-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RMZZ8L01PyKKj5otqL3MWx/e6re8UreCBtd97dBto4SOIsf4N0Z3R6luOL3Cp3mB bdUbh3yKlWz/2Aboytp9sg== 0000893730-07-000050.txt : 20070531 0000893730-07-000050.hdr.sgml : 20070531 20070531130049 ACCESSION NUMBER: 0000893730-07-000050 CONFORMED SUBMISSION TYPE: N-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070531 DATE AS OF CHANGE: 20070531 EFFECTIVENESS DATE: 20070531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRITY FUNDS CENTRAL INDEX KEY: 0000893730 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-07322 FILM NUMBER: 07890133 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: CANANDAIGUA FUNDS DATE OF NAME CHANGE: 19980209 FORMER COMPANY: FORMER CONFORMED NAME: CANANDAIGUA NATIONAL COLLECTIVE INV FD FOR QUAL TRUSTS DATE OF NAME CHANGE: 19930225 0000893730 S000000136 Integrity Value Fund C000000303 Integrity Value Fund Class A IVUAX 0000893730 S000000137 Integrity Small Cap Growth Fund C000000304 Integrity Small Cap Growth Fund Class A ICPAX 0000893730 S000000138 Integrity Health Sciences Fund C000000305 Integrity Health Sciences Fund Class A IHLAX 0000893730 S000000140 Integrity High Income Fund C000000308 Integrity High Income Fund Class A IHFAX C000000309 Integrity High Income Fund Class C IHFCX 0000893730 S000011868 INTEGRITY GROWTH & INCOME FUND C000032429 INTEGRITY GROWTH & INCOME FUND CLASS A IGIAX 0000893730 S000011869 Integrity All Season Fund C000032430 Integrity All Season Fund Class A IASFX C000032431 Integrity All Season Fund Class C IASCX 0000893730 S000011870 Integrity Technology Fund C000032432 Integrity Technology Fund Class A ITKAX N-Q/A 1 ifd1stqnq20070529.htm THE INTEGRITY FUNDS, INC. 1ST QUARTER NQ

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 

FORM N-Q 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY 

Investment Company Act file number: 811-07322 

The Integrity Funds
(Exact name of registrant as specified in charter) 

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

Brent Wheeler, 1 Main Street North, Minot, North Dakota 58703
(Name and address of agent for service) 

Registrant's telephone number, including area code:701-852-5292 

Date of fiscal year end: December 31 

Date of reporting period: March 30, 2007 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

 

Item 1. Schedule of Investments 

INTEGRITY VALUE FUND

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

Name of Issuer

 

 

 

Percentages represent the market value of each investment category to total net assets

Quantity

 

Market Value

 

 

 

 

COMMON STOCK (44.3%)

 

 

 

 

 

 

 

Communications Equipment (5.0%)

 

 

 

*Cisco Systems, Inc. 

3,000

$

76,590

 

 

 

 

Computer Services (8.1%)

 

 

 

*Netease.com Inc. ADR 

7,000

 

124,180

 

 

 

 

Drugs and Pharmaceuticals (6.5%)

 

 

 

Wyeth 

2,000

 

100,060

 

 

 

 

Energy (5.3%)

 

 

 

Ensco International Inc. 

1,500

 

81,600

 

 

 

 

Healthcare (10.2%)

 

 

 

*Amsurg Corporation 

3,500

 

85,715

*Genzyme Corp. 

1,200

 

72,024

 

 

 

157,739

Insurance (5.3%)

 

 

 

Berkley (W.R.) 

2,450

 

81,144

 

 

 

 

Transportation (3.9%)

 

 

 

*YRC Worldwide Inc. 

1,500

 

60,330

 

 

 

 

TOTAL COMMON STOCK (COST: $559,988)

 

$

681,643

 

 

 

 

SHORT-TERM SECURITIES (18.8%)

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $290,231)

290,231

$

290,231

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST: $850,219)

 

$

971,874

OTHER ASSETS LESS LIABILITIES

 

 

567,817

 

 

 

 

NET ASSETS

 

$

1,539,691

 

 

 

 

*Non-income producing

 

 

 

ADR - American Depository Receipt

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $850,219.  The net unrealized appreciation of investments based on the cost was $121,655, which is comprised of $128,681 aggregate gross unrealized appreciation and $7,026aggregate gross unrealized depreciation.

 

INTEGRITY SMALL CAP GROWTH FUND

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

Name of Issuer

 

 

 

Percentages represent the market value of each investment category to total net assets

Quantity

 

Market Value

 

 

 

 

COMMON STOCK (73.3%)

 

 

 

 

 

 

 

Basic Materials (8.4%)

 

 

 

CONSOL Energy, Inc.

6,000

$

234,780

*Dril-Quip, Inc.

6,000

 

259,680

 

 

 

494,460

Chemicals (6.6%)

 

 

 

Agrium Inc.

10,000

 

383,300

 

 

 

 

Communications Equipment (6.1%)

 

 

 

*Cisco Systems, Inc.

14,000

 

357,420

 

 

 

 

Computer Hardware (8.2%)

 

 

 

Intel Corp.

14,500

 

277,385

*ManTech International

6,000

 

200,460

 

 

 

477,845

Computer Services (7.6%)

 

 

 

*Netease.com Inc. ADR

25,000

 

443,500

 

 

 

 

Diversified Electronic (2.8%)

 

 

 

*Anixter International Inc

2,500

 

164,850

 

 

 

 

Energy (7.4%)

 

 

 

Ensco International Inc.

8,000

 

435,200

 

 

 

 

Financial (0.1%)

 

 

 

*Dime Bancorp Warrants

20,400

 

3,468

 

 

 

 

Healthcare (5.4%)

 

 

 

*Amsurg Corporation

13,000

 

318,370

 

 

 

 

Insurance (4.7%)

 

 

 

Berkley (W.R.)

8,250

 

273,240

 

 

 

 

Oil And Gas Operations (7.0%)

 

 

 

*Newfield Exploration

9,800

 

408,758

 

 

 

 

Transportation (10.0%)

 

 

 

Arkansas Best Corp.

5,500

 

195,525

Hunt (JB) Transport

5,000

 

131,200

*YRC Worldwide Inc.

6,500

 

261,430

 

 

 

588,155

 

 

 

 

TOTAL COMMON STOCKS (COST: $3,327,706)

 

$

4,348,566

 

 

 

 

SHORT-TERM SECURITIES (26.7%)

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $1,565,883)

1,565,883

$

1,565,883

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST:  $4,893,589)

 

$

5,914,449

OTHER ASSETS LESS LIABILITIES

 

 

(64,088)

 

 

 

 

NET ASSETS

 

$

5,850,361

 

 

 

 

*Non-income producing

 

 

 

ADR - American Depository Receipt

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $4,893,589.  The net unrealized appreciation of investments based on the cost was $1,020,860, which is comprised of $1,215,857 aggregate gross unrealized appreciation and $194,997 aggregate gross unrealized depreciation.

 

INTEGRITY HEALTH SCIENCES FUND

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

Name of Issuer

 

 

 

Percentages represent the market value of each investment category to total net assets

Quantity

 

Market Value

 

 

 

 

COMMON STOCK (76.8%)

 

 

 

 

 

 

 

Communications Equipment (4.7%)

 

 

 

*Cisco Systems, Inc.

6,000

$

153,180

 

 

 

 

Computer Hardware (5.2%)

 

 

 

Intel Corp

9,000

 

172,170

 

 

 

 

Drugs and Pharmaceuticals (25.3%)

 

 

 

*Amgen, Inc.

5,000

 

279,400

Merck & Co.

8,000

 

353,360

Wyeth

4,000

 

200,120

 

 

 

832,880

Energy (4.1%)

 

 

 

Ensco International Inc.

2,500

 

136,000

 

 

 

 

Healthcare (20.2%)

 

 

 

*Amsurg Corporation

7,000

 

171,430

*Genzyme Corp.

3,500

 

210,070

*WellPoint Inc.

3,500

 

283,850

 

 

 

665,350

Hospitals (9.3%)

 

 

 

*Lifepoint Hospitals Inc

8,000

 

305,760

 

 

 

 

Medical Equipment (8.0%)

 

 

 

*Boston Scientific Corp.

18,000

 

261,720

 

 

 

 

TOTAL COMMON STOCKS (COST: $2,457,053)

 

$

2,527,060

 

 

 

 

SHORT-TERM SECURITIES (24.2%)

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $795,328)

795,328

$

795,328

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST: $3,252,381)

 

$

3,322,388

OTHER ASSETS LESS LIABILITIES

 

 

(31,574)

 

 

 

 

NET ASSETS

 

$

3,290,814

 

 

 

 

* Non-income producing

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

At March 30, 2007 the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $3,252,381.  The net unrealized appreciation of investments based on the cost was $70,007, which is comprised of $507,901 aggregate gross unrealized appreciation and $437,894aggregate gross unrealized depreciation.

 

INTEGRITY TECHNOLOGY FUND

 

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

 

 

Name of Issuer

 

 

 

 

Percentages represent the market value of each investment category to total net assets

 

Quantity

 

Market Value

 

 

 

 

 

COMMON STOCK (76.8%)

 

 

 

 

 

 

 

 

 

Communications Equipment (5.3%)

 

 

 

 

*Cisco Systems, Inc. 

 

7,000

$

178,710

 

 

 

 

 

Computer Hardware (8.5%)

 

 

 

 

Intel Corp. 

 

15,000

 

286,950

 

 

 

 

 

Computer Services (7.9%)

 

 

 

 

*Netease.com Inc. ADR 

 

15,000

 

266,100

 

 

 

 

 

Diversified Electronic (3.1%)

 

 

 

 

*Benchmark Electronic 

 

5,000

 

103,300

 

 

 

 

 

Drugs and Pharmaceuticals (11.0%)

 

 

 

 

Merck & Co. 

 

5,000

 

220,850

Wyeth 

 

3,000

 

150,090

 

 

 

 

370,940

Energy (4.9%)

 

 

 

 

Ensco International Inc. 

 

3,000

 

163,200

 

 

 

 

 

Healthcare (10.5%)

 

 

 

 

*Amsurg Corporation 

 

7,000

 

171,430

*Genzyme Corp. 

 

3,000

 

180,060

 

 

 

 

351,490

Medical Equipment (3.5%)

 

 

 

 

*Boston Scientific Corp. 

 

8,000

 

116,320

 

 

 

 

 

Software and Programming (3.3%)

 

 

 

 

Microsoft Corp. 

 

4,000

 

111,480

 

 

 

 

 

Telecommunications (18.8%)

 

 

 

 

America Movil SA ADR 

 

4,000

 

191,160

*Covad Communications Group Inc. 

 

667

 

847

Harris Corp 

 

6,000

 

305,700

*Trimble Navigation 

 

5,000

 

134,200

 

 

 

 

631,907

 

 

 

 

 

TOTAL COMMON STOCKS (COST:  $2,149,402)

 

 

$

2,580,397

 

 

 

 

 

SHORT-TERM SECURITIES (24.5%)

 

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $822,804)

 

822,804

$

822,804

 

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST:  $2,972,206)

 

 

$

3,403,201

OTHER ASSETS LESS LIABILITIES

 

 

 

(42,372)

 

 

 

 

 

NET ASSETS

 

 

$

3,360,829

 

 

 

 

 

*Non-income producing

 

 

 

 

ADR - American Depository Receipt

 

 

 

 

 

 

 

 

 

Note: INVESTMENT IN SECURITIES

 

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $2,972,206.  The net unrealized appreciation of investments based on the cost was $430,995, which is comprised of $702,356 aggregate gross unrealized appreciation and $271,361 aggregate gross unrealized depreciation.

 

INTEGRITY GROWTH AND INCOME FUND

 

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

 

 

Name of Issuer

 

 

 

 

Percentages represent the market value of each investment category to total net assets

 

Quantity

 

 Market Value

 

 

 

 

 

COMMON STOCK (89.6%)

 

 

 

 

 

 

 

 

 

Basic Materials (4.0%)

 

 

 

 

Barrick Gold Corp.

 

60,000

$

1,713,000

 

 

 

 

 

Business Service (5.2%)

 

 

 

 

*Portfolio Recovery Associates 

 

50,000

 

2,232,500

 

 

 

 

 

Business Software & Services (3.8%)

 

 

 

 

*EPIQ Systems, Inc. 

 

80,000

 

1,630,400

 

 

 

 

 

Chemicals (5.2%)

 

 

 

 

3M Co. 

 

29,000

 

2,216,470

 

 

 

 

 

Commercial Services (3.6%)

 

 

 

 

Western Union Company

 

70,000

 

1,536,500

 

 

 

 

 

Computer Hardware (5.5%)

 

 

 

 

IBM 

 

25,000

 

2,356,500

 

 

 

 

 

Conglomerates (4.9%)

 

 

 

 

Raytheon Co.  

 

40,000

 

2,098,400

 

 

 

 

 

Diversified Machinery (4.7%)

 

 

 

 

Teleflex Inc. 

 

30,000

 

2,042,100

 

 

 

 

 

Drugs & Pharmaceuticals (4.9%)

 

 

 

 

Johnson & Johnson 

 

35,000

 

2,109,100

 

 

 

 

 

Energy (3.9%)

 

 

 

 

BJ Services Co

 

60,000

 

1,674,000

 

 

 

 

 

Financial (8.6%)

 

 

 

 

BCE Inc. 

 

60,000

 

1,696,800

Federated Investors, Inc. 

 

55,000

 

2,019,600

 

 

 

 

3,716,400

Insurance (6.0%)

 

 

 

 

Arthur J. Gallagher & Co. 

 

20,000

 

566,600

Renaissance Re Holdings Ltd. 

 

40,000

 

2,005,600

 

 

 

 

2,572,200

Machinery & Equipment (2.7%)

 

 

 

 

*Accuride Corp. 

 

80,000

 

1,168,000

 

 

 

 

 

Office Supplies (4.3%)

 

 

 

 

*Xerox Corp 

 

110,000

 

1,857,900

 

 

 

 

 

Personal Products (5.4%)

 

 

 

 

Mckesson Corp 

 

40,000

 

2,341,600

 

 

 

 

 

Publishing (5.3%)

 

 

 

 

John Wiles & Sons, Inc.

 

60,000

 

2,265,600

 

 

 

 

 

Scientific/Technical Instruments (3.2%)

 

 

 

 

*Energy Conversion Devices 

 

40,000

 

1,397,600

 

 

 

 

 

Software & Programming (5.2%)

 

 

 

 

Microsoft Corp. 

 

80,000

 

2,229,600

 

 

 

 

 

Telecom Services - Foreign (3.2%)

 

 

 

 

Telecom Corp. of New Zealand - ADR

 

50,000

 

1,360,000

 

 

 

 

 

TOTAL COMMON STOCKS (COST:  $35,689,351)

 

 

$

38,517,870

 

 

 

 

 

SHORT-TERM SECURITIES (8.0%)

 

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $3,469,921)

 

3,469,921

$

3,469,921

 

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST:  $39,159,272)

 

 

$

41,987,791

OTHER ASSETS LESS LIABILITIES

 

 

 

1,015,680

 

 

 

 

 

NET ASSETS

 

 

$

43,003,471

 

 

 

 

 

*Non-income producing

 

 

 

 

ADR - American Depository Receipt

 

 

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $39,159,272.  The net unrealized appreciation of investments based on the cost was $2,828,519, which is comprised of $3,089,378 aggregate gross unrealized appreciation and $260,859 aggregate gross unrealized depreciation.

 

INTEGRITY ALL SEASON FUND

 

 

 

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of Issuer

 

 

 

 

 

 

Percentages represent the market value of each investment category to total net assets

 

 

 

Quantity

 

Market Value

 

 

 

 

 

 

 

COMMON STOCK (44.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Banks (2.4%)

 

 

 

 

 

 

Associated Banc-Corp 

 

 

 

2,069

$

69,518

Bank of America 

 

 

 

1,266

 

64,592

J.P. Morgan Chase & Co. 

 

 

 

1,907

 

92,261

US Bancorp 

 

 

 

2,020

 

70,639

 

 

 

 

 

 

297,010

Broadcasting (1.6%)

 

 

 

 

 

 

Dun & Bradstreet Corp 

 

 

 

1,153

 

105,154

Time Warner Inc.  

 

 

 

4,543

 

89,588

 

 

 

 

 

 

194,742

Building Materials (0.6%)

 

 

 

 

 

 

Pulte Homes Inc. 

 

 

 

2,815

 

74,485

 

 

 

 

 

 

 

Chemicals (0.6%)

 

 

 

 

 

 

RPM International Inc. 

 

 

 

3,383

 

78,147

 

 

 

 

 

 

 

Computer Hardware (1.4%)

 

 

 

 

 

 

*Dell Inc. 

 

 

 

3,690

 

85,645

Intel Corp. 

 

 

 

4,376

 

83,713

 

 

 

 

 

 

169,358

Consumer Products (2.9%)

 

 

 

 

 

 

GAP Inc. 

 

 

 

4,636

 

79,785

Limited Brands Inc. 

 

 

 

3,121

 

81,333

Mattel, Inc 

 

 

 

4,247

 

117,090

UST Inc. 

 

 

 

1,230

 

71,315

 

 

 

 

 

 

349,523

Diversified Electronic (0.9%)

 

 

 

 

 

 

Scana Corp 

 

 

 

1,659

 

71,619

*Teradyne Inc. 

 

 

 

2,125

 

35,147

 

 

 

 

 

 

106,766

Drug and Pharmaceuticals (1.5%)

 

 

 

 

 

 

Bristol-Myers Squibb 

 

 

 

6,328

 

175,665

 

 

 

 

 

 

 

Energy (4.7%)

 

 

 

 

 

 

Ameren Corp. 

 

 

 

1,264

 

63,580

American Electric Power 

 

 

 

1,641

 

79,999

CenterPoint Energy Inc. 

 

 

 

4,366

 

78,326

Duke Energy 

 

 

 

2,429

 

49,284

Nicor Inc. 

 

 

 

1,432

 

69,337

Progress Energy Inc. 

 

 

 

1,478

 

74,550

Public Svc. Ent. Grp. 

 

 

 

937

 

77,808

Southern Co. 

 

 

 

1,894

 

69,415

 

 

 

 

 

 

562,299

Entertainment (0.6%)

 

 

 

 

 

 

*Cedar Fair, L.P. 

 

 

 

2,410

 

68,830

 

 

 

 

 

 

 

Financial (4.5%)

 

 

 

 

 

 

Barclays PLC ADR 

 

 

 

1,198

 

68,214

H&R Block Inc. 

 

 

 

4,061

 

85,443

First Data Corp. 

 

 

 

3,789

 

101,924

National City Corp 

 

 

 

1,861

 

69,322

Regions Financial Corp 

 

 

 

2,065

 

73,040

Wachovia Corp. 

 

 

 

1,224

 

67,381

Washington Mutual, Inc. 

 

 

 

1,947

 

78,620

 

 

 

 

 

 

543,944

Healthcare (1.4%)

 

 

 

 

 

 

Glaxosmithkline PLC-ADR 

 

 

 

1,299

 

71,783

IMS Health Inc. 

 

 

 

3,300

 

97,878

 

 

 

 

 

 

169,661

Hotels (0.8%)

 

 

 

 

 

 

Yum Brands 

 

 

 

1,583

 

91,434

 

 

 

 

 

 

 

Housewares (0.6%)

 

 

 

 

 

 

Tupperware Brands Corp 

 

 

 

3,009

 

75,014

 

 

 

 

 

 

 

Insurance (8.7%)

 

 

 

 

 

 

*Berkshire Hathaway 'B' 

 

 

 

268

 

975,520

Arthur J. Gallagher & Co. 

 

 

 

2,473

 

70,060

 

 

 

 

 

 

1,045,580

Office Supplies (0.8%)

 

 

 

 

 

 

*Xerox Corp 

 

 

 

5,557

 

93,858

 

 

 

 

 

 

 

Oil and Gas Operations (2.0%)

 

 

 

 

 

 

*Buckeye Partners LP 

 

 

 

1,496

 

74,412

Integrys Energy Group 

 

 

 

1,367

 

75,882

NiSource, Inc. 

 

 

 

2,877

 

70,314

Spectra Energy Corp 

 

 

 

912

 

23,958

 

 

 

 

 

 

244,566

Photo Equipment and Supplies (0.6%)

 

 

 

 

 

 

Deluxe Corp 

 

 

 

2,305

 

77,287

 

 

 

 

 

 

 

Restaurants (0.8%)

 

 

 

 

 

 

McDonalds Corp 

 

 

 

2,186

 

98,480

 

 

 

 

 

 

 

Semiconductor (4.7%)

 

 

 

 

 

 

*Advanced Micro Devices, Inc. 

 

 

 

2,401

 

31,357

Altera Corp 

 

 

 

1,665

 

33,283

*Amkor Technology 

 

 

 

2,861

 

35,705

Analog Devices 

 

 

 

937

 

32,317

Applied Materials 

 

 

 

1,846

 

33,820

*Atmel Corporation 

 

 

 

6,277

 

31,573

*Broadcom Corp. 

 

 

 

1,014

 

32,520

KLA-Tencor Corp 

 

 

 

644

 

34,338

*LSI Logic Corporation 

 

 

 

3,387

 

35,360

*Lam Research Corp 

 

 

 

761

 

36,026

Linear Technology Corp

 

 

 

1,035

 

32,696

Maxim Integrated Products 

 

 

 

1,041

 

30,605

*Micron Technology 

 

 

 

2,789

 

33,691

National Semiconductor 

 

 

 

1,339

 

32,324

*Novellus Systems 

 

 

 

1,063

 

34,037

Texas Instruments, Inc. 

 

 

 

1,069

 

32,177

Xilinx Inc. 

 

 

 

1,312

 

33,758

 

 

 

 

 

 

565,587

Tobacco (1.3%)

 

 

 

 

 

 

Universal Corporation 

 

 

 

1,307

 

80,185

Vector Group LTD 

 

 

 

4,095

 

76,618

 

 

 

 

 

 

156,803

Wireless Communications (0.6%)

 

 

 

 

 

 

Vodafone Group PLC-SP ADR 

 

 

 

2,472

 

66,398

 

 

 

 

 

 

 

TOTAL COMMON STOCKS (COST: $5,038,018)

 

 

 

 

$

5,305,437

 

 

 

 

 

 

 

EXCHANGE TRADED FUNDS (21.6%)

 

 

 

 

 

 

IShares Silver Trust 

 

 

 

642

 

85,720

IShares MSCI Japan IN 

 

 

 

34,809

 

507,167

IShares MSCI EAFE Index Fund 

 

 

 

6,488

 

494,775

IShares Dow Jones US Healthcare Sector Index Fund

 

 

 

9,361

 

624,472

Powershares Aero & Defense 

 

 

 

13,317

 

258,083

Ultrashort S&P 500 Proshares 

 

 

 

3,916

 

228,734

Utilities Select Sector SPDR Fund 

 

 

 

10,262

 

407,402

 

 

 

 

 

 

 

TOTAL EXCHANGE TRADED FUNDS (COST: $2,548,204)

 

 

 

$

2,606,353

 

 

 

 

 

 

 

 

Coupon Rate

Maturity

 

Prinicipal Amount

 

 

CORPORATE BONDS (31.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto-Cars/Light Trucks (1.4%)

 

 

 

 

 

 

United Rentals North 

6.500%

02/15/2012

$

175,000

$

175,000

 

 

 

 

 

 

 

Broadcast Serv/Program (2.9%)

 

 

 

 

 

 

Sirius Satellite Radio 

9.625

08/01/2013

 

177,000

 

178,328

XM Satellite Radio 

9.750

05/01/2014

 

174,000

 

175,958

 

 

 

 

 

 

354,286

Building - Residential/Commer (6.9%)

 

 

 

 

 

 

K Hovnanian Enterprises 

6.250

01/15/2016

 

74,000

 

63,825

Kimball Hill Inc. 

10.500

12/15/2012

 

191,000

 

187,180

William Lyon Homes 

10.750

04/01/2013

 

80,000

 

78,800

William Lyon Homes 

7.500

02/15/2014

 

48,000

 

42,240

M/I Homes Inc.  

6.875

04/01/2012

 

76,000

 

69,065

Standard Pacific Corporation 

6.250

04/01/2014

 

77,000

 

67,953

Tech Olympic USA 

10.375

07/01/2012

 

22,000

 

16,610

Tech Olympic USA, Inc. 

7.500

03/15/2011

 

45,000

 

31,950

Tech Olympic USA, Inc. 

7.500

01/15/2015

 

155,000

 

110,438

WCI Communities 

9.125

05/01/2012

 

75,000

 

74,625

WCI Communities Inc 

6.625

03/15/2015

 

98,000

 

91,630

 

 

 

 

 

 

834,316

Casino Hotels (5.3%)

 

 

 

 

 

 

Boyd Gaming Corp. 

6.750

04/15/2014

 

177,000

 

176,780

Magna Entertainment  

7.250

12/15/2009

 

20,000

 

18,900

155 E Tropicana LLC 

8.750

04/01/2012

 

203,000

 

192,343

Trump Entertainment Resorts 

8.500

06/01/2015

 

180,000

 

182,250

Wynn Las Vegas 

6.625

12/01/2014

 

65,000

 

64,514

 

 

 

 

 

 

634,787

Construction Materials (1.5%)

 

 

 

 

 

 

US Concrete Inc. 

8.375

04/01/2014

 

176,000

 

178,860

 

 

 

 

 

 

 

Electronic Comp-Semicon (2.9%)

 

 

 

 

 

 

Amkor Technologies, Inc. 

7.750

05/15/2013

 

138,000

 

135,240

Amkor Technologies 

9.250

06/01/2016

 

40,000

 

41,700

Stoneridge Inc. 

11.500

05/01/2012

 

170,000

 

178,713

 

 

 

 

 

 

355,653

Finance - Auto Loans (1.4%)

 

 

 

 

 

 

Ford Motor Credit Co 

7.000

10/01/2013

 

184,000

 

172,425

 

 

 

 

 

 

 

Food - Retail (1.5%)

 

 

 

 

 

 

Landry's Restaurant 

7.500

12/15/2014

 

180,000

 

177,750

 

 

 

 

 

 

 

Medical - Hospitals (1.0%)

 

 

 

 

 

 

Tenet Healthcare  

6.875

11/15/2031

 

109,000

 

86,655

Tenet Healthcare Corp. 

9.875

07/01/2014

 

30,000

 

30,300

 

 

 

 

 

 

116,955

Miscellaneous Manufacturer (1.0%)

 

 

 

 

 

 

Propex Fabrics Inc. 

10.000

12/01/2012

 

132,000

 

115,335

 

 

 

 

 

 

 

Oil Co. - Explor. & Prod. (1.3%)

 

 

 

 

 

 

Clayton William Energy 

7.750

08/01/2013

 

166,000

 

156,664

 

 

 

 

 

 

 

Oil Refining & Marketing (0.8%)

 

 

 

 

 

 

United Refining 

10.500

08/15/2012

 

95,000

 

99,988

 

 

 

 

 

 

 

Resorts - Themeparks (1.5%)

 

 

 

 

 

 

Six Flags Inc.  

9.750

04/15/2013

 

185,000

 

177,370

 

 

 

 

 

 

 

Retail - Auto Parts (0.0%)

 

 

 

 

 

 

Pep Boys 

7.500

12/15/2014

 

6,000

 

5,910

 

 

 

 

 

 

 

Retail - Jewelry (1.4%)

 

 

 

 

 

 

Finlay Fine Jewelry Corp 

8.375

06/01/2012

 

181,000

 

166,068

 

 

 

 

 

 

 

Telecom Services (0.9%)

 

 

 

 

 

 

Grande Communications 

14.000

04/01/2011

 

65,000

 

68,737

PacWest Telecom Inc. 

13.500

02/01/2009

 

113,208

 

36,085

 

 

 

 

 

 

104,822

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS (COST: $3,849,867)

 

 

 

 

$

3,826,189

 

 

 

 

 

 

 

SHORT-TERM SECURITIES (4.8%)

 

 

 

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $574,413)

 

574,413

$

574,413

 

 

 

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST: $12,010,502)

 

 

 

$

12,312,392

OTHER ASSETS LESS LIABILITIES

 

 

 

 

 

(240,973)

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

$

12,071,419

 

 

 

 

 

 

 

*Non-income producing

 

 

 

 

 

 

ADR - American Depository Receipt

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was $12,010,502.  The net unrealized appreciation of investments based on the cost was $301,890, which is comprised of $562,711 aggregate gross unrealized appreciation and $260,821aggregate gross unrealized depreciation.

 

INTEGRITY HIGH INCOME FUND

 

 

 

 

 

 

Schedule of Investments  March 30, 2007 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of Issuer

 

 

 

 

 

 

Percentages represent the market value of each investment category to total net assets

Coupon Rate

Maturity

 

Principal Amount

 

 Market Value

 

 

 

 

 

 

 

CORPORATE BONDS (95.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense (0.5%)

 

 

 

 

 

 

Spacehab 

5.500%

10/15/2010

$

1,095,000

$

769,238

 

 

 

 

 

 

 

Auto-Cars/Light Trucks (3.7%)

 

 

 

 

 

 

United Rentals North 

6.500

02/15/2012

 

6,087,000

 

6,087,000

 

 

 

 

 

 

 

Broadcast Serv/Program (8.4%)

 

 

 

 

 

 

Sirius Satellite Radio 

9.625

08/01/2013

 

7,308,000

 

7,362,810

XM Satellite Radio 

9.750

05/01/2014

 

6,602,000

 

6,676,273

 

 

 

 

 

 

14,039,083

Building-Residential/Commer (18.6%)

 

 

 

 

 

 

K Hovnanian Enterprises 

6.250

01/15/2016

 

600,000

 

517,500

Kimball Hill Inc. 

10.500

12/15/2012

 

7,515,000

 

7,364,700

William Lyon Homes 

10.750

04/01/2013

 

4,461,000

 

4,394,085

M/I Homes Inc. 

6.875

04/01/2012

 

5,414,000

 

4,919,973

Standard Pacific Corporation 

6.250

04/01/2014

 

243,000

 

214,448

Tech Olympic USA, Inc 

9.000

07/01/2010

 

1,936,000

 

1,829,520

Tech Olympic USA 

10.375

07/01/2012

 

4,254,000

 

3,211,770

Tech Olympic USA, Inc. 

7.500

03/15/2011

 

243,000

 

172,530

Tech Olympic USA, Inc. 

7.500

01/15/2015

 

2,598,000

 

1,851,075

WCI Communities 

9.125

05/01/2012

 

4,556,000

 

4,533,220

WCI Communities Inc 

6.625

03/15/2015

 

2,018,000

 

1,886,830

 

 

 

 

 

 

30,895,650

Casino Hotels (16.1%)

 

 

 

 

 

 

Boyd Gaming Corp. 

6.750

04/15/2014

 

4,814,000

 

4,807,983

MGM Mirage 

6.625

07/15/2015

 

6,359,000

 

6,104,640

Magna Entertainment  

7.250

12/15/2009

 

1,304,000

 

1,232,280

155 E Tropicana LLC 

8.750

04/01/2012

 

6,940,000

 

6,575,650

Trump Entertainment Resorts 

8.500

06/01/2015

 

7,319,000

 

7,410,488

Wynn Las Vegas 

6.625

12/01/2014

 

705,000

 

699,713

 

 

 

 

 

 

26,830,753

Construction Materials (4.2%)

 

 

 

 

 

 

US Concrete Inc. 

8.375

04/01/2014

 

6,944,000

 

7,056,840

 

 

 

 

 

 

 

Electronic Comp-Semicon (7.7%)

 

 

 

 

 

 

Advanced Micro Devices 

7.750

11/01/2012

 

259,000

 

262,885

Amkor Technologies, Inc. 

7.750

05/15/2013

 

5,140,000

 

5,037,200

Amkor Technologies 

9.250

06/01/2016

 

1,435,000

 

1,495,988

Stoneridge Inc. 

11.500

05/01/2012

 

5,768,000

 

6,063,610

 

 

 

 

 

 

12,859,683

Finance - Auto Loans (4.3%)

 

 

 

 

 

 

Ford Motor Credit Co 

7.000

10/01/2013

 

7,599,000

 

7,120,947

 

 

 

 

 

 

 

Finance - Other Services (0.9%)

 

 

 

 

 

 

AMR Real Estate Partners 

7.125

02/15/2013

 

1,500,000

 

1,477,500

 

 

 

 

 

 

 

Food - Retail (3.5%)

 

 

 

 

 

 

Landry's Restaurant 

7.500

12/15/2014

 

5,947,000

 

5,872,663

 

 

 

 

 

 

 

Marine Services (0.8%)

 

 

 

 

 

 

Great Lakes Dredge & Dock 

7.750

12/15/2013

 

1,378,000

 

1,346,995

 

 

 

 

 

 

 

Medical - Hospitals (2.9%)

 

 

 

 

 

 

Tenet Healthcare Corp. 

9.875

07/01/2014

 

4,821,000

 

4,869,210

 

 

 

 

 

 

 

Miscellaneous Manufacturer (2.7%)

 

 

 

 

 

 

Propex Fabrics Inc. 

10.000

12/01/2012

 

5,118,000

 

4,471,853

 

 

 

 

 

 

 

Oil Co. - Explor. & Prod. (8.1%)

 

 

 

 

 

 

Brigham Exploration Co. 

9.625

05/01/2014

 

3,804,000

 

3,861,060

Callon Petroleum 

9.750

12/08/2010

 

1,813,000

 

1,862,858

Comstock Resources Inc 

6.875

03/01/2012

 

275,000

 

266,750

Clayton William Energy 

7.750

08/01/2013

 

7,908,000

 

7,463,175

 

 

 

 

 

 

13,453,843

Oil Refining & Marketing (1.4%)

 

 

 

 

 

 

United Refining 

10.500

08/15/2012

 

2,218,000

 

2,334,445

 

 

 

 

 

 

 

Resorts - Themeparks (3.4%)

 

 

 

 

 

 

Six Flags Inc.  

8.875

02/01/2010

 

173,000

 

174,514

Six Flags Inc.  

9.750

04/15/2013

 

5,708,000

 

5,472,545

 

 

 

 

 

 

5,647,059

Retail - Jewelry (4.5%)

 

 

 

 

 

 

Finlay Fine Jewelry Corp 

8.375

06/01/2012

 

8,114,000

 

7,444,595

 

 

 

 

 

 

 

Retail - Major Dept Store (1.2%)

 

 

 

 

 

 

Toys R Us  

7.375

10/15/2018

 

2,367,000

 

2,029,703

 

 

 

 

 

 

 

Storage/Warehousing (0.1%)

 

 

 

 

 

 

Mobile Mini Inc. 

9.500

07/01/2013

 

83,000

 

89,018

 

 

 

 

 

 

 

Telecom Services (2.4%)

 

 

 

 

 

 

Grande Communications 

14.000

04/01/2011

 

3,432,000

 

3,629,340

PacWest Telecom Inc. 

13.500

02/01/2009

 

1,259,172

 

401,361

 

 

 

 

 

 

4,030,701

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS (COST: $157,917,666)

 

 

 

 

$

158,726,774

 

 

 

 

 

 

 

SHORT-TERM SECURITIES (3.0%)

 

 

 

Shares

 

 

Wells Fargo Advantage Investment Money Market (COST: $5,003,911)

 

 

5,003,911

$

5,003,911

 

 

 

 

 

 

 

TOTAL INVESTMENTS IN SECURITIES (COST: $162,921,577)

 

 

 

$

163,730,685

OTHER ASSETS LESS LIABILITIES

 

 

 

 

 

2,671,782

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

$

166,402,467

 

 

 

 

 

 

 

Note:  INVESTMENT IN SECURITIES

 

 

 

 

 

 

At March 30, 2007, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $162,921,577.  The net unrealized appreciation of investments based on the cost was $809,108, which is comprised of $4,347,715 aggregate gross unrealized appreciation and $3,538,607aggregate gross unrealized depreciation.

 

Item 2. Controls and Procedures 

(a)           The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-Q (the "Report").  The registrant's principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are adequately designed to ensure that material information relating to the registrant is made known to them by others, particularly during the period in which this report is being prepared, so that there is time to allow for decisions regarding required disclosure.  Further, in their opinion, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively, to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date. 

(b)           There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. 

Item 3. Exhibits

(a)(1)       Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 is filed and attached hereto. 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

The Integrity Funds 

BY: /s/Robert E. Walstad
ROBERT E. WALSTAD
PRESIDENT 

Date: May 31, 2007

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 

The Integrity Funds  

BY: /s/Robert E. Walstad
ROBERT E. WALSTAD
PRESIDENT 

Date: May 31, 2007 

 

BY: /s/Laura Anderson
LAURA ANDERSON
TREASURER 

Date: May 31, 2007

EX-99.CERT 2 ifd1stqnqcert20070529.htm CERTIFICATIONS

CERTIFICATIONS 

I, Robert E. Walstad, certify that: 

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

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

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

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

 

 

Date: May 31, 2007

 

/s/ Robert E. Walstad

 

President

 

 

 

[Signature]

 

[Title]

 

CERTIFICATIONS 

I, Laura Anderson, certify that: 

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

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

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

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

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

 

 

Date: May 31, 2007

 

/s/ Laura Anderson

 

Treasurer

 

 

 

[Signature]

 

[Title]

 
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