INTEGRITY SHORT TERM GOVERNMENT FUND | |||||||||
Schedule of Investments October 31, 2022 (unaudited) | |||||||||
Principal | Fair | ||||||||
Amount |
| Value | |||||||
MORTGAGE BACKED SECURITIES (97.1%) | |||||||||
Fannie Mae Pool (31.2%) | |||||||||
FNCL 4 11/22 4% #N/A Field Not Applicable | $ | 250,000 | $ | 227,500 | |||||
FN 47935 4.866% 5/1/2027 (11th District COFI Replacment Index + 1.254%)(a) | 560 | 562 | |||||||
FN 252284 6.5% 1/1/2029 | 32,895 | 33,369 | |||||||
FN 555326 5.5% 4/1/2033 | 74,618 | 75,856 | |||||||
FN AL5259 3.5% 5/1/2029 | 101,449 | 97,907 | |||||||
FN AL7654 3% 9/1/2035 | 109,294 | 100,011 | |||||||
FN AL9858 3% 3/1/2030 | 98,179 | 92,839 | |||||||
FN AS5093 2.5% 6/1/2030 | 310,122 | 288,269 | |||||||
FN AS8185 3% 10/1/2046 | 122,228 | 106,025 | |||||||
FN AS9698 3.5% 5/1/2032 | 197,458 | 187,630 | |||||||
FN 745751 5.5% 9/1/2035 | 17,004 | 17,377 | |||||||
FN 748375 3.462% 8/1/2033 (12 Month LIBOR USD + 1.212%)(a) | 626 | 616 | |||||||
FN BJ0664 3% 3/1/2033 | 84,275 | 77,768 | |||||||
FN BM1244 3.5% 6/1/2032 | 141,276 | 134,216 | |||||||
FN BM1231 3.5% 11/1/2031 | 136,649 | 131,264 | |||||||
FN BM1257 2.5% 4/1/2037 | 178,118 | 153,538 | |||||||
FN BM3428 3.5% 1/1/2033 | 55,372 | 52,502 | |||||||
FN BO4501 3% 9/1/2049 | 164,889 | 141,673 | |||||||
FN BP6466 3% 7/1/2050 | 184,678 | 157,962 | |||||||
FN BP8780 3% 7/1/2050 | 232,988 | 201,176 | |||||||
FN CA1939 4% 6/1/2028 | 133,614 | 128,265 | |||||||
FN CA5979 3% 5/1/2050 | 82,089 | 69,226 | |||||||
FN CA6065 3% 6/1/2050 | 140,409 | 118,388 | |||||||
FN CB0573 2.5% 5/1/2046 | 270,428 | 225,885 | |||||||
FN FM1487 4% 9/1/2039 | 28,317 | 26,222 | |||||||
FN FM2209 3.5% 1/1/2035 | 68,368 | 64,589 | |||||||
FN FM6742 3% 8/1/2040 | 168,254 | 148,149 | |||||||
FN FS0600 3% 2/1/2050 | 125,508 | 108,501 | |||||||
FN 888073 5.5% 2/1/2035 | 12,695 | 12,916 | |||||||
FN 995865 4.5% 7/1/2024 | 7,626 | 7,550 | |||||||
FN MA2561 3% 3/1/2031 | 285,832 | 268,745 | |||||||
FN MA3067 3.5% 7/1/2047 | 117,497 | 102,922 | |||||||
FN MA3101 4.5% 8/1/2047 | 79,761 | 76,240 | |||||||
FN MA4400 3% 8/1/2051 | 237,755 | 203,041 | |||||||
FN MA3689 4% 5/1/2029 | 101,106 | 97,012 | |||||||
FN MA3725 3.5% 7/1/2049 | 38,586 | 33,772 | |||||||
FN MA3928 2.5% 2/1/2030 | 280,813 | 258,974 | |||||||
FN MA3986 3.5% 4/1/2035 | 130,417 | 122,752 | |||||||
FN MA4043 3% 6/1/2035 | 131,410 | 121,103 | |||||||
FN MA4076 3% 7/1/2035 | 194,758 | 179,316 | |||||||
FN MA4054 2.5% 6/1/2040 | 189,148 | 160,914 | |||||||
FN MA4094 2.5% 8/1/2040 | 219,005 | 186,770 | |||||||
| 4,999,312 | ||||||||
Fannie Mae Remics (3.0%) | |||||||||
FNR 2007-54 EF 4.35614% 6/25/2037, (1 Month LIBOR USD + 0.340%)(a) | 493,998 |
| 483,343 | ||||||
Fannie Mae-Aces (3.6%) | |||||||||
FNA 2019-M32 X2 1.099% 10/25/2029 (b)(c) | 4,183,650 | 234,276 | |||||||
FNA 2020-M10 X6 1.381% 8/25/2028 (b)(c) | 3,445,691 | 225,128 | |||||||
FNA 2020-M39 1A1 0.75% 9/25/2028 | 141,579 | 122,709 | |||||||
| 582,113 | ||||||||
FHLMC-GNMA (0.1%) | |||||||||
FHG 23 FC 4.46614% 11/25/2023, (1 Month LIBOR USD + 0.450%)(a) | 6,635 |
| 6,625 | ||||||
|
| ||||||||
Freddie Mac Pool (8.0%) | |||||||||
FR ZA5250 4% 1/1/2048 | 244,763 | 227,677 | |||||||
FR ZS8598 3% 2/1/2031 | 147,062 | 137,390 | |||||||
FR ZS8670 3.5% 9/1/2032 | 161,032 | 153,015 | |||||||
FR ZT1348 3.5% 10/1/2038 | 66,521 | 60,297 | |||||||
FR QN5456 2% 3/1/2036 | 330,817 | 291,079 | |||||||
FR RA5255 3.5% 5/1/2051 | 185,804 | 164,288 | |||||||
FR RC2167 2% 7/1/2036 | 277,194 | 243,843 | |||||||
| 1,277,589 | ||||||||
Freddie Mac Gold Pool (9.5%) | |||||||||
FG G01584 5% 8/1/2033 | 31,186 | 31,227 | |||||||
FG NB0014 3.5% 4/1/2049 | 191,747 | 172,130 | |||||||
FG G13390 6% 1/1/2024 | 564 | 563 | |||||||
FG G13610 5.5% 2/1/2024 | 963 | 959 | |||||||
FG G13692 5.5% 2/1/2024 | 454 | 453 | |||||||
FG G14160 6% 1/1/2024 | 41 | 41 | |||||||
FG G14441 4% 3/1/2027 | 66,328 | 65,234 | |||||||
FG G16406 3% 1/1/2028 | 64,876 | 62,559 | |||||||
FG G16502 3.5% 5/1/2033 | 121,038 | 114,551 | |||||||
FG G18524 3% 9/1/2029 | 126,017 | 119,282 | |||||||
FG G18601 3% 5/1/2031 | 168,224 | 158,384 | |||||||
FG G18605 3% 6/1/2031 | 111,026 | 104,531 | |||||||
FG G18596 3% 4/1/2031 | 425,344 | 399,425 | |||||||
FG G18655 3% 8/1/2032 | 172,858 | 159,763 | |||||||
FG C91993 3.5% 5/1/2038 | 138,937 | 126,112 | |||||||
FG H09207 6.5% 8/1/2038 | 9,522 | 9,646 | |||||||
| 1,524,860 | ||||||||
Freddie Mac Multifamily Structured Pass Through Certificates (7.6%) | |||||||||
FHMS K724 X1 0.34945% 11/25/2023 (b)(c) | 3,896,581 | 7,914 | |||||||
FHMS Q004 A2H 3.00114% 1/25/2046 (b) | 119,877 | 119,161 | |||||||
FHMS K078 XAM 0.146358% 6/25/2028 (b)(c) | 33,580,000 | 109,437 | |||||||
FHMS Q007 APT1 4.12305% 10/25/2047 (b) | 36,084 | 36,010 | |||||||
FHMS Q007 APT2 3.313535% 10/25/2047 (b) | 137,487 | 132,352 | |||||||
FHMS K736 X1 1.414436% 7/25/2026 (b)(c) | 6,051,763 | 226,996 | |||||||
FHMS KJ27 A1 2.092% 7/25/2024 | 1,141 | 1,133 | |||||||
FHMS KJ28 A1 1.766% 2/25/2025 | 75,668 | 75,352 | |||||||
FHMS K738 X1 1.628219% 1/25/2027 (b)(c) | 1,892,686 | 93,894 | |||||||
FHMS K111 X1 1.680929% 5/25/2030 (b)(c) | 3,065,561 | 273,567 | |||||||
FHMS K742 X1 0.868697% 3/25/2028 (b)(c) | 2,498,664 | 72,029 | |||||||
FHMS Q016 XPT1 0.981% 5/25/2026 (b)(c) | 3,032,084 | 76,818 | |||||||
| 1,224,663 | ||||||||
Freddie Mac REMICS (5.2%) | |||||||||
FHR 2344 ZD 6.5% 8/15/2031 | 9,261 | 9,494 | |||||||
FHR 3784 PD 4% 1/15/2026 | 3,281 | 3,233 | |||||||
FHR 4753 GT 3% 2/15/2045 | 343,366 | 336,311 | |||||||
FHR 4818 BD 3.5% 3/15/2045 | 26,527 | 25,831 | |||||||
FHR 4824 KQ 4% 6/15/2046 | 45,796 | 44,740 | |||||||
FHR 5229 MD 4% 1/25/2046 | 431,686 | 414,005 | |||||||
| 833,614 | ||||||||
Freddie Mac Structured Pass Through Certificates (0.1%) | |||||||||
FRESR 2017-SR01 A2 2.75% 11/25/2022 | 7,694 |
| 7,668 | ||||||
FRESB Mortgage Trust (4.4%) | |||||||||
FRESB 2015-SB2 A5 4.50486% 7/25/2035, (1 Month LIBOR USD + 0.700%)(a) | 81,317 | 81,084 | |||||||
FRESB 2015-SB3 A5 4.50486% 8/25/2042, (1 Month LIBOR USD + 0.700%)(a) | 3,344 | 3,333 | |||||||
FRESB 2015-SB7 A5 4.50486% 9/25/2035, (1 Month LIBOR USD + 0.700%)(a) | 195,188 | 194,362 | |||||||
FRESB 2016-SB13 A5H 4.50486% 1/25/2036, (1 Month LIBOR USD + 0.700%)(a) | 132,144 | 131,586 | |||||||
FRESB 2016-SB16 A5H 4.50486% 5/25/2036, (1 Month LIBOR USD + 0.700%)(a) | 95,541 | 94,893 | |||||||
FRESB 2019-SB60 A5H 3.07% 1/25/2039 (b) | 211,256 | 206,011 | |||||||
| 711,269 | ||||||||
Ginnie Mae I Pool (0.3%) | |||||||||
GN 741854 4% 5/15/2025 | 23,084 | 22,315 | |||||||
GN 782618 4.5% 4/15/2024 | 26,991 | 26,501 | |||||||
| 48,816 | ||||||||
Ginnie Mae II Pool (1.5%) | |||||||||
G2 MA6402 4.5% 1/20/2050 | 15,436 | 14,539 | |||||||
G2 MA6932 3% 10/20/2050 | 153,676 | 135,120 | |||||||
G2 785316 5.072% 9/20/2070 (1 Month LIBOR USD + 1.995%)(a) | 96,075 | 97,198 | |||||||
| 246,857 | ||||||||
Government National Mortgage Association (19.7%) | |||||||||
GNR 2017-H22 IC 0.00136% 11/20/2067 (b)(c) | 1,087,598 | 33,824 | |||||||
GNR 2013-15 IO 0.55696% 8/16/2051 (b)(c) | 2,397,999 | 40,565 | |||||||
GNR 2013-33 IO 0.22369% 4/16/2054 (b)(c) | 6,177,699 | 23,191 | |||||||
GNR 2013-17 IO 0.23924% 6/16/2054 (b)(c) | 3,044,005 | 19,664 | |||||||
GNR 2012-95 IO 0.19507% 2/16/2053 (b)(c) | 3,573,400 | 14,694 | |||||||
GNR 2013-40 IO 0.35974% 6/16/2054 (b)(c) | 2,525,562 | 30,496 | |||||||
GNR 2013-105 IO 0.21672% 6/16/2054 (b)(c) | 4,501,071 | 12,018 | |||||||
GNR 2013-107 ID 0.19623% 11/16/2047 (b)(c) | 1,566,068 | 8,418 | |||||||
GNR 2013-101 IO 0.21437% 10/16/2054 (b)(c) | 1,959,383 | 24,406 | |||||||
GNR 2014-54 IO 0.32414% 9/16/2055 (b)(c) | 2,631,091 | 25,416 | |||||||
GNR 2014-73 IO 0.48961% 4/16/2056 (b)(c) | 3,668,952 | 54,675 | |||||||
GNR 2013-156 IO 0.25484% 6/16/2055 (b)(c) | 1,654,095 | 10,437 | |||||||
GNR 2014-1 IO 0.15753% 9/16/2055 (b)(c) | 2,507,811 | 13,377 | |||||||
GNR 2014-120 IO 0.48665% 4/16/2056 (b)(c) | 1,010,603 | 11,443 | |||||||
GNR 2014-138 IO 0.56565% 4/16/2056 (b)(c) | 403,786 | 8,423 | |||||||
GNR 2014-155 IB 0.63619% 8/16/2055 (b)(c) | 119,051 | 7,961 | |||||||
GNR 2015-130 IO 0.71387% 7/16/2057 (b)(c) | 1,412,046 | 36,791 | |||||||
GNR 2015-97 A 2.4% 4/16/2043 | 212,585 | 203,985 | |||||||
GNR 2017-143 IO 0.47436% 1/16/2059 (b)(c) | 3,203,120 | 98,201 | |||||||
GNR 2017-76 IO 0.79085% 12/16/2056 (b)(c) | 1,975,330 | 83,896 | |||||||
GNR 2017-28 IO 0.6807% 2/16/2057 (b)(c) | 2,245,799 | 83,312 | |||||||
GNR 2016-34 IO 0.9139% 1/16/2058 (b)(c) | 2,562,579 | 101,025 | |||||||
GNR 2016-158 IO 0.7587% 6/16/2058 (b)(c) | 2,357,105 | 83,246 | |||||||
GNR 2018-2 IO 0.70674% 12/16/2059 (b)(c) | 1,327,190 | 60,512 | |||||||
GNR 2020-H04 IO 0.00889% 2/20/2070 (b)(c) | 574,917 | 31,505 | |||||||
GNR 2018-108 IA 0.6676% 8/16/2060 (b)(c) | 899,272 | 57,817 | |||||||
GNR 2018-119 IO 0.66763% 5/16/2060 (b)(c) | 681,424 | 37,206 | |||||||
GNR 2020-40 IO 0.87502% 1/16/2062 (b)(c) | 1,690,068 | 100,495 | |||||||
GNR 2020-132 IO 0.84944% 9/16/2062 (b)(c) | 1,546,418 | 101,071 | |||||||
GNR 2020-57 JI 1.80053% 1/16/2060 (b)(c) | 2,050,208 | 228,602 | |||||||
GNR 2020-121 IO 0.91119% 8/16/2060 (b)(c) | 1,042,848 | 68,291 | |||||||
GNR 2020-H11 IO 0.02366% 6/20/2070 (b)(c) | 2,947,361 | 162,105 | |||||||
GNR 2020-H12 IJ 0.14926% 7/20/2070 (b)(c) | 1,961,415 | 124,354 | |||||||
GNR 2020-H12 IG 0% 7/20/2070 (b)(c) | 2,232,013 | 61,184 | |||||||
GNR 2020-H19 SI 0% 10/20/2070 (b)(c) | 1,142,667 | 21,793 | |||||||
GNR 2021-H06 YI 1.81912% 4/20/2071 (b)(c) | 1,765,950 | 92,712 | |||||||
GNR 2021-H08 VF 5.02571% 4/20/2071 (SOFR 30 Day Average + 1.200%)(a) | 221,455 | 220,901 | |||||||
GNR 2021-5 IO 1.11068% 1/16/2061 (b)(c) | 2,835,055 | 216,805 | |||||||
GNR 2021-36 IO 1.26216% 3/16/2063 (b)(c) | 2,175,489 | 183,492 | |||||||
GNR 2018-137 AB 3.5% 10/20/2048 | 31,167 | 28,390 | |||||||
GNR 2021-150 IO 1.03221% 11/16/2063 (b)(c) | 1,072,536 | 83,560 | |||||||
GNR 2021-110 IO 0.87165% 11/16/2063 (b)(c) | 2,260,283 | 158,378 | |||||||
GNR 2022-H07 IG 1.39223% 2/20/2072 (b)(c) | 1,904,328 | 88,742 | |||||||
| 3,157,379 | ||||||||
Seasoned Credit Risk Transfer Trust Series (2.0%) | |||||||||
SCRT 2018-3 MA 3.5% 8/25/2057 (b) | 57,657 | 54,694 | |||||||
SCRT 2020-3 M5TW 3% 5/25/2060 | 92,332 | 81,743 | |||||||
SCRT 2021-1 TTU 2.5% 9/25/2060 | 191,562 |
| 174,197 | ||||||
| 310,634 | ||||||||
Seasoned Loans Structured Transaction Trust Series 2019-3 (0.9%) | |||||||||
SLST 2019-3 A1C 2.75% 11/25/2029 | 151,680 |
| 137,981 | ||||||
TOTAL MORTGAGE BACKED SECURITIES (Cost: $20,043,121) | $ | 15,552,723 | |||||||
U.S. GOVERNMENT NOTES/BILLS (2.0%) | |||||||||
United States Treasury Bill 0.00% 4/27/2023 | 325,000 | 317,977 | |||||||
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $318,121) | $ | 317,977 | |||||||
SHORT-TERM INVESTMENTS (1.9%) | |||||||||
Morgan Stanley Institutional Liquidity Fund, 2.88% (d) | 295,288 |
| 295,288 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $295,288) | $ | 295,288 | |||||||
TOTAL INVESTMENTS (Cost $20,656,530) (101.0%) | $ | 16,165,988 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.0%) | $ | (155,993) | |||||||
NET ASSETS (100.0%) | $ | 16,009,995 | |||||||
(a) Variable rate security; the rate shown represents the rate at October 31, 2022. Coupon may be fixed for a period of time. | |||||||||
(b) Variable rate security; the rate shown represents the rate at October 31, 2022. The coupon is based on an underlying pool of loans. | |||||||||
(c) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. | |||||||||
(d) Seven day yield as of October 31, 2022. | |||||||||
LIBOR - London InterBank Offered Rate. | |||||||||
1 Month LIBOR USD - 1 Month US Dollar LIBOR, rate disclosed as of October 31, 2022, based on the last reset date of the security. | |||||||||
NOTE: INVESTMENT IN SECURITIES (unaudited) | |||
As of October 31, 2022, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows: | |||
Integrity Short Term Government Fund | |||
Investments at cost | 20,656,530 | ||
Unrealized appreciation | 7,895 | ||
Unrealized depreciation | (4,498,437) | ||
Net unrealized appreciation (depreciation)* | (4,490,542) |
NOTE: FAIR VALUE MEASUREMENTS (unaudited) | ||||
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 October 31, 2022: | ||||
Integrity Short Term Government Bond Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Mortgage Backed Securities | $ - | $ 15,552,723 | $ - | $ 15,552,723 |
U.S Government Notes/Bonds | - | 317,977 | - | 317,977 |
Short-Term Investments | 295,288 | - | - | 295,288 |
Total Investments in Securities | $ 295,288 | $ 15,870,700 | $ - | $ 16,165,988 |