0001193125-13-000603.txt : 20130102 0001193125-13-000603.hdr.sgml : 20130101 20130102132754 ACCESSION NUMBER: 0001193125-13-000603 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130102 DATE AS OF CHANGE: 20130102 EFFECTIVENESS DATE: 20130102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRITY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000866841 IRS NUMBER: 481084551 STATE OF INCORPORATION: KS FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-36324 FILM NUMBER: 13501122 BUSINESS ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 BUSINESS PHONE: 7018525292 MAIL ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 FORMER COMPANY: FORMER CONFORMED NAME: RANSON MANAGED PORTFOLIOS DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRITY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000866841 IRS NUMBER: 481084551 STATE OF INCORPORATION: KS FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06153 FILM NUMBER: 13501123 BUSINESS ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 BUSINESS PHONE: 7018525292 MAIL ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 FORMER COMPANY: FORMER CONFORMED NAME: RANSON MANAGED PORTFOLIOS DATE OF NAME CHANGE: 19920703 0000866841 S000000142 Kansas Municipal Fund C000000311 Class A KSMUX C000110208 C000000311 0000866841 S000000144 Maine Municipal Fund C000000313 Class A MEMUX C000110210 C000000313 0000866841 S000000145 Nebraska Municipal Fund C000000314 Class A NEMUX C000110211 C000000314 0000866841 S000000146 New Hampshire Municipal Fund C000000315 Class A NHMUX C000110212 C000000315 0000866841 S000000147 Oklahoma Municipal Fund C000000316 Class A OKMUX C000110213 C000000316 485BPOS 1 d459749d485bpos.htm 485BPOS 485BPOS

As filed with the Securities and Exchange Commission on January 2, 2013

1933 Act Registration Number: 033-36324

1940 Act Registration Number: 811-06153

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933   x
   Pre-Effective Amendment No.   ¨
   Post-Effective Amendment No. 66   x
   and/or  
  

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

   x

Amendment No. 67

(Check appropriate box or boxes.)

 

 

Integrity Managed Portfolios

(Exact name of Registrant as Specified in Charter)

 

 

 

1 North Main Street, Minot, North Dakota   58703
(Address of principal offices)   (Zip code)

Registrant’s Telephone Number, Including Area Code 701-852-5292

Shannon D. Radke, 1 North Main Street, Minot, ND 58703

(Name and Address of Agent for Service)

 

 

With Copies to:

Felice R. Foundos, Chapman and Cutler LLP, 111 West Monroe Street, Chicago, IL 60603-4080

Approximate Date of Proposed Public Offering As soon as practicable after effectiveness

It is proposed that this filing will become effective (check appropriate box)

 

  x immediately upon filing pursuant to paragraph (b)
  ¨ on (date), pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ on (date), pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on (date), pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Title of Securities Being Registered:                     Shares of Beneficial  Interest

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment Number 66 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minot and the State of North Dakota on the 2nd day of January, 2013.

 

INTEGRITY MANAGED PORTFOLIOS
By:  

/s/ Shannon D. Radke

      Shannon D. Radke
      President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment Number 66 to the Registration Statement has been signed below by the following persons in the capacities indicated on January 2, 2013:

 

Signature

  

Title

/s/ Shannon D. Radke

   President
     Shannon D. Radke   (Principal Executive Officer)

/s/ Adam Forthun

   Treasurer
     Adam Forthun   (Principal Financial and Accounting Officer)
Robert E. Walstad*   Trustee and Chairman of the Board   )      
Jerry M. Stai*   Trustee   )   By:  

/s/ Shannon D. Radke

Orlin W. Backes*   Trustee   )          Shannon D. Radke
R. James Maxson*   Trustee   )          Attorney-in-Fact

*An original power of attorney authorizing Shannon D. Radke to execute any amendment to Registration Statement No. 033-36324 for each of the trustees of the Registrant on whose behalf this Post-Effective Amendment No. 66 to the Registration Statement has been executed and previously filed with the Securities and Exchange Commission.

EXHIBIT LISTING

 

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EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
EX-101.CAL    XBRL Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
 EX-101.INS 2 imp1-20121128.xml XBRL INSTANCE DOCUMENT 0000866841 imp1:S000000142Member 2011-12-01 2012-11-30 0000866841 2011-12-01 2012-11-30 0000866841 imp1:S000000144Member 2011-12-01 2012-11-30 0000866841 imp1:S000000144Member imp1:C000000313Member 2011-12-01 2012-11-30 0000866841 imp1:S000000142Member imp1:C000000311Member 2011-12-01 2012-11-30 0000866841 imp1:S000000144Member rr:AfterTaxesOnDistributionsMember imp1:C000000313Member 2011-12-01 2012-11-30 0000866841 imp1:S000000144Member rr:AfterTaxesOnDistributionsAndSalesMember imp1:C000000313Member 2011-12-01 2012-11-30 0000866841 imp1:S000000144Member imp1:BarclaysCapitalMunicipalBondIndexMember 2011-12-01 2012-11-30 0000866841 imp1:S000000142Member rr:AfterTaxesOnDistributionsMember imp1:C000000311Member 2011-12-01 2012-11-30 0000866841 imp1:S000000142Member rr:AfterTaxesOnDistributionsAndSalesMember imp1:C000000311Member 2011-12-01 2012-11-30 0000866841 imp1:S000000142Member imp1:BarclaysCapitalMunicipalBondIndexMember 2011-12-01 2012-11-30 0000866841 imp1:S000000147Member 2011-12-01 2012-11-30 0000866841 imp1:S000000147Member imp1:C000000316Member 2011-12-01 2012-11-30 0000866841 imp1:S000000147Member rr:AfterTaxesOnDistributionsMember imp1:C000000316Member 2011-12-01 2012-11-30 0000866841 imp1:S000000147Member rr:AfterTaxesOnDistributionsAndSalesMember imp1:C000000316Member 2011-12-01 2012-11-30 0000866841 imp1:S000000147Member imp1:BarclaysCapitalMunicipalBondIndexMember 2011-12-01 2012-11-30 0000866841 imp1:S000000145Member 2011-12-01 2012-11-30 0000866841 imp1:S000000146Member 2011-12-01 2012-11-30 0000866841 imp1:S000000146Member imp1:C000000315Member 2011-12-01 2012-11-30 0000866841 imp1:S000000145Member imp1:C000000314Member 2011-12-01 2012-11-30 0000866841 imp1:S000000146Member rr:AfterTaxesOnDistributionsMember imp1:C000000315Member 2011-12-01 2012-11-30 0000866841 imp1:S000000146Member rr:AfterTaxesOnDistributionsAndSalesMember imp1:C000000315Member 2011-12-01 2012-11-30 0000866841 imp1:S000000146Member imp1:BarclaysCapitalMunicipalBondIndexMember 2011-12-01 2012-11-30 0000866841 imp1:S000000145Member rr:AfterTaxesOnDistributionsMember imp1:C000000314Member 2011-12-01 2012-11-30 0000866841 imp1:S000000145Member rr:AfterTaxesOnDistributionsAndSalesMember imp1:C000000314Member 2011-12-01 2012-11-30 0000866841 imp1:S000000145Member imp1:BarclaysCapitalMunicipalBondIndexMember 2011-12-01 2012-11-30 pure iso4217:USD <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleShareholderFeesKansasMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualFundOperatingExpensesKansasMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleExpenseExampleTransposedKansasMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualTotalReturnsKansasMunicipalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedKansasMunicipalFund column period compact * ~</div> 485BPOS 2012-07-31 INTEGRITY MANAGED PORTFOLIOS 0000866841 false 2012-11-28 2012-11-30 2012-11-30 <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleShareholderFeesMaineMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualFundOperatingExpensesMaineMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleExpenseExampleTransposedMaineMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedMaineMunicipalFund column period compact * ~</div> <b>KANSAS MUNICIPAL FUND&#8212;FUND SUMMARY</b> <b>MAINE MUNICIPAL FUND&#8212;FUND SUMMARY</b> <b>Investment Objectives</b> <b>Investment Objectives</b> The Fund seeks to provide its shareholders with as high a level of current income that is exempt from both federal income tax and Kansas income tax as is consistent with preservation of capital. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. The Fund seeks a high level of current income exempt from both federal income tax and Maine state income tax (other than the alternative minimum tax ("AMT")) without assuming undue risk. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. 50000 <b>Shareholder Fees</b> (fees paid directly from your investment) 0.0375 0.01 0 0 0 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.0025 0.0054 0.0129 -0.0021 0.0108 0.0375 0.01 0 0 0 November 29, 2013 <b>Example</b> This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) 482 755 1058 1955 <b>Portfolio Turnover</b> 0.005 0.0025 0.0043 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1.87% of the average value of its portfolio. 0.0118 -0.001 0.0108 0.0187 <b>Principal Investment Strategies</b> The Fund purchases Maine municipal bonds that, at the time of purchase, are either rated investment grade (BBB- or higher) by at least one independent ratings agency or, if non-rated, have been judged by the Fund's investment adviser to be of comparable quality. The Fund is non-diversified and may invest more of its assets in a single issuer than a diversified mutual fund. The expected average dollar weighted maturity of the Fund's portfolio is between 5 and 20 years.<br/><br/>To pursue its objective, the Fund normally invests at least 80% of its assets (including any borrowings for investment purposes) in municipal securities that pay interest free from federal income taxes and Maine personal income taxes (excluding AMT). The Fund may invest up to 100% of its assets in municipal securities that pay interest subject to the AMT. Municipal securities generally include debt obligations issued by the state of Maine and its political subdivisions, municipalities, agencies and authorities, and debt obligations issued by U.S. territories and possessions.<br/><br/>State and local governments, their agencies and authorities issue municipal securities to borrow money for various public and private projects. Municipal securities pay a fixed, floating, or variable rate of interest and require the amount borrowed (principal) to be repaid at maturity.<br/><br/>The Fund may invest up to 30% of its total assets in U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), the interest on which is exempt from federal income taxes.<br/><br/>The Fund's investment adviser uses a value-oriented strategy and looks for higher-yielding municipal bonds that offer the potential for above-average return. To assess a bond's investment potential, the Fund's investment adviser considers the bond's yield, price, credit quality, and future prospects. The Fund's investment adviser will consider selling a municipal bond with deteriorating credit or limited upside potential compared to other available bonds. <b>Example</b> <b>Principal Risks</b> This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 482 732 1008 1829 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11.46% of the average value of its portfolio. <b>Principal Investment Strategies</b> The Fund purchases Kansas municipal bonds that, at the time of purchase, are either rated investment grade (BBB- or higher) by at least one independent ratings agency, or, if non-rated, have been judged by the Fund's investment adviser to be of comparable quality. The Fund is non-diversified and may invest more of its assets in a single issuer than a diversified mutual fund. The expected average dollar weighted maturity of the Fund's portfolio is between 10 and 25 years.<br/><br/>To pursue its objective, the Fund normally invests at least 80% of its assets (including any borrowings for investment purposes) in municipal securities that pay interest free from federal income taxes and Kansas personal income taxes (excluding alternative minimum tax ("AMT")). The Fund may invest up to 100% of its assets in municipal securities that pay interest subject to the AMT. Municipal securities generally include debt obligations issued by the state of Kansas and its political subdivisions, municipalities, agencies and authorities, and debt obligations issued by U.S. territories and possessions.<br/><br/>State and local governments, their agencies and authorities issue municipal securities to borrow money for various public and private projects. Municipal securities pay a fixed, floating, or variable rate of interest and require the amount borrowed (principal) to be repaid at maturity.<br/><br/>The Fund may invest up to 15% of its total assets in U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), the interest on which is exempt from federal income taxes.<br/><br/>The Fund's investment adviser uses a value-oriented strategy and looks for higher-yielding municipal bonds that offer the potential for above-average return. To assess a bond's investment potential, the Fund's investment adviser considers the bond's yield, price, credit quality, and future prospects. The Fund's investment adviser will consider selling a municipal bond with deteriorating credit or limited upside potential compared to other available bonds. <b>Principal Risks</b> <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.</b><br/><br/><b>General risk.</b> There is no assurance that the Fund will meet its investment objective. The Fund's share price, and the value of your investment, may change. When the value of the Fund's investments goes down, so does its share price. Since the value of the Fund's shares can go up or down, it is possible to lose money by investing in the Fund.<br/><br/><b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer.<br/><br/><b>Municipal volatility risk.</b> The municipal market can be significantly affected by a number of factors, including adverse tax, legislative or political changes, changes in interest rates, general economic and market conditions, and the financial condition of the issuers of municipal securities.<br/><br/><b>Single state risk.</b> Because the Fund invests primarily in Maine bonds, it is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer or issuers of Maine bonds in which it invests. Investing primarily in a single state makes the Fund more sensitive to risks specific to the state. Investing a significant portion of its assets in the municipal securities of U.S. territories and possessions also makes the Fund more sensitive to risks specific to such U.S. territories and possessions.<br/><br/><b>Interest rate risk.</b> When interest rates rise, debt security prices fall. When interest rates fall, debt security prices go up. Securities with longer maturities and funds with longer weighted average maturities generally are more sensitive to interest rate changes and have greater interest rate risk.<br/><br/><b>Income risk.</b> The income from the Fund's portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market rates that are below the portfolio's current earnings rate.<br/><br/><b>Maturity risk.</b> Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities.<br/><br/><b>Credit risk.</b> Credit risk is the possibility that an issuer will be unable to make interest payments or repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect its value. Securities supported by insurance or other credit enhancements also have the credit risk of the entity providing the insurance or other credit support. Changes in the credit quality of the insurer or other credit provider could affect the value of the security and the Fund's share price. Not all securities are rated. In the event that rating agencies assign different ratings to the same security, the Fund's investment adviser may rely on the higher rating. Credit risks associated with certain particular classifications of municipal securities include:<blockquote><b>General Obligation Bonds</b>&#8212;Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.<br/><br/><b>Revenue Bonds</b>&#8212;Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.<br/><br/><b>Private Activity Bonds</b>&#8212;Municipalities and other public authorities issue private activity bonds to finance development of facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.</blockquote><b>Municipal insurance risk.</b> The Fund's investments may include investments in insured municipal securities. Municipal security insurance does not guarantee the value of either individual municipal securities or of shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Adverse developments in the bond insurance industry may negatively affect the value of the Fund's insured municipal securities (if any) and the Fund. Because a significant portion of the municipal securities issued and outstanding are insured by a small number of insurance companies, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. The value of a municipal security may be affected by the credit standing of its insurer. If the credit quality of an insurer is downgraded, the rating on a municipal security insured by such insurer may also be downgraded. This may, in turn, sharply reduce and in some cases eliminate the value provided by insurance. Moreover, having multiple securities insured by the same insurer will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such insurer.<br/><br/><b>Call risk.</b> Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.<br/><br/><b>Extension risk.</b> Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.<br/><br/><b>Portfolio strategy risk.</b> The investment adviser's skill in choosing appropriate investments for the Fund will determine in part the Fund's ability to achieve its investment objective.<br/><br/><b>Inflation risk.</b> There is a possibility that the rising prices of goods and services may have the effect of offsetting the Fund's real return. This is likely to have a greater impact on the returns of bond funds and money market funds, which historically have had more modest returns in comparison to equity funds. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions.<br/><br/><b>Tax risk.</b> Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the AMT.<br/><br/><b>Municipal sector risk.</b> The Fund may invest more than 25% of its total assets in municipal securities that finance, or pay interest from the revenues of, similar projects that tend to be impacted the same or similar ways by economic, business or political developments, which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.<br/><br/><b>Risks of transportation revenue bonds.</b> The Fund may invest in transportation revenue bonds. Transportation debt may be issued to finance the construction of airports, toll roads, highways, or other transit facilities. Airport bonds are dependent on the general stability of the airline industry and on the stability of a specific carrier who uses the airport as a hub. Air traffic generally follows broader economic trends and is also affected by the price and availability of fuel. Toll road bonds are also affected by the cost and availability of fuel as well as toll levels, the presence of competing roads and the general economic health of an area. Fuel costs and availability also affect other transportation-related securities, as does the presence of alternate forms of transportation, such as public transportation.<br/><br/><b>Risks of health care revenue bonds.</b> The Fund may invest in health care revenue bonds. The health care sector is subject to regulatory action by a number of private and governmental agencies, including federal, state, and local governmental agencies. A major source of revenues for the health care sector is payments from the Medicare and Medicaid programs. As a result, the sector is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the sector, such as general economic conditions; demand for services; expenses (including malpractice insurance premiums); and competition among health care providers.<br/><br/><b>Risks of educational revenue bonds.</b> The Fund may invest in educational revenue bonds. These include municipal securities that are obligations of issuers which are, or which govern the operation of, schools, colleges and universities and whose revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Litigation or legislation pertaining to ad valorem taxes may affect sources of funds available for the payment of school bonds. College and university obligations may be affected by the possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government or legislation or regulations which may adversely affect the revenues or costs of such issuers. In addition, student loan revenue bonds, which are generally offered by state (or substate) authorities or commissions and backed by pools of student loans, may be affected by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, student repayment deferral periods of forbearance, potential changes in federal legislation, and state guarantee agency reimbursement. <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b> <b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer. <b>Fund Performance</b> The following bar chart and table provide some indication of the potential risks of investing in the Fund. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.integrityvikingfunds.com or by calling 800-276-1262.<br/><br/>The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.integrityvikingfunds.com 800-276-1262 The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.</b><br/><br/><b>General risk. </b>There is no assurance that the Fund will meet its investment objective. The Fund's share price, and the value of your investment, may change. When the value of the Fund's investments goes down, so does its share price. Since the value of the Fund's shares can go up or down, it is possible to lose money by investing in the Fund.<br/><br/><b>Non-diversification risk. </b>Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer.<br/><br/><b>Municipal volatility risk. </b>The municipal market can be significantly affected by a number of factors, including adverse tax, legislative or political changes, changes in interest rates, general economic and market conditions, and the financial condition of the issuers of municipal securities.<br/><br/><b>Single state risk. </b>Because the Fund invests primarily in Kansas bonds, it is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer or issuers of Kansas bonds in which it invests. Investing primarily in a single state makes the Fund more sensitive to risks specific to the state. Investing a significant portion of its assets in the municipal securities of U.S. territories and possessions also makes the Fund more sensitive to risks specific to such U.S. territories and possessions.<br/><br/><b>Interest rate risk. </b>When interest rates rise, debt security prices fall. When interest rates fall, debt security prices go up. Securities with longer maturities and funds with longer weighted average maturities generally are more sensitive to interest rate changes and have greater interest rate risk.<br/><br/><b>Income risk. </b>The income from the Fund's portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market rates that are below the portfolio's current earnings rate.<br/><br/><b>Maturity risk. </b>Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities.<br/><br/><b>Credit risk. </b>Credit risk is the possibility that an issuer will be unable to make interest payments or repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect its value. Securities supported by insurance or other credit enhancements also have the credit risk of the entity providing the insurance or other credit support. Changes in the credit quality of the insurer or other credit provider could affect the value of the security and the Fund's share price. Not all securities are rated. In the event that rating agencies assign different ratings to the same security, the Fund's investment adviser may rely on the higher rating. Credit risks associated with certain particular classifications of municipal securities include:<blockquote><b>General Obligation Bonds</b>&#8212;Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.<br/><br/><b>Revenue Bonds</b>&#8212;Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.<br/><br/><b>Private Activity Bonds</b>&#8212;Municipalities and other public authorities issue private activity bonds to finance development of facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.</blockquote><b>Municipal insurance risk. </b>The Fund's investments may include investments in insured municipal securities. Municipal security insurance does not guarantee the value of either individual municipal securities or of shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Adverse developments in the bond insurance industry may negatively affect the value of the Fund's insured municipal securities (if any) and the Fund. Because a significant portion of the municipal securities issued and outstanding are insured by a small number of insurance companies, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. The value of a municipal security may be affected by the credit standing of its insurer. If the credit quality of an insurer is downgraded, the rating on a municipal security insured by such insurer may also be downgraded. This may, in turn, sharply reduce and in some cases eliminate the value provided by insurance. Moreover, having multiple securities insured by the same insurer will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such insurer.<br/><br/><b>Call risk. </b>Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.<br/><br/><b>Extension risk. </b>Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.<br/><br/><b>Portfolio strategy risk. </b>The investment adviser's skill in choosing appropriate investments for the Fund will determine in part the Fund's ability to achieve its investment objective.<br/><br/><b>Inflation risk. </b>There is a possibility that the rising prices of goods and services may have the effect of offsetting the Fund's real return. This is likely to have a greater impact on the returns of bond funds and money market funds, which historically have had more modest returns in comparison to equity funds. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions.<br/><br/><b>Tax risk. </b>Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the AMT.<br/><br/><b>Municipal sector risk. </b>The Fund may invest more than 25% of its total assets in municipal securities that finance, or pay interest from the revenues of, similar projects that tend to be impacted the same or similar ways by economic, business or political developments, which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.<br/><br/><b>Risks of health care revenue bonds. </b>The Fund may invest in health care revenue bonds. The health care sector is subject to regulatory action by a number of private and governmental agencies, including federal, state, and local governmental agencies. A major source of revenues for the health care sector is payments from the Medicare and Medicaid programs. As a result, the sector is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the sector, such as general economic conditions; demand for services; expenses (including malpractice insurance premiums); and competition among health care providers.<br/><br/><b>Risks of electric utility revenue bonds. </b>The Fund may invest in electric utility revenue bonds. Risks associated with electric utility revenue bonds include: (a) the availability and costs of fuel; (b) the availability and costs of capital; (c) the effects of conservation on energy demand; (d) the effects of rapidly changing environmental, safety, and licensing requirements, and other federal, state and local regulations; (e) timely and sufficient rate increases; and (f) opposition to nuclear power.<br/><br/><b>Risks of gas utility revenue bonds. </b>The Fund may invest in gas utility revenue bonds. Gas utilities are subject to the risks of supply conditions and increased competition from other providers of utility services. In addition, gas utilities are affected by gas prices, which may be magnified to the extent that a gas company enters into long-term contracts for the purchase or sale of gas at fixed prices, since such prices may change significantly and to the disadvantage of the gas utility in the open market. Gas utilities are particularly susceptible to supply and demand imbalances due to unpredictable climate conditions and other factors and are subject to regulatory risks as well.<br/><br/><b>Risks of water and sewer revenue bonds. </b>The Fund may invest in water and sewer revenue bonds. Issuers of water and sewer bonds face public resistance to rate increases, costly environmental litigation and Federal environmental mandates. In addition, the lack of water supply due to insufficient rain, run-off, or snow pack may be a concern. <b>Fund Performance</b> 0.0691 The following bar chart and table provide some indication of the potential risks of investing in the Fund. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.integrityvikingfunds.com or by calling 800-276-1262.<br/><br/>The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. 0.0346 0.003 -0.0051 0.0601 0.0368 <b>Annual Total Returns (as of 12/31 each year)</b> 0.0131 0.0715 -0.003 0.1052 <b>Annual Total Returns (as of 12/31 each year)</b> During the ten-year period shown in the bar chart, the highest return for a quarter was 4.22% (quarter ended September 30, 2009), and the lowest return for a quarter was -4.95% (quarter ended December 31, 2010). year-to-date return 2012-09-30 0.0466 highest return 2009-09-30 0.0422 lowest return 2010-12-31 -0.0495 <b>Average Annual Total Returns </b><br/>(for the periods ended December 31, 2011) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0051 0.0178 -0.0012 0.0235 0.0392 0.0349 -0.0238 0.1067 0.0043 0.0976 0.0583 0.0583 0.0542 0.1069 0.035 0.035 0.0346 0.0522 0.0335 0.033 0.0332 0.0538 0.046 0.0456 0.0609 0.0464 1991-12-05 1991-12-05 1991-12-05 1991-12-05 During the ten-year period shown in the bar chart, the highest return for a quarter was 5.10% (quarter ended September 30, 2009), and the lowest return for a quarter was -3.97% (quarter ended December 31, 2010). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>Average Annual Total Returns</b><br/>(for the periods ended December 31, 2011) 0.0507 0.0507 0.0482 0.1069 0.0337 0.0337 0.034 0.0522 0.0252 0.0252 0.0267 0.0538 0.0433 0.0431 0.0436 0.0632 1990-11-15 1990-11-15 1990-11-15 1990-11-15 You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. 50000 November 29, 2013 0.1146 <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualTotalReturnsMaineMunicipalFundBarChart column period compact * ~</div> <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b> <b>Non-diversification risk. </b>Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.integrityvikingfunds.com 800-276-1262 The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. year-to-date return 2012-09-30 0.0448 highest return 2009-09-30 0.051 lowest return 2010-12-31 -0.0397 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleShareholderFeesOklahomaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualFundOperatingExpensesOklahomaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleExpenseExampleTransposedOklahomaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualTotalReturnsOklahomaMunicipalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedOklahomaMunicipalFund column period compact * ~</div> <b>OKLAHOMA MUNICIPAL FUND&#8212;FUND SUMMARY</b> <b>Investment Objectives</b> The Fund seeks to provide its shareholders with as high a level of current income exempt from both federal income tax and Oklahoma income tax as is consistent with preservation of capital. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. <b>Shareholder Fees</b> (fees paid directly from your investment) 0.0375 0.01 0 0 0 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.0025 0.0044 0.0001 0.012 -0.0011 0.0109 <b>Example</b> This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 482 736 1017 1852 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.72% of the average value of its portfolio. <b>Principal Investment Strategies</b> The Fund purchases Oklahoma municipal bonds that, at the time of purchase, are either rated investment grade (BBB- or higher) by at least one independent ratings agency or, if non-rated, have been judged by the Fund's investment adviser to be of comparable quality. The Fund is non-diversified and may invest more of its assets in a single issuer than a diversified mutual fund. The expected average dollar weighted maturity of the Fund's portfolio is between 10 and 25 years.<br/><br/>To pursue its objective, the Fund normally invests at least 80% of its assets (including any borrowings for investment purposes) in municipal securities that pay interest free from federal income taxes and Oklahoma personal income taxes (excluding alternative minimum tax ("AMT")). The Fund may invest up to 100% of its assets in municipal securities that pay interest subject to the AMT. Municipal securities generally include debt obligations issued by the state of Oklahoma and its political subdivisions, municipalities, agencies and authorities, and debt obligations issued by U.S. territories and possessions.<br/><br/>State and local governments, their agencies and authorities issue municipal securities to borrow money for various public and private projects. Municipal securities pay a fixed, floating, or variable rate of interest and require the amount borrowed (principal) to be repaid at maturity.<br/><br/>The Fund may invest up to 30% of its total assets in U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), the interest on which is exempt from federal income taxes.<br/><br/>The Fund's investment adviser uses a value-oriented strategy and looks for higher-yielding municipal bonds that offer the potential for above-average return. To assess a bond's investment potential, the Fund's investment adviser considers the bond's yield, price, credit quality, and future prospects. The Fund's investment adviser will consider selling a municipal bond with deteriorating credit or limited upside potential compared to other available bonds. <b>Principal Risks</b> <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.</b><br/><br/><b>General risk.</b> There is no assurance that the Fund will meet its investment objective. The Fund's share price, and the value of your investment, may change. When the value of the Fund's investments goes down, so does its share price. Since the value of the Fund's shares can go up or down, it is possible to lose money by investing in the Fund.<br/><br/><b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer.<br/><br/><b>Municipal volatility risk.</b> The municipal market can be significantly affected by a number of factors, including adverse tax, legislative or political changes, changes in interest rates, general economic and market conditions, and the financial condition of the issuers of municipal securities.<br/><br/><b>Single state risk.</b> Because the Fund invests primarily in Oklahoma bonds, it is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer or issuers of Oklahoma bonds in which it invests. Investing primarily in a single state makes the Fund more sensitive to risks specific to the state. Investing a significant portion of its assets in the municipal securities of U.S. territories and possessions also makes the Fund more sensitive to risks specific to such U.S. territories and possessions.<br/><br/><b>Interest rate risk.</b> When interest rates rise, debt security prices fall. When interest rates fall, debt security prices go up. Securities with longer maturities and funds with longer weighted average maturities generally are more sensitive to interest rate changes and have greater interest rate risk.<br/><br/><b>Income risk.</b> The income from the Fund's portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market rates that are below the portfolio's current earnings rate.<br/><br/><b>Maturity risk.</b> Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities.<br/><br/><b>Credit risk.</b> Credit risk is the possibility that an issuer will be unable to make interest payments or repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect its value. Securities supported by insurance or other credit enhancements also have the credit risk of the entity providing the insurance or other credit support. Changes in the credit quality of the insurer or other credit provider could affect the value of the security and the Fund's share price. Not all securities are rated. In the event that rating agencies assign different ratings to the same security, the Fund's investment adviser may rely on the higher rating. Credit risks associated with certain particular classifications of municipal securities include:<blockquote><b>General Obligation Bonds</b>&#8212;Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.<br/><br/><b>Revenue Bonds</b>&#8212;Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.<br/><br/><b>Private Activity Bonds</b>&#8212;Municipalities and other public authorities issue private activity bonds to finance development of facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.</blockquote><b>Municipal insurance risk.</b> The Fund's investments may include investments in insured municipal securities. Municipal security insurance does not guarantee the value of either individual municipal securities or of shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Adverse developments in the bond insurance industry may negatively affect the value of the Fund's insured municipal securities (if any) and the Fund. Because a significant portion of the municipal securities issued and outstanding are insured by a small number of insurance companies, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. The value of a municipal security may be affected by the credit standing of its insurer. If the credit quality of an insurer is downgraded, the rating on a municipal security insured by such insurer may also be downgraded. This may, in turn, sharply reduce and in some cases eliminate the value provided by insurance. Moreover, having multiple securities insured by the same insurer will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such insurer.<br/><br/><b>Call risk.</b> Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.<br/><br/><b>Extension risk.</b> Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.<br/><br/><b>Portfolio strategy risk.</b> The investment adviser's skill in choosing appropriate investments for the Fund will determine in part the Fund's ability to achieve its investment objective.<br/><br/><b>Inflation risk.</b> There is a possibility that the rising prices of goods and services may have the effect of offsetting a Fund's real return. This is likely to have a greater impact on the returns of bond funds and money market funds, which historically have had more modest returns in comparison to equity funds. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions.<br/><br/><b>Tax risk.</b> Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the AMT.<br/><br/><b>Municipal sector risk.</b> The Fund may invest more than 25% of its total assets in municipal securities that finance, or pay interest from the revenues of, similar projects that tend to be impacted the same or similar ways by economic, business or political developments, which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.<br/><br/><b>Risks of educational revenue bonds.</b> The Fund may invest in educational revenue bonds. These include municipal securities that are obligations of issuers which are, or which govern the operation of, schools, colleges and universities and whose revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Litigation or legislation pertaining to ad valorem taxes may affect sources of funds available for the payment of school bonds. College and university obligations may be affected by the possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government or legislation or regulations which may adversely affect the revenues or costs of such issuers. In addition, student loan revenue bonds, which are generally offered by state (or substate) authorities or commissions and backed by pools of student loans, may be affected by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, student repayment deferral periods of forbearance, potential changes in federal legislation, and state guarantee agency reimbursement.<br/><br/><b>Risks of electric utility revenue bonds.</b> The Fund may invest in electric utility revenue bonds. Risks associated with electric utility revenue bonds include: (a) the availability and costs of fuel; (b) the availability and costs of capital; (c) the effects of conservation on energy demand; (d) the effects of rapidly changing environmental, safety, and licensing requirements, and other federal, state and local regulations; (e) timely and sufficient rate increases; and (f) opposition to nuclear power.<br/><br/><b>Risks of water and sewer revenue bonds.</b> The Fund may invest in water and sewer revenue bonds. Issuers of water and sewer bonds face public resistance to rate increases, costly environmental litigation and Federal environmental mandates. In addition, the lack of water supply due to insufficient rain, run-off, or snow pack may be a concern.<br/><br/><b>Risks of transportation revenue bonds.</b> The Fund may invest in transportation revenue bonds. Transportation debt may be issued to finance the construction of airports, toll roads, highways, or other transit facilities. Airport bonds are dependent on the general stability of the airline industry and on the stability of a specific carrier who uses the airport as a hub. Air traffic generally follows broader economic trends and is also affected by the price and availability of fuel. Toll road bonds are also affected by the cost and availability of fuel as well as toll levels, the presence of competing roads and the general economic health of an area. Fuel costs and availability also affect other transportation-related securities, as does the presence of alternate forms of transportation, such as public transportation. <b>Fund Performance</b> The following bar chart and table provide some indication of the potential risks of investing in the Fund. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.integrityvikingfunds.com or by calling 800-276-1262.<br/><br/>The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these changes were reflected, the returns would be less than those shown. <b>Annual Total Returns (as of 12/31 each year)</b> 0.0331 0.0328 0.0157 0.0256 0.0582 0.0284 -0.0593 0.1294 0.0205 0.1146 During the ten-year period shown in the bar chart, the highest return for a quarter was 6.77% (quarter ended September 30, 2009), and the lowest return for a quarter was -4.94% (quarter ended September 30, 2008). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>Average Annual Total Returns </b><br/>(for the periods ended December 31, 2011) 0.0671 0.0671 0.0619 0.1069 0.0353 0.0353 0.0352 0.0522 0.0342 0.0342 0.0344 0.0538 0.0407 0.0406 0.0406 0.0575 1996-09-25 1996-09-25 1996-09-25 1996-09-25 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. year-to-date return 2012-09-30 0.0485 highest return 2009-09-30 0.0677 lowest return 2008-09-30 -0.0494 The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these changes were reflected, the returns would be less than those shown. 800-276-1262 www.integrityvikingfunds.com The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer. <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b> 0.1772 You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. 50000 November 29, 2013 <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleShareholderFeesNebraskaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualFundOperatingExpensesNebraskaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleExpenseExampleTransposedNebraskaMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualTotalReturnsNebraskaMunicipalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedNebraskaMunicipalFund column period compact * ~</div> <b>NEBRASKA MUNICIPAL FUND&#8212;FUND SUMMARY</b> <b>Investment Objectives</b> The Fund seeks to provide its shareholders with as high a level of current income exempt from both federal income tax and Nebraska income tax as is consistent with preservation of capital. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleShareholderFeesNewHampshireMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualFundOperatingExpensesNewHampshireMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleExpenseExampleTransposedNewHampshireMunicipalFund column period compact * ~</div> <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedNewHampshireMunicipalFund column period compact * ~</div> <b>Example</b> This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12.38% of the average value of its portfolio. <b>Principal Investment Strategies</b> <b>NEW HAMPSHIRE MUNICIPAL FUND&#8212;FUND SUMMARY</b> The Fund purchases Nebraska municipal bonds that, at the time of purchase, are either rated investment grade (BBB- or higher) by at least one independent ratings agency or, if non-rated, have been judged by the Fund's investment adviser to be of comparable quality. The Fund is non-diversified and may invest more of its assets in a single issuer than a diversified mutual fund. The expected average dollar weighted maturity of the Fund's portfolio is between 10 and 25 years.<br/><br/>To pursue its objective, the Fund normally invests at least 80% of its assets (including any borrowings for investment purposes) in municipal securities that pay interest free from federal income taxes and Nebraska personal income taxes (excluding alternative minimum tax ("AMT")). The Fund may invest up to 100% of its assets in municipal securities that pay interest subject to the AMT. Municipal securities generally include debt obligations issued by the state of Nebraska and its political subdivisions, municipalities, agencies and authorities, and debt obligations issued by U.S. territories and possessions.<br/><br/>State and local governments, their agencies and authorities issue municipal securities to borrow money for various public and private projects. Municipal securities pay a fixed, floating, or variable rate of interest and require that the amount borrowed (principal) be repaid at maturity.<br/><br/>The Fund may invest up to 15% of its total assets in U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), the interest on which is exempt from federal income taxes.<br/><br/>The Fund's investment adviser uses a value-oriented strategy and looks for higher-yielding municipal bonds that offer the potential for above-average return. To assess a bond's investment potential, the Fund's investment adviser considers the bond's yield, price, credit quality, and future prospects. The Fund's investment adviser will consider selling a municipal bond with deteriorating credit or limited upside potential compared to other available bonds. <b>Investment Objectives</b> <b>Principal Risks</b> The Fund seeks a high level of current income exempt from both federal income tax (other than the alternative minimum tax ("AMT")) and New Hampshire state interest and dividend tax. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. 50000 <b>Shareholder Fees</b> (fees paid directly from your investment) 0.0375 0.01 0 0 0 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.0025 0.0103 0.0001 0.0179 -0.007 0.0109 <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.</b><br/><br/><b>General risk. </b>There is no assurance that the Fund will meet its investment objective. The Fund's share price, and the value of your investment, may change. When the value of the Fund's investments goes down, so does its share price. Since the value of the Fund's shares can go up or down, it is possible to lose money by investing in the Fund.<br/><br/><b>Non-diversification risk. </b>Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer.<br/><br/><b>Municipal volatility risk. </b>The municipal market can be significantly affected by a number of factors, including adverse tax, legislative or political changes, changes in interest rates, general economic and market conditions, and the financial condition of the issuers of municipal securities.<br/><br/><b>Single state risk. </b>Because the Fund invests primarily in Nebraska bonds, it is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer or issuers of Nebraska bonds in which it invests. Investing primarily in a single state makes the Fund more sensitive to risks specific to the state. Investing a significant portion of its assets in the municipal securities of U.S. territories and possessions also makes the Fund more sensitive to risks specific to such U.S. territories and possessions.<br/><br/><b>Interest rate risk. </b>When interest rates rise, debt security prices fall. When interest rates fall, debt security prices go up. Securities with longer maturities and funds with longer weighted average maturities generally are more sensitive to interest rate changes and have greater interest rate risk.<br/><br/><b>Income risk. </b>The income from the Fund's portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market rates that are below the portfolio's current earnings rate.<br/><br/><b>Maturity risk. </b>Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities.<br/><br/><b>Credit risk. </b>Credit risk is the possibility that an issuer will be unable to make interest payments or repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect its value. Securities supported by insurance or other credit enhancements also have the credit risk of the entity providing the insurance or other credit support. Changes in the credit quality of the insurer or other credit provider could affect the value of the security and the Fund's share price. Not all securities are rated. In the event that rating agencies assign different ratings to the same security, the Fund's investment adviser may rely on the higher rating. Credit risks associated with certain particular classifications of municipal securities include:<blockquote><b>General Obligation Bonds</b>&#8212;Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.<br/><br/><b>Revenue Bonds</b>&#8212;Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.<br/><br/><b>Private Activity Bonds</b>&#8212;Municipalities and other public authorities issue private activity bonds to finance development of facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.</blockquote><b>Municipal insurance risk. </b>The Fund's investments may include investments in insured municipal securities. Municipal security insurance does not guarantee the value of either individual municipal securities or of shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Adverse developments in the bond insurance industry may negatively affect the value of the Fund's insured municipal securities (if any) and the Fund. Because a significant portion of the municipal securities issued and outstanding are insured by a small number of insurance companies, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. The value of a municipal security may be affected by the credit standing of its insurer. If the credit quality of an insurer is downgraded, the rating on a municipal security insured by such insurer may also be downgraded. This may, in turn, sharply reduce and in some cases eliminate the value provided by insurance. Moreover, having multiple securities insured by the same insurer will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such insurer.<br/><br/><b>Call risk. </b>Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.<br/><br/><b>Extension risk. </b>Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.<br/><br/><b>Portfolio strategy risk. </b>The investment adviser's skill in choosing appropriate investments for the Fund will determine in part the Fund's ability to achieve its investment objective.<br/><br/><b>Inflation risk. </b>There is a possibility that the rising prices of goods and services may have the effect of offsetting the Fund's real return. This is likely to have a greater impact on the returns of bond funds and money market funds, which historically have had more modest returns in comparison to equity funds. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions.<br/><br/><b>Tax risk. </b>Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the AMT.<br/><br/><b>Municipal sector risk. </b>The Fund may invest more than 25% of its total assets in municipal securities that finance, or pay interest from the revenues of, similar projects that tend to be impacted the same or similar ways by economic, business or political developments, which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.<br/><br/><b>Risks of educational revenue bonds. </b>The Fund may invest in educational revenue bonds. These include municipal securities that are obligations of issuers which are, or which govern the operation of, schools, colleges and universities and whose revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Litigation or legislation pertaining to ad valorem taxes may affect sources of funds available for the payment of school bonds. College and university obligations may be affected by the possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government or legislation or regulations which may adversely affect the revenues or costs of such issuers. In addition, student loan revenue bonds, which are generally offered by state (or substate) authorities or commissions and backed by pools of student loans, may be affected by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, student repayment deferral periods of forbearance, potential changes in federal legislation, and state guarantee agency reimbursement.<br/><br/><b>Risks of electric utility revenue bonds. </b>The Fund may invest in electric utility revenue bonds. Risks associated with electric utility revenue bonds include: (a) the availability and costs of fuel; (b) the availability and costs of capital; (c) the effects of conservation on energy demand; (d) the effects of rapidly changing environmental, safety, and licensing requirements, and other federal, state and local regulations; (e) timely and sufficient rate increases; and (f) opposition to nuclear power.<br/><br/><b>Risks of water and sewer revenue bonds. </b>The Fund may invest in water and sewer revenue bonds. Issuers of water and sewer bonds face public resistance to rate increases, costly environmental litigation and Federal environmental mandates. In addition, the lack of water supply due to insufficient rain, run-off, or snow pack may be a concern.<br/><br/><b>Risks of health care revenue bonds. </b>The Fund may invest in health care revenue bonds. The health care sector is subject to regulatory action by a number of private and governmental agencies, including federal, state, and local governmental agencies. A major source of revenues for the health care sector is payments from the Medicare and Medicaid programs. As a result, the sector is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the sector, such as general economic conditions; demand for services; expenses (including malpractice insurance premiums); and competition among health care providers. <b>Fund Performance</b> The following bar chart and table provide some indication of the potential risks of investing in the Fund. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.integrityvikingfunds.com or by calling 800-276-1262.<br/><br/>The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. <b>Annual Total Returns (as of 12/31 each year)</b> During the ten-year period shown in the bar chart, the highest return for a quarter was 5.04% (quarter ended September 30, 2009), and the lowest return for a quarter was -4.00% (quarter ended December 31, 2010). November 29, 2013 The Total Annual Fund Operating Expenses may not correlate with the ratio of expenses to average net assets in the Fund's financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>Average Annual Total Returns</b><br/>(for the periods ended December 31, 2011) <b>Example</b> This Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 482 862 1281 2526 You may qualify for sales charge discounts with respect to purchases of shares of the Fund if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other funds in the Integrity/Viking family of funds. More information about these and other discounts is available from your financial professional and in "Distribution Arrangements&#8212;Sales Loads and Rule 12b-1 Fees" on page 42 of the Fund's prospectus and "Purchase, Redemption, and Pricing of Shares" on page B-36 of the Fund's statement of additional information. 50000 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13.73% of the average value of its portfolio. 0.1373 <b>Principal Investment Strategies</b> The Fund purchases New Hampshire municipal bonds that, at the time of purchase, are either rated investment grade (BBB- or higher) by at least one independent ratings agency or, if non-rated, have been judged by the Fund's investment adviser to be of comparable quality. The Fund is non-diversified and may invest more of its assets in a single issuer than a diversified mutual fund. The expected average dollar weighted maturity of the Fund's portfolio is between 5 and 20 years.<br/><br/>To pursue its objective, the Fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in municipal securities that pay interest free from federal income taxes and New Hampshire state interest and dividend taxes (excluding AMT). The Fund may invest up to 100% of its assets in municipal securities that pay interest subject to the AMT. Municipal securities generally include debt obligations issued by the state of New Hampshire and its political subdivisions, municipalities, agencies and authorities, and debt obligations issued by U.S. territories and possessions.<br/><br/>State and local governments, their agencies and authorities issue municipal securities to borrow money for various public and private projects. Municipal securities pay a fixed, floating or variable rate of interest and require the amount borrowed (principal) to be repaid at maturity.<br/><br/>The Fund may invest up to 30% of its total assets in U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), the interest on which is exempt from federal income taxes.<br/><br/>The Fund's investment adviser uses a value-oriented strategy and looks for higher-yielding municipal bonds that offer the potential for above-average return. To assess a bond's investment potential, the Fund's investment adviser considers the bond's yield, price, credit quality, and future prospects. The Fund's investment adviser will consider selling a municipal bond with deteriorating credit or limited upside potential compared to other available bonds. <b>Principal Risks</b> The Total Annual Fund Operating Expenses may not correlate with the ratio of expenses to average net assets in the Fund's financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. November 29, 2013 0.1238 <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b> <b>Non-diversification risk. </b>Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.integrityvikingfunds.com 800-276-1262 The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.</b><br/><br/><b>General risk.</b> There is no assurance that the Fund will meet its investment objective. The Fund's share price, and the value of your investment, may change. When the value of the Fund's investments goes down, so does its share price. Since the value of the Fund's shares can go up or down, it is possible to lose money by investing in the Fund.<br/><br/><b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer.<br/><br/><b>Municipal volatility risk.</b> The municipal market can be significantly affected by a number of factors, including adverse tax, legislative or political changes, changes in interest rates, general economic and market conditions, and the financial condition of the issuers of municipal securities.<br/><br/><b>Single state risk.</b> Because the Fund invests primarily in New Hampshire bonds, it is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer or issuers of New Hampshire bonds in which it invests. Investing primarily in a single state makes the Fund more sensitive to risks specific to the state. Investing a significant portion of its assets in the municipal securities of U.S. territories and possessions also makes the Fund more sensitive to risks specific to such U.S. territories and possessions.<br/><br/><b>Interest rate risk.</b> When interest rates rise, debt security prices fall. When interest rates fall, debt security prices go up. Securities with longer maturities and funds with longer weighted average maturities generally are more sensitive to interest rate changes and have greater interest rate risk.<br/><br/><b>Income risk.</b> The income from the Fund's portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market rates that are below the portfolio's current earnings rate.<br/><br/><b>Maturity risk.</b> Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities.<br/><br/><b>Credit risk.</b> Credit risk is the possibility that an issuer will be unable to make interest payments or repay principal. Changes in an issuer's financial strength or in a security's credit rating may affect its value. Securities supported by insurance or other credit enhancements also have the credit risk of the entity providing the insurance or other credit support. Changes in the credit quality of the insurer or other credit provider could affect the value of the security and the Fund's share price. Not all securities are rated. In the event that rating agencies assign different ratings to the same security, the Fund's investment adviser may rely on the higher rating. Credit risks associated with certain particular classifications of municipal securities include:<blockquote><b>General Obligation Bonds</b>&#8212;Timely payments depend on the issuer's credit quality, ability to raise tax revenues, and ability to maintain an adequate tax base.<br/><br/><b>Revenue Bonds</b>&#8212;Payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.<br/><br/><b>Private Activity Bonds</b>&#8212;Municipalities and other public authorities issue private activity bonds to finance development of facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.</blockquote><b>Municipal insurance risk.</b> The Fund's investments may include investments in insured municipal securities. Municipal security insurance does not guarantee the value of either individual municipal securities or of shares of the Fund. In addition, a municipal security insurance policy generally will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity. Adverse developments in the bond insurance industry may negatively affect the value of the Fund's insured municipal securities (if any) and the Fund. Because a significant portion of the municipal securities issued and outstanding are insured by a small number of insurance companies, an event involving one or more of these insurance companies could have a significant adverse effect on the value of the securities insured by that insurance company and on the municipal markets as a whole. The value of a municipal security may be affected by the credit standing of its insurer. If the credit quality of an insurer is downgraded, the rating on a municipal security insured by such insurer may also be downgraded. This may, in turn, sharply reduce and in some cases eliminate the value provided by insurance. Moreover, having multiple securities insured by the same insurer will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such insurer.<br/><br/><b>Call risk.</b> Call risk is the likelihood that a security will be prepaid (or "called") before maturity. An issuer is more likely to call its bonds when interest rates are falling, because the issuer can issue new bonds with lower interest payments. If a bond is called, the Fund may have to replace it with a lower-yielding security.<br/><br/><b>Extension risk.</b> Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.<br/><br/><b>Portfolio strategy risk.</b> The investment adviser's skill in choosing appropriate investments for the Fund will determine in part the Fund's ability to achieve its investment objective.<br/><br/><b>Inflation risk.</b> There is a possibility that the rising prices of goods and services may have the effect of offsetting the Fund's real return. This is likely to have a greater impact on the returns of bond funds and money market funds, which historically have had more modest returns in comparison to equity funds. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions.<br/><br/><b>Tax risk.</b> Income from municipal securities held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the AMT.<br/><br/><b>Municipal sector risk.</b> The Fund may invest more than 25% of its total assets in municipal securities that finance, or pay interest from the revenues of, similar projects that tend to be impacted the same or similar ways by economic, business or political developments, which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.<br/><br/><b>Risks of health care revenue bonds.</b> The Fund may invest in health care revenue bonds. The health care sector is subject to regulatory action by a number of private and governmental agencies, including federal, state, and local governmental agencies. A major source of revenues for the health care sector is payments from the Medicare and Medicaid programs. As a result, the sector is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the sector, such as general economic conditions; demand for services; expenses (including malpractice insurance premiums); and competition among health care providers.<br/><br/><b>Risks of housing revenue bonds.</b> The Fund may invest in housing revenue bonds. Housing revenue bonds are generally issued by a state, county, city, local housing authority, or other public agency. They generally are secured by the revenues derived from mortgages purchased with the proceeds of the bond issue. It is extremely difficult to predict the supply of available mortgages to be purchased with the proceeds of an issue or the future cash flow from the underlying mortgages. Consequently, there are risks that proceeds will exceed supply, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Many factors may affect the financing of multi-family housing projects, including acceptable completion of construction, proper management, occupancy and rent levels, economic conditions, and changes to current laws and regulations.<br/><br/><b>Risks of educational revenue bonds.</b> The Fund may invest in educational revenue bonds. These include municipal securities that are obligations of issuers which are, or which govern the operation of, schools, colleges and universities and whose revenues are derived mainly from ad valorem taxes, or for higher education systems, from tuition, dormitory revenues, grants and endowments. Litigation or legislation pertaining to ad valorem taxes may affect sources of funds available for the payment of school bonds. College and university obligations may be affected by the possible inability to raise tuitions and fees sufficiently to cover increased operating costs, the uncertainty of continued receipt of Federal grants and state funding and new government or legislation or regulations which may adversely affect the revenues or costs of such issuers. In addition, student loan revenue bonds, which are generally offered by state (or substate) authorities or commissions and backed by pools of student loans, may be affected by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, student repayment deferral periods of forbearance, potential changes in federal legislation, and state guarantee agency reimbursement. <b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</b> <b>Non-diversification risk.</b> Because the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers; therefore its investment return is more likely to be impacted by changes in the market value and returns of any one issuer. <b>Fund Performance</b> year-to-date return 2012-09-30 0.0485 highest return 2009-09-30 0.0504 lowest return 2010-12-31 The following bar chart and table provide some indication of the potential risks of investing in the Fund. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.integrityvikingfunds.com or by calling 800-276-1262.<br/><br/>The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. -0.04 The bar chart and highest/lowest quarterly returns below do not reflect the Fund's sales charges, and if these charges were reflected, the returns would be less than those shown. 800-276-1262 www.integrityvikingfunds.com The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart below shows the variability of the Fund's performance from year to year. The table below shows the Fund's average annual returns for 1, 5 and 10 years, and since inception, and how they compare over the time periods indicated with those of a broad measure of market performance. <b>Annual Total Returns (as of 12/31 each year)</b> 0.0664 0.0269 0.0113 -0.0041 0.0533 0.0367 0.003 0.0777 0.0124 0.0808 During the ten-year period shown in the bar chart, the highest return for a quarter was 4.34% (quarter ended September 30, 2009), and the lowest return for a quarter was -3.10% (quarter ended December 31, 2010). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Average Annual Total Returns </b><br/>(for the periods ended December 31, 2011) year-to-date return 2012-09-30 0.0395 highest return 2009-09-30 0.0434 lowest return 2010-12-31 -0.031 0.0351 0.0351 0.0345 0.1069 0.0326 0.0326 0.0321 0.0522 0.0315 0.0313 0.0314 0.0538 0.0425 0.0422 0.0419 0.0585 0.0375 1992-12-31 1992-12-31 1992-12-31 1992-12-31 0.01 0 0 0 0.005 0.0025 0.0046 0.0001 0.0122 -0.0013 0.0109 482 741 1026 1875 0.0173 0.0219 -0.0011 0.0186 0.0555 0.0327 -0.0241 0.0951 0.0071 0.0977 0.0508 0.0481 0.1069 0.0508 0.0315 0.0315 0.032 0.0522 0.0269 0.0269 0.0282 0.0538 0.0371 0.0371 0.0378 0.0557 1993-11-17 1993-11-17 1993-11-17 1993-11-17 <div style="display:none">~ http://www.integrityvikingfunds.com/role/ScheduleAnnualTotalReturnsNewHampshireMunicipalFundBarChart column period compact * ~</div> The Total Annual Fund Operating Expenses may not correlate with the ratio of expenses to average net assets in the Fund's financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The Fund's investment adviser has contractually agreed to waive fees and reimburse expenses from May 1, 2012 through November 29, 2013 so that Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements (excluding taxes, brokerage fees, commissions, extraordinary or non-recurring expenses, and acquired fund fees and expenses) do not exceed 1.08% of average daily net assets. This expense limitation agreement may only be terminated or modified prior to November 29, 2013 with the approval of the Fund's Board of Trustees. The year-to-date return on net asset value as of September 30, 2012 was 4.66%. The year-to-date return on net asset value as of September 30, 2012 was 4.48%. The Total Annual Fund Operating Expenses may not correlate with the ratio of expenses to average net assets in the Fund's financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The year-to-date return on net asset value as of September 30, 2012 was 4.85%. The year-to-date return on net asset value as of September 30, 2012 was 3.95%. 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