# EDGAR Filing Document

**Accession Number:** 0000893730
**File Stem:** 0001213900-25-112600
**Filing Date:** 2025-11
**Character Count:** 367033
**Document Hash:** a03c2581425eec68bc2e5f11ea42406d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-112600.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001213900-25-112600

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**EFFECTIVENESS DATE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRITY FUNDS
- **CENTRAL INDEX KEY:** 0000893730

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07322
- **FILM NUMBER:** 251499275

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500
- **BUSINESS PHONE:** 701-852-5292

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Integrity Viking Funds
- **DATE OF NAME CHANGE:** 20130910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTEGRITY FUNDS
- **DATE OF NAME CHANGE:** 20030620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA FUNDS
- **DATE OF NAME CHANGE:** 19980209

## Series and Classes Contracts Data

### Integrity Mid-North American Resources Fund (Series ID: S000000137)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000000304 | Integrity Mid-North American Resources Fund, Class A | ICPAX           |
| C000141437 | Integrity Mid-North American Resources Fund, Class C | ICPUX           |
| C000171906 | Integrity Mid-North American Resources Fund, Class I | ICWIX           |

### Integrity High Income Fund (Series ID: S000000140)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000000308 | Integrity High Income Fund Class A  | IHFAX           |
| C000000309 | Integrity High Income Fund Class C  | IHFCX           |
| C000171907 | Integrity High Income Fund, Class I | IHFIX           |

### INTEGRITY GROWTH & INCOME FUND (Series ID: S000011868)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000032429 | INTEGRITY GROWTH & INCOME FUND CLASS A  | IGIAX           |
| C000158716 | Integrity Growth & Income Fund, Class C | IGIUX           |
| C000171908 | Integrity Growth & Income Fund, Class I | IGIVX           |

### Integrity Dividend Harvest Fund (Series ID: S000036848)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000112692 | Integrity Dividend Harvest Fund, Class A | IDIVX           |
| C000115946 | Integrity Dividend Harvest Fund, Class I | IDHIX           |
| C000158717 | Integrity Dividend Harvest Fund, Class C | IDHCX           |

### Integrity Short Term Government Fund (Series ID: S000066956)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215521 | Class A      | MDSAX           |
| C000215522 | Class I      | MDSIX           |

### Integrity Dividend Summit Fund (Series ID: S000080312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242608 | Class I      | IPAYX           |
| C000242609 | Class A      | APAYX           |
| C000242610 | Class C      | CPAYX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-07322</u>

**<u>The Integrity Funds</u>**

(Exact name of registrant as specified in charter)

1 Main Street North, Minot, ND 58703 <br> (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: <u>701-852-5292</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>July 31, 2025</u>

Please note that an amended Form N-CSR is being filed to include updated officer certifications. No other changes have been made to the filing.

**Item 1. Reports to Stockholders**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class A / IDIVX<br>| <br>![](image_001.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $100 | 0.95% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 10.81%. |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the "Benchmark") returned 4.55% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, financials, and consumer staples. |
| • | Detracting from relative performance was stock selection in health care. |

---

**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**

July 31, 2015 through July 31, 2025

![](image_003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;10.81 | &nbsp;&nbsp;13.82 | &nbsp;&nbsp;10.40 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;5.27 | &nbsp;&nbsp;12.65 | &nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;13.66 |
| &nbsp;&nbsp;**S&P High Yield Dividend Aristocrats Index** | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;11.29 | &nbsp;&nbsp;9.85 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$520 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$1.37M |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;**Distribution Rate @ NAV** | &nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDIVX)** | &nbsp;&nbsp;2.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 16.9 |
| Information Technology | 16.4 |
| Consumer Staples | 14.3 |
| Utilities | 13.8 |
| Energy | 12.5 |
| Health Care | 7.9 |
| Consumer Discretionary | 4.6 |
| Industrials | 4.1 |
| Communication Services | 4.1 |
| Cash Equivalents and Other | 3.7 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 5.54 |
| NextEra Energy Inc | 4.92 |
| TransCanada Corp | 3.96 |
| Chevron Corp | 3.50 |
| Corning Inc | 3.16 |
| PepsiCo Inc | 3.02 |
| AbbVie Inc | 2.80 |
| Morgan Stanley | 2.79 |
| Citigroup Inc | 2.61 |
| Bristol Myers Squibb Co | 2.58 |

---

**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…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class C / IDHCX<br>| <br>![](image_004.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class C** | $178 | 1.70% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class C shares returned 9.99%. |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the "Benchmark") returned 4.55% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, financials, and consumer staples. |
| • | Detracting from relative performance was stock selection in health care. |

---

**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**

August 3, 2015 through July 31, 2025

![](image_006.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class C without sales charge** | &nbsp;&nbsp;9.99 | &nbsp;&nbsp;12.97 | &nbsp;&nbsp;9.62 |
| &nbsp;&nbsp;**Class C with sales charge** | &nbsp;&nbsp;8.99 | &nbsp;&nbsp;12.97 | &nbsp;&nbsp;9.62 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;13.69 |
| &nbsp;&nbsp;**S&P High Yield Dividend Aristocrats Index** | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;11.29 | &nbsp;&nbsp;9.85 |
| &nbsp;&nbsp;**^Inception Date of 8/3/2015** | &nbsp;&nbsp;**^Inception Date of 8/3/2015** |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$520 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$1.37M |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;**Distribution Rate** | &nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDHCX)** | &nbsp;&nbsp;1.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 16.9 |
| Information Technology | 16.4 |
| Consumer Staples | 14.3 |
| Utilities | 13.8 |
| Energy | 12.5 |
| Health Care | 7.9 |
| Consumer Discretionary | 4.6 |
| Industrials | 4.1 |
| Communication Services | 4.1 |
| Cash Equivalents and Other | 3.7 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 5.54 |
| NextEra Energy Inc | 4.92 |
| TransCanada Corp | 3.96 |
| Chevron Corp | 3.50 |
| Corning Inc | 3.16 |
| PepsiCo Inc | 3.02 |
| AbbVie Inc | 2.80 |
| Morgan Stanley | 2.79 |
| Citigroup Inc | 2.61 |
| Bristol Myers Squibb Co | 2.58 |

---

**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…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_005.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class I / IDHIX<br>| <br>![](image_007.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $74 | 0.70% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 11.07%. |
| • | In comparison, the S&P High Yield Dividend Aristocrats Index (the "Benchmark") returned 4.55% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund outperformed the Benchmark, primarily driven by stock selection in technology, financials, and consumer staples. |
| • | Detracting from relative performance was stock selection in health care. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

August 1, 2016 through July 31, 2025

![](image_008.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;11.07 | &nbsp;&nbsp;14.10 | &nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;14.61 |
| &nbsp;&nbsp;**S&P High Yield Dividend Aristocrats Index** | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;11.29 | &nbsp;&nbsp;8.92 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$520 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$1.37M |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;**Distribution Rate** | &nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDHIX)** | &nbsp;&nbsp;2.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 16.9 |
| Information Technology | 16.4 |
| Consumer Staples | 14.3 |
| Utilities | 13.8 |
| Energy | 12.5 |
| Health Care | 7.9 |
| Consumer Discretionary | 4.6 |
| Industrials | 4.1 |
| Communication Services | 4.1 |
| Cash Equivalents and Other | 3.7 |
| Materials | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 5.54 |
| NextEra Energy Inc | 4.92 |
| TransCanada Corp | 3.96 |
| Chevron Corp | 3.50 |
| Corning Inc | 3.16 |
| PepsiCo Inc | 3.02 |
| AbbVie Inc | 2.80 |
| Morgan Stanley | 2.79 |
| Citigroup Inc | 2.61 |
| Bristol Myers Squibb Co | 2.58 |

---

**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…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_009.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class A / APAYX<br>| <br>![](image_010.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $83 | 0.81% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 4.88%. |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the "Benchmark") returned 8.26% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by as stock selection in health care and materials. |
| • | Aiding relative performance over the period was stock selection in consumer staples and energy. |

---

**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**

May 1, 2023 through July 31, 2025

![](image_012.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;4.88 | &nbsp;&nbsp;9.83 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;-0.33 | &nbsp;&nbsp;7.35 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;22.21 |
| &nbsp;&nbsp;**Dow Jones U.S. Select Dividend Index** | &nbsp;&nbsp;8.26 | &nbsp;&nbsp;11.08 |
| &nbsp;&nbsp;**^Inception Date of 5/1/2023** | &nbsp;&nbsp;**^Inception Date of 5/1/2023** |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.7 |
| Communication Services | 14.3 |
| Consumer Staples | 11.6 |
| Utilities | 11.6 |
| Financials | 11.2 |
| Materials | 8.8 |
| Health Care | 7.3 |
| Consumer Discretionary | 6.6 |
| Cash Equivalents and Other | 3.3 |
| Industrials | 2.8 |
| Information Technology | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 7.11 |
| TransCanada Corp | 5.97 |
| AT&T Inc | 5.70 |
| Rio Tinto PLC ADR | 4.35 |
| AES Corp/The | 4.10 |
| Bristol Myers Squibb Co | 3.92 |
| British American Tobacco PLC ADR | 3.63 |
| Cal Maine Foods Inc | 3.47 |
| Pfizer Inc | 3.39 |
| Best Buy Co Inc | 3.38 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_011.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class C / CPAYX<br>| <br>![](image_013.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class C** | $122 | 1.19% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class C shares returned 4.40%. |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the "Benchmark") returned 8.26% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by as stock selection in health care and materials. |
| • | Aiding relative performance over the period was stock selection in consumer staples and energy. |

---

**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**

May 1, 2023 through July 31, 2025

![](image_014.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class C without sales charge** | &nbsp;&nbsp;4.40 | &nbsp;&nbsp;9.61 |
| &nbsp;&nbsp;**Class C with sales charge** | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;9.61 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;22.21 |
| &nbsp;&nbsp;**Dow Jones U.S. Select Dividend Index** | &nbsp;&nbsp;8.26 | &nbsp;&nbsp;11.08 |
| &nbsp;&nbsp;**^Inception Date of 5/1/2023** |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.7 |
| Communication Services | 14.3 |
| Consumer Staples | 11.6 |
| Utilities | 11.6 |
| Financials | 11.2 |
| Materials | 8.8 |
| Health Care | 7.3 |
| Consumer Discretionary | 6.6 |
| Cash Equivalents and Other | 3.3 |
| Industrials | 2.8 |
| Information Technology | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 7.11 |
| TransCanada Corp | 5.97 |
| AT&T Inc | 5.70 |
| Rio Tinto PLC ADR | 4.35 |
| AES Corp/The | 4.10 |
| Bristol Myers Squibb Co | 3.92 |
| British American Tobacco<br> PLC ADR | 3.63 |
| Cal Maine Foods Inc | 3.47 |
| Pfizer Inc | 3.39 |
| Best Buy Co Inc | 3.38 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_015.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class I / IPAYX<br>| <br>![](image_016.jpg)<br>This annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $67 | 0.65% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 5.06%. |
| • | In comparison, the Dow Jones U.S. Select Dividend Index (the "Benchmark") returned 8.26% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by as stock selection in health care and materials. |
| • | Aiding relative performance over the period was stock selection in consumer staples and energy. |

---

**How did the Fund perform since inception?\***

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

May 1, 2023 through July 31, 2025

![](image_018.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;9.93 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;22.21 |
| &nbsp;&nbsp;**Dow Jones U.S. Select Dividend Index** | &nbsp;&nbsp;8.26 | &nbsp;&nbsp;11.08 |
| &nbsp;&nbsp;**^Inception Date of 5/1/2023** | &nbsp;&nbsp;**^Inception Date of 5/1/2023** |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$10 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.7 |
| Communication Services | 14.3 |
| Consumer Staples | 11.6 |
| Utilities | 11.6 |
| Financials | 11.2 |
| Materials | 8.8 |
| Health Care | 7.3 |
| Consumer Discretionary | 6.6 |
| Cash Equivalents and Other | 3.3 |
| Industrials | 2.8 |
| Information Technology | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 7.11 |
| TransCanada Corp | 5.97 |
| AT&T Inc | 5.70 |
| Rio Tinto PLC ADR | 4.35 |
| AES Corp/The | 4.10 |
| Bristol Myers Squibb Co | 3.92 |
| British American Tobacco PLC ADR | 3.63 |
| Cal Maine Foods Inc | 3.47 |
| Pfizer Inc | 3.39 |
| Best Buy Co Inc | 3.38 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_017.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Growth & Income Fund** <br>Class A / IGIAX<br>| <br>![](image_019.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $133 | 1.24% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 13.80%. |
| • | In comparison, the S&P 500 Total Return Index (the "Benchmark") returned 16.33% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by stock selection in consumer staples and health care. |
| • | Aiding relative performance over the period was an underweight allocation to health care and an overweight allocation to technology. |

---

**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**

July 31, 2015 through July 31, 2025

![](image_020.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;13.80 | &nbsp;&nbsp;13.96 | &nbsp;&nbsp;11.87 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;8.10 | &nbsp;&nbsp;12.79 | &nbsp;&nbsp;11.30 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;13.66 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$114 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$477K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 44.7 |
| Financials | 16.5 |
| Industrials | 12.0 |
| Consumer Staples | 5.2 |
| Health Care | 4.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 3.9 |
| Materials | 2.8 |
| Cash Equivalents and Other | 2.2 |
| Energy | 1.8 |
| Communication Services | 1.6 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 10.14 |
| KLA Tencor Corp | 4.63 |
| Visa Inc | 4.55 |
| Trane Technologies PLC | 4.23 |
| Cloudflare Inc | 3.83 |
| Apple Inc | 3.82 |
| Mastercard Inc | 3.48 |
| Intuit Inc | 3.44 |
| Lam Research Corp | 3.33 |
| JPMorgan Chase & Co | 3.12 |

---

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

The Fund's investment strategy is supplemented with the following sentence: while the Fund does not concentrate in any one industry, it may make significant investments in certain sectors, based on economic conditions.

Accordingly, the Fund is subject to the risks of the information technology sector.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_021.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Growth & Income Fund**<br>Class C / IGIUX<br>| <br>![](image_022.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class C** | $212 | 1.99% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class C shares returned 12.94%. |
| • | In comparison, the S&P 500 Total Return Index (the "Benchmark") returned 16.33% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by stock selection in consumer staples and health care. |
| • | Aiding relative performance over the period was an underweight allocation to health care and an overweight 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**

August 3, 2015 through July 31, 2025

![](image_024.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class C without sales charge** | &nbsp;&nbsp;12.94 | &nbsp;&nbsp;13.16 | &nbsp;&nbsp;11.23 |
| &nbsp;&nbsp;**Class C with sales charge** | &nbsp;&nbsp;11.94 | &nbsp;&nbsp;13.16 | &nbsp;&nbsp;11.23 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;13.69 |
| &nbsp;&nbsp;**^Inception Date of 8/3/2015** | &nbsp;&nbsp;**^Inception Date of 8/3/2015** |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$114 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$477K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 44.7 |
| Financials | 16.5 |
| Industrials | 12.0 |
| Consumer Staples | 5.2 |
| Health Care | 4.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 3.9 |
| Materials | 2.8 |
| Cash Equivalents and Other | 2.2 |
| Energy | 1.8 |
| Communication Services | 1.6 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 10.14 |
| KLA Tencor Corp | 4.63 |
| Visa Inc | 4.55 |
| Trane Technologies PLC | 4.23 |
| Cloudflare Inc | 3.83 |
| Apple Inc | 3.82 |
| Mastercard Inc | 3.48 |
| Intuit Inc | 3.44 |
| Lam Research Corp | 3.33 |
| JPMorgan Chase & Co | 3.12 |

---

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

The Fund's investment strategy is supplemented with the following sentence: while the Fund does not concentrate in any one industry, it may make significant investments in certain sectors, based on economic conditions.

Accordingly, the Fund is subject to the risks of the information technology sector.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_023.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Growth & Income Fund**<br>Class I / IGIVX<br>| <br>![](image_025.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $106 | 0.99% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 14.09%. |
| • | In comparison, the S&P 500 Total Return Index (the "Benchmark") returned 16.33% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Technology and communication services were the best performing sectors, while health care and energy performed the worst. |
| • | The Fund underperformed the Benchmark, primarily driven by stock selection in consumer staples and health care. |
| • | Aiding relative performance over the period was an underweight allocation to health care and an overweight 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**

August 1, 2016 through July 31, 2025

![](image_027.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;14.09 | &nbsp;&nbsp;14.24 | &nbsp;&nbsp;13.71 |
| &nbsp;&nbsp;**S&P 500 TR Index** | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;15.88 | &nbsp;&nbsp;14.61 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$114 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$477K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 44.7 |
| Financials | 16.5 |
| Industrials | 12.0 |
| Consumer Staples | 5.2 |
| Health Care | 4.8 |
| Utilities | 4.5 |
| Consumer Discretionary | 3.9 |
| Materials | 2.8 |
| Cash Equivalents and Other | 2.2 |
| Energy | 1.8 |
| Communication Services | 1.6 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 10.14 |
| KLA Tencor Corp | 4.63 |
| Visa Inc | 4.55 |
| Trane Technologies PLC | 4.23 |
| Cloudflare Inc | 3.83 |
| Apple Inc | 3.82 |
| Mastercard Inc | 3.48 |
| Intuit Inc | 3.44 |
| Lam Research Corp | 3.33 |
| JPMorgan Chase & Co | 3.12 |

---

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 28, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

The Fund's investment strategy is supplemented with the following sentence: while the Fund does not concentrate in any one industry, it may make significant investments in certain sectors, based on economic conditions.

Accordingly, the Fund is subject to the risks of the information technology sector.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_026.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity High Income Fund**<br>Class A / IHFAX<br>| <br>![](image_028.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $108 | 1.04% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 8.42%. |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the "Benchmark") returned 8.67% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | During the period, the Fund's overweight position in the Cable Satellite sector, along with the Fund's security selection in Pharmaceuticals and Midstream, contributed to relative performance. Conversely, the Fund's security selection in Retailers, overweight position in Automotive and underweight position in Wireless detracted from relative performance. |
| • | Compared to the Benchmark on July 31, 2025, the Fund was overweight in the Cable Satellite, Automotive and Independent Energy sectors due to the relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers because the portfolio managers did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the Benchmark on July 31, 2025, the Fund's yield, spread and duration were lower than those of the Benchmark. |
| • | Specifically, the Fund's overweight positions in Lumen Technologies, Bausch Health, DISH Network and Intelsat paired with lack of exposure to New Fortress Energy contributed to relative performance. Overweight positions in Claires, Rite Aid and Ford Motor Company, lack of exposure to Uniti Group and the Fund's underweight position in CSC Holdings were the top detractors in the 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**

July 31, 2015 through July 31, 2025

![](image_029.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;8.42 | &nbsp;&nbsp;4.82 | &nbsp;&nbsp;4.98 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;3.91 | &nbsp;&nbsp;4.52 |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;**Bloomberg U.S. Corporate High Yield Bond Index** | &nbsp;&nbsp;8.67 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;5.49 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$47 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;644 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$111K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Consumer Discretionary | 19.5 |
| Communication Services | 19.0 |
| Industrials | 12.7 |
| Energy | 11.5 |
| Health Care | 9.5 |
| Materials | 7.9 |
| Information Technology | 6.2 |
| Consumer Staples | 3.6 |
| Cash Equivalents and Other | 3.5 |
| Real Estate | 3.1 |
| Utilities | 1.9 |
| Financials | 1.6 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| BBB | 6.75 |
| BB | 54.01 |
| B | 23.77 |
| CCC | 10.18 |
| CC | 0.02 |
| NR | 5.27 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus dated November 30, 2024 or the next prospectus, which we expect to be available by November 28, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

Effective November 30, 2024, Class A's expense limitation was increased from 0.99% of the Fund's average daily net assets to 1.09% of the Fund's average daily net assets.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_030.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity High Income Fund**<br>Class C / IHFCX<br>| <br>![](image_031.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class C** | $187 | 1.80% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class C shares returned 7.32%. |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the "Benchmark") returned 8.67% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | During the period, the Fund's overweight position in the Cable Satellite sector, along with the Fund's security selection in Pharmaceuticals and Midstream, contributed to relative performance. Conversely, the Fund's security selection in Retailers, overweight position in Automotive and underweight position in Wireless detracted from relative performance. |
| • | Compared to the Benchmark on July 31, 2025, the Fund was overweight in the Cable Satellite, Automotive and Independent Energy sectors due to the relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers because the portfolio managers did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the Benchmark on July 31, 2025, the Fund's yield, spread and duration were lower than those of the Benchmark. |
| • | Specifically, the Fund's overweight positions in Lumen Technologies, Bausch Health, DISH Network and Intelsat paired with lack of exposure to New Fortress Energy contributed to relative performance. Overweight positions in Claires, Rite Aid and Ford Motor Company, lack of exposure to Uniti Group and the Fund's underweight position in CSC Holdings were the top detractors in the 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**

July 31, 2015 through July 31, 2025

![](image_032.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class C without sales charge** | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;3.98 | &nbsp;&nbsp;4.17 |
| &nbsp;&nbsp;**Class C with sales charge** | &nbsp;&nbsp;6.32 | &nbsp;&nbsp;3.98 | &nbsp;&nbsp;4.17 |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;**Bloomberg U.S. Corporate High Yield Bond Index** | &nbsp;&nbsp;8.67 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;5.49 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$47 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;644 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$111K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Consumer Discretionary | 19.5 |
| Communication Services | 19.0 |
| Industrials | 12.7 |
| Energy | 11.5 |
| Health Care | 9.5 |
| Materials | 7.9 |
| Information Technology | 6.2 |
| Consumer Staples | 3.6 |
| Cash Equivalents and Other | 3.5 |
| Real Estate | 3.1 |
| Utilities | 1.9 |
| Financials | 1.6 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| BBB | 6.75 |
| BB | 54.01 |
| B | 23.77 |
| CCC | 10.18 |
| CC | 0.02 |
| NR | 5.27 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus dated November 30, 2024 or the next prospectus, which we expect to be available by November 28, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

Effective November 30, 2024, Class C's expense limitation was increased from 1.74% of the Fund's average daily net assets to 1.84% of the Fund's average daily net assets.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_033.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity High Income Fund**<br>Class I / IHFIX<br>| <br>![](image_034.jpg)<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025<br>| This annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**This report describes changes to the Fund that occurred<br> during the reporting period.** | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $82 | 0.79% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 8.84%. |
| • | In comparison, the Bloomberg U.S. Corporate High Yield Bond Index (the "Benchmark") returned 8.67% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | During the period, the Fund's overweight position in the Cable Satellite sector, along with the Fund's security selection in Pharmaceuticals and Midstream, contributed to relative performance. Conversely, the Fund's security selection in Retailers, overweight position in Automotive and underweight position in Wireless detracted from relative performance. |
| • | Compared to the Benchmark on July 31, 2025, the Fund was overweight in the Cable Satellite, Automotive and Independent Energy sectors due to the relative value opportunities within those sectors. The Fund was underweight in Finance Companies, P&C and Retailers because the portfolio managers did not find these sectors attractive due to challenging fundamental outlooks or rich valuations. Relative to the Benchmark on July 31, 2025, the Fund's yield, spread and duration were lower than those of the Benchmark. |
| • | Specifically, the Fund's overweight positions in Lumen Technologies, Bausch Health, DISH Network and Intelsat paired with lack of exposure to New Fortress Energy contributed to relative performance. Overweight positions in Claires, Rite Aid and Ford Motor Company, lack of exposure to Uniti Group and the Fund's underweight position in CSC Holdings were the top detractors in the 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**

August 1, 2016 through July 31, 2025

![](image_035.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;8.84 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;5.40 |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;**Bloomberg U.S. Corporate High Yield Bond Index** | &nbsp;&nbsp;8.67 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;5.54 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$47 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;644 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$111K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Consumer Discretionary | 19.5 |
| Communication Services | 19.0 |
| Industrials | 12.7 |
| Energy | 11.5 |
| Health Care | 9.5 |
| Materials | 7.9 |
| Information Technology | 6.2 |
| Consumer Staples | 3.6 |
| Cash Equivalents and Other | 3.5 |
| Real Estate | 3.1 |
| Utilities | 1.9 |
| Financials | 1.6 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| BBB | 6.75 |
| BB | 54.01 |
| B | 23.77 |
| CCC | 10.18 |
| CC | 0.02 |
| NR | 5.27 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Changes to the Fund**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus dated November 30, 2024 or the next prospectus, which we expect to be available by November 30, 2025 at www.integrityvikingfunds.com/documents or upon request at (800) 276-1262.

Effective November 30, 2024, Class I's expense limitation was increased from 0.74% of the Fund's average daily net assets to 0.84% of the Fund's average daily net assets.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_036.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Mid-North American Resources Fund**<br>Class A / ICPAX<br>| <br>![](image_037.jpg)<br>This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $160 | 1.50% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 13.89%. |
| • | In comparison, the S&P 1500 Energy Total Return Index (the "Benchmark") returned -3.84% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Crude oil prices experienced elevated volatility over the period as geopolitical tensions were offset by an oversupplied market. Crude oil traded modestly lower for the period. |
| • | Aiding relative performance versus the Benchmark over the period was an overweight allocation to utilities, independent power producer and midstream, as well as stock selection in exploration & production. |
| • | Detracting from relative performance was an overweight allocation to oilfield service. |
| **Return of Capital Distribution** | **Return of Capital Distribution** |
| As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of $0.01 per share due to distributions paid in excess of earnings for class A. | As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of $0.01 per share due to distributions paid in excess of earnings for class A. |

---

**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**

July 31, 2015 through July 31, 2025

![](image_039.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;13.89 | &nbsp;&nbsp;21.82 | &nbsp;&nbsp;3.21 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;8.26 | &nbsp;&nbsp;20.55 | &nbsp;&nbsp;2.69 |
| &nbsp;&nbsp;**S&P 1500 TR Index** | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;13.27 |
| &nbsp;&nbsp;**S&P 1500 Energy TR Index** | &nbsp;&nbsp;-3.84 | &nbsp;&nbsp;24.47 | &nbsp;&nbsp;6.01 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$135 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$611K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.8 |
| Utilities | 13.5 |
| Industrials | 12.3 |
| Information Technologies | 3.0 |
| Cash Equivalents and Other | 2.2 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 5.06 |
| Exxon Mobil Corp | 4.54 |
| Baker Hughes a GE Co | 4.40 |
| Permian Resources Corp | 4.08 |
| Entergy Corp | 4.01 |
| Vertiv Holdings Co | 3.77 |
| Vistra Corp | 3.70 |
| Phillips 66 | 3.56 |
| TransCanada Corp | 3.54 |
| Antero Resources Corp | 3.49 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_038.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Mid-North American<br> Resources Fund**<br>Class C / ICPUX<br>| <br>![](image_040.jpg)<br>This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class C** | $213 | 2.00% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class C shares returned 13.20%. |
| • | In comparison, the S&P 1500 Energy Total Return Index (the "Benchmark") returned -3.84% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Crude oil prices experienced elevated volatility over the period as geopolitical tensions were offset by an oversupplied market. Crude oil traded modestly lower for the period. |
| • | Aiding relative performance versus the Benchmark over the period was an overweight allocation to utilities, independent power producer and midstream, as well as stock selection in exploration & production. |
| • | Detracting from relative performance was an overweight allocation to oilfield service. |
| **Return of Capital Distribution** | **Return of Capital Distribution** |
| As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of less than $0.005 per share due to distributions paid in excess of earnings for class C. | As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of less than $0.005 per share due to distributions paid in excess of earnings for class C. |

---

**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**

July 31, 2015 through July 31, 2025

![](image_042.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class C without sales charge** | &nbsp;&nbsp;13.20 | &nbsp;&nbsp;21.19 | &nbsp;&nbsp;2.70 |
| &nbsp;&nbsp;**Class C with sales charge** | &nbsp;&nbsp;12.20 | &nbsp;&nbsp;21.19 | &nbsp;&nbsp;2.70 |
| &nbsp;&nbsp;**S&P 1500 TR Index** | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;13.27 |
| &nbsp;&nbsp;**S&P 1500 Energy TR Index** | &nbsp;&nbsp;-3.84 | &nbsp;&nbsp;24.47 | &nbsp;&nbsp;6.01 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$135 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$611K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.8 |
| Utilities | 13.5 |
| Industrials | 12.3 |
| Information Technologies | 3.0 |
| Cash Equivalents and Other | 2.2 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 5.06 |
| Exxon Mobil Corp | 4.54 |
| Baker Hughes a GE Co | 4.40 |
| Permian Resources Corp | 4.08 |
| Entergy Corp | 4.01 |
| Vertiv Holdings Co | 3.77 |
| Vistra Corp | 3.70 |
| Phillips 66 | 3.56 |
| TransCanada Corp | 3.54 |
| Antero Resources Corp | 3.49 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_041.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Mid-North American<br> Resources Fund**<br>Class I / ICWIX<br>| <br>![](image_043.jpg)<br>This annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $107 | 1.00% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 14.42%. |
| • | In comparison, the S&P 1500 Energy Total Return Index (the "Benchmark") returned -3.84% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | The Federal Reserve ("the Fed") reduced rates by 0.50% in September 2024, 0.25% in November 2024, and 0.25% in December 2024 to bring the Federal Funds Rate to 4.25-4.50%. |
| • | U.S. stocks rose sharply over the period, despite having a correction in April 2025 due to tariff announcements. Performance was driven by optimism on artificial intelligence and on hopes that the Fed would cut rates in the latter half of 2025. |
| • | Crude oil prices experienced elevated volatility over the period as geopolitical tensions were offset by an oversupplied market. Crude oil traded modestly lower for the period. |
| • | Aiding relative performance versus the Benchmark over the period was an overweight allocation to utilities, independent power producer and midstream, as well as stock selection in exploration & production. |
| • | Detracting from relative performance was an overweight allocation to oilfield service. |
| **Return of Capital Distribution** | **Return of Capital Distribution** |
| As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of $0.01 per share due to distributions paid in excess of earnings for class I. | As of July 31, 2025 distributable earnings was increased and paid in capital was decreased in the amount of $0.01 per share due to distributions paid in excess of earnings for class I. |

---

**How did the Fund perform since inception?\*** 

The chart below reflects a hypothetical $10,000 investment in the class of shares noted.

**CUMULATIVE PERFORMANCE**

August 1, 2016 through July 31, 2025

![](image_045.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;14.42 | &nbsp;&nbsp;22.44 | &nbsp;&nbsp;5.37 |
| &nbsp;&nbsp;**S&P 1500 TR Index** | &nbsp;&nbsp;15.03 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;14.17 |
| &nbsp;&nbsp;**S&P 1500 Energy TR Index** | &nbsp;&nbsp;-3.84 | &nbsp;&nbsp;24.47 | &nbsp;&nbsp;6.99 |
| &nbsp;&nbsp;**^Inception Date of 8/1/2016** | &nbsp;&nbsp;**^Inception Date of 8/1/2016** |  |  |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets<br> (Millions)** | &nbsp;&nbsp;$135 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$611K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.8 |
| Utilities | 13.5 |
| Industrials | 12.3 |
| Information Technologies | 3.0 |
| Cash Equivalents and Other | 2.2 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 5.06 |
| Exxon Mobil Corp | 4.54 |
| Baker Hughes a GE Co | 4.40 |
| Permian Resources Corp | 4.08 |
| Entergy Corp | 4.01 |
| Vertiv Holdings Co | 3.77 |
| Vistra Corp | 3.70 |
| Phillips 66 | 3.56 |
| TransCanada Corp | 3.54 |
| Antero Resources Corp | 3.49 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_044.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Short Term<br> Government Fund**<br>Class A / MDSAX<br>| <br>![](image_046.jpg)<br>This annual shareholder report contains important information about the Integrity Short Term Government Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class A** | $83 | 0.80% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class A shares returned 6.55%. |
| • | In comparison, the ICE BofA 1-3 Year US Treasury Index (the "Benchmark") returned 4.43% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | Fixed income sectors in general benefited from the regime change in the Federal Reserve ("the Fed") policy, as the Federal Open Market Committee reduced the fed funds rates by 1% to 4.375%. The Treasury yield curve steepened significantly with short and intermediate-maturity Treasury yields declining given market uncertainty over the economic drag from trade policy under the new administration, while debt sustainability concerns raised longer maturity Treasury yields. As a result, the Fund's short duration contributed to the outperformance. In addition, the portfolio's weighting in certain Ginnie Mae mortgage-backed securities sectors and security selection further contributed to performance. |
| • | The spread of agency mortgage-backed securities over Treasuries tightened moderately during the 12 month period. A higher overall yield relative to that of the pre-COVID era also improved the income return of the Fund. In addition, steady cashflow patterns of short duration Agency mortgage-backed securities backed by seasoned loans with historically low mortgage rates contributed meaningfully to performance. Lastly, yield curve reshaping positively impacted returns as 2-year Treasury yields decreased by 30 basis points over the 12 month period, while the 10-year Treasury yields was higher by 34bps. |
| • | The fund continues to be overweight in Agency mortgage-backed securities relative to Treasuries and, more specifically, Ginnie Mae Project Loan mortgage-backed securities. Also, the Fund has a moderately longer duration than the Benchmark which should be a benefit if short maturity Treasury yields decline. |
| • | Income and positive price return contributed about two-thirds and one-third, respectively, of the total return over the 12 month period. The Fund yield also exceeded that of the Benchmark 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**

January 17, 2020 through July 31, 2025

![](image_047.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Inception^** |
| &nbsp;&nbsp;**Class A without sales charge** | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;1.64 |
| &nbsp;&nbsp;**Class A with sales charge** | &nbsp;&nbsp;4.47 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;**ICE BofA 1-3 Year U.S. Treasury Index** | &nbsp;&nbsp;4.43 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;**^Inception Date of 1/17/2020** | &nbsp;&nbsp;**^Inception Date of 1/17/2020** | &nbsp;&nbsp;**^Inception Date of 1/17/2020** | &nbsp;&nbsp;**^Inception Date of 1/17/2020** |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$32 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;166 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$3K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;113% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Assets** | **% Net<br> Assets** |
| Mortgage Backed Securities | 95.9 |
| U.S. Government Notes/Bonds | 2.6 |
| Cash Equivalents and Other | 1.5 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net<br> Assets** |
| United States Treasury 2-Year Note 4.6250% 06/30/2026 | 2.60 |
| Ginnie Mae II Pool, 6.5000% 02/20/2055 | 2.03 |
| Government National Mortgage Association, 1.20178% 08/16/2063 | 1.99 |
| Freddie Mac Pool, 6.0000% 07/01/2053 | 1.62 |
| Freddie Mac REMICS, 6.0000% 04/25/2050 | 1.59 |
| Ginnie Mae II Pool, 7.0000% 02/20/2055 | 1.57 |
| Fannie Mae Pool, 5.5000% 03/01/2053 | 1.46 |
| Government National Mortgage Association, 0.97965% 12/16/2062 | 1.40 |
| Freddie Mac Pool, 6.0000% 09/01/2053 | 1.40 |
| Fannie Mae Pool, 6.0000% 12/01/2053 | 1.39 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_048.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Integrity Short Term<br> Government Fund**<br>Class I / MDSIX<br>| <br>![](image_049.jpg)<br>This annual shareholder report contains important information about the Integrity Short Term Government Fund.<br> Period covered: August 1, 2024 through July 31, 2025<br>|
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> July 31, 2025 | You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 <br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| **Class I** | $57 | 0.55% |

---

---

| | |
|:---|:---|
| **How did the Fund perform last year?** | **How did the Fund perform last year?** |
| • | For the 12 month period ended July 31, 2025, the Fund's Class I shares returned 6.81%. |
| • | In comparison, the ICE BofA 1-3 Year US Treasury Index (the "Benchmark") returned 4.43% for the same period. |
| **What affected the Fund's performance?** | **What affected the Fund's performance?** |
| • | Fixed income sectors in general benefited from the regime change in the Federal Reserve ("the Fed") policy, as the Federal Open Market Committee reduced the fed funds rates by 1% to 4.375%. The Treasury yield curve steepened significantly with short and intermediate-maturity Treasury yields declining given market uncertainty over the economic drag from trade policy under the new administration, while debt sustainability concerns raised longer maturity Treasury yields. As a result, the Fund's short duration contributed to the outperformance. In addition, the portfolio's weighting in certain Ginnie Mae mortgage-backed securities sectors and security selection further contributed to performance. |
| • | The spread of agency mortgage-backed securities over Treasuries tightened moderately during the 12 month period. A higher overall yield relative to that of the pre-COVID era also improved the income return of the Fund. In addition, steady cashflow patterns of short duration Agency mortgage-backed securities backed by seasoned loans with historically low mortgage rates contributed meaningfully to performance. Lastly, yield curve reshaping positively impacted returns as 2-year Treasury yields decreased by 30 basis points over the 12 month period, while the 10-year Treasury yields was higher by 34bps. |
| • | The fund continues to be overweight in Agency mortgage-backed securities relative to Treasuries and, more specifically, Ginnie Mae Project Loan mortgage-backed securities. Also, the Fund has a moderately longer duration than the Benchmark which should be a benefit if short maturity Treasury yields decline. |
| • | Income and positive price return contributed about two-thirds and one-third, respectively, of the total return over the 12 month period. The Fund yield also exceeded that of the Benchmark 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**

July 31, 2015 through July 31, 2025

![](image_050.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** For the Periods Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;6.81 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index** | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;-1.07 | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;**ICE BofA 1-3 Year U.S. Treasury Index** | &nbsp;&nbsp;4.43 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.60 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

**What are some key Fund statistics?**

(as of July 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$32 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;166 |
| &nbsp;&nbsp;**Net Advisory Fee Paid** | &nbsp;&nbsp;$3K |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;113% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of July 31, 2025)

---

| | |
|:---|:---|
| **Assets** | **% Net<br> Assets** |
| Mortgage Backed Securities | 95.9 |
| U.S. Government Notes/Bonds | 2.6 |
| Cash Equivalents and Other | 1.5 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net<br> Assets** |
| United States Treasury 2-Year Note 4.6250% 06/30/2026 | 2.60 |
| Ginnie Mae II Pool, 6.5000% 02/20/2055 | 2.03 |
| Government National Mortgage Association, 1.20178% 08/16/2063 | 1.99 |
| Freddie Mac Pool, 6.0000% 07/01/2053 | 1.62 |
| Freddie Mac REMICS, 6.0000% 04/25/2050 | 1.59 |
| Ginnie Mae II Pool, 7.0000% 02/20/2055 | 1.57 |
| Fannie Mae Pool, 5.5000% 03/01/2053 | 1.46 |
| Government National Mortgage Association, 0.97965% 12/16/2062 | 1.40 |
| Freddie Mac Pool, 6.0000% 09/01/2053 | 1.40 |
| Fannie Mae Pool, 6.0000% 12/01/2053 | 1.39 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_051.jpg)

**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) | **<u>Audit Fees:</u>** 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 $126,157 for the year ended July 31, 2025 and $107,063 for the year ended July 31, 2024. | **<u>Audit Fees:</u>** 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 $126,157 for the year ended July 31, 2025 and $107,063 for the year ended July 31, 2024. |
| (b) | **<u>Audit-Related Fees:</u>** 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, 2025 and $0 for the year ended July 31, 2024. | **<u>Audit-Related Fees:</u>** 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, 2025 and $0 for the year ended July 31, 2024. |
| (c) | **<u>Tax Fees:</u>** 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 $15,275 for the year ended July 31, 2025 and $15,275 for the year ended July 31, 2024. 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. | **<u>Tax Fees:</u>** 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 $15,275 for the year ended July 31, 2025 and $15,275 for the year ended July 31, 2024. 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) | **<u>All Other Fees:</u>** 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 and (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. | **<u>All Other Fees:</u>** 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 and (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. |
| (e) | (1) | **<u>Audit Committee Pre-Approval Policies and Procedures</u>** |
|  |  | 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) | **<u>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</u>** |
|  |  | 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. | 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. |
| (g) | **<u>Non-Audit Fees:</u>** None. | **<u>Non-Audit Fees:</u>** None. |
| (h) | **<u>Principal Accountant's Independence:</u>** 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. | **<u>Principal Accountant's Independence:</u>** 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. |
| (i) | Not applicable. | Not applicable. |

---

The Integrity Funds \| July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**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.

**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

<u>Opinion on the Financial Statements</u>

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, 2025, 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, 2025, 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 | &nbsp;&nbsp;Statements of<br> Operations | &nbsp;&nbsp;Statements of<br> Changes in Net<br> Assets | &nbsp;&nbsp;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 | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp;For the years ended July 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended July 31, 2025, 2024, 2023, 2022, and 2021 |
| Integrity Dividend Summit Fund | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp;For the years ended July 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended July 31, 2025, 2024, and the period from May 1, 2023 (commencement of operations) through July 31, 2023 |

---

<u>Basis for Opinion</u>

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, 2025, 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.

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 26, 2025

The Integrity Funds \| July 31, 2025

**Schedule of Investments** - July 31, 2025

Integrity Dividend Harvest Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.3%)** | | |
| **Communication Services (4.1%)** | | |
| AT&T INC | 350000 | $9593500 |
| VERIZON COMMUNICATIONS INC | 270000 | 11545200 |
|  |  | 21138700 |
| **Consumer Discretionary (4.6%)** |  |  |
| GENUINE PARTS CO | 55000 | 7088400 |
| HOME DEPOT INC/THE | 20000 | 7350200 |
| MCDONALD'S CORP | 20000 | 6001400 |
| STARBUCKS CORP | 40000 | 3566400 |
|  |  | 24006400 |
| **Consumer Staples (14.3%)** |  |  |
| ALTRIA GROUP INC | 170000 | 10529800 |
| BRITISH AMERICAN TOBACCO PLC ADR | 151000 | 8105680 |
| COCA COLA CO/THE | 100000 | 6789000 |
| KENVUE INC | 530000 | 11363200 |
| KIMBERLY CLARK CORP | 50000 | 6231000 |
| PEPSICO INC | 114000 | 15722880 |
| PHILIP MORRIS INTERNATIONAL INC | 35000 | 5741750 |
| PROCTER & GAMBLE CO/THE | 18000 | 2708460 |
| TARGET CORP | 70000 | 7035000 |
|  |  | 74226770 |
| **Energy (12.5%)** |  |  |
| CHEVRON CORP | 120000 | 18196800 |
| ENBRIDGE INC | 140000 | 6340600 |
| EXXON MOBIL CORP | 70000 | 7814800 |
| PERMIAN RESOURCES CORP | 400000 | 5664000 |
| PHILLIPS 66 | 50000 | 6179000 |
| TRANSCANADA CORP | 430000 | 20588400 |
|  |  | 64783600 |
| **Financials (16.9%)** |  |  |
| ALLSTATE CORP/THE | 25000 | 5081250 |
| AMERICAN FINANCIAL GROUP INC/OH | 40000 | 4996000 |
| BANK OF AMERICA CORP | 150000 | 7090500 |
| BLACKROCK INC | 5000 | 5530050 |
| CME GROUP INC | 25000 | 6957000 |
| CITIGROUP INC | 145000 | 13586500 |
| JPMORGAN CHASE & CO | 30000 | 8887200 |
| MORGAN STANLEY | 102000 | 14530920 |
| OLD REPUBLIC INTERNATIONAL CORP | 180000 | 6510600 |
| PRUDENTIAL FINANCIAL INC | 95000 | 9840100 |
| UNUM GROUP | 70000 | 5026700 |
|  |  | 88036820 |
| **Health Care (7.9%)** |  |  |
| ABBVIE INC | 77000 | 14554540 |
| BRISTOL MYERS SQUIBB CO | 310000 | 13426100 |
| MERCK & CO INC | 81000 | 6327720 |
| PFIZER INC | 290000 | 6754100 |
|  |  | 41062460 |
| **Industrials (4.1%)** |  |  |
| ILLINOIS TOOL WORKS INC | 17000 | 4351490 |
| LOCKHEED MARTIN CORP | 15000 | 6314700 |
| PAYCHEX INC | 43000 | 6206190 |
| UNITED PARCEL SERVICE INC | 55000 | 4738800 |
|  |  | 21611180 |
| **Information Technology (16.4%)** |  |  |
| BROADCOM INC | 98000 | 28782600 |
| CORNING INC | 260000 | 16442400 |
| DELL TECHNOLOGIES INC | 57000 | 7563330 |
| HEWLETT PACKARD ENTERPRISE CO | 350000 | 7241500 |
| INTERNATIONAL BUSINESS MACHINES CORP | 24000 | 6075600 |
| LAM RESEARCH CORP | 57000 | 5405880 |
| QUALCOMM INC | 55000 | 8071800 |
| TEXAS INSTRUMENTS INC | 32000 | 5793920 |
|  |  | 85377030 |
| **Materials (1.7%)** |  |  |
| AIR PRODUCTS & CHEMICALS INC | 15000 | 4318200 |
| LYONDELLBASELL INDUSTRIES NV | 80000 | 4634400 |
|  |  | 8952600 |
| **Utilities (13.8%)** |  |  |
| AES CORP/THE | 100000 | 1315000 |
| AMERICAN ELECTRIC POWER CO INC | 110000 | 12445400 |
| ENTERGY CORP | 100000 | 9043000 |
| EVERGY INC | 100000 | 7080000 |
| NEXTERA ENERGY INC | 360000 | 25581600 |
| SPIRE INC | 40000 | 2978800 |
| XCEL ENERGY INC | 180000 | 13219200 |
|  |  | 71663000 |
| **TOTAL INVESTMENTS (Cost $422,538,085)** |  | $**500858560** |
| **OTHER ASSETS LESS LIABILITIES (3.7%)** |  | $**19111796** |
| **NET ASSETS (100.0%)** |  | $**519970356** |

---

PLC - Public Limited Company

ADR - American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Schedule of Investments** - July 31, 2025

Integrity Dividend Summit Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.7%)** | | |
| **Communication Services (14.3%)** | | |
| AT&T INC | 20000 | $548200 |
| BCE INC | 6000 | 139980 |
| VERIZON COMMUNICATIONS INC | 16000 | 684160 |
|  |  | 1372340 |
| **Consumer Discretionary (6.6%)** |  |  |
| BEST BUY CO INC | 5000 | 325300 |
| BUCKLE INC/THE | 3000 | 148110 |
| WENDY'S CO/THE | 8000 | 78800 |
| WHIRLPOOL CORP | 1000 | 83040 |
|  |  | 635250 |
| **Consumer Staples (11.6%)** |  |  |
| ALTRIA GROUP INC | 5250 | 325185 |
| BRITISH AMERICAN TOBACCO PLC ADR | 6500 | 348920 |
| CAL MAINE FOODS INC | 3000 | 333420 |
| KENVUE INC | 5000 | 107200 |
|  |  | 1114725 |
| **Energy (21.7%)** |  |  |
| CHEVRON CORP | 2000 | 303280 |
| ENBRIDGE INC | 4500 | 203805 |
| PERMIAN RESOURCES CORP | 11000 | 155760 |
| PETROLEO BRASILEIRO SA ADR | 23000 | 293020 |
| SOUTH BOW CORP | 2400 | 63024 |
| TRANSCANADA CORP | 12000 | 574560 |
| TENARIS SA ADR | 3000 | 104820 |
| NOBLE CORP PLC | 5000 | 134050 |
| DORIAN LPG LTD | 9000 | 259110 |
|  |  | 2091429 |
| **Financials (11.2%)** |  |  |
| AMERICAN FINANCIAL GROUP INC/OH | 1000 | 124900 |
| ING GROEP NV ADR | 5000 | 116800 |
| PRUDENTIAL FINANCIAL INC | 3000 | 310740 |
| REGIONS FINANCIAL CORP | 6000 | 151980 |
| TRUIST FINANCIAL CORP | 3000 | 131130 |
| US BANCORP | 5340 | 240087 |
|  |  | 1075637 |
| **Health Care (7.3%)** |  |  |
| BRISTOL MYERS SQUIBB CO | 8700 | 376797 |
| PFIZER INC | 14000 | 326060 |
|  |  | 702857 |
| **Industrials (2.8%)** |  |  |
| UNITED PARCEL SERVICE INC | 3000 | 258480 |
|  |  | 258480 |
| **Information Technology (0.8%)** |  |  |
| UNITED MICROELECTRONICS CORP ADR | 12000 | 82080 |
|  |  | 82080 |
| **Materials (8.8%)** |  |  |
| BHP GROUP LTD ADR | 4000 | 202680 |
| RIO TINTO PLC ADR | 7000 | 418390 |
| LYONDELLBASELL INDUSTRIES NV | 4000 | 231720 |
|  |  | 852790 |
| <br>**Utilities (11.6%)** |  |  |
| AES CORP/THE | 30000 | 394500 |
| DOMINION RESOURCES INC/VA | 3500 | 204575 |
| EVERSOURCE ENERGY | 4000 | 264400 |
| EXELON CORP | 2000 | 89880 |
| PORTLAND GENERAL ELECTRIC CO | 4000 | 164480 |
|  |  | 1117835 |
| **TOTAL INVESTMENTS (COST: $9,275,871)** |  | $**9303423** |
| **OTHER ASSETS LESS LIABILITIES (3.3%)** |  | $**312722** |
| **NET ASSETS (100.0%)** |  | $**9616145** |

---

PLC - Public Limited Company

ADR - American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Schedule of Investments** - July 31, 2025

Integrity Growth & Income Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (97.8%)** | | |
| **Communication Services (1.6%)** | | |
| AT&T INC | 65000 | $1781650 |
|  |  | 1781650 |
| **Consumer Discretionary (3.9%)** |  |  |
| HOME DEPOT INC/THE | 6000 | 2205060 |
| LOWE'S COS INC | 10000 | 2235700 |
|  |  | 4440760 |
| **Consumer Staples (5.2%)** |  |  |
| KIMBERLY CLARK CORP | 21000 | 2617020 |
| PEPSICO INC | 11000 | 1517120 |
| TARGET CORP | 18000 | 1809000 |
|  |  | 5943140 |
| **Energy (1.8%)** |  |  |
| KINDER MORGAN INC/DE | 75000 | 2104500 |
|  |  | 2104500 |
| **Financials (16.5%)** |  |  |
| BANK OF AMERICA CORP | 30000 | 1418100 |
| JPMORGAN CHASE & CO | 12000 | 3554880 |
| MASTERCARD INC | 7000 | 3965290 |
| PNC FINANCIAL SERVICES GROUP INC/THE | 10000 | 1902700 |
| S&P GLOBAL INC | 5000 | 2755500 |
| VISA INC | 15000 | 5182050 |
|  |  | 18778520 |
| **Health Care (4.8%)** |  |  |
| \*EDWARDS LIFESCIENCES CORP | 20000 | 1586200 |
| THERMO FISHER SCIENTIFIC INC | 5000 | 2338400 |
| UNITEDHEALTH GROUP INC | 6000 | 1497360 |
|  |  | 5421960 |
| **Industrials (12.0%)** |  |  |
| CATERPILLAR INC | 4000 | 1752080 |
| DEERE & CO | 5000 | 2621850 |
| FEDEX CORP | 7000 | 1564430 |
| WASTE MANAGEMENT INC | 13000 | 2979080 |
| TRANE TECHNOLOGIES PLC | 11000 | 4818880 |
|  |  | 13736320 |
| **Information Technology (44.7%)** |  |  |
| \*ADVANCED MICRO DEVICES INC | 17000 | 2997270 |
| APPLE INC | 21000 | 4358970 |
| CISCO SYSTEMS INC | 15000 | 1021200 |
| \*CLOUDFLARE INC | 21000 | 4361280 |
| \*DIGITALOCEAN HOLDINGS INC | 75000 | 2089500 |
| INTUIT INC | 5000 | 3925650 |
| KLA TENCOR CORP | 6000 | 5274180 |
| LAM RESEARCH CORP | 40000 | 3793600 |
| MICROSOFT CORP | 6000 | 3201000 |
| NVIDIA CORP | 65000 | 11561550 |
| QUALCOMM INC | 20000 | 2935200 |
| \*TYLER TECHNOLOGIES INC | 2000 | 1169120 |
| \*CYBERARK SOFTWARE LTD | 6000 | 2468820 |
| \*MONDAY.COM LTD | 7000 | 1836030 |
|  |  | 50993370 |
| **Materials (2.8%)** |  |  |
| AIR PRODUCTS & CHEMICALS INC | 11000 | 3166680 |
|  |  | 3166680 |
| **Utilities (4.5%)** |  |  |
| EXELON CORP | 60000 | 2696400 |
| NEXTERA ENERGY INC | 35000 | 2487100 |
|  |  | 5183500 |
| **TOTAL INVESTMENTS (Cost $55,060,158)** |  | $**111550400** |
| **OTHER ASSETS LESS LIABILITIES (2.2%)** |  | $**2451309** |
| **NET ASSETS (100.0%)** |  | $**114001709** |

---

\*Non-income producing

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Schedule of Investments** - July 31, 2025

Integrity High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **CORPORATE BONDS (95.2%)** | | |
| **Communication Services (18.8%)** | | |
| ALTICE FRANCE SA 144A 5.500% 01/15/2028 | 200000 | $176862 |
| ARCHES BUYER INC 144A 4.250% 06/01/2028 Callable @ 100.000 12/01/2025 | 85000 | 81893 |
| ARCHES BUYER INC 144A 6.125% 12/01/2028 Callable @ 100.000 12/01/2025 | 17000 | 16221 |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 5.125% 05/01/2027 | 163000 | 161716 |
| CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 5.000% 02/01/2028 Callable @ 100.000 08/01/2025 | 489000 | 480584 |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 5.375% 06/01/2029 Callable @ 100.896 06/01/2026 | 52000 | 51075 |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.750% 03/01/2030 Callable @ 101.583 09/01/2025 | 515000 | 490674 |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.500% 08/15/2030 Callable @ 101.500 02/15/2026 | 515000 | 481935 |
| CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 4.250% 02/01/2031 Callable @ 101.417 07/01/2026 | 366000 | 334929 |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 4.500% 05/01/2032 Callable @ 102.250 05/01/2026 | 35000 | 31758 |
| CSC HOLDINGS LLC 144A 6.500% 02/01/2029 Callable @ 101.083 02/01/2026 | 400000 | 316031 |
| CSC HOLDINGS LLC 144A 5.750% 01/15/2030 Callable @ 101.917 01/15/2026 | 200000 | 98646 |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 5.125% 08/15/2027 | 259000 | 258746 |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.750% 04/15/2028 Callable @ 100.000 04/15/2026 | 204000 | 192637 |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.500% 06/01/2029 Callable @ 100.000 06/01/2026 | 103000 | 93943 |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 9.000% 09/15/2028 Callable @ 104.500 09/15/2025 | 35000 | 36667 |
| # CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.125% 02/15/2031 Callable @ 103.563 08/15/2027 | 152000 | 152059 |
| # CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.500% 03/15/2033 Callable @ 103.750 09/15/2028 | 77000 | 77050 |
| DIRECTV HOLDINGS LLC/DIRECTV FINANCING CO., INC. 144A 5.875% 08/15/2027 Callable @ 101.469 08/15/2025 | 137000 | 136176 |
| DISCOVERY COMMUNICATIONS LLC 5.000% 09/20/2037 Callable @ 100.000 03/20/2037 | 14000 | 10128 |
| DISH NETWORK CORP 144A 11.750% 11/15/2027 Callable @ 102.938 11/15/2025 | 252000 | 262434 |
| DISH DBS CORP 7.750% 07/01/2026 | 193000 | 171529 |
| DISH DBS CORP 144A 5.250% 12/01/2026 Callable @ 100.000 06/01/2026 | 345000 | 324323 |
| DISH DBS CORP 144A 5.750% 12/01/2028 Callable @ 100.000 12/01/2027 | 65000 | 58070 |
| (5) ECHOSTAR CORP 6.750% (6.750% PIK)11/30/2030 Callable @ 102.000 11/30/2026 | 50829 | 48160 |
| (5) ECHOSTAR CORP 3.875% (3.875% PIK)11/30/2030 | 25874 | 32756 |
| ECHOSTAR CORP 10.750% 11/30/2029 Callable @ 105.375 11/30/2026 | 80000 | 84371 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 5.875% 10/15/2027 Callable @ 100.000 10/15/2025 | 4000 | 4001 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 5.000% 05/01/2028 Callable @ 100.000 05/01/2026 | 200000 | 199750 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750% 05/01/2029 Callable @ 100.000 05/01/2026 | 9000 | 9085 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 5.875% 11/01/2029 Callable @ 101.469 11/01/2025 | 14737 | 14861 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000% 01/15/2030 Callable @ 101.500 10/15/2025 | 27000 | 27326 |
| FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 8.750% 05/15/2030 Callable @ 102.188 05/15/2026 | 49000 | 51282 |
| GCI LLC 144A 4.750% 10/15/2028 Callable @ 100.000 10/15/2025 | 168000 | 162203 |
| GRAY MEDIA INC 144A 5.375% 11/15/2031 Callable @ 102.688 11/15/2026 | 8000 | 5908 |
| GRAY MEDIA INC 144A 4.750% 10/15/2030 Callable @ 102.375 10/15/2025 | 168000 | 125370 |
| GRAY MEDIA INC 144A 10.500% 07/15/2029 Callable @ 105.250 07/15/2026 | 205000 | 221770 |
| GRAY MEDIA, INC. 144A 7.250% 08/15/2033 Callable @ 103.625 08/15/2028 | 58000 | 57688 |
| HUGHES SATELLITE SYSTEMS CORP 6.625% 08/01/2026 | 20000 | 15128 |
| IHEARTCOMMUNICATIONS INC 144A 9.125% 05/01/2029 Callable @ 103.000 12/20/2026 | 287251 | 239606 |
| IHEARTCOMMUNICATIONS INC 144A 10.875% 05/01/2030 Callable @ 105.438 12/20/2026 | 215591 | 104734 |
| IHEARTCOMMUNICATIONS INC 144A 7.750% 08/15/2030 Callable @ 105.813 12/20/2026 | 107293 | 83538 |
| LEVEL 3 FINANCING INC 144A 11.000% 11/15/2029 Callable @ 105.500 03/22/2027 | 22361 | 25352 |
| LEVEL 3 FINANCING INC 144A 4.875% 06/15/2029 Callable @ 102.313 03/22/2026 | 30000 | 28125 |
| LEVEL 3 FINANCING INC 144A 4.500% 04/01/2030 Callable @ 102.125 03/22/2026 | 45000 | 40163 |
| LEVEL 3 FINANCING INC 144A 3.875% 10/15/2030 Callable @ 100.906 03/22/2026 | 39000 | 33443 |
| LEVEL 3 FINANCING, INC. 144A 6.875% 06/30/2033 Callable @ 103.438 06/30/2028 | 74000 | 74946 |
| LUMEN TECHNOLOGIES INC 144A 5.375% 06/15/2029 Callable @ 100.000 06/15/2026 | 70000 | 62667 |
| LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2029 | 49886 | 48584 |
| LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2030 | 109665 | 106914 |
| LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2030 | 137411 | 133964 |
| LUMEN TECHNOLOGIES, INC. 144A 10.000% 10/15/2032 | 5000 | 5081 |
| WARNERMEDIA HOLDINGS, INC. 4.279% 03/15/2032 Callable @ 100.000 12/15/2031 | 73000 | 61503 |
| MCGRAW-HILL EDUCATION INC 144A 5.750% 08/01/2028 Callable @ 101.438 08/01/2025 | 57000 | 56778 |
| STAGWELL GLOBAL LLC 144A 5.625% 08/15/2029 Callable @ 101.406 08/15/2025 | 113000 | 108638 |
| MIDCONTINENT COMMUNICATIONS 144A 8.000% 08/15/2032 Callable @ 104.000 08/15/2027 | 60000 | 63323 |
| NEWS CORP 144A 5.125% 02/15/2032 Callable @ 102.563 02/15/2027 | 40000 | 38985 |
| NEXSTAR MEDIA INC 144A 4.750% 11/01/2028 Callable @ 100.000 11/01/2025 | 271000 | 263397 |
| NEXSTAR MEDIA INC 144A 5.625% 07/15/2027 | 134000 | 133790 |
| OUTFRONT MEDIA CAPITAL LLC 144A 4.625% 03/15/2030 Callable @ 101.542 03/15/2026 | 15000 | 14240 |
| OUTFRONT MEDIA CAPITAL LLC 144A 4.250% 01/15/2029 Callable @ 100.000 01/15/2026 | 13000 | 12391 |
| OUTFRONT MEDIA CAPITAL LLC 144A 7.375% 02/15/2031 Callable @ 103.688 11/15/2026 | 67000 | 70349 |
| SCRIPPS ESCROW INC 144A 5.875% 07/15/2027 | 65000 | 64922 |
| SHUTTERFLY FINANCE LLC 144A 8.500% 10/01/2027 | 185831 | 172823 |
| SHUTTERFLY FINANCE LLC 144A 9.750% 10/01/2027 | 20730 | 20782 |
| SINCLAIR TELEVISION GROUP INC 144A 5.125% 02/15/2027 | 20000 | 19274 |
| SINCLAIR TELEVISION GROUP INC 144A 8.125% 02/15/2033 Callable @ 104.063 02/15/2028 | 58000 | 59161 |
| SIRIUS XM RADIO LLC 144A 5.000% 08/01/2027 Callable @ 100.000 08/01/2025 | 104000 | 102799 |
| SIRIUS XM RADIO LLC 144A 5.500% 07/01/2029 Callable @ 100.917 07/01/2026 | 220000 | 217558 |
| SIRIUS XM RADIO LLC 144A 4.000% 07/15/2028 Callable @ 100.000 07/15/2026 | 247000 | 235452 |
| SIRIUS XM RADIO LLC 144A 3.875% 09/01/2031 Callable @ 101.938 09/01/2026 | 70000 | 61784 |
| SNAP INC 144A 6.875% 03/01/2033 Callable @ 103.438 03/01/2028 | 22000 | 22559 |
| TEGNA INC 5.000% 09/15/2029 Callable @ 101.667 09/15/2025 | 40000 | 38452 |
| TELECOM ITALIA CAPITAL SA 6.375% 11/15/2033 | 12000 | 12418 |
| UBER TECHNOLOGIES INC 144A 7.500% 09/15/2027 Callable @ 100.000 09/15/2025 | 47000 | 47215 |
| UNITED STATES CELLULAR CORP. 6.700% 12/15/2033 | 75000 | 78741 |
| UNIVISION COMMUNICATIONS INC 144A 7.375% 06/30/2030 Callable @ 101.844 06/30/2026 | 88000 | 87516 |
| UNIVISION COMMUNICATIONS INC 144A 8.000% 08/15/2028 Callable @ 104.000 08/15/2025 | 91000 | 93479 |
| UNIVISION COMMUNICATIONS INC 144A 9.375% 08/01/2032 Callable @ 104.688 08/01/2028 | 31000 | 32169 |
| XPO INC 144A 6.250% 06/01/2028 Callable @ 101.563 06/01/2026 | 45000 | 45735 |
|  |  | 8779095 |
| **Consumer Discretionary (19.4%)** |  |  |
| ACCO BRANDS CORP 144A 4.250% 03/15/2029 Callable @ 100.000 03/15/2026 | 180000 | 159510 |
| ACUSHNET CO. 144A 7.375% 10/15/2028 Callable @ 100.000 10/15/2027 | 29000 | 30212 |
| ADIENT GLOBAL HOLDINGS LTD 144A 7.000% 04/15/2028 Callable @ 101.750 04/15/2026 | 3000 | 3073 |
| ADIENT GLOBAL HOLDINGS LTD 144A 8.250% 04/15/2031 Callable @ 104.125 04/15/2026 | 172000 | 179796 |
| ADIENT GLOBAL HOLDINGS LTD 144A 7.500% 02/15/2033 Callable @ 103.750 02/15/2028 | 48000 | 48954 |
| AMER SPORTS CO 144A 6.750% 02/16/2031 Callable @ 103.375 02/16/2027 | 80000 | 83205 |
| AMERICAN AXLE & MANUFACTURING INC 6.500% 04/01/2027 | 93000 | 93113 |
| AMERICAN AXLE & MANUFACTURING INC 6.875% 07/01/2028 | 86000 | 85664 |
| ASBURY AUTOMOTIVE GROUP INC 4.500% 03/01/2028 | 87000 | 85592 |
| ASBURY AUTOMOTIVE GROUP INC 4.750% 03/01/2030 Callable @ 101.583 03/01/2026 | 11000 | 10565 |
| ASBURY AUTOMOTIVE GROUP INC 144A 4.625% 11/15/2029 Callable @ 101.156 11/15/2025 | 20000 | 19219 |
| AVIS BUDGET CAR RENTAL LLC 144A 5.750% 07/15/2027 | 44000 | 43795 |
| AVIS BUDGET CAR RENTAL LLC 144A 5.375% 03/01/2029 Callable @ 100.000 03/01/2026 | 165000 | 157993 |
| AVIS BUDGET CAR RENTAL LLC 144A 4.750% 04/01/2028 Callable @ 100.000 04/01/2026 | 70000 | 67092 |
| AVIS BUDGET CAR RENTAL LLC 144A 8.250% 01/15/2030 Callable @ 104.125 01/15/2026 | 107000 | 110210 |
| AVIS BUDGET CAR RENTAL LLC / AVIS BUDGET FINANCE, 144A 8.375% 06/15/2032 Callable @ 104.188 06/15/2028 | 51000 | 52582 |
| BOYNE USA INC 144A 4.750% 05/15/2029 Callable @ 100.000 05/15/2026 | 86000 | 83475 |
| BUILDERS FIRSTSOURCE INC 144A 4.250% 02/01/2032 Callable @ 102.125 08/01/2026 | 108000 | 99662 |
| BUILDERS FIRSTSOURCE INC 144A 6.375% 06/15/2032 Callable @ 103.188 06/15/2027 | 69000 | 70554 |
| BUILDERS FIRSTSOURCE INC 144A 6.375% 03/01/2034 Callable @ 103.188 03/01/2029 | 40000 | 40593 |
| BUILDERS FIRSTSOURCE, INC. 144A 6.750% 05/15/2035 Callable @ 103.375 05/15/2030 | 27000 | 27736 |
| CD&R SMOKEY BUYER INC / RADIO SYSTEMS CORP 144A 9.500% 10/15/2029 Callable @ 104.750 10/15/2026 | 70000 | 58100 |
| CAESARS ENTERTAINMENT INC 144A 4.625% 10/15/2029 Callable @ 101.156 10/15/2025 | 94000 | 88826 |
| CAESARS ENTERTAINMENT, INC. 144A 7.000% 02/15/2030 Callable @ 103.500 02/15/2026 | 54000 | 55702 |
| CAESARS ENTERTAINMENT INC 144A 6.500% 02/15/2032 Callable @ 103.250 02/15/2027 | 54000 | 55055 |
| CARNIVAL CORP 144A 5.750% 03/01/2027 Callable @ 100.000 12/01/2026 | 13000 | 13146 |
| CARNIVAL CORP 144A 4.000% 08/01/2028 Callable @ 100.000 05/01/2028 | 69000 | 67016 |
| CARNIVAL CORP 144A 6.000% 05/01/2029 Callable @ 101.500 11/01/2025 | 89000 | 89801 |
| CARNIVAL CORP 144A 7.000% 08/15/2029 Callable @ 103.500 08/15/2026 | 29000 | 30476 |
| CARNIVAL CORP 144A 6.125% 02/15/2033 Callable @ 103.063 02/15/2028 | 90000 | 91616 |
| CARNIVAL CORP 144A 5.750% 08/01/2032 Callable @ 100.000 05/01/2032 | 116000 | 116813 |
| CEDAR FAIR LP / CANADA'S WONDERLAND CO 5.375% 04/15/2027 | 20000 | 19975 |
| CEDAR FAIR LP 5.250% 07/15/2029 Callable @ 100.875 07/15/2026 | 75000 | 72882 |
| CINEMARK USA INC 144A 5.250% 07/15/2028 Callable @ 100.000 07/15/2026 | 45000 | 44683 |
| CINEMARK USA INC 144A 7.000% 08/01/2032 Callable @ 103.500 08/01/2027 | 20000 | 20651 |
| CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 05/15/2028 Callable @101.688 05/15/2026 | 57000 | 58280 |
| CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 02/15/2030 Callable @ 103.375 02/15/2027 | 47000 | 48458 |
| COOPER-STANDARD AUTOMOTIVE INC 144A 13.500% 03/31/2027 Callable @ 102.250 01/31/2026 | 300715 | 315529 |
| COOPER-STANDARD AUTOMOTIVE INC 144A 5.625% 05/15/2027 Callable @ 101.410 01/31/2026 | 180842 | 154626 |
| DANA INC 5.625% 06/15/2028 | 67000 | 67037 |
| DORNOCH DEBT MERGER SUB INC 144A 6.625% 10/15/2029 Callable @ 101.656 10/15/2025 | 110000 | 86817 |
| FORD MOTOR CREDIT CO., LLC 3.375% 11/13/2025 Callable @ 100.000 10/13/2025 | 200000 | 199005 |
| FORD MOTOR CREDIT CO LLC 4.000% 11/13/2030 Callable @ 100.000 08/13/2030 | 200000 | 183666 |
| FORD MOTOR CREDIT CO LLC 7.122% 11/07/2033 Callable @ 100.000 08/07/2033 | 200000 | 207940 |
| GAP INC/THE 144A 3.625% 10/01/2029 Callable @ 100.906 10/01/2025 | 113000 | 104221 |
| GOODYEAR TIRE & RUBBER CO/THE 5.250% 04/30/2031 Callable @ 100.000 01/30/2031 | 31000 | 29461 |
| GOODYEAR TIRE & RUBBER CO/THE 5.000% 07/15/2029 Callable @ 100.000 04/15/2029 | 131000 | 127086 |
| GOODYEAR TIRE & RUBBER CO/THE 5.250% 07/15/2031 Callable @ 100.000 04/15/2031 | 75000 | 71173 |
| GOODYEAR TIRE & RUBBER CO/THE 6.625% 07/15/2030 Callable @ 103.313 07/15/2027 | 23000 | 23404 |
| GRIFFON CORP 5.750% 03/01/2028 Callable @ 100.000 03/01/2026 | 135000 | 134392 |
| GROUP 1 AUTOMOTIVE INC 144A 6.375% 01/15/2030 Callable @ 103.188 07/15/2026 | 26000 | 26492 |
| HANESBRANDS INC 144A 9.000% 02/15/2031 Callable @ 104.500 02/15/2026 | 25000 | 26317 |
| HERTZ CORP/THE 144A 4.625% 12/01/2026 Callable @ 100.000 12/01/2025 | 103000 | 93164 |
| HERTZ CORP/THE 144A 5.000% 12/01/2029 Callable @ 101.250 12/01/2025 | 205000 | 143633 |
| HERTZ CORP/THE 144A 12.625% 07/15/2029 Callable @ 106.313 07/15/2027 | 107000 | 111598 |
| (3) ESC GCB HERTZ CORP | 25000 | 2125 |
| (3) ESC HERTZ CORP | 148000 | 10360 |
| (3) ESC HERTZ CORP | 80000 | 18000 |
| (3) ESC HERTZ CORP | 20000 | 4500 |
| HILTON DOMESTIC OPERATING CO INC 144A 5.750% 05/01/2028 | 38000 | 37987 |
| HILTON DOMESTIC OPERATING CO INC 144A 5.875% 04/01/2029 Callable @ 102.938 04/01/2026 | 27000 | 27444 |
| HILTON DOMESTIC OPERATING CO INC 144A 6.125% 04/01/2032 Callable @ 103.063 04/01/2027 | 27000 | 27536 |
| HILTON DOMESTIC OPERATING CO INC 144A 5.875% 03/15/2033 Callable @ 102.938 03/15/2028 | 74000 | 74568 |
| HILTON DOMESTIC OPERATING CO, INC. 144A 5.750% 09/15/2033 Callable @ 102.875 07/01/2028 | 72000 | 72086 |
| HILTON WORLDWIDE FINANCE LLC 4.875% 04/01/2027 | 83000 | 82942 |
| JELD-WEN INC 144A 4.875% 12/15/2027 Callable @ 100.000 12/15/2025 | 70000 | 66434 |
| JELD-WEN INC 144A 7.000% 09/01/2032 Callable @ 103.500 09/01/2027 | 40000 | 30210 |
| BATH & BODY WORKS INC 6.750% 07/01/2036 | 35000 | 35412 |
| BATH & BODY WORKS INC 144A 6.625% 10/01/2030 Callable @ 103.313 10/01/2025 | 30000 | 30711 |
| LIVE NATION ENTERTAINMENT INC 144A 5.625% 03/15/2026 | 70000 | 69982 |
| LIVE NATION ENTERTAINMENT INC 144A 4.750% 10/15/2027 Callable @ 100.000 10/15/2025 | 170000 | 167612 |
| LIVE NATION ENTERTAINMENT INC 144A 6.500% 05/15/2027 Callable @ 100.000 05/15/2026 | 303000 | 306474 |
| LIVE NATION ENTERTAINMENT INC 144A 3.750% 01/15/2028 Callable @ 100.938 01/15/2026 | 47000 | 45691 |
| MGM RESORTS INTERNATIONAL 5.500% 04/15/2027 Callable @ 100.000 01/15/2027 | 87000 | 87239 |
| MGM RESORTS INTERNATIONAL 6.500% 04/15/2032 Callable @ 103.250 04/15/2027 | 177000 | 179841 |
| MGM RESORTS INTERNATIONAL 6.125% 09/15/2029 Callable @ 103.063 09/15/2026 | 63000 | 63865 |
| MIWD HOLDCO II LLC 144A 5.500% 02/01/2030 Callable @ 101.375 02/01/2026 | 39000 | 37123 |
| MARRIOTT OWNERSHIP RESORTS, INC. 144A 4.500% 06/15/2029 Callable @ 100.000 06/15/2026 | 21000 | 20108 |
| MASTERBRAND INC 144A 7.000% 07/15/2032 Callable @ 103.500 07/15/2027 | 66000 | 67072 |
| MITER BRANDS ACQUISITION HOLDCO INC 144A 6.750% 04/01/2032 Callable @ 103.375 04/01/2027 | 58000 | 59221 |
| NEWELL BRANDS INC 6.875% 04/01/2036 Callable @ 100.000 10/01/2035 | 65000 | 62053 |
| NEWELL BRANDS INC 6.375% 09/15/2027 Callable @ 100.000 06/15/2027 | 20000 | 20168 |
| NEWELL BRANDS INC 6.625% 09/15/2029 Callable @ 100.000 06/15/2029 | 34000 | 33854 |
| NEWELL BRANDS INC 6.625% 05/15/2032 Callable @ 100.000 02/15/2032 | 14000 | 13379 |
| NEWELL BRANDS INC 6.375% 05/15/2030 Callable @ 100.000 02/15/2030 | 33000 | 31982 |
| NEWELL BRANDS, INC. 144A 8.500% 06/01/2028 Callable @ 100.000 03/01/2028 | 40000 | 41915 |
| PM GENERAL PURCHASER LLC 144A 9.500% 10/01/2028 Callable @ 100.000 10/01/2025 | 72000 | 55980 |
| CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 8.500% 05/15/2027 | 164000 | 165031 |
| PETSMART INC / PETSMART FINANCE CORP 144A 4.750% 02/15/2028 Callable @ 100.000 02/15/2026 | 250000 | 245400 |
| QUEEN MERGERCO, INC. 144A 6.750% 04/30/2032 Callable @ 103.375 04/30/2028 | 78000 | 80323 |
| ROYAL CARIBBEAN CRUISES LTD 144A 6.250% 03/15/2032 Callable @ 103.125 03/15/2027 | 88000 | 90321 |
| ROYAL CARIBBEAN CRUISES LTD. 144A 6.000% 02/01/2033 Callable @ 103.000 08/01/2027 | 63000 | 64061 |
| ROYAL CARIBBEAN CRUISES LTD 144A 5.625% 09/30/2031 Callable @ 102.813 09/30/2027 | 52000 | 52382 |
| SAKS GLOBAL ENTERPRISES LLC 144A 11.000% 12/15/2029 Callable @ 105.500 12/15/2026 | 44000 | 10120 |
| SCOTTS MIRACLE-GRO CO/THE 5.250% 12/15/2026 | 135000 | 134944 |
| SCOTTS MIRACLE-GRO CO/THE 4.500% 10/15/2029 Callable @ 101.500 10/15/2025 | 14000 | 13417 |
| SCOTTS MIRACLE-GRO CO/THE 4.375% 02/01/2032 Callable @ 102.188 08/01/2026 | 56000 | 50893 |
| SCOTTS MIRACLE-GRO CO/THE 4.000% 04/01/2031 Callable @ 102.000 04/01/2026 | 111000 | 101346 |
| SERVICE CORP INTERNATIONAL/US 3.375% 08/15/2030 Callable @ 101.688 08/15/2025 | 77000 | 70185 |
| SERVICE CORP INTERNATIONAL/US 4.000% 05/15/2031 Callable @ 102.000 05/15/2026 | 19000 | 17626 |
| SGUS LLC 144A 11.000% 12/15/2029 Callable @ 103.000 06/30/2026 | 12119 | 11464 |
| SIX FLAGS ENTERTAINMENT CORP/DE 144A 7.250% 05/15/2031 Callable @ 103.625 05/15/2026 | 20000 | 20384 |
| SIX FLAGS ENTERTAINMENT CORP 144A 6.625% 05/01/2032 Callable @ 103.313 05/01/2027 | 82000 | 83509 |
| SONIC AUTOMOTIVE INC 144A 4.625% 11/15/2029 Callable @ 101.156 11/15/2025 | 127000 | 122285 |
| SONIC AUTOMOTIVE INC 144A 4.875% 11/15/2031 Callable @ 102.438 11/15/2026 | 5000 | 4713 |
| STAPLES INC 144A 10.750% 09/01/2029 Callable @ 105.375 09/01/2026 | 195000 | 183224 |
| STAPLES INC 144A 12.750% 01/15/2030 Callable @ 106.375 06/15/2027 | 87863 | 61473 |
| STATION CASINOS LLC 144A 4.500% 02/15/2028 | 157000 | 153694 |
| STATION CASINOS LLC 144A 4.625% 12/01/2031 Callable @ 100.000 06/01/2031 | 20000 | 18715 |
| TEMPUR SEALY INTERNATIONAL INC 144A 4.000% 04/15/2029 Callable @ 100.000 04/15/2026 | 164000 | 155780 |
| TEMPUR SEALY INTERNATIONAL INC 144A 3.875% 10/15/2031 Callable @ 101.938 10/15/2026 | 34000 | 30700 |
| VAIL RESORTS INC 144A 6.500% 05/15/2032 Callable @ 103.250 05/15/2027 | 38000 | 39034 |
| VAIL RESORTS, INC. 144A 5.625% 07/15/2030 Callable @ 102.813 07/15/2027 | 29000 | 29160 |
| WAND NEWCO 3 INC 144A 7.625% 01/30/2032 Callable @ 103.813 01/30/2027 | 47000 | 49349 |
| WAYFAIR LLC 144A 7.250% 10/31/2029 Callable @ 103.625 10/31/2026 | 26000 | 26419 |
| WAYFAIR LLC 144A 7.750% 09/15/2030 Callable @ 103.875 09/15/2027 | 63000 | 64655 |
| WEEKLEY HOMES LLC / WEEKLEY FINANCE CORP 144A 4.875% 09/15/2028 Callable @ 100.813 09/15/2025 | 49000 | 47176 |
| WHITE CAP BUYER LLC 144A 6.875% 10/15/2028 Callable @ 100.000 10/15/2025 | 19000 | 18950 |
| WILLIAM CARTER CO/THE 144A 5.625% 03/15/2027 | 85000 | 84168 |
| WYNN LAS VEGAS LLC 144A 5.250% 05/15/2027 Callable @ 100.000 02/15/2027 | 25000 | 24998 |
| WYNN RESORTS FINANCE LLC 144A 5.125% 10/01/2029 Callable @ 100.000 07/01/2029 | 228000 | 226216 |
| WYNN RESORTS FINANCE LLC 144A 6.250% 03/15/2033 Callable @ 103.125 09/15/2027 | 41000 | 41121 |
|  |  | 9066746 |
| **Consumer Staples (3.6%)** |  |  |
| ALBERTSONS COS INC / SAFEWAY INC / 144A 5.875% 02/15/2028 Callable @ 100.000 08/15/2025 | 86000 | 85962 |
| ALBERTSONS COS INC / SAFEWAY INC / 144A 4.625% 01/15/2027 Callable @ 100.000 01/15/2026 | 135000 | 133846 |
| ALBERTSONS COS INC / SAFEWAY INC 144A 4.875% 02/15/2030 Callable @ 102.438 02/15/2026 | 30000 | 29244 |
| ALBERTSONS COS INC / SAFEWAY INC 144A 3.250% 03/15/2026 | 33000 | 32676 |
| CENTRAL GARDEN & PET CO 5.125% 02/01/2028 Callable @ 100.000 01/01/2026 | 183000 | 182292 |
| CENTRAL GARDEN & PET CO 4.125% 10/15/2030 Callable @ 102.063 10/15/2025 | 49000 | 46049 |
| CENTRAL GARDEN & PET CO. 144A 4.125% 04/30/2031 Callable @ 102.063 04/30/2026 | 8000 | 7411 |
| COTY INC/HFC PRESTIGE PRODUCTS INC 144A 4.750% 01/15/2029 Callable @ 101.188 01/15/2026 | 10000 | 9808 |
| EDGEWELL PERSONAL CARE CO 144A 5.500% 06/01/2028 | 145000 | 143660 |
| EDGEWELL PERSONAL CARE CO 144A 4.125% 04/01/2029 Callable @ 100.000 04/01/2026 | 25000 | 23645 |
| ENERGIZER HOLDINGS INC 144A 4.750% 06/15/2028 | 224000 | 217622 |
| ENERGIZER HOLDINGS INC 144A 6.500% 12/31/2027 Callable @ 101.625 08/31/2025 | 32000 | 32467 |
| LAMB WESTON HOLDINGS INC 144A 4.125% 01/31/2030 Callable @ 101.031 01/31/2026 | 94000 | 89431 |
| PERFORMANCE FOOD GROUP INC 144A 5.500% 10/15/2027 | 110000 | 109831 |
| PERFORMANCE FOOD GROUP, INC. 144A 4.250% 08/01/2029 Callable @ 101.063 08/01/2025 | 95000 | 91326 |
| PERFORMANCE FOOD GROUP INC 144A 6.125% 09/15/2032 Callable @ 103.063 09/15/2027 | 21000 | 21327 |
| POST HOLDINGS INC 144A 5.500% 12/15/2029 Callable @ 101.833 12/15/2025 | 51000 | 50558 |
| POST HOLDINGS INC 144A 4.625% 04/15/2030 Callable @ 101.542 04/15/2026 | 65000 | 62097 |
| POST HOLDINGS INC 144A 6.250% 02/15/2032 Callable @ 103.125 02/15/2027 | 54000 | 54966 |
| PRIMO WATER HOLDINGS, INC. / TRITON WATER 144A 6.250% 04/01/2029 Callable @ 100.000 04/01/2026 | 142000 | 142292 |
| +^(2)(4)(5) RITE AID CORP 144A 11.301% (11.301% PIK) 08/30/2031 (TSFR3M + 7.000%) | 29200 | 0 |
| +^(4)(5) RITE AID CORP 15.000% (15.000% PIK) 08/30/2031 | 85095 | 0 |
| +^(4)(5) RITE AID CORP 15.000% (15.000% PIK) 08/30/2031 | 39743 | 0 |
| SPECTRUM BRANDS INC 144A 3.875% 03/15/2031 Callable @ 101.938 03/15/2026 | 5000 | 3989 |
| US FOODS INC 144A 4.750% 02/15/2029 Callable @ 100.000 02/15/2026 | 15000 | 14633 |
| US FOODS INC 144A 4.625% 06/01/2030 Callable @ 101.156 06/01/2026 | 68000 | 65514 |
| US FOODS INC 144A 6.875% 09/15/2028 Callable @ 103.438 09/15/2025 | 24000 | 24719 |
|  |  | 1675365 |
| **Energy (11.5%)** |  |  |
| AETHON UNITED BR LP / AETHON UNITED FINANCE CORP 144A 7.500% 10/01/2029 Callable @ 103.750 10/01/2026 | 13000 | 13620 |
| ANTERO RESOURCES CORP 144A 7.625% 02/01/2029 Callable @ 101.271 02/01/2026 | 46000 | 46963 |
| ANTERO MIDSTREAM PARTNERS LP 144A 5.750% 03/01/2027 | 5000 | 4994 |
| ANTERO MIDSTREAM PARTNERS LP 144A 5.750% 01/15/2028 Callable @ 100.000 01/15/2026 | 100000 | 99874 |
| ANTERO MIDSTREAM PARTNERS LP 144A 5.375% 06/15/2029 Callable @ 100.000 06/15/2026 | 101000 | 100143 |
| ARCHROCK PARTNERS LP 144A 6.875% 04/01/2027 | 27000 | 27021 |
| ARCHROCK PARTNERS LP 144A 6.625% 09/01/2032 Callable @ 103.313 09/01/2027 | 34000 | 34507 |
| ASCENT RESOURCES UTICA HOLDINGS LLC/ 144A 5.875% 06/30/2029 Callable @ 101.469 09/01/2025 | 22000 | 21922 |
| ASCENT RESOURCES UTICA HOLDINGS LLC 144A 6.625% 10/15/2032 Callable @ 103.313 10/15/2027 | 30000 | 30517 |
| ASCENT RESOURCES UTICA HOLDINGS LLC / ARU 144A 6.625% 07/15/2033 Callable @ 103.313 07/15/2028 | 33000 | 33461 |
| BAYTEX ENERGY CORP 144A 8.500% 04/30/2030 Callable @ 104.250 04/30/2026 | 110000 | 111919 |
| BAYTEX ENERGY CORP 144A 7.375% 03/15/2032 Callable @ 103.688 03/15/2027 | 52000 | 50290 |
| BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 6.625% 07/15/2026 | 35000 | 34981 |
| BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.000% 07/15/2029 Callable @ 103.500 07/15/2026 | 30000 | 31112 |
| BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.250% 07/15/2032 Callable @ 103.625 07/15/2027 | 22000 | 23199 |
| BUCKEYE PARTNERS LP 3.950% 12/01/2026 Callable @ 100.000 09/01/2026 | 40000 | 39260 |
| BUCKEYE PARTNERS LP 4.125% 12/01/2027 Callable @ 100.000 09/01/2027 | 15000 | 14631 |
| BUCKEYE PARTNERS LP 144A 4.500% 03/01/2028 Callable @ 100.000 12/01/2027 | 40000 | 39047 |
| BUCKEYE PARTNERS LP 144A 6.750% 02/01/2030 Callable @ 103.375 02/01/2027 | 20000 | 20721 |
| CNX RESOURCES CORP 144A 6.000% 01/15/2029 Callable @ 101.500 01/15/2026 | 31000 | 30991 |
| CNX RESOURCES CORP 144A 7.375% 01/15/2031 Callable @ 103.688 01/15/2026 | 40000 | 41225 |
| CNX MIDSTREAM PARTNERS LP 144A 4.750% 04/15/2030 Callable @ 101.188 04/15/2026 | 16000 | 15121 |
| CALIFORNIA RESOURCES CORP 144A 7.125% 02/01/2026 | 20000 | 20000 |
| (3) ESC CB CHESAPEAKE ENERGY CORP | 15000 | 50 |
| CIVITAS RESOURCES INC 144A 8.375% 07/01/2028 Callable @ 102.094 07/01/2026 | 61000 | 62903 |
| CIVITAS RESOURCES INC 144A 8.750% 07/01/2031 Callable @ 104.375 07/01/2026 | 56000 | 56660 |
| CIVITAS RESOURCES INC 144A 8.625% 11/01/2030 Callable @ 104.313 11/01/2026 | 44000 | 44894 |
| CIVITAS RESOURCES, INC. 144A 9.625% 06/15/2033 Callable @ 104.813 06/15/2028 | 39000 | 40240 |
| COMSTOCK RESOURCES INC 144A 6.750% 03/01/2029 Callable @ 101.125 03/01/2026 | 171000 | 169343 |
| COMSTOCK RESOURCES INC 144A 5.875% 01/15/2030 Callable @ 101.958 01/15/2026 | 46000 | 43426 |
| DT MIDSTREAM INC 144A 4.125% 06/15/2029 Callable @ 100.000 06/15/2026 | 110000 | 106024 |
| DT MIDSTREAM INC 144A 4.375% 06/15/2031 Callable @ 102.188 06/15/2026 | 36000 | 34284 |
| DIAMOND FOREIGN ASSET CO / DIAMOND FINANCE LLC 144A 8.500% 10/01/2030 Callable @ 104.250 10/01/2026 | 62000 | 64630 |
| EQT CORP. 144A 4.500% 01/15/2029 Callable @ 100.000 07/15/2028 | 41000 | 40500 |
| EQT CORP. 144A 7.500% 06/01/2030 Callable @ 100.000 12/01/2029 | 36000 | 39443 |
| EQT CORP. 144A 4.750% 01/15/2031 Callable @ 100.000 07/15/2030 | 54000 | 53191 |
| EQT CORP. 144A 7.500% 06/01/2027 Callable @ 100.000 06/01/2026 | 65000 | 66156 |
| PERMIAN RESOURCES OPERATING LLC 144A 8.000% 04/15/2027 Callable @ 100.000 04/15/2026 | 40000 | 40826 |
| PERMIAN RESOURCES OPERATING LLC 144A 9.875% 07/15/2031 Callable @ 104.938 07/15/2026 | 90000 | 98007 |
| ENCINO ACQUISITION PARTNERS HOLDINGS LLC 144A 8.500% 05/01/2028 Callable @ 100.000 05/01/2026 | 140000 | 142975 |
| ENCINO ACQUISITION PARTNERS HOLDINGS LLC 144A 8.750% 05/01/2031 Callable @ 104.375 05/01/2027 | 60000 | 66212 |
| +^(3) ESC GCB ENDO DESIG | 30000 | 0 |
| GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 7.750% 02/01/2028 Callable @ 100.000 02/01/2026 | 76000 | 76761 |
| GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.875% 04/15/2030 Callable @ 104.438 04/15/2026 | 38000 | 40271 |
| GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 7.875% 05/15/2032 Callable @ 103.938 05/15/2027 | 15000 | 15517 |
| GULFPORT ENERGY OPERATING CORP 144A 6.750% 09/01/2029 Callable @ 103.375 09/01/2026 | 90000 | 91605 |
| HARVEST MIDSTREAM I LP 144A 7.500% 05/15/2032 Callable @ 103.750 05/15/2027 | 35000 | 36361 |
| HESS MIDSTREAM OPERATIONS LP 144A 4.250% 02/15/2030 Callable @ 101.063 02/15/2026 | 47000 | 45528 |
| HESS MIDSTREAM OPERATIONS LP 144A 6.500% 06/01/2029 Callable @ 103.250 06/01/2026 | 38000 | 39146 |
| HESS MIDSTREAM OPERATIONS LP 144A 5.875% 03/01/2028 Callable @ 102.938 03/01/2026 | 18000 | 18303 |
| HESS MIDSTREAM OPERATIONS LP 144A 5.125% 06/15/2028 Callable @ 100.000 06/15/2026 | 55000 | 54739 |
| +^(3) ESC CB11A HIGH RIDGE | 60000 | 0 |
| HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.000% 04/15/2030 Callable @ 102.000 04/15/2026 | 29000 | 28535 |
| HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.250% 04/15/2032 Callable @ 103.125 05/15/2027 | 23000 | 22085 |
| HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.875% 05/15/2034 Callable @ 103.438 05/15/2029 | 5000 | 4817 |
| HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 8.875% 07/15/2028 | 60000 | 62566 |
| HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 7.375% 07/15/2032 Callable @ 103.688 07/15/2027 | 40000 | 41360 |
| CRESCENT ENERGY FINANCE LLC 144A 9.250% 02/15/2028 Callable @ 102.313 02/15/2026 | 93000 | 96738 |
| CRESCENT ENERGY FINANCE LLC 144A 7.625% 04/01/2032 Callable @ 103.813 04/01/2027 | 74000 | 72406 |
| CRESCENT ENERGY FINANCE LLC 144A 7.375% 01/15/2033 Callable @ 103.688 07/15/2027 | 55000 | 52628 |
| CRESCENT ENERGY FINANCE LLC 144A 8.375% 01/15/2034 Callable @ 104.188 07/15/2028 | 33000 | 32684 |
| KINETIK HOLDINGS LP 144A 5.875% 06/15/2030 Callable @ 101.469 06/15/2026 | 40000 | 40033 |
| KINETIK HOLDINGS LP 144A 6.625% 12/15/2028 Callable @ 103.313 12/15/2025 | 25000 | 25564 |
| KODIAK GAS SERVICES LLC 144A 7.250% 02/15/2029 Callable @ 103.625 02/15/2026 | 42000 | 43077 |
| VITAL ENERGY INC 144A 7.875% 04/15/2032 Callable @ 103.938 04/15/2027 | 46000 | 40378 |
| MATADOR RESOURCES CO 144A 6.500% 04/15/2032 Callable @ 103.250 04/15/2027 | 38000 | 37983 |
| MATADOR RESOURCES CO 144A 6.250% 04/15/2033 Callable @ 103.125 04/15/2028 | 60000 | 59441 |
| NGL ENERGY OPERATING LLC 144A 8.125% 02/15/2029 Callable @ 104.063 02/15/2026 | 44000 | 43543 |
| NGL ENERGY OPERATING LLC 144A 8.375% 02/15/2032 Callable @ 104.188 02/15/2027 | 46000 | 45016 |
| NOBLE FINANCE II LLC 144A 8.000% 04/15/2030 Callable @ 104.000 04/15/2026 | 39000 | 39785 |
| NORTHRIVER MIDSTREAM FINANCE LP 144A 6.750% 07/15/2032 Callable @ 103.375 07/15/2027 | 33000 | 33621 |
| NUSTAR LOGISTICS LP 5.625% 04/28/2027 Callable @ 100.000 01/28/2027 | 30000 | 30099 |
| NUSTAR LOGISTICS LP 6.000% 06/01/2026 Callable @ 100.000 03/01/2026 | 50000 | 50158 |
| NUSTAR LOGISTICS LP 6.375% 10/01/2030 Callable @ 100.000 04/01/2030 | 86000 | 88635 |
| CHORD ENERGY CORP. 144A 6.750% 03/15/2033 Callable @ 103.375 03/15/2028 | 35000 | 35708 |
| ONEOK, INC. 4.850% 07/15/2026 Callable @ 100.000 04/15/2026 | 25000 | 25045 |
| PERMIAN RESOURCES OPERATING LLC 144A 7.000% 01/15/2032 Callable @ 103.500 01/15/2027 | 39000 | 40326 |
| PERMIAN RESOURCES OPERATING LLC 144A 6.250% 02/01/2033 Callable @ 103.125 08/01/2027 | 42000 | 42250 |
| PRAIRIE ACQUIROR LP 144A 9.000% 08/01/2029 Callable @ 104.500 02/01/2026 | 27000 | 27966 |
| PRECISION DRILLING CORP 144A 7.125% 01/15/2026 | 27000 | 26970 |
| RANGE RESOURCES CORP 8.250% 01/15/2029 Callable @ 101.375 01/15/2026 | 75000 | 76888 |
| ROCKIES EXPRESS PIPELINE LLC 144A 6.750% 03/15/2033 Callable @ 103.375 03/15/2028 | 29000 | 30128 |
| SM ENERGY CO 6.750% 09/15/2026 | 120000 | 120273 |
| SM ENERGY CO 6.625% 01/15/2027 | 50000 | 49908 |
| SM ENERGY CO 6.500% 07/15/2028 Callable @ 100.000 07/15/2026 | 11000 | 11067 |
| SM ENERGY CO 144A 7.000% 08/01/2032 Callable @ 103.500 08/01/2027 | 19000 | 18805 |
| EXPAND ENERGY CORP 5.375% 02/01/2029 Callable @ 100.000 02/01/2026 | 6000 | 6007 |
| EXPAND ENERGY CORP 5.375% 03/15/2030 Callable @ 101.792 03/15/2026 | 117000 | 117177 |
| EXPAND ENERGY CORP 4.750% 02/01/2032 Callable @ 102.375 02/01/2027 | 12000 | 11658 |
| SUNOCO LP 144A 7.000% 05/01/2029 Callable @ 103.500 05/01/2026 | 25000 | 25877 |
| SUNOCO LP / SUNOCO FINANCE CORP 4.500% 05/15/2029 Callable @ 100.750 05/15/2026 | 124000 | 120240 |
| SUNOCO LP / SUNOCO FINANCE CORP 4.500% 04/30/2030 Callable @ 101.125 04/30/2026 | 65000 | 62322 |
| TALLGRASS ENERGY PTRS LP/TALLGRASS ENERGY FIN CORP 144A 5.500% 01/15/2028 Callable @ 100.000 01/15/2026 | 15000 | 14862 |
| TALLGRASS ENERGY PARTNERS LP 144A 6.000% 03/01/2027 | 40000 | 39875 |
| TALLGRASS ENERGY PARTNERS LP 144A 6.000% 12/31/2030 Callable @ 103.000 12/31/2025 | 65000 | 63683 |
| TALLGRASS ENERGY PARTNERS LP 144A 6.000% 09/01/2031 Callable @ 103.000 09/01/2026 | 70000 | 68623 |
| TALLGRASS ENERGY PARTNERS LP 144A 7.375% 02/15/2029 Callable @ 103.688 02/15/2026 | 32000 | 32833 |
| TARGA RESOURCES PARTNERS LP 6.875% 01/15/2029 Callable @ 101.146 01/15/2026 | 38000 | 38787 |
| TARGA RESOURCES PARTNERS LP 5.500% 03/01/2030 Callable @ 101.833 03/01/2026 | 15000 | 15226 |
| TARGA RESOURCES PARTNERS LP 4.875% 02/01/2031 Callable @ 102.438 02/01/2026 | 70000 | 69177 |
| TRANSOCEAN INC 144A 8.750% 02/15/2030 Callable @ 104.375 02/15/2026 | 21600 | 22394 |
| TRANSOCEAN INC 144A 8.250% 05/15/2029 Callable @ 104.125 05/15/2026 | 55000 | 51949 |
| TRANSOCEAN TITAN FINANCING LTD 144A 8.375% 02/01/2028 Callable @ 102.094 02/01/2026 | 15381 | 15764 |
| VALARIS LTD 144A 8.375% 04/30/2030 Callable @ 104.188 04/30/2026 | 25000 | 25867 |
| VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 7.750% 05/01/2035 Callable @ 100.000 12/01/2034 | 16000 | 17518 |
| VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.500% 01/15/2034 Callable @ 100.000 07/15/2033 | 51000 | 52469 |
| VENTURE GLOBAL LNG INC 144A 8.125% 06/01/2028 Callable @ 102.031 06/01/2026 | 118000 | 122133 |
| VENTURE GLOBAL LNG INC 144A 8.375% 06/01/2031 Callable @ 104.188 06/01/2026 | 15000 | 15515 |
| VENTURE GLOBAL LNG INC 144A 9.500% 02/01/2029 Callable @ 100.000 11/01/2028 | 25000 | 27264 |
| VENTURE GLOBAL LNG INC 144A 9.875% 02/01/2032 Callable @ 104.938 02/01/2027 | 40000 | 43149 |
| VENTURE GLOBAL LNG INC 144A 7.000% 01/15/2030 Callable @ 103.500 01/15/2027 | 60000 | 60838 |
| EXPAND ENERGY CORP 144A 6.750% 04/15/2029 Callable @ 100.000 04/15/2026 | 278000 | 280289 |
|  |  | 5391496 |
| **Financials (1.6%)** |  |  |
| COINBASE GLOBAL INC 144A 3.375% 10/01/2028 Callable @ 100.844 10/01/2025 | 20000 | 18818 |
| COINBASE GLOBAL INC 144A 3.625% 10/01/2031 Callable @ 101.813 10/01/2026 | 20000 | 17912 |
| NATIONSTAR MORTGAGE HOLDINGS INC 144A 6.000% 01/15/2027 | 10000 | 10010 |
| NATIONSTAR MORTGAGE HOLDINGS INC 144A 5.500% 08/15/2028 Callable @ 100.000 08/15/2025 | 103000 | 102868 |
| NATIONSTAR MORTGAGE HOLDINGS INC 144A 5.125% 12/15/2030 Callable @ 102.563 12/15/2025 | 26000 | 25951 |
| NATIONSTAR MORTGAGE HOLDINGS INC 144A 5.750% 11/15/2031 Callable @ 102.875 11/15/2026 | 85000 | 85963 |
| NATIONSTAR MORTGAGE HOLDINGS INC 144A 7.125% 02/01/2032 Callable @ 103.563 02/01/2027 | 36000 | 37598 |
| ONEMAIN FINANCE CORP 4.000% 09/15/2030 Callable @ 102.000 09/15/2025 | 18000 | 16494 |
| ONEMAIN FINANCE CORP 3.500% 01/15/2027 Callable @ 100.000 01/15/2026 | 20000 | 19503 |
| ROCKET MORTGAGE LLC 144A 3.625% 03/01/2029 Callable @ 100.000 03/01/2026 | 86000 | 81170 |
| ROCKET COS, INC. 144A 6.125% 08/01/2030 Callable @ 103.063 08/01/2027 | 69000 | 69990 |
| ROCKET COS, INC. 144A 6.375% 08/01/2033 Callable @ 103.188 08/01/2028 | 38000 | 38751 |
| ROCKET MORTGAGE LLC 144A 2.875% 10/15/2026 Callable @ 100.000 10/15/2025 | 54000 | 52595 |
| ROCKET MORTGAGE LLC 144A 4.000% 10/15/2033 Callable @ 102.000 10/15/2027 | 9000 | 7964 |
| ONEMAIN FINANCE CORP 6.625% 01/15/2028 Callable @ 100.000 07/15/2027 | 24000 | 24570 |
| SPRINGLEAF FINANCE CORP. 5.375% 11/15/2029 Callable @ 100.000 05/15/2029 | 145000 | 142203 |
| STARWOOD PROPERTY TRUST INC 144A 7.250% 04/01/2029 Callable @ 100.000 10/01/2028 | 17000 | 17814 |
|  |  | 770174 |
| **Health Care (9.1%)** |  |  |
| AHP HEALTH PARTNERS INC 144A 5.750% 07/15/2029 Callable @ 100.000 07/15/2026 | 69000 | 66656 |
| ACADIA HEALTHCARE CO INC 144A 5.500% 07/01/2028 | 92000 | 90826 |
| ACADIA HEALTHCARE CO INC 144A 5.000% 04/15/2029 Callable @ 100.000 10/15/2025 | 30000 | 28990 |
| ACADIA HEALTHCARE CO., INC. 144A 7.375% 03/15/2033 Callable @ 103.688 03/15/2028 | 16000 | 16475 |
| AVANTOR FUNDING INC 144A 4.625% 07/15/2028 | 206000 | 201382 |
| BAUSCH + LOMB CORP 144A 8.375% 10/01/2028 Callable @ 104.188 10/01/2025 | 15000 | 15639 |
| BAUSCH HEALTH COS INC 144A 5.000% 01/30/2028 | 35000 | 29334 |
| BAUSCH HEALTH COS INC 144A 5.250% 01/30/2030 Callable @ 101.312 01/30/2026 | 146000 | 93903 |
| BAUSCH HEALTH COS INC 144A 6.250% 02/15/2029 Callable @ 100.000 02/15/2026 | 80000 | 58000 |
| BAUSCH HEALTH COS INC 144A 5.250% 02/15/2031 Callable @ 102.625 02/15/2026 | 36000 | 21894 |
| BAUSCH HEALTH COS INC 144A 5.000% 02/15/2029 Callable @ 100.000 02/15/2026 | 49000 | 34790 |
| BAUSCH HEALTH COS INC 144A 4.875% 06/01/2028 Callable @ 100.000 06/01/2026 | 132000 | 116878 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 5.625% 03/15/2027 Callable @ 100.000 12/15/2025 | 24000 | 24039 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.000% 01/15/2029 Callable @ 100.000 01/15/2026 | 49000 | 46521 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 4.750% 02/15/2031 Callable @ 102.375 02/15/2026 | 93000 | 77813 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.125% 04/01/2030 Callable @ 101.531 04/01/2026 | 23000 | 16259 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 5.250% 05/15/2030 Callable @ 101.313 05/15/2026 | 180000 | 157460 |
| CHS/COMMUNITY HEALTH SYSTEMS INC 144A 10.875% 01/15/2032 Callable @ 105.438 02/15/2027 | 58000 | 60854 |
| CONCENTRA ESCROW ISSUER CORP 144A 6.875% 07/15/2032 Callable @ 103.438 07/15/2027 | 24000 | 24641 |
| DAVITA INC 144A 4.625% 06/01/2030 Callable @ 101.542 06/01/2026 | 171000 | 163162 |
| DAVITA INC 144A 3.750% 02/15/2031 Callable @ 101.875 02/15/2026 | 110000 | 99781 |
| DAVITA INC 144A 6.875% 09/01/2032 Callable @ 103.438 09/01/2027 | 38000 | 39075 |
| ELANCO ANIMAL HEALTH INC 6.650% 08/28/2028 Callable @ 100.000 05/28/2028 | 45000 | 46538 |
| EMERGENT BIOSOLUTIONS INC 144A 3.875% 08/15/2028 Callable @ 100.000 08/15/2025 | 27000 | 20728 |
| ENCOMPASS HEALTH CORP 4.500% 02/01/2028 | 169000 | 166182 |
| ENCOMPASS HEALTH CORP 4.750% 02/01/2030 Callable @ 101.583 02/01/2026 | 20000 | 19550 |
| ENDO FINANCE HOLDINGS INC 144A 8.500% 04/15/2031 Callable @ 104.250 04/15/2027 | 22000 | 23398 |
| (5) GLOBAL MEDICAL RESPONSE INC 144A 9.500% (.750% PIK)10/31/2028 Callable @ 101.000 10/31/2025 | 50975 | 50796 |
| ENCOMPASS HEALTH CORP 5.750% 09/15/2025 | 15000 | 14981 |
| HOLOGIC INC 144A 4.625% 02/01/2028 Callable @ 100.000 02/01/2026 | 110000 | 108349 |
| IQVIA INC 144A 5.000% 10/15/2026 | 200000 | 199792 |
| IQVIA, INC. 144A 6.250% 06/01/2032 Callable @ 103.125 06/01/2028 | 100000 | 102556 |
| MALLINCKRODT INTERNATIONAL FINANCE SA 144A 14.750% 11/14/2028 Callable @ 100.000 11/14/2025 | 54475 | 55707 |
| MEDLINE BORROWER LP/MEDLINE CO-ISSUER INC 144A 6.250% 04/01/2029 Callable @ 103.125 04/01/2026 | 88000 | 89747 |
| MEDLINE BORROWER LP 144A 3.875% 04/01/2029 Callable @ 100.969 10/01/2025 | 203000 | 193602 |
| MEDLINE BORROWER LP 144A 5.250% 10/01/2029 Callable @ 101.313 10/01/2025 | 114000 | 111848 |
| ORGANON FINANCE 1 LLC 144A 4.125% 04/30/2028 Callable @ 100.000 04/30/2026 | 200000 | 189551 |
| OWENS & MINOR INC 144A 4.500% 03/31/2029 Callable @ 100.000 03/31/2026 | 120000 | 103794 |
| OWENS & MINOR INC 144A 6.625% 04/01/2030 Callable @ 101.656 04/01/2026 | 47000 | 42323 |
| +^(3) ESC CB PAR PHARMAC | 75000 | 0 |
| PERRIGO FINANCE UNLIMITED CO 6.125% 09/30/2032 Callable @ 103.063 09/30/2027 | 30000 | 30319 |
| (5) RADIOLOGY PARTNERS INC 144A 9.781% (9.781% PIK)02/15/2030 | 51807 | 51159 |
| RADIOLOGY PARTNERS, INC. 144A 8.500% 07/15/2032 Callable @ 104.250 07/15/2028 | 106000 | 107377 |
| +^(3) ESC RITE AID CO | 104000 | 0 |
| +^(3) ESC RITE AID CO | 175000 | 0 |
| +^(3) ESC RITE AID CORP | 79094 | 0 |
| SOTERA HEALTH HOLDINGS LLC 144A 7.375% 06/01/2031 Callable @ 103.688 06/01/2027 | 48000 | 49648 |
| SURGERY CENTER HOLDINGS INC 144A 7.250% 04/15/2032 Callable @ 103.625 04/15/2027 | 54000 | 55528 |
| TENET HEALTHCARE CORP 5.125% 11/01/2027 | 276000 | 274888 |
| TENET HEALTHCARE CORP 6.125% 06/15/2030 Callable @ 101.531 06/15/2026 | 92000 | 92825 |
| TENET HEALTHCARE CORP. 6.250% 02/01/2027 | 97000 | 97048 |
| TENET HEALTHCARE CORP 6.750% 05/15/2031 Callable @ 103.375 05/15/2026 | 171000 | 175926 |
| BAUSCH HEALTH AMERICAS INC 144A 9.250% 04/01/2026 | 229000 | 229344 |
| BAUSCH HEALTH AMERICAS INC 144A 8.500% 01/31/2027 | 52000 | 51383 |
| +^ ESC RITE AID CORP | 27514 | 0 |
|  |  | 4239259 |
| **Industrials (12.6%)** |  |  |
| ADT SECURITY CORP. 144A 4.125% 08/01/2029 Callable @ 100.000 08/01/2028 | 113000 | 108106 |
| API GROUP DE INC 144A 4.750% 10/15/2029 Callable @ 101.188 10/15/2025 | 37000 | 35672 |
| API GROUP DE INC 144A 4.125% 07/15/2029 Callable @ 100.000 07/15/2026 | 56000 | 53186 |
| ATS CORP 144A 4.125% 12/15/2028 Callable @ 100.000 12/15/2025 | 49000 | 46659 |
| AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 144A 5.500% 04/20/2026 | 100521 | 100512 |
| AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 144A 5.750% 04/20/2029 | 165000 | 164942 |
| AECOM 144A 6.000% 08/01/2033 Callable @ 103.000 08/01/2028 | 50000 | 50406 |
| ALLISON TRANSMISSION, INC. 144A 4.750% 10/01/2027 Callable @ 100.000 10/01/2025 | 32000 | 31681 |
| ALLISON TRANSMISSION INC 144A 5.875% 06/01/2029 Callable @ 100.979 06/01/2026 | 121000 | 121757 |
| ALLISON TRANSMISSION INC 144A 3.750% 01/30/2031 Callable @ 101.875 01/30/2026 | 105000 | 95951 |
| ARAMARK SERVICES INC 144A 5.000% 02/01/2028 Callable @ 100.000 02/01/2026 | 150000 | 148554 |
| BWX TECHNOLOGIES INC 144A 4.125% 06/30/2028 | 44000 | 42583 |
| BWX TECHNOLOGIES INC 144A 4.125% 04/15/2029 Callable @ 100.000 04/15/2026 | 98000 | 94072 |
| BOMBARDIER INC 144A 7.875% 04/15/2027 | 8000 | 8040 |
| BOMBARDIER INC 144A 8.750% 11/15/2030 Callable @ 104.375 11/15/2026 | 49000 | 52736 |
| BOMBARDIER INC 144A 7.250% 07/01/2031 Callable @ 103.625 07/01/2027 | 39000 | 40727 |
| BOMBARDIER INC 144A 7.000% 06/01/2032 Callable @ 103.500 06/01/2027 | 39000 | 40333 |
| BOMBARDIER, INC. 144A 6.750% 06/15/2033 Callable @ 103.375 06/15/2028 | 25000 | 25691 |
| BRINK'S CO/THE 144A 6.500% 06/15/2029 Callable @ 103.250 06/15/2026 | 21000 | 21515 |
| CHART INDUSTRIES INC 144A 7.500% 01/01/2030 Callable @ 103.750 01/01/2026 | 109000 | 114179 |
| CHART INDUSTRIES INC 144A 9.500% 01/01/2031 Callable @ 104.750 01/01/2026 | 12000 | 12827 |
| CORECIVIC INC 8.250% 04/15/2029 Callable @ 104.125 04/15/2026 | 90000 | 95192 |
| DYCOM INDUSTRIES, INC. 144A 4.500% 04/15/2029 Callable @ 100.000 04/15/2026 | 90000 | 87250 |
| EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.750% 07/15/2031 Callable @ 103.375 07/15/2027 | 26000 | 26775 |
| EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.625% 12/15/2030 Callable @ 103.313 06/15/2026 | 195000 | 198820 |
| ENPRO, INC. 144A 6.125% 06/01/2033 Callable @ 103.063 06/01/2028 | 20000 | 20210 |
| EQUIPMENTSHARE.COM INC 144A 9.000% 05/15/2028 Callable @ 104.500 05/15/2026 | 136000 | 143301 |
| EQUIPMENTSHARE.COM INC 144A 8.625% 05/15/2032 Callable @ 104.313 05/15/2027 | 17000 | 18098 |
| EQUIPMENTSHARE.COM INC 144A 8.000% 03/15/2033 Callable @ 104.000 09/15/2027 | 29000 | 30276 |
| ESAB CORP 144A 6.250% 04/15/2029 Callable @ 103.125 04/15/2026 | 43000 | 43981 |
| FIRST STUDENT BIDCO INC / FIRST TRANSIT PARENT INC 144A 4.000% 07/31/2029 Callable @ 100.000 07/31/2026 | 102000 | 96281 |
| GEO GROUP INC/THE 8.625% 04/15/2029 Callable @ 104.313 04/15/2026 | 49000 | 52065 |
| GFL ENVIRONMENTAL INC 144A 4.000% 08/01/2028 Callable @ 100.000 08/01/2025 | 90000 | 87230 |
| GFL ENVIRONMENTAL INC 144A 4.750% 06/15/2029 Callable @ 100.000 06/15/2026 | 45000 | 43997 |
| GFL ENVIRONMENTAL INC 144A 4.375% 08/15/2029 Callable @ 101.094 08/15/2025 | 39000 | 37737 |
| GFL ENVIRONMENTAL INC 144A 6.750% 01/15/2031 Callable @ 103.375 01/15/2027 | 100000 | 103812 |
| GARDA WORLD SECURITY CORP 144A 4.625% 02/15/2027 | 30000 | 29737 |
| GARDA WORLD SECURITY CORP 144A 6.000% 06/01/2029 Callable @ 100.000 06/01/2026 | 59000 | 57891 |
| GARDA WORLD SECURITY CORP 144A 8.250% 08/01/2032 Callable @ 104.125 08/01/2027 | 60000 | 61870 |
| GARDA WORLD SECURITY CORP 144A 8.375% 11/15/2032 Callable @ 104.188 11/15/2027 | 30000 | 30905 |
| GATES CORP/DE 144A 6.875% 07/01/2029 Callable @ 103.438 07/01/2026 | 20000 | 20582 |
| WRANGLER HOLDCO CORP 144A 6.625% 04/01/2032 Callable @ 103.313 04/01/2027 | 24000 | 24784 |
| GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 5.625% 06/01/2029 Callable @ 100.000 06/01/2026 | 60000 | 59727 |
| GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 7.500% 04/15/2032 Callable @ 103.750 04/15/2027 | 80000 | 82191 |
| GOAT HOLDCO LLC 144A 6.750% 02/01/2032 Callable @ 103.375 02/01/2028 | 24000 | 24194 |
| HERC HOLDINGS INC 144A 6.625% 06/15/2029 Callable @ 103.313 06/15/2026 | 48000 | 49161 |
| HERC HOLDINGS, INC. 144A 7.000% 06/15/2030 Callable @ 103.500 06/15/2027 | 30000 | 30949 |
| HILLENBRAND INC 6.250% 02/15/2029 Callable @ 103.125 02/15/2026 | 16000 | 16206 |
| JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP 144A 9.875% 09/20/2031 Callable @ 104.938 08/27/2027 | 100000 | 96516 |
| MADISON IAQ LLC 144A 4.125% 06/30/2028 Callable @ 100.000 06/30/2026 | 241000 | 233260 |
| MADISON IAQ LLC 144A 5.875% 06/30/2029 Callable @ 100.000 06/30/2026 | 150000 | 146061 |
| NESCO HOLDINGS II INC 144A 5.500% 04/15/2029 Callable @ 100.000 04/15/2026 | 71000 | 69263 |
| PIKE CORP 144A 5.500% 09/01/2028 Callable @ 100.000 09/01/2025 | 63000 | 62774 |
| PIKE CORP 144A 8.625% 01/31/2031 Callable @ 104.313 01/31/2027 | 20000 | 21507 |
| PRIME SECURITY SERVICES BORROWER LLC/ 144A 5.750% 04/15/2026 | 2000 | 2008 |
| PRIME SECURITY SERVICES BORROWER LLC 144A 3.375% 08/31/2027 Callable @ 100.000 08/31/2026 | 227000 | 219216 |
| ADT SECURITY CORP./THE 144A 4.875% 07/15/2032 | 173000 | 164422 |
| RAVEN ACQUISITION HOLDINGS LLC 144A 6.875% 11/15/2031 Callable @ 103.438 11/15/2027 | 47000 | 47503 |
| REGAL REXNORD CORP 6.050% 02/15/2026 | 43000 | 42975 |
| REGAL REXNORD CORP 6.050% 04/15/2028 Callable @ 100.000 03/15/2028 | 85000 | 87537 |
| REGAL REXNORD CORP 6.300% 02/15/2030 Callable @ 100.000 12/15/2029 | 36000 | 37695 |
| REGAL REXNORD CORP 6.400% 04/15/2033 Callable @ 100.000 01/15/2033 | 50000 | 52860 |
| RESIDEO FUNDING INC 144A 6.500% 07/15/2032 Callable @ 103.250 07/15/2027 | 64000 | 64908 |
| RITCHIE BROS HOLDINGS INC 144A 6.750% 03/15/2028 Callable @ 101.688 03/15/2026 | 17000 | 17408 |
| RITCHIE BROS HOLDINGS INC 144A 7.750% 03/15/2031 Callable @ 103.875 03/15/2026 | 17000 | 17810 |
| SENSATA TECHNOLOGIES BV 144A 4.000% 04/15/2029 Callable @ 100.000 04/15/2026 | 50000 | 47601 |
| SENSATA TECHNOLOGIES INC 144A 3.750% 02/15/2031 Callable @ 101.875 02/15/2026 | 18000 | 16428 |
| SPIRIT AEROSYSTEMS INC 144A 9.375% 11/30/2029 Callable @ 104.688 11/30/2025 | 49000 | 51773 |
| TEREX CORP 144A 5.000% 05/15/2029 Callable @ 100.000 05/15/2026 | 113000 | 110304 |
| TEREX CORP 144A 6.250% 10/15/2032 Callable @ 103.125 10/15/2027 | 49000 | 49135 |
| TRANSDIGM INC 144A 6.375% 03/01/2029 Callable @ 103.188 03/01/2026 | 111000 | 113608 |
| TRANSDIGM INC 144A 6.625% 03/01/2032 Callable @ 103.313 03/01/2027 | 64000 | 65807 |
| TRINET GROUP INC 144A 7.125% 08/15/2031 Callable @ 103.563 08/15/2026 | 48000 | 49396 |
| TRINITY INDUSTRIES, INC. 144A 7.750% 07/15/2028 Callable @ 101.938 07/15/2026 | 60000 | 62399 |
| UNITED AIRLINES, INC. 144A 4.375% 04/15/2026 Callable @ 100.000 10/15/2025 | 82000 | 81511 |
| UNITED RENTALS NORTH AMERICA INC 4.875% 01/15/2028 Callable @ 100.000 01/15/2026 | 154000 | 153064 |
| UNITED RENTALS NORTH AMERICA INC 144A 6.125% 03/15/2034 Callable @ 103.063 03/15/2029 | 76000 | 77923 |
| VISTAJET MALTA FINANCE PLC 144A 9.500% 06/01/2028 Callable @ 102.375 06/01/2026 | 36000 | 36900 |
| WABASH NATIONAL CORP. 144A 4.500% 10/15/2028 Callable @ 101.125 10/15/2025 | 68000 | 60880 |
| WESCO DISTRIBUTION INC 144A 7.250% 06/15/2028 Callable @ 100.000 06/15/2026 | 210000 | 212819 |
| WESCO DISTRIBUTION INC 144A 6.375% 03/15/2029 Callable @ 103.188 03/15/2026 | 106000 | 108721 |
| WESCO DISTRIBUTION INC 144A 6.625% 03/15/2032 Callable @ 103.313 03/15/2027 | 35000 | 36113 |
| WESCO DISTRIBUTION, INC. 144A 6.375% 03/15/2033 Callable @ 103.188 03/15/2028 | 27000 | 27642 |
| WILLIAMS SCOTSMAN INC 144A 7.375% 10/01/2031 Callable @ 103.688 10/01/2026 | 57000 | 59500 |
| WILLIAMS SCOTSMAN INC 144A 6.625% 06/15/2029 Callable @ 103.313 06/15/2026 | 24000 | 24596 |
| WILLIAMS SCOTSMAN, INC. 144A 6.625% 04/15/2030 Callable @ 103.313 04/15/2027 | 14000 | 14448 |
| XPO INC 144A 7.125% 02/01/2032 Callable @ 103.563 02/01/2027 | 35000 | 36373 |
| +^(1)(3) INCORA, INC. 144A 6.000% 01/31/2033 | 33112 | 26503 |
|  |  | 5890518 |
| **Information Technology (6.2%)** |  |  |
| AHEAD DB HOLDINGS LLC 144A 6.625% 05/01/2028 Callable @ 100.000 05/01/2026 | 112000 | 112483 |
| CLARIVATE SCIENCE HOLDINGS CORP 144A 3.875% 07/01/2028 Callable @ 100.000 06/30/2026 | 40000 | 38316 |
| CLARIVATE SCIENCE HOLDINGS CORP 144A 4.875% 07/01/2029 Callable @ 100.000 06/30/2026 | 94000 | 88016 |
| COMMSCOPE LLC 144A 4.750% 09/01/2029 Callable @ 101.188 09/01/2025 | 100000 | 97105 |
| COMMSCOPE TECHNOLOGIES LLC 144A 5.000% 03/15/2027 | 5000 | 4896 |
| COMMSCOPE LLC 144A 9.500% 12/15/2031 Callable @ 103.000 06/15/2026 | 65000 | 68411 |
| COMMSCOPE LLC 144A 8.250% 03/01/2027 | 205000 | 205480 |
| CONDUENT BUSINESS SERVICES LLC 144A 6.000% 11/01/2029 Callable @ 101.500 11/01/2025 | 80000 | 76045 |
| COREWEAVE, INC. 144A 9.250% 06/01/2030 Callable @ 104.625 06/01/2027 | 62000 | 62348 |
| COREWEAVE, INC. 144A 9.000% 02/01/2031 Callable @ 104.500 02/01/2028 | 80000 | 79601 |
| DIEBOLD NIXDORF INC 144A 7.750% 03/31/2030 Callable @ 103.875 12/18/2026 | 28000 | 29699 |
| ENTEGRIS INC 144A 4.375% 04/15/2028 | 31000 | 30204 |
| ENTEGRIS INC 144A 3.625% 05/01/2029 Callable @ 100.906 05/01/2026 | 99000 | 92915 |
| ENTEGRIS INC 144A 4.750% 04/15/2029 Callable @ 100.000 01/15/2029 | 63000 | 61752 |
| ENTEGRIS INC 144A 5.950% 06/15/2030 Callable @ 101.983 06/15/2026 | 83000 | 83751 |
| FAIR ISAAC CORP. 144A 6.000% 05/15/2033 Callable @ 103.000 05/15/2028 | 32000 | 32150 |
| IMOLA MERGER CORP 144A 4.750% 05/15/2029 Callable @ 100.000 05/15/2026 | 245000 | 237717 |
| INSIGHT ENTERPRISES INC 144A 6.625% 05/15/2032 Callable @ 103.313 05/15/2027 | 21000 | 21552 |
| KIOXIA HOLDINGS CORP. 144A 6.250% 07/24/2030 Callable @ 103.125 07/24/2027 | 200000 | 199358 |
| ATHENAHEALTH GROUP INC 144A 6.500% 02/15/2030 Callable @ 101.625 02/15/2026 | 100000 | 98309 |
| NCR CORP. 144A 5.125% 04/15/2029 Callable @ 100.000 04/15/2026 | 72000 | 70562 |
| NCR ATLEOS CORP 144A 9.500% 04/01/2029 Callable @ 104.750 10/01/2026 | 97000 | 105085 |
| ON SEMICONDUCTOR CORP 144A 3.875% 09/01/2028 Callable @ 100.000 09/01/2025 | 118000 | 114010 |
| RINGCENTRAL INC 144A 8.500% 08/15/2030 Callable @ 104.250 08/15/2026 | 76000 | 80744 |
| SS&C TECHNOLOGIES INC 144A 5.500% 09/30/2027 | 230000 | 230069 |
| SS&C TECHNOLOGIES INC 144A 6.500% 06/01/2032 Callable @ 103.250 06/01/2027 | 15000 | 15424 |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD. 144A 8.250% 12/15/2029 Callable @ 104.125 07/15/2026 | 46000 | 49031 |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD. 144A 8.500% 07/15/2031 Callable @ 104.250 07/15/2026 | 12000 | 12736 |
| SHIFT4 PAYMENTS LLC 144A 6.750% 08/15/2032 Callable @ 103.375 08/15/2027 | 38000 | 39254 |
| BLOCK INC 3.500% 06/01/2031 Callable @ 100.000 03/01/2031 | 95000 | 87066 |
| BLOCK, INC. 6.500% 05/15/2032 Callable @ 103.250 05/15/2027 | 111000 | 113914 |
| SYNAPTICS INC 144A 4.000% 06/15/2029 Callable @ 100.000 06/15/2026 | 40000 | 37764 |
| COHERENT CORP 144A 5.000% 12/15/2029 Callable @ 101.250 12/14/2025 | 181000 | 177153 |
| XEROX HOLDINGS CORP 144A 8.875% 11/30/2029 Callable @ 104.438 11/30/2026 | 48000 | 30959 |
|  |  | 2883879 |
| **Materials (7.9%)** |  |  |
| ADVANCED DRAINAGE SYSTEMS INC 144A 5.000% 09/30/2027 | 26000 | 25734 |
| ATI, INC. 5.875% 12/01/2027 | 66000 | 65873 |
| ATI INC 4.875% 10/01/2029 Callable @ 101.219 10/01/2025 | 45000 | 44005 |
| ATI INC 5.125% 10/01/2031 Callable @ 102.563 10/01/2026 | 23000 | 22333 |
| ATI INC 7.250% 08/15/2030 Callable @ 103.625 08/15/2026 | 43000 | 45084 |
| ARDAGH PACKAGING FINANCE PLC 144A 5.250% 08/15/2027 | 200000 | 96000 |
| AVIENT CORP 144A 7.125% 08/01/2030 Callable @ 103.563 08/01/2025 | 19000 | 19521 |
| AXALTA COATING SYSTEMS LLC 144A 4.750% 06/15/2027 | 150000 | 148696 |
| BIG RIVER STEEL LLC / BRS FINANCE CORP 144A 6.625% 01/31/2029 Callable @ 100.000 09/15/2025 | 91000 | 90981 |
| CVR PARTNERS LP / CVR NITROGEN FINANCE CORP 144A 6.125% 06/15/2028 Callable @ 100.000 06/15/2026 | 52000 | 51618 |
| CARPENTER TECHNOLOGY CORP 6.375% 07/15/2028 | 50000 | 50191 |
| CARPENTER TECHNOLOGY CORP 7.625% 03/15/2030 Callable @ 101.906 03/15/2026 | 17000 | 17545 |
| CHEMOURS CO/THE 144A 5.750% 11/15/2028 Callable @ 100.958 11/15/2025 | 213000 | 195558 |
| CHEMOURS CO/THE 144A 4.625% 11/15/2029 Callable @ 101.156 11/15/2025 | 5000 | 4237 |
| CHEMOURS CO/THE 144A 8.000% 01/15/2033 Callable @ 104.000 01/15/2028 | 35000 | 32548 |
| CLEVELAND-CLIFFS INC 144A 4.625% 03/01/2029 Callable @ 100.000 03/01/2026 | 40000 | 37706 |
| CLEVELAND-CLIFFS INC 144A 4.875% 03/01/2031 Callable @ 102.438 03/01/2026 | 29000 | 25754 |
| CLEVELAND-CLIFFS INC 144A 6.750% 04/15/2030 Callable @ 103.375 04/15/2026 | 45000 | 44772 |
| CLEVELAND-CLIFFS, INC. 144A 6.875% 11/01/2029 Callable @ 103.438 11/01/2026 | 59000 | 59041 |
| CLEVELAND-CLIFFS INC 144A 7.500% 09/15/2031 Callable @ 103.750 03/15/2028 | 29000 | 28952 |
| CLYDESDALE ACQUISITION HOLDINGS, INC. 144A 6.750% 04/15/2032 Callable @ 103.375 04/15/2028 | 44000 | 45070 |
| COMPASS MINERALS INTERNATIONAL, INC. 144A 8.000% 07/01/2030 Callable @ 104.000 07/01/2027 | 22000 | 22771 |
| ELEMENT SOLUTIONS INC 144A 3.875% 09/01/2028 Callable @ 100.000 09/01/2025 | 100000 | 96275 |
| GRAHAM PACKAGING CO INC 144A 7.125% 08/15/2028 Callable @ 100.000 08/15/2025 | 74000 | 73902 |
| INEOS FINANCE PLC 144A 7.500% 04/15/2029 Callable @ 103.750 04/15/2026 | 200000 | 198523 |
| JH NORTH AMERICA HOLDINGS, INC. 144A 5.875% 01/31/2031 Callable @ 102.938 07/31/2027 | 22000 | 22080 |
| JH NORTH AMERICA HOLDINGS, INC. 144A 6.125% 07/31/2032 Callable @ 103.063 07/31/2028 | 35000 | 35367 |
| KAISER ALUMINUM CORP 144A 4.500% 06/01/2031 Callable @ 102.250 06/01/2026 | 30000 | 27940 |
| KNIFE RIVER CORP 144A 7.750% 05/01/2031 Callable @ 103.875 05/01/2026 | 60000 | 62956 |
| LABL INC 144A 8.625% 10/01/2031 Callable @ 104.313 10/01/2027 | 56000 | 46515 |
| MAUSER PACKAGING SOLUTIONS HOLDING CO 144A 9.250% 04/15/2027 Callable @ 101.156 10/15/2025 | 110000 | 108872 |
| MAUSER PACKAGING SOLUTIONS HOLDING CO 144A 7.875% 04/15/2027 Callable @ 101.969 08/15/2025 | 306000 | 308730 |
| NOVA CHEMICALS CORP 144A 5.250% 06/01/2027 Callable @ 100.000 03/03/2027 | 20000 | 19923 |
| NOVA CHEMICALS CORP 144A 4.250% 05/15/2029 Callable @ 100.000 05/15/2026 | 116000 | 110800 |
| NOVA CHEMICALS CORP 144A 8.500% 11/15/2028 Callable @ 104.250 11/15/2025 | 42000 | 44109 |
| NOVA CHEMICALS CORP 144A 9.000% 02/15/2030 Callable @ 104.500 08/15/2026 | 116000 | 124647 |
| NOVELIS CORP 144A 4.750% 01/30/2030 Callable @ 101.583 01/30/2026 | 45000 | 43106 |
| NOVELIS INC 144A 6.875% 01/30/2030 Callable @ 103.438 01/30/2027 | 14000 | 14428 |
| OWENS-BROCKWAY GLASS CONTAINER INC 144A 6.625% 05/13/2027 | 68000 | 68092 |
| QUIKRETE HOLDINGS INC 144A 6.375% 03/01/2032 Callable @ 103.188 03/01/2028 | 222000 | 227704 |
| SMYRNA READY MIX CONCRETE LLC 144A 8.875% 11/15/2031 Callable @ 104.438 11/15/2026 | 60000 | 63169 |
| STANDARD BUILDING SOLUTIONS INC 144A 6.500% 08/15/2032 Callable @ 103.250 08/15/2027 | 52000 | 53104 |
| STANDARD BUILDING SOLUTIONS, INC. 144A 6.250% 08/01/2033 Callable @ 103.125 08/01/2028 | 55000 | 55516 |
| STANDARD INDUSTRIES INC/NY 144A 5.000% 02/15/2027 | 105000 | 104938 |
| STANDARD INDUSTRIES INC/NY 144A 4.750% 01/15/2028 Callable @ 100.000 01/15/2026 | 212000 | 209123 |
| TRIMAS CORP 144A 4.125% 04/15/2029 Callable @ 100.000 04/15/2026 | 63000 | 60435 |
| (5) TRINSEO LUXCO FINANCE SPV SARL 144A 7.625% (2.500% PIK)05/03/2029 Callable @ 103.813 01/17/2026 | 124100 | 70737 |
| UNITED STATES STEEL CORP 6.875% 03/01/2029 Callable @ 100.000 03/01/2026 | 4000 | 4024 |
| WR GRACE HOLDINGS LLC 144A 5.625% 08/15/2029 Callable @ 101.406 08/15/2025 | 123000 | 113399 |
| WR GRACE HOLDINGS LLC 144A 4.875% 06/15/2027 | 134000 | 133296 |
|  |  | 3675700 |
| **Real Estate (2.6%)** |  |  |
| IRON MOUNTAIN INC 144A 4.875% 09/15/2027 Callable @ 100.000 09/15/2025 | 57000 | 56570 |
| IRON MOUNTAIN INC 144A 5.000% 07/15/2028 | 7000 | 6929 |
| IRON MOUNTAIN, INC. 144A 5.250% 07/15/2030 Callable @ 101.750 07/15/2026 | 192000 | 188711 |
| IRON MOUNTAIN INC 144A 6.250% 01/15/2033 Callable @ 103.125 12/06/2027 | 9000 | 9153 |
| KENNEDY-WILSON INC 5.000% 03/01/2031 Callable @ 102.500 03/01/2026 | 20000 | 18227 |
| MPT OPERATING PARTNERSHIP LP 144A 8.500% 02/15/2032 Callable @ 104.250 02/15/2028 | 35000 | 36379 |
| RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 4.750% 10/15/2027 Callable @ 100.000 10/15/2025 | 190000 | 187951 |
| RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 4.500% 02/15/2029 Callable @ 100.750 02/15/2026 | 168000 | 163428 |
| RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 7.250% 07/15/2028 Callable @ 101.813 07/15/2026 | 4000 | 4126 |
| RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 6.500% 04/01/2032 Callable @ 103.250 04/01/2027 | 95000 | 97009 |
| RHP HOTEL PROPERTIES LP / RHP FINANCE CORP. 144A 6.500% 06/15/2033 Callable @ 103.250 06/15/2028 | 11000 | 11265 |
| ANYWHERE REAL ESTATE GROUP LLC 144A 5.250% 04/15/2030 Callable @ 101.313 04/15/2026 | 122000 | 102472 |
| ANYWHERE REAL ESTATE GROUP LLC / REALOGY CO-ISSUER 144A 9.750% 04/15/2030 Callable @ 104.875 04/15/2027 | 44000 | 45822 |
| SBA COMMUNICATIONS CORP 3.125% 02/01/2029 Callable @ 100.000 02/01/2026 | 58000 | 54055 |
| VICI PROPERTIES LP / VICI NOTE CO., INC. 144A 4.250% 12/01/2026 | 113000 | 112058 |
| VICI PROPERTIES LP / VICI NOTE CO INC 144A 4.625% 12/01/2029 Callable @ 101.514 12/01/2025 | 118000 | 115648 |
|  |  | 1209803 |
| **Utilities (1.9%)** |  |  |
| AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 144A 9.375% 06/01/2028 Callable @ 102.344 06/01/2026 | 41000 | 42203 |
| AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP. 144A 9.500% 06/01/2030 Callable @ 104.750 06/01/2027 | 32000 | 33595 |
| CALPINE CORP 144A 4.500% 02/15/2028 Callable @ 100.000 02/15/2026 | 15000 | 14838 |
| CALPINE CORP 144A 4.625% 02/01/2029 Callable @ 100.000 02/01/2026 | 54000 | 53088 |
| CALPINE CORP 144A 5.000% 02/01/2031 Callable @ 102.500 02/01/2026 | 30000 | 29661 |
| NRG ENERGY INC 5.750% 01/15/2028 Callable @ 100.000 01/15/2026 | 58000 | 58202 |
| NRG ENERGY INC 144A 5.250% 06/15/2029 Callable @ 100.875 06/15/2026 | 94000 | 93008 |
| NRG ENERGY INC 144A 3.375% 02/15/2029 Callable @ 100.000 02/15/2026 | 68000 | 63780 |
| NRG ENERGY INC 144A 3.625% 02/15/2031 Callable @ 101.813 02/15/2026 | 18000 | 16477 |
| NRG ENERGY INC 144A 3.875% 02/15/2032 Callable @ 101.938 02/15/2027 | 4000 | 3653 |
| NRG ENERGY INC 144A 7.000% 03/15/2033 Callable @ 100.000 12/15/2032 | 28000 | 30714 |
| NRG ENERGY INC 144A 6.000% 02/01/2033 Callable @ 103.000 11/01/2027 | 46000 | 46127 |
| PG&E CORP 5.000% 07/01/2028 Callable @ 100.000 07/01/2026 | 40000 | 38989 |
| PG&E CORP 5.250% 07/01/2030 Callable @ 101.750 07/01/2026 | 10000 | 9592 |
| SUPERIOR PLUS LP / SUPERIOR GENERAL PARTNER INC 144A 4.500% 03/15/2029 Callable @ 100.750 03/15/2026 | 56000 | 53440 |
| VISTRA OPERATIONS CO LLC 144A 5.625% 02/15/2027 | 132000 | 131847 |
| VISTRA OPERATIONS CO LLC 144A 5.000% 07/31/2027 | 10000 | 9948 |
| VISTRA OPERATIONS CO. LLC 144A 4.375% 05/01/2029 Callable @ 100.000 05/01/2026 | 17000 | 16472 |
| VISTRA OPERATIONS CO LLC 144A 7.750% 10/15/2031 Callable @ 103.875 10/15/2026 | 85000 | 89958 |
| VISTRA OPERATIONS CO LLC 144A 6.875% 04/15/2032 Callable @ 103.438 04/15/2027 | 42000 | 43642 |
|  |  | 879234 |
| **TOTAL CORPORATE BONDS (COST: $45,572,006)** |  | $**44461269** |

---

The Integrity Funds \| July 31, 2025

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (1.2%)** | | |
| **Communication Services (0.2%)** | Shares |  |
| (3) CLEAR CHANNEL OUTDOOR HOLDINGS INC | 4640 | $4918 |
| (3) FRONTIER COMMUNICATIONS PARENT INC | 1519 | 55808 |
| (3) IHEARTMEDIA, INC. | 1902 | 3557 |
| +^ INTELSAT SA/LUXEMBOURG | 3888 | 0 |
| +^ INTELSAT SA/LUXEMBOURG - CVR | 3888 | 46170 |
|  |  | 110453 |
| **Consumer Discretionary (0.0%)** |  |  |
| +^(3) MYT HOLDING LLC | 21320 | 5330 |
| +^(1)(3) NMG PARENT LLC | 37 | 4607 |
| +^(3) NMG ESCROW EQUITY | 203 | 2537 |
| +^(3) CLAIRE'S STORES | 58 | 0 |
|  |  | 12474 |
| **Consumer Staples (0.0%)** |  |  |
| +^(3) RITE AID EQUITY | 276 | 0 |
|  |  | 0 |
| **Health Care (0.4%)** |  |  |
| (3) ENDO INC | 1570 | 37036 |
| ^(3) ENVISION HEALTHCARE CORP | 131 | 2249 |
| ^(3) MALLINCKRODT EQUITY | 1199 | 104433 |
| +^ INTERNATIONAL ONCOLOGY CARE INC | 1633 | 24707 |
|  |  | 168425 |
| **Industrials (0.1%)** |  |  |
| +^(3) INCORA TOP HOLDCO LLC | 28 | 700 |
| +^(1)(3) INCORA INTERMEDIATE LLC | 1553 | 31044 |
|  |  | 31744 |
| **Materials (0.0%)** |  |  |
| +^(3) VENATOR MATERIALS PLC | 12 | 2250 |
|  |  | 2250 |
| **Real Estate (0.5%)** |  |  |
| VICI PROPERTIES, INC. | 6754 | 220181 |
|  |  | 220181 |
| **TOTAL COMMON STOCK (COST: $1,382,196)** |  | $**545527** |

---

The Integrity Funds \| July 31, 2025

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE PREFERRED STOCKS (0.1%)** |  |  |
| **Consumer Discretionary (0.1%)** | Shares |  |
| +^(3) MYT HOLDING LLC (144A Series A) | 53840 | $67462 |
| +^(3) CLAIRE'S CONVERTIBLE PREFERRED EQUITY | 59 | 0 |
| **TOTAL CONVERTIBLE PREFERRED STOCK (COST: $75,999)** |  | $**67462** |

---

---

| | | |
|:---|:---|:---|
| <br>**WARRANTS (0.0%)** |  |  |
| **Communication Services (0.0%)** | Shares |  |
| +^(3) ENTERCOM-AUDACY INC SPECIAL WARRANT | 194 | 3686 |
| +^(3) ENTERCOM-AUDACY INC 2ND LIEN A | 235 | 4 |
| +^(3) ENTERCOM-AUDACY INC 2ND LIEN B | 39 | 1 |
| **TOTAL WARRANTS (COST: $69,113)** |  | $**3691** |
| **TOTAL INVESTMENTS (COST: $47,099,314)** |  | $**45077949** |
| **OTHER ASSETS LESS LIABILITIES (3.5%)** |  | $**1634871** |
| **NET ASSETS (100.0%)** |  | $**46712820** |

---

(1) All or a portion of the security is considered restricted at July 31, 2025. See Footnote 2.

(2) Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(3) Non-income producing security.

(4) Issue is in default.

(5) Interest or dividend is partial paid-in-kind and partial cash. Rate paid in-kind is shown in parenthesis.

# When-issued purchase as of July 31, 2025.

+ 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 $215,001 or 0.46% of net assets as of July 31, 2025. See Footnote 3.

^ Deemed by management to be illiquid security. Total fair value of illiquid securities amount to $321,683 representing 0.69% of net assets as of July 31, 2025.

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 $37,700,670 representing 80.7% of net assets as of July 31, 2025.

PLC - Public Limited Company

TSFR3M - Term Secured Overnight Financing Rate 3 Month

TSFR3M Quarterly Rate disclosed as of July 31, 2025, 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, 2025

**Schedule of Investments** - July 31, 2025

Integrity Mid-North American Resources Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (97.8%)** | | |
| **Consumer Discretionary (2.2%)** | | |
| \*MODINE MANUFACTURING CO | 13000 | $1749280 |
| \*TESLA INC | 4000 | 1233080 |
|  |  | 2982360 |
| **Energy (66.8%)** |  |  |
| \*ANTERO RESOURCES CORP | 135000 | 4715550 |
| ARCHROCK INC | 140000 | 3270400 |
| BAKER HUGHES A GE CO | 132000 | 5946600 |
| COTERRA ENERCOTERRA ENERGY INC | 110000 | 2682900 |
| CAMECO CORP | 17000 | 1273810 |
| CHENIERE ENERGY INC | 29000 | 6840520 |
| EXPAND ENERGY CORP | 10000 | 1047800 |
| CHEVRON CORP | 29000 | 4397560 |
| CONOCOPHILLIPS | 27000 | 2574180 |
| DIAMONDBACK ENERGY INC | 17000 | 2527220 |
| EQT CORP | 50000 | 2687500 |
| ENBRIDGE INC | 20000 | 905800 |
| EXCELERATE ENERGY INC | 90000 | 2309400 |
| EXXON MOBIL CORP | 55000 | 6140200 |
| \*GULFPORT ENERGY CORP | 24000 | 4179120 |
| HOLLYFRONTIER CORP | 18000 | 790920 |
| HALLIBURTON CO | 30000 | 672000 |
| KODIAK GAS SERVICES INC | 89000 | 2877370 |
| PATTERSON UTI ENERGY INC | 100000 | 591000 |
| PEMBINA PIPELINE CORP | 70000 | 2603300 |
| PERMIAN RESOURCES CORP | 390000 | 5522400 |
| PHILLIPS 66 | 39000 | 4819620 |
| SCHLUMBERGER LTD | 80000 | 2704000 |
| TARGA RESOURCES CORP | 25000 | 4160250 |
| TRANSCANADA CORP | 100000 | 4788000 |
| TENARIS SA ADR | 25000 | 873500 |
| TEXAS PACIFIC LAND CORP | 1500 | 1452195 |
| VALERO ENERGY CORP | 32000 | 4393920 |
| NOBLE CORP PLC | 30000 | 804300 |
| TECHNIPFMC PLC | 40000 | 1454800 |
| \*EXPRO GROUP HOLDINGS NV | 30000 | 323400 |
|  |  | 90329535 |
| **Industrials (12.3%)** |  |  |
| \*ARRAY TECHNOLOGIES INC | 70000 | 455000 |
| \*CHART INDUSTRIES INC | 12000 | 2385960 |
| GE VERNOVA INC | 3400 | 2244986 |
| \*GENERAC HOLDINGS INC | 5000 | 973450 |
| \*NEXTRACKER INC | 19000 | 1106940 |
| PRIMORIS SERVICES CORP | 24000 | 2260080 |
| QUANTA SERVICES INC | 2500 | 1015325 |
| \*SHOALS TECHNOLOGIES GROUP INC | 195000 | 1051050 |
| VERTIV HOLDINGS CO | 35000 | 5096000 |
|  |  | 16588791 |
| **Information Technologies (3.0%)** |  |  |
| \*FIRST SOLAR INC | 23000 | 4018790 |
|  |  | 4018790 |
| <br>**Utilities (13.5%)** |  |  |
| CONSTELLATION ENERGY CORP | 3000 | 1043520 |
| ENTERGY CORP | 60000 | 5425800 |
| NRG ENERGY INC | 28000 | 4681600 |
| VISTRA CORP | 24000 | 5004960 |
| XCEL ENERGY INC | 30000 | 2203200 |
|  |  | 18359080 |
| **TOTAL INVESTMENTS (Cost $109,642,376)** |  | $**132278556** |
| **OTHER ASSETS LESS LIABILITIES (2.2%)** |  | $**2919520** |
| **NET ASSETS (100.0%)** |  | $**135198076** |

---

\*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, 2025

**Schedule of Investments** - July 31, 2025

Integrity Short Term Government Fund

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
| **MORTGAGE BACKED SECURITIES (95.9%)** | | |
| **Fannie Mae Pool (17.4%)** | | |
| (a) FN 47935 4.893% 5/1/2027 (ECOFC 1 Month + 1.254%) | 219 | $218 |
| FN 252284 6.5% 1/1/2029 | 13122 | 13261 |
| FN 555326 5.5% 4/1/2033 | 39486 | 40050 |
| (a) FN 748375 6.745% 8/1/2033 (RFUCCT 1 Year + 0.995%) | 182 | 183 |
| FN DA0007 5.5% 9/1/2053 | 146374 | 145823 |
| FN DA5011 6.5% 11/1/2053 | 199203 | 208141 |
| FN BX3957 6% 1/1/2053 | 29618 | 30286 |
| FN BY1715 6% 5/1/2053 | 109037 | 111311 |
| FN BY3768 6.5% 7/1/2053 | 97903 | 101375 |
| FN CA6065 3% 6/1/2050 | 119798 | 101175 |
| FN CB5316 6% 12/1/2052 | 370385 | 376578 |
| FN CB5525 6% 1/1/2053 | 354431 | 360425 |
| FN CB6762 6% 7/1/2053 | 79807 | 81123 |
| FN FS3411 6% 1/1/2053 | 198843 | 201641 |
| FN FS4041 5.5% 3/1/2053 | 472507 | 471190 |
| FN FS4979 5.5% 5/1/2053 | 379865 | 379427 |
| FN FS5206 6% 7/1/2053 | 410159 | 416812 |
| FN FS6197 6.5% 11/1/2053 | 288169 | 297663 |
| FN FS6931 5.5% 1/1/2053 | 278770 | 277857 |
| FN FS9447 6% 12/1/2053 | 443097 | 449871 |
| FN 888073 5.5% 2/1/2035 | 7362 | 7482 |
| FN MA3067 3.5% 7/1/2047 | 92679 | 83364 |
| FN MA4908 6% 1/1/2043 | 243818 | 248344 |
| FN MA4891 5.5% 12/1/2042 | 172557 | 174886 |
| FN MA4935 6% 2/1/2043 | 119830 | 122237 |
| FN MA5031 7% 4/1/2053 | 100506 | 104162 |
| FN MA5107 5.5% 8/1/2053 | 207511 | 206746 |
| FN MA5132 6% 8/1/2053 | 221101 | 222198 |
| FN MA5522 6.5% 9/1/2054 | 389274 | 397605 |
|  |  | 5631434 |
| **Fannie Mae Real Estate Mortgage Investment Conduit (5.1%)** |  |  |
| FNR 2023-14 E 6% 6/25/2048 | 186257 | 187988 |
| FNR 2024-24 AB 5.5% 8/25/2050 | 98518 | 99355 |
| FNR 2025-4 D 5.5% 7/25/2052 | 282786 | 282923 |
| (a) FNR 2025-2 FD 6% 2/25/2055 (SOFR 30 Day Average + 2.000%) | 247755 | 247996 |
| (a) FNR 2006-33 CF 4.76449% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.300%) | 269730 | 267588 |
| (a) FNR 2007-54 EF 4.80449% 6/25/2037 ((SOFR 30 Day Average + 0.11448%) + 0.340%) | 170001 | 167070 |
| (a) FNR 2009-46 FB 5.16449% 6/25/2039 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | 295489 | 294607 |
| (a) FNR 2010-35 KF 4.96449% 4/25/2040 ((SOFR 30 Day Average + 0.11448%) + 0.500%) | 118311 | 118223 |
|  |  | 1665750 |
| **Fannie Mae Alternative Credit Enhancement Securities (2.8%)** |  |  |
| (b)(c) FNA 2019-M23 X2 0.26147% 2/25/2031 | 26293463 | 195510 |
| (b)(c) FNA 2019-M32 X2 1.1175% 10/25/2029 | 4701566 | 150009 |
| (b)(c) FNA 2020-M10 X6 1.38013% 8/25/2028 | 3376735 | 104065 |
| (b)(c) FNA 2020-M17 X1 1.35139% 1/25/2028 | 15476399 | 306488 |
| (b)(c) FNA 2020-M27 X 0.81372% 5/25/2050 | 4146872 | 160727 |
|  |  | 916799 |
| **Freddie Mac Pool (19.7%)** |  |  |
| FR SD2578 6% 3/1/2053 | 230993 | 235890 |
| FR SD2284 6% 12/1/2052 | 138793 | 141025 |
| FR SD3475 5.5% 8/1/2053 | 434275 | 435716 |
| FR SD3518 5.5% 7/1/2053 | 256767 | 255992 |
| FR SD3553 6% 7/1/2053 | 359887 | 365821 |
| FR SD6337 6% 9/1/2054 | 285058 | 290996 |
| FR SD8300 5.5% 2/1/2053 | 347442 | 346304 |
| FR SD8316 5.5% 4/1/2053 | 137011 | 136513 |
| FR SD8332 6% 6/1/2053 | 262084 | 266185 |
| FR SD8446 5.5% 7/1/2054 | 145250 | 144599 |
| FR SD3846 6% 9/1/2053 | 446796 | 453597 |
| FR SD4252 6.5% 10/1/2053 | 271556 | 280942 |
| FR QF7098 5.5% 2/1/2053 | 449470 | 447577 |
| FR QF6560 5.5% 1/1/2053 | 363713 | 364854 |
| FR QF8178 6% 2/1/2053 | 103410 | 105075 |
| FR QF8450 6% 3/1/2053 | 80446 | 81648 |
| FR QG1921 6.5% 5/1/2053 | 154966 | 161221 |
| FR QH1757 6.5% 10/1/2053 | 71302 | 74117 |
| FR QS0276 6% 2/1/2033 | 149002 | 154101 |
| FR QU8138 6% 9/1/2053 | 281991 | 282439 |
| FR RA6212 4% 10/1/2051 | 270891 | 251325 |
| FR RA9386 6% 7/1/2053 | 515708 | 523654 |
| FR RB5274 6% 1/1/2044 | 298458 | 303535 |
| FR RB5221 6% 2/1/2043 | 277341 | 282913 |
|  |  | 6386039 |
| **Freddie Mac Gold Pool (0.5%)** |  |  |
| FG G01584 5% 8/1/2033 | 19011 | 19150 |
| FG NB0014 3.5% 4/1/2049 | 144741 | 132582 |
| FG H09207 6.5% 8/1/2038 | 7914 | 8057 |
|  |  | 159789 |
| **Freddie Mac Multifamily Structured Pass Through Certificates (3.0%)** |  |  |
| (b) FHMS Q004 A2H 6.34605% 1/25/2046 | 80913 | 80547 |
| (b)(c) FHMS K078 XAM 0.008209% 6/25/2028 | 33580000 | 65787 |
| (b) FHMS Q007 APT1 6.479809% 10/25/2047 | 15135 | 15116 |
| (b)(c) FHMS K736 X1 1.25579% 7/25/2026 | 5243822 | 45543 |
| (b)(c) FHMS K738 X1 1.479187% 1/25/2027 | 1733113 | 29537 |
| (b)(c) FHMS K115 X1 1.316312% 6/25/2030 | 1379545 | 72999 |
| (b)(c) FHMS Q016 XPT1 0.981% 5/25/2026 | 2946072 | 19340 |
| (b)(c) FHMS K507 X1 0.086263% 9/25/2028 | 31862497 | 132099 |
| (b)(c) FHMS K514 X1 0.963512% 12/25/2028 | 3787159 | 111717 |
| (b)(c) FHMS KS16 X 1.18235% 1/25/2032 | 6800000 | 382388 |
|  |  | 955073 |
| **Freddie Mac Real Estate Mortgage Investment Conduit (4.9%)** |  |  |
| FHR 2344 ZD 6.5% 8/15/2031 | 4876 | 5050 |
| (a) FHR 3843 F 4.7841% 4/15/2041 ((SOFR 30 Day Average + 0.11448%) + 0.330%) | 197302 | 196318 |
| (a) FHR 4238 FD 4.7541% 2/15/2042 ((SOFR 30 Day Average + 0.11448%) + 0.300%) | 244321 | 243543 |
| FHR 5420 KB 6% 4/25/2050 | 500000 | 513478 |
| FHR 5423 A 5% 11/25/2050 | 94589 | 94096 |
| (a) FHR 2801 FG 4.9041% 7/15/2032 ((SOFR 30 Day Average + 0.11448%) + 0.450%) | 287132 | 286375 |
| (a) FHR 3117 TA 5.4541% 2/15/2036 ((SOFR 30 Day Average + 0.11448%) + 1.000%) | 258311 | 249583 |
|  |  | 1588443 |
| **Freddie Mac Small Balance Loan Mortgage Trust (0.4%)** |  |  |
| (a) FRESB 2016-SB13 A5H 5.13374% 1/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | 81956 | 81414 |
| (a) FRESB 2016-SB16 A5H 5.13374% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | 51845 | 51423 |
|  |  | 132837 |
| **Ginnie Mae II Pool (13.0%)** |  |  |
| G2 MA6402 4.5% 1/20/2050 | 7928 | 7488 |
| G2 MA8681 6.5% 1/20/2053 | 259719 | 264586 |
| G2 MA9896 7% 9/20/2054 | 218930 | 223741 |
| G2 MA9174 7% 9/20/2053 | 49001 | 50759 |
| G2 MA9478 7% 2/20/2054 | 129287 | 132602 |
| G2 CR1853 7% 11/20/2052 | 29970 | 30976 |
| G2 MB0124 6.5% 1/20/2040 | 263851 | 273883 |
| G2 MB0194 6.5% 2/20/2055 | 646513 | 658629 |
| G2 MB0195 7% 2/20/2055 | 396576 | 405064 |
| G2 MB0207 6.5% 2/20/2055 | 167277 | 171931 |
| G2 MB0249 7% 2/20/2055 | 498511 | 508903 |
| G2 MB0298 7% 4/20/2055 | 299323 | 306141 |
| G2 MB0426 6.5% 6/20/2055 | 299122 | 307446 |
| (a) G2 MB0435 5.5% 6/20/2055 (H15T 1 Year + 1.500%) | 299700 | 300820 |
| G2 MB0474 6.5% 7/20/2055 | 300000 | 304523 |
| G2 MB0475 7% 7/20/2055 | 250000 | 255950 |
|  |  | 4203442 |
| **Government National Mortgage Association (28.9%)** |  |  |
| (a) GNR 2015-H27 FA 5.18672% 9/20/2065 ((TSFR 1 Month Average + 0.11448%) + 0.750%) | 104085 | 104224 |
| (b)(c) GNR 2013-15 IO 0.641% 8/16/2051 | 1334566 | 31641 |
| (b)(c) GNR 2013-33 IO 0.17331% 4/16/2054 | 5049241 | 10702 |
| (b)(c) GNR 2014-73 IO 0.38844% 4/16/2056 | 2505838 | 29696 |
| (b)(c) GNR 2014-16 IO 0.3995% 6/16/2055 | 11706271 | 177474 |
| (b)(c) GNR 2015-130 IO 0.683% 7/16/2057 | 1290325 | 41078 |
| (b)(c) GNR 2017-127 IO 0.54427% 2/16/2059 | 4454651 | 153679 |
| (b)(c) GNR 2017-143 IO 0.48022% 1/16/2059 | 2385102 | 62449 |
| (b)(c) GNR 2017-76 IO 0.77143% 12/16/2056 | 1381018 | 62725 |
| (b)(c) GNR 2017-28 IO 0.7004% 2/16/2057 | 1804021 | 67677 |
| (b)(c) GNR 2016-52 IO 0.73843% 3/16/2058 | 3470088 | 125249 |
| (b)(c) GNR 2016-158 IO 0.74442% 6/16/2058 | 2015000 | 70425 |
| (b)(c) GNR 2016-94 IO 0.75875% 12/16/2057 | 5079587 | 153740 |
| (b)(c) GNR 2018-2 IO 0.70374% 12/16/2059 | 3327484 | 141681 |
| (b)(c) GNR 2018-74 IO 0.29609% 3/16/2060 | 4786875 | 86844 |
| (b)(c) GNR 2019-7 IO 0.90079% 1/16/2061 | 5299545 | 342975 |
| (b)(c) GNR 2018-108 IA 0.67825% 8/16/2060 | 865897 | 50630 |
| (b)(c) GNR 2018-119 IO 0.68101% 5/16/2060 | 638976 | 35298 |
| (b)(c) GNR 2018-140 IO 0.70454% 7/16/2060 | 3623327 | 196673 |
| (b)(c) GNR 2020-40 IO 0.87512% 1/16/2062 | 5951272 | 351080 |
| (b)(c) GNR 2019-75 IO 0.85297% 12/16/2060 | 2781354 | 163993 |
| (b)(c) GNR 2020-132 IO 0.8482% 9/16/2062 | 1444494 | 90302 |
| (b)(c) GNR 2020-87 AI 1.86716% 5/16/2060 | 850097 | 98955 |
| (b)(c) GNR 2020-121 IO 0.89297% 8/16/2060 | 894210 | 55060 |
| (b)(c) GNR 2021-H11 IY 0.18954% 7/20/2071 | 2519147 | 75939 |
| (b)(c) GNR 2020-H19 SI 1.357% 10/20/2070 | 622271 | 14446 |
| (b)(c) GNR 2021-H06 YI 0.86015% 4/20/2071 | 1676110 | 104219 |
| (a) GNR 2021-H08 VF 5.54798% 4/20/2071 (SOFR 30 Day Average + 1.200%) | 201603 | 203664 |
| (b)(c) GNR 2021-63 IO 0.81548% 4/16/2061 | 4049658 | 237024 |
| (b)(c) GNR 2021-68 IO 0.87339% 10/16/2062 | 1534245 | 96673 |
| (b)(c) GNR 2021-47 IO 0.99232% 3/16/2061 | 1050413 | 69842 |
| (b)(c) GNR 2020-168 IA 0.97965% 12/16/2062 | 6385075 | 454349 |
| (b)(c) GNR 2020-177 IO 0.81999% 6/16/2062 | 1586136 | 93669 |
| (b)(c) GNR 2021-52 IO 0.72157% 4/16/2063 | 2343728 | 120082 |
| (b)(c) GNR 2020-190 IO 1.05094% 11/16/2062 | 1777502 | 135196 |
| (b)(c) GNR 2021-10 IO 0.98648% 5/16/2063 | 1315015 | 96246 |
| (b)(c) GNR 2021-14 IO 1.32995% 6/16/2063 | 2573655 | 233970 |
| (b)(c) GNR 2021-71 IO 0.8636% 10/16/2062 | 4780036 | 302855 |
| (b)(c) GNR 2021-31 IO 0.94035% 1/16/2061 | 2183063 | 150153 |
| (b)(c) GNR 2021-37 IO 0.79846% 1/16/2061 | 1622315 | 94784 |
| (b)(c) GNR 2021-36 IO 1.28781% 3/16/2063 | 1907441 | 156251 |
| (b)(c) GNR 2021-171 IO 0.99431% 8/16/2061 | 1475982 | 98244 |
| (b)(c) GNR 2021-150 IO 1.04343% 11/16/2063 | 966895 | 75247 |
| (b)(c) GNR 2021-110 IO 0.87498% 11/16/2063 | 4428737 | 295892 |
| (b)(c) GNR 2021-124 IO 0.99034% 10/16/2062 | 2195985 | 146558 |
| (b)(c) GNR 2021-195 IX 1.20178% 8/16/2063 | 7217564 | 644852 |
| (b)(c) GNR 2021-198 IO 0.81024% 11/16/2061 | 4278290 | 246980 |
| (b)(c) GNR 2021-208 IO 0.75754% 6/16/2064 | 3720099 | 201036 |
| (b)(c) GNR 2023-33 IO 0.93636% 5/16/2063 | 5236025 | 352684 |
| (b)(c) GNR 2025-31 IO 0.57518% 8/16/2067 | 4487999 | 290128 |
| (b)(c) GNR 2024-161 IO 0.74084% 6/16/2064 | 1766156 | 95325 |
| (b)(c) GNR 2025-14 IO 0.55393% 3/16/2066 | 4685779 | 253885 |
| (b)(c) GNR 2024-179 XI 0.83067% 12/16/2066 | 3279617 | 236440 |
| (b)(c) GNR 2025-53 IO 0.54524% 10/16/2066 | 5524120 | 282341 |
| (b)(c) GNR 2023-H02 IK 0.81403% 1/20/2073 | 1009097 | 75010 |
| (b)(c) GNR 2022-H07 IG 1.85313% 2/20/2072 | 831790 | 27021 |
| (b)(c) GNR 2025-H02 DI 0.6883% 12/20/2074 | 6736922 | 321986 |
| (b)(c) GNR 2023-H16 GI 0.50919% 6/20/2073 | 1996198 | 91011 |
| (b)(c) GNR 2024-H07 IG 0.67567% 4/20/2074 | 1647218 | 99055 |
| (b)(c) GNR 2025-H05 DI 1.19315% 2/20/2075 | 6926762 | 167835 |
|  |  | 9345142 |
| **Seasoned Credit Risk Transfer Trust Series (0.2%)** |  |  |
| SCRT 2020-3 M5TW 3% 5/25/2060 | 69480 | 61626 |
| **TOTAL MORTGAGE BACKED SECURITIES (Cost: $30,861,398)** |  | $**31046374** |
| **U.S. GOVERNMENT TREASURY NOTES/BONDS (2.6%)** |  |  |
| United States Treasury 2-Year Note 4.625% 6/30/2026 | 840000 | 842933 |
| **TOTAL U.S. GOVERNMENT TREASURY NOTES/BONDS (Cost $845,153)** |  | $**842933** |
| **TOTAL INVESTMENTS (Cost $31,706,551) (98.5%)** |  | $**31889307** |
| **OTHER ASSETS LESS LIABILITIES (1.5%)** |  | $**488313** |
| **NET ASSETS (100.0%)** |  | $**32377620** |

---

(a) Variable rate security; the rate shown represents the rate at July 31, 2025. Coupon may be fixed for a period of time.

(b) Variable rate security; the rate shown represents the rate at July 31, 2025. 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.

SOFR - Secured Overnight Financing Rate

SOFR 30 Day Average rate disclosed as of July 31, 2025, 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, 2025, 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, 2025, 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, 2025, 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, 2025, 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, 2025

**Statements of Assets and Liabilities –** *as of July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth<br>& Income<br>Fund |
| **ASSETS** |  |  |  |
| Investments in securities, at cost | $422538085 | $9275871 | $55060158 |
| Investments in securities, at value | $500858560 | $9303423 | $111550400 |
| Cash and cash equivalents | 17713982 | 281740 | 2497179 |
| Receivable for Fund shares sold | 698499 |  | 4052 |
| Accrued dividends receivable | 1134787 | 40714 | 108125 |
| Accrued interest receivable | 84636 | 842 | 11999 |
| Receivable from affiliate | 189917 | 11436 | 49693 |
| Prepaid expenses | 84475 | - | 461 |
| **Total assets** | $520764856 | $9638155 | $114221909 |
| **LIABILITIES** |  |  |  |
| Payable for Fund shares redeemed | $171426 | $- | $19160 |
| Trustees' fees payable | 22217 | 156 | 5383 |
| Payable to affiliates | 522390 | 14398 | 154986 |
| Accrued expenses | 78467 | 7456 | 40671 |
| **Total liabilities** | $794500 | $22010 | $220200 |
| **NET ASSETS** | $519970356 | $9616145 | $114001709 |
| **NET ASSETS ARE REPRESENTED BY:** |  |  |  |
| Capital stock outstanding, $.001 par value, unlimited shares authorized | $432787239 | $9583253 | $54237838 |
| Distributable earnings | 87183117 | 32892 | 59763871 |
| **NET ASSETS** | $519970356 | $9616145 | $114001709 |
| Net Assets - Class A | $139843567 | $461196 | $65083135 |
| Net Assets - Class C | $39360639 | $54869 | $8909570 |
| Net Assets - Class I | $340766150 | $9100080 | $40009004 |
| Shares outstanding - Class A | 7238607 | 42633 | 598803 |
| Shares outstanding - Class C | 2057992 | 5000 | 85239 |
| Shares outstanding - Class I | 17622146 | 844533 | 366920 |
| Net asset value per share - Class A\* | $19.32 | $10.82 | $108.69 |
| Maximum sales charge - Class A | 5.00% | 5.00% | 5.00% |
| Public offering price per share - Class A | $20.34 | $11.39 | $114.41 |
| Net asset value per share - Class C\* | $19.13 | $10.97 | $104.52 |
| Net asset value per share - Class I | $19.34 | $10.78 | $109.04 |

---

\* 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, 2025

**Statements of Assets and Liabilities** (continued) – *as of July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | High<br> Income Fund | MNA Resources Fund | Short Term Government Fund |
| **ASSETS** |  |  |  |
| Investments in securities, at cost | $47099314 | $109642376 | $31706551 |
| Investments in securities, at value | $45077949 | $132278556 | $31889307 |
| Cash and cash equivalents | 1358842 | 2995536 | 513446 |
| Receivable for Fund shares sold |  | 142123 | 4 |
| Accrued dividends receivable |  | 62110 |  |
| Accrued interest receivable | 754636 | 8369 | 284367 |
| Receivable from affiliate | 23147 | 3 | 6842 |
| Prepaid expenses | 177 | 3120 | 13578 |
| **Total assets** | $47214751 | $135489817 | $32707544 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased | $242100 | $- | $296814 |
| Payable for Fund shares redeemed | 97712 | 105309 |  |
| Distributions payable | 65499 |  |  |
| Trustees' fees payable | 3125 | 7960 | 711 |
| Payable to affiliates | 57838 | 136591 | 20283 |
| Accrued expenses | 35657 | 41881 | 12116 |
| **Total liabilities** | $501931 | $291741 | $329924 |
| **NET ASSETS** | $46712820 | $135198076 | $32377620 |
| **NET ASSETS ARE REPRESENTED BY:** |  |  |  |
| Capital stock outstanding, $.001 par value, unlimited shares authorized | $50143855 | $278379294 | $41354655 |
| Distributable earnings (accumulated losses) | (3431035) | (143181218) | (8977035) |
| **NET ASSETS** | $46712820 | $135198076 | $32377620 |
| Net Assets - Class A | $22812174 | $81004162 | $461770 |
| Net Assets - Class C | $2268711 | $2920244 | $ N/A |
| Net Assets - Class I | $21631935 | $51273670 | $31915850 |
| Shares outstanding - Class A | 2990550 | 12452192 | 52775 |
| Shares outstanding - Class C | 297294 | 451818 | N/A |
| Shares outstanding - Class I | 2836770 | 7953083 | 3643538 |
| Net asset value per share - Class A\* | $7.63 | $6.51 | $8.75 |
| Maximum sales charge - Class A | 4.25% | 5.00% | 2.00% |
| Public offering price per share - Class A | $7.97 | $6.85 | $8.93 |
| Net asset value per share - Class C\* | $7.63 | $6.46 | N/A |
| Net asset value per share - Class I | $7.63 | $6.45 | $8.76 |

---

\* 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, 2025

**Statements of Operations** – *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth<br>& Income<br>Fund |
| **INVESTMENT INCOME** |  |  |  |
| Dividends (net of foreign withholding taxes of $217,050, $14,714, and $0, respectively) | $16994564 | $528719 | $1564677 |
| Interest | 597744 | 12350 | 107471 |
| **Total investment income** | $17592308 | $541069 | $1672148 |
| **EXPENSES** |  |  |  |
| Investment advisory fees | $3384885 | $61292 | $1046864 |
| Distribution (12b-1) fees - Class A | 333792 | 952 | 154680 |
| Distribution (12b-1) fees - Class C | 348132 | 552 | 82485 |
| Transfer agent fees | 748978 | 26711 | 200436 |
| Administrative service fees | 657875 | 62603 | 197723 |
| Professional fees | 45915 | 3106 | 16349 |
| Reports to shareholders | 21716 | 660 | 11520 |
| License, fees, and registrations | 24520 | 9830 | 45000 |
| Audit fees | 71555 | 8555 | 25822 |
| Trustees' fees | 38050 | 508 | 10407 |
| Transfer agent out-of-pockets | 114200 | 1312 | 33656 |
| Custodian fees | 46776 | 1649 | 9783 |
| Legal fees | 16338 | 262 | 6914 |
| Insurance expense | 5979 | 98 | 1790 |
| **Total expenses** | $5858711 | $178090 | $1843429 |
| Less expenses waived or reimbursed (See Note 7) | (2013200) | (124024) | (569802) |
| **Total net expenses** | $3845511 | $54066 | $1273627 |
| **NET INVESTMENT INCOME (LOSS)** | $13746797 | $487003 | $398521 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) from investment transactions | $17909084 | $11022 | $3517314 |
| Net change in unrealized appreciation (depreciation) of investments | 14560780 | (209455) | 9906452 |
| Net realized and unrealized gain (loss) on investments | $32469864 | $(198433) | $13423766 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $46216661 | $288570 | $13822287 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Statements of Operations** (continued) – *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | High<br>Income<br>Fund | MNA<br>Resources<br>Fund | Short Term<br>Government<br>Fund |
| **INVESTMENT INCOME** |  |  |  |
| Dividends (net of foreign withholding taxes of $0, $64,225, and $0, respectively) | $174295 | $2679471 | $- |
| Interest | 2890354 | 162184 | 1160855 |
| **Total investment income** | $3064649 | $2841655 | $1160855 |
| **EXPENSES** |  |  |  |
| Investment advisory fees | $409601 | $615972 | $79708 |
| Distribution (12b-1) fees - Class A | 58812 | 384188 | 760 |
| Distribution (12b-1) fees - Class C | 28337 | 36103 | N/A |
| Transfer agent fees | 69827 | 233750 | 34827 |
| Administrative service fees | 118625 | 223634 | 75827 |
| Professional fees | 7528 | 12787 | 2417 |
| Reports to shareholders | 4052 | 12585 | 87 |
| License, fees, and registrations | 29650 | 29660 |  |
| Audit fees | 19637 | 26471 | 11183 |
| Trustees' fees | 5043 | 12495 | 1750 |
| Transfer agent out-of-pockets | 11698 | 52900 | 3048 |
| Custodian fees | 2945 | 12445 | 14890 |
| Legal fees | 1802 | 2810 | 544 |
| Insurance expense | 855 | 2350 | 336 |
| Tax expense | - | - | 139 |
| **Total expenses** | $768412 | $1658150 | $225516 |
| Less expenses waived or reimbursed (See Note 7) | (298542) | (5042) | (76817) |
| **Total net expenses** | $469870 | $1653108 | $148699 |
| **NET INVESTMENT INCOME (LOSS)** | $2594779 | $1188547 | $1012156 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) from investment transactions | $(44937) | $10617161 | $(96394) |
| Net change in unrealized appreciation (depreciation) of investments | 1380003 | 4677100 | 789727 |
| Net realized and unrealized gain (loss) on investments | $1335066 | $15294261 | $693333 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3929845 | $16482808 | $1705489 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Statements of Changes in Net Assets** – *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth<br>& Income<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $13746797 | $487003 | $398521 |
| Net realized gain (loss) from investment transactions | 17909084 | 11022 | 3517314 |
| Net change in unrealized appreciation (depreciation) of investments | 14560780 | (209455) | 9906452 |
| **Net increase (decrease) in net assets resulting from operations** | $46216661 | $288570 | $13822287 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(11388062) | $(21794) | $(1397020) |
| Distributions - Class C | (2707235) | (2625) | (155206) |
| Distributions - Class I | (24147540) | (467666) | (862509) |
| **Total distributions** | $(38242837) | $(492085) | $(2414735) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $21132754 | $280034 | $3088507 |
| Proceeds from sale of shares - Class C | 10306053 |  | 666660 |
| Proceeds from sale of shares - Class I | 165439510 | 6207987 | 10680106 |
| Proceeds from reinvested dividends - Class A | 10512086 | 21682 | 1336397 |
| Proceeds from reinvested dividends - Class C | 2582419 |  | 150509 |
| Proceeds from reinvested dividends - Class I | 21105599 | 132998 | 732315 |
| Cost of shares redeemed - Class A | (21143930) | (47237) | (7572876) |
| Cost of shares redeemed - Class C | (6254846) |  | (725130) |
| Cost of shares redeemed - Class I | (68061391) | (1424234) | (7679060) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | $135618254 | $5171230 | $677428 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $143592078 | $4967715 | $12084980 |
| **NET ASSETS, BEGINNING OF PERIOD** | 376378278 | 4648430 | 101916729 |
| **NET ASSETS, END OF PERIOD** | $519970356 | $9616145 | $114001709 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Statements of Changes in Net Assets** (continued) – *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | High<br>Income<br>Fund | MNA<br>Resources<br>Fund | Short Term<br>Government<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $2594779 | $1188547 | $1012156 |
| Net realized gain (loss) from investment transactions | (44937) | 10617161 | (96394) |
| Net change in unrealized appreciation (depreciation) of investments | 1380003 | 4677100 | 789727 |
| **Net increase (decrease) in net assets resulting from operations** | $3929845 | $16482808 | $1705489 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(1249008) | $(630040) | $(10878) |
| Distributions - Class C | (129902) | (13284) | N/A |
| Distributions - Class I | (1215069) | (545223) | (1020478) |
| Return of Capital - Class A |  | (82256) |  |
| Return of Capital - Class C |  | (1734) |  |
| Return of Capital - Class I | - | (71182) | - |
| **Total distributions** | $(2593979) | $(1343719) | $(1031356) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $1770412 | $6719793 | $322838 |
| Proceeds from sale of shares - Class C | 310983 | 212752 | N/A |
| Proceeds from sale of shares - Class I | 4673776 | 17584280 | 23258033 |
| Proceeds from reinvested dividends - Class A | 1062936 | 683530 | 10878 |
| Proceeds from reinvested dividends - Class C | 97673 | 14616 | N/A |
| Proceeds from reinvested dividends - Class I | 915630 | 482516 | 584274 |
| Cost of shares redeemed - Class A | (4646947) | (14945812) | (153999) |
| Cost of shares redeemed - Class C | (1650139) | (2117843) | N/A |
| Cost of shares redeemed - Class I | (5744555) | (11392863) | (9168892) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | $(3210231) | $(2759031) | $14853132 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(1874365) | $12380058 | $15527265 |
| **NET ASSETS, BEGINNING OF PERIOD** | 48587185 | 122818018 | 16850355 |
| **NET ASSETS, END OF PERIOD** | $46712820 | $135198076 | $32377620 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Statements of Changes in Net Assets** – *for the year ended July 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth<br>& Income<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $10400653 | $141069 | $688926 |
| Net realized gain (loss) from investment transactions | 22400640 | 6786 | 1995591 |
| Net change in unrealized appreciation (depreciation) of investments | 26100543 | 215659 | 15767735 |
| **Net increase (decrease) in net assets resulting from operations** | $58901836 | $363514 | $18452252 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(3519134) | $(8315) | $(1198403) |
| Distributions - Class C | (669189) | (2726) | (105476) |
| Distributions - Class I | (6217307) | (130047) | (668374) |
| **Total distributions** | $(10405630) | $(141088) | $(1972253) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $15511579 | $198969 | $3106030 |
| Proceeds from sale of shares - Class C | 4647718 |  | 927609 |
| Proceeds from sale of shares - Class I | 64207337 | 3703336 | 7384319 |
| Proceeds from reinvested dividends - Class A | 3173049 | 6217 | 1143379 |
| Proceeds from reinvested dividends - Class C | 625845 |  | 102058 |
| Proceeds from reinvested dividends - Class I | 5389314 | 57465 | 573396 |
| Cost of shares redeemed - Class A | (20701359) | (53750) | (4990605) |
| Cost of shares redeemed - Class C | (5316276) |  | (627061) |
| Cost of shares redeemed - Class I | (77930766) | (137502) | (6392052) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | $(10393559) | $3774735 | $1227073 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $38102647 | $3997161 | $17707072 |
| **NET ASSETS, BEGINNING OF PERIOD** | 338275631 | 651269 | 84209657 |
| **NET ASSETS, END OF PERIOD** | $376378278 | $4648430 | $101916729 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**Statements of Changes in Net Assets** (continued) – *for the year ended July 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  | High<br>Income<br>Fund | MNA<br>Resources<br>Fund | Short Term<br>Government<br>Fund |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| Net investment income (loss) | $2590742 | $1728875 | $604034 |
| Net realized gain (loss) from investment transactions | (473559) | 13666746 | (706714) |
| Net change in unrealized appreciation (depreciation) of investments | 2434088 | (3826640) | 1283867 |
| **Net increase (decrease) in net assets resulting from operations** | $4551271 | $11568981 | $1181187 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions - Class A | $(1262542) | $(1046083) | $(10167) |
| Distributions - Class C | (153243) | (44321) | N/A |
| Distributions - Class I | (1200909) | (741898) | (623535) |
| **Total distributions** | $(2616694) | $(1832302) | $(633702) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Proceeds from sale of shares - Class A | $1585365 | $2929527 | $65930 |
| Proceeds from sale of shares - Class C | 281108 | 75382 | N/A |
| Proceeds from sale of shares - Class I | 9003205 | 3815136 | 5200071 |
| Proceeds from reinvested dividends - Class A | 1077944 | 1008882 | 10168 |
| Proceeds from reinvested dividends - Class C | 114004 | 42968 | N/A |
| Proceeds from reinvested dividends - Class I | 845603 | 554426 | 455447 |
| Cost of shares redeemed - Class A | (2531271) | (18757833) | (118669) |
| Cost of shares redeemed - Class C | (453834) | (2629708) | N/A |
| Cost of shares redeemed - Class I | (12101477) | (12639226) | (4322261) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | $(2179353) | $(25600446) | $1290686 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $(244776) | $(15863767) | $1838171 |
| **NET ASSETS, BEGINNING OF PERIOD** | 48831961 | 138681785 | 15012184 |
| **NET ASSETS, END OF PERIOD** | $48587185 | $122818018 | $16850355 |

---

The accompanying notes are an integral part of these financial statements.

The Integrity Funds \| July 31, 2025

**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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers of the Funds, and the Principal Executive Officer and the Principal Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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.

The Integrity Funds \| July 31, 2025

**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.

**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, 2025, 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, 2025, 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 Fund maintains balances, which, at times, may exceed federally insured limits. The Fund maintains 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 High Income Fund simultaneously uses the settled shares method to allocate income and fund-wide expenses and uses the relative net assets method to allocate gains and losses. Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, MNA Resources Fund and S-T Gov Fund 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.

The Integrity Funds \| July 31, 2025

**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, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **High Income Fund** | Shares/Principal | Dates Acquired | Cost Basis | Fair Value |
| NMG Parent LLC | 37 | &nbsp;&nbsp;9/25/2020 |  | $4607 |
| Incora Intermediate LLC | 1553 | &nbsp;&nbsp;1/31/2025 | 58682 | $31044 |
| Incora, Inc. 144A | 33112 | &nbsp;&nbsp;1/31/2025 | 48540 | $26503 |

---

**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, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Harvest Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $500858560 | $– | $– | $500858560 |
| Total | $500858560 | $– | $– | $500858560 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Summit Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $9303423 | $– | $– | $9303423 |
| Total | $9303423 | $– | $– | $9303423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth & Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $111550400 | $– | $– | $111550400 |
| Total | $111550400 | $– | $– | $111550400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income Fund** | **Level 1** | **Level 2** | **Level 3 \*\*** | **Total** |
| Corporate Bonds\* | $– | $44434766 | $26503 | $44461269 |
| Common Stock\* | 284464 | 143718 | 117345 | 545527 |
| Convertible Preferred Stock\* |  |  | 67462 | 67462 |
| Warrants | – | – | 3691 | 3691 |
| Total | $284464 | $44578484 | $215001 | $45077949 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MNA Resources Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $132278556 | $– | $– | 132278556 |
| Total | $132278556 | $– | $– | $132278556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ST Gov Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Mortgage Backed Securities | $– | $31046374 | $– | $31046374 |
| U.S Government Notes/Bills | – | 842933 | – | 842933 |
| Total | $– | $31889307 | $– | $31889307 |

---

\*Level 3 investments for High Income Fund includes corporate bonds, common stock, and convertible preferred stock 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, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth &<br>Income<br>Fund | High<br>Income<br>Fund | MNA<br>Resources<br>Fund | Short Term<br>Government<br>Fund |
| Purchases | $229740288 | $8356325 | $9217721 | $11899524 | $76303206 | $40691164 |
| Sales | $121787340 | $3401046 | $9117239 | $14444308 | $80099702 | $24553260 |

---

The Integrity Funds \| July 31, 2025

**NOTE 5: Capital Share Transactions**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended 7/31/2025: | Dividend | Dividend | Growth & | High | MNA | Short Term |
|  | Harvest | Summit | Income | Income | Resources | Government |
| Class A | Fund | Fund | Fund | Fund | Fund | Fund |
| Shares sold | 1112242 | 25151 | 30582 | 236074 | 1136956 | 37056 |
| Shares issued from reinvestments | 562361 | 2005 | 13389 | 140642 | 117214 | 1256 |
| Shares redeemed | (1118662) | (4422) | (74719) | (616357) | (2507689) | (17851) |
| Net increase (decrease) | 555941 | 22734 | (30748) | (239641) | (1253519) | 20461 |
| <u>Class C</u> |  |  |  |  |  |  |
| Shares sold | 549833 |  | 6798 | 41022 | 35627 | N/A |
| Shares issued from reinvestments | 139751 |  | 1561 | 12905 | 2572 | N/A |
| Shares redeemed | (332365) | - | (7506) | (218902) | (358934) | N/A |
| Net increase (decrease) | 357219 | - | 853 | (164975) | (320735) | N/A |
| <u>Class I</u> |  |  |  |  |  |  |
| Shares sold | 8725302 | 563883 | 104769 | 622152 | 2907842 | 2683524 |
| Shares issued from reinvestments | 1128137 | 12331 | 7324 | 121219 | 82878 | 67436 |
| Shares redeemed | (3640564) | (133936) | (76251) | (764148) | (1920018) | (1049556) |
| Net increase (decrease) | 6212875 | 442278 | 35842 | (20777) | 1070702 | 1701404 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended 7/31/2024: | Dividend | Dividend | Growth & | High | MNA | Short Term |
|  | Harvest | Summit | Income | Income | Resources | Government |
| Class A | Fund | Fund | Fund | Fund | Fund | Fund |
| Shares sold | 913409 | 19513 | 36668 | 221620 | 548724 | 7917 |
| Shares issued from reinvestments | 190402 | 599 | 13589 | 149291 | 189577 | 1223 |
| Shares redeemed | (1229271) | (5213) | (57312) | (350770) | (3582190) | (14248) |
| Net increase (decrease) | (125460) | 14899 | (7055) | 20141 | (2843889) | (5108) |
| <u>Class C</u> |  |  |  |  |  |  |
| Shares sold | 276716 |  | 11449 | 38779 | 13863 | N/A |
| Shares issued from reinvestments | 37944 |  | 1251 | 15758 | 8141 | N/A |
| Shares redeemed | (326534) | - | (7754) | (62941) | (497705) | N/A |
| Net increase (decrease) | (11874) | - | 4946 | (8404) | (475701) | N/A |
| <u>Class I</u> |  |  |  |  |  |  |
| Shares sold | 3758081 | 355840 | 85449 | 1258575 | 729070 | 625211 |
| Shares issued from reinvestments | 323798 | 5626 | 6803 | 117461 | 104992 | 54742 |
| Shares redeemed | (4736107) | (13243) | (72490) | (1687394) | (2403040) | (522309) |
| Net increase (decrease) | (654228) | 348223 | 19762 | (311358) | (1568978) | 157644 |

---

**NOTE 6: Income Tax Information**

At July 31, 2025, the unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br> Harvest<br> Fund | Dividend<br> Summit<br> Fund | Growth &<br> Income<br> Fund | High<br> Income<br> Fund | MNA<br> Resources<br> Fund | Short Term<br> Government<br> Fund |
| Investments at cost | $422645450 | $9275871 | $55060158 | $47125013 | $109642376 | $31706551 |
| Unrealized appreciation | $95207678 | $726757 | $57776398 | $794164 | $27633644 | $763143 |
| Unrealized depreciation | (16994568) | (699205) | (1286156) | (2841228) | (4997464) | (580387) |
| Net unrealized appreciation/depreciation\* | $78213110 | $27552 | $56490242 | $(2047064) | $22636180 | $182756 |

---

\* 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, 2025

The tax character of distributions paid was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br> Harvest<br> Fund | Dividend<br> Summit<br> Fund | Growth &<br> Income<br> Fund | High<br> Income<br> Fund | MNA<br> Resources<br> Fund | Short Term Government<br> Fund |
| Year ended July 31, 2025: |  |  |  |  |  |  |
| Ordinary Income | $13746797 | $486986 | $535633 | $2572890 | $1188547 | $1031356 |
| Return of Capital |  |  |  |  | 155172 |  |
| Capital Gain | 24496040 | 5099 | 1879102 | – | – | – |
|  | $38242837 | $492085 | $2414735 | $2572890 | $1343719 | $1031356 |
| Year ended July 31, 2024: |  |  |  |  |  |  |
| Ordinary Income | $10400653 | $141088 | $607001 | $2615225 | $1832302 | $633702 |
| Capital Gain | 4977 | - | 1365252 | - | - | - |
|  | $10405630 | $141088 | $1972253 | $2615225 | $1832302 | $633702 |

---

As of July 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br> Harvest<br> Fund | Dividend<br> Summit<br> Fund | Growth &<br> Income<br> Fund | High<br> Income<br> Fund | MNA<br> Resources<br> Fund | Short Term<br> Government<br> Fund |
| Undistributed ordinary income | $– | $17 | $441958 | $61041 | $– | $24126 |
| Distributions Payable |  |  |  | (65499) |  |  |
| Undistributed capital gain | 13864254 | 5323 | 2831671 |  |  |  |
| Capital loss carryforward | (4894247) |  |  | (1379513) | (165817398) | (9183917) |
| Unrealized appreciation/(depreciation) | 78213110 | 27552 | 56490242 | (2047064) | 22636180 | 182756 |
| Total accumulated earnings/(deficit) | $87183117 | $32892 | $59763871 | $(3431035) | $(143181218) | $(8977035) |

---

The Funds' capital loss carryforward amounts as of July 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br>Harvest<br>Fund | Dividend<br>Summit<br>Fund | Growth &<br>Income<br>Fund | High<br>Income<br>Fund | MNA<br>Resources<br>Fund | Short Term<br>Government<br>Fund |
| Non-expiring S-T losses | $4894247 \* | $– | $– | $– | $103813467 | $4701322 |
| Non-expiring L-T losses | – | – | – | 1379513 | 62003931 | 4482595 |
| **Total** | $4894247 | $– | $– | $1379513 | $165817398 | $9183917 |
| Capital loss carryforward utilized | $368337 | $601 | $– | $– | $10617162 | $– |

---

\*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, 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 Investor Services, Inc. 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). A Trustee of the Funds is also a Governor of Corridor.

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, 2025, the expense limitations may be terminated or revised for the Funds.

The Integrity Funds \| July 31, 2025

Expense limitations as of July 31, 2025, are stated below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | Contractual Waiver % | Contractual Waiver % | Contractual Waiver % |
|  | <br>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% |

---

\* High Income Fund's contractual waivers are effective as of November 30, 2024. Prior to November 30, 2024, the waiver percentages were 0.99%, 1.74%, and 0.74% for Class A, C, and I, respectively.

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. There were voluntary waivers for the period August 1, 2023 through June 30, 2024 for Dividend Summit Fund beyond the expense limitation agreement to maintain a 0.00% expense ratio for each class of shares. For the period July 1, 2024 through January 6, 2025, there were voluntary waivers for Dividend Summit Fund beyond the expense limitation agreement to maintain a 0.50% expense ratio for each class of shares. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 |
|  | Advisory | Waived | Reimb. | Advisory | Waived | Reimb. |
| Dividend Harvest Fund | $3384885 | $2013200 | $- | $330576 | $189917 | $- |
| Dividend Summit Fund | $61292 | $61292 | $62732 | $6145 | $6145 | $5291 |
| Growth & Income Fund | $1046864 | $569802 | $- | $96210 | $49693 | $- |
| High Income Fund | $409601 | $298542 | $- | $33715 | $23147 | $- |
| MNA Resources Fund | $615972 | $5042 | $- | $55901 | $3 | $- |
| S-T Gov Fund | $79708 | $76817 | $- | $8253 | $6842 | $- |

---

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. Amounts subject to recoupment and expiration dates are as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 7/31/2026<br> Amount | 7/31/2027<br> Amount | 07/31/2028<br> Amount | Total |
| Dividend Harvest Fund | $1443402 | $1653668 | $2013200 | $5110270 |
| Dividend Summit Fund | $18895 | $91036 | $124024 | $233955 |
| Growth & Income Fund | $429172 | $479449 | $569802 | $1478423 |
| High Income Fund | $340855 | $317306 | $298542 | $956703 |
| MNA Resources Fund | $89643 | $125584 | $5042 | $220269 |
| S-T Gov Fund | $86774 | $60884 | $76817 | $224475 |

---

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 Plan expenses." 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 7/31/2025 | Year Ended 7/31/2025 | Year Ended 7/31/2025 | Payable 7/31/2025 |
|  | Sales Charges | CDSC | Distribution Fees | Distribution Fees |
| Dividend Harvest Fund - A | $407545 | $- | $333792 | $29797 |
| Dividend Harvest Fund - C | $- | $293 | $348132 | $33230 |
| Dividend Summit Fund - A | $7473 | $- | $952 | $100 |
| Dividend Summit Fund - C | $- | $- | $552 | $47 |
| Growth & Income Fund - A | $68605 | $- | $154680 | $13775 |
| Growth & Income Fund - C | $- | $154 | $82485 | $7519 |
| High Income Fund - A | $21273 | $- | $56042 | $4843 |
| High Income Fund - C | $- | $334 | $31107 | $1902 |
| MNA Resources Fund - A | $174110 | $- | $384188 | $33856 |
| MNA Resources Fund - C | $- | $156 | $36103 | $2436 |
| S-T Gov Fund - A | $1692 | $- | $760 | $98 |

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The Integrity Funds \| July 31, 2025

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 and at a lower rate in excess of $700 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. 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 and at a lower rate in excess of $700 million 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 7/31/2025 | Year Ended 7/31/2025 | Payable 7/31/2025 | Payable 7/31/2025 |
|  | Transfer<br>Agency Fees | Admin.<br>Service Fees | Transfer<br>Agency Fees | Admin.<br>Service Fees |
| Dividend Harvest Fund | $863178 | $657875 | $65308 | $63479 |
| Dividend Summit Fund | $28023 | $62603 | $2479 | $5627 |
| Growth & Income Fund | $234092 | $197723 | $19532 | $17950 |
| High Income Fund | $81525 | $118625 | $7345 | $10033 |
| MNA Resources Fund | $286650 | $223634 | $24266 | $20132 |
| S-T Gov Fund | $37875 | $75827 | $4683 | $7249 |

---

**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: Subsequent Events**

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, 2025

**Financial Highlights**

Integrity Dividend Harvest Fund, Class A

*Selected per share data and ratios for the periods indicated*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.02 | $16.44 | $16.33 | $15.12 | $12.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.56 | $0.52 | $0.52 | $0.50 | $0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.40 | 2.58 | 0.31 | 1.21 | 2.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $1.96 | $3.10 | $0.83 | $1.71 | $2.88 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.56) | $(0.52) | $(0.51) | $(0.50) | $(0.47) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.10) | 0.00 | (0.21) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(1.66) | $(0.52) | $(0.72) | $(0.50) | $(0.47) |
| **NET ASSET VALUE, END OF PERIOD** | $19.32 | $19.02 | $16.44 | $16.33 | $15.12 |
| Total Return (excludes any applicable sales charge) | 10.81% | 19.38% | 5.31% | 11.41% | 23.09% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $139844 | $127113 | $111909 | $105799 | $88405 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.40% | 1.46% | 1.43% | 1.44% | 1.48% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 2.94% | 3.11% | 3.23% | 3.13% | 3.39% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.86% | 41.80% | 22.79% | 14.84% | 42.14% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Dividend Harvest Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.85 | $16.29 | $16.19 | $15.00 | $12.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.41 | $0.39 | $0.39 | $0.38 | $0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.39 | 2.57 | 0.31 | 1.19 | 2.39 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $1.80 | $2.96 | $0.70 | $1.57 | $2.76 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.42) | $(0.40) | $(0.39) | $(0.38) | $(0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.10) | 0.00 | (0.21) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(1.52) | $(0.40) | $(0.60) | $(0.38) | $(0.37) |
| **NET ASSET VALUE, END OF PERIOD** | $19.13 | $18.85 | $16.29 | $16.19 | $15.00 |
| Total Return (excludes any applicable sales charge) | 9.99% | 18.55% | 4.50% | 10.54% | 22.19% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $39361 | $32058 | $27906 | $22463 | $15762 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.15% | 2.21% | 2.18% | 2.19% | 2.23% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 2.19% | 2.36% | 2.48% | 2.38% | 2.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.86% | 41.80% | 22.79% | 14.84% | 42.14% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Dividend Harvest Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.04 | $16.45 | $16.34 | $15.13 | $12.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.61 | $0.56 | $0.56 | $0.55 | $0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.40 | 2.60 | 0.31 | 1.20 | 2.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $2.01 | $3.16 | $0.87 | $1.75 | $2.92 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.61) | $(0.57) | $(0.55) | $(0.54) | $(0.51) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.10) | 0.00 | (0.21) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(1.71) | $(0.57) | $(0.76) | $(0.54) | $(0.51) |
| **NET ASSET VALUE, END OF PERIOD** | $19.34 | $19.04 | $16.45 | $16.34 | $15.13 |
| Total Return (excludes any applicable sales charge) | 11.07% | 19.73% | 5.58% | 11.68% | 23.38% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $340766 | $217207 | $198461 | $123271 | $64062 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.15% | 1.21% | 1.18% | 1.19% | 1.23% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.19% | 3.37% | 3.48% | 3.38% | 3.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.86% | 41.80% | 22.79% | 14.84% | 42.14% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Dividend Summit Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | |
|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Period from<br>5/1/23\* to<br>7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.91 | $10.17 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.62 | $0.70 | $0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.10) | 0.66 | 0.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.52 | $1.36 | $0.32 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.60) | $(0.62) | $(0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.01) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.61) | $(0.62) | $(0.15) |
| **NET ASSET VALUE, END OF PERIOD** | $10.82 | $10.91 | $10.17 |
| Total Return (excludes any applicable sales charge)# | 4.88% | 14.08% | 3.25% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $461 | $217 | $51 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 0.81% | 0.08% | 0.00% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers^ | 2.41% | 5.50% | 12.71% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 5.71% | 6.83% | 5.95% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate# | 43.05% | 24.07% | 11.50% |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 0.91% for the period August 1, 2023 through July 31, 2024. |
| <sup>(6)</sup> | 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, 2025

**Financial Highlights**

Integrity Dividend Summit Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | |
|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Period from<br>5/1/23\* to<br>7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $11.02 | $10.19 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.55 | $0.62 | $0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.07) | 0.76 | 0.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.48 | $1.38 | $0.32 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.52) | $(0.55) | $(0.13) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.01) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.53) | $(0.55) | $(0.13) |
| **NET ASSET VALUE, END OF PERIOD** | $10.97 | $11.02 | $10.19 |
| Total Return (excludes any applicable sales charge)# | 4.40% | 14.08% | 3.25% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $55 | $55 | $51 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 1.19% | 0.05% | 0.00% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers^ | 3.19% | 8.04% | 13.45% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 4.96% | 6.07% | 5.21% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate# | 43.05% | 24.07% | 11.50% |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 1.69% for the period August 1, 2023 through July 31, 2024. |
| <sup>(6)</sup> | 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, 2025

**Financial Highlights**

Integrity Dividend Summit Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | |
|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Period from<br>5/1/23\* to<br>7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.88 | $10.17 | $10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.65 | $0.73 | $0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | (0.11) | 0.63 | 0.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.54 | $1.36 | $0.32 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.63) | $(0.65) | $(0.15) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.01) | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.64) | $(0.65) | $(0.15) |
| **NET ASSET VALUE, END OF PERIOD** | $10.78 | $10.88 | $10.17 |
| Total Return (excludes any applicable sales charge)# | 5.06% | 14.04% | 3.31% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $9100 | $4376 | $549 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 0.65% | 0.08% | 0.00% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers^ | 2.16% | 4.48% | 12.42% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 5.96% | 7.08% | 6.20% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate# | 43.05% | 24.07% | 11.50% |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 0.64% for the period August 1, 2023 through July 31, 2024. |
| <sup>(6)</sup> | 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, 2025

**Financial Highlights**

Integrity Growth & Income Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $97.71 | $82.11 | $73.72 | $80.95 | $60.74 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.36 | $0.64 | $0.44 | $0.16 | $0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 12.92 | 16.84 | 8.92 | (6.83) | 20.35 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $13.28 | $17.48 | $9.36 | $(6.67) | $20.64 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.48) | $(0.57) | $(0.38) | $(0.08) | $(0.41) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.82) | (1.31) | (0.59) | (0.48) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(2.30) | $(1.88) | $(0.97) | $(0.56) | $(0.43) |
| **NET ASSET VALUE, END OF PERIOD** | $108.69 | $97.71 | $82.11 | $73.72 | $80.95 |
| Total Return (excludes any applicable sales charge) | 13.80% | 21.66% | 12.98% | (8.37)% | 34.11% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $65083 | $61511 | $52272 | $49909 | $52676 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.78% | 1.77% | 1.83% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 0.36% | 0.74% | 0.60% | 0.20% | 0.41% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.86% | 6.22% | 4.29% | 3.78% | 11.22% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Growth & Income Fund, Class C

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $94.29 | $79.36 | $71.41 | $78.94 | $59.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $(0.38) | $(0.01) | $(0.11) | $(0.42) | $0.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 12.43 | 16.26 | 8.65 | (6.63) | 19.86 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $12.05 | $16.25 | $8.54 | $(7.05) | $19.86 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $0.00 | $(0.01) | $0.00 | $0.00 | $(0.57) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.82) | (1.31) | (0.59) | (0.48) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(1.82) | $(1.32) | $(0.59) | $(0.48) | $(0.59) |
| **NET ASSET VALUE, END OF PERIOD** | $104.52 | $94.29 | $79.36 | $71.41 | $78.94 |
| Total Return (excludes any applicable sales charge) | 12.94% | 20.75% | 12.14% | (9.05)% | 33.44% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $8910 | $7957 | $6304 | $5655 | $5041 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.85% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.53% | 2.52% | 2.58% | 2.55% | 2.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | (0.39)% | (0.02)% | (0.15)% | (0.55)% | 0.00% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.86% | 6.22% | 4.29% | 3.78% | 11.22% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Growth & Income Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $98.01 | $82.34 | $73.85 | $81.06 | $60.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.62 | $0.86 | $0.62 | $0.35 | $0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 12.96 | 16.88 | 8.94 | (6.81) | 20.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $13.58 | $17.74 | $9.56 | $(6.46) | $20.85 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.73) | $(0.76) | $(0.48) | $(0.27) | $(0.57) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.82) | (1.31) | (0.59) | (0.48) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(2.55) | $(2.07) | $(1.07) | $(0.75) | $(0.59) |
| **NET ASSET VALUE, END OF PERIOD** | $109.04 | $98.01 | $82.34 | $73.85 | $81.06 |
| Total Return (excludes any applicable sales charge) | 14.09% | 21.95% | 13.25% | (8.12)% | 34.45% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $40009 | $32449 | $25634 | $22735 | $24784 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.53% | 1.52% | 1.58% | 1.54% | 1.55% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 0.61% | 0.99% | 0.85% | 0.45% | 0.66% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.86% | 6.22% | 4.29% | 3.78% | 11.22% |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity High Income Fund, Class A

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.42 | $7.13 | $7.33 | $8.13 | $7.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.40 | $0.39 | $0.36 | $0.31 | $0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.21 | 0.29 | (0.20) | (0.80) | 0.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.61 | $0.68 | $0.16 | $(0.49) | $0.80 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.40) | $(0.39) | $(0.36) | $(0.31) | $(0.32) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.40) | $(0.39) | $(0.36) | $(0.31) | $(0.32) |
| **NET ASSET VALUE, END OF PERIOD** | $7.63 | $7.42 | $7.13 | $7.33 | $8.13 |
| Total Return (excludes any applicable sales charge) | 8.42% | 9.78% | 2.41% | (6.14)% | 10.62% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $22812 | $23964 | $22891 | $25736 | $26725 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.04% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.66% | 1.65% | 1.68% | 1.63% | 1.63% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 5.32% | 5.32% | 5.14% | 3.99% | 3.99% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.70% | 25.60% | 15.41% | 21.04% | 35.74% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity High Income Fund, Class C

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.44 | $7.15 | $7.35 | $8.15 | $7.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.34 | $0.33 | $0.31 | $0.25 | $0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.19 | 0.29 | (0.20) | (0.80) | 0.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.53 | $0.62 | $0.11 | $(0.55) | $0.74 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.34) | $(0.33) | $(0.31) | $(0.25) | $(0.26) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.34) | $(0.33) | $(0.31) | $(0.25) | $(0.26) |
| **NET ASSET VALUE, END OF PERIOD** | $7.63 | $7.44 | $7.15 | $7.35 | $8.15 |
| Total Return (excludes any applicable sales charge) | 7.32% | 8.95% | 1.65% | (6.82)% | 9.78% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $2269 | $3438 | $3364 | $3364 | $3776 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.80% | 1.74% | 1.74% | 1.74% | 1.74% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.42% | 2.40% | 2.43% | 2.38% | 2.38% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 4.56% | 4.57% | 4.39% | 3.24% | 3.24% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.70% | 25.60% | 15.41% | 21.04% | 35.74% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity High Income Fund, Class I

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.41 | $7.12 | $7.32 | $8.13 | $7.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.42 | $0.40 | $0.38 | $0.33 | $0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.22 | 0.29 | (0.20) | (0.81) | 0.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.64 | $0.69 | $0.18 | $(0.48) | $0.83 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.42) | $(0.40) | $(0.38) | $(0.33) | $(0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.42) | $(0.40) | $(0.38) | $(0.33) | $(0.34) |
| **NET ASSET VALUE, END OF PERIOD** | $7.63 | $7.41 | $7.12 | $7.32 | $8.13 |
| Total Return (excludes any applicable sales charge) | 8.84% | 10.06% | 2.66% | (6.04)% | 11.04% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $21632 | $21185 | $22577 | $24286 | $26652 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.79% | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.41% | 1.40% | 1.43% | 1.38% | 1.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 5.57% | 5.57% | 5.39% | 4.24% | 4.24% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27.70% | 25.60% | 15.41% | 21.04% | 35.74% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $5.77 | $5.30 | $5.07 | $3.74 | $2.59 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.05 | $0.07 | $0.08 | $0.06 | $0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.74 | 0.47 | 0.23 | 1.33 | 1.15 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.79 | $0.54 | $0.31 | $1.39 | $1.19 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.04) | $(0.07) | $(0.08) | $(0.06) | $(0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.05) | $(0.07) | $(0.08) | $(0.06) | $(0.04 |
| **NET ASSET VALUE, END OF PERIOD** | $6.51 | $5.77 | $5.30 | $5.07 | $3.74 |
| Total Return (excludes any applicable sales charge) | 13.89% | 10.31% | 6.23% | 37.38% | 46.40 |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $81004 | $79047 | $87706 | $95211 | $80091 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.50% | 1.60% | 1.56% | 1.50% | 1.60 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 0.81% | 1.25% | 1.57% | 1.36% | 1.18 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 63.34% | 50.88% | 41.75% | 51.12% | 71.19 |

---

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class C

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $5.73 | $5.26 | $5.04 | $3.71 | $2.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.02 | $0.04 | $0.05 | $0.04 | $0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.73 | 0.47 | 0.22 | 1.32 | 1.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.75 | $0.51 | $0.27 | $1.36 | $1.16 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.02) | $(0.04) | $(0.05) | $(0.03) | $(0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.02 | $(0.04) | $(0.05) | $(0.03) | $(0.02 |
| **NET ASSET VALUE, END OF PERIOD** | $6.46 | $5.73 | $5.26 | $5.04 | $3.71 |
| Total Return (excludes any applicable sales charge) | 13.20 | 9.82% | 5.50% | 36.90% | 45.65 |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $2920 | $4426 | $6571 | $8893 | $9451 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 2.00 | 2.00% | 2.00% | 2.00% | 2.00 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 2.01 | 2.10% | 2.06% | 2.00% | 2.10 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 0.30 | 0.75% | 1.07% | 0.85% | 0.68 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 63.34 | 50.88% | 41.75% | 51.12% | 71.19 |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class I

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $5.72 | $5.25 | $5.03 | $3.71 | $2.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.08 | $0.09 | $0.10 | $0.08 | $0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.73 | 0.48 | 0.22 | 1.32 | 1.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.81 | $0.57 | $0.32 | $1.40 | $1.20 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.07) | $(0.10) | $(0.10) | $(0.08) | $(0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.08) | $(0.10) | $(0.10) | $(0.08) | $(0.06 |
| **NET ASSET VALUE, END OF PERIOD** | $6.45 | $5.72 | $5.25 | $5.03 | $3.71 |
| Total Return (excludes any applicable sales charge) | 14.42% | 10.96% | 6.65% | 38.17% | 47.12 |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $51274 | $39346 | $44404 | $42940 | $19839 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.00% | 1.10% | 1.06% | 1.00% | 1.08 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 1.31% | 1.75% | 2.07% | 1.86% | 1.68 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 63.34% | 50.88% | 41.75% | 51.12% | 71.19 |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Short Term Government Fund, Class A

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.52 | $8.23 | $8.43 | $8.98 | $9.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.31 | $0.30 | $0.00 | $0.07 | $0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.24 | 0.30 | (0.18 | (0.47) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.55 | $0.60 | $(0.18 | $(0.40) | $0.05 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.32) | $(0.31) | $(0.02 | $(0.15) | $(0.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.32) | $(0.31) | $(0.02 | $(0.15) | $(0.29) |
| **NET ASSET VALUE, END OF PERIOD** | $8.75 | $8.52 | $8.23 | $8.43 | $8.98 |
| Total Return (excludes any applicable sales charge) | 6.55% | 7.49% | (2.08) | (4.51)% | 0.50% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $462 | $275 | $308 | $703 | $724 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.80% | 0.80% | 0.80 | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 1.09% | 1.19% | 1.33 | 1.18% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.56% | 3.65% | (0.10) | 0.84% | 2.14% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 113.27% | 57.27% | 60.63 | 51.52% | 140.79% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**Financial Highlights**

Integrity Short Term Government Fund, Class I

*Selected per share data and ratios for the periods indicated*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>7/31/25 | Year<br>Ended<br>7/31/24 | Year<br>Ended<br>7/31/23 | Year<br>Ended<br>7/31/22 | Year<br>Ended<br>7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.53 | $8.24 | $8.44 | $8.98 | $9.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $0.33 | $0.32 | $0.01 | $0.09 | $0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.24 | 0.30 | (0.18) | (0.46) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | $0.57 | $0.62 | $(0.17) | $(0.37) | $0.07 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | $(0.34) | $(0.33) | $(0.03) | $(0.17) | $(0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | $(0.34) | $(0.33) | $(0.03) | $(0.17) | $(0.31) |
| **NET ASSET VALUE, END OF PERIOD** | $8.76 | $8.53 | $8.24 | $8.44 | $8.98 |
| Total Return (excludes any applicable sales charge) | 6.81% | 7.75% | (1.97)% | (4.18)% | 0.75% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in thousands) | $31916 | $16575 | $14704 | $19609 | $31576 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after waivers<sup>(3)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waivers | 0.84% | 0.94% | 1.08% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(3)</sup> | 3.81% | 3.90% | 0.15% | 1.09% | 2.38% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 113.27% | 57.27% | 60.63% | 51.52% | 140.79% |

---

 

<sup>(1)</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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, 2025

**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, 2025, 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, 2025, the aggregate remuneration paid by the Trust to the Independent Trustees was $67,540. In addition, for the fiscal year ended July 31, 2025, Brent M. Wheeler was paid by the Trust an aggregate amount of $94,530 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.

The Integrity Funds \| July 31, 2025

(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.

**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**

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| | | |
|:---|:---|:---|
| (a) | (1) | [The Registrant's code of ethics filed pursuant to Item 2 of the N-CSR is filed and attached hereto.](ea0257911-01_ex99codeeth.htm) |
|  | (2) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257911-01_ex99cert.htm) |
|  | (3) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257911-01_ex99906cert.htm) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0257911-01_ex99906cert.htm) |

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The Integrity Funds \| July 31, 2025

**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.

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| | |
|:---|:---|
| **The Integrity Funds** | **The Integrity Funds** |
| By: | /s/ Shannon D. Radke |
|  | Shannon D. Radke |
|  | Principal Executive Officer |

---

November 19, 2025

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.

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| | |
|:---|:---|
| By: | /s/ Shannon D. Radke |
|  | Shannon D. Radke |
|  | Principal Executive Officer |

---

November 19, 2025

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| | |
|:---|:---|
| By: | /s/ Shelly Nahrstedt |
|  | Shelly Nahrstedt |
|  | Principal Financial Officer |

---

November 19, 2025

The Integrity Funds \| July 31, 2025

## Ex-99.Code

**Exhibit 99.CODE ETH**

INTEGRITY VIKING FUNDS

CODE OF ETHICS

AND

STATEMENT ON INSIDER TRADING

CODE OF ETHICS

INTEGRITY VIKING FUNDS

Rule 17j-1 (the "Rule") under the Investment Company Act of 1940 (the "Act") requires registered investment companies ("investment companies") and their investment advisers, sub-advisers and principal underwriters to adopt written codes of ethics designed to prevent fraudulent trading by those persons covered under the Rule. The Rule also makes it unlawful for certain persons, including any officer or director of an investment company, in connection with the purchase or sale by such person of a security held or to be acquired by an investment company to:

(1) employ any device, scheme or artifice to defraud the investment company;

(2) make to the investment company any untrue statement of a material fact or omit to state to the investment company a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

(3) engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the investment company; or

(4) engage in any manipulative practice with respect to the investment company.

The Rule also requires that each investment company and its affiliates use reasonable diligence and institute procedures reasonably necessary to prevent violations of its code of ethics.

In addition to the Rule, the Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires that all investment advisers and broker-dealers establish, maintain, and enforce written policies and procedures designed to detect and prevent the misuse of material nonpublic information by such investment adviser and/or broker- dealer. Section 204A of the Investment Advisers Act of 1940 (the "Advisers Act") states that an investment adviser must adopt and disseminate written policies with respect to ITSFEA, and an investment adviser must also vigilantly review, update, and enforce them. Section 204A provides that every person subject to Section 204 of the Advisers Act shall be required to establish procedures to prevent insider trading.

Rule 204A-1 under the Investment Advisers Act of 1940 ("the Advisers Act"), which is effective February 1, 2005, requires registered investment advisers and sub-advisers to adopt written codes of ethics designed to prevent fraudulent trading by those persons covered under the Rule.

Attached to this Code of Ethics ("Code") as Exhibit A is a Statement on Insider Trading. Any investment adviser who acts as such for the Fund and any broker-dealer who acts as the principal underwriter for the Fund must comply with the policy and procedures outlined in the Statement on Insider Trading unless such investment adviser or principal underwriter has adopted a similar policy and procedures with respect to insider trading, which are determined by the Fund's Board to comply with ITSFEA's requirements.

This Code is being adopted by the Fund (1) for implementation with respect to covered persons of the Fund and (2) for implementation by each "investment adviser" to the Fund as that term is defined in the Act (each such investment adviser being deemed an "investment adviser" for purposes of this Code) and for each principal underwriter ("Principal Underwriter") for the Fund unless such Investment Adviser or Principal Underwriter has adopted a code of ethics and plan of implementation thereof which is determined by the Fund's Board to comply with the requirements of the Rule and to be sufficient to effectuate the purpose and objectives of the Rule.

The personal trading activity by access persons of unaffiliated sub-advisers shall be governed by the Code of Ethics and Statement on Insider Trading of the applicable sub- adviser, provided that each such sub-adviser's Code of Ethics meet the requirements of Rule 17j-1 under the 1940 Act, is in the best interests of the shareholders and is determined by the Fund's Board to comply with the requirements of the Rule and to be sufficient to effectuate the purpose and objectives of the Rule.

STATEMENT OF GENERAL PRINCIPLES

This Code is based on the principle that the officers, directors/trustees, and employees of the Fund and the officers, governors, and employees of the Fund's investment adviser owe a fiduciary duty to the shareholders of the Fund and, therefore, the Fund's and investment adviser's personnel must place the shareholders' interests ahead of their own. The Fund's and investment adviser's personnel must also avoid any conduct which could create a potential conflict of interest and must ensure that their personal securities transactions do not in any way interfere with the Fund's portfolio transactions and that they do not take inappropriate advantage of their positions. All persons covered by this Code must adhere to these general principles as well as the Code's specific provisions, procedures, and restrictions. In addition, all employees must comply with all other applicable federal securities laws.

DEFINITIONS

"Access Person" means any director/trustee, officer, employee, or Advisory Person of the Fund or those persons who have an active part in the management, portfolio selection, or underwriting functions of the Fund, or who, in the course of their normal duties, obtain prior information about the Fund's purchases or sales of securities (i.e. traders and analysts. The Access Persons of the firm are listed in Exhibit G.

"Advisory Person" With respect to an investment adviser, an Advisory Person means any governor, officer, general partner, or employee who, in connection with his/her regular functions or duties, makes, participates in, or obtains current information regarding the purchase or sale of a security by the Fund or whose functions relate to the making of any recommendations with respect to such purchases or sales, including any natural person in a control relationship to the Fund who obtains current information concerning recommendations made with regard to the purchase or sale of a security by the Fund. Under this definition, Advisory Person would include: (i) personnel with direct responsibility and authority to make investment decisions affecting a Fund (such as portfolio managers); (ii) personnel who provide information and advice to such portfolio managers (such as research/securities analysts); and (iii) personnel who assist in executing investment decisions for a Fund (such as traders).

For the purposes of this Code, an Advisory Person is also considered an Access Person.

"Non-Access Fund Personnel" are all other employees of Integrity Viking Funds not covered under any of the aforementioned classifications of personnel and, in most cases, do not have to pre-clear or report their security transactions.

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

"Board" means either the Board of Directors or the Board of Trustees, as the case may be, of the Fund.

"Fund" means any mutual fund or series of any mutual fund in the Integrity Viking Funds group, whether one or more funds or series of a Fund are involved.

"Portfolio Manager" means an employee of an investment adviser or sub-adviser entrusted with the direct responsibility and authority to make investment decisions affecting the Fund. The Portfolio Managers are listed in Exhibit H.

"Beneficial Ownership" is as defined in Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder which, generally speaking, encompass those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This includes:

(i) securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name, or otherwise, regardless of whether the securities are owned individually or jointly;

(ii) securities held in the name of a member of his or her immediate family sharing the same household;

(iii) securities held in the name of an investment club of which the person is a member;

(iv) securities held by a trustee, executor, administrator, custodian, or broker;

(v) securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general partner;

(vi) securities held by a corporation which can be regarded as a personal holding company of a person; and

(vii) securities recently purchased by a person and awaiting transfer into his or her name.

"Chief Compliance Officer" means a person appointed that title by the Board of Governors of the Investment Adviser pursuant to Rule 206(4)-7 under the Advisers Act or a person appointed that title by the Board of Directors/Trustees of a Fund pursuant to Rule 38a-1 under the Act and shall not include a Compliance Officer as defined herein.

"Covered Security" has the meaning set forth in Section 2(a) (36) of the Act, except that it does not include shares of registered open-end investment companies with the exception of the purchase and/or sale of fund shares of any of the Integrity Viking Funds, securities issued by the Government of the United States or by Federal agencies which are direct obligations of the United States, bankers' acceptances, bank certificates of deposits, and commercial paper. A future or an option on a future is deemed to be a security subject to this Code.

"Compliance Officer" means an employee of the Investment Adviser and/or Principal Underwriter of a Fund who has been appointed such position by the adviser or underwriter, but shall not include a Chief Compliance Officer as defined herein.

"Reportable Fund" means any Fund advised by the Investment Adviser, and any Fund whose Investment Adviser or Principal Underwriter is controlled by Corridor Investors, LLC, the parent company.

"Reportable Security" means any personal transaction in a covered security that must be reported to the Chief Compliance Officer of the Investment Adviser after execution of a trade (see Exhibit E for examples).

"Security Requiring Pre-clearance" means any personal transaction in a reportable covered security that must be pre-cleared by the Chief Compliance Officer of the Investment Adviser prior to execution of a trade (see Exhibit E for examples).

"Purchase or sale of a security" includes the writing of an option to purchase or sell a security.

A security is "being considered for purchase or sale" or is "being purchased or sold" when a recommendation to purchase or sell the security has been made by an investment adviser and such determination has been communicated to the Fund. With respect to the investment adviser making the recommendation, a security is being considered for purchase or sale when an officer, governor, or employee of such investment adviser seriously considers making such a recommendation.

Solely for purposes of this Code, any agent of the Fund charged with arranging the execution of a transaction is subject to the reporting requirements of this Code as to any such security as and from the time the security is identified to such agent as though such agent were an investment adviser hereunder.

Note: An officer or employee of the Fund or an investment adviser whose duties do not include the advisory functions described above, who does not have access to the advisory information contemplated above, and whose assigned place of employment is at a location where no investment advisory services are performed for the Fund is not an "Advisory Person" or an "Access Person" unless actual advance knowledge of a covered transaction is furnished to such person. Such personnel will be considered "Non-Access Fund Personnel" and will be subject to the requirements of this Code as such.

PROHIBITED TRANSACTIONS

Access Persons shall not engage in any act, practice, or course of conduct which would violate the provisions of the Rule set forth above. No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which, to his/her actual knowledge, at the time of such purchase or sale (i) is being considered for purchase or sale by the Fund, or (ii) is being purchased or sold by the Fund; except that the prohibitions of this section shall not apply to:

(1) purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control;

(2) purchases or sales which are nonvolitional on the part of either the Access Person or the Fund;

(3) purchases which are part of an automatic dividend reinvestment or other plan established by the Access Person prior to the time the security involved came within the purview of this Code;

(4) purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

(5) purchases or sales that are pre-cleared in writing and approved by the Chief Compliance Officer as (a) clearly not economically related to securities to be purchased or sold or held by the Fund and (b) not representing any danger of the abuses proscribed by Rule 17j-1 of the Act, but only after the prospective purchaser has identified to the Chief Compliance Officer all relevant factors of which he/she is aware of regarding any potential conflict between his/her transaction and securities held or to be held by the Fund.

PROHIBITED TRANSACTIONS BY ACCESS PERSONS

No Access Persons shall:

(a) acquire any securities in an initial public offering; or

(b) acquire securities in a private placement without prior written approval of the Chief Compliance Officer or other officer designated by the Board.

In considering a request to invest in a private placement, the Chief Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for the Fund and whether the opportunity is being offered to the Access Person by virtue of their position with the Fund. Should an Access Person be authorized to acquire securities through a private placement, they shall, in addition to reporting the transaction on the quarterly report to the Fund, disclose the interest in that investment to other Access Persons participating in that investment decision if and when they play a part in the Fund's subsequent consideration of an investment in that issuer. In such a case, the Fund's decision to purchase securities of that issuer will be subject to an independent review by an Access Person who has no personal interest in the issuer.

BLACKOUT PERIODS

No Access Person shall execute a securities transaction on a day during which the Fund has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, a Portfolio Manager is expressly prohibited from purchasing or selling a security within seven (7) calendar days before or after the Fund that he manages trades in that security.

The foregoing prohibition of personal transactions during the seven-day period following the execution of a transaction for the Fund shall not apply with respect to a security when the Portfolio Manager certifies in writing to the Chief Compliance Officer that the Fund's trading program in that security is complete. Each transaction authorized by the Chief Compliance Officer pursuant to this provision shall be reported to the Board by the Chief Compliance Officer at the Board's next regular meeting.

The prohibitions of this section shall not apply to:

(1) purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control if the person making the investment decision with respect to such account has no actual knowledge about the Fund's pending "buy" or "sell" order;

(2) purchases or sales which are nonvolitional on the part of either the Access Person or the Fund;

(3) purchases which are part of an automatic dividend reinvestment or other plan established by the Access Person prior to the time the security involved came within the purview of this Code; and

(4) purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

(5) purchases or sales that are pre-cleared in writing by the Chief Compliance Officer as (a) clearly not economically related to securities to be purchased or sold or held by the Fund and (b) not representing any danger of the abuses proscribed by Rule 17j-1 of the Act, but only after the prospective purchaser has identified to the Chief Compliance Officer all relevant factors of which he/she is aware of regarding any potential conflict between his/her transaction and securities held or to be held by the Fund.

PERSONAL INTEREST

No Advisory Person shall make a recommendation regarding the purchase or sale of a security for a Fund or participate in the discussions of the Portfolio Management Team with regard to the potential purchase or sale of a security for a Fund if that Advisory Person has a beneficial ownership interest in the same (or equivalent) securities of such issuer. Additionally, no Advisory Person shall place a portfolio trade for a Fund nor intentionally defer a recommendation to purchase or sell a portfolio security for purposes of personal gain.

SHORT-TERM TRADING

No Access Person shall profit from the purchase and sale or sale and purchase of the same (or equivalent) securities which are owned by the Fund or which are of a type suitable for purchase by the Fund within sixty (60) calendar days. Any profits realized on such short-term trades must be disgorged, and the profits will be paid to a charity selected by the Access Person and approved by the officers of the Fund. The Chief Compliance Officer or other officer designated by the Board may permit in writing exemptions to the prohibition of this section on a case-by-case basis when no abuse is involved and the equities of the circumstances support an exemption.

GIFTS

No Access Person shall accept a gift or other thing of more than one hundred dollars in value ("gift") from any person or entity that does business with or on behalf of the Fund if such gift is in relation to the business of the employer of the recipient of the gift. In addition, any Access Person who receives an unsolicited gift or a gift of an unclear status under this section shall promptly notify the Chief Compliance Officer and accept the gift only upon written approval of the Chief Compliance Officer.

SERVICE AS A DIRECTOR

No Access Person shall serve as a director of a publicly-traded company absent prior written authorization from the Fund Board based upon a determination that such board service would not be inconsistent with the interests of the Fund and its shareholders.

PRE-CLEARANCE AND REPORTING REQUIREMENTS

1. All Access Persons shall obtain prior authorization before executing a personal securities transaction in a Reportable Security requiring pre-clearance. Exhibit E attached to this Code provides a list of those securities that require pre-clearance. Access Persons must submit a Pre-clearance Form (Exhibit I) to the Chief Compliance Officer (or his designee), and the Chief Compliance Officer must give his authorization prior to an Access Person placing a purchase or sell order with a broker. Should the Chief Compliance Officer deny the request, he will give a reason for the denial. Approval of a request will remain valid for two (2) business days from the date of the approval.\*

\* The Board has determined that placement of a limit order constitutes a transaction requiring approval, and the limit order must be placed within two days from the date of approval. Implementation of a limit order in accordance with its approved terms is a ministerial act, which occurs in the future by the terms of the limit order and does not require approval. A change of terms in, or withdrawal of, a standing limit order is an investment decision for which clearance must be obtained.

2. All Access Persons shall instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. These documents will be utilized to monitor and maintain compliance with this Code.

3. Access Persons, other than directors/trustees and officers required to report their personal securities transactions to a registered investment adviser pursuant to Rule 204A-1 under the Advisers Act, as amended, shall submit quarterly transaction reports showing all transactions in reportable securities as defined herein in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership.

4. Each director/trustee who is not an "interested person" of the Fund as defined in the Act shall pre-clear and submit quarterly transaction reports as required under subparagraph 3 above, but only for transactions in reportable securities where at the time of the transaction the director knew, or in the ordinary course of fulfilling his/her official duties as a director/trustee should have known, that during the fifteen (15)-day period immediately preceding or following the date of the transaction by the director/trustee such security was purchased or sold by the Fund or was being considered for purchase or sale by the Fund or its investment adviser.

5. Every quarterly transaction report required to be made under subparagraphs 3 and 4 above shall be made not later than thirty (30) days after the end of the calendar quarter and shall cover all transactions during the quarter. The report shall contain the following information concerning any transaction required to be reported therein:

(a) the date of the transaction;

(b) the title and number of shares, and as applicable the exchange ticker symbol or CUSIP number;

(c) the principal dollar amount involved;

(d) the nature of the transaction (i.e. purchase, sale, or other type of acquisition or disposition);

(e) the price at which the transaction was effected;

(f) the name of the broker, dealer, or bank with or through whom the transaction was effected; and

(g) the date the report is submitted.

6. The Chief Compliance Officer shall identify all Access Persons and Non-Access Fund Personnel, who have a duty to make the reports required hereunder (as applicable), shall inform each such person of such duty, and shall receive and review all reports required hereunder.

7. Any employee or officer of a Fund or the Investment Adviser or Principal Underwriter of the Fund shall promptly report any violation he or she uncovers to the Chief Compliance Officer [Rule 204A-1(a)(4)]. The Chief Compliance Officer shall promptly report to the Fund's Board (a) any apparent violation of the prohibitions contained in this Code and (b) any reported transactions in a security which was purchased or sold by the Fund within fifteen (15) days before or after the date of the reported transaction.

9. This Code, a list of all persons required to make reports hereunder from time to time, a copy of each report made by Access Persons and Non-Access Fund Personnel (as applicable), each memorandum made by the Chief Compliance Officer hereunder, and a record of any violation hereof and any action taken as a result of such violation shall be maintained by the Investment Adviser or Fund as required under the Rule.

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| | |
|:---|:---|
| (a) | Initial Holdings Reports. |
|  | Upon the commencement of employment of a person who would be deemed to fall within the definition of "Access Person" (other than disinterested directors/trustees) that person must disclose all personal securities holdings to the Chief Compliance Officer. The Initial Holdings Report must be submitted to the Fund, investment adviser or principal underwriter no later than 10 days after the person becomes an access person, and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. |
| (b) | Annual Holdings Reports. |
|  | All Access Persons (other than disinterested directors/trustees) must report, on an annual basis, all personal securities holdings. The information included on the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the report is submitted. |
| (c) | Contents of Initial and Annual Holdings Reports. |
|  | Each holdings report must contain: |

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(i) the title and type of security, and as applicable the exchange ticker symbol or CUSIP number,

(ii) number of shares,

(iii) principal dollar amount of each reportable security in which the Access Person has any direct or indirect beneficial ownership;

(iv) the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

(v) the date the Access Person submits the report.

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| | |
|:---|:---|
| (d) | Annual Certification. |
|  | At least annually, all Access Persons and Non-Access Fund Personnel will be required to certify that they (a) have read and understand the Code; (b) recognize that they are subject to the requirements outlined therein; (c) have complied with the requirements of the Code; (d) have disclosed and reported all personal securities transactions involving reportable securities required to be disclosed; and |
| (e) | have disclosed all personal securities holdings. |

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| | |
|:---|:---|
| (e) | Annual Compliance Report. |
|  | The Chief Compliance Officer shall prepare an annual report to the Fund's Board. Such report shall (a) include a copy of the Fund's Code; (b) summarize existing procedures concerning personal investing and any changes in the Code's policies or procedures during the past year; (c) identify any violations of the Code; and (d) identify any recommended changes in existing restrictions, policies, or procedures based upon the Fund's experience under the Code, any evolving industry practices, or developments in applicable laws or regulations. |

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10. An Access Person need not submit:

(a) Any report with respect to securities held in accounts over which the Access Person had no direct or indirect influence or control; or

(b) A transaction report with respect to transactions effected pursuant to an automatic investment plan; or

(c) A transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Investment Adviser holds in his or her records so long as the Investment Adviser receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

Exhibit A

STATEMENT ON INSIDER TRADING

The Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires that all investment advisers and broker-dealers establish, maintain, and enforce written policies and procedures designed to detect and prevent the misuse of material nonpublic information by such investment adviser and/or broker-dealer or any person associated with the investment adviser and/or broker-dealer.

Section 204A of the Investment Advisers Act of 1940 (the "Advisers Act") states that an investment adviser must adopt and disseminate written policies with respect to ITSFEA, and an investment adviser must also vigilantly review, update, and enforce them. Section 204A provides that every person subject to Section 204 of the Advisers Act shall be required to establish procedures to prevent insider trading.

Each investment adviser which acts as such for the Fund and each broker-dealer which acts as principal underwriter for the Fund has adopted the following policy, procedures, and supervisory procedures in addition the Fund's Code of Ethics. Throughout this document the investment advisers and principal underwriters collectively are called the "Providers".

SECTION I. POLICY

The purpose of this Section 1 is to familiarize the officers, trustees/governors, and employees of the Providers with issues concerning insider trading and to assist them in putting into context the policy and procedures on insider trading.

Policy Statement:

No person to whom this Statement on Insider Trading applies, including officers, trustees/governors, and employees, may trade, either personally or on behalf of others (such as mutual funds and private accounts managed by a Provider) while in the possession of material nonpublic information; nor may any officer, trustee/governor, or employee of a Provider communicate material nonpublic information to others in violation of the law. This conduct is frequently referred to as "insider trading". This policy applies to every officer, trustee/governor, and employee of a Provider and extends to activities within and outside their duties as a Provider. It covers not only personal transactions of covered persons, but also indirect trading by family, friends, and others or the nonpublic distribution of inside information from you to others. Every officer, trustee/governor, and employee must read and retain a copy of this policy statement. Any questions regarding the policy and procedures should be referred to the Chief Compliance Officer.

The term "insider trading" is not defined in the Federal securities laws but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or the communications of material nonpublic information to others who may then seek to benefit from such information.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

(a) trading by an insider, while in possession of material nonpublic information, or

(b) trading by a non-insider, while in the possession of material nonpublic information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

(c) communicating material nonpublic information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below.

1. Who is an insider? The concept of "insider" is broad. It includes officers, trustees/governors, and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, an investment adviser may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed nonpublic information confidential, and the relationship must at least imply such a duty before the outsider will be considered an insider.

2. What is material information? Trading on inside information can be the basis for liability when the information is material. In general, information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that officers, trustees/governors, and employees should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

3. What is nonpublic information? Information is nonpublic until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public. (Depending on the nature of the information and the type and timing of the filing or other public release, it may be appropriate to allow for adequate time for the information to be "effectively" disseminated).

4. Reason for liability. (a) Fiduciary duty theory. In 1980 the Supreme Court found that there is no general duty to disclose before trading on material nonpublic information but that such a duty arises only where there is a direct or indirect fiduciary relationship with the issuer or its agents. That is, there must be a relationship between the parties to the transaction such that one party has a right to expect that the other party will disclose any material nonpublic information or refrain from trading. (b) Misappropriation theory. Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material nonpublic information that was stolen or misappropriated from any other person.

5. Penalties for insider trading. Penalties for trading on or communicating material nonpublic information are severe, both for individuals and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

\* civil injunctions

\* treble damages

\* disgorgement of profits

\* jail sentences

\* fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited

\* fines for the employer or other controlling person of up to the greater of $1 million or three times amount of the profit gained or loss avoided

In addition, any violation of this policy statement can be expected to result in serious sanctions by a Provider, including dismissal of the persons involved.

SECTION II. PROCEDURES

The following procedures have been established to aid the officers, trustees/governors, and employees of a Provider in avoiding insider trading and to aid in preventing, detecting, and imposing sanctions against insider trading. Every officer, trustee/governor, and employee of a Provider must follow these procedures or risk serious sanctions including dismissal, substantial personal liability, and/or criminal penalties. If you have any questions about these procedures, you should consult the Chief Compliance Officer.

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|:---|:---|:---|
| 1. | Identifying inside information. Before trading for yourself or others, including investment companies or private accounts managed by a Provider, in the securities of a company about which you may have potential inside information, ask yourself the following questions: | Identifying inside information. Before trading for yourself or others, including investment companies or private accounts managed by a Provider, in the securities of a company about which you may have potential inside information, ask yourself the following questions: |
|  | (i.) | Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed? |
|  | (ii.) | Is the information nonpublic? To whom has this information been provided? Has the information been effectively communicated to the marketplace by being published in Reuters, The Wall Street Journal, or other publications of general circulation? |
|  | If, after consideration of the above, you believe that the information is material and nonpublic or if you have questions as to whether the information is material and nonpublic, you should take the following steps: | If, after consideration of the above, you believe that the information is material and nonpublic or if you have questions as to whether the information is material and nonpublic, you should take the following steps: |
|  | (a) | Report the matter immediately to the Chief Compliance Officer. |
|  | (b) | Do not purchase or sell the security on behalf of yourself or others, including investment companies or private accounts managed by a Provider. |
|  | (c) | Do not communicate the information to anybody, other than the Chief Compliance Officer. |

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|:---|:---|:---|
|  | (d) | After the Chief Compliance Officer has reviewed the issue, you will be instructed to either continue the prohibitions against trading and communication or you will be allowed to communicate the information and then trade. |
| 2. | Personal security trading. All officers, trustees/governors, and employees of a Provider (other than officers, trustees/governors, and employees who are required to report their securities transactions to a registered investment company in accordance with a Code of Ethics) shall submit to the Chief Compliance Officer, on a quarterly basis or at such lesser intervals as may be required from time to time, a report of every reportable securities transaction in which they, their families (including the spouse, minor children, and adults living in the same household as the officer, trustee/governor, or employee), and trusts of which they are trustees or in which they have a beneficial interest have participated. The report shall include the name of the security, date of the transaction, quantity, price, and broker-dealer through which the transaction was effected. All officers, trustees/governors, and employees must also instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. | Personal security trading. All officers, trustees/governors, and employees of a Provider (other than officers, trustees/governors, and employees who are required to report their securities transactions to a registered investment company in accordance with a Code of Ethics) shall submit to the Chief Compliance Officer, on a quarterly basis or at such lesser intervals as may be required from time to time, a report of every reportable securities transaction in which they, their families (including the spouse, minor children, and adults living in the same household as the officer, trustee/governor, or employee), and trusts of which they are trustees or in which they have a beneficial interest have participated. The report shall include the name of the security, date of the transaction, quantity, price, and broker-dealer through which the transaction was effected. All officers, trustees/governors, and employees must also instruct their brokers to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts. |
| 3. | Restricting access to material nonpublic information. Any information in your possession that you identify as material and nonpublic may not be communicated other than in the course of performing your duties to anyone, including persons within the company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be restricted. | Restricting access to material nonpublic information. Any information in your possession that you identify as material and nonpublic may not be communicated other than in the course of performing your duties to anyone, including persons within the company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be restricted. |
| 4. | Resolving issues concerning insider trading. If, after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Chief Compliance Officer before trading or communicating the information to anyone. | Resolving issues concerning insider trading. If, after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Chief Compliance Officer before trading or communicating the information to anyone. |

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SECTION III. SUPERVISION

The role of the Chief Compliance Officer is critical to the implementation and maintenance of this Statement on Insider Trading. These supervisory procedures can be divided into two classifications: (1) the prevention of insider trading, and (2) the detection of insider trading.

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| | | | |
|:---|:---|:---|:---|
| 1. | Prevention of insider trading: | Prevention of insider trading: | Prevention of insider trading: |
|  | To prevent insider trading, the Chief Compliance Officer should: | To prevent insider trading, the Chief Compliance Officer should: | To prevent insider trading, the Chief Compliance Officer should: |
|  | (a) | answer promptly any questions regarding the Statement on Insider Trading; | answer promptly any questions regarding the Statement on Insider Trading; |
|  | (b) | resolve issues of whether information received by an officer, trustee/governor, or employee is material and nonpublic; | resolve issues of whether information received by an officer, trustee/governor, or employee is material and nonpublic; |
|  | (c) | review and ensure that officers, trustees, and employees review, at least annually, and update as necessary, the Statement on Insider Trading; and | review and ensure that officers, trustees, and employees review, at least annually, and update as necessary, the Statement on Insider Trading; and |
|  | (d) | when it has been determined that an officer, trustee/governor, or employee has material nonpublic information, | when it has been determined that an officer, trustee/governor, or employee has material nonpublic information, |
|  |  | (i) | implement measures to prevent dissemination of such information, and |
|  |  | (ii) | if necessary, restrict officers, trustees/governors, and employees from trading the securities. |
| 2. | Detection of insider trading: | Detection of insider trading: | Detection of insider trading: |
|  | To detect insider trading, the Chief Compliance Officer should: | To detect insider trading, the Chief Compliance Officer should: | To detect insider trading, the Chief Compliance Officer should: |
|  | (a) | review the trading activity reports filed by each officer, trustee/governor, and employee to ensure no trading took place in securities in which the Provider has material nonpublic information; | review the trading activity reports filed by each officer, trustee/governor, and employee to ensure no trading took place in securities in which the Provider has material nonpublic information; |
|  | (b) | review the trading activity of the mutual funds managed by the investment adviser and the mutual funds for which the broker-dealer acts as principal underwriter; and | review the trading activity of the mutual funds managed by the investment adviser and the mutual funds for which the broker-dealer acts as principal underwriter; and |
|  | (c) | coordinate, if necessary, the review of such reports with other appropriate officers, trustees, or employees of a Provider and the Fund. | coordinate, if necessary, the review of such reports with other appropriate officers, trustees, or employees of a Provider and the Fund. |

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|:---|:---|:---|
| 3. | Special reports to management: | Special reports to management: |
|  | Promptly upon learning of a potential violation of the Statement on Insider Trading, the Chief Compliance Officer must prepare a written report to management of the Provider and provide a copy of such report to the Board providing full details and recommendations for further action. | Promptly upon learning of a potential violation of the Statement on Insider Trading, the Chief Compliance Officer must prepare a written report to management of the Provider and provide a copy of such report to the Board providing full details and recommendations for further action. |
| 4. | Annual reports: | Annual reports: |
|  | On an annual basis, the Chief Compliance Officer of each Provider will prepare a written report to the management of the Provider and provide a copy of such report to the Board setting forth the following: | On an annual basis, the Chief Compliance Officer of each Provider will prepare a written report to the management of the Provider and provide a copy of such report to the Board setting forth the following: |
|  | (a) | a summary of the existing procedures to detect and prevent insider trading; |
|  | (b) | full details of any investigation, either internal or by a regulatory agency, of any suspected insider trading and the results of such investigation; and |
|  | (c) | an evaluation of the current procedures and any recommendations for improvement. |

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Exhibit B

INTEGRITY VIKING FUNDS

CODE OF ETHICS

INITIAL REPORT

To the Chief Compliance Officer of Viking Fund Management:

1. I hereby acknowledge receipt of a copy of the Code of Ethics for Integrity Viking Funds.

2. I have read and understand the Code and recognize that I am subject thereto in the capacity of "Access Person."

3. Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

4. As of the date below, I had a direct or indirect beneficial ownership in the following securities:

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| | | | |
|:---|:---|:---|:---|
| Ticker or Title<br> <u>Symbol of Security</u> | <br> <u>Number of Shares</u> | Principal ($) Amount<br> <u>of Shares Held</u> | Broker/Dealer or Bank<br> <u>Maintaining Account</u> |

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Date:   Signature:   <br>Print Name:  

Exhibit C

INTEGRITY VIKING FUNDS

CODE OF ETHICS

ANNUAL REPORT

To the Chief Compliance Officer of Viking Fund Management:

1. I have read and understand the Code of Ethics and recognize that I am subject thereto in the capacity of "Access Person."

2. I hereby certify that during the year ended December 31, 2022, I have complied with requirements of the Code, and I have reported all securities transactions required to be reported pursuant to the Code.

3. Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

4. As of December 31, 2022, I had a direct or indirect beneficial ownership in the following securities:

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| | | | |
|:---|:---|:---|:---|
| Ticker or Title<br> <u>Symbol of Security</u> | <br> <u>Number of Shares</u> | Principal ($) Amount<br> <u>of Shares Held</u> | Broker/Dealer or Bank<br> <u>Maintaining Account</u> |

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Date:   Signature:   <br>Print Name:  

Exhibit D

INTEGRITY VIKING FUNDS

Securities Transactions Report

For the Calendar Quarter Ended: December 31, 2022

To the Chief Compliance Officer of Viking Fund Management:

During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics adopted by Integrity Viking Funds.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security | &nbsp;&nbsp;Date of<br> Transaction | &nbsp;&nbsp;No. of Shares | &nbsp;&nbsp;Dollar Amount <br> of Transaction | &nbsp;&nbsp;Nature of<br> Transaction<br> (buy, sell, etc.) | &nbsp;&nbsp;Price | &nbsp;&nbsp;Broker/Dealer or<br> Bank Through<br> Whom Effected |

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This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Except as noted on the reverse side of this report, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve Integrity Viking Funds, such as the existence of any economic relationship between my transactions and securities held or to be acquired by Integrity Viking Funds.

Date:   Signature:   <br>Print Name:  

Exhibit E

Reportable Securities and Securities Requiring Pre-Clearance

The following table illustrates the types of securities that are generally considered to be "reportable securities" and/or "securities requiring pre-clearance" when being considered for purchase or sale by an Access Person. This table does not contain an all-inclusive list of the aforementioned securities, and under certain circumstances, securities which might ordinarily not require pre-clearance may have to be pre-cleared. For this reason, any doubts or questions you may have should be directed to the Chief Compliance Officer of Viking Fund Management or his designee for clarification.

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| | | |
|:---|:---|:---|
| Types of Securities | &nbsp;&nbsp;&nbsp;Reportable Securities | Securities <br> Requiring<br> Pre-Clearance |
| &nbsp;&nbsp;Municipal bonds, notes and debentures | Yes | Yes |
| &nbsp;&nbsp;Corporate bonds, notes and debentures | Yes | Yes |
| &nbsp;&nbsp;Direct obligations of the Government of the United States | No | No |
| &nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements | No | No |
| &nbsp;&nbsp;Shares issued by open-end Funds (other than Reportable Funds) | No | No |
| &nbsp;&nbsp;Shares issued by Reportable Funds | Yes | No |
| &nbsp;&nbsp;Shares issued by closed-end Funds | Yes | No |
| &nbsp;&nbsp;Options on a stock market index and options on futures | Yes | Yes |
| &nbsp;&nbsp;Securities acquired upon merger, recapitalizations or non- volitional transactions | Yes | No |
| &nbsp;&nbsp;IPOs or private placement securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All securities not previously mentioned, including but not limited to:<br> - equity stock (common, preferred and options)<br> - foreign securities<br> - ETF's<br> - limited partnership interests<br> - rights and warrants<br> - securities acquired through exercise of rights, warrants and options | Yes | Yes |

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Exhibit F

**<u>List of Integrity Viking Funds</u>**

**<u>The Integrity Funds</u>**

Integrity Growth & Income Fund

Integrity High Income Fund

Integrity Mid-North American Resources Fund

Integrity Dividend Harvest Fund

Integrity Short Term Government Fund

Integrity Dividend Summit Fund

**<u>Viking Mutual Funds</u>**

Viking Tax-Free Fund for Montana

Viking Tax-Free Fund for North Dakota

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

Oklahoma Municipal Fund

Exhibit G

**<u>List of Access and Non-Access Persons</u>**

<u>Access Persons:</u>

Compliance

Portfolio Managers

Pricing Analyst(s)

Interested Fund Trustees/Officers

Corporate Accounting

Fund Accounting

Information Services

Research Analysts/Product Specialist(s)

<u>Non-Access Fund Personnel:</u>

Independent Fund Trustees

Human Resources

Transfer Agency

Marketing

Graphics

Fund Administration Specialist

Wholesalers (Internal/External)

Exhibit H

**<u>List of Portfolio Managers</u>**

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| | |
|:---|:---|
| <u>The Integrity Funds</u> |  |
| Integrity Growth & Income Fund | Josh Larson |
|  | Trey Welstad |
| Integrity Mid-North American Resources Fund | Shannon Radke |
|  | Mike Morey |
| Integrity Dividend Harvest Fund | Shannon Radke |
|  | Josh Larson |
|  | Mike Morey |
|  | Trey Welstad |
| Integrity Dividend Summit Fund | Shannon Radke |
|  | Josh Larson |
|  | Mike Morey |
|  | Trey Welstad |
| <u>Viking Mutual Funds</u> |  |
| Viking Tax-Free Fund for Montana | Larson/Radke |
| Viking Tax-Free Fund for North Dakota | Larson/Radke |
| Kansas Municipal Fund | Larson/Radke |
| Maine Municipal Fund | Larson/Radke |
| Nebraska Municipal Fund | Larson/Radke |
| Oklahoma Municipal Fund | Larson/Radke |

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**<u>Sub-Adviser Portfolio Managers</u>**

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|:---|:---|
| <u>The Integrity Funds</u> |  |
| Integrity High Income Fund | Rob Cook/Thomas Hauser |
| Integrity Short Term Government Fund | Lu/Clancy/Persoons |

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Exhibit I

SECURITY TRANSACTION PRE-CLEARANCE FORM

(1) Name of Access Person requesting authorization: <u> </u> 

(2) Transaction Type: Purchase <u> </u> Sale <u> </u> Other <u> </u> 

(3) Name of security: <u> </u> 

(4) Quantity (shares/units) to be purchased or sold: <u> </u> 

(5) Registration to be listed on security: <u> </u> 

(6) B/D transaction to be placed through: <u> </u> 

(7) Do you possess any material nonpublic information regarding the security or the issuer of the security? ☐ Yes <br>
☐ No<br>
☐ N/A

(8) To your knowledge, are the securities or "equivalent" securities (i.e., securities issued by the
same issuer) held by any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(9) To your knowledge, are there any outstanding purchase or sell orders for this security (or any equivalent
security) by any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(10) To your knowledge, are the securities (or equivalent securities) being considered for purchase or sale by
any Fund? ☐ Yes <br>
☐ No<br>
☐ N/A

(11) Are the securities being acquired in
an Initial Public Offering or Private Placement? ☐ Yes <br>
☐ No<br>
☐ N/A

(12) Has any account you managed, purchased or sold these securities (or equivalent securities) within the past
seven calendar days or do you expect the account to purchase or sell these securities (or equivalent securities) within seven calendar
days after your purchase or sale? ☐ Yes <br>
☐ No<br>
☐ N/A

(13) Have you purchased or sold these securities
(or equivalent securities) in the prior 60 days? ☐ Yes <br>
☐ No

NOTE: Duplicate confirmations and statements are requested for all transactions.

    <br> Requesting Party Signature Print Name

Authorized by:   Date:  

Comments:

Revised form 11/22/10

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATION</u>**

I, Shannon D. Radke, certify that:

1. I have reviewed this report on Form N-CSR/A of The Integrity Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal year ended July 31, 2025 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2025

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| |
|:---|
| /s/ Shannon D. Radke |
| Shannon D. Radke |
| Principal Executive Officer |

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**<u>CERTIFICATION</u>**

I, Shelly Nahrstedt, certify that:

1. I have reviewed this report on Form N-CSR/A of The Integrity Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fiscal year ended July 31, 2025 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2025

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| |
|:---|
| /s/ Shelly Nahrstedt |
| Shelly Nahrstedt |
| Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Name of Registrant: <u>The Integrity Funds</u>

Date of Form N-CSR: <u>July 31, 2025</u>

The undersigned, the principal executive officer of The Integrity Funds (the "Registrant"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 19<sup>th</sup> day of November, 2025.

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|:---|
| /s/ Shannon D. Radke |
| Shannon D. Radke |
| Principal Executive Officer |

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The undersigned, the principal financial officer of the Registrant, hereby certifies that, with respect to the Form N-CSR referred to above, to the best of her knowledge and belief, after reasonably inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 19<sup>th</sup> day of November, 2025.

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| |
|:---|
| /s/ Shelly Nahrstedt |
| Shelly Nahrstedt |
| Principal Financial Officer |

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