N-CSRS 1 ncsr20130327.htm

N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06153

Integrity Managed Portfolios

(Exact name of registrant as specified in charter)

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

Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2013

Item 1. REPORTS TO STOCKHOLDERS.

[Logo]

INTEGRITY MANAGED PORTFOLIOS

Kansas Municipal Fund
Maine Municipal Fund
Nebraska Municipal Fund
New Hampshire Municipal Fund
Oklahoma Municipal Fund

Semi-Annual Report
January 31, 2013


Investment Adviser Viking Fund Management, LLC PO Box 500 Minot, ND 58702	Principal Underwriter Integrity Funds Distributor, LLC* PO Box 500 Minot, ND 58702
Transfer Agent Integrity Fund Services, LLC PO Box 759 Minot, ND 58702	Custodian Wells Fargo Bank, N.A. Trust & Custody Solutions 801 Nicollet Mall, Suite 700 Minneapolis, MN 55479


*The Funds are distributed through Integrity Funds Distributor, LLC. Member FINRA

DEAR SHAREHOLDERS:

Enclosed is the report of the operations for the Kansas Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Maine Municipal Fund, and New Hampshire Municipal Fund (each a "Fund", and collectively the "Funds") for the six months ended January 31, 2013. The Funds' portfolio and related financial statements are presented within for your review.

In the months leading up to the January 1st fiscal cliff deadline, the market was very concerned about the possibility that the municipal bond tax exemption could be changed or eliminated in a negotiated budget agreement.

Despite the conclusion of the fiscal cliff negotiations on New Year's Day, budget wrangling in Washington roiled the municipal bond market at the end of last year sending prices tumbling amid worries that new taxes would be levied on municipal bond payments. That didn't materialize, giving an increase to municipal prices as we start the New Year.

Washington is having an impact in other ways blurring the outlook for municipal bonds. A looming battle over the nation's borrowing limit is providing an unexpected boost to the municipal bond market. As part of the Treasury's efforts to limit its spending, the department has suspended a program it funds to help towns and cities refinance existing debt at lower interest rates. A drop-off in these kinds of debt sales could tighten the supply of municipal bonds, keeping prices higher.

But while some investors see opportunities in the markets, the uncertainty is making others nervous. The bond markets are starting to react negatively to healthier economic indicators out of concern that such data might bring an early end to the Federal Reserve's quantitative easing. However, the Federal Reserve Chairman and the majority of the Federal Open Market Committee have signaled that they are not inclined to scale back purchases of government securities until labor markets are much stronger.

As we prepare for the remainder of the year, we feel the interest rate environment will be range bound. As States continue to experience improving revenue trends, stabilizing housing markets and improving economic conditions, we feel municipal bonds will continue to be an attractive asset class among fixed income investors and we will continue to follow our discipline strategy of investing to maximize income while seeking value in the municipal market. Our value-oriented philosophy of investing for income leads us to favor high quality, high coupon bonds. As interest rates fluctuate, the portfolio becomes diversified with a broad range of securities that help us achieve high current income tax-free for shareholders.

The Kansas Municipal Fund began the period at $11.12 per share and ended the period at $11.09 per share for a total return of 1.13%*. This compares to the Barclays Capital Municipal Index's return of 1.81%. A primary function of the Fund is to search the primary and secondary markets for high quality issues for the Fund. Some recent purchases during the period include: Wyandotte County, KS Utility Rev, 5.00% coupon, due 2032; and Neosho County, KS USD #413, 4.00% coupon, due 2031.

The Nebraska Municipal Fund began the period at $10.69 per share and ended the period at $10.66 per share for a total return of 1.08%*. This compares to the Barclays Capital Municipal Index's return of 1.81%. A primary function of the Fund is to search the primary and secondary markets for high quality issues for the Fund. Some recent purchases during the period include: Lincoln, NE Electric System, 5.00% coupon, due 2037; and Lincoln County, NE Hospital Authority, 5.00% coupon, due 2025.

The Oklahoma Municipal Fund began the period at $11.93 per share and ended the period at $11.88 per share for a total return of 0.95%*. This compares to the Barclays Capital Municipal Index's return of 1.81%. A primary function of the Fund is to search the primary and secondary markets for high quality issues for the Fund. Some recent purchases during the period include: Oklahoma State Water Resource, 5.00% coupon, due 2024; and Sands Springs Utility Rev, 4.00% coupon, due 2027.

The Maine Municipal Fund began the period at $11.36 per share and ended the period at $11.27 per share for a total return of 0.62%*. This compares to the Barclays Capital Municipal Index's return of 1.81%. A primary function of the Fund is to search the primary and secondary markets for high quality issues for the Fund. Some recent purchases during the period included: Auburn, ME General Obligation, 4.50% coupon, due 2022; and Gorham, ME General Obligation, 4.00% coupon, due 2023.

The New Hampshire Municipal Fund began the period at $11.07 per share and ended the period at $10.98 per share for a total return of 0.52%*. This compares to the Barclays Capital Municipal Index's return of 1.81%. A primary function of the Fund is to search the primary and secondary markets for high quality issues for the Fund. Some recent purchases during the period include: New Hampshire Health, Catholic Medical Center, 5.00% coupon, due 2024; and Concord, NH General Obligation, 4.00% coupon, due 2024.

Income exempt from federal income taxes and each Fund's respective state tax (interest and dividend tax with respect to New Hampshire) with preservation of capital remains the primary objective of the Funds.

If you would like more frequent updates, please visit the Funds' website at www.integrityvikingfunds.com for daily prices along with pertinent Fund information.

Sincerely,

Monte Avery

Senior Portfolio Manager

The views expressed are those of Monte Avery, Senior Portfolio Manager with Viking Fund Management, LLC ("Viking Fund Management", "VFM", or the "Adviser"). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of any individual security, market sector, the markets generally, or any of the funds in the Integrity Viking family of funds.

*Performance does not include applicable front-end or contingent deferred sales charges, which would have reduced the performance. For Kansas Municipal Fund, Nebraska Municipal Fund, Oklahoma Municipal Fund, Maine Municipal Fund, and New Hampshire Municipal Fund, the total annual fund operating expense ratio (before expense waivers and reimbursements and including acquired fund fees and expenses) as of the most recent fiscal year-end was 1.19%, 1.21%, 1.21%, 1.30%, and 1.79%, respectively. The net annual fund operating expense ratio (after expense waivers and reimbursements and excluding acquired fund fees and expenses) as of the most recent fiscal year-end for each Fund was 1.07%.

Performance data quoted above is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost. You can obtain performance data current to the most recent month end (available within seven business days of the most recent month end) by calling 800-276-1262.

You should consider each Fund's investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.

Bond prices and therefore the value of bond funds decline as interest rates rise. Because each Fund invests in securities of a single state, the Funds are more susceptible to factors adversely impacting the respective state than a municipal bond fund that does not concentrate its securities in a single state.

For investors subject to the alternative minimum tax, a portion of the each Fund's dividends may be taxable. Distributions of capital gains are generally taxable.

KANSAS MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment in the Fund and the Barclays Capital Municipal Bond Index

	Kansas Municipal Fund without Sales Charge	Kansas Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/02	$10,000	$9,624	$10,000
7/31/03	$9,925	$9,552	$10,359
7/30/04	$10,095	$9,716	$10,958
7/29/05	$10,117	$9,737	$11,656
7/31/06	$10,561	$10,164	$11,954
7/31/07	$10,884	$10,475	$12,463
7/31/08	$11,199	$10,778	$12,818
7/31/09	$11,654	$11,216	$13,472
7/30/10	$12,367	$11,902	$14,706
7/29/11	$12,740	$12,261	$15,182
7/31/12	$13,768	$13,251	$16,777
1/31/13	$13,924	$13,400	$17,081

Average Annual Total Returns for the periods ended January 31, 2013

	1 year	3 year	5 year	10 year	Since Inception (November 15, 1990)
Without sales charge	2.78%	4.93%	4.24%	3.43%	4.54%
With sales charge (4.25%)	-1.04%	3.61%	3.44%	3.03%	4.36%

Putting Performance into Perspective

You should consider the Fund's investment objectives, risks, charges, and expenses carefully before investing. For this and other important information, please obtain a Fund prospectus at no cost from your financial adviser and read it carefully before investing.

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

The graph comparing the Fund's performance to a benchmark index provides you with a general sense of how the Fund performed. To put this information in context, it may be helpful to understand the special differences between the two. The Fund's total return for the period shown appears with and without sales charges and includes Fund expenses and management fees. A securities index measures the performance of a theoretical portfolio. Unlike a fund, the index is unmanaged; there are no expenses that affect the results. In addition, few investors could purchase all of the securities to match the index. If they could, transaction costs and other expenses would be incurred. All Fund and benchmark returns include reinvested dividends.

The results prior to August 1, 2009 were achieved while the Fund was managed by a different investment adviser. The current investment adviser may produce different investment results than those achieved by the previous investment adviser.

NEBRASKA MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment in the Fund and the Barclays Capital Municipal Bond Index

	Nebraska Municipal Fund without Sales Charge	Nebraska Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/02	$10,000	$9,621	$10,000
7/31/03	$9,919	$9,543	$10,359
7/30/04	$10,275	$9,886	$10,958
7/29/05	$10,256	$9,867	$11,656
7/31/06	$10,759	$10,351	$11,954
7/31/07	$11,099	$10,678	$12,463
7/31/08	$11,408	$10,976	$12,818
7/31/09	$11,831	$11,383	$13,472
7/30/10	$12,498	$12,024	$14,706
7/29/11	$12,909	$12,420	$15,182
7/31/12	$13,972	$13,442	$16,777
1/31/13	$14,122	$13,587	$17,081

Average Annual Total Returns for the periods ended January 31, 2013

	1 year	3 year	5 year	10 year	Since Inception (November 17, 1993)
Without sales charge	3.14%	5.12%	4.13%	3.51%	4.00%
With sales charge (4.25%)	-0.69%	3.81%	3.34%	3.11%	3.80%

Putting Performance into Perspective

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

OKLAHOMA MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment in the Fund and the Barclays Capital Municipal Bond Index

	Oklahoma Municipal Fund without Sales Charge	Oklahoma Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/02	$10,000	$9,625	$10,000
7/31/03	$10,028	$9,651	$10,359
7/30/04	$10,396	$10,005	$10,958
7/29/05	$10,709	$10,307	$11,656
7/31/06	$11,179	$10,760	$11,954
7/31/07	$11,526	$11,094	$12,463
7/31/08	$11,642	$11,205	$12,818
7/31/09	$12,141	$11,685	$13,472
7/30/10	$13,065	$12,575	$14,706
7/29/11	$13,607	$13,097	$15,182
7/31/12	$14,873	$14,315	$16,777
1/31/13	$15,014	$14,450	$17,081

Average Annual Total Returns for the periods ended January 31, 2013

	1 year	3 year	5 year	10 year	Since Inception (September 25, 1996)
Without sales charge	2.74%	5.97%	4.70%	4.08%	4.41%
With sales charge (4.25%)	-1.09%	4.63%	3.90%	3.68%	4.16%

Putting Performance into Perspective

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

MAINE MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment in the Fund and the Barclays Capital Municipal Bond Index

	Maine Municipal Fund without Sales Charge	Maine Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/02	$10,000	$9,624	$10,000
7/31/03	$10,223	$9,838	$10,359
7/30/04	$10,627	$10,227	$10,958
7/29/05	$10,548	$10,151	$11,656
7/31/06	$10,983	$10,569	$11,954
7/31/07	$11,300	$10,875	$12,463
7/31/08	$11,687	$11,247	$12,818
7/31/09	$12,297	$11,835	$13,472
7/30/10	$12,973	$12,484	$14,706
7/29/11	$13,296	$12,796	$15,182
7/31/12	$14,465	$13,921	$16,777
1/31/13	$14,556	$14,008	$17,081

Average Annual Total Returns for the periods ended January 31, 2013

	1 year	3 year	5 year	10 year	Since Inception (December 5, 1991)
Without sales charge	2.34%	4.85%	4.22%	3.61%	4.84%
With sales charge (4.25%)	-1.48%	3.52%	3.42%	3.21%	4.65%

Putting Performance into Perspective

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

NEW HAMPSHIRE MUNICIPAL FUND

PERFORMANCE (unaudited)

Comparison of change in value of a $10,000 investment in the Fund and the Barclays Capital Municipal Bond Index

	New Hampshire Municipal Fund without Sales Charge	New Hampshire Municipal Fund with Maximum Sales Charge	Barclays Capital Municipal Bond Index
7/31/02	$10,000	$9,628	$10,000
7/31/03	$10,234	$9,854	$10,359
7/30/04	$10,719	$10,320	$10,958
7/29/05	$10,525	$10,134	$11,656
7/31/06	$10,921	$10,515	$11,954
7/31/07	$11,251	$10,833	$12,463
7/31/08	$11,669	$11,236	$12,818
7/31/09	$12,211	$11,757	$13,472
7/30/10	$12,867	$12,389	$14,706
7/29/11	$13,207	$12,716	$15,182
7/31/12	$14,137	$13,612	$16,777
1/31/13	$14,211	$13,683	$17,081

Average Annual Total Returns for the periods ended January 31, 2013

	1 year	3 year	5 year	10 year	Since Inception (December 31, 1992)
Without sales charge	1.80%	4.29%	3.97%	3.33%	4.44%
With sales charge (4.25%)	-2.00%	2.98%	3.17%	2.94%	4.25%

Putting Performance into Perspective

The table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions and redemptions of Fund shares.

KANSAS MUNICIPAL FUND

PORTFOLIO MARKET SECTORS January 31, 2013 (unaudited)

General Obligation	39.9%
Health Care	18.4%
Other Revenue	16.0%
Utilities	15.2%
Education	4.4%
Cash Equivalents and Other	4.0%
Transportation	1.6%
Housing	0.5%
	100.0%

Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS January 31, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (95.9%)

Education (4.4%)
Hutchinson KS Cmnty College 5.000% 10/01/25	$	350,000	$	376,897
Hutchinson KS Cmnty College 5.250% 10/01/30		300,000		323,148
Hutchinson KS Cmnty College 5.250% 10/01/33		450,000		485,271
KS Dev Fin Auth Sales Tax Rev K-St-Olathe Innovation-L1 5.000% 09/01/39		200,000		222,446
KS Dev Fin Auth Rev (Univ KS Research Cent) 5.000% 02/01/26		500,000		536,210
KS Dev Fin Auth Rev (KS St Proj) 4.375% 11/01/18		100,000		114,699
Washburn Univ Topeka KS Bldg Ref Rev (Living Learning Ctr Proj) 5.000% 07/01/19		955,000		989,857
				3,048,528
General Obligation (39.9%)
Atchison Cnty KS Unif Sch Dist #409 Ref & Impt Ser A 4.000% 09/01/25		500,000		556,030
Butler Cnty KS USD #402 5.250% 09/01/21		560,000		651,274
Butler Cnty KS USD #385 5.000% 09/01/18		500,000		591,745
Butler Cnty KS USD #394 5.000% 09/01/23		175,000		188,284
Cowley Cnty KS USD #470 5.500% 09/01/21		100,000		117,930
Cowley Cnty KS USD #470 4.750% 09/01/23		100,000		113,504
Cowley Cnty KS USD #470 4.750% 09/01/27		490,000		580,802
Cowley Cnty KS USD #465 (Winfield) 5.250% 10/01/14		375,000		389,681
Cowley Cnty KS USD #465 (Winfield) 5.250% 10/01/14		10,000		10,214
Dickinson Cnty KS USD #473 4.500% 09/01/22		215,000		249,501
Dickinson Cnty KS USD #473 5.000% 09/01/27		325,000		380,243
Dickinson Cnty KS USD #473 4.400% 09/01/29		100,000		110,702
Dodge KS Sch Dist #443 4.000% 09/01/16		120,000		129,475
Douglas Cnty KS Sales Tax Ref 5.000% 08/01/19		1,000,000		1,024,640
Douglas Cnty KS USD #491 Eudora 5.500% 09/01/24		250,000		289,155
Douglas Cnty KS USD #491 Eudora 5.000% 09/01/23		375,000		432,840
Douglas Cnty KS USD #491 Eudora 5.125% 09/01/29		250,000		283,122
Douglas Cnty KS USD #491 Eudora 4.000% 09/01/22		250,000		276,930
Ford Cnty KS Sales Tax - Ser A 4.500% 09/01/24		500,000		542,675
Franklin Cnty KS USD # 290 4.000% 09/01/16		100,000		105,500
Geary Cnty KS USD #475 4.500% 09/01/23		650,000		695,480
Harvey Cnty KS USD #373 (Newton) 4.000% 09/01/18		250,000		284,563
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/23		200,000		229,736
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/25		1,000,000		1,211,480
Johnson & Miami Cnty KS Unif Sch Dist #230 5.500% 09/01/30		500,000		625,770
*Johnson Cnty KS USD #231 Gardner-Edgerton 5.000% 10/01/24		1,135,000		1,182,261
Johnson Cnty KS USD #232 (Desoto) 5.250% 09/01/23		500,000		540,855
Johnson Cnty KS USD #232 (Desoto) 5.000% 09/01/15		100,000		111,411
Johnson Cnty KS USD #233 4.000% 09/01/18		150,000		173,068
Junction City KS Ref & Impt 5.000% 09/01/25		250,000		271,625
Junction City KS Unlimited GO 3.500% 09/01/16		120,000		131,404
Junction City KS Unlimited GO 4.100% 09/01/20		750,000		852,195
Junction City KS Unlimited GO 4.250% 09/01/21		100,000		113,408
Junction City KS Unlimited GO 4.400% 09/01/22		100,000		113,837
Junction City KS Unlimited GO 4.500% 09/01/23		100,000		112,595
Junction City KS Unlimited GO 3.000% 09/01/16		315,000		336,155
Leavenworth Cnty KS USD #449 3.330% 09/01/28		250,000		266,312
Leavenworth Cnty KS USD #453 GO Impt & Ref 5.250% 03/01/24		200,000		234,534
Leavenworth Cnty KS USD #453 4.750% 09/01/25		300,000		341,379
*Leavenworth Cnty KS USD #453 GO Impt & Ref 5.125% 03/01/29		1,000,000		1,151,570
Wichita Cnty KS USD #467 (Leoti) 5.000% 10/01/18		100,000		119,239
Manhattan KS GO 5.000% 11/01/28		130,000		149,440
Miami Cnty USD #416 Louisburg 5.000% 09/01/20		275,000		315,018
Montgomery Cnty KS USD #446 4.000% 09/01/19		150,000		165,940
Montgomery Cnty KS USD #446 5.000% 09/01/33		250,000		274,407
Neosho Cnty KS USD #413 5.000% 09/01/20		345,000		369,578
Neosho Cnty KS USD #413 4.000% 09/01/31		750,000		789,750
Neosho Cnty KS USD #413 4.000% 09/01/32		750,000		789,067
Newton, KS Unlimited GO 5.000% 09/01/21		100,000		120,737
Newton KS Unlimited GO 4.750% 09/01/29		435,000		495,500
Olathe KS GO 4.000% 10/01/19		100,000		109,683
Park City KS 5.100% 12/01/20		200,000		238,790
Park City KS 5.500% 12/01/24		100,000		119,332
Park City KS 6.000% 12/01/29		500,000		603,980
Park City KS GO Ref & Impr 5.375% 12/01/25		250,000		285,485
PR Comwlth Pub Impt Ref 5.500% 07/01/20		250,000		261,625
Salina KS GO 4.625% 10/01/27		200,000		219,744
Sedgwick Cnty KS USD #261 5.000% 11/01/21		250,000		281,122
Sedgwick Cnty KS USD #262 5.000% 09/01/24		250,000		285,898
Sedgwick Cnty KS USD #262 5.000% 09/01/18		100,000		120,892
Sedgwick Cnty KS USD #262 5.000% 09/01/28		500,000		565,165
Sedgwick Cnty KS USD #265 (Goddard) 4.250% 10/01/20		750,000		837,525
Sedgwick Cnty KS USD #265 (Goddard) 4.500% 10/01/26		250,000		278,117
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/19		515,000		617,551
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/20		360,000		425,498
Seward Cnty KS Unlimited GO Hosp Ref & Impt 5.000% 08/01/40		500,000		570,500
Shawnee Cnty KS GO 5.000% 09/01/16		655,000		728,753
Wichita KS GO 4.500% 09/01/22		150,000		167,115
Wichita KS GO 4.750% 09/01/27		180,000		202,027
Wyandotte Cnty KS Gov Unltd GO 5.000% 08/01/19		150,000		167,316
Wyandotte Cnty KS GO 5.000% 08/01/25		250,000		281,203
Wyandotte Cnty KS GO 5.000% 08/01/27		500,000		556,605
Wyandotte Cnty KS USD # 202 5.250% 09/01/18		100,000		120,393
Wyandotte Cnty KS USD #500 GO 5.250% 09/01/13		250,000		257,415
				27,894,295
Health Care (18.4%)
KS Dev Fin Auth Lease Rev Univ KS Tenant 5.000% 06/15/39		1,000,000		1,092,280
KS Dev Fin Auth Rev Adventist Health 5.150% 11/15/23		250,000		284,110
KS Dev Fin Auth Rev Adventist Health 5.250% 11/15/24		250,000		284,155
KS Dev Fin Auth Rev Adventist Health 5.500% 11/15/29		100,000		116,183
KS Dev Fin Auth Rev Adventist Health 5.750% 11/15/34		250,000		262,090
KS Dev Fin Auth Rev Sisters Leavenworth-Ser A 5.000% 01/01/40		500,000		542,240
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 11/15/22		500,000		532,365
KS Dev Fin Auth Stormont-Vail Healthcare 5.125% 11/15/32		410,000		441,714
KS Dev Fin Auth Stormont-Vail Healthcare 5.125% 11/15/36		500,000		537,985
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 05/15/25		250,000		271,678
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 05/15/35		1,000,000		1,087,230
KS Devl Fin Auth (Univ of KS Hosp Auth) 5.000% 03/01/28		755,000		824,732
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/26		500,000		531,415
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/36		300,000		316,089
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.500% 03/01/35		500,000		565,180
Manhattan KS Hosp Rev Mercy Health Ctr 5.500% 08/15/20		750,000		750,593
Manhattan KS (Mercy Health Ctr) Hosp Rev 5.200% 08/15/26		250,000		250,263
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/23		250,000		290,308
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/24		250,000		287,618
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/29		500,000		561,260
Olathe KS Health Fac Rev (Med Ctr) 5.000% 09/01/29		500,000		537,645
Olathe KS (Med Ctr) Health 5.000% 09/01/30		250,000		274,348
Olathe KS Hlth Facs Rev Olathe Med Ctr - Ser A 4.000% 09/01/28		250,000		263,268
Olathe KS Hlth Facs Rev Olathe Med Cntr - Ser A 4.000% 09/01/30		445,000		464,406
Sedgwick Cnty KS Health Care Rev (Catholic Care Ctr) 5.000% 08/01/25		1,000,000		1,042,910
Univ KS Hosp Auth 5.000% 09/01/26		100,000		107,799
Wichita KS (Via Christi Health Sys) Rev 5.000% 11/15/29		300,000		336,198
				12,856,062
Housing (0.5)
Kansas City KS Mtg Rev Rev 5.900% 11/01/27		95,000		95,140
KS Dev Fin Auth Rev (Sec. 8) Rev Ref. 6.400% 01/01/24		225,000		225,308
				320,448
Other Revenue (16.0%)
Butler Cnty KS Pub Bldg Impt Rev 4.500% 10/01/21		160,000		171,078
Dodge City KS Sales Tax Rev 5.000% 06/01/21		310,000		362,567
Dodge City KS Sales Tax Rev 4.400% 06/01/25		350,000		391,395
Dodge City KS Sales Tax Rev 4.500% 06/01/28		100,000		109,738
Dodge City KS Sales Tax Rev 5.250% 06/01/31		1,000,000		1,141,440
KS Dev Fin Auth Lease Rev (Juvenile Justice) 5.250% 05/01/13		570,000		570,872
KS Dev Fin Auth Rev KS Projs-Ser B 4.125% 05/01/31		500,000		538,665
KS Dev Fin Auth Athletic Fac Rev (K-St Athletics Inc) 5.000% 07/01/32		250,000		276,453
KS Dev Fin Auth (KS St Proj) Rev Unrefunded 5.000% 10/01/17		20,000		20,018
*KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/26		1,335,000		1,427,903
KS Dev Fin Auth Rev St of KS Proj 5.000% 11/01/34		500,000		563,270
KS Dev Fin Auth Rev (Dept Admin) 5.000% 11/01/25		250,000		279,165
KS Dev Fin Auth Rev (KS St Proj) 4.100% 05/01/19		250,000		270,928
KS Dev Fin Auth (KS St Proj) Rev Unrefunded 4.500% 11/01/17		125,000		143,954
KS Dev Fin Auth Rev (KS St Proj) 5.250% 11/01/25		350,000		399,921
KS Dev Fin Auth Rev (Athletic Facs Univ of KS) 5.000% 06/01/33		250,000		261,655
KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/35		250,000		279,270
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.000% 03/01/28		250,000		284,840
Manhattan KS Sales Tax Rev Downtown Redev 5.250% 12/01/26		140,000		154,603
Manhattan KS Sales Oblig Rev North Proj Area - Downtown A 5.000% 12/01/26		500,000		547,650
Manhattan KS Sales Tax Rev 4.500% 12/01/25		500,000		557,280
*Manhattan KS Sales Tax Rev 5.000% 12/01/32		1,000,000		1,134,790
Neosho Cnty KS Sales Tax Rev 4.000% 10/01/23		500,000		549,100
Sumner Cnty KS Sales Tax Rev 5.000% 10/01/14		400,000		430,528
Topeka KS Pub Bldg Commn Lease Rev Social & Rehab Proj 5.000% 06/01/22		255,000		295,690
				11,162,773
Transportation (1.6%)
KS Dept Transn Hwy Rev 5.000% 03/01/23		250,000		262,778
KS Dev Fin Auth Rev (Road Revolving Fund) 4.625% 10/01/26		250,000		281,460
Overland Park KS Trans Dev Dist Sales Tax Rev Oak Park Mall 5.200% 04/01/20		380,000		432,337
PR Comwlth Hwy & Transn Auth Hwy Rev 4.950% 07/01/26		145,000		154,054
				1,130,629
Utilities (15.2%)
Burlington KS Envrn Impt Rev Kansas City Power & Lights 4.650% 09/01/35		575,000		598,811
*Burlington KS PCR (Gas & Elec) 5.300% 06/01/31		1,000,000		1,029,310
Burlington KS PCR (Gas & Elec) 4.850% 06/01/31		250,000		260,865
Kansas Power Pool Elec Util Rev 4.500% 12/01/28		500,000		526,960
Kansas Power Pool Elec Util Rev 5.000% 12/01/31		750,000		817,245
Kansas Power Pool Energy Agy Elec Util Rev 3.000% 08/01/22		325,000		317,220
KS Dev Fin Auth (Wtr Pollution Control) 5.000% 11/01/28		250,000		255,123
PR Elec Pwr Auth Pwr Rev 5.250% 07/01/25		250,000		261,528
Wamego KS PCR (KS Gas & Elec Proj) 5.300% 06/01/31		750,000		768,023
*Wichita KS Wtr & Swr Util Rev 5.250% 10/01/18		1,465,000		1,512,759
Wichita KS Wtr & Swr Util Rev 5.000% 10/01/28		500,000		515,910
Wichita KS Wtr & Swr Rev 5.000% 10/01/17		245,000		284,190
Wichita KS Wtr & Swr Rev 5.000% 10/01/23		300,000		336,639
Wichita KS Wtr & Swr Rev 4.000% 10/01/18		200,000		224,888
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/27		100,000		107,908
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/24		200,000		230,750
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/29		500,000		580,245
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/36		250,000		283,065
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/32		1,250,000		1,441,825
Wyandotte Cnty KS Govt Rev Plaza Proj 3.400% 10/01/27		245,000		245,123
				10,598,387

TOTAL MUNICIPAL BONDS (COST: $62,672,767)			$	67,011,122

SHORT-TERM SECURITIES (2.9%)		Shares
^Wells Fargo Advantage National Tax-Free Money Market Fund 0.010% (COST: $2,050,236)		2,050,236	$	2,050,236

TOTAL INVESTMENTS IN SECURITIES (COST: $64,723,003) (98.9%)			$	69,061,358
OTHER ASSETS LESS LIABILITIES (1.1%)				801,411

NET ASSETS (100.0%)			$	69,862,769

*	Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

^	Variable rate security; rate shown represents rate as of January 31, 2013.

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

NEBRASKA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS January 31, 2013 (unaudited)

Utilities	36.6%
Education	20.5%
General Obligation	16.0%
Health Care	11.2%
Other Revenue	7.3%
Cash Equivalents and Other	4.5%
Housing	2.3%
Transportation	1.6%
	100.0%

Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS January 31, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (95.5%)

Education (20.5%)
Douglas Cnty Ed Fac Rev Creighton Univ 5.500% 07/01/30	$	350,000	$	398,283
*Douglas Cnty Ed Fac Rev Creighton Univ 5.875% 07/01/40		1,500,000		1,719,900
Lincoln NE Ed & Fac Rev (Wesleyan Univ) 4.000% 04/01/32		1,000,000		1,044,730
NE St Colleges Student Fees (Wayne St College) 4.000% 07/01/30		200,000		208,724
Metropolitan Cmnty College South Omaha Bldg Proj 4.500% 03/01/26		1,000,000		1,047,120
NE Edl Fin Auth Rev Ref - Clarkson College Proj 5.050% 09/01/30		250,000		279,508
Polk Cnty Sch Dist #15 4.000% 12/15/31		400,000		413,776
Univ of NE Fac Corp Deferred Maintenance 5.000% 07/15/20		500,000		561,935
Univ of NE Univ Rev Kearney Student Fees & Facs 5.000% 07/01/35		600,000		644,112
Univ of NE Brd of Regt Student Facs 5.000% 05/15/32		250,000		276,390
Univ of NE Brd of Regt (Hlth & Rec Proj) 5.000% 05/15/33		600,000		668,676
Univ of NE Rev Lincoln Student Fee 4.000% 07/01/24		250,000		274,403
Univ of NE Omaha Student Hsg Proj 4.500% 05/15/30		250,000		279,680
Univ of NE Omaha Student Hsg Proj 5.000% 05/15/35		275,000		311,960
Univ of NE (Univ of NE - Lincoln Student Fees) Rev 5.000% 07/01/42		1,000,000		1,144,140
Univ of NE Rev Lincoln Student Facs 5.000% 07/01/28		250,000		258,375
Univ of NE Lincoln Student Facs 5.000% 07/01/38		250,000		288,600
				9,820,312
General Obligation (16.0%)
Buffalo County NE GO 4.000% 12/15/30		135,000		139,778
Buffalo County NE GO 4.250% 12/15/34		295,000		309,644
Douglas Cnty Sch Dist #59 Bennington Pub Schools 4.000% 12/15/28		250,000		255,510
Hall Cnty NE Ref GO 4.000% 12/15/29		250,000		266,288
Hall Cnty NE Sch Dist #2 Grand Island 5.000% 12/15/23		500,000		566,425
Knox Cnty Sch Dist #0583 Verdigre Schools 4.500% 12/15/29		250,000		271,798
Lancaster Cnty Sch Dist #160 Norris Schools 4.250% 12/15/25		400,000		410,348
Lincoln-Lancaster Cnty Neb Pub Bldg Lease Rev 4.000% 10/15/30		100,000		106,669
*Madison Cnty Sch Dist #2 (Norfolk) 5.000% 12/15/25		1,545,000		1,650,338
Omaha NE Various Purpose 5.000% 05/01/22		250,000		251,763
Omaha, NE (Convention Center) G.O. 5.250% 04/01/27		1,000,000		1,348,860
Omaha NE Various Purpose 4.250% 10/15/26		500,000		537,570
Omaha NE Unlimited GO 5.000% 10/15/25		250,000		296,553
Sarpy Cnty Sch Dist #27 Papillion-LA Vista GO 5.000% 12/01/28		250,000		284,738
Ralston NE Arena GO 4.500% 09/15/31		500,000		523,420
Scotts Bluff Cnty NE Sch Dist #32 GO Bldg Bonds 4.300% 12/15/29		440,000		455,013
				7,674,715
Health Care (11.2%)
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.300% 12/15/18		250,000		250,693
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.250% 12/15/33		250,000		265,023
Douglas Cnty NE Hosp Auth #001 (Alegent Hlth - Immanuel Med Ctr) Rev 5.250% 09/01/21		250,000		250,133
Douglas Cnty NE Hosp Auth #002 (NE Med Ctr) 5.000% 11/15/16		250,000		279,103
Douglas Cnty NE Hosp Auth #002 Immanuel Group 5.500% 01/01/30		500,000		566,985
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		795,000		850,602
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		415,000		459,002
*Lancaster Cnty NE Hosp Auth #1 (BryanLGH Med Ctr Proj) 4.750% 06/01/21		1,000,000		1,055,170
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/23		250,000		284,190
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/24		250,000		282,003
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/25		250,000		280,640
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/32		250,000		276,055
NE Elem & Secondary Sch Auth Ed Facs Rev 4.750% 09/01/28		250,000		274,960
				5,374,559
Housing (2.3%)
Lancaster Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		250,000		278,265
NE Invmt Fin Auth Multifamily Hsg Rev 6.200% 06/01/28		135,000		135,100
Nebraska ST Inv Fin Auth SF Hsg Rev 4.750% 03/01/22		125,000		136,156
Sarpy Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		500,000		556,855
				1,106,376
Other Revenue (7.3%)
Lincoln NE West Haymarket Joint Pub Agy GO Fac 5.000% 12/15/42		750,000		850,507
Omaha Convention Hotel Corp 5.000% 02/01/35		500,000		532,570
Omaha Pub Fac Corp Lease Rev Omaha Tech & Forestry Equip 4.000% 11/15/31		115,000		121,256
Omaha NE Special Tax Rev 5.000% 02/01/27		1,000,000		1,200,350
Omaha NE Special Tax Rev 4.000% 02/01/32		500,000		538,765
PR Sales Tax Fin Corp Sales Tax Rev First Sub-Ser A 5.000% 08/01/24		250,000		267,352
				3,510,800
Transportation (1.6%)
Lincoln NE Pkg Rev 5.500% 08/15/31		500,000		603,480
PR Comwlth Hwy & Transn Auth Hwy Rev 4.950% 07/01/26		150,000		159,366
				762,846
Utilities (36.6%)
*Central Plains Energy Project 5.000% 09/01/27		1,000,000		1,093,830
Central Plains Energy Proj Rev 5.250% 09/01/37		500,000		549,530
Central Plains Energy Proj Rev 5.000% 09/01/42		500,000		540,460
NE Cornhusker Pub Pwr Dist Elec Sys Rev Ref 4.650% 07/01/29		250,000		258,277
NE Cornhusker Pub Pwr Dist Elec Sys Rev Ref 4.100% 07/01/30		250,000		259,457
*Hastings NE Comb Utility Rev Ref 4.000% 10/15/32		1,000,000		1,083,150
Lincoln NE Elec Syst Rev 5.000% 09/01/37		1,000,000		1,167,730
Lincoln NE Elec Syst Rev 5.000% 09/01/31		250,000		281,557
Lincoln NE Elec Sys Rev 3.625% 09/01/37		1,000,000		1,008,850
Lincoln NE San Swr Rev 4.500% 06/15/29		250,000		267,807
Lincoln NE Wtr Rev 4.000% 08/15/25		250,000		278,987
Lincoln NE Wtr Rev 4.500% 08/15/34		250,000		277,095
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/24		750,000		832,935
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/26		250,000		272,305
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/27		250,000		271,190
Mun Energy Agy of NE Pwr Supply Rev 5.125% 04/01/24		195,000		224,597
Municipal Energy Agency of Nebraska 5.000% 04/01/30		500,000		581,410
Mun Energy Agy of NE Rev 5.000% 04/01/32		100,000		116,472
NE Pub Pwr Dist Rev 4.000% 01/01/31		250,000		271,610
NE Pub Pwr Dist Rev 5.000% 01/01/28		500,000		589,955
NE Pub Pwr Dist Rev 5.000% 01/01/26		250,000		284,277
Omaha NE Metropolitan Util Wtr Dist Rev 4.375% 12/01/26		400,000		428,172
Omaha Pub Pwr Rev Elec Rev 5.250% 02/01/23		250,000		287,190
Omaha Pub Pwr Rev 5.500% 02/01/33		100,000		114,524
Omaha NE Pub Pwr Elec Rev 5.000% 02/01/34		1,000,000		1,047,100
Omaha NE Pub Pwr Dist Elec Syst Rev 6.200% 02/01/17		650,000		733,330
Omaha Sanitation & Sewer 4.000% 11/15/31		250,000		271,605
Omaha NE Santn Swr Revenue Sys 4.250% 11/15/38		1,500,000		1,608,870
Omaha NE Pub Pwr Dist (Elec Rev) 4.750% 02/01/25		250,000		269,862
Omaha NE Pub Pwr Dist (Elec Rev) 4.300% 02/01/31		100,000		105,174
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/24		250,000		273,842
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32		1,000,000		1,081,590
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/27		250,000		277,772
PR Elec Pwr Auth Pwr Rev 5.250% 07/01/25		250,000		261,527
Southern Pub Pwr Dist 5.000% 12/15/23		250,000		287,650
				17,559,689

TOTAL MUNICIPAL BONDS (COST: $43,459,605)			$	45,809,297

SHORT-TERM SECURITIES (4.1%)		Shares
^Wells Fargo Advantage National Tax-Free Money Market 0.100% (COST: $1,973,635)		1,973,635	$	1,973,635

TOTAL INVESTMENTS IN SECURITIES (COST: $45,433,240) (99.6%)			$	47,782,932
OTHER ASSETS LESS LIABILITIES (0.4%)				183,989

NET ASSETS (100.0%)			$	47,966,921

*	Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

^	Variable rate security; rate shown represents rate as of January 31, 2013.

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

OKLAHOMA MUNICIPAL FUND

PORTFOLIO MARKET SECTORS January 31, 2013 (unaudited)

Utilities	35.3%
Education	21.2%
Other Revenue	13.9%
Transportation	11.9%
Cash Equivalents and Other	8.7%
General Obligation	5.3%
Housing	2.5%
Health Care	1.2%
	100.0%

Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS January 31, 2013 (unaudited)

		Principal Amount		Fair Value

MUNICIPAL BONDS (91.3%)

Education (21.2%)
McClain Cnty OK Econ Dev Auth Ed Lease Rev (Purcell Schs) 4.250% 09/01/20	$	335,000	$	351,211
OK Agric & Mech Colleges OK St Univ 5.000% 07/01/39		140,000		155,123
OK Agric & Mech Colleges Rev (OK St Univ) 4.500% 08/01/35		450,000		495,347
OK Agric & Mech Colleges Rev (OK St Univ) 4.400% 08/01/39		1,130,000		1,210,433
OK Agric & Mech Colleges Rev (OK St Univ) 4.375% 08/01/35		200,000		217,364
OK Cmnty College Student Fac Rev 4.375% 07/01/30		750,000		823,808
OK Colleges Brd of Regt (NE St Univ Ctr) Rev 5.100% 03/01/16		115,000		115,045
OK Colleges Brd of Regt (NE St Univ Ctr) Rev 5.150% 03/01/21		100,000		100,081
OK Dev Fin Auth Lease Rev Master St Higher Ed 4.400% 12/01/29		250,000		274,358
OK Dev Fin Auth OK St Higher Ed (Master Lease) 4.500% 06/01/26		250,000		268,765
OK Dev Fin Auth (Seminole St College) 5.125% 12/01/27		150,000		151,506
OK Dev Fin Auth (Langston Univ Stadium) 5.000% 07/01/27		250,000		255,348
OK Cap Impt Auth (Higher Ed Proj) Rev 5.000% 07/01/22		500,000		538,830
OK Cap Impt Auth (Higher Ed Proj) 5.000% 07/01/24		250,000		268,020
*OK Cap Impt Auth (Higher Ed Proj) Rev 5.000% 07/01/30		1,000,000		1,070,390
Texas Cnty OK Dev Auth (OPSU Student Hsg) 5.250% 11/01/23		250,000		251,598
OK Colleges Brd of Regt (Research Fac) Rev 4.800% 03/01/28		670,000		672,714
OK Colleges Brd of Regt (Multi Facs) Rev 4.750% 06/01/29		250,000		256,770
OK Colleges Brd of Regt (Univ of OK) 4.125% 07/01/26		250,000		264,320
Brd of Regt (OK Univ Science Ctr) 5.000% 07/01/36		1,000,000		1,097,960
Univ of OK Student Hsg (Cameron Univ) Rev 5.500% 07/01/23		250,000		262,438
University of Oklahoma Rev 5.000% 07/01/2037		290,000		332,732
				9,434,161
General Obligation (5.3%)
Broken Arrow GO Series A 4.125% 08/01/31		180,000		199,003
Broken Arrow Untld GO 4.125% 08/01/31		250,000		277,595
Oklahoma City OK 4.250% 03/01/22		110,000		117,311
Oklahoma City OK 5.000% 03/01/27		400,000		453,456
OK Wtr Resources Brd 5.000% 04/01/28		500,000		581,555
Tulsa OK GO 4.500% 03/01/23		700,000		731,591
				2,360,511
Health Care (1.2%)
OK Dev Fin Auth (St John Health Syst) 5.000% 02/15/42		250,000		276,992
Tulsa Cnty Ind Auth Health Fac 4.600% 02/01/35		250,000		274,917
				551,909
Housing (2.5%)
OK Hsg Fin 5.050% 09/01/23		490,000		499,379
OK Hsg Fin 5.150% 09/01/29		250,000		255,777
OK Hsg Fin 5.200% 09/01/32		250,000		257,382
OK Hsg Fin Single Family Mtg Rev 5.100% 03/01/17		50,000		52,038
OK Hsg Fin Single Family Mtg Rev 5.100% 09/01/17		45,000		46,506
				1,111,082
Other Revenue (13.9%)
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/35		275,000		306,804
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/40		250,000		273,490
Delaware Cnty OK Sales Tax Rev 3.750% 09/01/29		375,000		378,465
Durant OK Cmnty Fac Auth Sales Tax Rev 5.500% 11/01/19		250,000		272,890
Oklahoma City OK Pub Auth (OK City Fairgrounds Fac) 5.500% 10/01/19		250,000		277,145
Oklahoma City Pub Property Hotel Tax Rev 4.500% 10/01/31		155,000		166,002
OK Dev Fin Auth (Lease Rev) Law Enforcement 5.100% 06/01/27		120,000		120,176
OK Dev Fin Auth OK Dept of Corrections (McLoud Fac) 4.600% 04/01/22		250,000		251,105
OK Dev Fin Auth OK Dept of Corrections (McLoud Fac) 4.650% 04/01/23		250,000		251,030
OK Cap Impt Auth (Supreme Court Proj) 4.500% 07/01/26		500,000		532,555
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/22		100,000		107,854
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/23		100,000		107,284
OK Cap Impt Auth (OK St Bureau of Investigation) 4.500% 07/01/24		200,000		215,730
OK Wtr Resources Brd 5.000% 04/01/32		140,000		167,010
Pawnee Cnty OK Pub Programs Auth Sales Tax Rev 4.875% 02/01/30		250,000		290,348
Rogers Cnty OK Indl Dev Auth Cap Impt Rev 4.900% 04/01/35		500,000		563,230
Tulsa Airport Impt Rev 5.000% 06/01/23		420,000		456,830
Tulsa Airport Impt Rev 5.000% 06/01/24		230,000		248,573
Tulsa Airport Impt Rev 5.250% 06/01/25		245,000		267,290
Tulsa Airport Impt Rev 5.250% 06/01/26		360,000		390,182
Tulsa OK Pkg Auth Pkg Rev 4.000% 07/01/25		500,000		544,175
				6,188,168
Transportation (11.9%)
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/19		250,000		289,538
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/21		250,000		283,885
OK Cap Impt Auth (St Hwy) 5.000% 06/01/14		250,000		260,135
OK St Cap Impt Auth 4.000% 10/01/24		1,000,000		1,123,920
OK St Cap Impt Auth 4.000% 10/01/25		1,000,000		1,120,880
OK St Tpk Auth Rev 5.000% 01/01/28		250,000		293,762
OK State Turnpike Auth Rev 4.000% 01/01/31		250,000		270,132
OK State Turnpike Auth. Rev. 5.000% 01/01/30		250,000		293,927
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.000% 06/01/19		125,000		134,332
Tulsa OK Arpts Impvt Tr 5.375% 06/01/24		275,000		294,374
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.000% 06/01/19		125,000		134,332
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.750% 06/01/31		500,000		523,520
Tulsa OK Arpts Impt Tr Gen Rev Ref 6.000% 06/01/23		250,000		261,337
				5,284,074
Utilities (35.3%)
Coweta Pub Works Util Rev 5.000% 08/01/34		100,000		112,801
*Drumright OK Util Sys Rev 4.750% 02/01/36		450,000		460,048
Edmond OK Pub Wks Auth Util Rev 4.850% 01/01/24		155,000		159,044
Edmond OK Pub Wks Auth Util Rev 4.750% 07/01/24		250,000		264,180
Edmond OK Pub Wks Auth Util Rev 4.750% 07/01/23		200,000		203,754
Glenpool Util Rev 5.100% 12/01/35		250,000		285,270
Grand River Dam Auth Rev 5.000% 06/01/27		1,000,000		1,166,250
Grand River Dam Auth Rev 4.800% 06/01/33		200,000		222,440
*Grand River Dam Auth Rev 5.250% 06/01/40		2,000,000		2,307,920
Jenks Aquarium Auth Rev 5.250% 07/01/29		500,000		525,050
McAlester OK Pub Works Auth 5.100% 02/01/30		100,000		101,000
Midwest City OK Cap Impt 4.125% 09/01/33		250,000		258,507
*Midwest City Municipal Auth Cap Impt Rev 5.000 % 03/01/25		2,000,000		2,342,000
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/29		425,000		441,226
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/34		250,000		259,952
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/34		250,000		265,675
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev Ref 5.000% 07/01/31		250,000		299,455
*OK Mun Pwr Auth Rev 5.750% 01/01/24		2,230,000		2,606,402
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/23		100,000		125,245
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/24		150,000		186,729
Oklahoma St Wtr Resource Brd Rev 4.000% 04/01/25		150,000		170,121
Sallisaw OK Mun Auth Rev 4.000% 09/01/35		500,000		513,005
Sallisaw OK Mun Auth Rev 4.450% 01/01/28		100,000		109,096
Sand Springs OK Muni Auth Utility Sys Rev 4.000% 11/01/2027		500,000		525,395
Sapulpa OK Mun Auth Util Sys Rev 4.250% 07/01/37		1,000,000		1,026,130
Tulsa Metropolitan Auth Util Rev 4.250% 05/01/26		100,000		106,017
Tulsa Metropolitan Auth Util Rev 4.500% 05/01/27		610,000		643,239
				15,685,951

TOTAL MUNICIPAL BONDS (COST: $38,178,973)			$	40,615,856

SHORT-TERM SECURITIES (8.2%)		Shares
^Wells Fargo Advantage National Tax-Free Money Market 0.010% (COST: $3,666,403)		3,666,403	$	3,666,403

TOTAL INVESTMENTS IN SECURITIES (COST: $41,845,376) (99.5%)			$	44,282,259
OTHER ASSETS LESS LIABILITIES (0.5%)				210,328

TOTAL ASSETS (100.0%)			$	44,492,587

*	Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

^	Variable rate security; rate shown represents rate as of January 31, 2013.

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

MAINE MUNICIPAL FUND

PORTFOLIO MARKET SECTORS January 31, 2013 (unaudited)

General Obligation	22.8%
Health Care	17.8%
Transportation	15.6%
Education	14.1%
Cash Equivalents and Other	9.1%
Other Revenue	8.4%
Utilities	6.4%
Housing	5.8%
	100.0%

Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS January 31, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (90.9%)

Education (14.1%)
ME Ed Loan Auth Student Loan Rev 5.875% 12/01/39	$	160,000	$	179,032
ME Ed Loan Auth 4.450% 12/01/25		100,000		109,782
ME Health & Higher Ed Facs Auth Rev Ser A-Bowdoin College 5.125% 07/01/39		715,000		800,042
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/32		30,000		30,227
ME Health & Higher Ed Facs Auth Rev Unrefunded Bal 5.000% 07/01/23		135,000		148,581
ME Hlth & Higher Ed Facs Auth Rev 4.750% 07/01/31		250,000		276,620
ME Health & Higher Ed Facs Auth Rev Colby Clg 4.000% 07/01/24		270,000		303,742
Regl Sch Unit No 1 ME Lower Kennebec Region Sch Unit 5.000% 02/01/26		100,000		116,683
Univ of ME Sys Rev 4.625% 03/01/29		100,000		106,261
Univ of ME Sys Rev 4.750% 03/01/37		550,000		583,995
				2,654,965
General Obligation (22.8%)
Auburn, ME GO 4.500% 09/01/22		100,000		119,531
Bangor ME 4.000% 09/01/24		155,000		171,915
Falmouth ME GO 4.250% 11/15/31		200,000		217,414
Gorham ME Unlimited Tax GO 4.350% 02/01/24		155,000		162,888
Gorham, ME Unlimited GO 4.000% 10/01/23		100,000		115,478
Gray ME Unlimited GO 4.000% 10/15/26		280,000		315,356
Gray ME Unlimited GO 4.000% 10/15/27		280,000		312,374
Lewiston ME GO 5.000% 04/01/22		500,000		517,960
Lewiston ME GO 5.000% 04/01/24		250,000		259,110
Lewiston ME GO 4.500% 01/15/25		200,000		209,204
ME St Hsg Auth Energy Recovery Fd 5.000% 06/15/24		250,000		283,702
Portland ME 4.250% 05/01/29		150,000		163,891
Portland ME 4.125% 10/01/29		100,000		110,934
Saco ME GO 4.000% 04/01/28		100,000		110,335
Scarborough ME GO 4.400% 11/01/31		250,000		259,997
Scarborough ME GO 4.400% 11/01/32		480,000		498,019
ME Sch Administrative Dist # 51 4.250% 10/15/29		250,000		279,050
Westbrook ME GO 4.250% 10/15/20		180,000		185,728
				4,292,886
Health Care (17.8%)
ME Health & Higher Ed Facs Auth Rev 6.000% 10/01/13		100,000		103,189
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22		250,000		280,492
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/25		340,000		353,716
*ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39		610,000		661,124
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/26		115,000		128,834
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		250,000		295,657
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/40		250,000		273,035
ME Health & Higher Ed Facs Auth Rev 4.500% 07/01/31		200,000		215,656
ME Health & Higher Ed Facs Auth Rev 5.250% 07/01/23		200,000		235,360
ME Health & Higher Gen Med Ctr 6.650% 07/01/32		500,000		590,480
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		180,000		210,467
				3,348,010
Housing (5.8%)
ME St Hsg Auth 4.000% 11/15/24		95,000		100,803
*ME St Hsg Auth 5.000% 11/15/29		350,000		370,293
ME St Hsg Auth 4.700% 11/15/27		250,000		262,735
ME St Hsg Auth 4.375% 11/15/25		100,000		101,401
ME St Hsg Auth 5.150% 11/15/32		250,000		255,888
				1,091,120
Other Revenue (8.4%)
ME Governmental Facs Auth Lease Rent Rev 5.000% 10/01/23		125,000		127,470
ME Governmental Facs Auth Ser A 4.000% 10/01/24		200,000		218,560
Maine Municipal Bond Bank 4.000% 11/01/38		125,000		131,598
Maine Municipal Bond Bank 5.000% 11/01/25		125,000		153,708
ME Mun Bd Bk (Swr & Wtr) Rev Prerefunded 4.900% 11/01/24		95,000		98,352
ME Mun Bd Bk (Swr & Wtr) Rev Unrefunded 4.900% 11/01/24		5,000		5,114
*PR Pub Fin Corp Comwlth Appropriations 5.375% 06/01/18		515,000		630,808
PR Sales Tax Fing Corp Sales Tax Rev 5.000% 08/01/26		200,000		213,424
				1,579,034
Transportation (15.6%)
*ME Mun Bd Bk Transn Infrastructure Rev 5.000% 09/01/24		1,000,000		1,173,490
ME St Tpk Auth 5.000% 07/01/33		450,000		458,874
ME St Tpk Auth 5.125% 07/01/30		500,000		526,840
Portland ME Airport Rev 5.000% 07/01/32		500,000		504,380
Portland ME Airport Rev 5.250% 01/01/35		250,000		276,068
				2,939,652
Utilities (6.4%)
*Kennebunk ME Pwr & Light Dist 5.000% 08/01/22		500,000		557,840
Portland ME Wtr Dist Rev 4.250% 11/01/27		500,000		539,815
PR Elec Pwr Auth Pwr Rev 5.000% 07/01/23		100,000		101,445
				1,199,100

TOTAL MUNICIPAL BONDS (COST: $15,985,168)			$	17,104,767

SHORT-TERM SECURITIES (8.4%)		Shares
^Wells Fargo Advantage National Tax-Free Money Market Fund 0.010% (COST: $1,581,921)		1,581,921	$	1,581,921

TOTAL INVESTMENTS IN SECURITIES (COST: $17,567,089) (99.3%)			$	18,686,688
OTHER ASSETS LESS LIABILITIES (0.7%)				132,459

NET ASSETS (100.0%)			$	18,819,147

*	Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

^	Variable rate security; rate shown represents rate as of January 31, 2013.

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

NEW HAMPSHIRE MUNICIPAL FUND

PORTFOLIO MARKET SECTORS January 31, 2013 (unaudited)

General Obligation	38.1%
Health Care	18.7%
Housing	11.4%
Cash Equivalents and Other	9.7%
Utilities	7.6%
Education	6.2%
Other Revenue	4.9%
Transportation	3.4%
	100.0%

Market sectors are breakdowns of the Fund's portfolio holdings into specific investment classes.

These percentages are based on net assets and are subject to change.

SCHEDULE OF INVESTMENTS January 31, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (90.3%)

Education (6.2%)
NH Health & Ed Fac Auth Rev Southern NH Univ 5.000% 01/01/17	$	200,000	$	223,294
NH Health & Ed Fac Auth Rev Southern NH Univ 5.000% 01/01/20		100,000		115,513
				338,807
General Obligation (38.1%)
Concord NH 4.600% 10/15/14		100,000		100,130
Concord NH 4.000% 01/15/24		100,000		115,957
Dover New Hampshire GO 4.000% 06/15/28		100,000		111,202
*Hampton NH GO 4.000% 12/15/20		200,000		213,052
Hillsborough NH GO 4.000% 11/01/20		100,000		105,376
Hillsborough NH GO 4.000% 11/01/21		100,000		105,991
Hooksett, NH Sch Dist GO 5.000% 07/15/22		50,000		63,147
Merrimack Cnty NH GO 4.250% 12/01/19		100,000		114,284
Merrimack Cnty NH GO 4.500% 12/01/26		100,000		109,390
Merrimack Cnty NH GO 4.500% 12/01/27		100,000		110,254
Nashua NH Unltd Go Capital Impt 3.000% 10/15/21		100,000		109,569
*NH Mun Bd Bk 2009 Series D 4.000% 07/15/25		175,000		193,452
NH St Cap Impt GO 4.750% 03/01/27		100,000		112,015
Portsmouth NH GO 4.000% 08/01/19		100,000		106,989
Portsmouth NH GO Cap Impt 4.000% 12/01/30		100,000		109,973
Rochester NH GO 4.750% 07/15/20		300,000		317,208
				2,097,989
Health Care (18.7%)
NH Hlth & ED Facs Rev Wentworth Douglas Hosp 5.500% 01/01/26		100,000		114,141
NH Health & Ed Facs Conway Hosp 5.250% 06/01/16		100,000		107,036
NH Health & Ed Facs Rev Southern NH Med Ctr 5.250% 10/01/23		100,000		108,244
NH Health & Ed Facs Rev Healthcare Sys-Covenant Hlth-B 5.000% 07/01/24		100,000		106,902
*NH Health & Ed Rev Covenant Health 5.000% 07/01/31		150,000		158,725
NH Health & Ed Rev Catholic Med Center 5.000% 07/01/24		100,000		113,818
#NH St Hlth & Edu Facs Auth Rev Concord Hosp-Ser A 5.000% 10/01/26		100,000		115,519
NH Health & Ed Facs Auth Rev Dartmouth-Hitchcock 6.000% 08/01/33		115,000		120,837
NH ST Health & Edu. Fac Covenant Hlth Sys 5.000% 07/01/42		75,000		81,115
				1,026,337
Housing (11.4%)
NH St Hsg Single Fam Rev 4.900% 07/01/25		80,000		80,656
NH St Hsg Single Fam Rev 5.000% 07/01/30		75,000		75,966
NH St Hsg Fin Auth Single Family Mtg Rev 5.350% 07/01/40		100,000		102,437
*NH St Hsg Fin Auth Single Family Mtg Rev 4.625% 07/01/25		150,000		156,144
NH St Hsg Fin Auth Single Family Mtg Rev 4.875% 07/01/28		95,000		104,849
NH St Hsg Fin Auth Multi Family Hsg 5.200% 07/01/31		100,000		108,048
				628,100
Other Revenue (4.9%)
NH St Business Fin Auth Solid Waste Disp Rev - Waste Mgmt Inc 5.200% 05/01/27		150,000		164,251
PR Sales Tax Fin Corp Sales Tax Rev First Sub-Ser A 5.000% 08/01/24		100,000		106,941
				271,192
Transportation (3.4%)
New Hampshire State Turnpike Sys. Rev. 4.000% 08/01/29		75,000		81,580
New Hampshire State Turnpike Sys. Rev. 4.000% 08/01/38		100,000		103,112
				184,692
Utilities (7.6%)
Manchester NH Wtr Works Rev 5.000% 12/01/28		100,000		104,012
*Manchester NH Wtr Works Rev 5.000% 12/01/34		250,000		259,858
PR Elec Pwr Auth Pwr Rev 5.000% 07/01/23		55,000		55,795
				419,665

TOTAL MUNICIPAL BONDS (COST: $4,749,689)			$	4,966,782

SHORT-TERM SECURITIES (12.5%)		Shares
^Wells Fargo Advantage National Tax-Free Money Market Fund 0.010% (Cost: $689,774)		689,774	$	689,774

TOTAL INVESTMENTS IN SECURITIES (COST: $5,439,463) (102.8%)			$	5,656,556
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.8%)				(157,068)

NET ASSETS (100.0%)			$	5,499,488

*	Indicates all or a portion of bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

^	Variable rate security; rate shown represents rate as of January 31, 2013.

#	When-issued purchase as of January 31, 2013.

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

FINANCIAL STATEMENTS

Statements of Assets and Liabilities January 31, 2013 (unaudited)

	Kansas Municipal Fund		Nebraska Municipal Fund		Oklahoma Municipal Fund		Maine Municipal Fund		New Hampshire Municipal Fund
ASSETS
Investments in securities, at cost	$	64,723,003	$	45,433,240	$	41,845,376	$	17,567,089	$	5,439,463

Investments in securities, at fair value	$	69,061,358	$	47,782,932	$	44,282,259	$	18,686,688	$	5,656,556
Receivable for Fund shares sold		0		68,235		11,283		4,999		0
Accrued dividends receivable		29		20		25		12		3
Accrued interest receivable		954,023		506,128		439,255		162,668		36,419
Receivable due from broker		0		1		0		0		0
Prepaid expenses		3,122		11,796		2,672		1,243		1,188
Total assets	$	70,018,532	$	48,369,112	$	44,735,494	$	18,855,610	$	5,694,166

LIABILITIES
Payable for securities purchased	$	0	$	313,249	$	0	$	0	$	179,891
Payable for Fund shares redeemed		36,301		0		154,024		0		0
Dividends payable		48,513		38,314		43,231		14,680		4,329
Trustees' fees payable		403		277		254		109		29
Payable to affiliates		57,727		41,455		36,490		15,478		6,019
Accrued expenses		12,819		8,896		8,908		6,196		4,410
Total liabilities	$	155,763	$	402,191	$	242,907	$	36,463	$	194,678

NET ASSETS	$	69,862,769	$	47,966,921	$	44,492,587	$	18,819,147	$	5,499,488

NET ASSETS ARE REPRESENTED BY:
Capital stock outstanding, no par value, unlimited shares authorized	$	69,422,318	$	46,723,065	$	43,463,920	$	18,001,800	$	5,378,981
Accumulated net realized gain (loss) on investments		(3,901,208)		(1,112,260)		(1,408,808)		(311,791)		(103,063)
Accumulated undistributed net investment income (loss)		3,304		6,424		592		9,539		6,477
Unrealized appreciation (depreciation) on investments		4,338,355		2,349,692		2,436,883		1,119,599		217,093

NET ASSETS	$	69,862,769	$	47,966,921	$	44,492,587	$	18,819,147	$	5,499,488

Shares outstanding		6,301,723		4,499,694		3,746,586		1,669,124		500,643
Net asset value per share*	$	11.09	$	10.66	$	11.88	$	11.27	$	10.98
Public offering price (sales charge of 3.75%)	$	11.52	$	11.08	$	12.34	$	11.71	$	11.41

*	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

FINANCIAL STATEMENTS

Statements of Operations For the six months ended January 31, 2013 (unaudited)

	Kansas Municipal Fund		Nebraska Municipal Fund		Oklahoma Municipal Fund		Maine Municipal Fund		New Hampshire Municipal Fund
INVESTMENT INCOME
Interest	$	1,209,075	$	896,257	$	833,882	$	361,542	$	97,100
Dividends		907		682		302		192		38
Total investment income	$	1,209,982	$	896,939	$	834,184	$	361,734	$	97,138

EXPENSES
Investment advisory fees	$	157,705	$	118,404	$	109,637	$	46,119	$	12,861
Distribution (12b-1) fees		78,853		59,202		54,819		23,060		6,430
Transfer agent fees		44,157		33,153		30,698		12,913		3,601
Administrative service fees		56,158		45,153		42,699		24,914		15,601
Professional fees		7,806		5,550		5,378		3,014		1,725
Reports to shareholders		2,139		1,050		882		543		165
License, fees, and registrations		1,264		5,244		1,689		1,183		535
Audit fees		7,589		5,289		4,583		1,908		559
Trustees' fees		2,040		1,530		1,419		596		166
Transfer agent out-of-pockets		1,687		761		350		430		107
Custodian fees		4,871		3,290		3,268		1,710		916
Legal fees		3,102		2,346		2,124		910		253
Insurance expense		806		532		546		233		58
Total expenses	$	368,177	$	281,504	$	258,092	$	117,533	$	42,977
Less expenses waived or reimbursed		(27,534)		(25,750)		(21,275)		(17,916)		(15,197)
Total net expenses	$	340,643	$	255,754	$	236,817	$	99,617	$	27,780

NET INVESTMENT INCOME (LOSS)	$	869,339	$	641,185	$	597,367	$	262,117	$	69,358

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions	$	(2,149)	$	37,335	$	24,922	$	1,274	$	11,749
Net change in unrealized appreciation (depreciation) on investments		(253,300)		(201,476)		(225,565)		(149,501)		(50,887)
Net realized and unrealized gain (loss) on investments	$	(255,449)	$	(164,141)	$	(200,643)	$	(148,227)	$	(39,138)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	613,890	$	477,044	$	396,724	$	113,890	$	30,220

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

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the six months ended January 31, 2013 (unaudited)

	Kansas Municipal Fund		Nebraska Municipal Fund		Oklahoma Municipal Fund		Maine Municipal Fund		New Hampshire Municipal Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	869,339	$	641,185	$	597,367	$	262,117	$	69,358
Net realized gain (loss) from investment transactions		(2,149)		37,335		24,922		1,274		11,749
Net change in unrealized appreciation (depreciation) on investments		(253,300)		(201,476)		(225,565)		(149,501)		(50,887)
Net increase (decrease) in net assets resulting from operations	$	613,890	$	477,044	$	396,724	$	113,890	$	30,220

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income	$	(868,924)	$	(640,695)	$	(597,317)	$	(261,454)	$	(68,453)
Total distributions	$	(868,924)	$	(640,695)	$	(597,317)	$	(261,454)	$	(68,453)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	$	4,267,532	$	3,818,740	$	4,465,095	$	1,207,053	$	1,338,992
Proceeds from fund acquisition		19,918,973		0		0		0		0
Proceeds from reinvested dividends		585,797		407,425		328,584		167,146		37,872
Cost of shares redeemed		(2,747,814)		(2,133,977)		(3,353,932)		(491,376)		(693,047)
Net increase (decrease) in net assets resulting from capital share transactions	$	22,024,488	$	2,092,188	$	1,439,747	$	882,823	$	683,817

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	21,769,454	$	1,928,537	$	1,239,154	$	735,259	$	645,584
NET ASSETS, BEGINNING OF PERIOD	$	48,093,315		46,038,384	$	43,253,433	$	18,083,888	$	4,853,904
NET ASSETS, END OF PERIOD	$	69,862,769	$	47,966,921	$	44,492,587	$	18,819,147	$	5,499,488

Accumulated undistributed net investment income	$	3,304	$	6,424	$	592	$	9,539	$	6,477

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

FINANCIAL STATEMENTS

Statements of Changes in Net Assets For the year ended July 31, 2012

	Kansas Municipal Fund		Nebraska Municipal Fund		Oklahoma Municipal Fund		Maine Municipal Fund		New Hampshire Municipal Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,556,638	$	1,265,986	$	1,139,828	$	532,880	$	135,723
Net realized gain (loss) from investment transactions		17,365		3,269		68,237		36		6,064
Net change in unrealized appreciation (depreciation) on investments		2,027,310		1,827,535		2,173,153		910,865		156,347
Net increase (decrease) in net assets resulting from operations	$	3,601,313	$	3,096,790	$	3,381,218	$	1,443,781	$	298,134

DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income	$	(1,555,982)	$	(1,264,817)	$	(1,139,730)	$	(531,606)	$	(133,979)
Net realized gain on investments		0		0		0		0		0
Total distributions	$	(1,555,982)	$	(1,264,817)	$	(1,139,730)	$	(531,606)	$	(133,979)

CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares	$	4,096,652	$	10,883,146	$	10,285,216	$	1,943,478	$	1,044,329
Proceeds from reinvested dividends		1,009,162		840,395		606,757		337,490		70,343
Cost of shares redeemed		(4,233,034)		(3,325,086)		(3,035,590)		(1,285,747)		(574,542)
Net increase (decrease) in net assets resulting from capital share transactions	$	872,780	$	8,398,455	$	7,856,383	$	995,221	$	540,130

TOTAL INCREASE (DECREASE) IN NET ASSETS	$	2,918,111	$	10,230,428	$	10,097,871	$	1,907,396	$	704,285
NET ASSETS, BEGINNING OF PERIOD	$	45,175,204	$	35,807,956	$	33,155,562	$	16,176,492	$	4,149,619
NET ASSETS, END OF PERIOD	$	48,093,315	$	46,038,384	$	43,253,433	$	18,083,888	$	4,853,904

Accumulated undistributed net investment income	$	2,191	$	5,934	$	541	$	8,876	$	5,571

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

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE 1: Organization

Integrity Managed Portfolios (the "Trust") was organized as a Massachusetts business trust on August 10, 1990 and commenced operations on November 15, 1990. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company and consists of five series (the "Funds").

The Kansas Municipal Fund ("KS Muni Fund"), Nebraska Municipal Fund ("NE Muni Fund"), and Oklahoma Municipal Fund ("OK Muni Fund"), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund's respective state income tax as is consistent with preservation of capital. The Maine Municipal Fund ("ME Muni Fund") and New Hampshire Municipal Fund ("NH Muni Fund"), each a non-diversified Fund, seek the highest level of current income that is exempt from both federal income tax and each Fund's respective state income tax (interest and dividend tax with respect to New Hampshire) without assuming undue risk.

NOTE 2: Summary of Significant Accounting Policies

Investment security valuation—Securities for which quotations are not readily available are valued using a matrix system at fair value as determined by Integrity Fund Services, LLC ("Integrity Fund Services" or "IFS"). The matrix system has been developed based on procedures approved by the Board of Trustees and includes consideration of the following: yields or prices of municipal bonds of comparable quality; type of issue, coupon, maturity, and rating; indications as to value from dealers; indications as to value from municipal bond market activity; and general market conditions. Because the market value of securities can only be established by agreement between parties in a sales transaction, and because of the uncertainty inherent in the valuation process, the fair values as determined may differ from the values that would have been used had a ready market for the securities existed. Refer to Note 4 for further disclosures related to the inputs used to value the Funds' investments. Shares of a registered investment company, including money market funds, that are not traded on an exchange are valued at the investment company's net asset value per share.

When-issued securities—The Funds may purchase securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The values of the securities purchased on a when-issued basis are identified as such in the Funds' Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Contingent deferred sales charge—In the case of investments of $1 million or more, a 1.00% contingent deferred sales charge ("CDSC") may be assessed on shares redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions).

Federal and state income taxes—Each Fund is a separate taxpayer for federal income tax purposes. Each Fund's policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gain on investments to its shareholders; therefore, no provision for income taxes is required.

As of and during the year ended July 31, 2012, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for the tax years before 2008.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities. Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Premiums and discounts—Premiums and discounts on municipal securities are accreted and amortized over the lives of the respective securities.

Security transactions, investment income, expenses and distributions—Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the first in, first out basis unless specifically identified. Interest income and estimated expenses are accrued daily. The Funds declare dividends from net investment income daily and pay such dividends monthly. Capital gains, when available, are distributed at least annually. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains determined in accordance with accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatment for market discount and capital loss carryforwards. In addition, other amounts have been reclassified within the composition of net assets to more appropriately conform financial accounting to tax basis treatment.

Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Common expenses—Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

Reporting period end date—For financial reporting purposes, the last day of the reporting period will be the last business day of the month.

NOTE 3: Acquisition of Fund

On September 28, 2012, Kansas Municipal Fund acquired all the net assets of Kansas Insured Intermediate Fund pursuant to a Plan of Reorganization approved by Kansas Insured Intermediate Fund on September 17, 2012. The acquisition was accomplished by a tax-free exchange of 1,788,059 shares of Kansas Municipal Fund (valued at $19,918,973) for 1,695,625 shares of Kansas Insured Intermediate Fund outstanding on September 28, 2012. Kansas Insured Intermediate Fund's net assets at that date ($19,918,973), including $1,380,074 of unrealized appreciation, were combined with those of Kansas Municipal Fund. The aggregate net assets of Kansas Municipal Fund and Kansas Insured Intermediate Fund immediately before the acquisition were $49,902,063 and $19,918,973, respectively. The Kansas Municipal Fund elected to maintain the tax cost basis of the investments acquired in the acquisition to align reporting of realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

NOTE 4: Fair Value Measurements

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used to value the Funds' investments as of January 31, 2013:

		Level 1		Level 2		Level 3		Total
KS Muni Fund	Short-Term Securities	$	2,050,236	$	0	$	0	$	2,050,236
	Municipal Bonds		0		67,011,122		0		67,011,122
	Total	$	2,050,236	$	67,011,122	$	0	$	69,061,358

NE Muni Fund	Short-Term Securities	$	1,973,635	$	0	$	0	$	1,973,635
	Municipal Bonds		0		45,809,297		0		45,809,297
	Total	$	1,973,635	$	45,809,297	$	0	$	47,782,932

OK Muni Fund	Short-Term Securities	$	3,666,403	$	0	$	0	$	3,666,403
	Municipal Bonds		0		40,615,856		0		40,615,856
	Total	$	3,666,403	$	40,615,856	$	0	$	44,282,259

ME Muni Fund	Short-Term Securities	$	1,581,921	$	0	$	0	$	1,581,921
	Municipal Bonds		0		17,104,767		0		17,104,767
	Total	$	1,581,921	$	17,104,767	$	0	$	18,686,688

NH Muni Fund	Short-Term Securities	$	689,774	$	0	$	0	$	689,774
	Municipal Bonds		0		4,966,782		0		4,966,782
	Total	$	689,774	$	4,966,782	$	0	$	5,656,556

See Schedule of Investments to view by type of obligation. The Funds did not hold any Level 3 assets during the six months ended January 31, 2013. There were no transfers into or out of Level 1 or Level 2 during the six months ended January 31, 2013. The Funds consider transfers into or out of Level 1 and Level 2 as of the end of the reporting period. The Funds did not hold any derivative instruments at any time during the six months ended January 31, 2013.

NOTE 5: Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six months ended January 31, 2013, were as follows:

	KS Muni		NE Muni		OK Muni		ME Muni		NH Muni
	Fund		Fund		Fund		Fund		Fund
Purchases	$	6,593,704	$	8,213,538	$	1,013,117	$	1,117,930	$	791,500
Sales	$	5,039,253	$	5,682,720	$	1,587,075	$	1,390,168	$	445,414

NOTE 6: Capital Share Transactions

Transactions in capital shares were as follows:

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
Six Months Ended 1/31/13:	Fund	Fund	Fund	Fund	Fund
Shares sold	383,512	355,889	374,140	106,299	121,114
Shares issued in connection with fund acquisition	1,788,059	0	0	0	0
Shares issued on reinvestment of dividends	52,613	37,987	27,506	14,716	3,425
Shares redeemed	(247,206)	(198,997)	(281,734)	(43,409)	(62,416)
Net increase (decrease)	1,976,978	194,879	119,912	77,606	62,123
Shares outstanding	6,301,723	4,499,694	3,746,586	1,669,124	500,643

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
Year Ended 7/31/12:	Fund	Fund	Fund	Fund	Fund
Shares sold	374,155	1,032,811	885,899	174,571	95,759
Shares issued on reinvestment of dividends	92,288	80,111	52,047	30,308	6,447
Shares redeemed	(388,881)	(317,048)	(261,426)	(115,924)	(52,953)
Net increase (decrease)	77,562	795,874	676,520	88,955	49,253
Shares outstanding	4,324,745	4,304,815	3,626,674	1,591,518	438,520

NOTE 7: Income Tax Information

At July 31, 2012, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
	Fund	Fund	Fund	Fund	Fund
Investments at cost	$44,300,269	$42,021,382	$39,775,694	$16,625,297	$4,556,292
Unrealized appreciation	$3,215,814	$2,580,125	$2,665,479	$1,277,976	$274,999
Unrealized depreciation	0	(23,023)	(2,490)	0	(1,448)
Net*	$3,215,814	$2,557,102	$2,662,989	$1,277,976	$273,551

*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount.

Tax-exempt income distributions paid or accrued were as follows:

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
Tax-exempt income:	Fund	Fund	Fund	Fund	Fund
Year Ended 7/31/12	$1,555,982	$1,264,817	$1,139,730	$531,606	$133,979
Year Ended 7/29/11	$1,620,878	$1,188,996	$1,241,211	$518,313	$128,976

As of July 31, 2012, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	KS Muni	NE Muni	OK Muni	ME Muni	NH Muni
	Fund	Fund	Fund	Fund	Fund
Accumulated capital and other losses	($3,354,997)	($1,149,596)	($1,433,729)	($313,066)	($114,812)
Unrealized appreciation/(depreciation)*	3,215,814	2,557,102	2,662,989	1,277,976	273,551
Total accumulated earnings/(deficit)	($139,183)	$1,407,506	$1,229,260	$964,910	$158,739

*Differences between financial reporting-basis and tax-basis are due to differing treatment of market discount.

Under the recently enacted Regulated Investment Company Modernization Act of 2010 ("Act"), funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period of time. The short-term and long-term character of such losses are retained rather than being treated as short-term as under previous law. Pre-enactment losses are eligible to be carried forward for a maximum period of eight years. Pursuant to the Act, post-enactment capital losses must be utilized before pre-enactment capital losses. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. The Funds' capital loss carryforward amounts as of July 31, 2012 are as follows:

Capital Loss Carryforward		KS Muni Fund		NE Muni Fund		OK Muni Fund		ME Muni Fund		NH Muni Fund
Expires in 2013	$	2,680,173	$	1,123,208	$	1,147,142	$	313,066	$	114,283
Expires in 2014		388,935		-		-		-		-
Expires in 2015		240,848		-		-		-		-
Expires in 2016		-		-		-		-		529
Expires in 2018		-		-		260,308		-		-
Non-expiring S-T losses		34,287		26,388		18,258		-		-
Non-expiring L-T losses		10,754		-		8,021		-		-
Total	$	3,354,997	$	1,149,596	$	1,433,729	$	313,066	$	114,812

	During the year ended July 31, 2012 expired capital loss carryforwards were as follows:
KS Muni Fund	$	1,399,598
NE Muni Fund	$	579,275
OK Muni Fund	$	547,833

NOTE 8: Investment Advisory Fees and Other Transactions with Affiliates

Viking Fund Management, the Funds' investment adviser; Integrity Funds Distributor, LLC ("Integrity Funds Distributor" or "IFD"), the Funds' underwriter; and IFS, the Funds' transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC ("Corridor Investors" or "Corridor"), the Funds' sponsor. A Trustee of the Funds is also a Governor of Corridor.

VFM provides investment advisory and management services to the Funds. The Investment Advisory Agreement (the "Advisory Agreement") provides for fees to be computed at an annual rate of 0.50% of the each Funds' average daily net assets. Under the terms of the Advisory Agreement, VFM has contractually agreed to pay all the expenses of the Funds (other than taxes, brokerage fees, commissions and acquired fund fees and expenses) until November 29, 2013 for KS Muni Fund, NE Muni Fund, OK Muni Fund, ME Muni Fund, and NH Muni Fund, so that the net annual operating expenses for each Fund do not exceed 1.08%. After this date, the expense limitation may be terminated or revised. VFM and affiliated service providers may also voluntarily waive fees or reimburse expenses not required under the advisory or other contracts from time to time. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

	Six Months Ended 1/31/13		Payable at 1/31/13
	Advisory Fees		Advisory Fees
KS Muni Fund	$	157,705	$	29,163
NE Muni Fund	$	118,404	$	20,016
OK Muni Fund	$	109,637	$	18,455
ME Muni Fund	$	46,119	$	7,851
NH Muni Fund	$	12,861	$	2,140

IFD serves as the principal underwriter for the Funds and receives sales charges deducted from sale proceeds and CDSC from applicable redemptions. Also, the Funds have adopted a distribution plan for each class of shares as allowed by Rule 12b-1 of the 1940 Act. Distribution plans permit the Funds to reimburse their principal underwriter for costs related to selling shares of the Funds and for various other services. These costs, which consist primarily of commissions and service fees to broker-dealers who sell shares of the Funds, are paid by shareholders through expenses called "Distribution Plan expenses." The Funds currently pay an annual distribution fee of up to 0.25% of the average daily net assets. Certain Officers of the Funds are also Officers and Governors of IFD.

	Six Months Ended 1/31/13						Payable at 1/31/13
	Sales				Distribution		Sales				Distribution
	Charges		CDSC		Fees		Charges		CDSC		Fees
KS Muni Fund	$	69,047	$	0	$	78,853	$	0	$	0	$	14,582
NE Muni Fund	$	73,341	$	0	$	59,202	$	2,716	$	0	$	10,008
OK Muni Fund	$	68,283	$	0	$	54,819	$	13	$	0	$	9,228
ME Muni Fund	$	36,604	$	0	$	23,060	$	176	$	0	$	3,925
NH Muni Fund	$	24,853	$	0	$	6,430	$	2,164	$	0	$	1,070

IFS acts as the Funds' transfer agent for a monthly variable fee equal to 0.14% of the Funds' average daily net assets on an annual basis for the Funds' first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. IFS also acts as the Funds' administrative services agent for a monthly fee equal to the sum of a fixed fee of $2,000 and a variable fee equal to 0.14% of the Funds' average daily net assets on an annual basis for the Funds' first $200 million and at a lower rate on the average daily net assets in excess of $200 million plus reimbursement of out-of-pocket expenses. Certain Officers of the Funds are also Officers and Governors of IFS.

	Six Months Ended 1/31/13								Payable at 1/31/13
	Transfer		Transfer		Admin.		Admin.		Transfer		Admin.
	Agency		Agency		Service		Service		Agency		Service
	Fees Net*		Fees Waived		Fees Net*		Fees Waived		Fees*		Fees*
KS Muni Fund	$	33,736	$	12,108	$	40,732	$	15,426	$	6,621	$	7,361
NE Muni Fund	$	23,010	$	10,904	$	30,307	$	14,846	$	3,864	$	4,850
OK Muni Fund	$	22,150	$	8,898	$	30,322	$	12,377	$	3,762	$	5,032
ME Muni Fund	$	7,227	$	6,116	$	13,114	$	11,800	$	1,320	$	2,205
NH Muni Fund	$	859	$	2,849	$	3,253	$	12,348	$	121	$	524
* After waivers.

NOTE 9: Principal Risks

Each of the Funds invests primarily in municipal securities from a specific state. Each Fund is therefore more susceptible to political, economic, legislative, or regulatory factors adversely affecting issuers of municipal securities in its respective state.

Interest rate risk is the risk that bond prices will decline in value because of changes in interest rates. There is normally an inverse relationship between the fair value of securities sensitive to prevailing interest rates and actual changes in interest rates. The longer the average maturity of a Fund's portfolio, the greater its interest rate risk.

KANSAS MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Six Months Ended 1/31/13⁺		Year Ended 7/31/12		Year Ended 7/29/11		Year Ended 7/30/10		Year Ended 7/31/09		Year Ended 7/31/08
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.12	$	10.64	$	10.70	$	10.45	$	10.44	$	10.54

Income (loss) from investment operations:
Net investment income (loss)	$	0.16	$	0.37	$	0.37	$	0.38	$	0.40	$	0.40
Net realized and unrealized gain (loss) on investments³		(0.03)		0.48		(0.06)		0.25		0.01		(0.10)
Total from investment operations	$	0.13	$	0.85	$	0.31	$	0.63	$	0.41	$	0.30

Distributions from net investment income	$	(0.16)	$	(0.37)	$	(0.37)	$	(0.38)	$	(0.40)	$	(0.40)

NET ASSET VALUE, END OF PERIOD	$	11.09	$	11.12	$	10.64	$	10.70	$	10.45	$	10.44

Total Return (excludes any applicable sales charge)	2.26%^#		8.07%		3.02%		6.12%		4.06%		2.90%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$69,863		$48,093		$45,175		$47,465		$47,365		$48,587
Ratio of expenses to average net assets after waivers^{1 2}*	1.08%^#		1.07%		1.07%		1.07%		1.07%		1.07%
Ratio of expenses to average net assets before waivers²	1.17%^#		1.18%		1.30%		1.33%		1.35%		1.36%
Ratio of net investment income to average net assets^{1 2}*	2.76%^#		3.36%		3.54%		3.58%		3.88%		3.81%
Portfolio turnover rate	8.74%		11.46%		8.31%		15.34%		16.73%		6.52%

¹	This row reflects the impact, if any, of fee waivers and reimbursements by the Adviser and/or affiliated service providers

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and losses per share are balancing amounts and may not reconcile with the gains and losses in the Statement of Operations due to share transactions for the period.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011 and July 30, 2010, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets.

^#	Annualized.

⁺	Unaudited.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

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

NEBRASKA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Six Months Ended 1/31/13⁺		Year Ended 7/31/12		Year Ended 7/29/11		Year Ended 7/30/10		Year Ended 7/31/09		Year Ended 7/31/08
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.69	$	10.20	$	10.22	$	10.01	$	10.03	$	10.13

Income (loss) from investment operations:
Net investment income (loss)	$	0.15	$	0.34	$	0.35	$	0.35	$	0.38	$	0.38
Net realized and unrealized gain (loss) on investments³		(0.03)		0.49		(0.02)		0.21		(0.02)		(0.10)
Total from investment operations	$	0.12	$	0.83	$	0.33	$	0.56	$	0.36	$	0.28

Distributions from net investment income	$	(0.15)	$	(0.34)	$	(0.35)	$	(0.35)	$	(0.38)	$	(0.38)

NET ASSET VALUE, END OF PERIOD	$	10.66	$	10.69	$	10.20	$	10.22	$	10.01	$	10.03

Total Return (excludes any applicable sales charge)	2.16%#		8.23%		3.29%		5.64%		3.71%		2.79%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$47,967		$46,038		$35,808		$33,816		$28,913		$27,229
Ratio of expenses to average net assets after waivers^{1 2}*	1.08%^#		1.07%		1.07%		1.07%		1.07%		1.07%
Ratio of expenses to average net assets before waivers²	1.19%^#		1.21%		1.33%		1.37%		1.41%		1.43%
Ratio of net investment income to average net assets^{1 2}*	2.71%^#		3.22%		3.44%		3.41%		3.84%		3.74%
Portfolio turnover rate	12.74%		12.38%		11.01%		18.92%		6.71%		10.42%

¹	This row reflects the impact, if any, of fee waivers and reimbursements by the Adviser and/or affiliated service providers

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and losses per share are balancing amounts and may not reconcile with the gains and losses in the Statement of Operations due to share transactions for the period.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011 and July 30, 2010, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets.

^#	Annualized.

⁺	Unaudited.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

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

OKLAHOMA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Six Months Ended 1/31/13⁺		Year Ended 7/31/12		Year Ended 7/29/11		Year Ended 7/30/10		Year Ended 7/31/09		Year Ended 7/31/08
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.93	$	11.24	$	11.19	$	10.78	$	10.75	$	11.03

Income (loss) from investment operations:
Net investment income (loss)	$	0.16	$	0.34	$	0.40	$	0.40	$	0.41	$	0.39
Net realized and unrealized gain (loss) on investments³		(0.05)		0.69		0.05		0.41		0.03		(0.28)
Total from investment operations	$	0.11	$	1.03	$	0.45	$	0.81	$	0.44	$	0.11

Distributions from net investment income	$	(0.16)	$	(0.34)	$	(0.40)	$	(0.40)	$	(0.41)	$	(0.39)

NET ASSET VALUE, END OF PERIOD	$	11.88	$	11.93	$	11.24	$	11.19	$	10.78	$	10.75

Total Return (excludes any applicable sales charge)	1.90%^#		9.30%		4.15%		7.61%		4.28%		1.01%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$44,493		$43,253		$33,156		$35,506		$32,019		$42,026
Ratio of expenses to average net assets after waivers^{1 2}*	1.08%^#		1.07%		1.07%		1.07%		1.07%		1.07%
Ratio of expenses to average net assets before waivers²	1.18%^#		1.19%		1.32%		1.35%		1.36%		1.35%
Ratio of net investment income to average net assets^{1 2}*	2.72%^#		2.93%		3.62%		3.61%		3.91%		3.55%
Portfolio turnover rate	2.44%		17.72%		13.35%		9.36%		3.48%		10.37%

¹	This row reflects the impact, if any, of fee waivers and reimbursements by the Adviser and/or affiliated service providers

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and losses per share are balancing amounts and may not reconcile with the gains and losses in the Statement of Operations due to share transactions for the period.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011 and July 30, 2010, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets.

^#	Annualized.

⁺	Unaudited.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

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

MAINE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Six Months Ended 1/31/13⁺		Year Ended 7/31/12		Year Ended 7/29/11		Year Ended 7/30/10		Year Ended 7/31/09		Year Ended 7/31/08
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.36	$	10.77	$	10.85	$	10.62	$	10.44	$	10.45

Income (loss) from investment operations:
Net investment income (loss)	$	0.16	$	0.34	$	0.34	$	0.35	$	0.35	$	0.36
Net realized and unrealized gain (loss) on investments³		(0.09)		0.59		(0.08)		0.23		0.18		(0.01)
Total from investment operations	$	0.07	$	0.93	$	0.26	$	0.58	$	0.53	$	0.35

Distributions from net investment income	$	(0.16)	$	(0.34)	$	(0.34)	$	(0.35)	$	(0.35)	$	(0.36)

NET ASSET VALUE, END OF PERIOD	$	11.27	$	11.36	$	10.77	$	10.85	$	10.62	$	10.44

Total Return (excludes any applicable sales charge)	1.24%^#		8.79%		2.50%		5.49%		5.22%		3.43%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$18,819		$18,084		$16,176		$16,467		$15,413		$15,880
Ratio of expenses to average net assets after waivers^{1 2}*	1.08%^#		1.07%		1.07%		1.07%		1.07%		1.07%
Ratio of expenses to average net assets before waivers²	1.27%^#		1.29%		1.41%		1.46%		1.57%		1.56%
Ratio of net investment income to average net assets^{1 2}*	2.84%^#		3.11%		3.22%		3.21%		3.38%		3.46%
Portfolio turnover rate	6.39%		1.87%		8.00%		38.11%		15.39%		4.44%

¹	This row reflects the impact, if any, of fee waivers and reimbursements by the Adviser and/or affiliated service providers

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and losses per share are balancing amounts and may not reconcile with the gains and losses in the Statement of Operations due to share transactions for the period.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011 and July 30, 2010, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets.

^#	Annualized.

⁺	Unaudited.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

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

NEW HAMPSHIRE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Selected per share data and ratios for the periods indicated

	Six Months Ended 1/31/13⁺		Year Ended 7/31/12		Year Ended 7/29/11		Year Ended 7/30/10		Year Ended 7/31/09		Year Ended 7/31/08
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.07	$	10.66	$	10.73	$	10.50	$	10.32	$	10.24

Income (loss) from investment operations:
Net investment income (loss)	$	0.15	$	0.33	$	0.35	$	0.33	$	0.29	$	0.30
Net realized and unrealized gain (loss) on investments³		(0.09)		0.41		(0.07)		0.23		0.18		0.08
Total from investment operations	$	0.06	$	0.74	$	0.28	$	0.56	$	0.47	$	0.38

Distributions from net investment income	$	(0.15)	$	(0.33)	$	(0.35)	$	(0.33)	$	(0.29)	$	(0.30)

NET ASSET VALUE, END OF PERIOD	$	10.98	$	11.07	$	10.66	$	10.73	$	10.50	$	10.32

Total Return (excludes any applicable sales charge)	1.04%^#		7.04%		2.64%		5.38%		4.64%		3.72%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$5,499		$4,854		$4,150		$3,858		$3,816		$3,681
Ratio of expenses to average net assets after waivers^{1 2}*	1.08%^#		1.07%		1.07%		1.07%		1.07%		1.07%
Ratio of expenses to average net assets before waivers²	1.67%^#		1.78%		1.93%		2.47%		3.19%		3.20%
Ratio of net investment income to average net assets^{1 2}*	2.70%^#		3.07%		3.30%		3.11%		2.81%		2.87%
Portfolio turnover rate	9.22%		13.73%		10.19%		21.12%		15.93%		12.56%

¹	This row reflects the impact, if any, of fee waivers and reimbursements by the Adviser and/or affiliated service providers

²	Average net assets was calculated using a 360-day period.

³	Realized and unrealized gains and losses per share are balancing amounts and may not reconcile with the gains and losses in the Statement of Operations due to share transactions for the period.

*	For the year ended July 31, 2012, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets for the period of August 1, 2011 through April 30, 2012. For the years ended July 29, 2011 and July 30, 2010, the Adviser and/or affiliated service providers voluntarily waived a portion of their fees equal to 0.08% of average net assets.

^#	Annualized.

⁺	Unaudited.

Total return represents the rate that an investor would have earned or lost on an investment in the Fund assuming reinvestment of all dividends and distributions.

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

EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads), redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the one-half year period shown below and held for the entire one-half year period.

Actual expenses—The section in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an account value of $8,600 divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate column for your share class in the column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes—The section in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the section in the table under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 7/31/2012	Ending Account Value 1/31/2013	Expenses Paid During Period*	Annualized Expense Ratio
Kansas Municipal Fund
Actual	$1,000.00	$1,011.28	$5.43	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.81	$5.45	1.08%
Nebraska Municipal Fund
Actual	$1,000.00	$1,010.79	$5.43	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.81	$5.45	1.08%
Oklahoma Municipal Fund
Actual	$1,000.00	$1,009.47	$5.43	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.81	$5.45	1.08%
Maine Municipal Fund
Actual	$1,000.00	$1,006.25	$5.42	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.81	$5.45	1.08%
New Hampshire Municipal Fund
Actual	$1,000.00	$1,005.22	$5.41	1.08%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.81	$5.45	1.08%

*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in one-half year period, and dividend by the total number of days in the fiscal year (to reflect the one-half year period).

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT (unaudited)

Viking Fund Management, LLC ("Viking" or "Adviser"), the Fund's investment adviser; Integrity Funds Distributor, LLC ("IFD"), the Fund's underwriter; and Integrity Fund Services, LLC ("IFS"), the Fund's transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC ("Corridor"), the Fund's sponsor.

The approval and the continuation of a fund's investment advisory agreement must be specifically approved at least annually (1) by a vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "Interested Persons" of any party ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. In preparation for the meeting, the Board requests and reviews a wide variety of materials provided by the Fund's adviser. The Independent Trustees also received advice from their independent counsel on the issues to focus on during contract renewals. At a meeting held on October 29, 2012, the Board of Trustees, including a majority of the Independent Trustees of the Fund, renewed the Management and Investment Advisory Agreement ("Advisory Agreement") between the Funds and Viking.

The Trustees, including a majority of Trustees who are neither party to the Advisory Agreement nor "interested persons" of any such party (as such term is defined for regulatory purposes), unanimously renewed the Advisory Agreement. In determining whether it was appropriate to renew the Advisory Agreement, the Trustees requested information, provided by the Investment Adviser that it believed to be reasonably necessary to reach its conclusion. In connection with the renewal of the Advisory Agreement, the Board reviewed factors set out in judicial decisions and Securities Exchange Commission directives relating to the renewal of advisory contracts, which include but are not limited to, the following:


	(a)	the nature and quality of services to be provided by the adviser to the fund;

	(b)	the various personnel furnishing such services and their duties and qualifications;

	(c)	the relevant fund's investment performance as compared to standardized industry performance data;

	(d)	the adviser's costs and profitability of furnishing the investment management services to the fund;

	(e)	the extent to which the adviser realizes economies of scale as the fund grows larger and the sharing thereof with the fund;

	(f)	an analysis of the rates charged by other investment advisers of similar funds;

	(g)	the expense ratios of the applicable fund as compared to data for comparable funds; and

	(h)	information with respect to all benefits to the adviser associated with the fund, including an analysis of so-called "fallout" benefits or indirect profits to the adviser from its relationship to the funds.

In evaluating the Adviser's services and its fees, the Trustees reviewed information concerning the performance of each Fund, the recent financial statements of the Adviser and its parent, and the proposed advisory fee and other fund expenses compared to the level of advisory fees and expenses paid by other similar funds. In reviewing the Advisory Agreement with the foregoing Funds, the Trustees considered, among other things, the fees, the Fund's past performance, the nature and quality of the services provided, the profitability of the Adviser and its parent (estimated costs and estimated profits from furnishing the proposed services to each Fund), and the expense waivers by the Adviser. The Trustees also considered any ancillary benefits to the Adviser and its affiliates for services provided to each Fund. In this regard, the Trustees noted that there were no soft dollar arrangements involving the Adviser and the only benefits to affiliates were the fees earned for services provided. The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees also considered the Adviser's commitment to voluntarily limit Fund expenses and the skills and capabilities of the Adviser.

The following paragraphs summarize the material information and factors considered by the Board, including the Independent Trustees, as well as their conclusions relative to such factors in considering the renewal of the Advisory Agreement:

Nature, extent and quality of services: The Investment Adviser currently provides services to twelve funds with investment strategies ranging from non-diversified sector funds to broad-based equity funds. The experience and expertise of the Investment Adviser is attributable to the long-term focus on managing investment companies and has the potential to enhance the Fund's future performance. They have a strong culture of compliance and provide quality services. The overall nature and quality of the services provided by the Investment Adviser had historically been, and continues to be, adequate and appropriate.

Various personnel furnishing such services and their duties and qualifications: The Portfolio Manager of the Fund has numerous years of experience in the advisory and money management area adding significant expertise to the Adviser of the Fund. A detailed biography of the portfolio manager was presented to the Trustees. This information is disclosed in the prospectus and/or SAI of the Fund.

Investment performance: Upon a review of the total return history and category rankings of each Fund, the Trustees deemed the performance of each Fund to be satisfactory. In addition, each of the Funds has been meeting its investment objective.

As of July 31, 2012, the risk for: (1) Kansas Municipal Fund was below average overall and for the 5-year time period. It had an average risk for the 3-year period and low risk for the 10-year period; (2) Nebraska Municipal Fund was average overall and for the 3 and 5-year time periods. It had a below average risk for the 10-year period; (3) Oklahoma Municipal Fund was above average overall and for the 3 and 10-year time periods. It had a high risk for the 5-year period; (4) New Hampshire Municipal Fund was above average overall and for the 5-year time period. It had a high risk rating for the 3-year period and an average risk for the 10-year period; (5) Maine Municipal Fund was average overall and for the 5 -year time period. It had an average risk for the 3-year period and a below average risk for the 10-year period.

As of August 31, 2012, the Fund performance for: (1) Kansas Municipal Fund returns for the 1, 3, 5 and 10-year periods were below its index, and the returns for the 3, 5, and 10 year periods were at or below its median classification, but were above for its 1-year period; (2) Nebraska Municipal Fund returns for the 1, 3, 5 and 10-year periods were below its index, and the returns for the 3, 5 and 10-year periods were below its median classification but above for its 1-year period; (3) Oklahoma Municipal Fund returns for the 1, 3, 5 and 10-year periods were below its index. Its returns for the 1, 3, and 5-year periods were above its median classification but slightly below for its 10-year period; (4) New Hampshire Municipal Fund returns for the 1, 3, 5 and 10-year periods were below its index, but the 1, 3, 5, and 10-year periods returns were above its median classification. (5) Maine Municipal Fund returns for the 1, 3, 5 and 10-year periods were below its index, and the returns for the 1 and 5-year periods were slightly above its median classification but at or below for its 3 and 10-year period.

Profitability: In connection with its review of fees, the Board also considered the profitability of Viking for its advisory activities. In this regard, the Board reviewed information regarding the finances of Corridor and Viking. Based on the information provided, the Board concluded that the level of profitability was reasonable in light of the services provided.

Economies of scale: The Board briefly discussed the benefits for the Funds as the Adviser could realize economies of scale as each of the Funds grow larger, but the size of the Funds has not reached an asset level to benefit from economies of scale. The advisory fees are structured appropriately based on the size of the Fund. The advisor has indicated that a new advisory fee structure may be looked at if a Fund reaches an asset level where it could benefit from economies of scale. The Trustees discussed the fact that the advisor does not benefit from economies of scale due to its relationship to the Funds as the Funds are relatively small and are its only advisory clients.

Analysis of the rates charged by other investment advisers of similar funds: A comparison of the management fees charged by the Advisor seemed reasonable to the Trustees when compared to similar funds in objective and size. The adviser is voluntarily waiving advisory fees to a certain degree due to the small size of the Funds.

Expense ratios of the applicable fund as compared to data for comparable funds: Each of the Fund's net expense ratio of 1.08% was comparable to the average expense ratio of other funds of similar objective and size but slightly higher than the median of other funds of similar objective and size.

Information with respect to all benefits to the adviser associated with the fund, including an analysis of so-called "fallout" benefits or indirect profits to the adviser from its relationship to the funds: The Board noted that the Adviser does not realize material direct benefits from its relationship with the Fund. The Adviser does not participate in any soft dollar arrangements from securities trading in the Fund.

In voting unanimously to renew the Advisory Agreement, the Trustees did not identify any single factor as being of paramount importance. The Trustees noted that their discussion in this regard was premised on numerous factors including the nature, quality and resources of Viking, the strategic plan involving the Funds, and the potential for increased distribution and growth of the Funds. They determined that, after considering all relevant factors, the renewal of the Advisory Agreement would be in the best interest of each of the Funds and its shareholders.

Potential Conflicts of Interest—Investment Adviser

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds are presented with the following potential conflicts:

The management of multiple funds may result in a portfolio manager devoting unequal time and attention to the management of each fund. The management of multiple funds and accounts also may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts.


	•	Robert E. Walstad and Shannon D. Radke are Governors of Corridor, and Mr. Radke is the President and Chief Executive Officer of Corridor. Mr. Walstad and Mr. Radke own membership interests of approximately 10% and 9%, respectively, in Corridor. They initially received their membership interests, without a cash investment, in exchange for their contributions to Corridor (including experience in the mutual fund industry and their personal guaranties of bank financing) and, in addition, with respect to Mr. Radke, in exchange for his interest in Viking. Mr. Radke and Mr. Walstad have purchased a portion of their membership interests in Corridor. Certain other current employees of Corridor own, in the aggregate, approximately 29%-30% of the total membership interests in Corridor, with those employees individually owning an interest of 0.06% to 1.89%. They initially received their membership interests in exchange for their experience and role in the operations of Corridor; some have since purchased a portion of their membership interests.

	•	With respect to securities transactions for the Funds, the Investment Adviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the transaction. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the Funds. Securities selected for funds or accounts other than the Funds may outperform the securities selected for the Funds.

	•	The appearance of a conflict of interest may arise where the Investment Adviser has an incentive, such as a performance-based management fee, which relates to the management of one fund but not all funds with respect to which a portfolio manager has day-to-day management responsibilities. The management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the Funds' code of ethics will adequately address such conflicts. One of the portfolio manager's numerous responsibilities is to assist in the sale of Fund shares. The compensation of Monte Avery and Shannon Radke (the "Portfolio Manager" of the Funds), is based on salary paid every other week. The Portfolio Managers are not compensated for client retention. In addition, Corridor sponsors a 401(K) plan for all its employees. This plan is funded by employee elective deferrals and a match up to 4% by Corridor of the employees gross pay.

	•	Although the Portfolio Manager generally does not trade securities in his own personal account, each of the Funds has adopted a code of ethics that, among other things, permits personal trading by employees under conditions where it has been determined that such trades would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential conflicts of interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

The Investment Adviser and the Funds have adopted certain compliance procedures, which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

PROXY VOTING OF FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in each Fund's portfolio is available, without charge and upon request, by calling 800-276-1262. A report on Form N-PX of how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through the Funds' website at www.integrityvikingfunds.com. The information is also available from the Electronic Data Gathering Analysis and Retrieval ("EDGAR") database on the website of the Securities and Exchange Commission ("SEC") at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

Within 60 days of the end of its second and fourth fiscal quarters, the Funds provide a complete schedule of portfolio holdings in their semi-annual and annual reports on the Form N-CSR(S). These reports are filed electronically with the SEC and are delivered to the shareholders of the Funds. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q and N-CSR(S) are available on the SEC's website at www.sec.gov. The Funds' Forms N-Q and N-CSR(S) may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202-551-8090. You may also access this information from the Funds' website at www.integrityvikingfunds.com.

SHAREHOLDER INQUIRIES AND MAILINGS

Direct inquiries regarding the Funds to:
Integrity Funds Distributor, LLC
PO Box 500
Minot, ND 58702
Phone: 800-276-1262

Direct inquiries regarding account information to:
Integrity Fund Services, LLC
PO Box 759
Minot, ND 58702
Phone: 800-601-5593

To reduce their expenses, the Funds may mail only one copy of its prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive additional copies of these documents, please call Integrity Funds Distributor at 800-276-1262 or contact your financial institution. Integrity Funds Distributor will begin sending you individual copies 30 days after receiving your request.

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Equity Funds

Williston Basin/Mid-North America Stock Fund

Integrity Dividend Harvest Fund

Integrity Growth & Income Fund

Corporate Bond Fund

Integrity High Income Fund

State-Specific Tax-Exempt Bond Funds

Viking Tax-Free Fund for North Dakota

Viking Tax-Free Fund for Montana

Kansas Municipal Fund

Maine Municipal Fund

Nebraska Municipal Fund

New Hampshire Municipal Fund

Oklahoma Municipal Fund

Integrity Viking Funds are sold by prospectus only. An investor should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You may obtain a prospectus at no cost from your financial adviser or at www.integrityvikingfunds.com. Please read the prospectus carefully before investing.

Item 2. CODE OF ETHICS.

The information required in this Item is only required in an annual report on Form N-CSR.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required in this Item is only required in an annual report on Form N-CSR.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on Form N-CSR.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

Item 6. INVESTMENTS.

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees in the last fiscal half-year.

Item 11. CONTROLS AND PROCEDURES.

	(a)	Based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the "Report"), the registrant's principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant's principal executive officer and principal financial officer who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure.

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

Item 12. EXHIBITS.

(a)	(1)	The registrant's code of ethics filed pursuant to Item 2 of the N-CSR is filed with the registrant's annual N-CSR.

	(2)	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.

	(3)	Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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.

Integrity Managed Portfolios

By: /s/ Shannon D. Radke
Shannon D. Radke
President

March 27, 2013

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

By: /s/ Shannon D. Radke
Shannon D. Radke
President

March 27, 2013

By: /s/ Adam Forthun
Adam Forthun
Treasurer

March 27, 2013