INTEGRITY SHORT TERM GOVERNMENT FUND | ||||
Schedule of Investments April 30, 2023 (unaudited) | ||||
Principal | Fair | |||
Amount |
| Value | ||
MORTGAGE BACKED SECURITIES (96.9%) | ||||
Fannie Mae Pool (23.3%) | ||||
FN 252284 6.5% 1/1/2029 | 29,760 | $ | 30,473 | |
FN 47935 4.867% 5/1/2027 (11th District COFI Replacment Index + 1.254%)(a) | 505 | 501 | ||
FN 555326 5.5% 4/1/2033 | 65,458 | 67,863 | ||
FN 745751 5.5% 9/1/2035 | 15,862 | 16,416 | ||
FN 748375 3.46% 8/1/2033 (12 Month LIBOR USD + 1.210%)(a) | 592 | 582 | ||
FN 888073 5.5% 2/1/2035 | 11,469 | 11,869 | ||
FN AL5259 3.5% 5/1/2029 | 88,951 | 86,559 | ||
FN AL7654 3% 9/1/2035 | 102,855 | 96,648 | ||
FN AL9858 3% 3/1/2030 | 84,255 | 81,704 | ||
FN AS8185 3% 10/1/2046 | 117,396 | 107,377 | ||
FN BM1231 3.5% 11/1/2031 | 115,302 | 112,840 | ||
FN BM1244 3.5% 6/1/2032 | 131,654 | 128,084 | ||
FN BM3428 3.5% 1/1/2033 | 50,551 | 49,089 | ||
FN BP6466 3% 7/1/2050 | 174,028 | 157,040 | ||
FN BP8780 3% 7/1/2050 | 218,587 | 199,580 | ||
FN CA5979 3% 5/1/2050 | 79,384 | 69,606 | ||
FN CA6065 3% 6/1/2050 | 137,166 | 120,266 | ||
FN CB0573 2.5% 5/1/2046 | 264,536 | 232,513 | ||
FN CB5525 6% 1/1/2053 | 439,287 | 448,358 | ||
FN FM1487 4% 9/1/2039 | 25,848 | 25,061 | ||
FN FM2209 3.5% 1/1/2035 | 63,295 | 61,263 | ||
FN FM6742 3% 8/1/2040 | 161,412 | 149,943 | ||
FN FS0600 3% 2/1/2050 | 119,534 | 108,984 | ||
FN FS3411 6% 1/1/2053 | 164,453 | 168,840 | ||
FN MA3067 3.5% 7/1/2047 | 111,651 | 103,065 | ||
FN MA3101 4.5% 8/1/2047 | 75,412 | 74,860 | ||
FN MA3725 3.5% 7/1/2049 | 36,430 | 33,447 | ||
FN MA3986 3.5% 4/1/2035 | 120,798 | 116,697 | ||
FN MA4908 6% 1/1/2043 | 474,842 | 485,603 | ||
FN MA4935 6% 2/1/2043 | 198,052 | 202,535 | ||
FN MA5031 7% 4/1/2053 | 200,000 | 200,083 | ||
| 3,747,749 | |||
Fannie Mae Remics (4.7%) | ||||
FNR 2007-54 EF 5.36043% 6/25/2037 (1 Month LIBOR USD + 0.340%)(a) | 460,463 | 452,198 | ||
FNR 2023-14 E 6% 6/25/2048 | 295,951 | 297,985 | ||
| 750,183 | |||
Fannie Mae-Aces (3.0%) | ||||
FNA 2015-M3 X2 0.296% 10/25/2024 (b)(c) | 25,390,505 | 75,257 | ||
FNA 2019-M32 X2 1.1% 10/25/2029 (b)(c) | 4,174,309 | 227,404 | ||
FNA 2020-M10 X6 1.381% 8/25/2028 (b)(c) | 3,440,418 | 182,824 | ||
| 485,485 | |||
FHLMC-GNMA (0.0%) | ||||
FHG 23 FC 5.47043% 11/25/2023 (1 Month LIBOR USD + 0.450%)(a) | 2,351 |
| 2,350 | |
|
| |||
Freddie Mac Pool (15.4%) | ||||
FR QF6560 5.5% 1/1/2053 | 446,014 | 450,000 | ||
FR QF8178 6% 2/1/2053 | 174,699 | 178,095 | ||
FR QF8450 6% 3/1/2053 | 99,891 | 102,061 | ||
FR QG1921 6.5% 5/1/2053 | 200,000 | 206,667 | ||
FR QN5456 2% 3/1/2036 | 309,885 | 279,160 | ||
FR QS0276 6% 2/1/2033 | 293,197 | 305,191 | ||
FR RB5221 6% 2/1/2043 | 458,376 | 468,751 | ||
FR ZA5250 4% 1/1/2048 | 231,992 | 225,772 | ||
FR ZS8598 3% 2/1/2031 | 133,501 | 127,621 | ||
FR ZS8670 3.5% 9/1/2032 | 147,567 | 143,566 | ||
| 2,486,884 | |||
Freddie Mac Gold Pool (6.2%) | ||||
FG C91993 3.5% 5/1/2038 | 130,901 | 126,161 | ||
FG G01584 5% 8/1/2033 | 28,690 | 29,200 | ||
FG G13390 6% 1/1/2024 | 82 | 82 | ||
FG G13610 5.5% 2/1/2024 | 291 | 290 | ||
FG G13692 5.5% 2/1/2024 | 132 | 132 | ||
FG G14160 6% 1/1/2024 | 15 | 15 | ||
FG G16406 3% 1/1/2028 | 54,352 | 52,799 | ||
FG G16502 3.5% 5/1/2033 | 110,309 | 107,430 | ||
FG G18524 3% 9/1/2029 | 111,336 | 107,106 | ||
FG G18601 3% 5/1/2031 | 151,779 | 145,391 | ||
FG G18605 3% 6/1/2031 | 100,994 | 96,741 | ||
FG G18655 3% 8/1/2032 | 156,605 | 150,006 | ||
FG H09207 6.5% 8/1/2038 | 9,257 | 9,477 | ||
FG NB0014 3.5% 4/1/2049 | 187,905 | 177,007 | ||
| 1,001,837 | |||
Freddie Mac Multifamily Structured Pass Through Certificates (7.2%) | ||||
FHMS K078 XAM 0.147222% 6/25/2028 (b)(c) | 33,580,000 | 109,773 | ||
FHMS K111 X1 1.680516% 5/25/2030 (b)(c) | 3,062,013 | 265,856 | ||
FHMS K115 X1 1.427911% 6/25/2030 (b)(c) | 1,395,823 | 104,427 | ||
FHMS K724 X1 0.34522% 11/25/2023 (b)(c) | 3,535,248 | ` | 3,532 | |
FHMS K736 X1 1.412197% 7/25/2026 (b)(c) | 6,012,680 | 201,377 | ||
FHMS K738 X1 1.626234% 1/25/2027 (b)(c) | 1,886,200 | 85,524 | ||
FHMS K742 X1 0.868543% 3/25/2028 (b)(c) | 2,497,700 | 65,105 | ||
FHMS KJ28 A1 1.766% 2/25/2025 | 4,446 | 4,446 | ||
FHMS Q004 A2H 3.841765% 1/25/2046 (b) | 110,829 | 110,192 | ||
FHMS Q007 APT1 4.745108% 10/25/2047 (b) | 24,832 | 24,743 | ||
FHMS Q007 APT2 3.312521% 10/25/2047 (b) | 127,281 | 123,522 | ||
FHMS Q016 XPT1 0.981% 5/25/2026 (b)(c) | 3,030,137 | 68,199 | ||
| 1,166,696 | |||
Freddie Mac REMICS (4.0%) | ||||
FHR 2344 ZD 6.5% 8/15/2031 | 8,235 | 8,548 | ||
FHR 3784 PD 4% 1/15/2026 | 1,943 | 1,915 | ||
FHR 4753 GT 3% 2/15/2045 | 229,414 | 225,320 | ||
FHR 5229 MD 4% 1/25/2046 | 412,042 | 402,944 | ||
| 638,727 | |||
FRESB Mortgage Trust (4.0%) | ||||
FRESB 2015-SB2 A5 5.55771% 7/25/2035 (1 Month LIBOR USD + 0.700%)(a) | 44,490 | 44,344 | ||
FRESB 2015-SB3 A5 5.55771% 8/25/2042 (1 Month LIBOR USD + 0.700%)(a) | 3,250 | 3,226 | ||
FRESB 2015-SB7 A5 5.55771% 9/25/2035 (1 Month LIBOR USD + 0.700%)(a) | 195,188 | 194,195 | ||
FRESB 2016-SB13 A5H 5.55771% 1/25/2036 (1 Month LIBOR USD + 0.700%)(a) | 120,514 | 119,936 | ||
FRESB 2016-SB16 A5H 5.55771% 5/25/2036 (1 Month LIBOR USD + 0.700%)(a) | 75,539 | 74,532 | ||
FRESB 2019-SB60 A5H 3.07% 1/25/2039 | 206,340 | 202,292 | ||
| 638,525 | |||
Ginnie Mae I Pool (0.2%) | ||||
GN 741854 4% 5/15/2025 | 16,929 | 16,674 | ||
GN 782618 4.5% 4/15/2024 | 14,602 | 14,510 | ||
| 31,184 | |||
Ginnie Mae II Pool (5.4%) | ||||
G2 785316 6.629% 9/20/2070 (1 Month LIBOR USD + 1.998%)(a) | 82,759 | 84,259 | ||
G2 MA6402 4.5% 1/20/2050 | 15,278 | 14,806 | ||
G2 MA8431 6.5% 11/20/2052 | 158,886 | 162,565 | ||
G2 MA8650 6.5% 2/20/2053 | 398,154 | 407,806 | ||
G2 MA8728 6.5% 3/20/2053 | 199,748 | 205,040 | ||
| 874,476 | |||
Government National Mortgage Association (20.9%) | ||||
GNR 2013-105 IO 0.19459% 6/16/2054 (b)(c) | 4,358,301 | 5,613 | ||
GNR 2013-15 IO 0.56227% 8/16/2051 (b)(c) | 1,865,372 | 31,773 | ||
GNR 2013-33 IO 0.21604% 4/16/2054 (b)(c) | 5,882,665 | 18,389 | ||
GNR 2014-73 IO 0.425% 4/16/2056 (b)(c) | 2,872,811 | 35,387 | ||
GNR 2015-130 IO 0.70944% 7/16/2057 (b)(c) | 1,390,815 | 35,487 | ||
GNR 2015-97 A 2.4% 4/16/2043 | 202,337 | 193,080 | ||
GNR 2016-158 IO 0.75714% 6/16/2058 (b)(c) | 2,329,968 | 79,373 | ||
GNR 2016-34 IO 0.91242% 1/16/2058 (b)(c) | 2,532,975 | 97,114 | ||
GNR 2016-94 IO 0.81792% 12/16/2057 (b)(c) | 2,980,368 | 93,604 | ||
GNR 2017-143 IO 0.47423% 1/16/2059 (b)(c) | 2,673,852 | 77,512 | ||
GNR 2017-28 IO 0.68068% 2/16/2057 (b)(c) | 2,210,503 | 79,238 | ||
GNR 2017-76 IO 0.79078% 12/16/2056 (b)(c) | 1,943,218 | 80,377 | ||
GNR 2017-H22 IC 0.00161% 11/20/2067 (b)(c) | 1,020,678 | 39,500 | ||
GNR 2018-108 IA 0.67104% 8/16/2060 (b)(c) | 891,060 | 55,154 | ||
GNR 2018-119 IO 0.66924% 5/16/2060 (b)(c) | 666,817 | 35,730 | ||
GNR 2018-2 IO 0.70626% 12/16/2059 (b)(c) | 1,314,310 | 57,964 | ||
GNR 2020-121 IO 0.91061% 8/16/2060 (b)(c) | 1,026,683 | 65,942 | ||
GNR 2020-132 IO 0.84942% 9/16/2062 (b)(c) | 1,531,882 | 98,062 | ||
GNR 2020-168 IA 0.97735% 12/16/2062 (b)(c) | 1,082,294 | 76,665 | ||
GNR 2020-40 IO 0.87505% 1/16/2062 (b)(c) | 1,673,490 | 97,705 | ||
GNR 2020-57 JI 1.80058% 1/16/2060 (b)(c) | 2,812,581 | 317,802 | ||
GNR 2020-87 AI 1.86699% 5/16/2060 (b)(c) | 892,268 | 101,541 | ||
GNR 2020-H04 IO 0.01615% 2/20/2070 (b)(c) | 546,509 | 30,441 | ||
GNR 2020-H11 IO 0.02423% 6/20/2070 (b)(c) | 2,850,232 | 156,763 | ||
GNR 2020-H12 IG 0% 7/20/2070 (b)(c) | 2,132,127 | 70,017 | ||
GNR 2020-H12 IJ 0.01285% 7/20/2070 (b)(c) | 1,897,610 | 118,411 | ||
GNR 2020-H19 SI 0% 10/20/2070 (b)(c) | 1,069,081 | 25,035 | ||
GNR 2021-10 IO 0.98609% 5/16/2063 (b)(c) | 1,381,696 | 99,854 | ||
GNR 2021-110 IO 0.87223% 11/16/2063 (b)(c) | 2,240,885 | 153,996 | ||
GNR 2021-147 IO 0.98552% 6/16/2061 (b)(c) | 689,490 | 49,878 | ||
GNR 2021-150 IO 1.032% 11/16/2063 (b)(c) | 1,047,453 | 79,294 | ||
GNR 2021-36 IO 1.26198% 3/16/2063 (b)(c) | 2,151,557 | 179,199 | ||
GNR 2021-47 IO 0.99213% 3/16/2061 (b)(c) | 1,103,252 | 77,056 | ||
GNR 2021-H06 YI 1.42658% 4/20/2071 (b)(c) | 1,697,423 | 105,741 | ||
GNR 2021-H08 VF 6.13116% 4/20/2071 (SOFR 30 Day Average + 1.200%)(a) | 219,718 | 221,739 | ||
GNR 2021-H11 IY 0.63621% 7/20/2071 (b)(c) | 2,553,170 | 70,406 | ||
GNR 2022-H07 IG 1.54312% 2/20/2072 (b)(c) | 1,731,821 | 79,300 | ||
GNR 2023-H02 IK 1.40309% 1/20/2073 (b)(c) | 1,056,503 | 69,941 | ||
| 3,360,083 | |||
Seasoned Credit Risk Transfer Trust Series (1.8%) | ||||
SCRT 2018-3 MA 3.5% 8/25/2057 (b) | 53,799 | 51,680 | ||
SCRT 2020-3 M5TW 3% 5/25/2060 | 87,237 | 79,097 | ||
SCRT 2021-1 TTU 2.5% 9/25/2060 | 177,945 |
| 162,594 | |
| 293,371 | |||
Seasoned Loans Structured Transaction Trust Series (0.8%) | ||||
SLST 2019-3 A1C 2.75% 11/25/2029 | 143,218 |
| 132,877 | |
TOTAL MORTGAGE BACKED SECURITIES (Cost: $17,465,781) | $ | 15,610,427 | ||
U.S. GOVERNMENT NOTES/BONDS (2.0%) | ||||
United States Treasury 30-Year Bond 6.25% 08/15/2023 | 320,000 | 321,150 | ||
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $321,428) | $ | 321,150 | ||
SHORT-TERM INVESTMENTS (2.9%) | ||||
Morgan Stanley Institutional Liquidity Fund, 4.78% (d) | 466,430 |
| 466,430 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $466,430) | $ | 466,430 | ||
TOTAL INVESTMENTS (Cost $18,253,639) (101.8%) | $ | 16,398,007 | ||
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.8%) | $ | (290,716) | ||
NET ASSETS (100.0%) | $ | 16,107,291 | ||
(a) Variable rate security; the rate shown represents the rate at April 30, 2023. Coupon may be fixed for a period of time. | ||||
(b) Variable rate security; the rate shown represents the rate at April 30, 2023. 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 April 30, 2023. | ||||
LIBOR - London InterBank Offered Rate. | ||||
1 Month LIBOR USD - 1 Month US Dollar LIBOR, rate disclosed as of April 30, 2023, based on the last reset date of the security. | ||||
12 Month LIBOR USD - 12 Month US Dollar LIBOR, rate disclosed as of April 30, 2023, based on the last reset date of the security. | ||||
ECOFC - Enterprise 11th District COFI Replacement Index | ||||
1 Month ECOFC - 1 Month ECOFC rate disclosed as of April 30, 2023, based on the last reset date of the security. | ||||
SOFR - Secured Overnight Financing Rate | ||||
SOFR 30 Day Average - SOFR 30 Day Average, rate disclosed as of April 30, 2023, based on the last reset date of the security. |
NOTE: INVESTMENT IN SECURITIES (unaudited) | |||
As of April 30, 2023, 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 | $18,253,639 | ||
Unrealized appreciation | 59,318 | ||
Unrealized depreciation | (1,914,950) | ||
Net unrealized appreciation (depreciation)* | ($1,855,632) | ||
*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount. |
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 April 30, 2023: | ||||
Integrity Short Term Government Bond Fund | ||||
| Level 1 | Level 2 | Level 3 | Total |
Mortgage Backed Securities | $0 | $15,610,427 | $0 | $15,610,427 |
U.S Government Notes/Bonds | 0 | 321,150 | 0 | 321,150 |
Short-Term Investments | 466,430 | 0 | 0 | 466,430 |
Total Investments in Securities | $466,430 | $15,931,577 | $0 | $16,398,007 |