Strategy And Objective

The Integrity High Income Fund (the Fund) seeks to provide a high level of current income with capital appreciation as a secondary objective. The Fund invests in a group of low-quality, high-risk, high yield corporate debt obligations. Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings made for investment purposes) will be invested in corporate bonds rated Baa by Moodys Investors Service (Moodys) or BBB by S&P Global Ratings (S&P) or lower. As a result, this includes high yield/lower-rated debt securities (also known as junk bonds) that are rated by an independent rating agency to be non-investment grade (e.g., BB or lower by S&P or Ba or lower by Moodys). Because of their low credit quality, these securities typically pay higher interest rates to compensate investors for the substantial credit risk they assume. The Fund may also invest in corporate issues that have defaulted. In addition, the Fund may invest in Rule 144A securities, which are generally privately placed securities purchased by qualified institutional buyers. While there are no restrictions on maturity, the Funds portfolio generally has an average maturity of less than ten years. The Fund seeks capital appreciation from selling bonds above the purchase price.