ICPUX
Integrity Mid-North American Resources Fund
INTEGRITY FUNDS
Expense ratio1
2.00%
Net assets2
$167.64M
Holdings2
42
Category
US Equity
2025 return3
4.46%

Investment objective & strategy

As of Nov. 26, 2025 · prospectus

Objective. The Integrity Mid-North American Resources Fund (the Fund) seeks to provide long-term capital appreciation.

Strategy. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the stock of domestic and foreign issuers that are participating in or benefitting from the development of the resources in the Mid-North America area, encompassing the states of Arizona, Arkansas, Colorado, Illinois, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Texas, Wisconsin, and Wyoming; and the Canadian provinces of Alberta, Manitoba, and Saskatchewan (herein referred to as the Region). To pursue this strategy, the Fund invests primarily in companies that are (i) headquartered or maintain their principal place of business in the Region, or (ii) during the issuers most … Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the stock of domestic and foreign issuers that are participating in or benefitting from the development of the resources in the Mid-North America area, encompassing the states of Arizona, Arkansas, Colorado, Illinois, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Texas, Wisconsin, and Wyoming; and the Canadian provinces of Alberta, Manitoba, and Saskatchewan (herein referred to as the Region). To pursue this strategy, the Fund invests primarily in companies that are (i) headquartered or maintain their principal place of business in the Region, or (ii) during the issuers most recent fiscal year, derived at least 50% of their revenues from goods produced or sold, investments made, or services performed in the Region, or (iii) during the issuers most recent fiscal year, have at least 50% of their assets in the Region, each as determined at the time of purchase. The Fund may invest in companies of any size. The companies in which the Fund invests may include smaller companies that have recently commenced operations and do not have significant revenues. The Adviser will invest a significant amount of the Funds assets (although not exclusively) in companies it believes to have investment potential in the natural resources area (primarily energy and to a lesser extent, agribusiness, precious metals, and metals and mining), as well as in the companies that serve these sectors and/or service the Region. In connection with investing in companies engaged in the energy sector, the Fund may invest in companies that engage in hydraulic fracturing (which involves the injection of water, sand and chemicals under pressure into rock formations to stimulate oil or natural gas production). The Fund will invest primarily in the securities of U.S. issuers, but it may also invest in the securities of foreign issuers. The Funds investments in the securities of foreign issuers are typically in the form of depositary receipts, such as American Depositary Receipts (ADRs). The Funds portfolio management team considers a variety of factors when choosing investments for the Fund such as: (i) identifying companies and industries that appear to have the potential for above-average long-term performance based on projections of supply and demand of a resource and the state of the market; and/or (ii) identifying companies that are expected to show above-average growth over the long term as well as those that appear to be trading below their true worth. The Funds portfolio management team may consider selling a security if, among other considerations, its business fundamentals have deteriorated.

Top holdings

As of Jan. 30, 2026 · N-PORT
SecurityTickerValue% of fund
CHENIERE ENERGY INC $12.69M 7.57%
BAKER HUGHES CO $7.29M 4.35%
TARGA RESOURCES CORP $7.24M 4.32%
KODIAK GAS SERVICES INC $6.60M 3.93%
TEXAS PACIFIC LAND CORP $6.58M 3.93%
ARCHROCK INC $6.51M 3.88%
TC ENERGY CORP $5.87M 3.50%
VALERO ENERGY CORP $5.81M 3.46%
ENTERGY CORP $5.75M 3.43%
PHILLIPS 66 $5.31M 3.17%
View all holdings →

Allocation by sector

As of January 30, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Oct 31, 2025 → Jan 30, 2026
Opened
4
Exited
7
Increased
15
Decreased
16
Unchanged
7

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of July 31, 2025 · N-CEN
FirmRole
Viking Fund Management, LLC Adviser

Footnotes

  1. Expense ratio as of November 26, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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