS INC 144A 4.750% 01/15/2028 |
30,000 |
29,710 |
||
|
CINEMARK USA INC 144A 5.250% 07/15/2028 |
45,000 |
44,690 |
||
|
CINEMARK USA INC 144A 7.000% 08/01/2032 CALLABLE @ 103.500 08/01/2027 |
20,000 |
20,502 |
||
|
CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 05/15/2028 CALLABLE @ 100.000 05/15/2027 |
82,000 |
83,026 |
||
|
CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 02/15/2030 CALLABLE @ 103.375 02/15/2027 |
47,000 |
48,194 |
||
|
CLARIOS GLOBAL LP / CLARIOS US FINANCE CO. 144A 6.750% 09/15/2032 CALLABLE @ 103.375 09/15/2028 |
58,000 |
58,436 |
||
|
COOPER-STANDARD AUTOMOTIVE, INC. 144A 9.250% 03/01/2031 CALLABLE @ 104.625 03/01/2028 |
218,000 |
222,539 |
||
|
DEXKO GLOBAL, INC. 144A 7.500% 04/15/2032 CALLABLE @ 103.750 04/15/2028 |
113,300 |
94,336 |
||
|
FORD MOTOR CREDIT CO LLC 7.122% 11/07/2033 CALLABLE @ 100.000 08/07/2033 |
200,000 |
210,268 |
||
|
FORD MOTOR CREDIT CO LLC 5.730% 09/05/2030 CALLABLE @ 100.000 08/05/2030 |
25,000 |
24,968 |
||
|
GAP INC/THE 144A 3.625% 10/01/2029 CALLABLE @ 100.000 10/01/2026 |
113,000 |
106,323 |
||
|
GOODYEAR TIRE & RUBBER CO/THE 5.250% 04/30/2031 CALLABLE @ 100.000 01/30/2031 |
31,000 |
27,837 |
||
|
GOODYEAR TIRE & RUBBER CO/THE 5.000% 07/15/2029 CALLABLE @ 100.000 04/15/2029 |
50,000 |
47,921 |
||
|
GOODYEAR TIRE & RUBBER CO/THE 5.250% 07/15/2031 CALLABLE @ 100.000 04/15/2031 |
90,000 |
79,928 |
||
|
GOODYEAR TIRE & RUBBER CO/THE 6.625% 07/15/2030 CALLABLE @ 103.313 07/15/2027 |
8,000 |
7,761 |
||
|
GOODYEAR TIRE & RUBBER CO/THE 8.875% 07/15/2032 CALLABLE @ 104.438 07/15/2029 |
10,000 |
10,264 |
||
|
GRIFFON CORP 5.750% 03/01/2028 |
135,000 |
134,851 |
||
|
GROUP 1 AUTOMOTIVE INC 144A 6.375% 01/15/2030 CALLABLE @ 101.594 07/15/2027 |
26,000 |
26,122 |
||
|
HERTZ CORP/THE 144A 4.625% 12/01/2026 |
41,000 |
35,955 |
||
|
HERTZ CORP/THE 144A 5.000% 12/01/2029 CALLABLE @ 100.000 12/01/2026 |
210,000 |
57,225 |
||
|
HERTZ CORP/THE 144A 12.625% 07/15/2029 CALLABLE @ 106.313 07/15/2027 |
155,000 |
101,671 |
||
|
+^(2)(5)ESC GCB HERTZ CORP |
25,000 |
2 |
||
|
+^(2)(5)ESC HERTZ CORP |
148,000 |
15 |
||
|
+^(2)(5)ESC HERTZ CORP |
80,000 |
8 |
||
|
+^(2)(5)ESC HERTZ CORP |
20,000 |
2 |
||
|
HILTON DOMESTIC OPERATING CO INC 144A 6.125% 04/01/2032 CALLABLE @ 103.063 04/01/2027 |
27,000 |
27,220 |
||
|
HILTON DOMESTIC OPERATING CO INC 144A 5.875% 03/15/2033 CALLABLE @ 102.938 03/15/2028 |
74,000 |
74,001 |
||
|
HILTON DOMESTIC OPERATING CO, INC. 144A 5.750% 09/15/2033 CALLABLE @ 102.875 07/01/2028 |
72,000 |
71,374 |
||
|
HILTON DOMESTIC OPERATING CO., INC. 144A 5.500% 03/31/2034 CALLABLE @ 102.750 12/01/2028 |
14,000 |
13,714 |
||
|
HILTON DOMESTIC OPERATING CO., INC. 144A 5.500% 09/15/2031 CALLABLE @ 102.750 05/15/2028 |
32,000 |
31,752 |
||
|
HILTON WORLDWIDE FINANCE LLC 4.875% 04/01/2027 |
123,000 |
122,962 |
||
|
JELD-WEN INC 144A 4.875% 12/15/2027 |
145,000 |
116,553 |
||
|
JELD-WEN INC 144A 7.000% 09/01/2032 CALLABLE @ 103.500 09/01/2027 |
50,000 |
30,475 |
The Integrity Funds | July 31, 2026
Page 46
|
BATH & BODY WORKS INC 6.750% 07/01/2036 |
35,000 |
34,609 |
||
|
BATH & BODY WORKS INC 144A 6.625% 10/01/2030 CALLABLE @ 102.208 10/01/2026 |
30,000 |
30,491 |
||
|
LITHIA MOTORS, INC. 144A 4.625% 12/15/2027 |
20,000 |
19,903 |
||
|
LITHIA MOTORS, INC. 144A 5.500% 10/01/2030 CALLABLE @ 102.750 10/01/2027 |
20,000 |
19,714 |
||
|
LIVE NATION ENTERTAINMENT INC 144A 4.750% 10/15/2027 |
175,000 |
174,077 |
||
|
LIVE NATION ENTERTAINMENT INC 144A 6.500% 05/15/2027 |
308,000 |
308,151 |
||
|
MGM RESORTS INTERNATIONAL 5.500% 04/15/2027 CALLABLE @ 100.000 01/15/2027 |
87,000 |
87,111 |
||
|
MGM RESORTS INTERNATIONAL 6.500% 04/15/2032 CALLABLE @ 103.250 04/15/2027 |
63,000 |
62,383 |
||
|
MIWD HOLDCO II LLC 144A 5.500% 02/01/2030 CALLABLE @ 100.000 02/01/2027 |
108,000 |
99,736 |
||
|
MARRIOTT OWNERSHIP RESORTS, INC. 144A 4.500% 06/15/2029 |
21,000 |
20,231 |
||
|
MASTERBRAND INC 144A 7.000% 07/15/2032 CALLABLE @ 103.500 07/15/2027 |
86,000 |
86,043 |
||
|
MITER BRANDS ACQUISITION HOLDCO INC 144A 6.750% 04/01/2032 CALLABLE @ 103.375 04/01/2027 |
91,000 |
89,626 |
||
|
NCL CORP. LTD 144A 5.875% 01/15/2031 CALLABLE @ 102.938 09/15/2027 |
32,000 |
30,581 |
||
|
NEWELL BRANDS INC 6.875% 04/01/2036 CALLABLE @ 100.000 10/01/2035 |
65,000 |
65,497 |
||
|
NEWELL BRANDS INC 6.375% 09/15/2027 CALLABLE @ 100.000 06/15/2027 |
20,000 |
20,053 |
||
|
NEWELL BRANDS INC 6.625% 09/15/2029 CALLABLE @ 100.000 06/15/2029 |
34,000 |
34,409 |
||
|
NEWELL BRANDS INC 6.625% 05/15/2032 CALLABLE @ 100.000 02/15/2032 |
14,000 |
14,164 |
||
|
NEWELL BRANDS INC 6.375% 05/15/2030 CALLABLE @ 100.000 02/15/2030 |
53,000 |
53,424 |
||
|
NEWELL BRANDS, INC. 144A 8.500% 06/01/2028 CALLABLE @ 100.000 03/01/2028 |
40,000 |
41,777 |
||
|
PM GENERAL PURCHASER LLC 144A 9.500% 10/01/2028 |
40,000 |
33,478 |
||
|
PETCO HEALTH & WELLNESS CO., INC. 144A 8.250% 02/01/2031 CALLABLE @ 104.125 02/01/2028 |
97,000 |
97,306 |
||
|
PIONEER OPCO LLC 144A 7.000% 05/15/2033 CALLABLE @ 103.500 05/15/2028 |
34,000 |
34,308 |
||
|
QUEEN MERGERCO, INC. 144A 6.750% 04/30/2032 CALLABLE @ 103.375 04/30/2028 |
78,000 |
79,683 |
||
|
RIVERS ENTERPRISE LENDER LLC / RIVERS ENTERPRISE 144A 6.250% 10/15/2030 CALLABLE @ 103.125 10/15/2027 |
14,000 |
14,061 |
||
|
QXO BUILDING PRODUCTS, INC. 144A 6.500% 07/15/2031 CALLABLE @ 103.250 07/15/2028 |
49,000 |
49,124 |
||
|
QXO BUILDING PRODUCTS, INC. 144A 6.875% 07/15/2034 CALLABLE @ 103.438 07/15/2029 |
57,000 |
57,081 |
||
|
ROYAL CARIBBEAN CRUISES LTD 144A 6.250% 03/15/2032 CALLABLE @ 103.125 03/15/2027 |
88,000 |
89,415 |
||
|
ROYAL CARIBBEAN CRUISES LTD. 144A 6.000% 02/01/2033 CALLABLE @ 103.000 08/01/2027 |
63,000 |
63,451 |
||
|
ROYAL CARIBBEAN CRUISES LTD 144A 5.625% 09/30/2031 CALLABLE @ 102.813 09/30/2027 |
52,000 |
52,129 |
||
|
SCOTTS MIRACLE-GRO CO/THE 5.250% 12/15/2026 |
135,000 |
134,663 |
||
|
SCOTTS MIRACLE-GRO CO/THE 4.500% 10/15/2029 CALLABLE @ 100.750 10/15/2026 |
14,000 |
13,725 |
||
|
SCOTTS MIRACLE-GRO CO/THE 4.375% 02/01/2032 CALLABLE @ 102.188 08/01/2026 |
56,000 |
51,772 |
||
|
SCOTTS MIRACLE-GRO CO/THE 4.000% 04/01/2031 CALLABLE @ 101.333 04/01/2027 |
111,000 |
103,243 |
||
|
SERVICE CORP INTERNATIONAL/US 3.375% 08/15/2030 CALLABLE @ 101.125 08/15/2026 |
77,000 |
71,079 |
||
|
SERVICE CORP INTERNATIONAL/US 4.000% 05/15/2031 CALLABLE @ 101.333 05/15/2027 |
19,000 |
17,766 |
||
|
SIX FLAGS ENTERTAINMENT CORP/DE 144A 7.250% 05/15/2031 CALLABLE @ 101.813 05/15/2027 |
49,000 |
48,060 |
||
|
SIX FLAGS ENTERTAINMENT CORP 144A 6.625% 05/01/2032 CALLABLE @ 103.313 05/01/2027 |
194,000 |
195,489 |
||
|
SIX FLAGS ENTERTAINMENT CORP/CANADA'S WONDERLAND 144A 8.625% 01/15/2032 CALLABLE @ 104.313 07/15/2028 |
97,000 |
98,119 |
||
|
SONIC AUTOMOTIVE INC 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 |
127,000 |
123,701 |
||
|
SONIC AUTOMOTIVE INC 144A 4.875% 11/15/2031 CALLABLE @ 102.438 11/15/2026 |
5,000 |
4,776 |
||
|
STAPLES INC 144A 10.750% 09/01/2029 CALLABLE @ 105.375 09/01/2026 |
208,000 |
199,106 |
||
|
STAPLES INC 144A 12.750% 01/15/2030 CALLABLE @ 106.375 06/15/2027 |
87,863 |
69,160 |
||
|
STATION CASINOS LLC 144A 4.500% 02/15/2028 |
165,000 |
162,251 |
||
|
STATION CASINOS LLC 144A 4.625% 12/01/2031 CALLABLE @ 100.000 06/01/2031 |
36,000 |
33,862 |
||
|
STATION CASINOS LLC 144A 6.625% 03/15/2032 CALLABLE @ 103.313 03/15/2027 |
6,000 |
6,063 |
||
|
TEMPUR SEALY INTERNATIONAL INC 144A 4.000% 04/15/2029 |
177,000 |
170,131 |
||
|
TEMPUR SEALY INTERNATIONAL INC 144A 3.875% 10/15/2031 CALLABLE @ 101.938 10/15/2026 |
34,000 |
31,035 |
||
|
VAIL RESORTS INC 144A 6.500% 05/15/2032 CALLABLE @ 103.250 05/15/2027 |
63,000 |
63,845 |
||
|
VAIL RESORTS, INC. 144A 5.625% 07/15/2030 CALLABLE @ 102.813 07/15/2027 |
34,000 |
33,851 |
||
|
VIKING CRUISES LTD. 144A 5.875% 10/15/2033 CALLABLE @ 102.938 10/15/2028 |
61,000 |
60,376 |
||
|
WAND NEWCO 3 INC 144A 7.625% 01/30/2032 CALLABLE @ 103.813 01/30/2027 |
67,000 |
68,779 |
||
|
WAYFAIR LLC 144A 7.250% 10/31/2029 CALLABLE @ 103.625 10/31/2026 |
36,000 |
37,066 |
||
|
WAYFAIR LLC 144A 7.750% 09/15/2030 CALLABLE @ 103.875 09/15/2027 |
73,000 |
76,501 |
||
|
WAYFAIR, INC. 144A 6.750% 11/15/2032 CALLABLE @ 103.375 11/15/2028 |
50,000 |
50,904 |
||
|
WAYFAIR LLC 144A 7.125% 05/31/2034 CALLABLE @ 103.563 05/31/2029 |
18,000 |
18,493 |
||
The Integrity Funds | July 31, 2026
Page 47
|
WEEKLEY HOMES LLC / WEEKLEY FINANCE CORP 144A 4.875% 09/15/2028 CALLABLE @ 100.000 09/15/2026 |
49,000 |
48,156 |
||
|
WHIRLPOOL CORP. 6.500% 06/15/2033 CALLABLE @ 100.000 03/15/2033 |
10,000 |
8,472 |
||
|
WYNN RESORTS FINANCE LLC 144A 5.125% 10/01/2029 CALLABLE @ 100.000 07/01/2029 |
241,000 |
238,541 |
||
|
WYNN RESORTS FINANCE LLC 144A 6.250% 03/15/2033 CALLABLE @ 103.125 09/15/2027 |
41,000 |
40,641 |
||
|
|
7,844,211 |
|||
|
Consumer Staples (3.0%) |
||||
|
ALBERTSONS COS INC / SAFEWAY INC 144A 4.875% 02/15/2030 CALLABLE @ 101.219 02/15/2027 |
30,000 |
28,638 |
||
|
ALBERTSONS COS, INC. 144A 5.500% 03/31/2031 CALLABLE @ 102.750 11/15/2027 |
14,000 |
13,449 |
||
|
ALBERTSONS COS, INC. 144A 5.625% 03/31/2032 CALLABLE @ 102.813 03/31/2028 |
65,000 |
61,829 |
||
|
CENTRAL GARDEN & PET CO 5.125% 02/01/2028 |
191,000 |
190,806 |
||
|
CENTRAL GARDEN & PET CO 4.125% 10/15/2030 CALLABLE @ 101.375 10/15/2026 |
49,000 |
46,285 |
||
|
CENTRAL GARDEN & PET CO. 144A 4.125% 04/30/2031 CALLABLE @ 101.375 04/30/2027 |
8,000 |
7,457 |
||
|
COTY INC/HFC PRESTIGE PRODUCTS INC 144A 4.750% 01/15/2029 CALLABLE @ 100.000 01/15/2027 |
10,000 |
9,820 |
||
|
EDGEWELL PERSONAL CARE CO 144A 5.500% 06/01/2028 |
110,000 |
109,679 |
||
|
EDGEWELL PERSONAL CARE CO 144A 4.125% 04/01/2029 |
60,000 |
57,737 |
||
|
ENERGIZER HOLDINGS INC 144A 4.750% 06/15/2028 |
80,000 |
79,174 |
||
|
ENERGIZER HOLDINGS INC 144A 4.375% 03/31/2029 |
84,000 |
80,891 |
||
|
ENERGIZER HOLDINGS INC 144A 6.000% 09/15/2033 CALLABLE @ 103.000 09/15/2028 |
5,000 |
4,738 |
||
|
LAMB WESTON HOLDINGS INC 144A 4.125% 01/31/2030 CALLABLE @ 100.000 01/31/2027 |
94,000 |
89,489 |
||
|
PERFORMANCE FOOD GROUP, INC. 144A 4.250% 08/01/2029 CALLABLE @ 100.000 08/01/2026 |
95,000 |
91,819 |
||
|
PERFORMANCE FOOD GROUP INC 144A 6.125% 09/15/2032 CALLABLE @ 103.063 09/15/2027 |
21,000 |
21,062 |
||
|
PERFORMANCE FOOD GROUP, INC. 144A 5.625% 03/01/2034 CALLABLE @ 102.813 03/01/2029 |
30,000 |
29,099 |
||
|
POST HOLDINGS INC 144A 4.625% 04/15/2030 CALLABLE @ 100.771 04/15/2027 |
12,000 |
11,563 |
||
|
POST HOLDINGS INC 144A 6.250% 02/15/2032 CALLABLE @ 103.125 02/15/2027 |
86,000 |
86,341 |
||
|
PRIMO WATER HOLDINGS, INC. / TRITON WATER 144A 6.250% 04/01/2029 |
142,000 |
142,458 |
||
|
SPECTRUM BRANDS INC 144A 3.875% 03/15/2031 CALLABLE @ 101.292 03/15/2027 |
5,000 |
4,381 |
||
|
US FOODS INC 144A 4.750% 02/15/2029 |
15,000 |
14,779 |
||
|
US FOODS INC 144A 4.625% 06/01/2030 CALLABLE @ 100.000 06/01/2027 |
68,000 |
66,172 |
||
|
US FOODS INC 144A 6.875% 09/15/2028 CALLABLE @ 101.719 09/15/2026 |
24,000 |
24,477 |
||
|
|
1,272,143 |
|||
|
Energy (10.1%) |
||||
|
AETHON UNITED BR LP / AETHON UNITED FINANCE CORP 144A 7.500% 10/01/2029 CALLABLE @ 103.750 10/01/2026 |
13,000 |
13,486 |
||
|
ANTERO MIDSTREAM PARTNERS LP 144A 5.750% 01/15/2028 |
100,000 |
99,921 |
||
|
ANTERO MIDSTREAM PARTNERS LP 144A 5.375% 06/15/2029 |
101,000 |
100,683 |
||
|
ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM 144A 5.750% 10/15/2033 CALLABLE @ 102.875 10/15/2028 |
32,000 |
31,472 |
||
|
ARCHROCK SERVICES LP / ARCHROCK PARTNERS FINANCE 144A 6.000% 02/01/2034 CALLABLE @ 103.000 02/01/2029 |
14,000 |
13,686 |
||
|
ARCHROCK PARTNERS LP 144A 6.625% 09/01/2032 CALLABLE @ 103.313 09/01/2027 |
34,000 |
34,491 |
||
|
ASCENT RESOURCES UTICA HOLDINGS LLC/ 144A 5.875% 06/30/2029 CALLABLE @ 100.000 09/01/2026 |
22,000 |
21,923 |
||
|
ASCENT RESOURCES UTICA HOLDINGS LLC 144A 6.625% 10/15/2032 CALLABLE @ 103.313 10/15/2027 |
30,000 |
30,133 |
||
|
ASCENT RESOURCES UTICA HOLDINGS LLC / ARU 144A 6.625% 07/15/2033 CALLABLE @ 103.313 07/15/2028 |
33,000 |
33,143 |
||
|
BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.000% 07/15/2029 CALLABLE @ 101.750 07/15/2027 |
30,000 |
30,754 |
||
|
BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.250% 07/15/2032 CALLABLE @ 103.625 07/15/2027 |
22,000 |
22,576 |
||
|
BUCKEYE PARTNERS LP 3.950% 12/01/2026 CALLABLE @ 100.000 09/01/2026 |
96,000 |
95,528 |
||
|
BUCKEYE PARTNERS LP 4.125% 12/01/2027 CALLABLE @ 100.000 09/01/2027 |
15,000 |
14,745 |
||
|
BUCKEYE PARTNERS LP 144A 4.500% 03/01/2028 CALLABLE @ 100.000 12/01/2027 |
40,000 |
39,460 |
||
|
BUCKEYE PARTNERS LP 144A 6.750% 02/01/2030 CALLABLE @ 103.375 02/01/2027 |
75,000 |
76,828 |
||
|
CNX RESOURCES CORP 144A 7.375% 01/15/2031 CALLABLE @ 101.844 01/15/2027 |
40,000 |
40,868 |
||
|
CNX RESOURCES CORP 144A 5.875% 03/01/2034 CALLABLE @ 102.938 03/01/2029 |
25,000 |
24,255 |
||
|
CNX MIDSTREAM PARTNERS LP 144A 4.750% 04/15/2030 CALLABLE @ 100.000 04/15/2027 |
16,000 |
15,336 |
||
The Integrity Funds | July 31, 2026
Page 48
|
CATURUS ENERGY LLC 144A 7.125% 05/15/2031 CALLABLE @ 103.563 05/15/2028 |
20,000 |
19,836 |
||
|
+^(2)(5)ESC CB CHESAPEAKE ENERGY CORP |
15,000 |
0 |
||
|
CIVITAS RESOURCES INC 144A 8.750% 07/01/2031 CALLABLE @ 102.188 07/01/2027 |
147,000 |
153,454 |
||
|
SM ENERGY CO. 144A 8.625% 11/01/2030 CALLABLE @ 104.313 11/01/2026 |
38,000 |
39,890 |
||
|
CIVITAS RESOURCES, INC. 144A 9.625% 06/15/2033 CALLABLE @ 104.813 06/15/2028 |
86,000 |
94,601 |
||
|
COMSTOCK RESOURCES INC 144A 6.750% 03/01/2029 CALLABLE @ 100.000 03/01/2027 |
113,000 |
111,289 |
||
|
COMSTOCK RESOURCES INC 144A 5.875% 01/15/2030 CALLABLE @ 100.979 01/15/2027 |
59,000 |
55,640 |
||
|
GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.875% 04/15/2030 CALLABLE @ 102.219 04/15/2027 |
38,000 |
39,673 |
||
|
GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 7.875% 05/15/2032 CALLABLE @ 103.938 05/15/2027 |
15,000 |
15,492 |
||
|
GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 6.750% 03/15/2034 CALLABLE @ 103.375 03/15/2029 |
27,000 |
26,929 |
||
|
GULFPORT ENERGY OPERATING CORP 144A 6.750% 09/01/2029 CALLABLE @ 103.375 09/01/2026 |
90,000 |
91,087 |
||
|
HARVEST MIDSTREAM I LP 144A 7.500% 05/15/2032 CALLABLE @ 103.750 05/15/2027 |
35,000 |
35,893 |
||
|
HARVEST MIDSTREAM I LP 144A 6.750% 05/15/2034 CALLABLE @ 103.375 05/15/2029 |
17,000 |
17,068 |
||
|
HESS MIDSTREAM OPERATIONS LP 144A 4.250% 02/15/2030 CALLABLE @ 100.000 02/15/2027 |
47,000 |
45,059 |
||
|
HESS MIDSTREAM OPERATIONS LP 144A 6.500% 06/01/2029 CALLABLE @ 101.625 06/01/2027 |
38,000 |
38,663 |
||
|
HESS MIDSTREAM OPERATIONS LP 144A 5.875% 03/01/2028 CALLABLE @ 101.469 03/01/2027 |
18,000 |
18,089 |
||
|
HESS MIDSTREAM OPERATIONS LP 144A 5.125% 06/15/2028 |
55,000 |
54,782 |
||
|
+^(2)(5)ESC CB11A HIGH RIDGE |
60,000 |
0 |
||
|
HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.000% 04/15/2030 CALLABLE @ 101.000 04/15/2027 |
29,000 |
28,693 |
||
|
HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.250% 04/15/2032 CALLABLE @ 103.125 05/15/2027 |
23,000 |
22,334 |
||
|
HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.875% 05/15/2034 CALLABLE @ 103.438 05/15/2029 |
5,000 |
4,897 |
||
|
HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 7.375% 07/15/2032 CALLABLE @ 103.688 07/15/2027 |
71,000 |
73,330 |
||
|
HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 6.625% 01/15/2034 CALLABLE @ 103.313 01/15/2029 |
56,000 |
56,618 |
||
|
HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 6.625% 01/15/2035 CALLABLE @ 103.313 07/15/2029 |
29,000 |
28,978 |
||
|
CRESCENT ENERGY FINANCE LLC 144A 7.625% 04/01/2032 CALLABLE @ 103.813 04/01/2027 |
96,000 |
97,049 |
||
|
CRESCENT ENERGY FINANCE LLC 144A 7.375% 01/15/2033 CALLABLE @ 103.688 07/15/2027 |
59,000 |
59,259 |
||
|
CRESCENT ENERGY FINANCE LLC 144A 8.375% 01/15/2034 CALLABLE @ 104.188 07/15/2028 |
40,000 |
41,272 |
||
|
INFINITY NATURAL RESOURCES LLC 144A 7.625% 04/01/2031 CALLABLE @ 103.813 04/01/2028 |
37,000 |
36,872 |
||
|
KINETIK HOLDINGS LP 144A 5.875% 06/15/2030 CALLABLE @ 100.000 06/15/2027 |
40,000 |
40,035 |
||
|
KINETIK HOLDINGS LP 144A 6.625% 12/15/2028 CALLABLE @ 101.656 12/15/2026 |
25,000 |
25,399 |
||
|
KODIAK GAS SERVICES LLC 144A 6.500% 10/01/2033 CALLABLE @ 103.250 10/01/2028 |
20,000 |
19,974 |
||
|
KODIAK GAS SERVICES LLC 144A 5.875% 04/01/2031 CALLABLE @ 102.938 04/01/2028 |
20,000 |
19,797 |
||
|
VITAL ENERGY INC 144A 7.875% 04/15/2032 CALLABLE @ 103.938 04/15/2027 |
86,000 |
87,580 |
||
|
#MAGNOLIA OIL & GAS OPERATING LLC 144A 6.625% 08/15/2034 CALLABLE @ 103.313 08/15/2029 |
15,000 |
15,000 |
||
|
MATADOR RESOURCES CO 144A 6.500% 04/15/2032 CALLABLE @ 103.250 04/15/2027 |
38,000 |
37,903 |
||
|
MATADOR RESOURCES CO 144A 6.250% 04/15/2033 CALLABLE @ 103.125 04/15/2028 |
60,000 |
59,025 |
||
|
MATADOR RESOURCES CO. 144A 6.000% 04/15/2034 CALLABLE @ 103.000 04/15/2029 |
27,000 |
26,115 |
||
|
NGL ENERGY OPERATING LLC 144A 8.125% 02/15/2029 CALLABLE @ 102.031 02/15/2027 |
44,000 |
45,194 |
||
|
NGL ENERGY OPERATING LLC 144A 8.375% 02/15/2032 CALLABLE @ 104.188 02/15/2027 |
46,000 |
47,828 |
||
|
NOBLE FINANCE II LLC 144A 8.000% 04/15/2030 CALLABLE @ 102.000 04/15/2027 |
31,000 |
32,046 |
||
|
NOBLE FINANCE II LLC 144A 6.250% 06/15/2034 CALLABLE @ 100.000 06/15/2029 |
31,000 |
30,107 |
||
|
NORTHRIVER MIDSTREAM FINANCE LP 144A 6.750% 07/15/2032 CALLABLE @ 103.375 07/15/2027 |
23,000 |
23,183 |
||
|
NUSTAR LOGISTICS LP 5.625% 04/28/2027 CALLABLE @ 100.000 01/28/2027 |
30,000 |
30,088 |
||
|
NUSTAR LOGISTICS LP 6.375% 10/01/2030 CALLABLE @ 100.000 04/01/2030 |
86,000 |
87,729 |
||
|
CHORD ENERGY CORP. 144A 6.750% 03/15/2033 CALLABLE @ 103.375 03/15/2028 |
35,000 |
35,645 |
||
|
CHORD ENERGY CORP. 144A 6.000% 10/01/2030 CALLABLE @ 103.000 10/01/2027 |
75,000 |
75,280 |
||
|
PERMIAN RESOURCES OPERATING LLC 144A 7.000% 01/15/2032 CALLABLE @ 103.500 01/15/2027 |
39,000 |
40,370 |
The Integrity Funds | July 31, 2026
Page 49
|
PERMIAN RESOURCES OPERATING LLC 144A 6.250% 02/01/2033 CALLABLE @ 103.125 08/01/2027 |
42,000 |
42,783 |
||
|
PRAIRIE ACQUIROR LP 144A 9.000% 08/01/2029 CALLABLE @ 102.250 02/01/2027 |
27,000 |
27,854 |
||
|
ROCKIES EXPRESS PIPELINE LLC 144A 6.750% 03/15/2033 CALLABLE @ 103.375 03/15/2028 |
29,000 |
29,484 |
||
|
SM ENERGY CO 6.625% 01/15/2027 |
50,000 |
50,094 |
||
|
SM ENERGY CO 6.500% 07/15/2028 |
11,000 |
11,009 |
||
|
SM ENERGY CO 144A 7.000% 08/01/2032 CALLABLE @ 103.500 08/01/2027 |
19,000 |
19,305 |
||
|
SM ENERGY CO. 144A 6.625% 04/15/2034 CALLABLE @ 103.313 04/15/2029 |
43,000 |
42,735 |
||
|
SOLARIS ENERGY INFRASTRUCTURE, INC. 144A 6.375% 05/15/2031 CALLABLE @ 103.188 05/15/2028 |
43,000 |
42,220 |
||
|
SUNOCO LP 144A 7.000% 05/01/2029 CALLABLE @ 101.750 05/01/2027 |
25,000 |
25,539 |
||
|
SUNOCO LP 144A 5.375% 07/15/2031 CALLABLE @ 102.688 03/15/2028 |
24,000 |
23,541 |
||
|
SUNOCO LP / SUNOCO FINANCE CORP 4.500% 05/15/2029 CALLABLE @ 100.000 05/15/2027 |
124,000 |
120,746 |
||
|
SUNOCO LP / SUNOCO FINANCE CORP 4.500% 04/30/2030 CALLABLE @ 100.000 04/30/2027 |
65,000 |
62,699 |
||
|
TALLGRASS ENERGY PTRS LP/TALLGRASS ENERGY FIN CORP 144A 5.500% 01/15/2028 |
35,000 |
34,958 |
||
|
TALLGRASS ENERGY PARTNERS LP 144A 6.000% 12/31/2030 CALLABLE @ 102.000 12/31/2026 |
70,000 |
69,508 |
||
|
TALLGRASS ENERGY PARTNERS LP 144A 6.000% 09/01/2031 CALLABLE @ 103.000 09/01/2026 |
100,000 |
98,392 |
||
|
TALLGRASS ENERGY PARTNERS LP 144A 7.375% 02/15/2029 CALLABLE @ 101.844 02/15/2027 |
32,000 |
32,726 |
||
|
TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY 144A 6.750% 03/15/2034 CALLABLE @ 103.375 03/15/2029 |
92,000 |
92,569 |
||
|
TRANSOCEAN INC 144A 8.750% 02/15/2030 CALLABLE @ 102.188 02/15/2027 |
18,900 |
19,631 |
||
|
TRANSOCEAN INC 144A 8.250% 05/15/2029 CALLABLE @ 102.063 05/15/2027 |
68,000 |
70,120 |
||
|
TRANSOCEAN INTERNATIONAL LTD 144A 8.500% 05/15/2031 CALLABLE @ 104.250 05/15/2027 |
3,000 |
3,129 |
||
|
VALARIS LTD 144A 8.375% 04/30/2030 CALLABLE @ 102.094 04/30/2027 |
25,000 |
25,880 |
||
|
VALIDUS ENERGY II MIDCON LLC 144A 8.000% 08/01/2031 CALLABLE @ 104.000 08/01/2028 |
15,000 |
14,994 |
||
|
VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 7.750% 05/01/2035 CALLABLE @ 100.000 12/01/2034 |
16,000 |
17,733 |
||
|
VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.500% 01/15/2034 CALLABLE @ 100.000 07/15/2033 |
51,000 |
52,624 |
||
|
VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.125% 12/15/2030 CALLABLE @ 100.000 09/15/2030 |
41,000 |
41,644 |
||
|
VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.500% 06/15/2034 CALLABLE @ 100.000 12/15/2033 |
28,000 |
28,878 |
||
|
VENTURE GLOBAL CALCASIEU PASS LLC 144A 6.000% 05/01/2036 CALLABLE @ 100.000 11/01/2035 |
10,000 |
9,883 |
||
|
VENTURE GLOBAL LNG INC 144A 8.375% 06/01/2031 CALLABLE @ 102.094 06/01/2027 |
24,000 |
24,805 |
||
|
VENTURE GLOBAL LNG INC 144A 9.500% 02/01/2029 CALLABLE @ 100.000 11/01/2028 |
53,000 |
56,722 |
||
|
VENTURE GLOBAL LNG INC 144A 9.875% 02/01/2032 CALLABLE @ 104.938 02/01/2027 |
140,000 |
149,033 |
||
|
VENTURE GLOBAL LNG, INC. 144A 6.375% 12/15/2034 CALLABLE @ 100.000 12/15/2029 |
14,000 |
13,635 |
||
|
VENTURE GLOBAL LNG, INC. 144A 6.625% 06/15/2036 CALLABLE @ 100.000 06/15/2031 |
14,000 |
13,720 |
||
|
WBI OPERATING LLC 144A 6.250% 10/15/2030 CALLABLE @ 103.125 10/15/2027 |
52,000 |
51,991 |
||
|
|
4,244,917 |
|||
|
Financials (1.4%) |
||||
|
ASURION LLC AND ASURION CO-ISSUER, INC. 144A 8.000% 12/31/2032 CALLABLE @ 104.000 12/31/2028 |
56,000 |
56,637 |
||
|
COINBASE GLOBAL INC 144A 3.625% 10/01/2031 CALLABLE @ 101.813 10/01/2026 |
20,000 |
17,296 |
||
|
ONEMAIN FINANCE CORP 4.000% 09/15/2030 CALLABLE @ 101.333 09/15/2026 |
18,000 |
16,502 |
||
|
ONEMAIN FINANCE CORP 3.500% 01/15/2027 |
20,000 |
19,845 |
||
|
ROCKET MORTGAGE LLC 144A 3.625% 03/01/2029 |
86,000 |
82,429 |
||
|
ROCKET COS, INC. 144A 6.125% 08/01/2030 CALLABLE @ 103.063 08/01/2027 |
69,000 |
69,562 |
||
|
ROCKET COS, INC. 144A 6.375% 08/01/2033 CALLABLE @ 103.188 08/01/2028 |
38,000 |
38,236 |
||
|
ROCKET COS, INC. 144A 7.125% 02/01/2032 CALLABLE @ 103.563 02/01/2027 |
96,000 |
98,395 |
||
|
ROCKET MORTGAGE LLC 144A 4.000% 10/15/2033 CALLABLE @ 102.000 10/15/2027 |
9,000 |
7,948 |
||
|
ONEMAIN FINANCE CORP 6.625% 01/15/2028 CALLABLE @ 100.000 07/15/2027 |
24,000 |
24,229 |
||
|
SPRINGLEAF FINANCE CORP. 5.375% 11/15/2029 CALLABLE @ 100.000 05/15/2029 |
145,000 |
141,700 |
||
|
STARWOOD PROPERTY TRUST INC 144A 7.250% 04/01/2029 CALLABLE @ 100.000 10/01/2028 |
17,000 |
17,509 |
||
|
|
590,288 |
The Integrity Funds | July 31, 2026
Page 50
|
Health Care (8.3%) |
||||
|
AHP HEALTH PARTNERS INC 144A 5.750% 07/15/2029 |
69,000 |
68,089 |
||
|
ACADIA HEALTHCARE CO INC 144A 5.500% 07/01/2028 |
68,000 |
67,563 |
||
|
ACADIA HEALTHCARE CO., INC. 144A 7.375% 03/15/2033 CALLABLE @ 103.688 03/15/2028 |
16,000 |
16,504 |
||
|
AVANTOR FUNDING INC 144A 4.625% 07/15/2028 |
219,000 |
215,968 |
||
|
BAUSCH + LOMB CORP 144A 8.375% 10/01/2028 CALLABLE @ 102.094 10/01/2026 |
15,000 |
15,375 |
||
|
BAUSCH HEALTH COS INC 144A 5.250% 01/30/2030 CALLABLE @ 100.000 01/30/2027 |
146,000 |
98,915 |
||
|
BAUSCH HEALTH COS INC 144A 6.250% 02/15/2029 |
80,000 |
62,800 |
||
|
BAUSCH HEALTH COS INC 144A 5.250% 02/15/2031 CALLABLE @ 101.313 02/15/2027 |
36,000 |
21,931 |
||
|
BAUSCH HEALTH COS INC 144A 5.000% 02/15/2029 |
29,000 |
22,185 |
||
|
BAUSCH HEALTH COS INC 144A 4.875% 06/01/2028 |
314,000 |
292,036 |
||
|
BAUSCH HEALTH COS, INC. 144A 11.000% 09/30/2028 |
15,000 |
15,326 |
||
|
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.000% 01/15/2029 |
39,000 |
38,318 |
||
|
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 4.750% 02/15/2031 CALLABLE @ 101.583 02/15/2027 |
25,000 |
22,291 |
||
|
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.125% 04/01/2030 CALLABLE @ 100.000 04/01/2027 |
23,000 |
19,337 |
||
|
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 5.250% 05/15/2030 CALLABLE @ 100.000 05/15/2027 |
181,000 |
167,138 |
||
|
CHS/COMMUNITY HEALTH SYSTEMS INC 144A 10.875% 01/15/2032 CALLABLE @ 105.438 02/15/2027 |
39,000 |
41,137 |
||
|
CHARLOTTE BUYER, INC. 144A 8.000% 06/30/2031 CALLABLE @ 104.000 06/30/2028 |
14,000 |
14,144 |
||
|
CONCENTRA ESCROW ISSUER CORP 144A 6.875% 07/15/2032 CALLABLE @ 103.438 07/15/2027 |
24,000 |
24,680 |
||
|
DAVITA INC 144A 4.625% 06/01/2030 CALLABLE @ 100.771 06/01/2027 |
184,000 |
177,228 |
||
|
DAVITA INC 144A 6.875% 09/01/2032 CALLABLE @ 103.438 09/01/2027 |
38,000 |
39,060 |
||
|
ELANCO ANIMAL HEALTH INC 6.650% 08/28/2028 CALLABLE @ 100.000 05/28/2028 |
30,000 |
30,597 |
||
|
EMERGENT BIOSOLUTIONS INC 144A 3.875% 08/15/2028 |
27,000 |
24,745 |
||
|
ENCOMPASS HEALTH CORP 4.500% 02/01/2028 |
92,000 |
91,015 |
||
|
ENCOMPASS HEALTH CORP 4.750% 02/01/2030 CALLABLE @ 100.792 02/01/2027 |
20,000 |
19,551 |
||
|
ENDO FINANCE HOLDINGS INC 144A 8.500% 04/15/2031 CALLABLE @ 104.250 04/15/2027 |
22,000 |
23,166 |
||
|
GLOBAL MEDICAL RESPONSE, INC. 144A 7.375% 10/01/2032 CALLABLE @ 103.688 10/01/2028 |
42,000 |
42,732 |
||
|
IQVIA INC 144A 5.000% 10/15/2026 |
200,000 |
199,901 |
||
|
IQVIA, INC. 144A 6.250% 06/01/2032 CALLABLE @ 103.125 06/01/2028 |
140,000 |
141,801 |
||
|
MOLINA HEALTHCARE, INC. 144A 6.500% 02/15/2031 CALLABLE @ 103.250 12/15/2027 |
39,000 |
39,351 |
||
|
MEDLINE BORROWER LP 144A 5.250% 10/01/2029 CALLABLE @ 100.000 10/01/2026 |
137,000 |
135,708 |
||
|
ORGANON FINANCE 1 LLC 144A 4.125% 04/30/2028 |
200,000 |
196,837 |
||
|
ACCENDRA HEALTH, INC. 144A 9.000% 06/15/2032 CALLABLE @ 100.000 06/15/2029 |
174,831 |
166,852 |
||
|
ACCENDRA HEALTH, INC. 144A 9.750% 06/15/2033 CALLABLE @ 104.875 06/15/2029 |
50,105 |
31,535 |
||
|
ACCENDRA HEALTH, INC. 144A 9.750% 06/15/2033 CALLABLE @ 104.875 06/15/2029 |
59,685 |
40,101 |
||
|
PERRIGO FINANCE UNLIMITED CO 6.125% 09/30/2032 CALLABLE @ 103.063 09/30/2027 |
30,000 |
28,490 |
||
|
PRESTIGE BRANDS, INC. 144A 6.250% 07/15/2034 CALLABLE @ 103.125 07/15/2029 |
18,000 |
18,062 |
||
|
(4)RADIOLOGY PARTNERS INC 144A 9.781% (9.781% PIK)02/15/2030 |
46,997 |
46,601 |
||
|
RADIOLOGY PARTNERS, INC. 144A 8.500% 07/15/2032 CALLABLE @ 104.250 07/15/2028 |
106,000 |
111,392 |
||
|
SOTERA HEALTH HOLDINGS LLC 144A 7.375% 06/01/2031 CALLABLE @ 103.688 06/01/2027 |
48,000 |
49,711 |
||
|
SURGERY CENTER HOLDINGS INC 144A 7.250% 04/15/2032 CALLABLE @ 103.625 04/15/2027 |
99,000 |
99,335 |
||
|
TENET HEALTHCARE CORP 5.125% 11/01/2027 |
281,000 |
280,848 |
||
|
TENET HEALTHCARE CORP 6.125% 06/15/2030 CALLABLE @ 100.000 06/15/2027 |
92,000 |
92,475 |
||
|
TENET HEALTHCARE CORP 6.750% 05/15/2031 CALLABLE @ 101.688 05/15/2027 |
76,000 |
77,506 |
||
|
BAUSCH HEALTH AMERICAS INC 144A 8.500% 01/31/2027 |
52,000 |
51,698 |
||
|
+^(2)(5)ESC RITE AID CORP |
27,514 |
0 |
||
|
|
3,480,035 |
|||
|
Industrials (12.2%) |
||||
|
ADT SECURITY CORP. 144A 4.125% 08/01/2029 CALLABLE @ 100.000 08/01/2028 |
113,000 |
108,068 |
||
|
API GROUP DE INC 144A 4.750% 10/15/2029 CALLABLE @ 100.000 10/15/2026 |
37,000 |
36,142 |
||
|
API GROUP DE INC 144A 4.125% 07/15/2029 |
56,000 |
53,742 |
||
|
ATS CORP 144A 4.125% 12/15/2028 |
49,000 |
47,731 |
||
|
AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 144A 5.750% 04/20/2029 |
163,167 |
162,332 |
||
|
AECOM 144A 6.000% 08/01/2033 CALLABLE @ 103.000 08/01/2028 |
50,000 |
49,639 |
||
|
ALLISON TRANSMISSION, INC. 144A 4.750% 10/01/2027 |
32,000 |
31,859 |
||
|
ALLISON TRANSMISSION INC 144A 5.875% 06/01/2029 CALLABLE @ 100.000 06/01/2027 |
121,000 |
121,449 |
||
|
ALLISON TRANSMISSION INC 144A 3.750% 01/30/2031 CALLABLE @ 101.250 01/30/2027 |
105,000 |
97,451 |
The Integrity Funds | July 31, 2026
Page 51
|
ALLISON TRANSMISSION, INC. 144A 5.875% 12/01/2033 CALLABLE @ 102.938 12/01/2028 |
17,000 |
16,753 |
||
|
ARAMARK SERVICES INC 144A 5.000% 02/01/2028 |
164,000 |
163,471 |
||
|
AXON ENTERPRISE, INC. 144A 6.250% 03/15/2033 CALLABLE @ 103.125 03/15/2028 |
15,000 |
15,219 |
||
|
BWX TECHNOLOGIES INC 144A 4.125% 06/30/2028 |
44,000 |
42,911 |
||
|
BWX TECHNOLOGIES INC 144A 4.125% 04/15/2029 |
98,000 |
94,085 |
||
|
BOMBARDIER INC 144A 8.750% 11/15/2030 CALLABLE @ 104.375 11/15/2026 |
49,000 |
51,633 |
||
|
BOMBARDIER INC 144A 7.250% 07/01/2031 CALLABLE @ 103.625 07/01/2027 |
41,000 |
42,704 |
||
|
BOMBARDIER INC 144A 7.000% 06/01/2032 CALLABLE @ 103.500 06/01/2027 |
39,000 |
40,179 |
||
|
BOMBARDIER, INC. 144A 6.750% 06/15/2033 CALLABLE @ 103.375 06/15/2028 |
25,000 |
25,747 |
||
|
BRINK'S CO/THE 144A 6.500% 06/15/2029 CALLABLE @ 101.625 06/15/2027 |
19,000 |
19,316 |
||
|
CLEAN HARBORS, INC. 144A 6.375% 02/01/2031 CALLABLE @ 101.594 02/01/2027 |
10,000 |
10,110 |
||
|
CLEAN HARBORS, INC. 144A 5.750% 10/15/2033 CALLABLE @ 102.875 10/15/2028 |
40,000 |
39,779 |
||
|
CORE & MAIN LP 144A 6.000% 07/01/2034 CALLABLE @ 103.000 07/01/2029 |
22,000 |
21,873 |
||
|
CORECIVIC INC 8.250% 04/15/2029 CALLABLE @ 102.063 04/15/2027 |
90,000 |
93,440 |
||
|
CYPRIUM CORP. / CYPRIUM HOLDINGS LUXEMBOURG SARL 144A 6.125% 04/15/2031 CALLABLE @ 103.063 04/15/2028 |
41,000 |
40,714 |
||
|
DYCOM INDUSTRIES, INC. 144A 4.500% 04/15/2029 |
90,000 |
87,358 |
||
|
EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.750% 07/15/2031 CALLABLE @ 103.375 07/15/2027 |
71,000 |
72,789 |
||
|
EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.625% 12/15/2030 CALLABLE @ 101.656 06/15/2027 |
268,000 |
272,320 |
||
|
ENPRO, INC. 144A 6.125% 06/01/2033 CALLABLE @ 103.063 06/01/2028 |
20,000 |
20,035 |
||
|
EQUIPMENTSHARE.COM INC 144A 9.000% 05/15/2028 CALLABLE @ 100.000 05/15/2027 |
136,000 |
138,066 |
||
|
EQUIPMENTSHARE.COM INC 144A 8.625% 05/15/2032 CALLABLE @ 104.313 05/15/2027 |
17,000 |
17,385 |
||
|
EQUIPMENTSHARE.COM INC 144A 8.000% 03/15/2033 CALLABLE @ 104.000 09/15/2027 |
29,000 |
29,210 |
||
|
EQUIPMENTSHARE.COM, INC. 144A 7.125% 07/01/2034 CALLABLE @ 103.563 07/01/2029 |
25,000 |
23,829 |
||
|
ESAB CORP 144A 6.250% 04/15/2029 CALLABLE @ 101.563 04/15/2027 |
43,000 |
43,452 |
||
|
ESAB CORP. 144A 5.625% 04/01/2031 CALLABLE @ 102.813 04/01/2028 |
24,000 |
23,718 |
||
|
FIRST STUDENT BIDCO INC / FIRST TRANSIT PARENT INC 144A 4.000% 07/31/2029 |
102,000 |
97,916 |
||
|
GEO GROUP INC/THE 8.625% 04/15/2029 CALLABLE @ 102.156 04/15/2027 |
69,000 |
71,939 |
||
|
GFL ENVIRONMENTAL INC 144A 4.000% 08/01/2028 |
90,000 |
87,768 |
||
|
GFL ENVIRONMENTAL INC 144A 4.750% 06/15/2029 |
45,000 |
43,839 |
||
|
GFL ENVIRONMENTAL INC 144A 4.375% 08/15/2029 CALLABLE @ 100.000 08/15/2026 |
39,000 |
37,502 |
||
|
GFL ENVIRONMENTAL INC 144A 6.750% 01/15/2031 CALLABLE @ 103.375 01/15/2027 |
115,000 |
116,281 |
||
|
GARDA WORLD SECURITY CORP 144A 6.000% 06/01/2029 |
59,000 |
58,155 |
||
|
GARDA WORLD SECURITY CORP 144A 8.250% 08/01/2032 CALLABLE @ 104.125 08/01/2027 |
60,000 |
60,891 |
||
|
GARDA WORLD SECURITY CORP 144A 8.375% 11/15/2032 CALLABLE @ 104.188 11/15/2027 |
30,000 |
30,480 |
||
|
GARDA WORLD SECURITY CORP. 144A 6.500% 01/15/2031 CALLABLE @ 103.250 11/15/2027 |
32,000 |
32,345 |
||
|
GATES CORP/DE 144A 6.875% 07/01/2029 CALLABLE @ 101.719 07/01/2027 |
20,000 |
20,403 |
||
|
WRANGLER HOLDCO CORP 144A 6.625% 04/01/2032 CALLABLE @ 103.313 04/01/2027 |
24,000 |
24,035 |
||
|
GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 5.625% 06/01/2029 |
80,000 |
79,803 |
||
|
GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 7.500% 04/15/2032 CALLABLE @ 103.750 04/15/2027 |
60,000 |
62,447 |
||
|
GLOBAL INFRASTRUCTURE SOLUTIONS, INC. 144A 6.375% 07/15/2034 CALLABLE @ 103.188 07/15/2029 |
30,000 |
30,194 |
||
|
GOAT HOLDCO LLC 144A 6.750% 02/01/2032 CALLABLE @ 103.375 02/01/2028 |
24,000 |
24,385 |
||
|
GRANITE CONSTRUCTION, INC. 144A 6.375% 06/15/2034 CALLABLE @ 103.188 06/15/2029 |
22,000 |
22,008 |
||
|
HERC HOLDINGS INC 144A 6.625% 06/15/2029 CALLABLE @ 101.656 06/15/2027 |
48,000 |
48,858 |
||
|
HERC HOLDINGS, INC. 144A 7.000% 06/15/2030 CALLABLE @ 103.500 06/15/2027 |
30,000 |
30,936 |
||
|
INSTALLED BUILDING PRODUCTS, INC. 144A 5.625% 02/01/2034 CALLABLE @ 102.813 02/01/2029 |
19,000 |
18,345 |
||
|
JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP 144A 9.875% 09/20/2031 CALLABLE @ 104.938 08/27/2027 |
100,000 |
87,011 |
||
|
LSF12 HELIX PARENT LLC 144A 7.125% 02/01/2033 CALLABLE @ 103.563 02/01/2028 |
25,000 |
24,476 |
||
|
MADISON IAQ LLC 144A 5.875% 06/30/2029 |
196,000 |
196,007 |
||
|
NESCO HOLDINGS II INC 144A 5.500% 04/15/2029 |
71,000 |
70,493 |
||
|
ADT SECURITY CORP./THE 144A 4.875% 07/15/2032 |
181,000 |
169,365 |
||
|
RAVEN ACQUISITION HOLDINGS LLC 144A 6.875% 11/15/2031 CALLABLE @ 103.438 11/15/2027 |
62,000 |
60,313 |
||
|
RESIDEO FUNDING II LLC 144A 6.500% 07/15/2032 CALLABLE @ 103.250 07/15/2027 |
64,000 |
64,352 |
||
|
RITCHIE BROS HOLDINGS INC 144A 6.750% 03/15/2028 CALLABLE @ 100.000 03/15/2027 |
17,000 |
17,155 |
||
|
RITCHIE BROS HOLDINGS INC 144A 7.750% 03/15/2031 CALLABLE @ 101.938 03/15/2027 |
17,000 |
17,546 |
The Integrity Funds | July 31, 2026
Page 52
|
SENSATA TECHNOLOGIES BV 144A 4.000% 04/15/2029 |
50,000 |
48,117 |
||
|
SENSATA TECHNOLOGIES INC 144A 3.750% 02/15/2031 CALLABLE @ 100.938 02/15/2027 |
18,000 |
16,752 |
||
|
TEREX CORP 144A 5.000% 05/15/2029 |
113,000 |
111,416 |
||
|
TEREX CORP 144A 6.250% 10/15/2032 CALLABLE @ 103.125 10/15/2027 |
49,000 |
49,174 |
||
|
TRANSDIGM INC 144A 6.375% 03/01/2029 CALLABLE @ 101.594 03/01/2027 |
111,000 |
112,339 |
||
|
TRANSDIGM INC 144A 6.625% 03/01/2032 CALLABLE @ 103.313 03/01/2027 |
64,000 |
65,072 |
||
|
TRANSDIGM INC 144A 6.250% 01/31/2034 CALLABLE @ 103.125 08/31/2028 |
18,000 |
18,178 |
||
|
TRINET GROUP INC 144A 7.125% 08/15/2031 CALLABLE @ 103.563 08/15/2026 |
48,000 |
48,676 |
||
|
TRINITY INDUSTRIES, INC. 144A 7.750% 07/15/2028 CALLABLE @ 100.000 07/15/2027 |
60,000 |
61,233 |
||
|
UNITED AIRLINES HOLDINGS, INC. 5.375% 03/01/2031 CALLABLE @ 100.000 09/01/2030 |
23,000 |
22,699 |
||
|
UNITED AIRLINES HOLDINGS INC 4.875% 03/01/2029 CALLABLE @ 100.000 12/01/2028 |
35,000 |
34,467 |
||
|
UNITED RENTALS NORTH AMERICA INC 4.875% 01/15/2028 |
227,000 |
226,099 |
||
|
UNITED RENTALS NORTH AMERICA INC 144A 6.125% 03/15/2034 CALLABLE @ 103.063 03/15/2029 |
76,000 |
76,875 |
||
|
UNITED RENTALS NORTH AMERICA, INC. 144A 5.375% 11/15/2033 CALLABLE @ 102.688 11/15/2028 |
25,000 |
24,316 |
||
|
VISTAJET MALTA FINANCE PLC 144A 9.500% 06/01/2028 CALLABLE @ 100.000 06/01/2027 |
26,000 |
26,401 |
||
|
WABASH NATIONAL CORP. 144A 4.500% 10/15/2028 CALLABLE @ 100.000 10/15/2026 |
68,000 |
63,449 |
||
|
WESCO DISTRIBUTION INC 144A 6.375% 03/15/2029 CALLABLE @ 101.594 03/15/2027 |
106,000 |
107,494 |
||
|
WESCO DISTRIBUTION, INC. 144A 6.375% 03/15/2033 CALLABLE @ 103.188 03/15/2028 |
42,000 |
42,715 |
||
|
WESCO DISTRIBUTION, INC. 144A 5.250% 04/15/2031 CALLABLE @ 102.625 04/15/2028 |
21,000 |
20,599 |
||
|
WILLIAMS SCOTSMAN INC 144A 6.625% 06/15/2029 CALLABLE @ 101.656 06/15/2027 |
24,000 |
24,403 |
||
|
WILLIAMS SCOTSMAN, INC. 144A 6.625% 04/15/2030 CALLABLE @ 103.313 04/15/2027 |
14,000 |
14,314 |
||
|
XPO INC 144A 7.125% 02/01/2032 CALLABLE @ 103.563 02/01/2027 |
35,000 |
36,080 |
||
|
+^(1)INCORA, INC. 144A 6.000% 01/31/2033 |
35,144 |
16,808 |
||
|
|
5,127,433 |
|||
|
Information Technology (6.5%) |
||||
|
AHEAD DB HOLDINGS LLC 144A 6.625% 05/01/2028 |
87,000 |
87,015 |
||
|
AMKOR TECHNOLOGY, INC. 144A 5.875% 10/01/2033 CALLABLE @ 102.938 10/01/2028 |
35,000 |
34,042 |
||
|
ATHENAHEALTH GROUP, INC. 144A 7.500% 02/15/2032 CALLABLE @ 103.750 08/15/2028 |
25,000 |
25,654 |
||
|
CLARIVATE SCIENCE HOLDINGS CORP 144A 3.875% 07/01/2028 |
40,000 |
38,648 |
||
|
CLARIVATE SCIENCE HOLDINGS CORP 144A 4.875% 07/01/2029 |
44,000 |
40,516 |
||
|
CONDUENT BUSINESS SERVICES LLC 144A 6.000% 11/01/2029 CALLABLE @ 100.000 11/01/2026 |
80,000 |
68,223 |
||
|
COREWEAVE, INC. 144A 9.250% 06/01/2030 CALLABLE @ 104.625 06/01/2027 |
62,000 |
57,978 |
||
|
COREWEAVE, INC. 144A 9.000% 02/01/2031 CALLABLE @ 104.500 02/01/2028 |
80,000 |
72,193 |
||
|
COREWEAVE, INC. 144A 9.625% 07/15/2032 CALLABLE @ 100.000 07/15/2029 |
18,000 |
16,053 |
||
|
DIEBOLD NIXDORF INC 144A 7.750% 03/31/2030 CALLABLE @ 103.875 12/18/2026 |
51,000 |
52,933 |
||
|
ENTEGRIS INC 144A 4.375% 04/15/2028 |
31,000 |
30,422 |
||
|
ENTEGRIS INC 144A 3.625% 05/01/2029 CALLABLE @ 100.000 05/01/2027 |
87,000 |
82,618 |
||
|
ENTEGRIS INC 144A 4.750% 04/15/2029 CALLABLE @ 100.000 01/15/2029 |
48,000 |
47,210 |
||
|
ENTEGRIS INC 144A 5.950% 06/15/2030 CALLABLE @ 100.992 06/15/2027 |
95,000 |
95,054 |
||
|
FAIR ISAAC CORP. 144A 6.000% 05/15/2033 CALLABLE @ 103.000 05/15/2028 |
32,000 |
30,967 |
||
|
FLASH COMPUTE LLC 144A 7.250% 12/31/2030 CALLABLE @ 103.625 12/31/2027 |
42,000 |
42,414 |
||
|
IMOLA MERGER CORP 144A 4.750% 05/15/2029 |
258,000 |
251,206 |
||
|
INSIGHT ENTERPRISES INC 144A 6.625% 05/15/2032 CALLABLE @ 103.313 05/15/2027 |
21,000 |
21,118 |
||
|
KIOXIA HOLDINGS CORP. 144A 6.250% 07/24/2030 CALLABLE @ 103.125 07/24/2027 |
200,000 |
204,561 |
||
|
ATHENAHEALTH GROUP INC 144A 6.500% 02/15/2030 CALLABLE @ 100.000 02/15/2027 |
130,000 |
125,494 |
||
|
NCR ATLEOS CORP 144A 9.500% 04/01/2029 CALLABLE @ 104.750 10/01/2026 |
97,000 |
102,877 |
||
|
NEPTUNE BIDCO US, INC. 144A 9.290% 04/15/2029 CALLABLE @ 102.323 10/15/2026 |
38,000 |
38,766 |
||
|
NEPTUNE BIDCO US, INC. 144A 9.500% 02/15/2033 CALLABLE @ 104.750 02/15/2029 |
38,000 |
38,711 |
||
|
ON SEMICONDUCTOR CORP 144A 3.875% 09/01/2028 |
118,000 |
113,827 |
||
|
RINGCENTRAL INC 144A 8.500% 08/15/2030 CALLABLE @ 104.250 08/15/2026 |
90,000 |
93,879 |
||
|
SS&C TECHNOLOGIES INC 144A 5.500% 09/30/2027 |
258,000 |
257,715 |
||
|
SS&C TECHNOLOGIES INC 144A 6.500% 06/01/2032 CALLABLE @ 103.250 06/01/2027 |
45,000 |
45,340 |
||
|
SCIENCE APPLICATIONS INTERNATIONAL CORP. 144A 5.875% 11/01/2033 CALLABLE @ 102.938 11/01/2028 |
24,000 |
23,492 |
||
|
SEAGATE DATA STORAGE TECHNOLOGY PTE LTD 5.750% 12/01/2034 CALLABLE @ 100.000 06/01/2034 |
55,000 |
54,519 |
||
|
SHIFT4 PAYMENTS LLC 144A 6.750% 08/15/2032 CALLABLE @ 103.375 08/15/2027 |
48,000 |
48,052 |
||
|
BLOCK, INC. 6.500% 05/15/2032 CALLABLE @ 103.250 05/15/2027 |
154,000 |
155,548 |
||
|
BLOCK INC 144A 5.625% 08/15/2030 CALLABLE @ 102.813 08/15/2027 |
22,000 |
21,889 |
The Integrity Funds | July 31, 2026
Page 53
|
BLOCK INC 144A 6.000% 08/15/2033 CALLABLE @ 103.000 08/15/2028 |
33,000 |
32,735 |
||
|
SYNAPTICS INC 144A 4.000% 06/15/2029 |
40,000 |
39,281 |
||
|
COHERENT CORP 144A 5.000% 12/15/2029 CALLABLE @ 100.000 12/15/2026 |
189,000 |
184,927 |
||
|
XEROX HOLDINGS CORP 144A 8.875% 11/30/2029 CALLABLE @ 104.438 11/30/2026 |
48,000 |
21,121 |
||
|
|
2,696,998 |
|||
|
Materials (8.4%) |
||||
|
ADVANCED DRAINAGE SYSTEMS, INC. 144A 5.375% 03/01/2034 CALLABLE @ 102.688 03/01/2029 |
14,000 |
13,559 |
||
|
ATI INC 4.875% 10/01/2029 CALLABLE @ 100.000 10/01/2026 |
45,000 |
44,287 |
||
|
ATI INC 5.125% 10/01/2031 CALLABLE @ 102.563 10/01/2026 |
23,000 |
22,460 |
||
|
ATI INC 7.250% 08/15/2030 CALLABLE @ 103.625 08/15/2026 |
43,000 |
44,341 |
||
|
ARDAGH GROUP SA 144A 9.500% 12/01/2030 CALLABLE @ 104.750 11/06/2028 |
15,000 |
15,898 |
||
|
AVIENT CORP 144A 7.125% 08/01/2030 CALLABLE @ 101.781 08/01/2026 |
19,000 |
19,273 |
||
|
AXALTA COATING SYSTEMS LLC 144A 4.750% 06/15/2027 |
150,000 |
149,605 |
||
|
CVR PARTNERS LP / CVR NITROGEN FINANCE CORP 144A 6.125% 06/15/2028 |
52,000 |
51,894 |
||
|
CARPENTER TECHNOLOGY CORP. 144A 5.625% 03/01/2034 CALLABLE @ 102.813 03/01/2029 |
16,000 |
15,771 |
||
|
CELANESE US HOLDINGS LLC 7.000% 02/15/2031 CALLABLE @ 103.500 02/15/2028 |
26,000 |
26,659 |
||
|
CELANESE US HOLDINGS LLC 7.375% 02/15/2034 CALLABLE @ 103.688 02/15/2029 |
109,000 |
112,132 |
||
|
CHEMOURS CO/THE 144A 5.750% 11/15/2028 CALLABLE @ 100.000 11/15/2026 |
154,000 |
153,218 |
||
|
CHEMOURS CO/THE 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 |
5,000 |
4,723 |
||
|
CHEMOURS CO/THE 144A 8.000% 01/15/2033 CALLABLE @ 104.000 01/15/2028 |
55,000 |
54,157 |
||
|
CHEMOURS CO./THE 144A 7.875% 03/15/2034 CALLABLE @ 103.938 03/15/2029 |
43,000 |
41,852 |
||
|
CLEVELAND-CLIFFS INC 144A 4.625% 03/01/2029 |
40,000 |
38,797 |
||
|
CLEVELAND-CLIFFS INC 144A 4.875% 03/01/2031 CALLABLE @ 101.625 03/01/2027 |
29,000 |
26,734 |
||
|
CLEVELAND-CLIFFS INC 144A 6.750% 04/15/2030 CALLABLE @ 101.688 04/15/2027 |
45,000 |
45,278 |
||
|
CLEVELAND-CLIFFS, INC. 144A 6.875% 11/01/2029 CALLABLE @ 103.438 11/01/2026 |
59,000 |
59,662 |
||
|
CLEVELAND-CLIFFS INC 144A 7.500% 09/15/2031 CALLABLE @ 103.750 03/15/2028 |
29,000 |
29,596 |
||
|
CLEVELAND-CLIFFS, INC. 144A 7.625% 01/15/2034 CALLABLE @ 103.813 01/15/2029 |
22,000 |
22,263 |
||
|
CLYDESDALE ACQUISITION HOLDINGS, INC. 144A 6.750% 04/15/2032 CALLABLE @ 103.375 04/15/2028 |
102,000 |
97,117 |
||
|
COMMERCIAL METALS CO. 144A 5.750% 11/15/2033 CALLABLE @ 102.875 11/15/2028 |
40,000 |
39,266 |
||
|
COMPASS MINERALS INTERNATIONAL, INC. 144A 8.000% 07/01/2030 CALLABLE @ 104.000 07/01/2027 |
32,000 |
33,450 |
||
|
ELEMENT SOLUTIONS INC 144A 3.875% 09/01/2028 |
100,000 |
98,348 |
||
|
INEOS FINANCE PLC 144A 7.500% 04/15/2029 CALLABLE @ 101.875 04/15/2027 |
200,000 |
196,675 |
||
|
JH NORTH AMERICA HOLDINGS, INC. 144A 5.875% 01/31/2031 CALLABLE @ 102.938 07/31/2027 |
22,000 |
21,952 |
||
|
JH NORTH AMERICA HOLDINGS, INC. 144A 6.125% 07/31/2032 CALLABLE @ 103.063 07/31/2028 |
35,000 |
35,090 |
||
|
KNIFE RIVER CORP 144A 7.750% 05/01/2031 CALLABLE @ 101.938 05/01/2027 |
70,000 |
72,196 |
||
|
MAUSER PACKAGING SOLUTIONS HOLDING CO. 144A 7.875% 04/15/2030 CALLABLE @ 103.938 06/01/2027 |
319,000 |
325,348 |
||
|
MAUSER PACKAGING SOLUTIONS HOLDING CO. 144A 9.250% 04/15/2030 CALLABLE @ 104.625 06/01/2027 |
130,000 |
128,873 |
||
|
(4)MULTI-COLOR CORP. 8.500% (2.500% PIK)05/11/2033 CALLABLE @ 100.000 03/11/2033 |
26,601 |
23,209 |
||
|
NOVA CHEMICALS CORP 144A 5.250% 06/01/2027 CALLABLE @ 100.000 03/03/2027 |
20,000 |
20,007 |
||
|
NOVA CHEMICALS CORP 144A 4.250% 05/15/2029 |
116,000 |
112,882 |
||
|
NOVA CHEMICALS CORP 144A 8.500% 11/15/2028 CALLABLE @ 102.125 11/15/2026 |
42,000 |
43,302 |
||
|
NOVA CHEMICALS CORP 144A 9.000% 02/15/2030 CALLABLE @ 104.500 08/15/2026 |
116,000 |
121,519 |
||
|
NOVELIS CORP 144A 4.750% 01/30/2030 CALLABLE @ 100.792 01/30/2027 |
48,000 |
46,135 |
||
|
NOVELIS INC 144A 6.875% 01/30/2030 CALLABLE @ 103.438 01/30/2027 |
11,000 |
11,276 |
||
|
NOVELIS CORP. 144A 6.375% 08/15/2033 CALLABLE @ 103.188 08/15/2028 |
26,000 |
25,950 |
||
|
QNITY ELECTRONICS INC 144A 5.750% 08/15/2032 CALLABLE @ 102.875 08/15/2028 |
27,000 |
26,812 |
||
|
QNITY ELECTRONICS INC 144A 6.250% 08/15/2033 CALLABLE @ 103.125 08/15/2028 |
18,000 |
18,088 |
||
|
QUIKRETE HOLDINGS INC 144A 6.375% 03/01/2032 CALLABLE @ 103.188 03/01/2028 |
235,000 |
237,868 |
||
|
SMYRNA READY MIX CONCRETE LLC 144A 8.875% 11/15/2031 CALLABLE @ 104.438 11/15/2026 |
120,000 |
125,641 |
||
|
SOLSTICE ADVANCED MATERIALS, INC. 144A 5.625% 09/30/2033 CALLABLE @ 102.813 09/30/2028 |
70,000 |
68,445 |
||
|
STANDARD BUILDING SOLUTIONS INC 144A 6.500% 08/15/2032 CALLABLE @ 103.250 08/15/2027 |
52,000 |
52,105 |
||
|
STANDARD BUILDING SOLUTIONS, INC. 144A 6.250% 08/01/2033 CALLABLE @ 103.125 08/01/2028 |
74,000 |
73,187 |
The Integrity Funds | July 31, 2026
Page 54
|
STANDARD BUILDING SOLUTIONS, INC. 144A 5.875% 03/15/2034 CALLABLE @ 102.938 03/15/2029 |
26,000 |
24,960 |
||
|
STANDARD INDUSTRIES INC/NY 144A 4.750% 01/15/2028 |
194,000 |
192,799 |
||
|
TRIMAS CORP 144A 4.125% 04/15/2029 |
63,000 |
60,188 |
||
|
^(2)(3)(4)TRINSEO LUXCO FINANCE SPV SARL 144A 7.625%(2.500% PIK) 05/03/2029 CALLABLE @ 100.000 01/17/2027 |
127,465 |
13 |
||
|
UNITED STATES STEEL CORP 6.875% 03/01/2029 |
4,000 |
4,000 |
||
|
WR GRACE HOLDINGS LLC 144A 5.625% 08/15/2029 CALLABLE @ 100.000 08/15/2026 |
113,000 |
103,740 |
||
|
WR GRACE HOLDINGS LLC 144A 6.625% 08/15/2032 CALLABLE @ 103.313 08/15/2028 |
35,000 |
33,318 |
||
|
WR GRACE HOLDINGS LLC 144A 7.000% 08/01/2033 CALLABLE @ 103.500 02/01/2029 |
35,000 |
33,525 |
||
|
|
3,499,443 |
|||
|
Real Estate (2.2%) |
||||
|
GALAXY HELIOS DATA CENTERS II LLC 144A 9.875% 08/01/2031 CALLABLE @ 104.938 08/01/2028 |
65,000 |
65,187 |
||
|
IRON MOUNTAIN INC 144A 4.875% 09/15/2027 |
57,000 |
56,813 |
||
|
IRON MOUNTAIN INC 144A 5.000% 07/15/2028 |
7,000 |
6,934 |
||
|
IRON MOUNTAIN, INC. 144A 5.250% 07/15/2030 CALLABLE @ 100.875 07/15/2027 |
205,000 |
200,498 |
||
|
IRON MOUNTAIN INC 144A 6.250% 01/15/2033 CALLABLE @ 103.125 12/06/2027 |
9,000 |
9,039 |
||
|
MPT OPERATING PARTNERSHIP LP 144A 8.500% 02/15/2032 CALLABLE @ 104.250 02/15/2028 |
35,000 |
35,565 |
||
|
MILLROSE PROPERTIES INC 144A 6.375% 08/01/2030 CALLABLE @ 103.188 08/01/2027 |
54,000 |
54,401 |
||
|
MILLROSE PROPERTIES, INC. 144A 6.250% 09/15/2032 CALLABLE @ 103.125 09/15/2028 |
25,000 |
24,965 |
||
|
RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 4.500% 02/15/2029 CALLABLE @ 100.000 02/15/2027 |
167,000 |
163,246 |
||
|
RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 7.250% 07/15/2028 CALLABLE @ 100.000 07/15/2027 |
4,000 |
4,075 |
||
|
RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 6.500% 04/01/2032 CALLABLE @ 103.250 04/01/2027 |
104,000 |
105,775 |
||
|
RHP HOTEL PROPERTIES LP / RHP FINANCE CORP. 144A 6.500% 06/15/2033 CALLABLE @ 103.250 06/15/2028 |
11,000 |
11,182 |
||
|
RHP HOTEL PROPERTIES LP / RHP FINANCE CORP. 144A 5.750% 03/15/2034 CALLABLE @ 102.875 03/15/2029 |
19,000 |
18,602 |
||
|
ANYWHERE REAL ESTATE GROUP LLC 144A 5.250% 04/15/2030 CALLABLE @ 100.000 04/15/2027 |
122,000 |
116,924 |
||
|
ANYWHERE REAL ESTATE GROUP LLC / REALOGY CO-ISSUER 144A 9.750% 04/15/2030 CALLABLE @ 104.875 04/15/2027 |
44,000 |
47,139 |
||
|
|
920,345 |
|||
|
Utilities (3.1%) |
||||
|
AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 144A 9.375% 06/01/2028 CALLABLE @ 100.000 06/01/2027 |
46,000 |
47,031 |
||
|
AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP. 144A 9.500% 06/01/2030 CALLABLE @ 104.750 06/01/2027 |
32,000 |
34,310 |
||
|
AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP. 144A 6.875% 06/01/2031 CALLABLE @ 103.438 06/01/2028 |
31,000 |
31,479 |
||
|
NRG ENERGY INC 5.750% 01/15/2028 |
58,000 |
58,021 |
||
|
NRG ENERGY INC 144A 5.250% 06/15/2029 CALLABLE @ 100.000 06/15/2027 |
94,000 |
93,114 |
||
|
NRG ENERGY INC 144A 3.375% 02/15/2029 |
68,000 |
64,525 |
||
|
NRG ENERGY INC 144A 3.625% 02/15/2031 CALLABLE @ 101.208 02/15/2027 |
18,000 |
16,586 |
||
|
NRG ENERGY INC 144A 3.875% 02/15/2032 CALLABLE @ 101.938 02/15/2027 |
4,000 |
3,659 |
||
|
NRG ENERGY INC 144A 7.000% 03/15/2033 CALLABLE @ 100.000 12/15/2032 |
28,000 |
29,791 |
||
|
NRG ENERGY INC 144A 6.000% 02/01/2033 CALLABLE @ 103.000 11/01/2027 |
56,000 |
55,832 |
||
|
NRG ENERGY, INC. 144A 5.750% 01/15/2034 CALLABLE @ 102.875 10/15/2028 |
45,000 |
43,822 |
||
|
NRG ENERGY, INC. 144A 6.000% 01/15/2036 CALLABLE @ 103.000 10/15/2030 |
48,000 |
46,991 |
||
|
NRG ENERGY, INC. 144A 5.875% 05/15/2034 CALLABLE @ 102.938 05/15/2029 |
43,000 |
42,218 |
||
|
NRG ENERGY, INC. 144A 6.125% 05/15/2036 CALLABLE @ 103.063 05/15/2031 |
12,000 |
11,847 |
||
|
PG&E CORP 5.000% 07/01/2028 |
40,000 |
39,624 |
||
|
SUPERIOR PLUS LP / SUPERIOR GENERAL PARTNER INC 144A 4.500% 03/15/2029 CALLABLE @ 100.000 03/15/2027 |
56,000 |
54,049 |
||
|
TALEN ENERGY SUPPLY LLC 144A 6.250% 02/01/2034 CALLABLE @ 103.125 10/15/2028 |
134,000 |
131,315 |
||
|
TALEN ENERGY SUPPLY LLC 144A 6.375% 05/01/2033 CALLABLE @ 103.188 05/01/2029 |
108,000 |
106,368 |
||
|
TALEN ENERGY SUPPLY LLC 144A 6.125% 05/01/2031 CALLABLE @ 103.062 05/01/2028 |
72,000 |
71,566 |
||
The Integrity Funds | July 31, 2026
Page 55
|
VISTRA OPERATIONS CO LLC 144A 5.000% 07/31/2027 |
30,000 |
29,989 |
||
|
VISTRA OPERATIONS CO. LLC 144A 4.375% 05/01/2029 |
17,000 |
16,587 |
||
|
VISTRA OPERATIONS CO LLC 144A 7.750% 10/15/2031 CALLABLE @ 103.875 10/15/2026 |
125,000 |
130,310 |
||
|
VISTRA OPERATIONS CO LLC 144A 6.875% 04/15/2032 CALLABLE @ 103.438 04/15/2027 |
72,000 |
74,363 |
||
|
VOLTAGRID LLC 144A 7.375% 11/01/2030 CALLABLE @ 103.688 11/01/2027 |
82,000 |
82,346 |
||
|
|
1,315,743 |
|||
|
TOTAL CORPORATE BONDS (COST: $39,809,202) |
$ |
38,702,303 |
||
|
U.S. GOVERNMENT TREASURY NOTES (1.3%) |
||||
|
U.S. Treasury Obligations (1.3%) |
||||
|
UNITED STATES TREASURY NOTE 4.000% 04/30/2032 |
220,000 |
$ |
214,285 |
|
|
UNITED STATES TREASURY NOTE 4.250% 05/15/2035 |
225,000 |
217,731 |
||
|
UNITED STATES TREASURY NOTE 4.125% 04/30/2033 |
110,000 |
107,057 |
||
|
|
539,073 |
|||
|
TOTAL U.S. GOVERNMENT TREASURY NOTES (COST: $544,254) |
$ |
539,073 |
||
|
COMMON STOCKS (1.3%) |
||||
|
Communication Services (0.2%) |
Shares |
$ |
||
|
(2)CLEAR CHANNEL OUTDOOR HOLDINGS, INC. |
4,640 |
11,229 |
||
|
(2)IHEARTMEDIA, INC. |
1,902 |
6,828 |
||
|
+^(2)INTELSAT SA/LUXEMBOURG - CVR |
3,888 |
57,956 |
||
|
|
76,013 |
|||
|
|
|
|
|
|
|
Consumer Discretionary (0.0%) |
||||
|
+^(2)MYT HOLDING, LLC |
21,320 |
5,330 |
||
|
+^(2)NMG ESCROW EQUITY |
203 |
0 |
||
|
|
5,330 |
|||
|
Health Care (0.5%) |
||||
|
^(2)ENVISION HEALTHCARE CORP |
131 |
2,432 |
||
|
+^(2)INTERNATIONAL ONCOLOGY CARE INC |
1,633 |
24,479 |
||
|
^(1)PAR HEALTH A, INC. |
1,199 |
7,622 |
||
|
^PAR HEALTH B, INC. |
404 |
2,568 |
||
|
^(1)KEENOVA A THERAPEUTICS PLC |
1,199 |
117,835 |
||
|
^KEENOVA B THERAPEUTICS PLC |
404 |
39,704 |
||
|
|
194,640 |
|||
|
Industrials (0.1%) |
||||
|
+^(2)INCORA TOP HOLDCO LLC |
28 |
836 |
||
|
+^(1)(2)INCORA INTERMEDIATE LLC |
1,553 |
18,558 |
||
|
|
19,394 |
|||
|
Materials (0.1%) |
||||
|
+^(2)YEOMAN CAPITAL SA |
7,945 |
51,484 |
||
|
+^(2)VENATOR MATERIALS PLC |
12 |
90 |
||
|
|
51,574 |
|||
|
Real Estate (0.4%) |
||||
|
VICI PROPERTIES, INC. |
6,754 |
177,968 |
||
|
|
177,968 |
|||
|
TOTAL COMMON STOCK (COST: $1,344,327) |
$ |
524,919 |
||
|
CONVERTIBLE PREFERRED STOCKS (0.2%) |
||||
|
Consumer Discretionary (0.2%) |
Shares |
|||
|
+^(2)MYT HOLDING, LLC (144A Series A) |
53,840 |
$ |
69,992 |
|
|
|
69,992 |
|||
|
Materials (0.0%) |
||||
|
^LABELS BUYER LLC |
1 |
835 |
||
|
|
835 |
|||
|
TOTAL CONVERTIBLE PREFERRED STOCK (COST: $64,601) |
$ |
70,827 |
||
The Integrity Funds | July 31, 2026
Page 56
|
WARRANTS (0.0%) |
||||
|
Communication Services (0.0%) |
Shares |
|||
|
^(2)ENTERCOM-AUDACY INC SPECIAL WARRANT |
194 |
$ |
670 |
|
|
+^(2)ENTERCOM-AUDACY INC 2ND LIEN A |
235 |
0 |
||
|
+^(2)ENTERCOM-AUDACY INC 2ND LIEN B |
39 |
0 |
||
|
|
670 |
|||
|
Materials (0.0%) |
||||
|
^(2)LABELS BUYER LLC WTS |
10 |
475 |
||
|
|
475 |
|||
|
TOTAL WARRANTS (COST: $69,211) |
$ |
1,145 |
||
|
TOTAL INVESTMENTS (COST: $41,831,595) |
$ |
39,838,267 |
||
|
OTHER ASSETS LESS LIABILITIES (4.9%) |
$ |
2,071,989 |
||
|
NET ASSETS (100.0%) |
$ |
41,910,256 |
||
|
(1) All or a portion of the security is considered restricted at July 31, 2026. See Note 2. |
||||
|
(2) Non-income producing security. |
||||
|
(3) Issue is in default. |
||||
|
(4) Interest or dividend is partial paid-in-kind and partial cash. Rate paid in-kind is shown in parentheses. |
||||
|
(5) No stated maturity date linked to escrow payment. |
||||
|
# When-issued purchase as of July 31, 2026. |
||||
|
+ The level 3 securities were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. Fair value determined in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $245,560 or 0.59% of net assets as of July 31, 2026. See Note 3. |
||||
|
^ Deemed by management to be illiquid security. Total fair value of illiquid securities amount to $417,714 representing 1.00% of net assets as of July 31, 2026. |
||||
|
144A - Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A Securities amounts to $34,258,952 representing 81.70% of net assets as of July 31, 2026. |
||||
|
PLC - Public Limited Company |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The Integrity Funds | July 31, 2026
Page 57
Schedule of Investments - July 31, 2026
Integrity Mid-North American Resources Fund
|
Fair |
||||
|
Shares |
|
Value |
||
|
COMMON STOCKS (98.9%) |
||||
|
Consumer Discretionary (0.7%) |
||||
|
*TESLA INC |
4,500 |
$ |
1,400,445 |
|
|
|
1,400,445 |
|||
|
Consumer Staples (0.6%) |
||||
|
*DARLING INGREDIENTS INC |
20,000 |
1,212,800 |
||
|
|
1,212,800 |
|||
|
Energy (74.2%) |
||||
|
*ANTERO RESOURCES CORP |
140,000 |
5,059,600 |
||
|
ARCHROCK INC |
180,000 |
6,436,800 |
||
|
BAKER HUGHES A GE CO |
130,000 |
7,863,700 |
||
|
CAMECO CORP |
8,000 |
691,040 |
||
|
CENOVUS ENERGY INC |
60,000 |
1,811,400 |
||
|
CHENIERE ENERGY INC |
54,000 |
14,232,780 |
||
|
EXPAND ENERGY CORP |
43,000 |
4,043,290 |
||
|
CHEVRON CORP |
41,000 |
8,070,030 |
||
|
DEVON ENERGY CORP |
100,000 |
4,513,000 |
||
|
DIAMONDBACK ENERGY INC |
40,000 |
8,118,000 |
||
|
EQT CORP |
75,000 |
3,996,750 |
||
|
EXXONMOBIL HOLDINGS CORP |
10,000 |
1,554,400 |
||
|
*GULFPORT ENERGY CORP |
10,000 |
1,613,700 |
||
|
KODIAK GAS SERVICES INC |
100,000 |
5,871,000 |
||
|
*NEXTDECADE CORP |
500,000 |
3,360,000 |
||
|
OVINTIV INC |
69,000 |
4,309,740 |
||
|
PERMIAN RESOURCES CORP |
400,000 |
8,524,000 |
||
|
PHILLIPS 66 |
35,000 |
7,408,800 |
||
|
SHELL PLC ADR |
40,000 |
3,679,200 |
||
|
TARGA RESOURCES CORP |
32,000 |
8,651,840 |
||
|
TC ENERGY CORP |
50,000 |
3,371,500 |
||
|
TENARIS SA ADR |
25,000 |
1,433,250 |
||
|
TEXAS PACIFIC LAND CORP |
9,000 |
3,623,220 |
||
|
VALERO ENERGY CORP |
29,000 |
9,074,100 |
||
|
VENTURE GLOBAL INC |
230,000 |
3,077,400 |
||
|
WILLIAMS COS INC/THE |
174,000 |
12,447,960 |
||
|
*EXPRO LTD |
20,000 |
319,000 |
||
|
TECHNIPFMC PLC |
40,000 |
2,866,400 |
||
|
|
146,021,900 |
|||
|
Industrials (4.8%) |
||||
|
GE VERNOVA INC |
2,000 |
1,980,580 |
||
|
*GENERAC HOLDINGS INC |
4,000 |
788,440 |
||
|
*NEXTPOWER INC |
19,000 |
1,707,530 |
||
|
*SHOALS TECHNOLOGIES GROUP INC |
100,000 |
874,000 |
||
|
VERTIV HOLDINGS CO |
14,000 |
3,381,980 |
||
|
*X ENERGY INC |
50,000 |
815,500 |
||
|
|
9,548,030 |
|||
|
Information Technology (3.3%) |
||||
|
BADGER METER INC |
15,000 |
2,015,250 |
||
|
*FIRST SOLAR INC |
10,000 |
2,110,300 |
||
|
*FLEX LTD |
20,000 |
2,275,000 |
||
|
|
6,400,550 |
|||
|
Materials (1.1%) |
||||
|
NUTRIEN LTD |
30,000 |
2,072,100 |
||
|
|
2,072,100 |
|||
|
|
|
|
|
|
|
Real Estate (2.2%) |
||||
|
LANDBRIDGE CO LLC |
56,000 |
4,341,120 |
||
|
|
4,341,120 |
|||
|
Utilities (12.0%) |
||||
|
CONSTELLATION ENERGY CORP |
9,000 |
2,364,750 |
||
|
ENTERGY CORP |
47,000 |
5,058,140 |
||
|
*FERVO ENERGY CO |
60,000 |
1,352,400 |
||
|
NRG ENERGY INC |
38,000 |
5,103,020 |
||
|
VISTRA CORP |
40,000 |
5,927,600 |
||
|
XCEL ENERGY INC |
50,000 |
3,910,000 |
||
|
|
23,715,910 |
|||
|
TOTAL INVESTMENTS (Cost $152,320,913) |
$ |
194,712,855 |
||
|
OTHER ASSETS LESS LIABILITIES (1.1%) |
$ |
2,148,033 |
||
|
NET ASSETS (100.0%) |
$ |
196,860,888 |
||
|
*Non-income producing |
||||
|
PLC - Public Limited Company |
||||
|
ADR - American Depositary Receipt |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The
Integrity Funds | July 31, 2026
Page 58
Schedule of Investments - July 31, 2026
Integrity Short Term Government Fund
|
Principal |
Fair |
|||
|
Amount |
|
Value |
||
|
MORTGAGE BACKED SECURITIES (96.1%) |
||||
|
Fannie Mae Pool (12.0%) |
||||
|
(a) FN 47935 4.892% 5/1/2027 (ECOFC 1 Month + 1.254%) |
79 |
$ |
78 |
|
|
FN 252284 6.5% 1/1/2029 |
8,495 |
8,552 |
||
|
FN 555326 5.5% 4/1/2033 |
29,854 |
29,957 |
||
|
(a) FN 748375 5.745% 8/1/2033 (RFUCCT 1 Year + 0.995%) |
155 |
156 |
||
|
FN DA0007 5.5% 9/1/2053 |
120,706 |
120,241 |
||
|
FN DF1907 5% 10/1/2050 |
857,561 |
828,869 |
||
|
FN BY3768 6.5% 7/1/2053 |
96,737 |
100,072 |
||
|
FN CB5316 6% 12/1/2052 |
294,206 |
298,983 |
||
|
FN FA4147 5% 1/1/2056 |
590,706 |
571,883 |
||
|
FN FS3411 6% 1/1/2053 |
160,337 |
162,799 |
||
|
FN FS4041 5.5% 3/1/2053 |
393,716 |
392,844 |
||
|
FN FS4979 5.5% 5/1/2053 |
295,184 |
294,428 |
||
|
FN FS6931 5.5% 1/1/2053 |
238,419 |
237,265 |
||
|
FN FS9303 6% 10/1/2054 |
291,901 |
295,300 |
||
|
FN FS9447 6% 12/1/2053 |
337,084 |
341,845 |
||
|
FN 888073 5.5% 2/1/2035 |
5,667 |
5,696 |
||
|
FN MA3067 3.5% 7/1/2047 |
88,509 |
77,917 |
||
|
FN MA4891 5.5% 12/1/2042 |
143,899 |
145,228 |
||
|
FN MA4935 6% 2/1/2043 |
101,317 |
102,604 |
||
|
FN MA5031 7% 4/1/2053 |
62,633 |
64,781 |
||
|
FN MA5107 5.5% 8/1/2053 |
171,362 |
170,160 |
||
|
|
4,249,658 |
|||
|
Fannie Mae Real Estate Mortgage Investment Conduit (5.8%) |
||||
|
FNR 2020-95 DA 2% 7/25/2041 |
197,994 |
187,779 |
||
|
FNR 2023-14 E 6% 6/25/2048 |
327,133 |
329,698 |
||
|
FNR 2024-24 AB 5.5% 8/25/2050 |
114,178 |
114,643 |
||
|
FNR 2025-4 D 5.5% 7/25/2052 |
111,656 |
112,194 |
||
|
(a) FNR 2025-2 FD 5.61608% 2/25/2055 (SOFR 30 Day Average + 2.000%) |
165,493 |
168,855 |
||
|
FNR 2025-70 GD 5% 7/25/2055 |
660,000 |
634,485 |
||
|
(a) FNR 2006-33 CF 4.03056% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.300%) |
215,017 |
213,589 |
||
|
(a) FNR 2009-46 FB 4.43056% 6/25/2039 ((SOFR 30 Day Average + 0.11448%) + 0.700%) |
269,046 |
270,526 |
||
|
(a) FNR 2010-35 KF 4.23056% 4/25/2040 ((SOFR 30 Day Average + 0.11448%) + 0.500%) |
17,914 |
17,910 |
||
|
|
2,049,679 |
|||
|
Fannie Mae Alternative Credit Enhancement Securities (3.0%) |
||||
|
(b)(c) FNA 2019-M23 X2 0.26035% 2/25/2031 |
25,761,962 |
133,365 |
||
|
(b)(c) FNA 2019-M32 X2 1.12142% 10/25/2029 |
3,946,366 |
96,303 |
||
|
(b)(c) FNA 2020-M10 X6 1.37742% 8/25/2028 |
3,238,724 |
68,932 |
||
|
(b)(c) FNA 2020-M17 X1 1.4171% 1/25/2028 |
13,837,168 |
135,946 |
||
|
(b)(c) FNA 2020-M27 X 0.81441% 5/25/2050 |
3,814,052 |
130,336 |
||
|
(b)(c) FNA 2020-M43 X1 1.854802% 8/25/2034 |
2,642,593 |
134,277 |
||
|
(b)(c) FNA 2025-M6 X 0.6551% 10/25/2035 |
3,095,577 |
148,973 |
||
|
(b)(c) FNA 2025-M4 X 0.52844% 8/25/2035 |
4,986,873 |
198,003 |
||
|
|
1,046,135 |
|||
|
Freddie Mac Pool (16.8%) |
||||
|
FR SC0699 5% 6/1/2045 |
395,181 |
385,709 |
||
|
FR SD2578 6% 3/1/2053 |
187,730 |
191,085 |
||
|
FR SD3475 5.5% 8/1/2053 |
382,870 |
382,205 |
||
|
FR SD3518 5.5% 7/1/2053 |
222,939 |
222,254 |
||
|
FR SD3553 6% 7/1/2053 |
258,375 |
262,987 |
||
|
FR SD6265 5.5% 6/1/2054 |
325,501 |
322,436 |
||
|
FR SD6337 6% 9/1/2054 |
244,606 |
248,133 |
The Integrity Funds | July 31, 2026
Page 59
|
FR SD8300 5.5% 2/1/2053 |
283,222 |
281,768 |
||
|
FR QF7098 5.5% 2/1/2053 |
398,277 |
396,174 |
||
|
FR QF6560 5.5% 1/1/2053 |
307,479 |
306,890 |
||
|
FR QF8450 6% 3/1/2053 |
67,377 |
68,238 |
||
|
FR QU8138 6% 9/1/2053 |
278,170 |
279,072 |
||
|
FR RB5375 5.5% 11/1/2045 |
177,808 |
177,340 |
||
|
FR RB5221 6% 2/1/2043 |
220,376 |
223,798 |
||
|
FR SL2038 5% 11/1/2054 |
325,526 |
314,853 |
||
|
FR SL3546 5.5% 12/1/2050 |
926,615 |
920,137 |
||
|
FR TA7109 5% 3/1/2051 |
594,716 |
575,858 |
||
|
FR TA6761 5% 2/1/2051 |
396,067 |
385,265 |
||
|
|
5,944,202 |
|||
|
Freddie Mac Gold Pool (0.4%) |
||||
|
FG G01584 5% 8/1/2033 |
15,083 |
15,056 |
||
|
FG NB0014 3.5% 4/1/2049 |
138,224 |
122,632 |
||
|
FG H09207 6.5% 8/1/2038 |
7,328 |
7,347 |
||
|
|
145,035 |
|||
|
Freddie Mac Multifamily Structured Pass Through Certificates (2.7%) |
||||
|
(b) FHMS Q004 A2H 5.65627% 1/25/2046 |
51,218 |
51,009 |
||
|
(b)(c) FHMS K078 XAM 0.011695% 6/25/2028 |
33,580,000 |
47,203 |
||
|
(b) FHMS Q007 APT1 5.819712% 10/25/2047 |
10,677 |
10,672 |
||
|
(b)(c) FHMS K738 X1 1.473147% 1/25/2027 |
1,714,853 |
5,345 |
||
|
(b)(c) FHMS K115 X1 1.306622% 6/25/2030 |
1,361,787 |
57,958 |
||
|
(b)(c) FHMS KS16 X 1.18235% 1/25/2032 |
6,800,000 |
315,719 |
||
|
(b)(c) FHMS Q037 X 0.586311% 12/25/2030 |
19,842,116 |
451,761 |
||
|
|
939,667 |
|||
|
Freddie Mac Non Gold Pool (1.1%) |
||||
|
(a) FH 841824 5.695% 10/1/2054 (SOFR 30 Day Average + 2.232%) |
380,345 |
382,910 |
||
|
|
382,910 |
|||
|
Freddie Mac Real Estate Mortgage Investment Conduit (8.6%) |
||||
|
FHR 2344 ZD 6.5% 8/15/2031 |
3,216 |
3,300 |
||
|
(a) FHR 3843 F 4.06987% 4/15/2041 ((SOFR 30 Day Average + 0.11448%) + 0.330%) |
125,853 |
125,269 |
||
|
(a) FHR 4238 FD 4.03987% 2/15/2042 ((SOFR 30 Day Average + 0.11448%) + 0.300%) |
119,140 |
118,963 |
||
|
FHR 5016 DA 2% 7/25/2044 |
291,559 |
270,900 |
||
|
(a) FHR 5080 BF 3% 12/25/2049 (SOFR 30 Day Average + 0.250%) |
484,786 |
406,437 |
||
|
FHR 5420 KB 6% 4/25/2050 |
500,000 |
504,082 |
||
|
FHR 5423 A 5% 11/25/2050 |
36,460 |
36,291 |
||
|
FHR 5474 CB 5% 8/25/2051 |
746,096 |
739,206 |
||
|
(a) FHR 5508 FE 5.21608% 2/25/2055 (SOFR 30 Day Average + 1.600%) |
242,892 |
247,438 |
||
|
FHR 5500 GN 5.5% 5/25/2051 |
175,795 |
175,553 |
||
|
(a) FHR 2801 FG 4.18987% 7/15/2032 ((SOFR 30 Day Average + 0.11448%) + 0.450%) |
219,199 |
218,875 |
||
|
(a) FHR 3117 TA 4.73987% 2/15/2036 ((SOFR 30 Day Average + 0.11448%) + 1.000%) |
220,661 |
212,999 |
||
|
|
3,059,313 |
|||
|
Freddie Mac Small Balance Loan Mortgage Trust (0.2%) |
||||
|
(a) FRESB 2016-SB13 A5H 4.44627% 1/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) |
54,789 |
54,430 |
||
|
(a) FRESB 2016-SB16 A5H 4.44627% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) |
31,651 |
31,510 |
||
|
|
85,940 |
|||
|
Ginnie Mae II Pool (11.2%) |
||||
|
G2 MA8681 6.5% 1/20/2053 |
218,121 |
223,904 |
||
|
G2 MA9174 7% 9/20/2053 |
29,593 |
30,774 |
||
|
G2 MA9478 7% 2/20/2054 |
51,058 |
52,445 |
||
|
(a) G2 MB0885 5.5% 1/20/2056 (H15T 1 Year + 1.500%) |
721,782 |
726,647 |
||
|
G2 MB0194 6.5% 2/20/2055 |
310,859 |
317,565 |
||
|
G2 MB0195 7% 2/20/2055 |
203,959 |
207,806 |
||
|
G2 MB0249 7% 2/20/2055 |
251,643 |
256,189 |
||
|
G2 MB0298 7% 4/20/2055 |
296,470 |
302,773 |
||
|
(a) G2 MB0435 5.5% 6/20/2055 (H15T 1 Year + 1.500%) |
277,396 |
278,823 |
||
|
G2 MB0474 6.5% 7/20/2055 |
165,561 |
168,553 |
||
|
G2 MB0475 7% 7/20/2055 |
396,307 |
405,478 |
||
|
G2 MB0986 6% 3/20/2056 |
375,525 |
376,919 |
The Integrity Funds | July 31, 2026
Page 60
|
G2 MB1132 6% 5/20/2056 |
349,287 |
354,060 |
||
|
G2 MB1206 6% 6/20/2056 |
248,388 |
249,310 |
||
|
|
3,951,246 |
|||
|
|
|
|
|
|
|
Government National Mortgage Association (34.1%) |
||||
|
(a) GNR 2015-H27 FA 4.48571% 9/20/2065 ((TSFR 1 Month Average + 0.11448%) + 0.750%) |
45,550 |
45,703 |
||
|
(b)(c) GNR 2013-15 IO 0.63378% 8/16/2051 |
965,997 |
21,022 |
||
|
(b)(c) GNR 2013-33 IO 0.14182% 4/16/2054 |
4,671,829 |
7,642 |
||
|
(b)(c) GNR 2014-73 IO 0.33642% 4/16/2056 |
1,976,552 |
18,350 |
||
|
(b)(c) GNR 2014-16 IO 0.38137% 6/16/2055 |
11,101,343 |
163,600 |
||
|
(b)(c) GNR 2015-130 IO 0.66586% 7/16/2057 |
1,216,964 |
39,587 |
||
|
(b)(c) GNR 2017-127 IO 0.54401% 2/16/2059 |
4,214,266 |
140,692 |
||
|
(b)(c) GNR 2017-143 IO 0.47701% 1/16/2059 |
4,742,855 |
134,098 |
||
|
(b)(c) GNR 2017-76 IO 0.74323% 12/16/2056 |
1,332,974 |
59,268 |
||
|
(b)(c) GNR 2017-90 IO 0.66438% 1/16/2059 |
3,370,648 |
133,404 |
||
|
(b)(c) GNR 2017-28 IO 0.64525% 2/16/2057 |
1,374,576 |
52,441 |
||
|
(b)(c) GNR 2016-52 IO 0.73209% 3/16/2058 |
3,383,692 |
120,242 |
||
|
(b)(c) GNR 2016-158 IO 0.73917% 6/16/2058 |
1,959,686 |
66,088 |
||
|
(b)(c) GNR 2016-94 IO 0.73266% 12/16/2057 |
7,008,410 |
204,836 |
||
|
(b)(c) GNR 2018-2 IO 0.70159% 12/16/2059 |
3,220,046 |
136,006 |
||
|
(b)(c) GNR 2018-74 IO 0.29538% 3/16/2060 |
4,675,053 |
74,757 |
||
|
(b)(c) GNR 2019-53 IA 0.74857% 6/16/2061 |
2,890,192 |
144,308 |
||
|
(b)(c) GNR 2019-7 IO 0.95095% 1/16/2061 |
3,871,215 |
263,859 |
||
|
(b)(c) GNR 2018-108 IA 0.68245% 8/16/2060 |
851,035 |
48,326 |
||
|
(b)(c) GNR 2018-119 IO 0.68575% 5/16/2060 |
627,013 |
34,147 |
||
|
(b)(c) GNR 2018-140 IO 0.67554% 7/16/2060 |
3,025,327 |
164,171 |
||
|
(b)(c) GNR 2020-40 IO 0.88449% 1/16/2062 |
5,547,147 |
330,248 |
||
|
(b)(c) GNR 2019-75 IO 0.85151% 12/16/2060 |
2,510,877 |
144,021 |
||
|
(b)(c) GNR 2019-156 IO 0.54936% 11/16/2061 |
2,359,739 |
93,354 |
||
|
(b)(c) GNR 2020-132 IO 0.85086% 9/16/2062 |
3,593,794 |
219,694 |
||
|
(b)(c) GNR 2020-52 IO 0.8052% 10/16/2062 |
3,202,912 |
201,527 |
||
|
(b)(c) GNR 2020-87 AI 1.87101% 5/16/2060 |
733,750 |
86,594 |
||
|
(b)(c) GNR 2020-121 IO 0.88081% 8/16/2060 |
3,642,355 |
224,073 |
||
|
(b)(c) GNR 2021-H11 IY 0.47602% 7/20/2071 |
2,431,311 |
76,724 |
||
|
(b)(c) GNR 2020-H19 SI 1.40501% 10/20/2070 |
369,309 |
9,419 |
||
|
(b)(c) GNR 2021-H06 YI 1.2426% 4/20/2071 |
1,595,260 |
96,283 |
||
|
(a) GNR 2021-H08 VF 4.82139% 4/20/2071 (SOFR 30 Day Average + 1.200%) |
187,295 |
189,741 |
||
|
(b)(c) GNR 2021-63 IO 0.8156% 4/16/2061 |
3,960,445 |
232,075 |
||
|
(b)(c) GNR 2021-68 IO 0.87762% 10/16/2062 |
1,499,558 |
91,973 |
||
|
(b)(c) GNR 2021-47 IO 0.99239% 3/16/2061 |
1,025,664 |
66,574 |
||
|
(b)(c) GNR 2020-157 IO 0.93434% 6/16/2062 |
3,500,476 |
233,122 |
||
|
(b)(c) GNR 2020-168 IA 0.97478% 12/16/2062 |
9,002,538 |
629,866 |
||
|
(b)(c) GNR 2020-177 IO 0.80683% 6/16/2062 |
1,526,515 |
91,112 |
||
|
(b)(c) GNR 2021-52 IO 0.72015% 4/16/2063 |
2,275,202 |
119,108 |
||
|
(b)(c) GNR 2020-190 IO 1.05145% 11/16/2062 |
1,686,438 |
127,890 |
||
|
(b)(c) GNR 2021-51 IO 1.02026% 10/16/2062 |
1,956,899 |
137,313 |
||
|
(b)(c) GNR 2021-10 IO 0.99462% 5/16/2063 |
1,251,013 |
95,703 |
||
|
(b)(c) GNR 2021-14 IO 1.33377% 6/16/2063 |
2,512,594 |
226,804 |
||
|
(b)(c) GNR 2021-71 IO 0.86455% 10/16/2062 |
4,680,699 |
302,098 |
||
|
(b)(c) GNR 2021-31 IO 0.94033% 1/16/2061 |
5,584,659 |
381,559 |
||
|
(b)(c) GNR 2021-37 IO 0.79707% 1/16/2061 |
4,391,782 |
256,046 |
||
|
(b)(c) GNR 2021-36 IO 1.27922% 3/16/2063 |
1,784,695 |
143,255 |
||
|
(b)(c) GNR 2021-171 IO 0.9918% 8/16/2061 |
2,925,165 |
190,676 |
||
|
(b)(c) GNR 2021-150 IO 1.04345% 11/16/2063 |
946,430 |
73,587 |
||
|
(b)(c) GNR 2021-110 IO 0.87632% 11/16/2063 |
4,337,502 |
283,715 |
||
|
(b)(c) GNR 2021-124 IO 0.98924% 10/16/2062 |
2,133,009 |
139,161 |
||
|
(b)(c) GNR 2021-195 IX 1.20382% 8/16/2063 |
6,971,069 |
645,439 |
||
|
(b)(c) GNR 2021-198 IO 0.80894% 11/16/2061 |
4,151,863 |
231,789 |
||
|
(b)(c) GNR 2021-208 IO 0.75506% 6/16/2064 |
3,475,935 |
195,910 |
||
|
(b)(c) GNR 2023-161 IO 1.12728% 7/16/2065 |
1,710,151 |
145,761 |
||
|
(b)(c) GNR 2024-67 EI 0.65765% 10/16/2065 |
1,890,907 |
101,439 |
The Integrity Funds | July 31, 2026
Page 61
|
(b)(c) GNR 2025-31 IO 0.57524% 8/16/2067 |
8,402,970 |
514,594 |
||
|
(b)(c) GNR 2024-161 IO 0.73993% 6/16/2064 |
1,718,938 |
96,704 |
||
|
(b)(c) GNR 2024-179 XI 0.85698% 12/16/2066 |
3,096,503 |
211,224 |
||
|
(b)(c) GNR 2025-53 IO 0.50978% 10/16/2066 |
5,140,339 |
267,591 |
||
|
(b)(c) GNR 2025-109 IO 0.60214% 5/16/2067 |
4,931,647 |
280,186 |
||
|
(b)(c) GNR 2026-57 IO 0.51472% 3/16/2066 |
4,482,973 |
252,167 |
||
|
(b)(c) GNR 2023-H02 IK 1.18786% 1/20/2073 |
984,329 |
74,541 |
||
|
(b)(c) GNR 2022-H07 IG 1.90624% 2/20/2072 |
474,066 |
16,662 |
||
|
(b)(c) GNR 2025-H02 DI 1.04977% 12/20/2074 |
6,424,148 |
308,865 |
||
|
(b)(c) GNR 2023-H16 GI 0.82699% 6/20/2073 |
1,896,067 |
87,502 |
||
|
(b)(c) GNR 2024-H07 IG 0.97549% 4/20/2074 |
1,570,008 |
104,969 |
||
|
(b)(c) GNR 2025-H05 DI 1.22566% 2/20/2075 |
4,109,788 |
101,295 |
||
|
(b)(c) GNR 2025-201 IO 0.74245% 3/16/2066 |
4,221,469 |
294,441 |
||
|
GNR 2024-126 PG 6% 3/20/2054 |
119,281 |
117,634 |
||
|
(a) GNR 2024-181 WF 5.27139% 11/20/2054 (SOFR 30 Day Average + 1.650%) |
444,598 |
446,665 |
||
|
|
12,061,241 |
|||
|
Seasoned Credit Risk Transfer Trust Series (0.2%) |
||||
|
SCRT 2020-3 M5TW 3% 5/25/2060 |
62,685 |
|
54,829 |
|
|
|
54,829 |
|||
|
TOTAL MORTGAGE BACKED SECURITIES (Cost: $33,213,860) |
$ |
33,969,854 |
||
|
U.S. GOVERNMENT TREASURY BILLS (1.1%) |
||||
|
(d) United States Treasury Bill 3.800% 01/21/2027 |
200,000 |
196,368 |
||
|
(d) United States Treasury Bill 3.755% 11/ 24/2026 |
200,000 |
197,629 |
||
|
TOTAL U.S. GOVERNMENT TREASURY BILLS (Cost $393,785) |
$ |
393,997 |
||
|
|
|
|||
|
TOTAL INVESTMENTS (Cost $33,607,645) (97.2%) |
$ |
34,363,851 |
||
|
OTHER ASSETS LESS LIABILITIES (2.8%) |
$ |
987,820 |
||
|
NET ASSETS (100.0%) |
$ |
35,351,671 |
||
|
(a) Variable rate security; the rate shown represents the rate at July 31, 2026. Coupon may be fixed for a period of time. |
||||
|
(b) Variable rate security; the rate shown represents the rate at July 31, 2026. The coupon is based on an underlying pool of loans. |
||||
|
(c) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
||||
|
(d) Effective yield as of July 31, 2026. Security does not have a stated interest rate. |
||||
|
SOFR - Secured Overnight Financing Rate |
||||
|
SOFR 30 Day Average rate disclosed as of July 31, 2026, based on the last reset date of the security. |
||||
|
TSFR - Term Secured Overnight Financing Rate |
||||
|
TSFR 1 Month Average rate disclosed as of July 31, 2026, based on the last reset date of the security. |
||||
|
ECOFC - Enterprise 11th District COFI Replacement Index |
||||
|
ECOFC 1 Month rate disclosed as of July 31, 2026, based on the last reset date of the security. |
||||
|
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks |
||||
|
RFUCCT 1 Year rate disclosed as of July 31, 2026, based on the last reset date of the security. |
||||
|
H15T - US Treasury Yield Curve Rate T Note Constant Maturity 1 year |
||||
|
H15T 1 Year rate disclosed as of July 31, 2026, based on the last reset date of the security. |
||||
|
The accompanying notes are an integral part of these financial statements. |
||||
The Integrity Funds | July 31, 2026
Page 62
Statements of Assets and Liabilities – as of July 31, 2026
|
Dividend |
Dividend |
Growth |
||||||
|
Harvest |
Summit |
& Income |
||||||
|
Fund |
Fund |
Fund |
||||||
|
ASSETS |
||||||||
|
Investments in securities, at cost |
$ |
602,503,203 |
$ |
13,817,800 |
$ |
58,548,735 |
||
|
|
||||||||
|
Investments in securities, at value |
$ |
785,929,390 |
$ |
16,066,708 |
$ |
135,131,701 |
||
|
Cash and cash equivalents |
18,002,321 |
966,022 |
14,844,573 |
|||||
|
Receivable for Fund shares sold |
1,017,133 |
- |
752,805 |
|||||
|
Accrued dividends receivable |
1,574,606 |
62,403 |
91,158 |
|||||
|
Accrued interest receivable |
31,314 |
3,501 |
23,321 |
|||||
|
Receivable from affiliate |
287,361 |
11,343 |
60,120 |
|||||
|
Prepaid expenses |
115,686 |
1,229 |
- |
|||||
|
Total assets |
$ |
806,957,811 |
$ |
17,111,206 |
$ |
150,903,678 |
||
|
|
||||||||
|
LIABILITIES |
||||||||
|
Payable for Fund shares redeemed |
$ |
518,481 |
$ |
- |
$ |
13,830 |
||
|
Trustees’ fees payable |
27,042 |
453 |
6,261 |
|||||
|
Payable to affiliates |
795,831 |
21,416 |
209,938 |
|||||
|
Accrued expenses |
98,307 |
6,610 |
27,770 |
|||||
|
Total liabilities |
$ |
1,439,661 |
$ |
28,479 |
$ |
257,799 |
||
|
|
||||||||
|
NET ASSETS |
$ |
805,518,150 |
$ |
17,082,727 |
$ |
150,645,879 |
||
|
|
||||||||
|
NET ASSETS ARE REPRESENTED BY: |
||||||||
|
Capital stock outstanding, $.001 par value, unlimited shares authorized |
$ |
595,180,534 |
$ |
14,790,165 |
$ |
60,990,906 |
||
|
Distributable earnings |
|
210,337,616 |
|
2,292,562 |
|
89,654,973 |
||
|
|
||||||||
|
NET ASSETS |
$ |
805,518,150 |
$ |
17,082,727 |
$ |
150,645,879 |
||
|
|
||||||||
|
Net Assets - Class A |
$ |
185,723,026 |
$ |
1,652,658 |
$ |
79,679,098 |
||
|
Net Assets - Class C |
$ |
58,826,498 |
$ |
65,853 |
$ |
11,246,010 |
||
|
Net Assets - Class I |
$ |
560,968,626 |
$ |
15,364,216 |
$ |
59,720,771 |
||
|
Shares outstanding - Class A |
7,941,455 |
127,154 |
579,703 |
|||||
|
Shares outstanding - Class C |
2,543,047 |
5,000 |
85,723 |
|||||
|
Shares outstanding - Class I |
23,961,969 |
1,189,601 |
432,993 |
|||||
|
Net asset value per share - Class A* |
$23.39 |
$13.00 |
$137.45 |
|||||
|
Maximum sales charge - Class A |
5.00% |
5.00% |
5.00% |
|||||
|
Public offering price per share - Class A |
$24.62 |
$13.68 |
$144.68 |
|||||
|
Net asset value per share - Class C* |
$23.13 |
$13.17 |
$131.19 |
|||||
|
Net asset value per share - Class I |
$23.41 |
$12.92 |
$137.93 |
|||||
|
|
||||||||
|
* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
||||||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 63
Statements of Assets and Liabilities (continued) – as of July 31, 2026
|
High |
MNA |
Short Term |
||||||
|
Income |
Resources |
Government |
||||||
|
Fund |
Fund |
Fund |
||||||
|
ASSETS |
||||||||
|
Investments in securities, at cost |
$ |
41,831,595 |
$ |
152,320,913 |
$ |
33,607,645 |
||
|
|
||||||||
|
Investments in securities, at value |
$ |
39,838,267 |
$ |
194,712,855 |
$ |
34,363,851 |
||
|
Cash and cash equivalents |
1,542,501 |
2,315,589 |
689,743 |
|||||
|
Receivable for securities sold |
12,896 |
- |
- |
|||||
|
Receivable for Fund shares sold |
2,642 |
41,443 |
4,250 |
|||||
|
Accrued dividends receivable |
- |
74,800 |
- |
|||||
|
Accrued interest receivable |
698,475 |
5,984 |
303,609 |
|||||
|
Receivable from affiliate |
22,175 |
- |
9,945 |
|||||
|
Prepaid expenses |
58 |
4,320 |
19,203 |
|||||
|
Total assets |
$ |
42,117,014 |
$ |
197,154,991 |
$ |
35,390,601 |
||
|
|
||||||||
|
LIABILITIES |
||||||||
|
Payable for securities purchased |
$ |
58,588 |
$ |
- |
$ |
- |
||
|
Payable for Fund shares redeemed |
27,436 |
66,000 |
- |
|||||
|
Distributions payable |
34,727 |
- |
- |
|||||
|
Trustees’ fees payable |
2,795 |
7,391 |
1,413 |
|||||
|
Payable to affiliates |
54,438 |
199,130 |
18,447 |
|||||
|
Accrued expenses |
28,774 |
21,582 |
19,070 |
|||||
|
Total liabilities |
$ |
206,758 |
$ |
294,103 |
$ |
38,930 |
||
|
|
||||||||
|
NET ASSETS |
$ |
41,910,256 |
$ |
196,860,888 |
$ |
35,351,671 |
||
|
|
||||||||
|
NET ASSETS ARE REPRESENTED BY: |
||||||||
|
Capital stock outstanding, $.001 par value, unlimited shares authorized |
$ |
45,632,797 |
$ |
289,415,967 |
$ |
43,733,863 |
||
|
Distributable earnings (accumulated losses) |
|
(3,722,541) |
|
(92,555,079) |
|
(8,382,192) |
||
|
|
||||||||
|
NET ASSETS |
$ |
41,910,256 |
$ |
196,860,888 |
$ |
35,351,671 |
||
|
|
||||||||
|
Net Assets - Class A |
$ |
22,056,637 |
$ |
97,188,074 |
$ |
561,470 |
||
|
Net Assets - Class C |
$ |
2,017,410 |
$ |
4,378,865 |
$ |
N/A |
||
|
Net Assets - Class I |
$ |
17,836,209 |
$ |
95,293,949 |
$ |
34,790,201 |
||
|
Shares outstanding - Class A |
2,911,767 |
11,015,826 |
62,998 |
|||||
|
Shares outstanding - Class C |
266,318 |
500,876 |
N/A |
|||||
|
Shares outstanding - Class I |
2,356,242 |
10,884,080 |
3,898,709 |
|||||
|
Net asset value per share - Class A* |
$7.58 |
$8.82 |
$8.91 |
|||||
|
Maximum sales charge - Class A |
4.25% |
5.00% |
2.00% |
|||||
|
Public offering price per share - Class A |
$7.92 |
$9.28 |
$9.09 |
|||||
|
Net asset value per share - Class C* |
$7.58 |
$8.74 |
N/A |
|||||
|
Net asset value per share - Class I |
$7.57 |
$8.76 |
$8.92 |
|||||
|
|
||||||||
|
* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
||||||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 64
Statements of Operations – for the year ended July 31, 2026
|
Dividend |
Dividend |
Growth |
||||||
|
Harvest |
Summit |
& Income |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends (net of foreign withholding taxes of $327,470, $24,091, and $0, respectively) |
$ |
23,743,672 |
$ |
851,159 |
$ |
1,534,790 |
||
|
Interest |
349,481 |
17,866 |
90,038 |
|||||
|
Total investment income |
$ |
24,093,153 |
$ |
869,025 |
$ |
1,624,828 |
||
|
|
||||||||
|
EXPENSES |
||||||||
|
Investment advisory fees |
$ |
4,793,215 |
$ |
94,742 |
$ |
1,275,487 |
||
|
Distribution (12b-1) fees - Class A |
399,251 |
2,313 |
177,102 |
|||||
|
Distribution (12b-1) fees - Class C |
477,413 |
601 |
98,497 |
|||||
|
Transfer agent fees |
1,028,023 |
34,762 |
241,588 |
|||||
|
Administrative service fees |
902,264 |
70,540 |
231,318 |
|||||
|
Professional fees |
104,792 |
3,942 |
21,535 |
|||||
|
Reports to shareholders |
25,300 |
730 |
2,280 |
|||||
|
License, fees, and registrations |
58,470 |
3,450 |
22,106 |
|||||
|
Audit fees |
85,400 |
5,400 |
20,281 |
|||||
|
Trustees’ fees |
41,553 |
781 |
10,885 |
|||||
|
Transfer agent out-of-pockets |
165,878 |
2,235 |
40,805 |
|||||
|
Custodian fees |
48,350 |
2,007 |
12,750 |
|||||
|
Legal fees |
27,517 |
911 |
4,838 |
|||||
|
Insurance expense |
6,937 |
303 |
2,144 |
|||||
|
Total expenses |
$ |
8,164,363 |
$ |
222,717 |
$ |
2,161,616 |
||
|
Less expenses waived or reimbursed (See Note 7) |
|
(2,809,865) |
|
(126,188) |
|
(623,189) |
||
|
Total net expenses |
$ |
5,354,498 |
$ |
96,529 |
$ |
1,538,427 |
||
|
|
|
|
|
|
|
|||
|
NET INVESTMENT INCOME (LOSS) |
$ |
18,738,655 |
$ |
772,496 |
$ |
86,401 |
||
|
|
||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||
|
Net realized gain (loss) from investment transactions |
$ |
43,333,800 |
$ |
180,774 |
$ |
14,021,835 |
||
|
Net change in unrealized appreciation (depreciation) of investments |
105,105,712 |
2,221,356 |
20,092,724 |
|||||
|
Net realized and unrealized gain (loss) on investments |
$ |
148,439,512 |
$ |
2,402,130 |
$ |
34,114,559 |
||
|
|
||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ |
167,178,167 |
$ |
3,174,626 |
$ |
34,200,960 |
||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 65
Statements of Operations (continued) – for the year ended July 31, 2026
|
|
High |
|
MNA |
|
Short Term |
|||
|
Income |
Resources |
Government |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends (net of foreign withholding taxes of $0, $32,112, and $0, respectively) |
$ |
12,157 |
$ |
2,943,848 |
$ |
- |
||
|
Interest |
2,836,552 |
124,264 |
1,429,388 |
|||||
|
Total investment income |
$ |
2,848,709 |
$ |
3,068,112 |
$ |
1,429,388 |
||
|
|
||||||||
|
EXPENSES |
||||||||
|
Investment advisory fees |
$ |
382,577 |
$ |
849,646 |
$ |
109,357 |
||
|
Distribution (12b-1) fees - Class A |
57,511 |
455,013 |
1,103 |
|||||
|
Distribution (12b-1) fees - Class C |
21,799 |
37,034 |
N/A |
|||||
|
Transfer agent fees |
66,012 |
317,760 |
49,744 |
|||||
|
Administrative service fees |
115,762 |
290,710 |
91,033 |
|||||
|
Professional fees |
8,288 |
22,217 |
7,475 |
|||||
|
Reports to shareholders |
365 |
10,840 |
229 |
|||||
|
License, fees, and registrations |
13,370 |
28,952 |
9,725 |
|||||
|
Audit fees |
14,933 |
22,899 |
11,102 |
|||||
|
Trustees’ fees |
4,760 |
12,160 |
2,382 |
|||||
|
Transfer agent out-of-pockets |
12,945 |
90,545 |
2,582 |
|||||
|
Custodian fees |
21,528 |
13,809 |
20,805 |
|||||
|
Legal fees |
1,933 |
1,701 |
1,887 |
|||||
|
Insurance expense |
820 |
1,911 |
- |
|||||
|
Tax expense |
- |
- |
34 |
|||||
|
Expenses recouped (See Note 7) |
|
- |
|
|
38,102 |
|
|
- |
|
Total expenses |
$ |
722,603 |
$ |
2,193,299 |
$ |
307,458 |
||
|
Less expenses waived or reimbursed (See Note 7) |
(265,340) |
- |
(105,170) |
|||||
|
Total net expenses |
$ |
457,263 |
$ |
2,193,299 |
$ |
202,288 |
||
|
|
|
|
|
|
|
|
||
|
NET INVESTMENT INCOME (LOSS) |
$ |
2,391,446 |
$ |
874,813 |
$ |
1,227,100 |
||
|
|
||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||
|
Net realized gain (loss) from investment transactions |
$ |
(319,810) |
$ |
30,666,750 |
$ |
70,743 |
||
|
Net change in unrealized appreciation (depreciation) of investments |
28,037 |
19,755,762 |
573,450 |
|||||
|
Net realized and unrealized gain (loss) on investments |
$ |
(291,773) |
$ |
50,422,512 |
$ |
644,193 |
||
|
|
||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ |
2,099,673 |
$ |
51,297,325 |
$ |
1,871,293 |
||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
|
|
||||||||
The Integrity Funds | July 31, 2026
Page 66
Statements of Changes in Net Assets – for the year ended July 31, 2026
|
Dividend |
Dividend |
Growth |
||||||
|
Harvest |
Summit |
& Income |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
||||||||
|
Net investment income (loss) |
$ |
18,738,655 |
$ |
772,496 |
$ |
86,401 |
||
|
Net realized gain (loss) from investment transactions |
43,333,800 |
180,774 |
14,021,835 |
|||||
|
Net change in unrealized appreciation (depreciation) of investments |
105,105,712 |
2,221,356 |
20,092,724 |
|||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
167,178,167 |
$ |
3,174,626 |
$ |
34,200,960 |
||
|
|
||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Distributions - Class A |
$ |
(10,953,755) |
$ |
(64,009) |
$ |
(2,352,363) |
||
|
Distributions - Class C |
(2,919,154) |
(3,723) |
(325,174) |
|||||
|
Distributions - Class I |
(30,150,759) |
(847,224) |
(1,632,321) |
|||||
|
Total distributions |
$ |
(44,023,668) |
$ |
(914,956) |
$ |
(4,309,858) |
||
|
|
||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from sale of shares - Class A |
$ |
28,132,403 |
$ |
1,266,046 |
$ |
5,189,039 |
||
|
Proceeds from sale of shares - Class C |
14,284,387 |
- |
528,331 |
|||||
|
Proceeds from sale of shares - Class I |
179,564,675 |
4,311,380 |
17,008,853 |
|||||
|
Proceeds from reinvested dividends - Class A |
10,141,883 |
61,591 |
2,239,695 |
|||||
|
Proceeds from reinvested dividends - Class C |
2,648,533 |
- |
315,889 |
|||||
|
Proceeds from reinvested dividends - Class I |
26,504,010 |
287,878 |
1,467,745 |
|||||
|
Cost of shares redeemed - Class A |
(23,043,436) |
(309,968) |
(9,537,637) |
|||||
|
Cost of shares redeemed - Class C |
(6,619,344) |
- |
(754,300) |
|||||
|
Cost of shares redeemed - Class I |
(69,219,816) |
(410,015) |
(9,704,547) |
|||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
$ |
162,393,295 |
$ |
5,206,912 |
$ |
6,753,068 |
||
|
|
||||||||
|
TOTAL INCREASE (DECREASE) IN NET ASSETS |
$ |
285,547,794 |
$ |
7,466,582 |
$ |
36,644,170 |
||
|
NET ASSETS, BEGINNING OF PERIOD |
519,970,356 |
9,616,145 |
114,001,709 |
|||||
|
NET ASSETS, END OF PERIOD |
$ |
805,518,150 |
$ |
17,082,727 |
$ |
150,645,879 |
||
|
|
|
|
|
|||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 67
Statements of Changes in Net Assets (continued) – for the year ended July 31, 2026
|
High |
MNA |
Short Term |
||||||
|
Income |
Resources |
Government |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
||||||||
|
Net investment income (loss) |
$ |
2,391,446 |
$ |
874,813 |
$ |
1,227,100 |
||
|
Net realized gain (loss) from investment transactions |
(319,810) |
30,666,750 |
70,743 |
|||||
|
Net change in unrealized appreciation (depreciation) of investments |
28,037 |
19,755,762 |
573,450 |
|||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
2,099,673 |
$ |
51,297,325 |
$ |
1,871,293 |
||
|
|
||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Distributions - Class A |
$ |
(1,205,871) |
$ |
(233,252) |
$ |
(14,676) |
||
|
Distributions - Class C |
(97,794) |
(1,251) |
N/A |
|||||
|
Distributions - Class I |
(1,087,514) |
(436,683) |
(1,261,774) |
|||||
|
Total distributions |
$ |
(2,391,179) |
$ |
(671,186) |
$ |
(1,276,450) |
||
|
|
||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from sale of shares - Class A |
$ |
1,542,259 |
$ |
5,650,463 |
$ |
234,308 |
||
|
Proceeds from sale of shares - Class C |
252,040 |
1,218,828 |
N/A |
|||||
|
Proceeds from sale of shares - Class I |
2,804,507 |
36,488,440 |
15,675,015 |
|||||
|
Proceeds from reinvested dividends - Class A |
1,036,907 |
224,811 |
13,945 |
|||||
|
Proceeds from reinvested dividends - Class C |
65,631 |
1,226 |
N/A |
|||||
|
Proceeds from reinvested dividends - Class I |
860,485 |
372,031 |
723,307 |
|||||
|
Cost of shares redeemed - Class A |
(3,176,026) |
(17,125,363) |
(156,684) |
|||||
|
Cost of shares redeemed - Class C |
(555,341) |
(856,051) |
N/A |
|||||
|
Cost of shares redeemed - Class I |
(7,341,520) |
(14,937,712) |
(14,110,683) |
|||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
$ |
(4,511,058) |
$ |
11,036,673 |
$ |
2,379,208 |
||
|
|
||||||||
|
TOTAL INCREASE (DECREASE) IN NET ASSETS |
$ |
(4,802,564) |
$ |
61,662,812 |
$ |
2,974,051 |
||
|
NET ASSETS, BEGINNING OF PERIOD |
46,712,820 |
135,198,076 |
32,377,620 |
|||||
|
NET ASSETS, END OF PERIOD |
$ |
41,910,256 |
$ |
196,860,888 |
$ |
35,351,671 |
||
|
|
|
|
||||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 68
Statements of Changes in Net Assets – for the year ended July 31, 2025
|
Dividend |
Dividend |
Growth |
||||||
|
Harvest |
Summit |
& Income |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
||||||||
|
Net investment income (loss) |
$ |
13,746,797 |
$ |
487,003 |
$ |
398,521 |
||
|
Net realized gain (loss) from investment transactions |
17,909,084 |
11,022 |
3,517,314 |
|||||
|
Net change in unrealized appreciation (depreciation) of investments |
14,560,780 |
(209,455) |
9,906,452 |
|||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
46,216,661 |
$ |
288,570 |
$ |
13,822,287 |
||
|
|
||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Distributions - Class A |
$ |
(11,388,062) |
$ |
(21,794) |
$ |
(1,397,020) |
||
|
Distributions - Class C |
(2,707,235) |
(2,625) |
(155,206) |
|||||
|
Distributions - Class I |
(24,147,540) |
(467,666) |
(862,509) |
|||||
|
Total distributions |
$ |
(38,242,837) |
$ |
(492,085) |
$ |
(2,414,735) |
||
|
|
||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from sale of shares - Class A |
$ |
21,132,754 |
$ |
280,034 |
$ |
3,088,507 |
||
|
Proceeds from sale of shares - Class C |
10,306,053 |
- |
666,660 |
|||||
|
Proceeds from sale of shares - Class I |
165,439,510 |
6,207,987 |
10,680,106 |
|||||
|
Proceeds from reinvested dividends - Class A |
10,512,086 |
21,682 |
1,336,397 |
|||||
|
Proceeds from reinvested dividends - Class C |
2,582,419 |
- |
150,509 |
|||||
|
Proceeds from reinvested dividends - Class I |
21,105,599 |
132,998 |
732,315 |
|||||
|
Cost of shares redeemed - Class A |
(21,143,930) |
(47,237) |
(7,572,876) |
|||||
|
Cost of shares redeemed - Class C |
(6,254,846) |
- |
(725,130) |
|||||
|
Cost of shares redeemed - Class I |
(68,061,391) |
(1,424,234) |
(7,679,060) |
|||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
$ |
135,618,254 |
$ |
5,171,230 |
$ |
677,428 |
||
|
|
||||||||
|
TOTAL INCREASE (DECREASE) IN NET ASSETS |
$ |
143,592,078 |
$ |
4,967,715 |
$ |
12,084,980 |
||
|
NET ASSETS, BEGINNING OF PERIOD |
376,378,278 |
4,648,430 |
101,916,729 |
|||||
|
NET ASSETS, END OF PERIOD |
$ |
519,970,356 |
$ |
9,616,145 |
$ |
114,001,709 |
||
|
|
|
|
|
|||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 69
Statements of Changes in Net Assets (continued) – for the year ended July 31, 2025
|
High |
MNA |
Short Term |
||||||
|
Income |
Resources |
Government |
||||||
|
Fund |
Fund |
Fund |
||||||
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
||||||||
|
Net investment income (loss) |
$ |
2,594,779 |
$ |
1,188,547 |
$ |
1,012,156 |
||
|
Net realized gain (loss) from investment transactions |
(44,937) |
10,617,161 |
(96,394) |
|||||
|
Net change in unrealized appreciation (depreciation) of investments |
1,380,003 |
4,677,100 |
789,727 |
|||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
3,929,845 |
$ |
16,482,808 |
$ |
1,705,489 |
||
|
|
||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Distributions - Class A |
$ |
(1,249,008) |
$ |
(630,040) |
$ |
(10,878) |
||
|
Distributions - Class C |
(129,902) |
(13,284) |
N/A |
|||||
|
Distributions - Class I |
(1,215,069) |
(545,223) |
(1,020,478) |
|||||
|
Return of Capital - Class A |
- |
(82,256) |
- |
|||||
|
Return of Capital - Class C |
- |
(1,734) |
- |
|||||
|
Return of Capital - Class I |
- |
(71,182) |
- |
|||||
|
Total distributions |
$ |
(2,593,979) |
$ |
(1,343,719) |
$ |
(1,031,356) |
||
|
|
||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from sale of shares - Class A |
$ |
1,770,412 |
$ |
6,719,793 |
$ |
322,838 |
||
|
Proceeds from sale of shares - Class C |
310,983 |
212,752 |
N/A |
|||||
|
Proceeds from sale of shares - Class I |
4,673,776 |
17,584,280 |
23,258,033 |
|||||
|
Proceeds from reinvested dividends - Class A |
1,062,936 |
683,530 |
10,878 |
|||||
|
Proceeds from reinvested dividends - Class C |
97,673 |
14,616 |
N/A |
|||||
|
Proceeds from reinvested dividends - Class I |
915,630 |
482,516 |
584,274 |
|||||
|
Cost of shares redeemed - Class A |
(4,646,947) |
(14,945,812) |
(153,999) |
|||||
|
Cost of shares redeemed - Class C |
(1,650,139) |
(2,117,843) |
N/A |
|||||
|
Cost of shares redeemed - Class I |
(5,744,555) |
(11,392,863) |
(9,168,892) |
|||||
|
Net increase (decrease) in net assets resulting from capital share transactions |
$ |
(3,210,231) |
$ |
(2,759,031) |
$ |
14,853,132 |
||
|
|
||||||||
|
TOTAL INCREASE (DECREASE) IN NET ASSETS |
$ |
(1,874,365) |
$ |
12,380,058 |
$ |
15,527,265 |
||
|
NET ASSETS, BEGINNING OF PERIOD |
48,587,185 |
122,818,018 |
16,850,355 |
|||||
|
NET ASSETS, END OF PERIOD |
$ |
46,712,820 |
$ |
135,198,076 |
$ |
32,377,620 |
||
|
|
|
|
||||||
|
|
||||||||
|
The accompanying notes are an integral part of these financial statements. |
||||||||
The Integrity Funds | July 31, 2026
Page 70
Notes to Financial Statements
NOTE 1: Organization
The Integrity Funds (the “Trust”) was organized as a Delaware statutory trust on October 31, 1997 and commenced operations on October 31, 1997. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company, consisting of six series (the “Funds”).
Integrity Dividend Harvest Fund (the “Dividend Harvest Fund”), a diversified fund, seeks to maximize total return by emphasizing high current income with long term appreciation as a secondary objective, consistent with preservation of capital. Integrity Dividend Summit Fund (the “Dividend Summit Fund”), a non-diversified fund, seeks to maximize qualified dividend income with long term appreciation as a secondary objective. Integrity Growth & Income Fund (the “Growth & Income Fund”), a diversified fund, seeks to provide long-term growth of capital with dividend income as a secondary objective. Integrity High Income Fund (the “High Income Fund”), a diversified fund, seeks to provide a high level of current income with capital appreciation as a secondary objective. Integrity Mid-North American Resources Fund (the “MNA Resources Fund”), a diversified fund, seeks to provide long-term capital appreciation. Integrity Short Term Government Fund (the “S-T Gov Fund”), a diversified fund, seeks to achieve a high and stable rate of total return, when and as opportunities are available in the context of preserving capital in adverse markets.
Each Fund in the Trust, except for S-T Gov Fund, currently offers Class A, C, and I shares. S-T Gov Fund offers Class A and I shares. The Class A shares of Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, High Income Fund, MNA Resources Fund and S-T Gov Fund are sold with an initial sales charge of 5.00%, 5.00%, 5.00%, 4.25%, 5.00% and 2.00%, respectively, and a distribution fee of up to 0.25% on an annual basis. Class C shares are sold without a sales charge and are subject to a distribution fee of up to 1.00% on an annual basis. Class I shares are sold without a sales charge or distribution fee. The three classes of shares (two classes for S-T Gov Fund) represent interest in each Fund’s same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate distribution and certain other class expenses and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, Financial Services – Investment Companies.
NOTE 2: Summary of Significant Accounting Policies
Investment security valuation—The Funds value their investments at fair value. Securities for which market quotations are available are valued as follows: (a) Listed securities are valued at the closing price obtained from the respective primary exchange on which the security is listed or, if there were no sales on that day, at its last reported current bid price; (b) Unlisted securities are valued at the last current bid price obtained from the National Association of Securities Dealers’ Automated Quotation System. The Funds’ administrative services agent, Integrity Fund Services, LLC (“Integrity Fund Services” or “IFS”) obtains all of these prices from services that collect and disseminate such market prices. Prices provided by an independent pricing service may be determined without exclusive reliance on quoted prices and may take into account appropriate factors such as: institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. In the absence of an ascertainable market value, assets are valued at their fair value as determined by the Valuation Designee using methods and procedures reviewed and approved by the Board of Trustees. Refer to Note 3 for further disclosures related to the inputs used to value the Funds’ investments. Shares of a registered investment company, including money market funds, not traded on an exchange are valued at the investment company’s net asset value per share.
When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in each Fund’s Schedule of Investments. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Contingent deferred sales charge—For Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, MNA Resources Fund, and High Income Fund- Class A shares of $1 million investment or more may be subject to a 1.00% contingent deferred sales charge (“CDSC”) if redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions). For Short Term Government Fund Class A – For investments of $200,000 or more, a 0.40% contingent deferred sales charge (“CDSC”) may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).
Investments in Class C shares (in any amount) may be subject to a 1.00% CDSC if redeemed within 12 months of purchase.
The Integrity Funds | July 31, 2026
Page 71
Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.
As of July 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended July 31, 2026, the Funds did not incur any interest or penalties.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years, which include the current and prior three tax years, are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Premiums and discounts—Premiums and discounts on debt securities are accreted and amortized into interest income using the effective yield method over the lives of the respective securities.
Cash and cash equivalents—The Funds consider investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.
Security transactions, investment income, expenses and distributions—Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification basis. Interest income and estimated expenses are accrued daily. Dividend income is recognized on the ex-dividend date. Gains and losses on principal payments of mortgage-backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable countries’ tax rules and regulations. Dividend Harvest Fund, Dividend Summit Fund, and S-T Gov Fund will declare and pay dividends from net investment income monthly. MNA Resources Fund will declare and pay dividends from net investment income quarterly. Growth & Income Fund will declare and pay dividends from net investment income at least annually. The High Income Fund declares dividends from net investment income daily and pays such dividends monthly. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Capital gains, when available, are distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing treatments for capital loss carryforwards and losses due to wash sales. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.
Use of estimates—The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase (decrease) from operations during the reporting period. Actual results could differ from those estimates.
Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.
Multiple class allocations—The Funds use the relative net assets method to allocate income, fund-wide expenses, gains and losses. Class-specific expenses, distribution fees, and any other items that are specifically attributable to a particular class are charged directly to such class.
Illiquid securities—A security may be considered to be illiquid if it has a limited trading market. Securities are generally considered to be liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Funds. These securities are valued at fair value as described above. Each Fund intends to hold no more than 15% of its net assets in illiquid securities. Of the illiquid securities listed on the Schedules of Investments, the following securities are considered to be restricted as of July 31, 2026:
|
High Income Fund |
Shares/Principal |
Dates Acquired |
Cost Basis |
Fair Value |
|
Incora Intermediate LLC |
1,553 |
1/31/2025 |
58,682 |
$ 18,558 |
|
Incora, Inc. 144A 6.000% 01/31/2033 |
35,144 |
1/31/2025 |
51,366 |
$ 16,808 |
|
Keenova A Therapeutics PLC |
1,199 |
5/19/2026 |
85,263 |
$117,835 |
|
Par Health A, Inc. |
1,199 |
5/19/2026 |
3,684 |
$ 7,622 |
The Integrity Funds | July 31, 2026
Page 72
NOTE 3: Fair Value Measurements
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 inputs are based on significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2026:
|
Dividend Harvest Fund |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
|
Common Stocks |
$ |
785,929,390 |
$ |
– |
$ |
– |
$ |
785,929,390 |
||||
|
Total |
$ |
785,929,390 |
$ |
– |
$ |
– |
$ |
785,929,390 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Dividend Summit Fund |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
|
Common Stocks |
$ |
16,066,708 |
$ |
– |
$ |
– |
$ |
16,066,708 |
||||
|
Total |
$ |
16,066,708 |
$ |
– |
$ |
– |
$ |
16,066,708 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Growth & Income Fund |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
|
Common Stocks |
$ |
135,131,701 |
$ |
– |
$ |
– |
$ |
135,131,701 |
||||
|
Total |
$ |
135,131,701 |
$ |
– |
$ |
– |
$ |
135,131,701 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
High Income Fund |
Level 1 |
Level 2 |
Level 3** |
Total |
||||||||
|
Corporate Bonds* |
$ |
– |
$ |
38,685,468 |
$ |
16,835 |
$ |
38,702,303 |
||||
|
U.S. Government Bills/Notes |
|
|
– |
|
|
539,073 |
|
|
– |
|
|
539,073 |
|
Common Stocks* |
196,025 |
170,161 |
158,733 |
524,919 |
||||||||
|
Convertible Preferred Stock |
– |
835 |
69,992 |
70,827 |
||||||||
|
Warrants* |
– |
1,145 |
– |
1,145 |
||||||||
|
Total |
$ |
196,025 |
$ |
39,396,682 |
$ |
245,560 |
$ |
39,838,267 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
MNA Resources Fund |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
|
Common Stocks |
$ |
194,712,855 |
$ |
– |
$ |
– |
$ |
194,712,855 |
||||
|
Total |
$ |
194,712,855 |
$ |
– |
$ |
– |
$ |
194,712,855 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
ST Gov Fund |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||
|
Mortgage Backed Securities |
$ |
– |
$ |
33,969,854 |
$ |
– |
$ |
33,969,854 |
||||
|
U.S Government Notes/Bills |
|
– |
393,997 |
– |
393,997 |
|||||||
|
Total |
$ |
– |
$ |
34,363,851 |
$ |
– |
$ |
34,363,851 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Level 3 investments for High Income Fund include corporate bonds, common stock, and warrants valued at zero.
**A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.
Please refer to the Schedules of Investments for sector classification.
NOTE 4: Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the year ended July 31, 2026, were as follows:
|
Dividend |
Dividend |
Growth & |
High |
MNA |
Short Term |
|||||||
|
Harvest |
Summit |
Income |
Income |
Resources |
Government |
|||||||
|
Fund |
Fund |
Fund |
Fund |
Fund |
Fund |
|||||||
|
Purchases |
$315,729,339 |
$10,399,608 |
$11,795,723 |
$11,047,407 |
$119,502,447 |
$32,775,283 |
||||||
|
Sales |
$179,097,262 |
$ 6,035,042 |
$22,058,629 |
$16,063,806 |
$107,262,376 |
$28,993,961 |
NOTE 5: Capital Share Transactions
Transactions in capital shares were as follows:
The
Integrity Funds | July 31, 2026
Page 73
|
Year Ended July 31, 2026: |
Dividend |
Dividend |
Growth & |
High |
MNA |
Short Term |
||||||
|
|
Harvest |
Summit |
Income |
Income |
Resources |
Government |
||||||
|
Class A |
Fund |
Fund |
Fund |
Fund |
Fund |
Fund |
||||||
|
Shares sold |
1,299,296 |
104,443 |
42,225 |
200,402 |
715,327 |
26,259 |
||||||
|
Shares issued from reinvestments |
490,558 |
5,230 |
19,595 |
135,217 |
31,257 |
1,567 |
||||||
|
Shares redeemed |
(1,087,006) |
(25,152) |
(80,920) |
(414,402) |
(2,182,950) |
(17,603) |
||||||
|
Net increase (decrease) |
702,848 |
84,521 |
(19,100) |
(78,783) |
(1,436,366) |
10,223 |
||||||
|
|
||||||||||||
|
Class C |
||||||||||||
|
Shares sold |
669,613 |
- |
4,319 |
32,868 |
165,523 |
N/A |
||||||
|
Shares issued from reinvestments |
129,937 |
- |
2,883 |
8,555 |
178 |
N/A |
||||||
|
Shares redeemed |
(314,495) |
- |
(6,718) |
(72,399) |
(116,643) |
N/A |
||||||
|
Net increase (decrease) |
485,055 |
- |
484 |
(30,976) |
49,058 |
N/A |
||||||
|
|
||||||||||||
|
Class I |
||||||||||||
|
Shares sold |
8,297,611 |
356,518 |
132,227 |
364,931 |
4,768,180 |
1,753,935 |
||||||
|
Shares issued from reinvestments |
1,277,683 |
24,316 |
12,815 |
112,269 |
49,846 |
81,178 |
||||||
|
Shares redeemed |
(3,235,471) |
(35,766) |
(78,969) |
(957,728) |
(1,887,029) |
(1,579,942) |
||||||
|
Net increase (decrease) |
6,339,823 |
345,068 |
66,073 |
(480,528) |
2,930,997 |
255,171 |
||||||
|
Year Ended July 31, 2025: |
Dividend |
Dividend |
Growth & |
High |
MNA |
Short Term |
||||||
|
Harvest |
Summit |
Income |
Income |
Resources |
Government |
|||||||
|
Class A |
Fund |
Fund |
Fund |
Fund |
Fund |
Fund |
||||||
|
Shares sold |
1,112,242 |
25,151 |
30,582 |
236,074 |
1,136,956 |
37,056 |
||||||
|
Shares issued from reinvestments |
562,361 |
2,005 |
13,389 |
140,642 |
117,214 |
1,256 |
||||||
|
Shares redeemed |
(1,118,662) |
(4,422) |
(74,719) |
(616,357) |
(2,507,689) |
(17,851) |
||||||
|
Net increase (decrease) |
555,941 |
22,734 |
(30,748) |
(239,641) |
(1,253,519) |
20,461 |
||||||
|
Class C |
||||||||||||
|
Shares sold |
549,833 |
- |
6,798 |
41,022 |
35,627 |
N/A |
||||||
|
Shares issued from reinvestments |
139,751 |
- |
1,561 |
12,905 |
2,572 |
N/A |
||||||
|
Shares redeemed |
(332,365) |
- |
(7,506) |
(218,902) |
(358,934) |
N/A |
||||||
|
Net increase (decrease) |
357,219 |
- |
853 |
(164,975) |
(320,735) |
N/A |
||||||
|
|
||||||||||||
|
Class I |
||||||||||||
|
Shares sold |
8,725,302 |
563,883 |
104,769 |
622,152 |
2,907,842 |
2,683,524 |
||||||
|
Shares issued from reinvestments |
1,128,137 |
12,331 |
7,324 |
121,219 |
82,878 |
67,436 |
||||||
|
Shares redeemed |
(3,640,564) |
(133,936) |
(76,251) |
(764,148) |
(1,920,018) |
(1,049,556) |
||||||
|
Net increase (decrease) |
6,212,875 |
442,278 |
35,842 |
(20,777) |
1,070,702 |
1,701,404 |
||||||
NOTE 6: Income Tax Information
At July 31, 2026, the unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:
|
Dividend |
Dividend |
Growth & |
High |
MNA |
S-T |
||||||||||||
|
Harvest |
Summit |
Income |
Income |
Resources |
Gov |
||||||||||||
|
Fund |
Fund |
Fund |
Fund |
Fund |
Fund |
||||||||||||
|
Investments at cost |
$ |
602,503,203 |
$ |
13,817,800 |
$ |
58,548,735 |
$ |
41,849,757 |
$ |
152,320,913 |
$ |
33,607,645 |
|||||
|
Unrealized appreciation |
$ |
198,119,495 |
$ |
2,599,262 |
$ |
76,990,281 |
$ |
476,879 |
$ |
45,238,427 |
$ |
1,394,416 |
|||||
|
Unrealized depreciation |
(14,693,308) |
(350,354) |
(407,315) |
(2,488,369) |
(2,846,485) |
(638,210) |
|||||||||||
|
Net unrealized appreciation/ depreciation* |
$ |
183,426,187 |
$ |
2,248,908 |
$ |
76,582,966 |
$ |
(2,011,490) |
$ |
42,391,942 |
$ |
756,206 |
|||||
|
* Differences between financial reporting-basis and tax-basis unrealized appreciation/ (depreciation) are due to tax deferral of losses on wash sales. |
|||||||||||||||||
The Integrity Funds | July 31, 2026
Page 74
The tax character of distributions paid was as follows:
|
|
Dividend |
Dividend |
Growth & |
High |
MNA |
S-T Gov |
|
|||||||||||||
|
||||||||||||||||||||
|
Year ended July 31, 2026: |
|
|||||||||||||||||||
|
Ordinary Income |
$ |
18,735,539 |
$ |
772,403 |
$ |
492,758 |
$ |
2,421,950 |
$ |
671,186 |
$ |
1,276,450 |
||||||||
|
Capital Gain |
|
25,288,129 |
|
142,553 |
|
3,817,100 |
|
– |
|
– |
|
– |
||||||||
|
$ |
44,023,668 |
$ |
914,956 |
$ |
4,309,858 |
$ |
2,421,950 |
$ |
671,186 |
$ |
1,276,450 |
|||||||||
|
Year ended July 31, 2025: |
||||||||||||||||||||
|
Ordinary Income |
$ |
13,746,797 |
$ |
486,986 |
$ |
535,633 |
$ |
2,572,890 |
$ |
1,188,547 |
$ |
1,031,356 |
||||||||
|
Return of Capital |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
155,172 |
|
|
– |
|||
|
Capital Gain |
|
24,496,040 |
|
5,099 |
|
1,879,102 |
|
– |
|
– |
|
– |
||||||||
|
$ |
38,242,837 |
$ |
492,085 |
$ |
2,414,735 |
$ |
2,572,890 |
$ |
1,343,719 |
$ |
1,031,356 |
|||||||||
Permanent differences identified and reclassified among the components of net assets were recorded. These reclassifications had no effect on net assets, results of operations, or net asset value (“NAV”) per share for the Funds. As of July 31, 2026, there were no permanent differences identified for the Funds.
As of July 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:
|
Dividend |
Dividend |
Growth & |
High |
MNA |
S-T |
||||||||||||
|
Harvest |
Summit |
Income |
Income |
Resources |
Gov |
||||||||||||
|
Fund |
Fund |
Fund |
Fund |
Fund |
Fund |
||||||||||||
|
Undistributed ordinary income |
$ |
544,110 |
$ |
69,892 |
$ |
35,601 |
$ |
30,537 |
$ |
203,627 |
$ |
23,373 |
|||||
|
Distributions Payable |
– |
– |
– |
(34,727) |
– |
– |
|||||||||||
|
Undistributed capital gain |
30,893,229 |
– |
13,036,406 |
– |
– |
– |
|||||||||||
|
Capital loss carryforward |
(4,525,910) |
– |
– |
(1,706,861) |
(135,150,648) |
(9,161,771) |
|||||||||||
|
Post-October losses deferred^ |
|
– |
|
|
(26,238) |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
Unrealized appreciation/ (depreciation)* |
183,426,187 |
2,248,908 |
76,582,966 |
(2,011,490) |
42,391,942 |
756,206 |
|||||||||||
|
Total accumulated earnings/(deficit) |
$ |
210,337,616 |
$ |
2,292,562 |
$ |
89,654,973 |
$ |
(3,722,541) |
$ |
(92,555,079) |
$ |
(8,382,192) |
|||||
|
* Differences between financial reporting-basis and tax-basis unrealized appreciation/ (depreciation) are due to tax deferral of losses on wash sales. |
|
^Funds can elect to defer incurred capital losses that occur after October 31 within the fiscal year. Such losses are deemed to arise on the first business day of the following fiscal year for tax purposes. |
The Funds’ capital loss carryforward amounts as of July 31, 2026 are as follows:
|
|
Dividend |
|
Dividend |
|
Growth & |
|
High |
|
MNA |
|
S-T |
||||||
|
Non-expiring S-T losses |
$ |
4,525,910 |
* |
$ |
– |
$ |
– |
$ |
– |
$ |
95,075,371 |
$ |
4,562,967 |
||||
|
Non-expiring L-T losses |
– |
– |
– |
1,706,861 |
40,075,277 |
4,598,804 |
|||||||||||
|
Total |
$ |
4,525,910 |
$ |
– |
$ |
– |
$ |
1,706,861 |
$ |
135,150,648 |
$ |
9,161,771 |
|||||
|
|
|||||||||||||||||
|
Capital loss carryforward utilized |
$ |
368,337 |
$ |
– |
$ |
– |
$ |
– |
$ |
30,666,749 |
$ |
22,145 |
|||||
|
*Dividend Harvest Fund’s ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. |
|||||||||||||||||
NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates
Viking Fund Management (“VFM”), the Funds’ investment adviser; Integrity Funds Distributor, LLC (“Integrity Funds Distributor” or “IFD”), the Funds’ underwriter and distributor; and Integrity Fund Services, the Funds’ transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC (“Corridor Investors” or “Corridor”), the Funds’ sponsor. For Integrity High Income Fund, J.P. Morgan Investment Management Inc. (“JPMIM”) is the sub-adviser. As compensation for sub-advisory services provided to the High Income Fund, VFM is required to pay JPMIM a fee computed at an annual rate of 0.35% of the Fund’s average daily net assets (allocated proportionally between Class A, Class C, and Class I shares of the High Income Fund). For S-T Gov Fund, M.D. Sass, LLC (“M.D. Sass”) is the sub-adviser. As compensation for sub-advisory services provided to the Fund, VFM is required to pay M.D. Sass a fee computed at an annual rate of 0.15% of the Fund’s average daily net assets (allocated proportionally between Class A and Class I shares of the S-T Gov Fund).
VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the “Advisory Agreement”) provides for fees to be computed at an annual rate of each Fund’s average daily net assets. The Funds pay investment advisory fees to VFM on a monthly basis. VFM has also contractually agreed to waive its management fee and to reimburse expenses that are not covered by the management fee, other than extraordinary or non-recurring expenses, taxes, brokerage fees, commissions and acquired fund fees and expenses, so that the net annual operating expenses do not exceed a certain rate. After November 29, 2026, the expense limitations may be terminated or revised for the Funds.
The Integrity Funds | July 31, 2026
Page 75
Expense limitations as of July 31, 2026, are stated below.
|
|
|
|
Contractual Waiver % |
||||
|
|
Advisory Fee % |
|
Class A |
|
Class C |
|
Class I |
|
Dividend Harvest Fund |
0.75% |
|
0.95% |
|
1.70% |
|
0.70% |
|
Dividend Summit Fund |
0.75% |
|
0.99% |
|
1.74% |
|
0.74% |
|
Growth & Income Fund |
1.00% |
|
1.24% |
|
1.99% |
|
0.99% |
|
High Income Fund |
0.85% |
|
1.09% |
|
1.84% |
|
0.84% |
|
MNA Resources Fund |
0.50% |
|
1.50% |
|
2.00% |
|
1.00% |
|
S-T Gov Fund |
0.30% |
|
0.80% |
|
N/A |
|
0.55% |
|
|
|
|
|
|
|
|
|
VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.
|
Year Ended 7/31/2026 |
Receivable/Payable* 7/31/2026 |
|
||||||||||||||||||
|
Advisory |
Waived/ (Recouped) |
|
Reimb. |
Advisory |
|
Waived/ (Recouped) |
|
Reimb. |
||||||||||||
|
Dividend Harvest Fund |
$ |
4,793,215 |
$ |
2,809,865 |
$ |
- |
$ |
499,155 |
$ |
287,361 |
$ |
- |
||||||||
|
Dividend Summit Fund |
$ |
94,742 |
$ |
94,742 |
$ |
31,446 |
$ |
10,620 |
$ |
10,620 |
$ |
723 |
||||||||
|
Growth & Income Fund |
$ |
1,275,487 |
$ |
623,189 |
$ |
- |
$ |
129,327 |
$ |
60,120 |
$ |
- |
||||||||
|
High Income Fund |
$ |
382,577 |
$ |
265,340 |
$ |
- |
$ |
30,322 |
$ |
22,175 |
$ |
- |
||||||||
|
MNA Resources Fund |
$ |
849,646 |
$ |
(38,102) |
$ |
- |
$ |
83,367 |
$ |
(3,265) |
$ |
- |
||||||||
|
S-T Gov Fund |
$ |
109,357 |
$ |
105,170 |
$ |
- |
$ |
8,983 |
$ |
8,983 |
$ |
962 |
||||||||
*Advisory fees and Recouped Waivers are payables to VFM and are included in the Payable to affiliates on the Statements of Assets and Liabilities. Waived and Reimbursed fees are receivables from VFM and are included in the Receivable from affiliate on the Statements of Assets and Liabilities.
VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. As of July 31, 2026, amounts subject to recoupment and expiration dates are as follows:
|
7/31/2027 |
7/31/2028 |
07/31/2029 |
Total |
|||||||||
|
Dividend Harvest Fund |
$ |
1,653,668 |
$ |
2,013,200 |
$ |
2,809,865 |
$ |
6,476,733 |
||||
|
Dividend Summit Fund |
$ |
91,036 |
$ |
124,024 |
$ |
126,188 |
$ |
341,248 |
||||
|
Growth & Income Fund |
$ |
479,449 |
$ |
569,802 |
$ |
623,189 |
$ |
1,672,440 |
||||
|
High Income Fund |
$ |
317,306 |
$ |
298,542 |
$ |
265,340 |
$ |
881,188 |
||||
|
MNA Resources Fund |
$ |
125,584 |
$ |
5,042 |
$ |
- |
$ |
130,626 |
||||
|
S-T Gov Fund |
$ |
60,884 |
$ |
76,817 |
$ |
105,170 |
$ |
242,871 |
||||
IFD serves as the principal underwriter and distributor for the Funds and receives sales charges deducted from Fund share sales proceeds and CDSC from applicable Fund share redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse its principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called “Distribution Fees.” The Funds currently pay an annual distribution fee and/or service fee of up to 0.25% (0.50% for MNA Resources Fund) for Class A and 1.00% for Class C of the average daily net assets. Class I shares do not have a 12b-1 plan in place. Certain Officers of the Funds are also Officers and Governors of IFD.
|
Year Ended 7/31/2026 |
Payable* 7/31/2026 |
||||||||||
|
Sales Charges |
|
CDSC |
|
Distribution Fees |
Distribution Fees |
||||||
|
Dividend Harvest Fund - A |
$ |
459,371 |
$ |
- |
$ |
399,251 |
$ |
39,093 |
|||
|
Dividend Harvest Fund - C |
$ |
- |
$ |
260 |
$ |
477,413 |
$ |
49,375 |
|||
|
Dividend Summit Fund - A |
$ |
22,766 |
$ |
- |
$ |
2,313 |
$ |
341 |
|||
|
Dividend Summit Fund - C |
$ |
- |
$ |
- |
$ |
601 |
$ |
55 |
|||
|
Growth & Income Fund - A |
$ |
54,645 |
$ |
- |
$ |
177,102 |
$ |
17,323 |
|||
|
Growth & Income Fund - C |
$ |
- |
$ |
360 |
$ |
98,497 |
$ |
9,807 |
|||
|
High Income Fund - A |
$ |
11,353 |
$ |
25 |
$ |
57,511 |
$ |
4,686 |
|||
|
High Income Fund - C |
$ |
- |
$ |
- |
$ |
21,799 |
$ |
1,722 |
|||
|
MNA Resources Fund - A |
$ |
102,350 |
$ |
- |
$ |
455,013 |
$ |
41,307 |
|||
|
MNA Resources Fund - C |
$ |
- |
$ |
245 |
$ |
37,034 |
$ |
3,720 |
|||
|
S-T Gov Fund - A |
$ |
- |
$ |
- |
$ |
1,103 |
$ |
105 |
|||
The Integrity Funds | July 31, 2026
Page 76
*Distribution fees are payable to IFD and are included in the Payable to affiliates on the Statements of Assets and Liabilities.
IFS acts as the transfer agent for High Income Fund and S-T Gov Fund at a monthly variable fee equal to 0.12% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds’ average daily net assets on an annual basis and an additional fee of $500 per month for each additional share class plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. IFS acts as the transfer agent for Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, and MNA Resources Fund at a monthly variable fee equal to 0.18% on the first $0 to $200 million, 0.15% on the next $200 to $700 million, 0.13% on the next $700 million to $1.2 billion and at a lower rate in excess of $1.2 billion of the Funds’ average daily net assets on an annual basis and an additional fee of $500 per month for each additional share class plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. Sub-transfer agent out-of-pocket expenses are included in the transfer agent fees below and in the transfer agent out-of-pocket balance on the Statements of Operations.
IFS also acts as the Funds’ administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% on the first $0 to $200 million, 0.13% on the next $200 to $700 million, 0.12% on the next $700 million to $1.2 billion and at a lower rate in excess of $1.2 billion of the Funds’ average daily net assets on an annual basis and an additional fee of $1,000 per month for each additional share class plus reimbursement of out-of-pocket expenses. Commencing on November 30, 2024, IFS also charges a $2,500 annual fee for tailored shareholder reporting plus an additional fee of $750 per year for each share class. Certain Officers of the Funds are also Officers and Governors of IFS.
|
Year Ended 7/31/2026 |
Payable* 7/31/2026 |
||||||||||
|
Transfer |
Admin. |
Transfer |
Admin. |
||||||||
|
Agency Fees |
Service Fees |
Agency Fees |
Service Fees |
||||||||
|
Dividend Harvest Fund |
$ |
1,193,901 |
$ |
902,264 |
$ |
116,219 |
$ |
91,989 |
|||
|
Dividend Summit Fund |
$ |
36,997 |
$ |
70,540 |
$ |
3,833 |
$ |
6,567 |
|||
|
Growth & Income Fund |
$ |
282,393 |
$ |
231,318 |
$ |
30,895 |
$ |
22,586 |
|||
|
High Income Fund |
$ |
78,957 |
$ |
115,762 |
$ |
8,234 |
$ |
9,474 |
|||
|
MNA Resources Fund |
$ |
408,305 |
$ |
290,710 |
$ |
39,547 |
$ |
27,924 |
|||
|
S-T Gov Fund |
$ |
52,326 |
$ |
91,033 |
$ |
1,770 |
$ |
7,589 |
|||
*Transfer Agency and Administrative Service fees are payable to IFS and are included in the Payable to affiliates on the Statements of Assets and Liabilities.
NOTE 8: Principal Risks
The High Income Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.
The MNA Resources Fund invests significantly in relatively few sectors, primarily the energy sector, and has more exposure to the price movement of this sector than funds that diversify their investments among many sectors.
The Growth and Income Fund does not concentrate in any one industry, based on economic conditions, it may make significant investments in certain sectors. The Fund may invest significantly in securities of companies in the information technology sector, and will therefore be susceptible to adverse economic, business, political, environmental, regulatory, or other occurrences affecting that sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.
NOTE 9: Segment Reporting
In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic280) Improvements to Reportable Segment Disclosures (“ASU2023-07”), subject to the oversight and, when applicable, approval of the Board, the Treasurer of the Trust acts as the Portfolios’ chief operating decision maker (“CODM”) and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Portfolio has a single operating segment based on the fact that the CODM monitors the operating results of each Portfolio as a whole and each Portfolio’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolios’ portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Portfolios’ financial statements.
NOTE 10: Subsequent Events
The Integrity Funds | July 31, 2026
Page 77
The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.
The Integrity Funds | July 31, 2026
Page 78
Financial Highlights
Integrity Dividend Harvest Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
19.32 |
$ |
19.02 |
$ |
16.44 |
$ |
16.33 |
$ |
15.12 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.60 |
$ |
0.56 |
$ |
0.52 |
$ |
0.52 |
$ |
0.50 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
4.96 |
1.40 |
2.58 |
0.31 |
1.21 |
|||||||||
|
Total from investment operations |
$ |
5.56 |
$ |
1.96 |
$ |
3.10 |
$ |
0.83 |
$ |
1.71 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.60) |
$ |
(0.56) |
$ |
(0.52) |
$ |
(0.51) |
$ |
(0.50) |
||||
|
Distributions from net realized gains |
(0.89) |
(1.10) |
0.00 |
(0.21) |
0.00 |
|||||||||
|
Total distributions |
$ |
(1.49) |
$ |
(1.66) |
$ |
(0.52) |
$ |
(0.72) |
$ |
(0.50) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
23.39 |
$ |
19.32 |
$ |
19.02 |
$ |
16.44 |
$ |
16.33 |
||||
|
Total Return (excludes any applicable sales charge) |
29.99% |
10.81% |
19.38% |
5.31% |
11.41% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$185,723 |
$139,844 |
$127,113 |
$111,909 |
$105,799 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.39% |
1.40% |
1.46% |
1.43% |
1.44% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
2.81% |
2.94% |
3.11% |
3.23% |
3.13% |
|||||||||
|
Portfolio turnover rate |
28.33% |
27.86% |
41.80% |
22.79% |
14.84% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 79
Financial Highlights
Integrity Dividend Harvest Fund, Class C
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
19.13 |
$ |
18.85 |
$ |
16.29 |
$ |
16.19 |
$ |
15.00 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.44 |
$ |
0.41 |
$ |
0.39 |
$ |
0.39 |
$ |
0.38 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
4.89 |
1.39 |
2.57 |
0.31 |
1.19 |
|||||||||
|
Total from investment operations |
$ |
5.33 |
$ |
1.80 |
$ |
2.96 |
$ |
0.70 |
$ |
1.57 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.44) |
$ |
(0.42) |
$ |
(0.40) |
$ |
(0.39) |
$ |
(0.38) |
||||
|
Distributions from net realized gains |
(0.89) |
(1.10) |
0.00 |
(0.21) |
0.00 |
|||||||||
|
Total distributions |
$ |
(1.33) |
$ |
(1.52) |
$ |
(0.40) |
$ |
(0.60) |
$ |
(0.38) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
23.13 |
$ |
19.13 |
$ |
18.85 |
$ |
16.29 |
$ |
16.19 |
||||
|
Total Return (excludes any applicable sales charge) |
28.96% |
9.99% |
18.55% |
4.50% |
10.54% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$58,826 |
$39,361 |
$32,058 |
$27,906 |
$22,463 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
1.70% |
1.70% |
1.70% |
1.70% |
1.70% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
2.14% |
2.15% |
2.21% |
2.18% |
2.19% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
2.06% |
2.19% |
2.36% |
2.48% |
2.38% |
|||||||||
|
Portfolio turnover rate |
28.33% |
27.86% |
41.80% |
22.79% |
14.84% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 80
Financial Highlights
Integrity Dividend Harvest Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
19.34 |
$ |
19.04 |
$ |
16.45 |
$ |
16.34 |
$ |
15.13 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.66 |
$ |
0.61 |
$ |
0.56 |
$ |
0.56 |
$ |
0.55 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
4.95 |
1.40 |
2.60 |
0.31 |
1.20 |
|||||||||
|
Total from investment operations |
$ |
5.61 |
$ |
2.01 |
$ |
3.16 |
$ |
0.87 |
$ |
1.75 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.65) |
$ |
(0.61) |
$ |
(0.57) |
$ |
(0.55) |
$ |
(0.54) |
||||
|
Distributions from net realized gains |
(0.89) |
(1.10) |
0.00 |
(0.21) |
0.00 |
|||||||||
|
Total distributions |
$ |
(1.54) |
$ |
(1.71) |
$ |
(0.57) |
$ |
(0.76) |
$ |
(0.54) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
23.41 |
$ |
19.34 |
$ |
19.04 |
$ |
16.45 |
$ |
16.34 |
||||
|
Total Return (excludes any applicable sales charge) |
30.28% |
11.07% |
19.73% |
5.58% |
11.68% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$560,969 |
$340,766 |
$217,207 |
$198,461 |
$123,271 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.70% |
0.70% |
0.70% |
0.70% |
0.70% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.14% |
1.15% |
1.21% |
1.18% |
1.19% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
3.06% |
3.19% |
3.37% |
3.48% |
3.38% |
|||||||||
|
Portfolio turnover rate |
28.33% |
27.86% |
41.80% |
22.79% |
14.84% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 81
Financial Highlights
Integrity Dividend Summit Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Period from |
||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
5/1/23* to |
||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
10.82 |
$ |
10.91 |
$ |
10.17 |
$ |
10.00 |
|||
|
|
|||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.70 |
$ |
0.62 |
$ |
0.70 |
$ |
0.15 |
|||
|
Net realized and unrealized gain (loss) on investments(2) |
2.32 |
(0.10) |
0.66 |
0.17 |
|||||||
|
Total from investment operations |
$ |
3.02 |
$ |
0.52 |
$ |
1.36 |
$ |
0.32 |
|||
|
|
|
||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.70) |
$ |
(0.60) |
$ |
(0.62) |
$ |
(0.15) |
|||
|
Distributions from net realized gains |
(0.14) |
(0.01) |
0.00 |
0.00 |
|||||||
|
Total distributions |
$ |
(0.84) |
$ |
(0.61) |
$ |
(0.62) |
$ |
(0.15) |
|||
|
|
|
||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
13.00 |
$ |
10.82 |
$ |
10.91 |
$ |
10.17 |
|||
|
Total Return (excludes any applicable sales charge)# |
28.99% |
4.88% |
14.08% |
3.25% |
|||||||
|
|
|
|
|
|
|
|
|
||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands) |
$1,653 |
$461 |
$217 |
$51 |
|||||||
|
Ratio of expenses to average net assets after waivers^(3)(4)(5)(6) |
0.99% |
0.81% |
0.08% |
0.00% |
|||||||
|
Ratio of expenses to average net assets before waivers^ |
1.97% |
2.41% |
5.50% |
12.71% |
|||||||
|
Ratio of net investment income to average net assets^(3)(4)(5)(6) |
5.87% |
5.71% |
6.83% |
5.95% |
|||||||
|
Portfolio turnover rate# |
49.68% |
43.05% |
24.07% |
11.50% |
|||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
(4) |
The voluntary waiver, based on average net assets, amounted to 0.99% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|
|
|
|
(5) |
The voluntary waiver, based on average net assets, amounted to 0.91% for the period August 1, 2023 through July 31, 2024. |
|
|
|
|
(6) |
The voluntary waiver, based on average net assets, amounted to 0.18% for the period August 1, 2024 through July 31, 2025. |
|
|
|
|
* |
Commencement of operations. |
|
|
|
|
^ |
Annualized for periods less than one year. |
|
|
|
|
# |
Not annualized for periods less than one year. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 82
Financial Highlights
Integrity Dividend Summit Fund, Class C
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Period from |
||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
5/1/23* to |
||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
10.97 |
$ |
11.02 |
$ |
10.19 |
$ |
10.00 |
|||
|
|
|||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.62 |
$ |
0.55 |
$ |
0.62 |
$ |
0.13 |
|||
|
Net realized and unrealized gain (loss) on investments(2) |
2.32 |
(0.07) |
0.76 |
0.19 |
|||||||
|
Total from investment operations |
$ |
2.94 |
$ |
0.48 |
$ |
1.38 |
$ |
0.32 |
|||
|
|
|
||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.60) |
$ |
(0.52) |
$ |
(0.55) |
$ |
(0.13) |
|||
|
Distributions from net realized gains |
(0.14) |
(0.01) |
0.00 |
0.00 |
|||||||
|
Total distributions |
$ |
(0.74) |
$ |
(0.53) |
$ |
(0.55) |
$ |
(0.13) |
|||
|
|
|
||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
13.17 |
$ |
10.97 |
$ |
11.02 |
$ |
10.19 |
|||
|
Total Return (excludes any applicable sales charge)# |
27.80% |
4.40% |
14.08% |
3.25% |
|||||||
|
|
|
|
|
|
|
|
|
||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands) |
$66 |
$55 |
$55 |
$51 |
|||||||
|
Ratio of expenses to average net assets after waivers^(3)(4)(5)(6) |
1.74% |
1.19% |
0.05% |
0.00% |
|||||||
|
Ratio of expenses to average net assets before waivers^ |
2.76% |
3.19% |
8.04% |
13.45% |
|||||||
|
Ratio of net investment income to average net assets^(3)(4)(5)(6) |
5.12% |
4.96% |
6.07% |
5.21% |
|||||||
|
Portfolio turnover rate# |
49.68% |
43.05% |
24.07% |
11.50% |
|||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
(4) |
The voluntary waiver, based on average net assets, amounted to 1.74% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|
|
|
|
(5) |
The voluntary waiver, based on average net assets, amounted to 1.69% for the period August 1, 2023 through July 31, 2024. |
|
|
|
|
(6) |
The voluntary waiver, based on average net assets, amounted to 0.55% for the period August 1, 2024 through July 31, 2025. |
|
|
|
|
* |
Commencement of operations. |
|
|
|
|
^ |
Annualized for periods less than one year. |
|
|
|
|
# |
Not annualized for periods less than one year. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 83
Financial Highlights
Integrity Dividend Summit Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Period from |
||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
5/1/23* to |
||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
10.78 |
$ |
10.88 |
$ |
10.17 |
$ |
10.00 |
|||
|
|
|||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.73 |
$ |
0.65 |
$ |
0.73 |
$ |
0.15 |
|||
|
Net realized and unrealized gain (loss) on investments(2) |
2.27 |
(0.11) |
0.63 |
0.17 |
|||||||
|
Total from investment operations |
$ |
3.00 |
$ |
0.54 |
$ |
1.36 |
$ |
0.32 |
|||
|
|
|
||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.72) |
$ |
(0.63) |
$ |
(0.65) |
$ |
(0.15) |
|||
|
Distributions from net realized gains |
(0.14) |
(0.01) |
0.00 |
0.00 |
|||||||
|
Total distributions |
$ |
(0.86) |
$ |
(0.64) |
$ |
(0.65) |
$ |
(0.15) |
|||
|
|
|
||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
12.92 |
$ |
10.78 |
$ |
10.88 |
$ |
10.17 |
|||
|
Total Return (excludes any applicable sales charge)# |
29.04% |
5.06% |
14.04% |
3.31% |
|||||||
|
|
|
|
|
|
|
|
|
||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands) |
$15,364 |
$9,100 |
$4,376 |
$549 |
|||||||
|
Ratio of expenses to average net assets after waivers^(3)(4)(5)(6) |
0.74% |
0.65% |
0.08% |
0.00% |
|||||||
|
Ratio of expenses to average net assets before waivers^ |
1.74% |
2.16% |
4.48% |
12.42% |
|||||||
|
Ratio of net investment income to average net assets^(3)(4)(5)(6) |
6.12% |
5.96% |
7.08% |
6.20% |
|||||||
|
Portfolio turnover rate# |
49.68% |
43.05% |
24.07% |
11.50% |
|||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
(4) |
The voluntary waiver, based on average net assets, amounted to 0.74% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|
|
|
|
(5) |
The voluntary waiver, based on average net assets, amounted to 0.64% for the period August 1, 2023 through July 31, 2024. |
|
|
|
|
(6) |
The voluntary waiver, based on average net assets, amounted to 0.09% for the period August 1, 2024 through July 31, 2025. |
|
|
|
|
* |
Commencement of operations. |
|
|
|
|
^ |
Annualized for periods less than one year. |
|
|
|
|
# |
Not annualized for periods less than one year. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 84
Financial Highlights
Integrity Growth & Income Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
108.69 |
$ |
97.71 |
$ |
82.11 |
$ |
73.72 |
$ |
80.95 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.04 |
$ |
0.36 |
$ |
0.64 |
$ |
0.44 |
$ |
0.16 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
32.81 |
12.92 |
16.84 |
8.92 |
(6.83) |
|||||||||
|
Total from investment operations |
$ |
32.85 |
$ |
13.28 |
$ |
17.48 |
$ |
9.36 |
$ |
(6.67) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.16) |
$ |
(0.48) |
$ |
(0.57) |
$ |
(0.38) |
$ |
(0.08) |
||||
|
Distributions from net realized gains |
(3.93) |
(1.82) |
(1.31) |
(0.59) |
(0.48) |
|||||||||
|
Total distributions |
$ |
(4.09) |
$ |
(2.30) |
$ |
(1.88) |
$ |
(0.97) |
$ |
(0.56) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
137.45 |
$ |
108.69 |
$ |
97.71 |
$ |
82.11 |
$ |
73.72 |
||||
|
Total Return (excludes any applicable sales charge) |
30.98% |
13.80% |
21.66% |
12.98% |
(8.37%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$79,679 |
$65,083 |
$61,511 |
$52,272 |
$49,909 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
1.24% |
1.24% |
1.24% |
1.24% |
1.24% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.73% |
1.78% |
1.77% |
1.83% |
1.80% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
0.03% |
0.36% |
0.74% |
0.60% |
0.20% |
|||||||||
|
Portfolio turnover rate |
9.47% |
8.86% |
6.22% |
4.29% |
3.78% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 85
Financial Highlights
Integrity Growth & Income Fund, Class C
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
104.52 |
$ |
94.29 |
$ |
79.36 |
$ |
71.41 |
$ |
78.94 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
(0.83) |
$ |
(0.38) |
$ |
(0.01) |
$ |
(0.11) |
$ |
(0.42) |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
31.43 |
12.43 |
16.26 |
8.65 |
(6.63) |
|||||||||
|
Total from investment operations |
$ |
30.60 |
$ |
12.05 |
$ |
16.25 |
$ |
8.54 |
$ |
(7.05) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
0.00 |
$ |
0.00 |
$ |
(0.01) |
$ |
0.00 |
$ |
0.00 |
||||
|
Distributions from net realized gains |
(3.93) |
(1.82) |
(1.31) |
(0.59) |
(0.48) |
|||||||||
|
Total distributions |
$ |
(3.93) |
$ |
(1.82) |
$ |
(1.32) |
$ |
(0.59) |
$ |
(0.48) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
131.19 |
$ |
104.52 |
$ |
94.29 |
$ |
79.36 |
$ |
71.41 |
||||
|
Total Return (excludes any applicable sales charge) |
30.02% |
12.94% |
20.75% |
12.14% |
(9.05%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$11,246 |
$8,910 |
$7,957 |
$6,304 |
$5,655 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
1.99% |
1.99% |
1.99% |
1.99% |
1.99% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
2.48% |
2.53% |
2.52% |
2.58% |
2.55% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
(0.72%) |
(0.39%) |
(0.02%) |
(0.15%) |
(0.55%) |
|||||||||
|
Portfolio turnover rate |
9.47% |
8.86% |
6.22% |
4.29% |
3.78% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 86
Financial Highlights
Integrity Growth & Income Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
109.04 |
$ |
98.01 |
$ |
82.34 |
$ |
73.85 |
$ |
81.06 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.35 |
$ |
0.62 |
$ |
0.86 |
$ |
0.62 |
$ |
0.35 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
32.91 |
12.96 |
16.88 |
8.94 |
(6.81) |
|||||||||
|
Total from investment operations |
$ |
33.26 |
$ |
13.58 |
$ |
17.74 |
$ |
9.56 |
$ |
(6.46) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.44) |
$ |
(0.73) |
$ |
(0.76) |
$ |
(0.48) |
$ |
(0.27) |
||||
|
Distributions from net realized gains |
(3.93) |
(1.82) |
(1.31) |
(0.59) |
(0.48) |
|||||||||
|
Total distributions |
$ |
(4.37) |
$ |
(2.55) |
$ |
(2.07) |
$ |
(1.07) |
$ |
(0.75) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
137.93 |
$ |
109.04 |
$ |
98.01 |
$ |
82.34 |
$ |
73.85 |
||||
|
Total Return (excludes any applicable sales charge) |
31.31% |
14.09% |
21.95% |
13.25% |
(8.12%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$59,721 |
$40,009 |
$32,449 |
$25,634 |
$22,735 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.99% |
0.99% |
0.99% |
0.99% |
0.99% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.49% |
1.53% |
1.52% |
1.58% |
1.54% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
0.28% |
0.61% |
0.99% |
0.85% |
0.45% |
|||||||||
|
Portfolio turnover rate |
9.47% |
8.86% |
6.22% |
4.29% |
3.78% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 87
Financial Highlights
Integrity High Income Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
7.63 |
$ |
7.42 |
$ |
7.13 |
$ |
7.33 |
$ |
8.13 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.40 |
$ |
0.40 |
$ |
0.39 |
$ |
0.36 |
$ |
0.31 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
(0.05) |
0.21 |
0.29 |
(0.20) |
(0.80) |
|||||||||
|
Total from investment operations |
$ |
0.35 |
$ |
0.61 |
$ |
0.68 |
$ |
0.16 |
$ |
(0.49) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.40) |
$ |
(0.40) |
$ |
(0.39) |
$ |
(0.36) |
$ |
(0.31) |
||||
|
Total distributions |
$ |
(0.40) |
$ |
(0.40) |
$ |
(0.39) |
$ |
(0.36) |
$ |
(0.31) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
7.58 |
$ |
7.63 |
$ |
7.42 |
$ |
7.13 |
$ |
7.33 |
||||
|
Total Return (excludes any applicable sales charge) |
4.68% |
8.42% |
9.78% |
2.41% |
(6.14%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$22,057 |
$22,812 |
$23,964 |
$22,891 |
$25,736 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
1.09% |
1.04% |
0.99% |
0.99% |
0.99% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.68% |
1.66% |
1.65% |
1.68% |
1.63% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
5.24% |
5.32% |
5.32% |
5.14% |
3.99% |
|||||||||
|
Portfolio turnover rate |
25.53% |
27.70% |
25.60% |
15.41% |
21.04% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 88
Financial Highlights
Integrity High Income Fund, Class C
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
7.63 |
$ |
7.44 |
$ |
7.15 |
$ |
7.35 |
$ |
8.15 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.34 |
$ |
0.34 |
$ |
0.33 |
$ |
0.31 |
$ |
0.25 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
(0.05) |
0.19 |
0.29 |
(0.20) |
(0.80) |
|||||||||
|
Total from investment operations |
$ |
0.29 |
$ |
0.53 |
$ |
0.62 |
$ |
0.11 |
$ |
(0.55) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.34) |
$ |
(0.34) |
$ |
(0.33) |
$ |
(0.31) |
$ |
(0.25) |
||||
|
Total distributions |
$ |
(0.34) |
$ |
(0.34) |
$ |
(0.33) |
$ |
(0.31) |
$ |
(0.25) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
7.58 |
$ |
7.63 |
$ |
7.44 |
$ |
7.15 |
$ |
7.35 |
||||
|
Total Return (excludes any applicable sales charge) |
3.90% |
7.32% |
8.95% |
1.65% |
(6.82%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$2,017 |
$2,269 |
$3,438 |
$3,364 |
$3,364 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
1.84% |
1.80% |
1.74% |
1.74% |
1.74% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
2.43% |
2.42% |
2.40% |
2.43% |
2.38% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
4.49% |
4.56% |
4.57% |
4.39% |
3.24% |
|||||||||
|
Portfolio turnover rate |
25.53% |
27.70% |
25.60% |
15.41% |
21.04% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 89
Financial Highlights
Integrity High Income Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
7.63 |
$ |
7.41 |
$ |
7.12 |
$ |
7.32 |
$ |
8.13 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.42 |
$ |
0.42 |
$ |
0.40 |
$ |
0.38 |
$ |
0.33 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
(0.06) |
0.22 |
0.29 |
(0.20) |
(0.81) |
|||||||||
|
Total from investment operations |
$ |
0.36 |
$ |
0.64 |
$ |
0.69 |
$ |
0.18 |
$ |
(0.48) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.42) |
$ |
(0.42) |
$ |
(0.40) |
$ |
(0.38) |
$ |
(0.33) |
||||
|
Total distributions |
$ |
(0.42) |
$ |
(0.42) |
$ |
(0.40) |
$ |
(0.38) |
$ |
(0.33) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
7.57 |
$ |
7.63 |
$ |
7.41 |
$ |
7.12 |
$ |
7.32 |
||||
|
Total Return (excludes any applicable sales charge) |
4.80% |
8.84% |
10.06% |
2.66% |
(6.04%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$17,836 |
$21,632 |
$21,185 |
$22,577 |
$24,286 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.84% |
0.79% |
0.74% |
0.74% |
0.74% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.43% |
1.41% |
1.40% |
1.43% |
1.38% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
5.49% |
5.57% |
5.57% |
5.39% |
4.24% |
|||||||||
|
Portfolio turnover rate |
25.53% |
27.70% |
25.60% |
15.41% |
21.04% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 90
Financial Highlights
Integrity Mid-North American Resources Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
6.51 |
$ |
5.77 |
$ |
5.30 |
$ |
5.07 |
$ |
3.74 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.02 |
$ |
0.05 |
$ |
0.07 |
$ |
0.08 |
$ |
0.06 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
2.31 |
0.74 |
0.47 |
0.23 |
1.33 |
|||||||||
|
Total from investment operations |
$ |
2.33 |
$ |
0.79 |
$ |
0.54 |
$ |
0.31 |
$ |
1.39 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.02) |
$ |
(0.04) |
$ |
(0.07) |
$ |
(0.08) |
$ |
(0.06) |
||||
|
Distributions from return of capital |
0.00 |
(0.01) |
0.00 |
0.00 |
0.00 |
|||||||||
|
Total distributions |
$ |
(0.02) |
$ |
(0.05) |
$ |
(0.07) |
$ |
(0.08) |
$ |
(0.06) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
8.82 |
$ |
6.51 |
$ |
5.77 |
$ |
5.30 |
$ |
5.07 |
||||
|
Total Return (excludes any applicable sales charge) |
35.85% |
13.89% |
10.31% |
6.23% |
37.38% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$97,188 |
$81,004 |
$79,047 |
$87,706 |
$95,211 |
|||||||||
|
Ratio of expenses to average net assets after waivers and recoupment(3) |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|||||||||
|
Ratio of expenses to average net assets before waivers and recoupment |
1.48% |
1.50% |
1.60% |
1.56% |
1.50% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
0.30% |
0.81% |
1.25% |
1.57% |
1.36% |
|||||||||
|
Portfolio turnover rate |
64.08% |
63.34% |
50.88% |
41.75% |
51.12% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 91
Financial Highlights
Integrity Mid-North American Resources Fund, Class C
Selected per share data and ratios for the periods indicated
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
6.46 |
$ |
5.73 |
$ |
5.26 |
$ |
5.04 |
$ |
3.71 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
(0.02) |
$ |
0.02 |
$ |
0.04 |
$ |
0.05 |
$ |
0.04 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
2.30 |
0.73 |
0.47 |
0.22 |
1.32 |
|||||||||
|
Total from investment operations |
$ |
2.28 |
$ |
0.75 |
$ |
0.51 |
$ |
0.27 |
$ |
1.36 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
0.00 |
** |
$ |
(0.02) |
$ |
(0.04) |
$ |
(0.05) |
$ |
(0.03) |
|||
|
Distributions from return of capital |
0.00 |
0.00 |
** |
0.00 |
0.00 |
0.00 |
||||||||
|
Total distributions |
$ |
0.00 |
$ |
(0.02) |
$ |
(0.04) |
$ |
(0.05) |
$ |
(0.03) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
8.74 |
$ |
6.46 |
$ |
5.73 |
$ |
5.26 |
$ |
5.04 |
||||
|
Total Return (excludes any applicable sales charge) |
35.35% |
13.20% |
9.82% |
5.50% |
36.90% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$4,379 |
$2,920 |
$4,426 |
$6,571 |
$8,893 |
|||||||||
|
Ratio of expenses to average net assets after waivers and recoupment(3) |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|||||||||
|
Ratio of expenses to average net assets before waivers and recoupment |
1.98% |
2.01% |
2.10% |
2.06% |
2.00% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
(0.20%) |
0.30% |
0.75% |
1.07% |
0.85% |
|||||||||
|
Portfolio turnover rate |
64.08% |
63.34% |
50.88% |
41.75% |
51.12% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
** |
Amount is less than $0.005. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 92
Financial Highlights
Integrity Mid-North American Resources Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
6.45 |
$ |
5.72 |
$ |
5.25 |
$ |
5.03 |
$ |
3.71 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.06 |
$ |
0.08 |
$ |
0.09 |
$ |
0.10 |
$ |
0.08 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
2.30 |
0.73 |
0.48 |
0.22 |
1.32 |
|||||||||
|
Total from investment operations |
$ |
2.36 |
$ |
0.81 |
$ |
0.57 |
$ |
0.32 |
$ |
1.40 |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.05) |
$ |
(0.07) |
$ |
(0.10) |
$ |
(0.10) |
$ |
(0.08) |
||||
|
Distributions from return of capital |
0.00 |
(0.01) |
0.00 |
0.00 |
0.00 |
|||||||||
|
Total distributions |
$ |
(0.05) |
$ |
(0.08) |
$ |
(0.10) |
$ |
(0.10) |
$ |
(0.08) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
8.76 |
$ |
6.45 |
$ |
5.72 |
$ |
5.25 |
$ |
5.03 |
||||
|
Total Return (excludes any applicable sales charge) |
36.69% |
14.42% |
10.96% |
6.65% |
38.17% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$95,294 |
$51,274 |
$39,346 |
$44,404 |
$42,940 |
|||||||||
|
Ratio of expenses to average net assets after waivers and recoupment(3) |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|||||||||
|
Ratio of expenses to average net assets before waivers and recoupment |
0.98% |
1.00% |
1.10% |
1.06% |
1.00% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
0.80% |
1.31% |
1.75% |
2.07% |
1.86% |
|||||||||
|
Portfolio turnover rate |
64.08% |
63.34% |
50.88% |
41.75% |
51.12% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 93
Financial Highlights
Integrity Short Term Government Fund, Class A
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
8.75 |
$ |
8.52 |
$ |
8.23 |
$ |
8.43 |
$ |
8.98 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.28 |
$ |
0.31 |
$ |
0.30 |
$ |
0.00 |
** |
$ |
0.07 |
|||
|
Net realized and unrealized gain (loss) on investments(2) |
0.17 |
0.24 |
0.30 |
(0.18) |
(0.47) |
|||||||||
|
Total from investment operations |
$ |
0.45 |
$ |
0.55 |
$ |
0.60 |
$ |
(0.18) |
$ |
(0.40) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.29) |
$ |
(0.32) |
$ |
(0.31) |
$ |
(0.02) |
$ |
(0.15) |
||||
|
Total distributions |
$ |
(0.29) |
$ |
(0.32) |
$ |
(0.31) |
$ |
(0.02) |
$ |
(0.15) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
8.91 |
$ |
8.75 |
$ |
8.52 |
$ |
8.23 |
$ |
8.43 |
||||
|
Total Return (excludes any applicable sales charge) |
5.23% |
6.55% |
7.49% |
(2.08%) |
(4.51%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$561 |
$462 |
$275 |
$308 |
$703 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.80% |
0.80% |
0.80% |
0.80% |
0.80% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
1.09% |
1.09% |
1.19% |
1.33% |
1.18% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
3.12% |
3.56% |
3.65% |
(0.10%) |
0.84% |
|||||||||
|
Portfolio turnover rate |
84.09% |
113.27% |
57.27% |
60.63% |
51.52% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
** |
Amount is less than ($0.005) |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The Integrity Funds | July 31, 2026
Page 94
Financial Highlights
Integrity Short Term Government Fund, Class I
Selected per share data and ratios for the periods indicated
|
Year |
Year |
Year |
Year |
Year |
||||||||||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||||
|
7/31/26 |
7/31/25 |
7/31/24 |
7/31/23 |
7/31/22 |
||||||||||
|
NET ASSET VALUE, BEGINNING OF PERIOD |
$ |
8.76 |
$ |
8.53 |
$ |
8.24 |
$ |
8.44 |
$ |
8.98 |
||||
|
|
||||||||||||||
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(1) |
$ |
0.30 |
$ |
0.33 |
$ |
0.32 |
$ |
0.01 |
$ |
0.09 |
||||
|
Net realized and unrealized gain (loss) on investments(2) |
0.18 |
0.24 |
0.30 |
(0.18) |
(0.46) |
|||||||||
|
Total from investment operations |
$ |
0.48 |
$ |
0.57 |
$ |
0.62 |
$ |
(0.17) |
$ |
(0.37) |
||||
|
|
|
|||||||||||||
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
$ |
(0.32) |
$ |
(0.34) |
$ |
(0.33) |
$ |
(0.03) |
$ |
(0.17) |
||||
|
Total distributions |
$ |
(0.32) |
$ |
(0.34) |
$ |
(0.33) |
$ |
(0.03) |
$ |
(0.17) |
||||
|
|
|
|||||||||||||
|
NET ASSET VALUE, END OF PERIOD |
$ |
8.92 |
$ |
8.76 |
$ |
8.53 |
$ |
8.24 |
$ |
8.44 |
||||
|
Total Return (excludes any applicable sales charge) |
5.49% |
6.81% |
7.75% |
(1.97%) |
(4.18%) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RATIOS/SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of period (in thousands) |
$34,790 |
$31,916 |
$16,575 |
$14,704 |
$19,609 |
|||||||||
|
Ratio of expenses to average net assets after waivers(3) |
0.55% |
0.55% |
0.55% |
0.55% |
0.55% |
|||||||||
|
Ratio of expenses to average net assets before waivers |
0.84% |
0.84% |
0.94% |
1.08% |
0.93% |
|||||||||
|
Ratio of net investment income to average net assets(3) |
3.37% |
3.81% |
3.90% |
0.15% |
1.09% |
|||||||||
|
Portfolio turnover rate |
84.09% |
113.27% |
57.27% |
60.63% |
51.52% |
|||||||||
|
(1) |
Per share net investment income (loss) has been calculated using the average daily shares method. |
|
|
|
|
(2) |
Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
|
|
|
|
(3) |
This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
|
|
|
|
|
|
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions. |
|
|
|
|
|
The accompanying notes are an integral part of these financial statements. |
|
The
Integrity Funds | July 31, 2026
Page 95
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
There were no changes in or disagreements with Cohen during the period covered by the report.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies
As of July 31, 2026, Trustees who are not considered to be “interested persons,” as that term is defined in the 1940 Act, of The Integrity Funds (the “Independent Trustees”) are paid an annual fee of $30,500 for service as trustee on the boards of the trusts in the Fund Complex (the Registrant and Viking Mutual Funds). In addition, each Independent Trustee is entitled to receive a fee of $3,500 for attendance at each meeting of the Board of Trustees (whether attendance is telephonic or in person) that is not on the regular Board of Trustees meeting schedule. For the fiscal year ended July 31, 2026, the aggregate remuneration paid by the Trust to the Independent Trustees was $66,720. In addition, for the fiscal year ended July 31, 2026, Brent M. Wheeler was paid by the Trust an aggregate amount of $107,760 for service to the Fund Complex as Mutual Fund Chief Compliance Officer.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
There were no approvals or renewals of investment advisory contracts during the most recent fiscal half-year.
Item 12. Disclosures of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers for Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities for Closed-End Management Investment Companies
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees in the last fiscal half-year.
Item 16. Controls and Procedures
|
|
(a) |
Based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. |
|
|
|
|
|
|
(b) |
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
The Integrity Funds | July 31, 2026
Page 96
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recover of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
|
|
(a) |
(1) |
The Registrant’s code of ethics filed pursuant to Item 2 of the N-CSR is filed and attached hereto. |
|
|
|
|
|
|
|
|
(2) |
|
|
|
|
|
|
|
|
|
(3) |
Not applicable. |
|
|
|
|
|
|
|
(b) |
||
The Integrity Funds | July 31, 2026
Page 97
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.
The Integrity Funds
By: /s/ Shannon D. Radke
Shannon D. Radke
Principal Executive Officer
September 28, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Shannon D. Radke
Shannon D. Radke
Principal Executive Officer
September 28, 2026
By: /s/ Shelly Nahrstedt
Shelly Nahrstedt
Principal Financial Officer
September 28, 2026
The Integrity Funds | July 31, 2026
Page 98