Fund Evaluator:

Integrity Mid-North American Resources A Overview

Integrity Mid-North American Resources A (ICPAX) is an actively managed Sector Equity Equity Energy fund. Integrity Viking Funds launched the fund in 1999.

The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus any borrowings made for investment purposes) in the stock of domestic and foreign issuers that are participating or benefitting from the development of the resources in the Mid-North America area. It may invest in companies of any size. The companies in which the fund invests may include smaller companies that have recently commenced operations and do not have significant revenues.

About Integrity Mid-North American Resources A (ICPAX)

There are 2 members of the management team with an average tenure of 14.85 years: Shannon Radke (2010), Michael Morey (2013). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P Composite 1500 (TR) USD index with a weighting of 100% and S&P 1500 Energy TR index with a weighting of 100%. Integrity Mid-North American Resources A has 47 securities in its portfolio. The top 10 holdings constitute 45.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Integrity Mid-North American Resources A is part of the Equity global asset class and is within the Sector Equity fund group. Integrity Mid-North American Resources A has 6.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.2%. There is 6.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Integrity Mid-North American Resources A has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $97 million in total assets, which is below the $431 million average for the Equity Energy category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ICPAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Integrity Mid-North American Resources A expense ratio is high compared to funds in the Equity Energy category. Integrity Mid-North American Resources A has an expense ratio of 1.50%, which is 18% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Integrity Mid-North American Resources A has a portfolio turnover rate of 63%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 136% for the Equity Energy category.

Recently, in the month of July 2026, Integrity Mid-North American Resources A returned 0.8%, which earned it a grade of F, as the Equity Energy category had an average return of 8.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Integrity Mid-North American Resources A has a trailing yield of 0.22%, which is below the 1.27% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Integrity Mid-North American Resources A Grades

Year to date, the fund has returned 27.9%, 4.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 35.9% over the past year (grade of F), 19.5% over the past three years (grade of A) and 20.0% per year over the past five years (grade of D) and 7.2% per year over the past 10 years (grade of D).

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