# EDGAR Filing Document

**Accession Number:** 0000893730
**File Stem:** 0001213900-26-028091
**Filing Date:** 2026-3
**Character Count:** 374777
**Document Hash:** 61f44fb639fbfb0c39836eca14f348a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-028091.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001213900-26-028091

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**EFFECTIVENESS DATE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRITY FUNDS
- **CENTRAL INDEX KEY:** 0000893730

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07322
- **FILM NUMBER:** 26755039

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500
- **BUSINESS PHONE:** 701-852-5292

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Integrity Viking Funds
- **DATE OF NAME CHANGE:** 20130910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTEGRITY FUNDS
- **DATE OF NAME CHANGE:** 20030620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA FUNDS
- **DATE OF NAME CHANGE:** 19980209

## Series and Classes Contracts Data

### Integrity Mid-North American Resources Fund (Series ID: S000000137)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000000304 | Integrity Mid-North American Resources Fund, Class A | ICPAX           |
| C000141437 | Integrity Mid-North American Resources Fund, Class C | ICPUX           |
| C000171906 | Integrity Mid-North American Resources Fund, Class I | ICWIX           |

### Integrity High Income Fund (Series ID: S000000140)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000000308 | Integrity High Income Fund Class A  | IHFAX           |
| C000000309 | Integrity High Income Fund Class C  | IHFCX           |
| C000171907 | Integrity High Income Fund, Class I | IHFIX           |

### INTEGRITY GROWTH & INCOME FUND (Series ID: S000011868)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000032429 | INTEGRITY GROWTH & INCOME FUND CLASS A  | IGIAX           |
| C000158716 | Integrity Growth & Income Fund, Class C | IGIUX           |
| C000171908 | Integrity Growth & Income Fund, Class I | IGIVX           |

### Integrity Dividend Harvest Fund (Series ID: S000036848)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000112692 | Integrity Dividend Harvest Fund, Class A | IDIVX           |
| C000115946 | Integrity Dividend Harvest Fund, Class I | IDHIX           |
| C000158717 | Integrity Dividend Harvest Fund, Class C | IDHCX           |

### Integrity Short Term Government Fund (Series ID: S000066956)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215521 | Class A      | MDSAX           |
| C000215522 | Class I      | MDSIX           |

### Integrity Dividend Summit Fund (Series ID: S000080312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000242608 | Class I      | IPAYX           |
| C000242609 | Class A      | APAYX           |
| C000242610 | Class C      | CPAYX           |

?xml version='1.0' encoding='ASCII'? int20260131.htm - Generated by SEC Publisher for SEC Filing

N-CSRS

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: <u>811-07322</u>

**<u>The Integrity Funds</u>**

(Exact name of registrant as specified in charter)

<u>1 Main Street North, Minot, ND</u> <u>58703</u> <br> (Address of principal offices) (Zip code)

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

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>701-852-5292</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>January 31, 2026</u>

------

**Item 1. Reports to Stockholders**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class A / IDIVX<br>| &nbsp;&nbsp;<br>![](image_001.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $51 | 0.95% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$631 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;**Distribution Rate @ NAV** | &nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDIVX)** | &nbsp;&nbsp;2.21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 17.6 |
| Information Technology | 15.8 |
| Consumer Staples | 15.0 |
| Health Care | 12.1 |
| Energy | 11.5 |
| Utilities | 10.8 |
| Consumer Discretionary | 6.6 |
| Communication Services | 4.8 |
| Industrials | 4.1 |
| Cash Equivalents and Other | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 4.99 |
| NextEra Energy Inc | 4.04 |
| TC Energy Corp | 4.00 |
| Corning Inc | 3.76 |
| Chevron Corp | 3.36 |
| PepsiCo Inc | 3.12 |
| Bristol Myers Squibb Co | 2.70 |
| Morgan Stanley | 2.61 |
| Entergy Corp | 2.58 |
| AbbVie Inc | 2.58 |

---

**Additional Fund Statistics Information**

Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend distributions and actual number of days in the distribution period.

Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index. The Beta value is determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.

SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers. The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net expenses. The yield is net of expense waivers and reimbursements.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class C / IDHCX<br>| &nbsp;&nbsp;<br>![](image_003.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class C** | $92 | 1.70% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$631 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;**Distribution Rate** | &nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDHCX)** | &nbsp;&nbsp;1.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 17.6 |
| Information Technology | 15.8 |
| Consumer Staples | 15.0 |
| Health Care | 12.1 |
| Energy | 11.5 |
| Utilities | 10.8 |
| Consumer Discretionary | 6.6 |
| Communication Services | 4.8 |
| Industrials | 4.1 |
| Cash Equivalents and Other | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 4.99 |
| NextEra Energy Inc | 4.04 |
| TC Energy Corp | 4.00 |
| Corning Inc | 3.76 |
| Chevron Corp | 3.36 |
| PepsiCo Inc | 3.12 |
| Bristol Myers Squibb Co | 2.70 |
| Morgan Stanley | 2.61 |
| Entergy Corp | 2.58 |
| AbbVie Inc | 2.58 |

---

**Additional Fund Statistics Information**

Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend distributions and actual number of days in the distribution period.

Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index. The Beta value is determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.

SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers. The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net expenses. The yield is net of expense waivers and reimbursements.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_004.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Harvest Fund** <br>Class I / IDHIX<br>| &nbsp;&nbsp;<br>![](image_005.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Harvest Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $38 | 0.70% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$631 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;**Distribution Rate** | &nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;**Beta** | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;**30-Day SEC Yield (IDHIX)** | &nbsp;&nbsp;2.56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Financials | 17.6 |
| Information Technology | 15.8 |
| Consumer Staples | 15.0 |
| Health Care | 12.1 |
| Energy | 11.5 |
| Utilities | 10.8 |
| Consumer Discretionary | 6.6 |
| Communication Services | 4.8 |
| Industrials | 4.1 |
| Cash Equivalents and Other | 1.7 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Broadcom Inc | 4.99 |
| NextEra Energy Inc | 4.04 |
| TC Energy Corp | 4.00 |
| Corning Inc | 3.76 |
| Chevron Corp | 3.36 |
| PepsiCo Inc | 3.12 |
| Bristol Myers Squibb Co | 2.70 |
| Morgan Stanley | 2.61 |
| Entergy Corp | 2.58 |
| AbbVie Inc | 2.58 |

---

**Additional Fund Statistics Information**

Distribution Rate is an annualized rate of dividend distributions for shareholders taking dividends in cash based on actual dividend distributions and actual number of days in the distribution period.

Beta is a volatility measure of the percentage price change of the Fund given a one percent change in a representative market index. The Beta value is determined by comparing the weekly price movements of the Fund and the S&P 500 Index over the last five years.

SEC yield of a fund is a standardized calculation of the fund's yield. This allows investors to compare funds from different issuers. The SEC yield listed is subsidized, which means it reflects income earned during a 30-day period after the deduction of the fund's net expenses. The yield is net of expense waivers and reimbursements.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_006.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class A / APAYX<br>| &nbsp;&nbsp;<br>![](image_007.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $53 | 0.99% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.8 |
| Financials | 15.5 |
| Consumer Staples | 15.1 |
| Communication Services | 10.0 |
| Health Care | 9.3 |
| Materials | 8.6 |
| Utilities | 6.6 |
| Consumer Discretionary | 6.6 |
| Industrials | 3.7 |
| Cash Equivalents and Other | 2.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 6.53 |
| Altria Group Inc | 6.42 |
| British American Tobacco PLC ADR | 5.24 |
| Bristol Myers Squibb Co | 5.23 |
| Noble Corp PLC | 4.61 |
| Dorian LPG Ltd | 4.59 |
| Pfizer Inc | 4.11 |
| CME Group Inc | 3.99 |
| Prudential Financial Inc | 3.84 |
| Chevron Corp | 3.82 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_008.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class C / CPAYX<br>| &nbsp;&nbsp;<br>![](image_009.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class C** | $93 | 1.74% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.8 |
| Financials | 15.5 |
| Consumer Staples | 15.1 |
| Communication Services | 10.0 |
| Health Care | 9.3 |
| Materials | 8.6 |
| Utilities | 6.6 |
| Consumer Discretionary | 6.6 |
| Industrials | 3.7 |
| Cash Equivalents and Other | 2.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 6.53 |
| Altria Group Inc | 6.42 |
| British American Tobacco PLC ADR | 5.24 |
| Bristol Myers Squibb Co | 5.23 |
| Noble Corp PLC | 4.61 |
| Dorian LPG Ltd | 4.59 |
| Pfizer Inc | 4.11 |
| CME Group Inc | 3.99 |
| Prudential Financial Inc | 3.84 |
| Chevron Corp | 3.82 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_010.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Dividend Summit Fund** <br>Class I / IPAYX<br>| &nbsp;&nbsp;<br>![](image_011.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Dividend Summit Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $40 | 0.74% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$12 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 21.8 |
| Financials | 15.5 |
| Consumer Staples | 15.1 |
| Communication Services | 10.0 |
| Health Care | 9.3 |
| Materials | 8.6 |
| Utilities | 6.6 |
| Consumer Discretionary | 6.6 |
| Industrials | 3.7 |
| Cash Equivalents and Other | 2.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Verizon Communications Inc | 6.53 |
| Altria Group Inc | 6.42 |
| British American Tobacco PLC ADR | 5.24 |
| Bristol Myers Squibb Co | 5.23 |
| Noble Corp PLC | 4.61 |
| Dorian LPG Ltd | 4.59 |
| Pfizer Inc | 4.11 |
| CME Group Inc | 3.99 |
| Prudential Financial Inc | 3.84 |
| Chevron Corp | 3.82 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_012.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Growth & Income Fund** <br>Class A / IGIAX<br>| &nbsp;&nbsp;<br>![](image_013.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $66 | 1.24% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$123 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 47.6 |
| Financials | 15.3 |
| Industrials | 12.2 |
| Health Care | 5.1 |
| Utilities | 4.7 |
| Consumer Staples | 4.6 |
| Consumer Discretionary | 4.0 |
| Materials | 2.4 |
| Energy | 1.9 |
| Communication Services | 1.4 |
| Cash Equivalents and Other | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 8.10 |
| Lam Research Corp | 7.04 |
| KLA Tencor Corp | 6.40 |
| Apple Inc | 4.44 |
| Visa Inc | 3.93 |
| Trane Technologies PLC | 3.77 |
| DigitalOcean Holdings Inc | 3.38 |
| Advanced Micro Devices Inc | 3.28 |
| Mastercard Inc | 3.07 |
| Cloudflare Inc | 3.04 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_014.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Growth & Income Fund** <br>Class C / IGIUX<br>| &nbsp;&nbsp;<br>![](image_015.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class C** | $106 | 1.99% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$123 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 47.6 |
| Financials | 15.3 |
| Industrials | 12.2 |
| Health Care | 5.1 |
| Utilities | 4.7 |
| Consumer Staples | 4.6 |
| Consumer Discretionary | 4.0 |
| Materials | 2.4 |
| Energy | 1.9 |
| Communication Services | 1.4 |
| Cash Equivalents and Other | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 8.10 |
| Lam Research Corp | 7.04 |
| KLA Tencor Corp | 6.40 |
| Apple Inc | 4.44 |
| Visa Inc | 3.93 |
| Trane Technologies PLC | 3.77 |
| DigitalOcean Holdings Inc | 3.38 |
| Advanced Micro Devices Inc | 3.28 |
| Mastercard Inc | 3.07 |
| Cloudflare Inc | 3.04 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_016.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Growth & Income Fund** <br>Class I / IGIVX<br>| &nbsp;&nbsp;<br>![](image_017.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Growth & Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $53 | 0.99% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$123 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Information Technology | 47.6 |
| Financials | 15.3 |
| Industrials | 12.2 |
| Health Care | 5.1 |
| Utilities | 4.7 |
| Consumer Staples | 4.6 |
| Consumer Discretionary | 4.0 |
| Materials | 2.4 |
| Energy | 1.9 |
| Communication Services | 1.4 |
| Cash Equivalents and Other | 0.8 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| NVIDIA Corp | 8.10 |
| Lam Research Corp | 7.04 |
| KLA Tencor Corp | 6.40 |
| Apple Inc | 4.44 |
| Visa Inc | 3.93 |
| Trane Technologies PLC | 3.77 |
| DigitalOcean Holdings Inc | 3.38 |
| Advanced Micro Devices Inc | 3.28 |
| Mastercard Inc | 3.07 |
| Cloudflare Inc | 3.04 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_018.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity High Income Fund** <br>Class A / IHFAX<br>| &nbsp;&nbsp;<br>![](image_019.jpg)<br>This semi-annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $56 | 1.09% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$46 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;635 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Communication Services | 19.4 |
| Consumer Discretionary | 18.1 |
| Industrials | 12.8 |
| Energy | 10.8 |
| Health Care | 9.1 |
| Materials | 8.0 |
| Information Technology | 5.9 |
| Cash Equivalents and Other | 5.4 |
| Consumer Staples | 3.6 |
| Real Estate | 3.0 |
| Utilities | 2.6 |
| Financials | 1.3 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| A | 0.03 |
| BBB | 6.78 |
| BB | 58.63 |
| B | 23.55 |
| CCC | 9.21 |
| CC | 0.06 |
| NR | 1.74 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_020.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity High Income Fund** <br>Class C / IHFCX<br>| &nbsp;&nbsp;<br>![](image_021.jpg)<br>This semi-annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class C** | $94 | 1.84% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$46 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;635 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Communication Services | 19.4 |
| Consumer Discretionary | 18.1 |
| Industrials | 12.8 |
| Energy | 10.8 |
| Health Care | 9.1 |
| Materials | 8.0 |
| Information Technology | 5.9 |
| Cash Equivalents and Other | 5.4 |
| Consumer Staples | 3.6 |
| Real Estate | 3.0 |
| Utilities | 2.6 |
| Financials | 1.3 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| A | 0.03 |
| BBB | 6.78 |
| BB | 58.63 |
| B | 23.55 |
| CCC | 9.21 |
| CC | 0.06 |
| NR | 1.74 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_022.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity High Income Fund** <br>Class I / IHFIX<br>| &nbsp;&nbsp;<br>![](image_023.jpg)<br>This semi-annual shareholder report contains important information about the Integrity High Income Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $43 | 0.84% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$46 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;635 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Communication Services | 19.4 |
| Consumer Discretionary | 18.1 |
| Industrials | 12.8 |
| Energy | 10.8 |
| Health Care | 9.1 |
| Materials | 8.0 |
| Information Technology | 5.9 |
| Cash Equivalents and Other | 5.4 |
| Consumer Staples | 3.6 |
| Real Estate | 3.0 |
| Utilities | 2.6 |
| Financials | 1.3 |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown\*** | **% Net Assets** |
| A | 0.03 |
| BBB | 6.78 |
| BB | 58.63 |
| B | 23.55 |
| CCC | 9.21 |
| CC | 0.06 |
| NR | 1.74 |

---

\* The ratings agencies that provided the ratings are Standard & Poor's and Moody's. When ratings vary, the higher rating is used. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. Ratings apply to the holdings in the Fund portfolio and not to the Fund or its shares. Ratings are subject to change.

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_024.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Mid-North American Resources Fund** <br>Class A / ICPAX<br>| &nbsp;&nbsp;<br>![](image_025.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $82 | 1.50% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$168 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.3 |
| Utilities | 11.5 |
| Industrials | 8.8 |
| Cash | 4.5 |
| Information Technology | 3.9 |
| Real Estate | 2.8 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 7.55 |
| Baker Hughes a GE Co | 4.33 |
| Targa Resources Corp | 4.30 |
| Kodiak Gas Services Inc | 3.92 |
| Texas Pacific Land Corp | 3.92 |
| Archrock Inc | 3.87 |
| TC Energy Corp | 3.49 |
| Valero Energy Corp | 3.45 |
| Entergy Corp | 3.42 |
| Phillips 66 | 3.16 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_026.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Mid-North American Resources Fund** <br>Class C / ICPUX<br>| &nbsp;&nbsp;<br>![](image_027.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class C** | $110 | 2.00% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$168 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.3 |
| Utilities | 11.5 |
| Industrials | 8.8 |
| Cash | 4.5 |
| Information Technology | 3.9 |
| Real Estate | 2.8 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 7.55 |
| Baker Hughes a GE Co | 4.33 |
| Targa Resources Corp | 4.30 |
| Kodiak Gas Services Inc | 3.92 |
| Texas Pacific Land Corp | 3.92 |
| Archrock Inc | 3.87 |
| TC Energy Corp | 3.49 |
| Valero Energy Corp | 3.45 |
| Entergy Corp | 3.42 |
| Phillips 66 | 3.16 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_028.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Mid-North American Resources Fund** <br>Class I / ICWIX<br>| &nbsp;&nbsp;<br>![](image_029.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Mid-North American Resources Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $55 | 1.00% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$168 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Energy | 66.3 |
| Utilities | 11.5 |
| Industrials | 8.8 |
| Cash | 4.5 |
| Information Technology | 3.9 |
| Real Estate | 2.8 |
| Consumer Discretionary | 2.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Cheniere Energy Inc | 7.55 |
| Baker Hughes a GE Co | 4.33 |
| Targa Resources Corp | 4.30 |
| Kodiak Gas Services Inc | 3.92 |
| Texas Pacific Land Corp | 3.92 |
| Archrock Inc | 3.87 |
| TC Energy Corp | 3.49 |
| Valero Energy Corp | 3.45 |
| Entergy Corp | 3.42 |
| Phillips 66 | 3.16 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_030.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Short Term Government Fund** <br>Class A / MDSAX<br>| &nbsp;&nbsp;<br>![](image_031.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Short Term Government Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class A** | $41 | 0.80% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$40 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;167 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Mortgage Backed Securities | 86.4 |
| U.S. Government Notes/Bonds | 12.4 |
| Cash Equivalents and Other | 1.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| United States Treasury 2-Year Note 3.375% 11/30/2027 | 10.62 |
| Fannie Mae Pool, 5.000% 10/01/2050 | 2.49 |
| Freddie Mac REMICS, 5.000% 08/25/2051 | 2.24 |
| Freddie Mac Pool, 5.000% 08/01/2054 | 2.24 |
| Ginnie Mae II Pool, 5.500% 01/20/2056 | 1.98 |
| Fannie Mae Pool, 5.000% 11/01/2054 | 1.93 |
| Freddie Mac Pool, 5.000% 11/01/2054 | 1.86 |
| Freddie Mac Pool, 5.500% 12/01/2050 | 1.76 |
| United States Treasury Bill 3.669% 03/24/2026 | 1.74 |
| Fannie Mae REMICS, 5.000% 07/25/2055 | 1.62 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_032.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Integrity Short Term Government Fund** <br>Class I / MDSIX<br>| &nbsp;&nbsp;<br>![](image_033.jpg)<br>This semi-annual shareholder report contains important information about the Integrity Short Term Government Fund.<br> Period covered: August 1, 2025 through January 31, 2026<br>|
| &nbsp;&nbsp;**SEMI-ANNUAL SHAREHOLDER REPORT**<br> The Integrity Funds<br> January 31, 2026 | &nbsp;&nbsp;You can find additional information about the Fund at www.integrityvikingfunds.com/documents or by calling us at (800) 276-1262. |

---

**What were the Fund costs for the last six months?** (Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment^** |
| **Class I** | $28 | 0.55% |

---

^Annualized

**What are some key Fund statistics?**

(as of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Net Assets (Millions)** | &nbsp;&nbsp;$40 |
| &nbsp;&nbsp;**Number of Holdings** | &nbsp;&nbsp;167 |
| &nbsp;&nbsp;**Annual Portfolio Turnover** | &nbsp;&nbsp;78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**What did the Fund invest in?**

&nbsp;&nbsp;&nbsp;&nbsp;(as of January 31, 2026)

---

| | |
|:---|:---|
| **Sectors** | **% Net Assets** |
| Mortgage Backed Securities | 86.4 |
| U.S. Government Notes/Bonds | 12.4 |
| Cash Equivalents and Other | 1.2 |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| United States Treasury 2-Year Note 3.375% 11/30/2027 | 10.62 |
| Fannie Mae Pool, 5.000% 10/01/2050 | 2.49 |
| Freddie Mac REMICS, 5.000% 08/25/2051 | 2.24 |
| Freddie Mac Pool, 5.000% 08/01/2054 | 2.24 |
| Ginnie Mae II Pool, 5.500% 01/20/2056 | 1.98 |
| Fannie Mae Pool, 5.000% 11/01/2054 | 1.93 |
| Freddie Mac Pool, 5.000% 11/01/2054 | 1.86 |
| Freddie Mac Pool, 5.500% 12/01/2050 | 1.76 |
| United States Treasury Bill 3.669% 03/24/2026 | 1.74 |
| Fannie Mae REMICS, 5.000% 07/25/2055 | 1.62 |

---

**Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, including…

&nbsp;&nbsp;&nbsp;&nbsp; • Prospectus &nbsp;&nbsp;&nbsp;&nbsp; • Financial information &nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Holdings &nbsp;&nbsp;&nbsp;&nbsp; • Proxy voting information &nbsp;&nbsp;&nbsp;&nbsp; • Updated performance information

**Website address: www.integrityvikingfunds.com/documents**

![](image_034.jpg)

The Integrity Funds \| January 31, 2026

------

**Item 2. Code of Ethics**

This information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 3. Audit Committee Financial Expert**

This information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 4. Principal Accountant Fees and Services**

This information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 5. Audit Committee of Listed Registrants**

This information required by this Item is not required in a semi-annual report on this Form N-CSR.

**Item 6. Investments**

See Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

**Report of Independent Registered Public Accounting Firm**

This information required by this Item is not required in a semi-annual report on this Form N-CSR.

The Integrity Funds \| January 31, 2026

------

**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity Dividend Harvest Fund

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Shares** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (98.3%)** |  |  |
| &nbsp;&nbsp; **Communication Services (4.8%)** |  |  |
| &nbsp;&nbsp; AT&T INC | &nbsp;&nbsp; 500000 | $&nbsp;&nbsp; 13105000 |
| &nbsp;&nbsp; ARRAY DIGITAL INFRASTRUCTURE INC | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 2409500 |
| &nbsp;&nbsp; VERIZON COMMUNICATIONS INC | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 15582000 |
|  |  | &nbsp;&nbsp; 31096500 |
| &nbsp;&nbsp; **Consumer Discretionary (6.6%)** |  |  |
| &nbsp;&nbsp; BEST BUY CO INC | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 9765000 |
| &nbsp;&nbsp; BUCKLE INC/THE | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 4730000 |
| &nbsp;&nbsp; GENUINE PARTS CO | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 7644450 |
| &nbsp;&nbsp; HOME DEPOT INC/THE | &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 8240980 |
| &nbsp;&nbsp; MCDONALD'S CORP | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 6300000 |
| &nbsp;&nbsp; STARBUCKS CORP | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 4781400 |
|  |  | &nbsp;&nbsp; 41461830 |
| &nbsp;&nbsp; **Consumer Staples (15.0%)** |  |  |
| &nbsp;&nbsp; ALTRIA GROUP INC | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 11778100 |
| &nbsp;&nbsp; BRITISH AMERICAN TOBACCO PLC ADR | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 10922400 |
| &nbsp;&nbsp; COCA COLA CO/THE | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 8977200 |
| &nbsp;&nbsp; KENVUE INC | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp; KIMBERLY CLARK CORP | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 5999400 |
| &nbsp;&nbsp; MCCORMICK & CO INC/MD | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 10511100 |
| &nbsp;&nbsp; PEPSICO INC | &nbsp;&nbsp; 128000 | &nbsp;&nbsp; 19664640 |
| &nbsp;&nbsp; PHILIP MORRIS INTERNATIONAL INC | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 6280400 |
| &nbsp;&nbsp; PROCTER & GAMBLE CO/THE | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 4249560 |
| &nbsp;&nbsp; TARGET CORP | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 7382900 |
|  |  | &nbsp;&nbsp; 94465700 |
| &nbsp;&nbsp; **Energy (11.5%)** |  |  |
| &nbsp;&nbsp; CHEVRON CORP | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 21228000 |
| &nbsp;&nbsp; ENBRIDGE INC | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 9768000 |
| &nbsp;&nbsp; EXXON MOBIL CORP | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 5656000 |
| &nbsp;&nbsp; PERMIAN RESOURCES CORP | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 3226000 |
| &nbsp;&nbsp; PHILLIPS 66 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 7178000 |
| &nbsp;&nbsp; TC ENERGY CORP | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 25228100 |
|  |  | &nbsp;&nbsp; 72284100 |
| &nbsp;&nbsp; **Financials (17.6%)** |  |  |
| &nbsp;&nbsp; ALLSTATE CORP/THE | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 5571720 |
| &nbsp;&nbsp; AMERICAN FINANCIAL GROUP INC/OH | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 12766460 |
| &nbsp;&nbsp; BANK OF AMERICA CORP | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 7980000 |
| &nbsp;&nbsp; BLACKROCK INC | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5594700 |
| &nbsp;&nbsp; CME GROUP INC | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 14453000 |
| &nbsp;&nbsp; CITIGROUP INC | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 11339580 |
| &nbsp;&nbsp; JPMORGAN CHASE & CO | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 7341360 |
| &nbsp;&nbsp; MARSH & MCLENNAN COS INC | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 3199230 |
| &nbsp;&nbsp; MORGAN STANLEY | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 16452000 |
| &nbsp;&nbsp; OLD REPUBLIC INTERNATIONAL CORP | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 7834000 |
| &nbsp;&nbsp; PRUDENTIAL FINANCIAL INC | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 13333200 |
| &nbsp;&nbsp; UNUM GROUP | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 5317900 |
|  |  | &nbsp;&nbsp; 111183150 |

---

The Integrity Funds \| January 31, 2026

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Health Care (12.1%)** |  |  |
| &nbsp;&nbsp; ABBVIE INC | &nbsp;&nbsp; 73000 | &nbsp;&nbsp; 16279730 |
| &nbsp;&nbsp; BRISTOL MYERS SQUIBB CO | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 17065500 |
| &nbsp;&nbsp; ELI LILLY & CO | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 8608345 |
| &nbsp;&nbsp; MERCK & CO INC | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 11027000 |
| &nbsp;&nbsp; NOVO NORDISK A/S ADR | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 14857500 |
| &nbsp;&nbsp; PFIZER INC | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 8460800 |
|  |  | &nbsp;&nbsp; 76298875 |
| &nbsp;&nbsp; **Industrials (4.1%)** |  |  |
| &nbsp;&nbsp; ILLINOIS TOOL WORKS INC | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 4441420 |
| &nbsp;&nbsp; LOCKHEED MARTIN CORP | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 9513300 |
| &nbsp;&nbsp; PAYCHEX INC | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 6187800 |
| &nbsp;&nbsp; UNITED PARCEL SERVICE INC | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 5842100 |
|  |  | &nbsp;&nbsp; 25984620 |
| &nbsp;&nbsp; **Information Technology (15.8%)** |  |  |
| &nbsp;&nbsp; BROADCOM INC | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 31473500 |
| &nbsp;&nbsp; CORNING INC | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 23747500 |
| &nbsp;&nbsp; DELL TECHNOLOGIES INC | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 4920920 |
| &nbsp;&nbsp; HEWLETT PACKARD ENTERPRISE CO | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 11836000 |
| &nbsp;&nbsp; INTERNATIONAL BUSINESS MACHINES CORP | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 7360800 |
| &nbsp;&nbsp; QUALCOMM INC | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 8337450 |
| &nbsp;&nbsp; TEXAS INSTRUMENTS INC | &nbsp;&nbsp; 32000 | &nbsp;&nbsp; 6897600 |
| &nbsp;&nbsp; ACCENTURE PLC | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 5272800 |
|  |  | &nbsp;&nbsp; 99846570 |
| &nbsp;&nbsp; **Utilities (10.8%)** |  |  |
| &nbsp;&nbsp; ENTERGY CORP | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 16301300 |
| &nbsp;&nbsp; EVERGY INC | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 7673000 |
| &nbsp;&nbsp; NEXTERA ENERGY INC | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 25491000 |
| &nbsp;&nbsp; SPIRE INC | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 5069400 |
| &nbsp;&nbsp; XCEL ENERGY INC | &nbsp;&nbsp; 176000 | &nbsp;&nbsp; 13386560 |
|  |  | &nbsp;&nbsp; 67921260 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $492,855,161)** |  | $&nbsp;&nbsp; **620542605** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (1.7%)** |  | $&nbsp;&nbsp; **10581340** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **631123945** |
| &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company |
| &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity Dividend Summit Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Shares** | &nbsp;&nbsp; **Fair Value** |
| &nbsp;&nbsp; **COMMON STOCKS (97.2%)** |  |  |
| &nbsp;&nbsp; **Communication Services (10.0%)** |  |  |
| &nbsp;&nbsp; AT&T INC | &nbsp;&nbsp; 10000  | $&nbsp;&nbsp; 262100  |
| &nbsp;&nbsp; ARRAY DIGITAL INFRASTRUCTURE INC | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 144570  |
| &nbsp;&nbsp; VERIZON COMMUNICATIONS INC | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 756840  |
|  |  | &nbsp;&nbsp; 1163510  |
| &nbsp;&nbsp; **Consumer Discretionary (6.6%)** |  |  |
| &nbsp;&nbsp; BEST BUY CO INC | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 390600  |
| &nbsp;&nbsp; BUCKLE INC/THE | &nbsp;&nbsp; 8000  | &nbsp;&nbsp; 378400  |
|  |  | &nbsp;&nbsp; 769000  |
| &nbsp;&nbsp; **Consumer Staples (15.1%)** |  |  |
| &nbsp;&nbsp; ALTRIA GROUP INC | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 743880  |
| &nbsp;&nbsp; BRITISH AMERICAN TOBACCO PLC ADR | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 606800  |
| &nbsp;&nbsp; CAL MAINE FOODS INC | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 250590  |
| &nbsp;&nbsp; KRAFT HEINZ CO/THE | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 142440  |
|  |  | &nbsp;&nbsp; 1743710  |
| &nbsp;&nbsp; **Energy (21.8%)** |  |  |
| &nbsp;&nbsp; CHEVRON CORP | &nbsp;&nbsp; 2500  | &nbsp;&nbsp; 442250  |
| &nbsp;&nbsp; DIVERSIFIED ENERGY COMPANY | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 200850  |
| &nbsp;&nbsp; ENBRIDGE INC | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 293040  |
| &nbsp;&nbsp; PERMIAN RESOURCES CORP | &nbsp;&nbsp; 11000  | &nbsp;&nbsp; 177430  |
| &nbsp;&nbsp; SOUTH BOW CORP | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 340800  |
| &nbsp;&nbsp; NOBLE CORP PLC | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 534300  |
| &nbsp;&nbsp; DORIAN LPG LTD | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 531540  |
|  |  | &nbsp;&nbsp; 2520210  |
| &nbsp;&nbsp; **Financials (15.5%)** |  |  |
| &nbsp;&nbsp; AMERICAN FINANCIAL GROUP INC/OH | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 390810  |
| &nbsp;&nbsp; PRUDENTIAL FINANCIAL INC | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 444440  |
| &nbsp;&nbsp; CME GROUP INC | &nbsp;&nbsp; 1600  | &nbsp;&nbsp; 462496  |
| &nbsp;&nbsp; REGIONS FINANCIAL CORP | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 342000  |
| &nbsp;&nbsp; TRUIST FINANCIAL CORP | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 154260  |
|  |  | &nbsp;&nbsp; 1794006  |
| &nbsp;&nbsp; **Health Care (9.3%)** |  |  |
| &nbsp;&nbsp; BRISTOL MYERS SQUIBB CO | &nbsp;&nbsp; 11000  | &nbsp;&nbsp; 605550  |
| &nbsp;&nbsp; PFIZER INC | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 475920  |
|  |  | &nbsp;&nbsp; 1081470  |
| &nbsp;&nbsp; **Industrials (3.7%)** |  |  |
| &nbsp;&nbsp; UNITED PARCEL SERVICE INC | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 424880  |
|  |  | &nbsp;&nbsp; 424880  |
| &nbsp;&nbsp; **Materials (8.6%)** |  |  |
| &nbsp;&nbsp; BHP GROUP LTD ADR | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 343650  |
| &nbsp;&nbsp; RIO TINTO PLC ADR | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 364120  |
| &nbsp;&nbsp; LYONDELLBASELL INDUSTRIES NV | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 294000  |
|  |  | &nbsp;&nbsp; 1001770  |
| &nbsp;&nbsp; **Utilities (6.6%)** |  |  |
| &nbsp;&nbsp; PORTLAND GENERAL ELECTRIC CO | &nbsp;&nbsp; 5500  | &nbsp;&nbsp; 276375  |
| &nbsp;&nbsp; DOMINION RESOURCES INC/VA | &nbsp;&nbsp; 3500  | &nbsp;&nbsp; 210595  |
| &nbsp;&nbsp; EVERSOURCE ENERGY | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 276520  |
|  |  | &nbsp;&nbsp; 763490  |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (COST: $10,539,893)** |  | $&nbsp;&nbsp; **11262046**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (2.8%)** |  | $&nbsp;&nbsp; **326108**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **11588154**  |
| &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company |
| &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity Growth & Income Fund

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Shares** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (99.2%)** |  |  |
| &nbsp;&nbsp; **Communication Services (1.4%)** |  |  |
| &nbsp;&nbsp; AT&T INC | &nbsp;&nbsp; 65000 | $&nbsp;&nbsp; 1703650 |
|  |  | &nbsp;&nbsp; 1703650 |
| &nbsp;&nbsp; **Consumer Discretionary (4.0%)** |  |  |
| &nbsp;&nbsp; HOME DEPOT INC/THE | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2247540 |
| &nbsp;&nbsp; LOWE'S COS INC | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 2670600 |
|  |  | &nbsp;&nbsp; 4918140 |
| &nbsp;&nbsp; **Consumer Staples (4.6%)** |  |  |
| &nbsp;&nbsp; KIMBERLY CLARK CORP | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 2099790 |
| &nbsp;&nbsp; PEPSICO INC | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 1689930 |
| &nbsp;&nbsp; TARGET CORP | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 1898460 |
|  |  | &nbsp;&nbsp; 5688180 |
| &nbsp;&nbsp; **Energy (1.9%)** |  |  |
| &nbsp;&nbsp; KINDER MORGAN INC/DE | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 2286750 |
|  |  | &nbsp;&nbsp; 2286750 |
| &nbsp;&nbsp; **Financials (15.3%)** |  |  |
| &nbsp;&nbsp; BANK OF AMERICA CORP | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 1596000 |
| &nbsp;&nbsp; JPMORGAN CHASE & CO | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 3670680 |
| &nbsp;&nbsp; MASTERCARD INC | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3771530 |
| &nbsp;&nbsp; PNC FINANCIAL SERVICES GROUP INC/THE | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 2233000 |
| &nbsp;&nbsp; S&P GLOBAL INC | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 2638950 |
| &nbsp;&nbsp; VISA INC | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 4827450 |
|  |  | &nbsp;&nbsp; 18737610 |
| &nbsp;&nbsp; **Health Care (5.1%)** |  |  |
| &nbsp;&nbsp; \*EDWARDS LIFESCIENCES CORP | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 1627200 |
| &nbsp;&nbsp; THERMO FISHER SCIENTIFIC INC | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 2893050 |
| &nbsp;&nbsp; UNITEDHEALTH GROUP INC | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 1721580 |
|  |  | &nbsp;&nbsp; 6241830 |
| &nbsp;&nbsp; **Industrials (12.2%)** |  |  |
| &nbsp;&nbsp; CATERPILLAR INC | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2629440 |
| &nbsp;&nbsp; DEERE & CO | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 2640000 |
| &nbsp;&nbsp; FEDEX CORP | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 2255750 |
| &nbsp;&nbsp; WASTE MANAGEMENT INC | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 2889120 |
| &nbsp;&nbsp; TRANE TECHNOLOGIES PLC | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 4626380 |
|  |  | &nbsp;&nbsp; 15040690 |
| &nbsp;&nbsp; **Information Technology (47.6%)** |  |  |
| &nbsp;&nbsp; \*ADVANCED MICRO DEVICES INC | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 4024410 |
| &nbsp;&nbsp; APPLE INC | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 5449080 |
| &nbsp;&nbsp; CISCO SYSTEMS INC | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 1174800 |
| &nbsp;&nbsp; \*CLOUDFLARE INC | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 3724350 |
| &nbsp;&nbsp; \*DIGITALOCEAN HOLDINGS INC | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 4143750 |
| &nbsp;&nbsp; INTUIT INC | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 2494600 |
| &nbsp;&nbsp; KLA TENCOR CORP | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 7853670 |
| &nbsp;&nbsp; LAM RESEARCH CORP | &nbsp;&nbsp; 37000 | &nbsp;&nbsp; 8638020 |
| &nbsp;&nbsp; MICROSOFT CORP | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2581740 |
| &nbsp;&nbsp; NVIDIA CORP | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 9938760 |
| &nbsp;&nbsp; QUALCOMM INC | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 3031800 |
| &nbsp;&nbsp; \*TYLER TECHNOLOGIES INC | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1108200 |
| &nbsp;&nbsp; \*CYBERARK SOFTWARE LTD | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2584980 |
| &nbsp;&nbsp; \*MONDAY.COM LTD | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 1606500 |
|  |  | &nbsp;&nbsp; 58354660 |
| &nbsp;&nbsp; <br> **Materials (2.4%)** |  |  |
| &nbsp;&nbsp; AIR PRODUCTS & CHEMICALS INC | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 2997500 |
|  |  | &nbsp;&nbsp; 2997500 |
| &nbsp;&nbsp; **Utilities (4.7%)** |  |  |
| &nbsp;&nbsp; EXELON CORP | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 2686800 |
| &nbsp;&nbsp; NEXTERA ENERGY INC | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 3076500 |
|  |  | &nbsp;&nbsp; 5763300 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $56,104,259)** |  | $&nbsp;&nbsp; **121732310** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (0.8%)** |  | $&nbsp;&nbsp; **968427** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **122700737** |
| &nbsp;&nbsp; \*Non-income producing | &nbsp;&nbsp; \*Non-income producing | &nbsp;&nbsp; \*Non-income producing |
| &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity High Income Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (93.3%)** |  |  |
| &nbsp;&nbsp; **Communication Services (19.2%)** |  |  |
| &nbsp;&nbsp; ALTICE FRANCE SA 144A 6.875% 10/15/2030 CALLABLE @ 101.000 10/01/2026 | &nbsp;&nbsp; 152439  | $&nbsp;&nbsp; 149683  |
| &nbsp;&nbsp; ALTICE FRANCE SA 144A 6.500% 04/15/2032 CALLABLE @ 101.000 10/01/2026 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 4884  |
| &nbsp;&nbsp; ALTICE FRANCE SA 144A 6.875% 07/15/2032 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 55000  | &nbsp;&nbsp; 53708  |
| &nbsp;&nbsp; ARCHES BUYER INC 144A 4.250% 06/01/2028 | &nbsp;&nbsp; 85000  | &nbsp;&nbsp; 83597  |
| &nbsp;&nbsp; ARCHES BUYER INC 144A 6.125% 12/01/2028 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 16621  |
| &nbsp;&nbsp; CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 5.125% 05/01/2027 | &nbsp;&nbsp; 163000  | &nbsp;&nbsp; 163067  |
| &nbsp;&nbsp; CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 5.000% 02/01/2028 | &nbsp;&nbsp; 309000  | &nbsp;&nbsp; 307279  |
| &nbsp;&nbsp; CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.750% 03/01/2030 CALLABLE @ 100.792 09/01/2026 | &nbsp;&nbsp; 605000  | &nbsp;&nbsp; 577942  |
| &nbsp;&nbsp; CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 144A 4.500% 08/15/2030 CALLABLE @ 101.500 02/15/2026 | &nbsp;&nbsp; 560000  | &nbsp;&nbsp; 526291  |
| &nbsp;&nbsp; CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 4.250% 02/01/2031 CALLABLE @ 101.417 07/01/2026 | &nbsp;&nbsp; 414000  | &nbsp;&nbsp; 379068  |
| &nbsp;&nbsp; CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 4.500% 05/01/2032 CALLABLE @ 102.250 05/01/2026 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 31432  |
| &nbsp;&nbsp; CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP. 144A 7.375% 03/01/2031 CALLABLE @ 103.688 03/01/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 50402  |
| &nbsp;&nbsp; CCO HOLDINGS LLC/CCO HOLDINGS CAPITAL CORP. 144A 7.000% 02/01/2033 CALLABLE @ 103.500 02/01/2029 | &nbsp;&nbsp; 46000  | &nbsp;&nbsp; 46446  |
| &nbsp;&nbsp; CSC HOLDINGS LLC 144A 6.500% 02/01/2029 CALLABLE @ 101.083 02/01/2026 | &nbsp;&nbsp; 400000  | &nbsp;&nbsp; 256203  |
| &nbsp;&nbsp; CSC HOLDINGS LLC 144A 5.750% 01/15/2030 CALLABLE @ 100.958 01/15/2027 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 78094  |
| &nbsp;&nbsp; CIPHER COMPUTE LLC 144A 7.125% 11/15/2030 CALLABLE @ 103.563 11/15/2027 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 29884  |
| &nbsp;&nbsp; CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.750% 04/15/2028 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 124000  | &nbsp;&nbsp; 124042  |
| &nbsp;&nbsp; CLEAR CHANNEL OUTDOOR HOLDINGS INC 144A 7.500% 06/01/2029 CALLABLE @ 100.000 06/01/2026 | &nbsp;&nbsp; 183000  | &nbsp;&nbsp; 181079  |
| &nbsp;&nbsp; CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.125% 02/15/2031 CALLABLE @ 103.563 08/15/2027 | &nbsp;&nbsp; 152000  | &nbsp;&nbsp; 158506  |
| &nbsp;&nbsp; CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 144A 7.500% 03/15/2033 CALLABLE @ 103.750 09/15/2028 | &nbsp;&nbsp; 77000  | &nbsp;&nbsp; 81814  |
| &nbsp;&nbsp; CONNECT HOLDING II LLC 144A 10.500% 04/03/2031 CALLABLE @ 100.000 12/24/2027 | &nbsp;&nbsp; 73000  | &nbsp;&nbsp; 71722  |
| &nbsp;&nbsp; DIRECTV HOLDINGS LLC/DIRECTV FINANCING CO., INC. 144A 5.875% 08/15/2027 CALLABLE @ 100.000 08/15/2026 | &nbsp;&nbsp; 137000  | &nbsp;&nbsp; 137665  |
| &nbsp;&nbsp; DISCOVERY COMMUNICATIONS LLC 5.000% 09/20/2037 CALLABLE @ 100.000 03/20/2037 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 11587  |
| &nbsp;&nbsp; DISH NETWORK CORP 144A 11.750% 11/15/2027 CALLABLE @ 100.000 11/15/2026 | &nbsp;&nbsp; 252000  | &nbsp;&nbsp; 260805  |
| &nbsp;&nbsp; DISH DBS CORP 7.750% 07/01/2026 | &nbsp;&nbsp; 213000  | &nbsp;&nbsp; 208823  |
| &nbsp;&nbsp; DISH DBS CORP 144A 5.250% 12/01/2026 CALLABLE @ 100.000 06/01/2026 | &nbsp;&nbsp; 345000  | &nbsp;&nbsp; 335195  |
| &nbsp;&nbsp; DISH DBS CORP 144A 5.750% 12/01/2028 CALLABLE @ 100.000 12/01/2027 | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 62919  |
| &nbsp;&nbsp; ECHOSTAR CORP 6.750% 11/30/2030 CALLABLE @ 102.000 11/30/2026 | &nbsp;&nbsp; 50829  | &nbsp;&nbsp; 51731  |
| &nbsp;&nbsp; ECHOSTAR CORP 3.875% 11/30/2030 | &nbsp;&nbsp; 25874  | &nbsp;&nbsp; 89734  |
| &nbsp;&nbsp; ECHOSTAR CORP 10.750% 11/30/2029 CALLABLE @ 105.375 11/30/2026 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 87696  |
| &nbsp;&nbsp; FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 5.000% 05/01/2028 CALLABLE @ 100.000 05/01/2026 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 200010  |
| &nbsp;&nbsp; FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.750% 05/01/2029 CALLABLE @ 100.000 05/01/2026 | &nbsp;&nbsp; 9000  | &nbsp;&nbsp; 9036  |
| &nbsp;&nbsp; FRONTIER COMMUNICATIONS HOLDINGS LLC 5.875% 11/01/2029 CALLABLE @ 100.000 11/01/2026 | &nbsp;&nbsp; 14737  | &nbsp;&nbsp; 14870  |
| &nbsp;&nbsp; FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 6.000% 01/15/2030 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 27239  |
| &nbsp;&nbsp; FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 8.750% 05/15/2030 CALLABLE @ 102.188 05/15/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 50528  |
| &nbsp;&nbsp; GCI LLC 144A 4.750% 10/15/2028 | &nbsp;&nbsp; 168000  | &nbsp;&nbsp; 164507  |
| &nbsp;&nbsp; GRAY MEDIA INC 144A 5.375% 11/15/2031 CALLABLE @ 102.688 11/15/2026 | &nbsp;&nbsp; 8000  | &nbsp;&nbsp; 5939  |
| &nbsp;&nbsp; GRAY MEDIA INC 144A 4.750% 10/15/2030 CALLABLE @ 101.583 10/15/2026 | &nbsp;&nbsp; 168000  | &nbsp;&nbsp; 129656  |
| &nbsp;&nbsp; GRAY MEDIA INC 144A 10.500% 07/15/2029 CALLABLE @ 105.250 07/15/2026 | &nbsp;&nbsp; 183000  | &nbsp;&nbsp; 196565  |
| &nbsp;&nbsp; GRAY MEDIA, INC. 144A 7.250% 08/15/2033 CALLABLE @ 103.625 08/15/2028 | &nbsp;&nbsp; 73000  | &nbsp;&nbsp; 74732  |
| &nbsp;&nbsp; HUGHES SATELLITE SYSTEMS CORP 6.625% 08/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 17537  |
| &nbsp;&nbsp; IHEARTCOMMUNICATIONS INC 144A 9.125% 05/01/2029 CALLABLE @ 103.000 12/20/2026 | &nbsp;&nbsp; 287251  | &nbsp;&nbsp; 271452  |
| &nbsp;&nbsp; IHEARTCOMMUNICATIONS INC 144A 10.875% 05/01/2030 CALLABLE @ 105.438 12/20/2026 | &nbsp;&nbsp; 187587  | &nbsp;&nbsp; 155622  |
| &nbsp;&nbsp; IHEARTCOMMUNICATIONS INC 144A 7.750% 08/15/2030 CALLABLE @ 105.813 12/20/2026 | &nbsp;&nbsp; 107293  | &nbsp;&nbsp; 91859  |
| &nbsp;&nbsp; LEVEL 3 FINANCING, INC. 144A 6.875% 06/30/2033 CALLABLE @ 103.438 06/30/2028 | &nbsp;&nbsp; 89000  | &nbsp;&nbsp; 91707  |
| &nbsp;&nbsp; LEVEL 3 FINANCING INC 144A 7.000% 03/31/2034 CALLABLE @ 103.500 08/31/2028 | &nbsp;&nbsp; 80265  | &nbsp;&nbsp; 83145  |
| &nbsp;&nbsp; LUMEN TECHNOLOGIES INC 144A 5.375% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 65808  |
| &nbsp;&nbsp; LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2029 | &nbsp;&nbsp; 49886  | &nbsp;&nbsp; 49886  |
| &nbsp;&nbsp; LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2030 | &nbsp;&nbsp; 109665  | &nbsp;&nbsp; 109665  |
| &nbsp;&nbsp; LUMEN TECHNOLOGIES INC 144A 4.125% 04/15/2030 | &nbsp;&nbsp; 137411  | &nbsp;&nbsp; 137411  |
| &nbsp;&nbsp; LUMEN TECHNOLOGIES, INC. 144A 10.000% 10/15/2032 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 5000  |
| &nbsp;&nbsp; WARNERMEDIA HOLDINGS, INC. 4.279% 03/15/2032 CALLABLE @ 100.000 12/15/2031 | &nbsp;&nbsp; 73000  | &nbsp;&nbsp; 64167  |
| &nbsp;&nbsp; WARNERMEDIA HOLDINGS, INC. 5.050% 03/15/2042 CALLABLE @ 100.000 09/15/2041 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 21188  |
| &nbsp;&nbsp; MCGRAW-HILL EDUCATION INC 144A 5.750% 08/01/2028 CALLABLE @ 100.000 08/01/2026 | &nbsp;&nbsp; 57000  | &nbsp;&nbsp; 57253  |
| &nbsp;&nbsp; STAGWELL GLOBAL LLC 144A 5.625% 08/15/2029 CALLABLE @ 100.000 08/15/2026 | &nbsp;&nbsp; 113000  | &nbsp;&nbsp; 109583  |
| &nbsp;&nbsp; MIDCONTINENT COMMUNICATIONS 144A 8.000% 08/15/2032 CALLABLE @ 104.000 08/15/2027 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 67094  |
| &nbsp;&nbsp; NEWS CORP 144A 5.125% 02/15/2032 CALLABLE @ 102.563 02/15/2027 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 39940  |
| &nbsp;&nbsp; NEXSTAR MEDIA INC 144A 4.750% 11/01/2028 | &nbsp;&nbsp; 211000  | &nbsp;&nbsp; 209726  |
| &nbsp;&nbsp; NEXSTAR MEDIA INC 144A 5.625% 07/15/2027 | &nbsp;&nbsp; 194000  | &nbsp;&nbsp; 194052  |
| &nbsp;&nbsp; OUTFRONT MEDIA CAPITAL LLC 144A 4.625% 03/15/2030 CALLABLE @ 101.542 03/15/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 14643  |
| &nbsp;&nbsp; OUTFRONT MEDIA CAPITAL LLC 144A 4.250% 01/15/2029 | &nbsp;&nbsp; 13000  | &nbsp;&nbsp; 12689  |
| &nbsp;&nbsp; OUTFRONT MEDIA CAPITAL LLC 144A 7.375% 02/15/2031 CALLABLE @ 103.688 11/15/2026 | &nbsp;&nbsp; 77000  | &nbsp;&nbsp; 81092  |
| &nbsp;&nbsp; SHUTTERFLY FINANCE LLC 144A 8.500% 10/01/2027 | &nbsp;&nbsp; 185831  | &nbsp;&nbsp; 180416  |
| &nbsp;&nbsp; SHUTTERFLY FINANCE LLC 144A 9.750% 10/01/2027 | &nbsp;&nbsp; 20730  | &nbsp;&nbsp; 20723  |
| &nbsp;&nbsp; SINCLAIR TELEVISION GROUP INC 144A 8.125% 02/15/2033 CALLABLE @ 104.063 02/15/2028 | &nbsp;&nbsp; 58000  | &nbsp;&nbsp; 59996  |
| &nbsp;&nbsp; SIRIUS XM RADIO LLC 144A 5.000% 08/01/2027 | &nbsp;&nbsp; 104000  | &nbsp;&nbsp; 103826  |
| &nbsp;&nbsp; SIRIUS XM RADIO LLC 144A 5.500% 07/01/2029 CALLABLE @ 100.917 07/01/2026 | &nbsp;&nbsp; 214000  | &nbsp;&nbsp; 215064  |
| &nbsp;&nbsp; SIRIUS XM RADIO LLC 144A 4.125% 07/01/2030 CALLABLE @ 101.375 07/01/2026 | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 5657  |
| &nbsp;&nbsp; SIRIUS XM RADIO LLC 144A 4.000% 07/15/2028 CALLABLE @ 100.000 07/15/2026 | &nbsp;&nbsp; 247000  | &nbsp;&nbsp; 241615  |
| &nbsp;&nbsp; SIRIUS XM RADIO LLC 144A 3.875% 09/01/2031 CALLABLE @ 101.938 09/01/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 63873  |
| &nbsp;&nbsp; SNAP INC 144A 6.875% 03/01/2033 CALLABLE @ 103.438 03/01/2028 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 22578  |
| &nbsp;&nbsp; T-MOBILE USA INC 6.700% 12/15/2033 | &nbsp;&nbsp; 75000  | &nbsp;&nbsp; 83765  |
| &nbsp;&nbsp; TEGNA INC 5.000% 09/15/2029 CALLABLE @ 100.883 09/15/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 109245  |
| &nbsp;&nbsp; TELECOM ITALIA CAPITAL SA 6.375% 11/15/2033 | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 12576  |
| &nbsp;&nbsp; UNIVISION COMMUNICATIONS INC 144A 7.375% 06/30/2030 CALLABLE @ 101.844 06/30/2026 | &nbsp;&nbsp; 88000  | &nbsp;&nbsp; 89140  |
| &nbsp;&nbsp; UNIVISION COMMUNICATIONS INC 144A 8.000% 08/15/2028 CALLABLE @ 102.000 08/15/2026 | &nbsp;&nbsp; 87000  | &nbsp;&nbsp; 89784  |
| &nbsp;&nbsp; UNIVISION COMMUNICATIONS, INC. 144A 8.500% 07/31/2031 CALLABLE @ 104.250 07/31/2027 | &nbsp;&nbsp; 2000  | &nbsp;&nbsp; 2085  |
| &nbsp;&nbsp; UNIVISION COMMUNICATIONS INC 144A 9.375% 08/01/2032 CALLABLE @ 104.688 08/01/2028 | &nbsp;&nbsp; 31000  | &nbsp;&nbsp; 33378  |
| &nbsp;&nbsp; WULF COMPUTE LLC 144A 7.750% 10/15/2030 CALLABLE @ 103.875 10/15/2027 | &nbsp;&nbsp; 95000  | &nbsp;&nbsp; 99071  |
| &nbsp;&nbsp; XPO INC 144A 6.250% 06/01/2028 CALLABLE @ 101.563 06/01/2026 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 45782  |
|  |  | &nbsp;&nbsp; 8920094  |
| &nbsp;&nbsp; **Consumer Discretionary (18.0%)** |  |  |
| &nbsp;&nbsp; ACCO BRANDS CORP 144A 4.250% 03/15/2029 CALLABLE @ 100.000 03/15/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 101852  |
| &nbsp;&nbsp; ACUSHNET CO. 144A 5.625% 12/01/2033 CALLABLE @ 102.813 12/01/2028 | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 10092  |
| &nbsp;&nbsp; ADIENT GLOBAL HOLDINGS LTD 144A 7.000% 04/15/2028 CALLABLE @ 101.750 04/15/2026 | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 3068  |
| &nbsp;&nbsp; ADIENT GLOBAL HOLDINGS LTD 144A 8.250% 04/15/2031 CALLABLE @ 104.125 04/15/2026 | &nbsp;&nbsp; 172000  | &nbsp;&nbsp; 180217  |
| &nbsp;&nbsp; ADIENT GLOBAL HOLDINGS LTD 144A 7.500% 02/15/2033 CALLABLE @ 103.750 02/15/2028 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 49841  |
| &nbsp;&nbsp; AMER SPORTS CO 144A 6.750% 02/16/2031 CALLABLE @ 103.375 02/16/2027 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 83332  |
| &nbsp;&nbsp; AMERICAN AXLE & MANUFACTURING INC 6.875% 07/01/2028 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 54063  |
| &nbsp;&nbsp; ASBURY AUTOMOTIVE GROUP INC 4.500% 03/01/2028 | &nbsp;&nbsp; 87000  | &nbsp;&nbsp; 86649  |
| &nbsp;&nbsp; ASBURY AUTOMOTIVE GROUP INC 4.750% 03/01/2030 CALLABLE @ 101.583 03/01/2026 | &nbsp;&nbsp; 11000  | &nbsp;&nbsp; 10829  |
| &nbsp;&nbsp; ASBURY AUTOMOTIVE GROUP INC 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19689  |
| &nbsp;&nbsp; AVIS BUDGET CAR RENTAL LLC 144A 5.750% 07/15/2027 | &nbsp;&nbsp; 44000  | &nbsp;&nbsp; 44028  |
| &nbsp;&nbsp; AVIS BUDGET CAR RENTAL LLC 144A 5.375% 03/01/2029 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 165000  | &nbsp;&nbsp; 161007  |
| &nbsp;&nbsp; AVIS BUDGET CAR RENTAL LLC 144A 4.750% 04/01/2028 CALLABLE @ 100.000 04/01/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 68537  |
| &nbsp;&nbsp; AVIS BUDGET CAR RENTAL LLC 144A 8.250% 01/15/2030 CALLABLE @ 102.063 01/15/2027 | &nbsp;&nbsp; 107000  | &nbsp;&nbsp; 110743  |
| &nbsp;&nbsp; AVIS BUDGET CAR RENTAL LLC / AVIS BUDGET FINANCE, 144A 8.375% 06/15/2032 CALLABLE @ 104.188 06/15/2028 | &nbsp;&nbsp; 51000  | &nbsp;&nbsp; 52438  |
| &nbsp;&nbsp; BOYNE USA INC 144A 4.750% 05/15/2029 CALLABLE @ 100.000 05/15/2026 | &nbsp;&nbsp; 86000  | &nbsp;&nbsp; 85097  |
| &nbsp;&nbsp; BUILDERS FIRSTSOURCE INC 144A 5.000% 03/01/2030 CALLABLE @ 101.667 03/01/2026 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 13949  |
| &nbsp;&nbsp; BUILDERS FIRSTSOURCE INC 144A 4.250% 02/01/2032 CALLABLE @ 102.125 08/01/2026 | &nbsp;&nbsp; 94000  | &nbsp;&nbsp; 89570  |
| &nbsp;&nbsp; BUILDERS FIRSTSOURCE INC 144A 6.375% 06/15/2032 CALLABLE @ 103.188 06/15/2027 | &nbsp;&nbsp; 69000  | &nbsp;&nbsp; 71111  |
| &nbsp;&nbsp; BUILDERS FIRSTSOURCE INC 144A 6.375% 03/01/2034 CALLABLE @ 103.188 03/01/2029 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 41387  |
| &nbsp;&nbsp; BUILDERS FIRSTSOURCE, INC. 144A 6.750% 05/15/2035 CALLABLE @ 103.375 05/15/2030 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 28372  |
| &nbsp;&nbsp; CHURCHILL DOWNS, INC. 144A 5.750% 04/01/2030 CALLABLE @ 101.438 04/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20106  |
| &nbsp;&nbsp; CD&R SMOKEY BUYER INC / RADIO SYSTEMS CORP 144A 9.500% 10/15/2029 CALLABLE @ 104.750 10/15/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 61996  |
| &nbsp;&nbsp; CAESARS ENTERTAINMENT INC 144A 4.625% 10/15/2029 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 94000  | &nbsp;&nbsp; 90245  |
| &nbsp;&nbsp; CAESARS ENTERTAINMENT, INC. 144A 7.000% 02/15/2030 CALLABLE @ 103.500 02/15/2026 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 55759  |
| &nbsp;&nbsp; CAESARS ENTERTAINMENT INC 144A 6.500% 02/15/2032 CALLABLE @ 103.250 02/15/2027 | &nbsp;&nbsp; 159000  | &nbsp;&nbsp; 162581  |
| &nbsp;&nbsp; CARNIVAL CORP. 144A 4.000% 08/01/2028 CALLABLE @ 100.000 05/01/2028 | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 18799  |
| &nbsp;&nbsp; CARNIVAL CORP 144A 7.000% 08/15/2029 CALLABLE @ 103.500 08/15/2026 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 30353  |
| &nbsp;&nbsp; CARNIVAL CORP 144A 6.125% 02/15/2033 CALLABLE @ 103.063 02/15/2028 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 92586  |
| &nbsp;&nbsp; CARNIVAL CORP. 144A 5.750% 03/15/2030 CALLABLE @ 100.000 12/15/2029 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 41182  |
| &nbsp;&nbsp; CARNIVAL CORP. 144A 5.875% 06/15/2031 CALLABLE @ 100.000 03/15/2031 | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 10340  |
| &nbsp;&nbsp; CARNIVAL CORP. 144A 5.750% 08/01/2032 CALLABLE @ 100.000 05/01/2032 | &nbsp;&nbsp; 116000  | &nbsp;&nbsp; 119143  |
| &nbsp;&nbsp; CEDAR FAIR LP / CANADA'S WONDERLAND CO 5.375% 04/15/2027 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 5001  |
| &nbsp;&nbsp; CEDAR FAIR LP 5.250% 07/15/2029 CALLABLE @ 100.875 07/15/2026 | &nbsp;&nbsp; 84000  | &nbsp;&nbsp; 80660  |
| &nbsp;&nbsp; CHURCHILL DOWNS INC 144A 4.750% 01/15/2028 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 29895  |
| &nbsp;&nbsp; CINEMARK USA INC 144A 5.250% 07/15/2028 CALLABLE @ 100.000 07/15/2026 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 44958  |
| &nbsp;&nbsp; CINEMARK USA INC 144A 7.000% 08/01/2032 CALLABLE @ 103.500 08/01/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20694  |
| &nbsp;&nbsp; CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 05/15/2028 CALLABLE @ 101.688 05/15/2026 | &nbsp;&nbsp; 82000  | &nbsp;&nbsp; 83923  |
| &nbsp;&nbsp; CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 6.750% 02/15/2030 CALLABLE @ 103.375 02/15/2027 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 49168  |
| &nbsp;&nbsp; CLARIOS GLOBAL LP / CLARIOS US FINANCE CO. 144A 6.750% 09/15/2032 CALLABLE @ 103.375 09/15/2028 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 53822  |
| &nbsp;&nbsp; COOPER-STANDARD AUTOMOTIVE INC 144A 13.500% 03/31/2027 CALLABLE @ 100.000 01/31/2027 | &nbsp;&nbsp; 300715  | &nbsp;&nbsp; 310157  |
| &nbsp;&nbsp; COOPER-STANDARD AUTOMOTIVE INC 144A 5.625% 05/15/2027 CALLABLE @ 100.000 01/31/2027 | &nbsp;&nbsp; 180842  | &nbsp;&nbsp; 177829  |
| &nbsp;&nbsp; DORNOCH DEBT MERGER SUB INC 144A 6.625% 10/15/2029 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 97938  |
| &nbsp;&nbsp; FORD MOTOR CREDIT CO LLC 4.000% 11/13/2030 CALLABLE @ 100.000 08/13/2030 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 190321  |
| &nbsp;&nbsp; FORD MOTOR CREDIT CO LLC 7.122% 11/07/2033 CALLABLE @ 100.000 08/07/2033 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 216316  |
| &nbsp;&nbsp; FORD MOTOR CREDIT CO LLC 5.730% 09/05/2030 CALLABLE @ 100.000 08/05/2030 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25603  |
| &nbsp;&nbsp; GAP INC/THE 144A 3.625% 10/01/2029 CALLABLE @ 100.000 10/01/2026 | &nbsp;&nbsp; 113000  | &nbsp;&nbsp; 107451  |
| &nbsp;&nbsp; GOODYEAR TIRE & RUBBER CO/THE 5.250% 04/30/2031 CALLABLE @ 100.000 01/30/2031 | &nbsp;&nbsp; 31000  | &nbsp;&nbsp; 29812  |
| &nbsp;&nbsp; GOODYEAR TIRE & RUBBER CO/THE 5.000% 07/15/2029 CALLABLE @ 100.000 04/15/2029 | &nbsp;&nbsp; 131000  | &nbsp;&nbsp; 128233  |
| &nbsp;&nbsp; GOODYEAR TIRE & RUBBER CO/THE 5.250% 07/15/2031 CALLABLE @ 100.000 04/15/2031 | &nbsp;&nbsp; 75000  | &nbsp;&nbsp; 71422  |
| &nbsp;&nbsp; GOODYEAR TIRE & RUBBER CO/THE 6.625% 07/15/2030 CALLABLE @ 103.313 07/15/2027 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 23483  |
| &nbsp;&nbsp; GRIFFON CORP 5.750% 03/01/2028 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 135000  | &nbsp;&nbsp; 134959  |
| &nbsp;&nbsp; GROUP 1 AUTOMOTIVE INC 144A 6.375% 01/15/2030 CALLABLE @ 103.188 07/15/2026 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 26687  |
| &nbsp;&nbsp; HERTZ CORP/THE 144A 4.625% 12/01/2026 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 38570  |
| &nbsp;&nbsp; HERTZ CORP/THE 144A 5.000% 12/01/2029 CALLABLE @ 100.000 12/01/2026 | &nbsp;&nbsp; 205000  | &nbsp;&nbsp; 135187  |
| &nbsp;&nbsp; HERTZ CORP/THE 144A 12.625% 07/15/2029 CALLABLE @ 106.313 07/15/2027 | &nbsp;&nbsp; 107000  | &nbsp;&nbsp; 107714  |
| &nbsp;&nbsp; +^(2)ESC GCB HERTZ CORP | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 2  |
| &nbsp;&nbsp; +^(2)ESC HERTZ CORP  | &nbsp;&nbsp; 148000  | &nbsp;&nbsp; 15  |
| &nbsp;&nbsp; +^(2)ESC HERTZ CORP  | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 8  |
| &nbsp;&nbsp; +^(2)ESC HERTZ CORP  | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 2  |
| &nbsp;&nbsp; HILTON DOMESTIC OPERATING CO INC 144A 5.875% 04/01/2029 CALLABLE @ 102.938 04/01/2026 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 27623  |
| &nbsp;&nbsp; HILTON DOMESTIC OPERATING CO INC 144A 6.125% 04/01/2032 CALLABLE @ 103.063 04/01/2027 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 27881  |
| &nbsp;&nbsp; HILTON DOMESTIC OPERATING CO INC 144A 5.875% 03/15/2033 CALLABLE @ 102.938 03/15/2028 | &nbsp;&nbsp; 74000  | &nbsp;&nbsp; 75929  |
| &nbsp;&nbsp; HILTON DOMESTIC OPERATING CO, INC. 144A 5.750% 09/15/2033 CALLABLE @ 102.875 07/01/2028 | &nbsp;&nbsp; 72000  | &nbsp;&nbsp; 73350  |
| &nbsp;&nbsp; HILTON DOMESTIC OPERATING CO., INC. 144A 5.500% 03/31/2034 CALLABLE @ 102.750 12/01/2028 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14067  |
| &nbsp;&nbsp; HILTON WORLDWIDE FINANCE LLC 4.875% 04/01/2027 | &nbsp;&nbsp; 83000  | &nbsp;&nbsp; 83030  |
| &nbsp;&nbsp; JELD-WEN INC 144A 4.875% 12/15/2027 | &nbsp;&nbsp; 95000  | &nbsp;&nbsp; 84098  |
| &nbsp;&nbsp; JELD-WEN INC 144A 7.000% 09/01/2032 CALLABLE @ 103.500 09/01/2027 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 25047  |
| &nbsp;&nbsp; BATH & BODY WORKS INC 6.750% 07/01/2036 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 34923  |
| &nbsp;&nbsp; BATH & BODY WORKS INC 144A 6.625% 10/01/2030 CALLABLE @ 102.208 10/01/2026 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30724  |
| &nbsp;&nbsp; LITHIA MOTORS, INC. 144A 4.625% 12/15/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19963  |
| &nbsp;&nbsp; LITHIA MOTORS, INC. 144A 5.500% 10/01/2030 CALLABLE @ 102.750 10/01/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20049  |
| &nbsp;&nbsp; LIVE NATION ENTERTAINMENT INC 144A 4.750% 10/15/2027 | &nbsp;&nbsp; 170000  | &nbsp;&nbsp; 169922  |
| &nbsp;&nbsp; LIVE NATION ENTERTAINMENT INC 144A 6.500% 05/15/2027 CALLABLE @ 100.000 05/15/2026 | &nbsp;&nbsp; 303000  | &nbsp;&nbsp; 304996  |
| &nbsp;&nbsp; LIVE NATION ENTERTAINMENT INC 144A 3.750% 01/15/2028 CALLABLE @ 100.000 01/15/2027 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 46345  |
| &nbsp;&nbsp; MGM RESORTS INTERNATIONAL 5.500% 04/15/2027 CALLABLE @ 100.000 01/15/2027 | &nbsp;&nbsp; 87000  | &nbsp;&nbsp; 87550  |
| &nbsp;&nbsp; MGM RESORTS INTERNATIONAL 6.500% 04/15/2032 CALLABLE @ 103.250 04/15/2027 | &nbsp;&nbsp; 72000  | &nbsp;&nbsp; 73705  |
| &nbsp;&nbsp; MGM RESORTS INTERNATIONAL 6.125% 09/15/2029 CALLABLE @ 103.063 09/15/2026 | &nbsp;&nbsp; 63000  | &nbsp;&nbsp; 64428  |
| &nbsp;&nbsp; MIWD HOLDCO II LLC 144A 5.500% 02/01/2030 CALLABLE @ 101.375 02/01/2026 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 37881  |
| &nbsp;&nbsp; MARRIOTT OWNERSHIP RESORTS, INC. 144A 4.500% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 21000  | &nbsp;&nbsp; 20076  |
| &nbsp;&nbsp; MASTERBRAND INC 144A 7.000% 07/15/2032 CALLABLE @ 103.500 07/15/2027 | &nbsp;&nbsp; 66000  | &nbsp;&nbsp; 68444  |
| &nbsp;&nbsp; MITER BRANDS ACQUISITION HOLDCO INC 144A 6.750% 04/01/2032 CALLABLE @ 103.375 04/01/2027 | &nbsp;&nbsp; 58000  | &nbsp;&nbsp; 59594  |
| &nbsp;&nbsp; NCL CORP. LTD 144A 5.875% 01/15/2031 CALLABLE @ 102.938 09/15/2027 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 32085  |
| &nbsp;&nbsp; NEWELL BRANDS INC 6.875% 04/01/2036 CALLABLE @ 100.000 10/01/2035 | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 62795  |
| &nbsp;&nbsp; NEWELL BRANDS INC 6.375% 09/15/2027 CALLABLE @ 100.000 06/15/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20168  |
| &nbsp;&nbsp; NEWELL BRANDS INC 6.625% 09/15/2029 CALLABLE @ 100.000 06/15/2029 | &nbsp;&nbsp; 34000  | &nbsp;&nbsp; 34045  |
| &nbsp;&nbsp; NEWELL BRANDS INC 6.625% 05/15/2032 CALLABLE @ 100.000 02/15/2032 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 13710  |
| &nbsp;&nbsp; NEWELL BRANDS INC 6.375% 05/15/2030 CALLABLE @ 100.000 02/15/2030 | &nbsp;&nbsp; 33000  | &nbsp;&nbsp; 32617  |
| &nbsp;&nbsp; NEWELL BRANDS, INC. 144A 8.500% 06/01/2028 CALLABLE @ 100.000 03/01/2028 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 41938  |
| &nbsp;&nbsp; PM GENERAL PURCHASER LLC 144A 9.500% 10/01/2028 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 45660  |
| &nbsp;&nbsp; #PETCO HEALTH & WELLNESS CO., INC. 144A 8.250% 02/01/2031 CALLABLE @ 104.125 02/01/2028 | &nbsp;&nbsp; 37000  | &nbsp;&nbsp; 37155  |
| &nbsp;&nbsp; QUEEN MERGERCO, INC. 144A 6.750% 04/30/2032 CALLABLE @ 103.375 04/30/2028 | &nbsp;&nbsp; 78000  | &nbsp;&nbsp; 80375  |
| &nbsp;&nbsp; RIVERS ENTERPRISE LENDER LLC / RIVERS ENTERPRISE 144A 6.250% 10/15/2030 CALLABLE @ 103.125 10/15/2027 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14212  |
| &nbsp;&nbsp; ROYAL CARIBBEAN CRUISES LTD 144A 6.250% 03/15/2032 CALLABLE @ 103.125 03/15/2027 | &nbsp;&nbsp; 88000  | &nbsp;&nbsp; 91270  |
| &nbsp;&nbsp; ROYAL CARIBBEAN CRUISES LTD. 144A 6.000% 02/01/2033 CALLABLE @ 103.000 08/01/2027 | &nbsp;&nbsp; 63000  | &nbsp;&nbsp; 64941  |
| &nbsp;&nbsp; ROYAL CARIBBEAN CRUISES LTD 144A 5.625% 09/30/2031 CALLABLE @ 102.813 09/30/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 53453  |
| &nbsp;&nbsp; (2)(3) SAKS GLOBAL ENTERPRISES LLC 144A 11.000% 12/15/2029 CALLABLE @ 105.500 12/15/2026 | &nbsp;&nbsp; 39336  | &nbsp;&nbsp; 98  |
| &nbsp;&nbsp; SCOTTS MIRACLE-GRO CO/THE 5.250% 12/15/2026 | &nbsp;&nbsp; 135000  | &nbsp;&nbsp; 134945  |
| &nbsp;&nbsp; SCOTTS MIRACLE-GRO CO/THE 4.500% 10/15/2029 CALLABLE @ 100.750 10/15/2026 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 13779  |
| &nbsp;&nbsp; SCOTTS MIRACLE-GRO CO/THE 4.375% 02/01/2032 CALLABLE @ 102.188 08/01/2026 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 52798  |
| &nbsp;&nbsp; SCOTTS MIRACLE-GRO CO/THE 4.000% 04/01/2031 CALLABLE @ 102.000 04/01/2026 | &nbsp;&nbsp; 111000  | &nbsp;&nbsp; 104481  |
| &nbsp;&nbsp; SERVICE CORP INTERNATIONAL/US 3.375% 08/15/2030 CALLABLE @ 101.125 08/15/2026 | &nbsp;&nbsp; 77000  | &nbsp;&nbsp; 72028  |
| &nbsp;&nbsp; SERVICE CORP INTERNATIONAL/US 4.000% 05/15/2031 CALLABLE @ 102.000 05/15/2026 | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 18091  |
| &nbsp;&nbsp; SIX FLAGS ENTERTAINMENT CORP/DE 144A 7.250% 05/15/2031 CALLABLE @ 103.625 05/15/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 48349  |
| &nbsp;&nbsp; SIX FLAGS ENTERTAINMENT CORP 144A 6.625% 05/01/2032 CALLABLE @ 103.313 05/01/2027 | &nbsp;&nbsp; 156000  | &nbsp;&nbsp; 159408  |
| &nbsp;&nbsp; SIX FLAGS ENTERTAINMENT CORP/CANADA'S WONDERLAND 144A 8.625% 01/15/2032 CALLABLE @ 104.313 07/15/2028 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30613  |
| &nbsp;&nbsp; SONIC AUTOMOTIVE INC 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 | &nbsp;&nbsp; 127000  | &nbsp;&nbsp; 124794  |
| &nbsp;&nbsp; SONIC AUTOMOTIVE INC 144A 4.875% 11/15/2031 CALLABLE @ 102.438 11/15/2026 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 4821  |
| &nbsp;&nbsp; STAPLES INC 144A 10.750% 09/01/2029 CALLABLE @ 105.375 09/01/2026 | &nbsp;&nbsp; 195000  | &nbsp;&nbsp; 191613  |
| &nbsp;&nbsp; STAPLES INC 144A 12.750% 01/15/2030 CALLABLE @ 106.375 06/15/2027 | &nbsp;&nbsp; 87863  | &nbsp;&nbsp; 71935  |
| &nbsp;&nbsp; STATION CASINOS LLC 144A 4.500% 02/15/2028 | &nbsp;&nbsp; 157000  | &nbsp;&nbsp; 156321  |
| &nbsp;&nbsp; STATION CASINOS LLC 144A 4.625% 12/01/2031 CALLABLE @ 100.000 06/01/2031 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19202  |
| &nbsp;&nbsp; TEMPUR SEALY INTERNATIONAL INC 144A 4.000% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 164000  | &nbsp;&nbsp; 159084  |
| &nbsp;&nbsp; TEMPUR SEALY INTERNATIONAL INC 144A 3.875% 10/15/2031 CALLABLE @ 101.938 10/15/2026 | &nbsp;&nbsp; 34000  | &nbsp;&nbsp; 31725  |
| &nbsp;&nbsp; VAIL RESORTS INC 144A 6.500% 05/15/2032 CALLABLE @ 103.250 05/15/2027 | &nbsp;&nbsp; 53000  | &nbsp;&nbsp; 54927  |
| &nbsp;&nbsp; VAIL RESORTS, INC. 144A 5.625% 07/15/2030 CALLABLE @ 102.813 07/15/2027 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 29453  |
| &nbsp;&nbsp; VIKING CRUISES LTD. 144A 5.875% 10/15/2033 CALLABLE @ 102.938 10/15/2028 | &nbsp;&nbsp; 61000  | &nbsp;&nbsp; 61879  |
| &nbsp;&nbsp; WAND NEWCO 3 INC 144A 7.625% 01/30/2032 CALLABLE @ 103.813 01/30/2027 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 49443  |
| &nbsp;&nbsp; WAYFAIR LLC 144A 7.250% 10/31/2029 CALLABLE @ 103.625 10/31/2026 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 27185  |
| &nbsp;&nbsp; WAYFAIR LLC 144A 7.750% 09/15/2030 CALLABLE @ 103.875 09/15/2027 | &nbsp;&nbsp; 63000  | &nbsp;&nbsp; 66985  |
| &nbsp;&nbsp; WAYFAIR, INC. 144A 6.750% 11/15/2032 CALLABLE @ 103.375 11/15/2028 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 27904  |
| &nbsp;&nbsp; WEEKLEY HOMES LLC / WEEKLEY FINANCE CORP 144A 4.875% 09/15/2028 CALLABLE @ 100.000 09/15/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 48268  |
| &nbsp;&nbsp; WYNN LAS VEGAS LLC 144A 5.250% 05/15/2027 CALLABLE @ 100.000 02/15/2027 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25141  |
| &nbsp;&nbsp; WYNN RESORTS FINANCE LLC 144A 5.125% 10/01/2029 CALLABLE @ 100.000 07/01/2029 | &nbsp;&nbsp; 228000  | &nbsp;&nbsp; 228648  |
| &nbsp;&nbsp; WYNN RESORTS FINANCE LLC 144A 6.250% 03/15/2033 CALLABLE @ 103.125 09/15/2027 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 41773  |
|  |  | &nbsp;&nbsp; 8388531  |
| &nbsp;&nbsp; **Consumer Staples (3.6%)** |  |  |
| &nbsp;&nbsp; ALBERTSONS COS INC / SAFEWAY INC / 144A 5.875% 02/15/2028 | &nbsp;&nbsp; 86000  | &nbsp;&nbsp; 86031  |
| &nbsp;&nbsp; ALBERTSONS COS INC / SAFEWAY INC / 144A 4.625% 01/15/2027 | &nbsp;&nbsp; 135000  | &nbsp;&nbsp; 134962  |
| &nbsp;&nbsp; ALBERTSONS COS INC / SAFEWAY INC 144A 4.875% 02/15/2030 CALLABLE @ 102.438 02/15/2026 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 29653  |
| &nbsp;&nbsp; ALBERTSONS COS, INC. 144A 5.500% 03/31/2031 CALLABLE @ 102.750 11/15/2027 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14002  |
| &nbsp;&nbsp; #ALBERTSONS COS, INC. 144A 5.625% 03/31/2032 CALLABLE @ 102.813 03/31/2028 | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 64920  |
| &nbsp;&nbsp; CENTRAL GARDEN & PET CO 5.125% 02/01/2028 | &nbsp;&nbsp; 183000  | &nbsp;&nbsp; 182851  |
| &nbsp;&nbsp; CENTRAL GARDEN & PET CO 4.125% 10/15/2030 CALLABLE @ 101.375 10/15/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 46908  |
| &nbsp;&nbsp; CENTRAL GARDEN & PET CO. 144A 4.125% 04/30/2031 CALLABLE @ 102.063 04/30/2026 | &nbsp;&nbsp; 8000  | &nbsp;&nbsp; 7566  |
| &nbsp;&nbsp; COTY INC/HFC PRESTIGE PRODUCTS INC 144A 4.750% 01/15/2029 CALLABLE @ 100.000 01/15/2027 | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 9896  |
| &nbsp;&nbsp; EDGEWELL PERSONAL CARE CO 144A 5.500% 06/01/2028 | &nbsp;&nbsp; 145000  | &nbsp;&nbsp; 145047  |
| &nbsp;&nbsp; EDGEWELL PERSONAL CARE CO 144A 4.125% 04/01/2029 CALLABLE @ 100.000 04/01/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 23926  |
| &nbsp;&nbsp; ENERGIZER HOLDINGS INC 144A 4.750% 06/15/2028 | &nbsp;&nbsp; 224000  | &nbsp;&nbsp; 221604  |
| &nbsp;&nbsp; LAMB WESTON HOLDINGS INC 144A 4.125% 01/31/2030 CALLABLE @ 100.000 01/31/2027 | &nbsp;&nbsp; 94000  | &nbsp;&nbsp; 90742  |
| &nbsp;&nbsp; PERFORMANCE FOOD GROUP INC 144A 5.500% 10/15/2027 | &nbsp;&nbsp; 116000  | &nbsp;&nbsp; 116057  |
| &nbsp;&nbsp; PERFORMANCE FOOD GROUP, INC. 144A 4.250% 08/01/2029 CALLABLE @ 100.000 08/01/2026 | &nbsp;&nbsp; 95000  | &nbsp;&nbsp; 93011  |
| &nbsp;&nbsp; PERFORMANCE FOOD GROUP INC 144A 6.125% 09/15/2032 CALLABLE @ 103.063 09/15/2027 | &nbsp;&nbsp; 21000  | &nbsp;&nbsp; 21604  |
| &nbsp;&nbsp; POST HOLDINGS INC 144A 4.625% 04/15/2030 CALLABLE @ 101.542 04/15/2026 | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 63439  |
| &nbsp;&nbsp; POST HOLDINGS INC 144A 6.250% 02/15/2032 CALLABLE @ 103.125 02/15/2027 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 55444  |
| &nbsp;&nbsp; PRIMO WATER HOLDINGS, INC. / TRITON WATER 144A 6.250% 04/01/2029 CALLABLE @ 100.000 04/01/2026 | &nbsp;&nbsp; 142000  | &nbsp;&nbsp; 142103  |
| &nbsp;&nbsp; SPECTRUM BRANDS INC 144A 3.875% 03/15/2031 CALLABLE @ 101.938 03/15/2026 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 4035  |
| &nbsp;&nbsp; US FOODS INC 144A 4.750% 02/15/2029 CALLABLE @ 100.000 02/15/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 14940  |
| &nbsp;&nbsp; US FOODS INC 144A 4.625% 06/01/2030 CALLABLE @ 101.156 06/01/2026 | &nbsp;&nbsp; 68000  | &nbsp;&nbsp; 66970  |
| &nbsp;&nbsp; US FOODS INC 144A 6.875% 09/15/2028 CALLABLE @ 101.719 09/15/2026 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24754  |
|  |  | &nbsp;&nbsp; 1660465  |
| &nbsp;&nbsp; **Energy (10.8%)** |  |  |
| &nbsp;&nbsp; AETHON UNITED BR LP / AETHON UNITED FINANCE CORP 144A 7.500% 10/01/2029 CALLABLE @ 103.750 10/01/2026 | &nbsp;&nbsp; 13000  | &nbsp;&nbsp; 13679  |
| &nbsp;&nbsp; ANTERO RESOURCES CORP 144A 7.625% 02/01/2029 CALLABLE @ 101.271 02/01/2026 | &nbsp;&nbsp; 46000  | &nbsp;&nbsp; 46698  |
| &nbsp;&nbsp; ANTERO MIDSTREAM PARTNERS LP 144A 5.750% 01/15/2028 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 100045  |
| &nbsp;&nbsp; ANTERO MIDSTREAM PARTNERS LP 144A 5.375% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 101000  | &nbsp;&nbsp; 101173  |
| &nbsp;&nbsp; ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM 144A 5.750% 10/15/2033 CALLABLE @ 102.875 10/15/2028 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 32356  |
| &nbsp;&nbsp; ARCHROCK SERVICES LP / ARCHROCK PARTNERS FINANCE 144A 6.000% 02/01/2034 CALLABLE @ 103.000 02/01/2029 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14004  |
| &nbsp;&nbsp; ARCHROCK PARTNERS LP 144A 6.625% 09/01/2032 CALLABLE @ 103.313 09/01/2027 | &nbsp;&nbsp; 34000  | &nbsp;&nbsp; 35248  |
| &nbsp;&nbsp; ASCENT RESOURCES UTICA HOLDINGS LLC/ 144A 5.875% 06/30/2029 CALLABLE @ 100.000 09/01/2026 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 22136  |
| &nbsp;&nbsp; ASCENT RESOURCES UTICA HOLDINGS LLC 144A 6.625% 10/15/2032 CALLABLE @ 103.313 10/15/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 31071  |
| &nbsp;&nbsp; ASCENT RESOURCES UTICA HOLDINGS LLC / ARU 144A 6.625% 07/15/2033 CALLABLE @ 103.313 07/15/2028 | &nbsp;&nbsp; 33000  | &nbsp;&nbsp; 34163  |
| &nbsp;&nbsp; BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 6.625% 07/15/2026 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 35043  |
| &nbsp;&nbsp; BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.000% 07/15/2029 CALLABLE @ 103.500 07/15/2026 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 31272  |
| &nbsp;&nbsp; BLUE RACER MIDSTREAM LLC / BLUE RACER FINANCE CORP 144A 7.250% 07/15/2032 CALLABLE @ 103.625 07/15/2027 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 23325  |
| &nbsp;&nbsp; BUCKEYE PARTNERS LP 3.950% 12/01/2026 CALLABLE @ 100.000 09/01/2026 | &nbsp;&nbsp; 96000  | &nbsp;&nbsp; 95349  |
| &nbsp;&nbsp; BUCKEYE PARTNERS LP 4.125% 12/01/2027 CALLABLE @ 100.000 09/01/2027 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 14826  |
| &nbsp;&nbsp; BUCKEYE PARTNERS LP 144A 4.500% 03/01/2028 CALLABLE @ 100.000 12/01/2027 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 39787  |
| &nbsp;&nbsp; BUCKEYE PARTNERS LP 144A 6.750% 02/01/2030 CALLABLE @ 103.375 02/01/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20948  |
| &nbsp;&nbsp; CNX RESOURCES CORP 144A 6.000% 01/15/2029 CALLABLE @ 100.000 01/15/2027 | &nbsp;&nbsp; 31000  | &nbsp;&nbsp; 31178  |
| &nbsp;&nbsp; CNX RESOURCES CORP 144A 7.375% 01/15/2031 CALLABLE @ 101.844 01/15/2027 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 41427  |
| &nbsp;&nbsp; CNX MIDSTREAM PARTNERS LP 144A 4.750% 04/15/2030 CALLABLE @ 101.188 04/15/2026 | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 15544  |
| &nbsp;&nbsp; +^(2)ESC CB CHESAPEAKE ENERGY CORP | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; CIVITAS RESOURCES INC 144A 8.375% 07/01/2028 CALLABLE @ 102.094 07/01/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 50419  |
| &nbsp;&nbsp; CIVITAS RESOURCES INC 144A 8.750% 07/01/2031 CALLABLE @ 104.375 07/01/2026 | &nbsp;&nbsp; 67000  | &nbsp;&nbsp; 70371  |
| &nbsp;&nbsp; CIVITAS RESOURCES INC 144A 8.625% 11/01/2030 CALLABLE @ 104.313 11/01/2026 | &nbsp;&nbsp; 33000  | &nbsp;&nbsp; 34904  |
| &nbsp;&nbsp; CIVITAS RESOURCES, INC. 144A 9.625% 06/15/2033 CALLABLE @ 104.813 06/15/2028 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 42652  |
| &nbsp;&nbsp; COMSTOCK RESOURCES INC 144A 6.750% 03/01/2029 CALLABLE @ 101.125 03/01/2026 | &nbsp;&nbsp; 153000  | &nbsp;&nbsp; 153966  |
| &nbsp;&nbsp; COMSTOCK RESOURCES INC 144A 5.875% 01/15/2030 CALLABLE @ 100.979 01/15/2027 | &nbsp;&nbsp; 46000  | &nbsp;&nbsp; 44871  |
| &nbsp;&nbsp; DT MIDSTREAM INC 144A 4.125% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 108742  |
| &nbsp;&nbsp; DT MIDSTREAM INC 144A 4.375% 06/15/2031 CALLABLE @ 102.188 06/15/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 24516  |
| &nbsp;&nbsp; DIAMOND FOREIGN ASSET CO / DIAMOND FINANCE LLC 144A 8.500% 10/01/2030 CALLABLE @ 104.250 10/01/2026 | &nbsp;&nbsp; 62000  | &nbsp;&nbsp; 65953  |
| &nbsp;&nbsp; EQT CORP. 7.500% 06/01/2030 CALLABLE @ 100.000 12/01/2029 | &nbsp;&nbsp; 36000  | &nbsp;&nbsp; 39617  |
| &nbsp;&nbsp; EQT CORP. 4.750% 01/15/2031 CALLABLE @ 100.000 07/15/2030 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 54256  |
| &nbsp;&nbsp; PERMIAN RESOURCES OPERATING LLC 144A 8.000% 04/15/2027 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 40343  |
| &nbsp;&nbsp; PERMIAN RESOURCES OPERATING LLC 144A 9.875% 07/15/2031 CALLABLE @ 104.938 07/15/2026 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 96842  |
| &nbsp;&nbsp; GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 7.750% 02/01/2028 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 76000  | &nbsp;&nbsp; 76329  |
| &nbsp;&nbsp; GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 8.875% 04/15/2030 CALLABLE @ 104.438 04/15/2026 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 40002  |
| &nbsp;&nbsp; GENESIS ENERGY LP / GENESIS ENERGY FINANCE CORP 7.875% 05/15/2032 CALLABLE @ 103.938 05/15/2027 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15653  |
| &nbsp;&nbsp; GULFPORT ENERGY OPERATING CORP 144A 6.750% 09/01/2029 CALLABLE @ 103.375 09/01/2026 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 92811  |
| &nbsp;&nbsp; HARVEST MIDSTREAM I LP 144A 7.500% 05/15/2032 CALLABLE @ 103.750 05/15/2027 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 36558  |
| &nbsp;&nbsp; HESS MIDSTREAM OPERATIONS LP 144A 4.250% 02/15/2030 CALLABLE @ 101.063 02/15/2026 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 45907  |
| &nbsp;&nbsp; HESS MIDSTREAM OPERATIONS LP 144A 6.500% 06/01/2029 CALLABLE @ 103.250 06/01/2026 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 39330  |
| &nbsp;&nbsp; HESS MIDSTREAM OPERATIONS LP 144A 5.875% 03/01/2028 CALLABLE @ 102.938 03/01/2026 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 18338  |
| &nbsp;&nbsp; HESS MIDSTREAM OPERATIONS LP 144A 5.125% 06/15/2028 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 55000  | &nbsp;&nbsp; 55014  |
| &nbsp;&nbsp; +^(2)ESC CB11A HIGH RIDGE | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.000% 04/15/2030 CALLABLE @ 102.000 04/15/2026 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 28533  |
| &nbsp;&nbsp; HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.250% 04/15/2032 CALLABLE @ 103.125 05/15/2027 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 22064  |
| &nbsp;&nbsp; HILCORP ENERGY I LP / HILCORP FINANCE CO 144A 6.875% 05/15/2034 CALLABLE @ 103.438 05/15/2029 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 4814  |
| &nbsp;&nbsp; HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 7.375% 07/15/2032 CALLABLE @ 103.688 07/15/2027 | &nbsp;&nbsp; 71000  | &nbsp;&nbsp; 74904  |
| &nbsp;&nbsp; HOWARD MIDSTREAM ENERGY PARTNERS LLC 144A 6.625% 01/15/2034 CALLABLE @ 103.313 01/15/2029 | &nbsp;&nbsp; 43000  | &nbsp;&nbsp; 44130  |
| &nbsp;&nbsp; CRESCENT ENERGY FINANCE LLC 144A 9.250% 02/15/2028 CALLABLE @ 102.313 02/15/2026 | &nbsp;&nbsp; 93000  | &nbsp;&nbsp; 95661  |
| &nbsp;&nbsp; CRESCENT ENERGY FINANCE LLC 144A 7.625% 04/01/2032 CALLABLE @ 103.813 04/01/2027 | &nbsp;&nbsp; 81000  | &nbsp;&nbsp; 80344  |
| &nbsp;&nbsp; CRESCENT ENERGY FINANCE LLC 144A 7.375% 01/15/2033 CALLABLE @ 103.688 07/15/2027 | &nbsp;&nbsp; 59000  | &nbsp;&nbsp; 57088  |
| &nbsp;&nbsp; CRESCENT ENERGY FINANCE LLC 144A 8.375% 01/15/2034 CALLABLE @ 104.188 07/15/2028 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 40379  |
| &nbsp;&nbsp; KINETIK HOLDINGS LP 144A 5.875% 06/15/2030 CALLABLE @ 101.469 06/15/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 40475  |
| &nbsp;&nbsp; KINETIK HOLDINGS LP 144A 6.625% 12/15/2028 CALLABLE @ 101.656 12/15/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25748  |
| &nbsp;&nbsp; KODIAK GAS SERVICES LLC 144A 7.250% 02/15/2029 CALLABLE @ 103.625 02/15/2026 | &nbsp;&nbsp; 42000  | &nbsp;&nbsp; 43565  |
| &nbsp;&nbsp; KODIAK GAS SERVICES LLC 144A 6.500% 10/01/2033 CALLABLE @ 103.250 10/01/2028 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20484  |
| &nbsp;&nbsp; VITAL ENERGY INC 144A 7.875% 04/15/2032 CALLABLE @ 103.938 04/15/2027 | &nbsp;&nbsp; 86000  | &nbsp;&nbsp; 85539  |
| &nbsp;&nbsp; MATADOR RESOURCES CO 144A 6.500% 04/15/2032 CALLABLE @ 103.250 04/15/2027 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 38694  |
| &nbsp;&nbsp; MATADOR RESOURCES CO 144A 6.250% 04/15/2033 CALLABLE @ 103.125 04/15/2028 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 60472  |
| &nbsp;&nbsp; NGL ENERGY OPERATING LLC 144A 8.125% 02/15/2029 CALLABLE @ 104.063 02/15/2026 | &nbsp;&nbsp; 44000  | &nbsp;&nbsp; 45657  |
| &nbsp;&nbsp; NGL ENERGY OPERATING LLC 144A 8.375% 02/15/2032 CALLABLE @ 104.188 02/15/2027 | &nbsp;&nbsp; 46000  | &nbsp;&nbsp; 48135  |
| &nbsp;&nbsp; NOBLE FINANCE II LLC 144A 8.000% 04/15/2030 CALLABLE @ 104.000 04/15/2026 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 40626  |
| &nbsp;&nbsp; NORTHRIVER MIDSTREAM FINANCE LP 144A 6.750% 07/15/2032 CALLABLE @ 103.375 07/15/2027 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 23405  |
| &nbsp;&nbsp; NUSTAR LOGISTICS LP 5.625% 04/28/2027 CALLABLE @ 100.000 01/28/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30294  |
| &nbsp;&nbsp; NUSTAR LOGISTICS LP 6.000% 06/01/2026 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 50067  |
| &nbsp;&nbsp; NUSTAR LOGISTICS LP 6.375% 10/01/2030 CALLABLE @ 100.000 04/01/2030 | &nbsp;&nbsp; 86000  | &nbsp;&nbsp; 90104  |
| &nbsp;&nbsp; CHORD ENERGY CORP. 144A 6.750% 03/15/2033 CALLABLE @ 103.375 03/15/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 36207  |
| &nbsp;&nbsp; CHORD ENERGY CORP. 144A 6.000% 10/01/2030 CALLABLE @ 103.000 10/01/2027 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 66096  |
| &nbsp;&nbsp; ONEOK, INC. 4.850% 07/15/2026 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25045  |
| &nbsp;&nbsp; PERMIAN RESOURCES OPERATING LLC 144A 7.000% 01/15/2032 CALLABLE @ 103.500 01/15/2027 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 40884  |
| &nbsp;&nbsp; PERMIAN RESOURCES OPERATING LLC 144A 6.250% 02/01/2033 CALLABLE @ 103.125 08/01/2027 | &nbsp;&nbsp; 42000  | &nbsp;&nbsp; 43262  |
| &nbsp;&nbsp; PRAIRIE ACQUIROR LP 144A 9.000% 08/01/2029 CALLABLE @ 104.500 02/01/2026 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 28007  |
| &nbsp;&nbsp; ROCKIES EXPRESS PIPELINE LLC 144A 6.750% 03/15/2033 CALLABLE @ 103.375 03/15/2028 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 30594  |
| &nbsp;&nbsp; SM ENERGY CO 6.750% 09/15/2026 | &nbsp;&nbsp; 120000  | &nbsp;&nbsp; 120187  |
| &nbsp;&nbsp; SM ENERGY CO 6.625% 01/15/2027 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 50037  |
| &nbsp;&nbsp; SM ENERGY CO 6.500% 07/15/2028 CALLABLE @ 100.000 07/15/2026 | &nbsp;&nbsp; 11000  | &nbsp;&nbsp; 11130  |
| &nbsp;&nbsp; SM ENERGY CO 144A 7.000% 08/01/2032 CALLABLE @ 103.500 08/01/2027 | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 19048  |
| &nbsp;&nbsp; EXPAND ENERGY CORP 5.375% 02/01/2029 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 6000  | &nbsp;&nbsp; 6004  |
| &nbsp;&nbsp; EXPAND ENERGY CORP 4.750% 02/01/2032 CALLABLE @ 102.375 02/01/2027 | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 11888  |
| &nbsp;&nbsp; SUNOCO LP 144A 7.000% 05/01/2029 CALLABLE @ 103.500 05/01/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25996  |
| &nbsp;&nbsp; SUNOCO LP / SUNOCO FINANCE CORP 4.500% 05/15/2029 CALLABLE @ 100.750 05/15/2026 | &nbsp;&nbsp; 124000  | &nbsp;&nbsp; 122006  |
| &nbsp;&nbsp; SUNOCO LP / SUNOCO FINANCE CORP 4.500% 04/30/2030 CALLABLE @ 101.125 04/30/2026 | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 63473  |
| &nbsp;&nbsp; TALLGRASS ENERGY PTRS LP/TALLGRASS ENERGY FIN CORP 144A 5.500% 01/15/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 34988  |
| &nbsp;&nbsp; TALLGRASS ENERGY PARTNERS LP 144A 6.000% 12/31/2030 CALLABLE @ 102.000 12/31/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 71004  |
| &nbsp;&nbsp; TALLGRASS ENERGY PARTNERS LP 144A 6.000% 09/01/2031 CALLABLE @ 103.000 09/01/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 70448  |
| &nbsp;&nbsp; TALLGRASS ENERGY PARTNERS LP 144A 7.375% 02/15/2029 CALLABLE @ 103.688 02/15/2026 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 33173  |
| &nbsp;&nbsp; TALLGRASS ENERGY PARTNERS LP / TALLGRASS ENERGY 144A 6.750% 03/15/2034 CALLABLE @ 103.375 03/15/2029 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 61063  |
| &nbsp;&nbsp; TARGA RESOURCES PARTNERS LP 5.500% 03/01/2030 CALLABLE @ 101.833 03/01/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15283  |
| &nbsp;&nbsp; TARGA RESOURCES PARTNERS LP 4.875% 02/01/2031 CALLABLE @ 102.438 02/01/2026 | &nbsp;&nbsp; 70000  | &nbsp;&nbsp; 70655  |
| &nbsp;&nbsp; TRANSOCEAN INC 144A 8.750% 02/15/2030 CALLABLE @ 104.375 02/15/2026 | &nbsp;&nbsp; 20250  | &nbsp;&nbsp; 21111  |
| &nbsp;&nbsp; TRANSOCEAN INC 144A 8.250% 05/15/2029 CALLABLE @ 104.125 05/15/2026 | &nbsp;&nbsp; 55000  | &nbsp;&nbsp; 56041  |
| &nbsp;&nbsp; TRANSOCEAN TITAN FINANCING LTD 144A 8.375% 02/01/2028 CALLABLE @ 102.094 02/01/2026 | &nbsp;&nbsp; 13762  | &nbsp;&nbsp; 14040  |
| &nbsp;&nbsp; VALARIS LTD 144A 8.375% 04/30/2030 CALLABLE @ 104.188 04/30/2026 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 26123  |
| &nbsp;&nbsp; VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 7.750% 05/01/2035 CALLABLE @ 100.000 12/01/2034 | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 17842  |
| &nbsp;&nbsp; VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.500% 01/15/2034 CALLABLE @ 100.000 07/15/2033 | &nbsp;&nbsp; 51000  | &nbsp;&nbsp; 52870  |
| &nbsp;&nbsp; VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.125% 12/15/2030 CALLABLE @ 100.000 09/15/2030 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 42200  |
| &nbsp;&nbsp; VENTURE GLOBAL PLAQUEMINES LNG LLC 144A 6.500% 06/15/2034 CALLABLE @ 100.000 12/15/2033 | &nbsp;&nbsp; 28000  | &nbsp;&nbsp; 29000  |
| &nbsp;&nbsp; VENTURE GLOBAL LNG INC 144A 8.125% 06/01/2028 CALLABLE @ 102.031 06/01/2026 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 41996  |
| &nbsp;&nbsp; VENTURE GLOBAL LNG INC 144A 8.375% 06/01/2031 CALLABLE @ 104.188 06/01/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15341  |
| &nbsp;&nbsp; VENTURE GLOBAL LNG INC 144A 9.500% 02/01/2029 CALLABLE @ 100.000 11/01/2028 | &nbsp;&nbsp; 102000  | &nbsp;&nbsp; 108619  |
| &nbsp;&nbsp; VENTURE GLOBAL LNG INC 144A 9.875% 02/01/2032 CALLABLE @ 104.938 02/01/2027 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 105734  |
| &nbsp;&nbsp; EXPAND ENERGY CORP 144A 6.750% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 278000  | &nbsp;&nbsp; 279342  |
| &nbsp;&nbsp; WBI OPERATING LLC 144A 6.250% 10/15/2030 CALLABLE @ 103.125 10/15/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 52390  |
|  |  | &nbsp;&nbsp; 5036975  |
| &nbsp;&nbsp; **Financials (1.3%)** |  |  |
| &nbsp;&nbsp; ASURION LLC AND ASURION CO-ISSUER, INC. 144A 8.000% 12/31/2032 CALLABLE @ 104.000 12/31/2028 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 58457  |
| &nbsp;&nbsp; COINBASE GLOBAL INC 144A 3.375% 10/01/2028 CALLABLE @ 100.000 10/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19095  |
| &nbsp;&nbsp; COINBASE GLOBAL INC 144A 3.625% 10/01/2031 CALLABLE @ 101.813 10/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 17669  |
| &nbsp;&nbsp; ONEMAIN FINANCE CORP 4.000% 09/15/2030 CALLABLE @ 101.333 09/15/2026 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 16877  |
| &nbsp;&nbsp; ONEMAIN FINANCE CORP 3.500% 01/15/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19750  |
| &nbsp;&nbsp; ROCKET MORTGAGE LLC 144A 3.625% 03/01/2029 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 86000  | &nbsp;&nbsp; 83071  |
| &nbsp;&nbsp; ROCKET COS, INC. 144A 6.125% 08/01/2030 CALLABLE @ 103.063 08/01/2027 | &nbsp;&nbsp; 69000  | &nbsp;&nbsp; 70653  |
| &nbsp;&nbsp; ROCKET COS, INC. 144A 6.375% 08/01/2033 CALLABLE @ 103.188 08/01/2028 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 39420  |
| &nbsp;&nbsp; ROCKET COS, INC. 144A 7.125% 02/01/2032 CALLABLE @ 103.563 02/01/2027 | &nbsp;&nbsp; 36000  | &nbsp;&nbsp; 37626  |
| &nbsp;&nbsp; ROCKET MORTGAGE LLC 144A 2.875% 10/15/2026 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 53266  |
| &nbsp;&nbsp; ROCKET MORTGAGE LLC 144A 4.000% 10/15/2033 CALLABLE @ 102.000 10/15/2027 | &nbsp;&nbsp; 9000  | &nbsp;&nbsp; 8265  |
| &nbsp;&nbsp; ONEMAIN FINANCE CORP 6.625% 01/15/2028 CALLABLE @ 100.000 07/15/2027 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24629  |
| &nbsp;&nbsp; SPRINGLEAF FINANCE CORP. 5.375% 11/15/2029 CALLABLE @ 100.000 05/15/2029 | &nbsp;&nbsp; 145000  | &nbsp;&nbsp; 144626  |
| &nbsp;&nbsp; STARWOOD PROPERTY TRUST INC 144A 7.250% 04/01/2029 CALLABLE @ 100.000 10/01/2028 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 17927  |
|  |  | &nbsp;&nbsp; 611331  |
| &nbsp;&nbsp; **Health Care (8.7%)** |  |  |
| &nbsp;&nbsp; AHP HEALTH PARTNERS INC 144A 5.750% 07/15/2029 CALLABLE @ 100.000 07/15/2026 | &nbsp;&nbsp; 69000  | &nbsp;&nbsp; 67223  |
| &nbsp;&nbsp; ACADIA HEALTHCARE CO INC 144A 5.500% 07/01/2028 | &nbsp;&nbsp; 83000  | &nbsp;&nbsp; 82022  |
| &nbsp;&nbsp; ACADIA HEALTHCARE CO., INC. 144A 7.375% 03/15/2033 CALLABLE @ 103.688 03/15/2028 | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 15804  |
| &nbsp;&nbsp; AVANTOR FUNDING INC 144A 4.625% 07/15/2028 | &nbsp;&nbsp; 206000  | &nbsp;&nbsp; 204400  |
| &nbsp;&nbsp; BAUSCH + LOMB CORP 144A 8.375% 10/01/2028 CALLABLE @ 102.094 10/01/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15637  |
| &nbsp;&nbsp; BAUSCH HEALTH COS INC 144A 5.250% 01/30/2030 CALLABLE @ 100.000 01/30/2027 | &nbsp;&nbsp; 146000  | &nbsp;&nbsp; 103842  |
| &nbsp;&nbsp; BAUSCH HEALTH COS INC 144A 6.250% 02/15/2029 CALLABLE @ 100.000 02/15/2026 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 63292  |
| &nbsp;&nbsp; BAUSCH HEALTH COS INC 144A 5.250% 02/15/2031 CALLABLE @ 102.625 02/15/2026 | &nbsp;&nbsp; 36000  | &nbsp;&nbsp; 23580  |
| &nbsp;&nbsp; BAUSCH HEALTH COS INC 144A 5.000% 02/15/2029 CALLABLE @ 100.000 02/15/2026 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 22113  |
| &nbsp;&nbsp; BAUSCH HEALTH COS INC 144A 4.875% 06/01/2028 CALLABLE @ 100.000 06/01/2026 | &nbsp;&nbsp; 301000  | &nbsp;&nbsp; 278420  |
| &nbsp;&nbsp; CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.000% 01/15/2029 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 38895  |
| &nbsp;&nbsp; CHS/COMMUNITY HEALTH SYSTEMS INC 144A 4.750% 02/15/2031 CALLABLE @ 102.375 02/15/2026 | &nbsp;&nbsp; 115000  | &nbsp;&nbsp; 103137  |
| &nbsp;&nbsp; CHS/COMMUNITY HEALTH SYSTEMS INC 144A 6.125% 04/01/2030 CALLABLE @ 101.531 04/01/2026 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 18922  |
| &nbsp;&nbsp; CHS/COMMUNITY HEALTH SYSTEMS INC 144A 5.250% 05/15/2030 CALLABLE @ 101.313 05/15/2026 | &nbsp;&nbsp; 168000  | &nbsp;&nbsp; 158407  |
| &nbsp;&nbsp; CHS/COMMUNITY HEALTH SYSTEMS INC 144A 10.875% 01/15/2032 CALLABLE @ 105.438 02/15/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 55978  |
| &nbsp;&nbsp; CONCENTRA ESCROW ISSUER CORP 144A 6.875% 07/15/2032 CALLABLE @ 103.438 07/15/2027 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 25132  |
| &nbsp;&nbsp; DAVITA INC 144A 4.625% 06/01/2030 CALLABLE @ 101.542 06/01/2026 | &nbsp;&nbsp; 171000  | &nbsp;&nbsp; 164533  |
| &nbsp;&nbsp; DAVITA INC 144A 3.750% 02/15/2031 CALLABLE @ 101.875 02/15/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 100888  |
| &nbsp;&nbsp; DAVITA INC 144A 6.875% 09/01/2032 CALLABLE @ 103.438 09/01/2027 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 39142  |
| &nbsp;&nbsp; ELANCO ANIMAL HEALTH INC 6.650% 08/28/2028 CALLABLE @ 100.000 05/28/2028 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 46876  |
| &nbsp;&nbsp; EMERGENT BIOSOLUTIONS INC 144A 3.875% 08/15/2028 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 24110  |
| &nbsp;&nbsp; ENCOMPASS HEALTH CORP 4.500% 02/01/2028 | &nbsp;&nbsp; 169000  | &nbsp;&nbsp; 168172  |
| &nbsp;&nbsp; ENCOMPASS HEALTH CORP 4.750% 02/01/2030 CALLABLE @ 101.583 02/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19909  |
| &nbsp;&nbsp; ENDO FINANCE HOLDINGS INC 144A 8.500% 04/15/2031 CALLABLE @ 104.250 04/15/2027 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 23276  |
| &nbsp;&nbsp; GLOBAL MEDICAL RESPONSE, INC. 144A 7.375% 10/01/2032 CALLABLE @ 103.688 10/01/2028 | &nbsp;&nbsp; 37000  | &nbsp;&nbsp; 38233  |
| &nbsp;&nbsp; HOLOGIC INC 144A 4.625% 02/01/2028 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 109865  |
| &nbsp;&nbsp; IQVIA INC 144A 5.000% 10/15/2026 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 199936  |
| &nbsp;&nbsp; IQVIA, INC. 144A 6.250% 06/01/2032 CALLABLE @ 103.125 06/01/2028 | &nbsp;&nbsp; 140000  | &nbsp;&nbsp; 145392  |
| &nbsp;&nbsp; MEDLINE BORROWER LP/MEDLINE CO-ISSUER INC 144A 6.250% 04/01/2029 CALLABLE @ 103.125 04/01/2026 | &nbsp;&nbsp; 88000  | &nbsp;&nbsp; 90858  |
| &nbsp;&nbsp; MOLINA HEALTHCARE, INC. 144A 6.500% 02/15/2031 CALLABLE @ 103.250 12/15/2027 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 39963  |
| &nbsp;&nbsp; MEDLINE BORROWER LP 144A 3.875% 04/01/2029 CALLABLE @ 100.000 10/01/2026 | &nbsp;&nbsp; 203000  | &nbsp;&nbsp; 198661  |
| &nbsp;&nbsp; MEDLINE BORROWER LP 144A 5.250% 10/01/2029 CALLABLE @ 100.000 10/01/2026 | &nbsp;&nbsp; 114000  | &nbsp;&nbsp; 114199  |
| &nbsp;&nbsp; ORGANON FINANCE 1 LLC 144A 4.125% 04/30/2028 CALLABLE @ 100.000 04/30/2026 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 196161  |
| &nbsp;&nbsp; OWENS & MINOR INC 144A 4.500% 03/31/2029 CALLABLE @ 100.000 03/31/2026 | &nbsp;&nbsp; 120000  | &nbsp;&nbsp; 78940  |
| &nbsp;&nbsp; OWENS & MINOR INC 144A 6.625% 04/01/2030 CALLABLE @ 101.656 04/01/2026 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 26451  |
| &nbsp;&nbsp; PERRIGO FINANCE UNLIMITED CO 6.125% 09/30/2032 CALLABLE @ 103.063 09/30/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 29505  |
| &nbsp;&nbsp; (4) RADIOLOGY PARTNERS INC 144A 9.781% (9.781% PIK) 02/15/2030 | &nbsp;&nbsp; 54340  | &nbsp;&nbsp; 54340  |
| &nbsp;&nbsp; RADIOLOGY PARTNERS, INC. 144A 8.500% 07/15/2032 CALLABLE @ 104.250 07/15/2028 | &nbsp;&nbsp; 106000  | &nbsp;&nbsp; 111297  |
| &nbsp;&nbsp; SOTERA HEALTH HOLDINGS LLC 144A 7.375% 06/01/2031 CALLABLE @ 103.688 06/01/2027 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 50501  |
| &nbsp;&nbsp; SURGERY CENTER HOLDINGS INC 144A 7.250% 04/15/2032 CALLABLE @ 103.625 04/15/2027 | &nbsp;&nbsp; 85000  | &nbsp;&nbsp; 85392  |
| &nbsp;&nbsp; TENET HEALTHCARE CORP 5.125% 11/01/2027 | &nbsp;&nbsp; 276000  | &nbsp;&nbsp; 276078  |
| &nbsp;&nbsp; TENET HEALTHCARE CORP 6.125% 06/15/2030 CALLABLE @ 101.531 06/15/2026 | &nbsp;&nbsp; 92000  | &nbsp;&nbsp; 93884  |
| &nbsp;&nbsp; TENET HEALTHCARE CORP 6.750% 05/15/2031 CALLABLE @ 103.375 05/15/2026 | &nbsp;&nbsp; 171000  | &nbsp;&nbsp; 177602  |
| &nbsp;&nbsp; BAUSCH HEALTH AMERICAS INC 144A 8.500% 01/31/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 51564  |
| &nbsp;&nbsp; +^(2)ESC RITE AID CORP | &nbsp;&nbsp; 27514  | &nbsp;&nbsp; 0  |
|  |  | &nbsp;&nbsp; 4032532  |
| &nbsp;&nbsp; **Industrials (12.7%)** |  |  |
| &nbsp;&nbsp; ADT SECURITY CORP. 144A 4.125% 08/01/2029 CALLABLE @ 100.000 08/01/2028 | &nbsp;&nbsp; 113000  | &nbsp;&nbsp; 110112  |
| &nbsp;&nbsp; API GROUP DE INC 144A 4.750% 10/15/2029 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 37000  | &nbsp;&nbsp; 36277  |
| &nbsp;&nbsp; API GROUP DE INC 144A 4.125% 07/15/2029 CALLABLE @ 100.000 07/15/2026 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 54460  |
| &nbsp;&nbsp; ATS CORP 144A 4.125% 12/15/2028 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 47817  |
| &nbsp;&nbsp; AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 144A 5.500% 04/20/2026 | &nbsp;&nbsp; 33507  | &nbsp;&nbsp; 33533  |
| &nbsp;&nbsp; AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 144A 5.750% 04/20/2029 | &nbsp;&nbsp; 165000  | &nbsp;&nbsp; 166722  |
| &nbsp;&nbsp; AECOM 144A 6.000% 08/01/2033 CALLABLE @ 103.000 08/01/2028 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 51204  |
| &nbsp;&nbsp; ALLISON TRANSMISSION, INC. 144A 4.750% 10/01/2027 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 31958  |
| &nbsp;&nbsp; ALLISON TRANSMISSION INC 144A 5.875% 06/01/2029 CALLABLE @ 100.979 06/01/2026 | &nbsp;&nbsp; 121000  | &nbsp;&nbsp; 122496  |
| &nbsp;&nbsp; ALLISON TRANSMISSION INC 144A 3.750% 01/30/2031 CALLABLE @ 101.250 01/30/2027 | &nbsp;&nbsp; 105000  | &nbsp;&nbsp; 98965  |
| &nbsp;&nbsp; ALLISON TRANSMISSION, INC. 144A 5.875% 12/01/2033 CALLABLE @ 102.938 12/01/2028 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 17243  |
| &nbsp;&nbsp; ARAMARK SERVICES INC 144A 5.000% 02/01/2028 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; 149913  |
| &nbsp;&nbsp; BWX TECHNOLOGIES INC 144A 4.125% 06/30/2028 | &nbsp;&nbsp; 44000  | &nbsp;&nbsp; 43352  |
| &nbsp;&nbsp; BWX TECHNOLOGIES INC 144A 4.125% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 98000  | &nbsp;&nbsp; 95975  |
| &nbsp;&nbsp; BOMBARDIER INC 144A 8.750% 11/15/2030 CALLABLE @ 104.375 11/15/2026 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 52520  |
| &nbsp;&nbsp; BOMBARDIER INC 144A 7.250% 07/01/2031 CALLABLE @ 103.625 07/01/2027 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 43515  |
| &nbsp;&nbsp; BOMBARDIER INC 144A 7.000% 06/01/2032 CALLABLE @ 103.500 06/01/2027 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 40888  |
| &nbsp;&nbsp; BOMBARDIER, INC. 144A 6.750% 06/15/2033 CALLABLE @ 103.375 06/15/2028 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 26222  |
| &nbsp;&nbsp; BRINK'S CO/THE 144A 6.500% 06/15/2029 CALLABLE @ 103.250 06/15/2026 | &nbsp;&nbsp; 21000  | &nbsp;&nbsp; 21670  |
| &nbsp;&nbsp; CHART INDUSTRIES INC 144A 7.500% 01/01/2030 CALLABLE @ 101.875 01/01/2027 | &nbsp;&nbsp; 109000  | &nbsp;&nbsp; 113409  |
| &nbsp;&nbsp; CHART INDUSTRIES INC 144A 9.500% 01/01/2031 CALLABLE @ 102.375 01/01/2027 | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 12633  |
| &nbsp;&nbsp; CLEAN HARBORS, INC. 144A 6.375% 02/01/2031 CALLABLE @ 103.188 02/01/2026 | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 10239  |
| &nbsp;&nbsp; CLEAN HARBORS, INC. 144A 5.750% 10/15/2033 CALLABLE @ 102.875 10/15/2028 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 40861  |
| &nbsp;&nbsp; CORECIVIC INC 8.250% 04/15/2029 CALLABLE @ 104.125 04/15/2026 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 94260  |
| &nbsp;&nbsp; DYCOM INDUSTRIES, INC. 144A 4.500% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 88581  |
| &nbsp;&nbsp; EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.750% 07/15/2031 CALLABLE @ 103.375 07/15/2027 | &nbsp;&nbsp; 71000  | &nbsp;&nbsp; 74469  |
| &nbsp;&nbsp; EMRLD BORROWER LP / EMERALD CO-ISSUER INC 144A 6.625% 12/15/2030 CALLABLE @ 103.313 06/15/2026 | &nbsp;&nbsp; 225000  | &nbsp;&nbsp; 232883  |
| &nbsp;&nbsp; ENPRO, INC. 144A 6.125% 06/01/2033 CALLABLE @ 103.063 06/01/2028 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20573  |
| &nbsp;&nbsp; EQUIPMENTSHARE.COM INC 144A 9.000% 05/15/2028 CALLABLE @ 104.500 05/15/2026 | &nbsp;&nbsp; 136000  | &nbsp;&nbsp; 142138  |
| &nbsp;&nbsp; EQUIPMENTSHARE.COM INC 144A 8.625% 05/15/2032 CALLABLE @ 104.313 05/15/2027 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 18169  |
| &nbsp;&nbsp; EQUIPMENTSHARE.COM INC 144A 8.000% 03/15/2033 CALLABLE @ 104.000 09/15/2027 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 30595  |
| &nbsp;&nbsp; ESAB CORP 144A 6.250% 04/15/2029 CALLABLE @ 103.125 04/15/2026 | &nbsp;&nbsp; 43000  | &nbsp;&nbsp; 44172  |
| &nbsp;&nbsp; FIRST STUDENT BIDCO INC / FIRST TRANSIT PARENT INC 144A 4.000% 07/31/2029 CALLABLE @ 100.000 07/31/2026 | &nbsp;&nbsp; 102000  | &nbsp;&nbsp; 99347  |
| &nbsp;&nbsp; GEO GROUP INC/THE 8.625% 04/15/2029 CALLABLE @ 104.313 04/15/2026 | &nbsp;&nbsp; 69000  | &nbsp;&nbsp; 72156  |
| &nbsp;&nbsp; GFL ENVIRONMENTAL INC 144A 4.000% 08/01/2028 | &nbsp;&nbsp; 90000  | &nbsp;&nbsp; 88573  |
| &nbsp;&nbsp; GFL ENVIRONMENTAL INC 144A 4.750% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 44708  |
| &nbsp;&nbsp; GFL ENVIRONMENTAL INC 144A 4.375% 08/15/2029 CALLABLE @ 100.000 08/15/2026 | &nbsp;&nbsp; 39000  | &nbsp;&nbsp; 38200  |
| &nbsp;&nbsp; GFL ENVIRONMENTAL INC 144A 6.750% 01/15/2031 CALLABLE @ 103.375 01/15/2027 | &nbsp;&nbsp; 115000  | &nbsp;&nbsp; 120221  |
| &nbsp;&nbsp; GARDA WORLD SECURITY CORP 144A 6.000% 06/01/2029 CALLABLE @ 100.000 06/01/2026 | &nbsp;&nbsp; 59000  | &nbsp;&nbsp; 58057  |
| &nbsp;&nbsp; GARDA WORLD SECURITY CORP 144A 8.250% 08/01/2032 CALLABLE @ 104.125 08/01/2027 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 61306  |
| &nbsp;&nbsp; GARDA WORLD SECURITY CORP 144A 8.375% 11/15/2032 CALLABLE @ 104.188 11/15/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30810  |
| &nbsp;&nbsp; GARDA WORLD SECURITY CORP. 144A 6.500% 01/15/2031 CALLABLE @ 103.250 11/15/2027 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 32834  |
| &nbsp;&nbsp; GATES CORP/DE 144A 6.875% 07/01/2029 CALLABLE @ 103.438 07/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20785  |
| &nbsp;&nbsp; WRANGLER HOLDCO CORP 144A 6.625% 04/01/2032 CALLABLE @ 103.313 04/01/2027 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24974  |
| &nbsp;&nbsp; GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 5.625% 06/01/2029 CALLABLE @ 100.000 06/01/2026 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 80139  |
| &nbsp;&nbsp; GLOBAL INFRASTRUCTURE SOLUTIONS INC 144A 7.500% 04/15/2032 CALLABLE @ 103.750 04/15/2027 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 64261  |
| &nbsp;&nbsp; GOAT HOLDCO LLC 144A 6.750% 02/01/2032 CALLABLE @ 103.375 02/01/2028 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24640  |
| &nbsp;&nbsp; HERC HOLDINGS INC 144A 6.625% 06/15/2029 CALLABLE @ 103.313 06/15/2026 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 49645  |
| &nbsp;&nbsp; HERC HOLDINGS, INC. 144A 7.000% 06/15/2030 CALLABLE @ 103.500 06/15/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 31485  |
| &nbsp;&nbsp; HILLENBRAND INC 6.250% 02/15/2029 CALLABLE @ 103.125 02/15/2026 | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 16149  |
| &nbsp;&nbsp; INSTALLED BUILDING PRODUCTS, INC. 144A 5.625% 02/01/2034 CALLABLE @ 102.813 02/01/2029 | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 19127  |
| &nbsp;&nbsp; JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP 144A 9.875% 09/20/2031 CALLABLE @ 104.938 08/27/2027 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 100521  |
| &nbsp;&nbsp; #LSF12 HELIX PARENT LLC 144A 7.125% 02/01/2033 CALLABLE @ 103.563 02/01/2028 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25107  |
| &nbsp;&nbsp; MADISON IAQ LLC 144A 4.125% 06/30/2028 CALLABLE @ 100.000 06/30/2026 | &nbsp;&nbsp; 241000  | &nbsp;&nbsp; 238046  |
| &nbsp;&nbsp; MADISON IAQ LLC 144A 5.875% 06/30/2029 CALLABLE @ 100.000 06/30/2026 | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; 149820  |
| &nbsp;&nbsp; NESCO HOLDINGS II INC 144A 5.500% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 71000  | &nbsp;&nbsp; 69960  |
| &nbsp;&nbsp; PRIME SECURITY SERVICES BORROWER LLC 144A 3.375% 08/31/2027 CALLABLE @ 100.000 08/31/2026 | &nbsp;&nbsp; 227000  | &nbsp;&nbsp; 222336  |
| &nbsp;&nbsp; ADT SECURITY CORP./THE 144A 4.875% 07/15/2032 | &nbsp;&nbsp; 173000  | &nbsp;&nbsp; 167514  |
| &nbsp;&nbsp; RAVEN ACQUISITION HOLDINGS LLC 144A 6.875% 11/15/2031 CALLABLE @ 103.438 11/15/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 52072  |
| &nbsp;&nbsp; REGAL REXNORD CORP 6.050% 02/15/2026 | &nbsp;&nbsp; 43000  | &nbsp;&nbsp; 43012  |
| &nbsp;&nbsp; REGAL REXNORD CORP 6.400% 04/15/2033 CALLABLE @ 100.000 01/15/2033 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 53455  |
| &nbsp;&nbsp; RESIDEO FUNDING INC 144A 6.500% 07/15/2032 CALLABLE @ 103.250 07/15/2027 | &nbsp;&nbsp; 64000  | &nbsp;&nbsp; 64979  |
| &nbsp;&nbsp; RITCHIE BROS HOLDINGS INC 144A 6.750% 03/15/2028 CALLABLE @ 101.688 03/15/2026 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 17312  |
| &nbsp;&nbsp; RITCHIE BROS HOLDINGS INC 144A 7.750% 03/15/2031 CALLABLE @ 103.875 03/15/2026 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 17722  |
| &nbsp;&nbsp; SENSATA TECHNOLOGIES BV 144A 4.000% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 50000  | &nbsp;&nbsp; 48949  |
| &nbsp;&nbsp; SENSATA TECHNOLOGIES INC 144A 3.750% 02/15/2031 CALLABLE @ 101.875 02/15/2026 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 16869  |
| &nbsp;&nbsp; TEREX CORP 144A 5.000% 05/15/2029 CALLABLE @ 100.000 05/15/2026 | &nbsp;&nbsp; 113000  | &nbsp;&nbsp; 112621  |
| &nbsp;&nbsp; TEREX CORP 144A 6.250% 10/15/2032 CALLABLE @ 103.125 10/15/2027 | &nbsp;&nbsp; 49000  | &nbsp;&nbsp; 50231  |
| &nbsp;&nbsp; TOPBUILD CORP. 144A 5.625% 01/31/2034 CALLABLE @ 102.813 09/30/2028 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 32286  |
| &nbsp;&nbsp; TRANSDIGM INC 144A 6.375% 03/01/2029 CALLABLE @ 103.188 03/01/2026 | &nbsp;&nbsp; 111000  | &nbsp;&nbsp; 114137  |
| &nbsp;&nbsp; TRANSDIGM INC 144A 6.625% 03/01/2032 CALLABLE @ 103.313 03/01/2027 | &nbsp;&nbsp; 64000  | &nbsp;&nbsp; 66172  |
| &nbsp;&nbsp; TRANSDIGM INC 144A 6.250% 01/31/2034 CALLABLE @ 102.000 03/01/2026 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 18600  |
| &nbsp;&nbsp; TRINET GROUP INC 144A 7.125% 08/15/2031 CALLABLE @ 103.563 08/15/2026 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 49392  |
| &nbsp;&nbsp; TRINITY INDUSTRIES, INC. 144A 7.750% 07/15/2028 CALLABLE @ 101.938 07/15/2026 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 61937  |
| &nbsp;&nbsp; UNITED AIRLINES, INC. 144A 4.375% 04/15/2026 | &nbsp;&nbsp; 82000  | &nbsp;&nbsp; 81946  |
| &nbsp;&nbsp; #UNITED AIRLINES HOLDINGS, INC. 5.375% 03/01/2031 CALLABLE @ 100.000 09/01/2030 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 23234  |
| &nbsp;&nbsp; UNITED RENTALS NORTH AMERICA INC 4.875% 01/15/2028 | &nbsp;&nbsp; 154000  | &nbsp;&nbsp; 154029  |
| &nbsp;&nbsp; UNITED RENTALS NORTH AMERICA INC 144A 6.125% 03/15/2034 CALLABLE @ 103.063 03/15/2029 | &nbsp;&nbsp; 76000  | &nbsp;&nbsp; 79118  |
| &nbsp;&nbsp; UNITED RENTALS NORTH AMERICA, INC. 144A 5.375% 11/15/2033 CALLABLE @ 102.688 11/15/2028 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 24980  |
| &nbsp;&nbsp; VISTAJET MALTA FINANCE PLC 144A 9.500% 06/01/2028 CALLABLE @ 102.375 06/01/2026 | &nbsp;&nbsp; 36000  | &nbsp;&nbsp; 37478  |
| &nbsp;&nbsp; WABASH NATIONAL CORP. 144A 4.500% 10/15/2028 CALLABLE @ 100.000 10/15/2026 | &nbsp;&nbsp; 68000  | &nbsp;&nbsp; 63321  |
| &nbsp;&nbsp; WESCO DISTRIBUTION INC 144A 7.250% 06/15/2028 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 210000  | &nbsp;&nbsp; 212501  |
| &nbsp;&nbsp; WESCO DISTRIBUTION INC 144A 6.375% 03/15/2029 CALLABLE @ 103.188 03/15/2026 | &nbsp;&nbsp; 106000  | &nbsp;&nbsp; 109252  |
| &nbsp;&nbsp; WESCO DISTRIBUTION INC 144A 6.625% 03/15/2032 CALLABLE @ 103.313 03/15/2027 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 36569  |
| &nbsp;&nbsp; WESCO DISTRIBUTION, INC. 144A 6.375% 03/15/2033 CALLABLE @ 103.188 03/15/2028 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 28112  |
| &nbsp;&nbsp; WILLIAMS SCOTSMAN INC 144A 6.625% 06/15/2029 CALLABLE @ 103.313 06/15/2026 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24803  |
| &nbsp;&nbsp; WILLIAMS SCOTSMAN, INC. 144A 6.625% 04/15/2030 CALLABLE @ 103.313 04/15/2027 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14505  |
| &nbsp;&nbsp; XPO INC 144A 7.125% 02/01/2032 CALLABLE @ 103.563 02/01/2027 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 36794  |
| &nbsp;&nbsp; +^(1)INCORA, INC. 144A 6.000% 01/31/2033 | &nbsp;&nbsp; 34113  | &nbsp;&nbsp; 14781  |
|  |  | &nbsp;&nbsp; 5879714  |
| &nbsp;&nbsp; **Information Technology (5.9%)** |  |  |
| &nbsp;&nbsp; AHEAD DB HOLDINGS LLC 144A 6.625% 05/01/2028 CALLABLE @ 100.000 05/01/2026 | &nbsp;&nbsp; 112000  | &nbsp;&nbsp; 110919  |
| &nbsp;&nbsp; AMKOR TECHNOLOGY, INC. 144A 5.875% 10/01/2033 CALLABLE @ 102.938 10/01/2028 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30587  |
| &nbsp;&nbsp; CLARIVATE SCIENCE HOLDINGS CORP 144A 3.875% 07/01/2028 CALLABLE @ 100.000 06/30/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 37752  |
| &nbsp;&nbsp; CLARIVATE SCIENCE HOLDINGS CORP 144A 4.875% 07/01/2029 CALLABLE @ 100.000 06/30/2026 | &nbsp;&nbsp; 94000  | &nbsp;&nbsp; 80675  |
| &nbsp;&nbsp; CONDUENT BUSINESS SERVICES LLC 144A 6.000% 11/01/2029 CALLABLE @ 100.000 11/01/2026 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 64744  |
| &nbsp;&nbsp; COREWEAVE, INC. 144A 9.250% 06/01/2030 CALLABLE @ 104.625 06/01/2027 | &nbsp;&nbsp; 62000  | &nbsp;&nbsp; 60985  |
| &nbsp;&nbsp; COREWEAVE, INC. 144A 9.000% 02/01/2031 CALLABLE @ 104.500 02/01/2028 | &nbsp;&nbsp; 80000  | &nbsp;&nbsp; 77501  |
| &nbsp;&nbsp; DIEBOLD NIXDORF INC 144A 7.750% 03/31/2030 CALLABLE @ 103.875 12/18/2026 | &nbsp;&nbsp; 43000  | &nbsp;&nbsp; 45541  |
| &nbsp;&nbsp; ENTEGRIS INC 144A 4.375% 04/15/2028 | &nbsp;&nbsp; 31000  | &nbsp;&nbsp; 30778  |
| &nbsp;&nbsp; ENTEGRIS INC 144A 3.625% 05/01/2029 CALLABLE @ 100.906 05/01/2026 | &nbsp;&nbsp; 87000  | &nbsp;&nbsp; 83845  |
| &nbsp;&nbsp; ENTEGRIS INC 144A 4.750% 04/15/2029 CALLABLE @ 100.000 01/15/2029 | &nbsp;&nbsp; 63000  | &nbsp;&nbsp; 62947  |
| &nbsp;&nbsp; ENTEGRIS INC 144A 5.950% 06/15/2030 CALLABLE @ 101.983 06/15/2026 | &nbsp;&nbsp; 95000  | &nbsp;&nbsp; 96912  |
| &nbsp;&nbsp; FAIR ISAAC CORP. 144A 6.000% 05/15/2033 CALLABLE @ 103.000 05/15/2028 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 32609  |
| &nbsp;&nbsp; FLASH COMPUTE LLC 144A 7.250% 12/31/2030 CALLABLE @ 103.625 12/31/2027 | &nbsp;&nbsp; 37000  | &nbsp;&nbsp; 37134  |
| &nbsp;&nbsp; IMOLA MERGER CORP 144A 4.750% 05/15/2029 CALLABLE @ 100.000 05/15/2026 | &nbsp;&nbsp; 245000  | &nbsp;&nbsp; 241000  |
| &nbsp;&nbsp; INSIGHT ENTERPRISES INC 144A 6.625% 05/15/2032 CALLABLE @ 103.313 05/15/2027 | &nbsp;&nbsp; 21000  | &nbsp;&nbsp; 21497  |
| &nbsp;&nbsp; KIOXIA HOLDINGS CORP. 144A 6.250% 07/24/2030 CALLABLE @ 103.125 07/24/2027 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 206825  |
| &nbsp;&nbsp; ATHENAHEALTH GROUP INC 144A 6.500% 02/15/2030 CALLABLE @ 101.625 02/15/2026 | &nbsp;&nbsp; 120000  | &nbsp;&nbsp; 116396  |
| &nbsp;&nbsp; NCR CORP. 144A 5.125% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 72000  | &nbsp;&nbsp; 70957  |
| &nbsp;&nbsp; NCR ATLEOS CORP 144A 9.500% 04/01/2029 CALLABLE @ 104.750 10/01/2026 | &nbsp;&nbsp; 97000  | &nbsp;&nbsp; 103963  |
| &nbsp;&nbsp; NEPTUNE BIDCO US, INC. 144A 9.290% 04/15/2029 CALLABLE @ 102.323 10/15/2026 | &nbsp;&nbsp; 28000  | &nbsp;&nbsp; 28752  |
| &nbsp;&nbsp; NEPTUNE BIDCO US, INC. 144A 9.500% 02/15/2033 CALLABLE @ 104.750 02/15/2029 | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 38710  |
| &nbsp;&nbsp; ON SEMICONDUCTOR CORP 144A 3.875% 09/01/2028 | &nbsp;&nbsp; 118000  | &nbsp;&nbsp; 115599  |
| &nbsp;&nbsp; RINGCENTRAL INC 144A 8.500% 08/15/2030 CALLABLE @ 104.250 08/15/2026 | &nbsp;&nbsp; 76000  | &nbsp;&nbsp; 79719  |
| &nbsp;&nbsp; SS&C TECHNOLOGIES INC 144A 5.500% 09/30/2027 | &nbsp;&nbsp; 230000  | &nbsp;&nbsp; 229801  |
| &nbsp;&nbsp; SS&C TECHNOLOGIES INC 144A 6.500% 06/01/2032 CALLABLE @ 103.250 06/01/2027 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15486  |
| &nbsp;&nbsp; SCIENCE APPLICATIONS INTERNATIONAL CORP. 144A 5.875% 11/01/2033 CALLABLE @ 102.938 11/01/2028 | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 24189  |
| &nbsp;&nbsp; SEAGATE DATA STORAGE TECHNOLOGY PTE LTD. 144A 8.250% 12/15/2029 CALLABLE @ 104.125 07/15/2026 | &nbsp;&nbsp; 46000  | &nbsp;&nbsp; 48467  |
| &nbsp;&nbsp; SEAGATE DATA STORAGE TECHNOLOGY PTE LTD. 144A 8.500% 07/15/2031 CALLABLE @ 104.250 07/15/2026 | &nbsp;&nbsp; 12000  | &nbsp;&nbsp; 12693  |
| &nbsp;&nbsp; SEAGATE DATA STORAGE TECHNOLOGY PTE LTD 144A 5.750% 12/01/2034 CALLABLE @ 100.000 06/01/2034 | &nbsp;&nbsp; 55000  | &nbsp;&nbsp; 56158  |
| &nbsp;&nbsp; SHIFT4 PAYMENTS LLC 144A 6.750% 08/15/2032 CALLABLE @ 103.375 08/15/2027 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 48976  |
| &nbsp;&nbsp; BLOCK, INC. 6.500% 05/15/2032 CALLABLE @ 103.250 05/15/2027 | &nbsp;&nbsp; 146000  | &nbsp;&nbsp; 151238  |
| &nbsp;&nbsp; BLOCK INC 144A 5.625% 08/15/2030 CALLABLE @ 102.000 03/01/2026 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 22392  |
| &nbsp;&nbsp; BLOCK INC 144A 6.000% 08/15/2033 CALLABLE @ 102.000 03/01/2026 | &nbsp;&nbsp; 33000  | &nbsp;&nbsp; 33698  |
| &nbsp;&nbsp; SYNAPTICS INC 144A 4.000% 06/15/2029 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 38763  |
| &nbsp;&nbsp; COHERENT CORP 144A 5.000% 12/15/2029 CALLABLE @ 100.000 12/15/2026 | &nbsp;&nbsp; 181000  | &nbsp;&nbsp; 180263  |
| &nbsp;&nbsp; XEROX HOLDINGS CORP 144A 8.875% 11/30/2029 CALLABLE @ 104.438 11/30/2026 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 17393  |
|  |  | &nbsp;&nbsp; 2755864  |
| &nbsp;&nbsp; **Materials (7.9%)** |  |  |
| &nbsp;&nbsp; ADVANCED DRAINAGE SYSTEMS INC 144A 5.000% 09/30/2027 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 25966  |
| &nbsp;&nbsp; ATI, INC. 5.875% 12/01/2027 | &nbsp;&nbsp; 66000  | &nbsp;&nbsp; 66113  |
| &nbsp;&nbsp; ATI INC 4.875% 10/01/2029 CALLABLE @ 100.000 10/01/2026 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 44858  |
| &nbsp;&nbsp; ATI INC 5.125% 10/01/2031 CALLABLE @ 102.563 10/01/2026 | &nbsp;&nbsp; 23000  | &nbsp;&nbsp; 23040  |
| &nbsp;&nbsp; ATI INC 7.250% 08/15/2030 CALLABLE @ 103.625 08/15/2026 | &nbsp;&nbsp; 43000  | &nbsp;&nbsp; 45077  |
| &nbsp;&nbsp; AVIENT CORP 144A 7.125% 08/01/2030 CALLABLE @ 101.781 08/01/2026 | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 19543  |
| &nbsp;&nbsp; AXALTA COATING SYSTEMS LLC 144A 4.750% 06/15/2027 | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; 149900  |
| &nbsp;&nbsp; BIG RIVER STEEL LLC / BRS FINANCE CORP 144A 6.625% 01/31/2029 | &nbsp;&nbsp; 91000  | &nbsp;&nbsp; 91840  |
| &nbsp;&nbsp; CVR PARTNERS LP / CVR NITROGEN FINANCE CORP 144A 6.125% 06/15/2028 CALLABLE @ 100.000 06/15/2026 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 51997  |
| &nbsp;&nbsp; CARPENTER TECHNOLOGY CORP. 144A 5.625% 03/01/2034 CALLABLE @ 102.813 03/01/2029 | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 16237  |
| &nbsp;&nbsp; CELANESE US HOLDINGS LLC 7.000% 02/15/2031 CALLABLE @ 103.500 02/15/2028 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 26596  |
| &nbsp;&nbsp; CELANESE US HOLDINGS LLC 7.375% 02/15/2034 CALLABLE @ 103.688 02/15/2029 | &nbsp;&nbsp; 109000  | &nbsp;&nbsp; 111068  |
| &nbsp;&nbsp; CHEMOURS CO/THE 144A 5.750% 11/15/2028 CALLABLE @ 100.000 11/15/2026 | &nbsp;&nbsp; 213000  | &nbsp;&nbsp; 211249  |
| &nbsp;&nbsp; CHEMOURS CO/THE 144A 4.625% 11/15/2029 CALLABLE @ 100.000 11/15/2026 | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 4661  |
| &nbsp;&nbsp; CHEMOURS CO/THE 144A 8.000% 01/15/2033 CALLABLE @ 104.000 01/15/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 35134  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS INC 144A 4.625% 03/01/2029 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 39357  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS INC 144A 4.875% 03/01/2031 CALLABLE @ 102.438 03/01/2026 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 27806  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS INC 144A 6.750% 04/15/2030 CALLABLE @ 103.375 04/15/2026 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 45999  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS, INC. 144A 6.875% 11/01/2029 CALLABLE @ 103.438 11/01/2026 | &nbsp;&nbsp; 59000  | &nbsp;&nbsp; 61315  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS INC 144A 7.500% 09/15/2031 CALLABLE @ 103.750 03/15/2028 | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 30604  |
| &nbsp;&nbsp; CLEVELAND-CLIFFS, INC. 144A 7.625% 01/15/2034 CALLABLE @ 103.813 01/15/2029 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 23044  |
| &nbsp;&nbsp; CLYDESDALE ACQUISITION HOLDINGS, INC. 144A 6.750% 04/15/2032 CALLABLE @ 103.375 04/15/2028 | &nbsp;&nbsp; 47000  | &nbsp;&nbsp; 47278  |
| &nbsp;&nbsp; COMMERCIAL METALS CO. 144A 5.750% 11/15/2033 CALLABLE @ 102.875 11/15/2028 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 40666  |
| &nbsp;&nbsp; COMPASS MINERALS INTERNATIONAL, INC. 144A 8.000% 07/01/2030 CALLABLE @ 104.000 07/01/2027 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 33894  |
| &nbsp;&nbsp; ELEMENT SOLUTIONS INC 144A 3.875% 09/01/2028 | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 97476  |
| &nbsp;&nbsp; INEOS FINANCE PLC 144A 7.500% 04/15/2029 CALLABLE @ 103.750 04/15/2026 | &nbsp;&nbsp; 200000  | &nbsp;&nbsp; 168231  |
| &nbsp;&nbsp; JH NORTH AMERICA HOLDINGS, INC. 144A 5.875% 01/31/2031 CALLABLE @ 102.938 07/31/2027 | &nbsp;&nbsp; 22000  | &nbsp;&nbsp; 22375  |
| &nbsp;&nbsp; JH NORTH AMERICA HOLDINGS, INC. 144A 6.125% 07/31/2032 CALLABLE @ 103.063 07/31/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 35663  |
| &nbsp;&nbsp; KAISER ALUMINUM CORP 144A 4.500% 06/01/2031 CALLABLE @ 102.250 06/01/2026 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 28961  |
| &nbsp;&nbsp; KNIFE RIVER CORP 144A 7.750% 05/01/2031 CALLABLE @ 103.875 05/01/2026 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 62475  |
| &nbsp;&nbsp; (2)(3) LABL INC 144A 8.625% 10/01/2031 CALLABLE @ 104.313 10/01/2027 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 25480  |
| &nbsp;&nbsp; MAUSER PACKAGING SOLUTIONS HOLDING CO. 144A 7.875% 04/15/2030 CALLABLE @ 103.938 06/01/2027 | &nbsp;&nbsp; 306000  | &nbsp;&nbsp; 311738  |
| &nbsp;&nbsp; MAUSER PACKAGING SOLUTIONS HOLDING CO. 144A 9.250% 04/15/2030 CALLABLE @ 104.625 06/01/2027 | &nbsp;&nbsp; 110000  | &nbsp;&nbsp; 108217  |
| &nbsp;&nbsp; NOVA CHEMICALS CORP 144A 5.250% 06/01/2027 CALLABLE @ 100.000 03/03/2027 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 20090  |
| &nbsp;&nbsp; NOVA CHEMICALS CORP 144A 4.250% 05/15/2029 CALLABLE @ 100.000 05/15/2026 | &nbsp;&nbsp; 116000  | &nbsp;&nbsp; 113107  |
| &nbsp;&nbsp; NOVA CHEMICALS CORP 144A 8.500% 11/15/2028 CALLABLE @ 102.125 11/15/2026 | &nbsp;&nbsp; 42000  | &nbsp;&nbsp; 43869  |
| &nbsp;&nbsp; NOVA CHEMICALS CORP 144A 9.000% 02/15/2030 CALLABLE @ 104.500 08/15/2026 | &nbsp;&nbsp; 116000  | &nbsp;&nbsp; 123724  |
| &nbsp;&nbsp; NOVELIS CORP 144A 4.750% 01/30/2030 CALLABLE @ 100.792 01/30/2027 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 43620  |
| &nbsp;&nbsp; NOVELIS INC 144A 6.875% 01/30/2030 CALLABLE @ 103.438 01/30/2027 | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 14509  |
| &nbsp;&nbsp; NOVELIS CORP. 144A 6.375% 08/15/2033 CALLABLE @ 103.188 08/15/2028 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 26483  |
| &nbsp;&nbsp; OWENS-BROCKWAY GLASS CONTAINER INC 144A 6.625% 05/13/2027 | &nbsp;&nbsp; 68000  | &nbsp;&nbsp; 68179  |
| &nbsp;&nbsp; QNITY ELECTRONICS INC 144A 5.750% 08/15/2032 CALLABLE @ 102.875 08/15/2028 | &nbsp;&nbsp; 27000  | &nbsp;&nbsp; 27500  |
| &nbsp;&nbsp; QNITY ELECTRONICS INC 144A 6.250% 08/15/2033 CALLABLE @ 103.125 08/15/2028 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 18576  |
| &nbsp;&nbsp; QUIKRETE HOLDINGS INC 144A 6.375% 03/01/2032 CALLABLE @ 103.188 03/01/2028 | &nbsp;&nbsp; 222000  | &nbsp;&nbsp; 230069  |
| &nbsp;&nbsp; SMYRNA READY MIX CONCRETE LLC 144A 8.875% 11/15/2031 CALLABLE @ 104.438 11/15/2026 | &nbsp;&nbsp; 75000  | &nbsp;&nbsp; 79996  |
| &nbsp;&nbsp; SOLSTICE ADVANCED MATERIALS, INC. 144A 5.625% 09/30/2033 CALLABLE @ 102.813 09/30/2028 | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 60319  |
| &nbsp;&nbsp; STANDARD BUILDING SOLUTIONS INC 144A 6.500% 08/15/2032 CALLABLE @ 103.250 08/15/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 53619  |
| &nbsp;&nbsp; STANDARD BUILDING SOLUTIONS, INC. 144A 6.250% 08/01/2033 CALLABLE @ 103.125 08/01/2028 | &nbsp;&nbsp; 68000  | &nbsp;&nbsp; 69506  |
| &nbsp;&nbsp; STANDARD BUILDING SOLUTIONS, INC. 144A 5.875% 03/15/2034 CALLABLE @ 102.938 03/15/2029 | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 25974  |
| &nbsp;&nbsp; STANDARD INDUSTRIES INC/NY 144A 4.750% 01/15/2028 | &nbsp;&nbsp; 212000  | &nbsp;&nbsp; 210902  |
| &nbsp;&nbsp; TRIMAS CORP 144A 4.125% 04/15/2029 CALLABLE @ 100.000 04/15/2026 | &nbsp;&nbsp; 63000  | &nbsp;&nbsp; 61401  |
| &nbsp;&nbsp; (4) TRINSEO LUXCO FINANCE SPV SARL 144A 7.625% (2.500% PIK) 05/03/2029 CALLABLE @ 100.000 01/17/2027 | &nbsp;&nbsp; 125892  | &nbsp;&nbsp; 3147  |
| &nbsp;&nbsp; UNITED STATES STEEL CORP 6.875% 03/01/2029 CALLABLE @ 100.000 03/01/2026 | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 4009  |
| &nbsp;&nbsp; WR GRACE HOLDINGS LLC 144A 5.625% 08/15/2029 CALLABLE @ 100.000 08/15/2026 | &nbsp;&nbsp; 123000  | &nbsp;&nbsp; 117566  |
| &nbsp;&nbsp; WR GRACE HOLDINGS LLC 144A 4.875% 06/15/2027 | &nbsp;&nbsp; 88000  | &nbsp;&nbsp; 88000  |
| &nbsp;&nbsp; WR GRACE HOLDINGS LLC 144A 6.625% 08/15/2032 CALLABLE @ 103.313 08/15/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 34836  |
| &nbsp;&nbsp; WR GRACE HOLDINGS LLC 144A 7.000% 08/01/2033 CALLABLE @ 103.500 02/01/2029 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 15015  |
|  |  | &nbsp;&nbsp; 3687874  |
| &nbsp;&nbsp; **Real Estate (2.6%)** |  |  |
| &nbsp;&nbsp; IRON MOUNTAIN INC 144A 4.875% 09/15/2027 | &nbsp;&nbsp; 57000  | &nbsp;&nbsp; 56965  |
| &nbsp;&nbsp; IRON MOUNTAIN INC 144A 5.000% 07/15/2028 | &nbsp;&nbsp; 7000  | &nbsp;&nbsp; 6985  |
| &nbsp;&nbsp; IRON MOUNTAIN, INC. 144A 5.250% 07/15/2030 CALLABLE @ 101.750 07/15/2026 | &nbsp;&nbsp; 192000  | &nbsp;&nbsp; 190119  |
| &nbsp;&nbsp; IRON MOUNTAIN INC 144A 6.250% 01/15/2033 CALLABLE @ 103.125 12/06/2027 | &nbsp;&nbsp; 9000  | &nbsp;&nbsp; 9095  |
| &nbsp;&nbsp; KENNEDY-WILSON INC 5.000% 03/01/2031 CALLABLE @ 102.500 03/01/2026 | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 19210  |
| &nbsp;&nbsp; MPT OPERATING PARTNERSHIP LP 144A 8.500% 02/15/2032 CALLABLE @ 104.250 02/15/2028 | &nbsp;&nbsp; 35000  | &nbsp;&nbsp; 37498  |
| &nbsp;&nbsp; MILLROSE PROPERTIES INC 144A 6.375% 08/01/2030 CALLABLE @ 103.188 08/01/2027 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 55119  |
| &nbsp;&nbsp; MILLROSE PROPERTIES, INC. 144A 6.250% 09/15/2032 CALLABLE @ 103.125 09/15/2028 | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 25282  |
| &nbsp;&nbsp; RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 4.750% 10/15/2027 | &nbsp;&nbsp; 190000  | &nbsp;&nbsp; 189842  |
| &nbsp;&nbsp; RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 4.500% 02/15/2029 CALLABLE @ 100.750 02/15/2026 | &nbsp;&nbsp; 159000  | &nbsp;&nbsp; 156706  |
| &nbsp;&nbsp; RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 7.250% 07/15/2028 CALLABLE @ 101.813 07/15/2026 | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 4118  |
| &nbsp;&nbsp; RHP HOTEL PROPERTIES LP / RHP FINANCE CORP 144A 6.500% 04/01/2032 CALLABLE @ 103.250 04/01/2027 | &nbsp;&nbsp; 104000  | &nbsp;&nbsp; 107561  |
| &nbsp;&nbsp; RHP HOTEL PROPERTIES LP / RHP FINANCE CORP. 144A 6.500% 06/15/2033 CALLABLE @ 103.250 06/15/2028 | &nbsp;&nbsp; 11000  | &nbsp;&nbsp; 11403  |
| &nbsp;&nbsp; ANYWHERE REAL ESTATE GROUP LLC 144A 5.250% 04/15/2030 CALLABLE @ 101.313 04/15/2026 | &nbsp;&nbsp; 122000  | &nbsp;&nbsp; 116356  |
| &nbsp;&nbsp; ANYWHERE REAL ESTATE GROUP LLC / REALOGY CO-ISSUER 144A 9.750% 04/15/2030 CALLABLE @ 104.875 04/15/2027 | &nbsp;&nbsp; 44000  | &nbsp;&nbsp; 48021  |
| &nbsp;&nbsp; SBA COMMUNICATIONS CORP 3.125% 02/01/2029 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 58000  | &nbsp;&nbsp; 55376  |
| &nbsp;&nbsp; VICI PROPERTIES LP / VICI NOTE CO INC 144A 4.625% 12/01/2029 CALLABLE @ 100.771 12/01/2026 | &nbsp;&nbsp; 118000  | &nbsp;&nbsp; 118042  |
|  |  | &nbsp;&nbsp; 1207698  |

---

The Integrity Funds \| January 31, 2026

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Utilities (2.6%)** |  |  |
| &nbsp;&nbsp; AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP 144A 9.375% 06/01/2028 CALLABLE @ 102.344 06/01/2026 | &nbsp;&nbsp; 41000  | &nbsp;&nbsp; 42395  |
| &nbsp;&nbsp; AMERIGAS PARTNERS LP / AMERIGAS FINANCE CORP. 144A 9.500% 06/01/2030 CALLABLE @ 104.750 06/01/2027 | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 34311  |
| &nbsp;&nbsp; CALPINE CORP 144A 4.500% 02/15/2028 CALLABLE @ 100.000 02/15/2026 | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 14997  |
| &nbsp;&nbsp; CONSTELLATION ENERGY GENERATION LLC 144A 4.625% 02/01/2029 CALLABLE @ 100.000 02/01/2026 | &nbsp;&nbsp; 54000  | &nbsp;&nbsp; 54003  |
| &nbsp;&nbsp; CONSTELLATION ENERGY GENERATION LLC 144A 5.000% 02/01/2031 CALLABLE @ 101.667 02/01/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30419  |
| &nbsp;&nbsp; NRG ENERGY INC 5.750% 01/15/2028 | &nbsp;&nbsp; 58000  | &nbsp;&nbsp; 58034  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 5.250% 06/15/2029 CALLABLE @ 100.875 06/15/2026 | &nbsp;&nbsp; 94000  | &nbsp;&nbsp; 94273  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 3.375% 02/15/2029 CALLABLE @ 100.000 02/15/2026 | &nbsp;&nbsp; 68000  | &nbsp;&nbsp; 65152  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 3.625% 02/15/2031 CALLABLE @ 101.813 02/15/2026 | &nbsp;&nbsp; 18000  | &nbsp;&nbsp; 16861  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 3.875% 02/15/2032 CALLABLE @ 101.938 02/15/2027 | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 3744  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 7.000% 03/15/2033 CALLABLE @ 100.000 12/15/2032 | &nbsp;&nbsp; 28000  | &nbsp;&nbsp; 30810  |
| &nbsp;&nbsp; NRG ENERGY INC 144A 6.000% 02/01/2033 CALLABLE @ 103.000 11/01/2027 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 57079  |
| &nbsp;&nbsp; NRG ENERGY, INC. 144A 5.750% 01/15/2034 CALLABLE @ 102.875 10/15/2028 | &nbsp;&nbsp; 45000  | &nbsp;&nbsp; 45300  |
| &nbsp;&nbsp; NRG ENERGY, INC. 144A 6.000% 01/15/2036 CALLABLE @ 103.000 10/15/2030 | &nbsp;&nbsp; 48000  | &nbsp;&nbsp; 48502  |
| &nbsp;&nbsp; PG&E CORP 5.000% 07/01/2028 CALLABLE @ 100.000 07/01/2026 | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 39945  |
| &nbsp;&nbsp; SUPERIOR PLUS LP / SUPERIOR GENERAL PARTNER INC 144A 4.500% 03/15/2029 CALLABLE @ 100.750 03/15/2026 | &nbsp;&nbsp; 56000  | &nbsp;&nbsp; 54701  |
| &nbsp;&nbsp; TALEN ENERGY SUPPLY LLC 144A 6.250% 02/01/2034 CALLABLE @ 103.125 10/15/2028 | &nbsp;&nbsp; 134000  | &nbsp;&nbsp; 135707  |
| &nbsp;&nbsp; VISTRA OPERATIONS CO LLC 144A 5.625% 02/15/2027 | &nbsp;&nbsp; 132000  | &nbsp;&nbsp; 132089  |
| &nbsp;&nbsp; VISTRA OPERATIONS CO LLC 144A 5.000% 07/31/2027 | &nbsp;&nbsp; 30000  | &nbsp;&nbsp; 30021  |
| &nbsp;&nbsp; VISTRA OPERATIONS CO. LLC 144A 4.375% 05/01/2029 CALLABLE @ 100.000 05/01/2026 | &nbsp;&nbsp; 17000  | &nbsp;&nbsp; 16789  |
| &nbsp;&nbsp; VISTRA OPERATIONS CO LLC 144A 7.750% 10/15/2031 CALLABLE @ 103.875 10/15/2026 | &nbsp;&nbsp; 85000  | &nbsp;&nbsp; 89935  |
| &nbsp;&nbsp; VISTRA OPERATIONS CO LLC 144A 6.875% 04/15/2032 CALLABLE @ 103.438 04/15/2027 | &nbsp;&nbsp; 42000  | &nbsp;&nbsp; 44131  |
| &nbsp;&nbsp; VOLTAGRID LLC 144A 7.375% 11/01/2030 CALLABLE @ 103.688 11/01/2027 | &nbsp;&nbsp; 52000  | &nbsp;&nbsp; 52650  |
|  |  | &nbsp;&nbsp; 1191848  |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS (COST: $43,671,139)** |  | &nbsp;&nbsp; **43372926**  |
| &nbsp;&nbsp; **COMMON STOCKS (1.2%)** |  |  |
| &nbsp;&nbsp; **Communication Services (0.2%)** | &nbsp;&nbsp; Shares |  |
| &nbsp;&nbsp; (2)CLEAR CHANNEL OUTDOOR HOLDINGS, INC.  | &nbsp;&nbsp; 4640  | &nbsp;&nbsp; 9698  |
| &nbsp;&nbsp; (2)IHEARTMEDIA, INC.  | &nbsp;&nbsp; 1902  | &nbsp;&nbsp; 6162  |
| &nbsp;&nbsp; +^INTELSAT SA/LUXEMBOURG - CVR  | &nbsp;&nbsp; 3888  | &nbsp;&nbsp; 56376  |
|  |  | &nbsp;&nbsp; 72236  |
| &nbsp;&nbsp; **Consumer Discretionary (0.0%)** |  |  |
| &nbsp;&nbsp; +^(2)MYT HOLDING, LLC  | &nbsp;&nbsp; 21320  | &nbsp;&nbsp; 5330  |
| &nbsp;&nbsp; +^(2)NMG ESCROW EQUITY  | &nbsp;&nbsp; 203  | &nbsp;&nbsp; 101  |
|  |  | &nbsp;&nbsp; 5431  |
| &nbsp;&nbsp; **Health Care (0.4%)** |  |  |
| &nbsp;&nbsp; ^(2)ENVISION HEALTHCARE CORP  | &nbsp;&nbsp; 131  | &nbsp;&nbsp; 2022  |
| &nbsp;&nbsp; ^(2)MALLINCKRODT EQUITY  | &nbsp;&nbsp; 1199  | &nbsp;&nbsp; 126106  |
| &nbsp;&nbsp; +^(2)INTERNATIONAL ONCOLOGY CARE INC | &nbsp;&nbsp; 1633  | &nbsp;&nbsp; 25246  |
| &nbsp;&nbsp; ^(2)MNK COMMON STOCK  | &nbsp;&nbsp; 404  | &nbsp;&nbsp; 42491  |
|  |  | &nbsp;&nbsp; 195865  |
| &nbsp;&nbsp; **Industrials (0.1%)** |  |  |
| &nbsp;&nbsp; +^(2)INCORA TOP HOLDCO LLC  | &nbsp;&nbsp; 28  | &nbsp;&nbsp; 758  |
| &nbsp;&nbsp; +^(1)(2)INCORA INTERMEDIATE LLC  | &nbsp;&nbsp; 1553  | &nbsp;&nbsp; 16803  |
|  |  | &nbsp;&nbsp; 17561  |
| &nbsp;&nbsp; **Materials (0.1%)** |  |  |
| &nbsp;&nbsp; +^(2)YEOMAN CAPITAL SA  | &nbsp;&nbsp; 7945  | &nbsp;&nbsp; 62289  |
| &nbsp;&nbsp; +^(2)VENATOR MATERIALS PLC | &nbsp;&nbsp; 12  | &nbsp;&nbsp; 150  |
|  |  | &nbsp;&nbsp; 62439  |
| &nbsp;&nbsp; **Real Estate (0.4%)** |  |  |
| &nbsp;&nbsp; VICI PROPERTIES, INC. | &nbsp;&nbsp; 6754  | &nbsp;&nbsp; 189653  |
|  |  | &nbsp;&nbsp; 189653  |
| &nbsp;&nbsp; **TOTAL COMMON STOCK (COST: $1,344,326)** |  | &nbsp;&nbsp; **543185**  |
| &nbsp;&nbsp; **CONVERTIBLE PREFERRED STOCKS (0.1%)** |  |  |
| &nbsp;&nbsp; **Consumer Discretionary (0.1%)** | &nbsp;&nbsp; Shares |  |
| &nbsp;&nbsp; +^(2)MYT HOLDING, LLC (144A SERIES A) | &nbsp;&nbsp; 53840  | &nbsp;&nbsp; 68215  |
| &nbsp;&nbsp; +^(2)NMG PARENT, LLC  | &nbsp;&nbsp; 37  | &nbsp;&nbsp; 19  |
|  |  | &nbsp;&nbsp; 68234  |
| &nbsp;&nbsp; **Health Care (0.0%)** |  |  |
| &nbsp;&nbsp; +^(2)MALLINCKRODT PLC  | &nbsp;&nbsp; 54631236  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; +^(2)MALLINCKRODT PLC  | &nbsp;&nbsp; 18407856  | &nbsp;&nbsp; 2  |
|  |  | &nbsp;&nbsp; 2  |
| &nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCK (COST: $62,874)** |  | &nbsp;&nbsp; **68236**  |
| &nbsp;&nbsp; **WARRANTS (0.0%)** |  |  |
| &nbsp;&nbsp; **Communication Services (0.0%)** | &nbsp;&nbsp; Shares |  |
| &nbsp;&nbsp; ^(2)ENTERCOM-AUDACY INC SPECIAL WARRANT | &nbsp;&nbsp; 194  | &nbsp;&nbsp; 1091  |
| &nbsp;&nbsp; +^(2)ENTERCOM-AUDACY INC 2ND LIEN A  | &nbsp;&nbsp; 235  | &nbsp;&nbsp; 4  |
| &nbsp;&nbsp; +^(2)ENTERCOM-AUDACY INC 2ND LIEN B | &nbsp;&nbsp; 39  | &nbsp;&nbsp; 1  |
| &nbsp;&nbsp; **TOTAL WARRANTS (COST: $69,113)** |  | &nbsp;&nbsp; **1096**  |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (COST: $45,147,452)** |  | &nbsp;&nbsp; **43985443**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (5.4%)** |  | &nbsp;&nbsp; **2505082**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | &nbsp;&nbsp; **46490525**  |
| &nbsp;&nbsp; (1) All or a portion of the security is considered restricted at January 31, 2026. See Note 2. | &nbsp;&nbsp; (1) All or a portion of the security is considered restricted at January 31, 2026. See Note 2. | &nbsp;&nbsp; (1) All or a portion of the security is considered restricted at January 31, 2026. See Note 2. |
| &nbsp;&nbsp; (2) Non-income producing security. | &nbsp;&nbsp; (2) Non-income producing security. | &nbsp;&nbsp; (2) Non-income producing security. |
| &nbsp;&nbsp; (3) Issue is in default. | &nbsp;&nbsp; (3) Issue is in default. | &nbsp;&nbsp; (3) Issue is in default. |
| &nbsp;&nbsp; (4) Interest or dividend is partial paid-in-kind and partial cash. Rate paid in-kind is shown in parenthesis. | &nbsp;&nbsp; (4) Interest or dividend is partial paid-in-kind and partial cash. Rate paid in-kind is shown in parenthesis. | &nbsp;&nbsp; (4) Interest or dividend is partial paid-in-kind and partial cash. Rate paid in-kind is shown in parenthesis. |
| &nbsp;&nbsp; # When-issued purchase as of January 31, 2026. | &nbsp;&nbsp; # When-issued purchase as of January 31, 2026. | &nbsp;&nbsp; # When-issued purchase as of January 31, 2026. |
| &nbsp;&nbsp; + The level 3 securities were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. Fair value determined in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $250,102 or 0.54% of net assets as of January 31, 2026. See Footnote 3. | &nbsp;&nbsp; + The level 3 securities were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. Fair value determined in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $250,102 or 0.54% of net assets as of January 31, 2026. See Footnote 3. | &nbsp;&nbsp; + The level 3 securities were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. Fair value determined in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $250,102 or 0.54% of net assets as of January 31, 2026. See Footnote 3. |
| &nbsp;&nbsp; ^ Deemed by management to be illiquid security. Total fair value of illiquid securities amount to $421,812 representing 0.91% of net assets as of January 31, 2026. | &nbsp;&nbsp; ^ Deemed by management to be illiquid security. Total fair value of illiquid securities amount to $421,812 representing 0.91% of net assets as of January 31, 2026. | &nbsp;&nbsp; ^ Deemed by management to be illiquid security. Total fair value of illiquid securities amount to $421,812 representing 0.91% of net assets as of January 31, 2026. |
| &nbsp;&nbsp; 144A - Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A Securities amounts to $37,135,746 representing 79.9% of net assets as of January 31, 2026. | &nbsp;&nbsp; 144A - Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A Securities amounts to $37,135,746 representing 79.9% of net assets as of January 31, 2026. | &nbsp;&nbsp; 144A - Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A Securities amounts to $37,135,746 representing 79.9% of net assets as of January 31, 2026. |
| &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

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The Integrity Funds \| January 31, 2026

------

**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity Mid-North American Resources Fund

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Fair** |
|  | &nbsp;&nbsp; **Shares** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (95.5%)** |  |  |
| &nbsp;&nbsp; **Consumer Discretionary (2.2%)** |  |  |
| &nbsp;&nbsp; MURPHY USA INC | &nbsp;&nbsp; 4000  | $&nbsp;&nbsp; 1690040  |
| &nbsp;&nbsp; \*TESLA INC | &nbsp;&nbsp; 4500  | &nbsp;&nbsp; 1936845  |
|  |  | &nbsp;&nbsp; 3626885  |
| &nbsp;&nbsp; **Energy (66.3%)** |  |  |
| &nbsp;&nbsp; \*ANTERO RESOURCES CORP | &nbsp;&nbsp; 120000  | &nbsp;&nbsp; 4364400  |
| &nbsp;&nbsp; ARCHROCK INC | &nbsp;&nbsp; 220000  | &nbsp;&nbsp; 6509800  |
| &nbsp;&nbsp; BAKER HUGHES A GE CO | &nbsp;&nbsp; 130000  | &nbsp;&nbsp; 7285200  |
| &nbsp;&nbsp; CAMECO CORP | &nbsp;&nbsp; 15000  | &nbsp;&nbsp; 1850850  |
| &nbsp;&nbsp; CHENIERE ENERGY INC | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 12691200  |
| &nbsp;&nbsp; EXPAND ENERGY CORP | &nbsp;&nbsp; 38000  | &nbsp;&nbsp; 4271580  |
| &nbsp;&nbsp; CHEVRON CORP | &nbsp;&nbsp; 29000  | &nbsp;&nbsp; 5130100  |
| &nbsp;&nbsp; \*GULFPORT ENERGY CORP | &nbsp;&nbsp; 24000  | &nbsp;&nbsp; 4900080  |
| &nbsp;&nbsp; CONOCOPHILLIPS | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 2084600  |
| &nbsp;&nbsp; DIAMONDBACK ENERGY INC | &nbsp;&nbsp; 13000  | &nbsp;&nbsp; 2131350  |
| &nbsp;&nbsp; EQT CORP | &nbsp;&nbsp; 75000  | &nbsp;&nbsp; 4329750  |
| &nbsp;&nbsp; EXCELERATE ENERGY INC | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 2241000  |
| &nbsp;&nbsp; EXXON MOBIL CORP | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 1414000  |
| &nbsp;&nbsp; KODIAK GAS SERVICES INC | &nbsp;&nbsp; 157000  | &nbsp;&nbsp; 6595570  |
| &nbsp;&nbsp; PERMIAN RESOURCES CORP | &nbsp;&nbsp; 250000  | &nbsp;&nbsp; 4032500  |
| &nbsp;&nbsp; PHILLIPS 66 | &nbsp;&nbsp; 37000  | &nbsp;&nbsp; 5311720  |
| &nbsp;&nbsp; SLB LTD | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 2902800  |
| &nbsp;&nbsp; TARGA RESOURCES CORP | &nbsp;&nbsp; 36000  | &nbsp;&nbsp; 7235280  |
| &nbsp;&nbsp; TC ENERGY CORP | &nbsp;&nbsp; 100000  | &nbsp;&nbsp; 5867000  |
| &nbsp;&nbsp; TENARIS SA ADR | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 1107500  |
| &nbsp;&nbsp; TEXAS PACIFIC LAND CORP | &nbsp;&nbsp; 18900  | &nbsp;&nbsp; 6584004  |
| &nbsp;&nbsp; VALERO ENERGY CORP | &nbsp;&nbsp; 32000  | &nbsp;&nbsp; 5805760  |
| &nbsp;&nbsp; WILLIAMS COS INC/THE | &nbsp;&nbsp; 65000  | &nbsp;&nbsp; 4371900  |
| &nbsp;&nbsp; TECHNIPFMC PLC | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 2228800  |
| &nbsp;&nbsp; \*EXPRO GROUP HOLDINGS NV | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 320200  |
|  |  | &nbsp;&nbsp; 111566944  |
| &nbsp;&nbsp; **Industrials (8.8%)** |  |  |
| &nbsp;&nbsp; \*BLOOM ENERGY CORP | &nbsp;&nbsp; 10000  | &nbsp;&nbsp; 1513700  |
| &nbsp;&nbsp; GE VERNOVA INC | &nbsp;&nbsp; 3000  | &nbsp;&nbsp; 2179110  |
| &nbsp;&nbsp; \*GENERAC HOLDINGS INC | &nbsp;&nbsp; 4000  | &nbsp;&nbsp; 672160  |
| &nbsp;&nbsp; \*NEXTPOWER INC | &nbsp;&nbsp; 19000  | &nbsp;&nbsp; 2224710  |
| &nbsp;&nbsp; PRIMORIS SERVICES CORP | &nbsp;&nbsp; 14000  | &nbsp;&nbsp; 2075500  |
| &nbsp;&nbsp; \*SHOALS TECHNOLOGIES GROUP INC | &nbsp;&nbsp; 130000  | &nbsp;&nbsp; 1227200  |
| &nbsp;&nbsp; VERTIV HOLDINGS CO | &nbsp;&nbsp; 26000  | &nbsp;&nbsp; 4840680  |
|  |  | &nbsp;&nbsp; 14733060  |
| &nbsp;&nbsp; **Information Technology (3.9%)** |  |  |
| &nbsp;&nbsp; BADGER METER INC | &nbsp;&nbsp; 20000  | &nbsp;&nbsp; 2931600  |
| &nbsp;&nbsp; \*FIRST SOLAR INC | &nbsp;&nbsp; 16000  | &nbsp;&nbsp; 3608320  |
|  |  | &nbsp;&nbsp; 6539920  |
| &nbsp;&nbsp; **Real Estate (2.8%)** |  |  |
| &nbsp;&nbsp; LANDBRIDGE CO LLC | &nbsp;&nbsp; 83000  | &nbsp;&nbsp; 4769180  |
|  |  | &nbsp;&nbsp; 4769180  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Utilities (11.5%)** |  |  |
| &nbsp;&nbsp; CONSTELLATION ENERGY CORP | &nbsp;&nbsp; 5000  | &nbsp;&nbsp; 1403400  |
| &nbsp;&nbsp; ENTERGY CORP | &nbsp;&nbsp; 60000  | &nbsp;&nbsp; 5753400  |
| &nbsp;&nbsp; NRG ENERGY INC | &nbsp;&nbsp; 34000  | &nbsp;&nbsp; 5189420  |
| &nbsp;&nbsp; VISTRA CORP | &nbsp;&nbsp; 25000  | &nbsp;&nbsp; 3958750  |
| &nbsp;&nbsp; XCEL ENERGY INC | &nbsp;&nbsp; 40000  | &nbsp;&nbsp; 3042400  |
|  |  | &nbsp;&nbsp; 19347370  |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $120,789,832)** |  | $&nbsp;&nbsp; **160583359**  |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (4.5%)** |  | $&nbsp;&nbsp; **7568108**  |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **168151467**  |
| &nbsp;&nbsp; \*Non-income producing | &nbsp;&nbsp; \*Non-income producing | &nbsp;&nbsp; \*Non-income producing |
| &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company | &nbsp;&nbsp; PLC - Public Limited Company |
| &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt | &nbsp;&nbsp; ADR - American Depositary Receipt |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

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The Integrity Funds \| January 31, 2026

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**Schedule of Investments** - January 31, 2026 *(unaudited)*

Integrity Short Term Government Fund

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal** | &nbsp;&nbsp; **Fair**  |
|  | &nbsp;&nbsp; **Amount** | &nbsp;&nbsp; **Value** |
| &nbsp;&nbsp; **MORTGAGE BACKED SECURITIES (86.4%)** |  |  |
| &nbsp;&nbsp; **Fannie Mae Pools (16.0%)** |  |  |
| &nbsp;&nbsp; (a) FN 47935 4.906% 5/1/2027 (ECOFC 1 Month + 1.254%) | &nbsp;&nbsp; 125 | $&nbsp;&nbsp; 124 |
| &nbsp;&nbsp; FN 252284 6.5% 1/1/2029 | &nbsp;&nbsp; 10865 | &nbsp;&nbsp; 11029 |
| &nbsp;&nbsp; FN 555326 5.5% 4/1/2033 | &nbsp;&nbsp; 34792 | &nbsp;&nbsp; 35531 |
| &nbsp;&nbsp; (a) FN 748375 5.745% 8/1/2033 (RFUCCT 1 Year + 0.995%) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp; FN DA0007 5.5% 9/1/2053 | &nbsp;&nbsp; 130706 | &nbsp;&nbsp; 132786 |
| &nbsp;&nbsp; FN DF1907 5% 10/1/2050 | &nbsp;&nbsp; 994841 | &nbsp;&nbsp; 997187 |
| &nbsp;&nbsp; FN BX3957 6% 1/1/2053 | &nbsp;&nbsp; 23173 | &nbsp;&nbsp; 24085 |
| &nbsp;&nbsp; FN BY1418 4% 11/1/2053 | &nbsp;&nbsp; 300117 | &nbsp;&nbsp; 287646 |
| &nbsp;&nbsp; FN BY3768 6.5% 7/1/2053 | &nbsp;&nbsp; 97328 | &nbsp;&nbsp; 101056 |
| &nbsp;&nbsp; FN CA6065 3% 6/1/2050 | &nbsp;&nbsp; 116773 | &nbsp;&nbsp; 102135 |
| &nbsp;&nbsp; (e) FN CB3606 3.5% 5/1/2052 | &nbsp;&nbsp; 322463 | &nbsp;&nbsp; 298800 |
| &nbsp;&nbsp; FN CB5316 6% 12/1/2052 | &nbsp;&nbsp; 326785 | &nbsp;&nbsp; 336314 |
| &nbsp;&nbsp; FN FS3411 6% 1/1/2053 | &nbsp;&nbsp; 182763 | &nbsp;&nbsp; 188035 |
| &nbsp;&nbsp; FN FS4041 5.5% 3/1/2053 | &nbsp;&nbsp; 446099 | &nbsp;&nbsp; 454622 |
| &nbsp;&nbsp; FN FS4979 5.5% 5/1/2053 | &nbsp;&nbsp; 333028 | &nbsp;&nbsp; 339318 |
| &nbsp;&nbsp; FN FS6931 5.5% 1/1/2053 | &nbsp;&nbsp; 264549 | &nbsp;&nbsp; 269610 |
| &nbsp;&nbsp; FN FS9447 6% 12/1/2053 | &nbsp;&nbsp; 385968 | &nbsp;&nbsp; 397415 |
| &nbsp;&nbsp; FN 888073 5.5% 2/1/2035 | &nbsp;&nbsp; 6448 | &nbsp;&nbsp; 6599 |
| &nbsp;&nbsp; FN MA3067 3.5% 7/1/2047 | &nbsp;&nbsp; 90163 | &nbsp;&nbsp; 82860 |
| &nbsp;&nbsp; FN MA4891 5.5% 12/1/2042 | &nbsp;&nbsp; 155966 | &nbsp;&nbsp; 161112 |
| &nbsp;&nbsp; FN MA4935 6% 2/1/2043 | &nbsp;&nbsp; 110470 | &nbsp;&nbsp; 113535 |
| &nbsp;&nbsp; FN MA5031 7% 4/1/2053 | &nbsp;&nbsp; 62981 | &nbsp;&nbsp; 64976 |
| &nbsp;&nbsp; FN MA5107 5.5% 8/1/2053 | &nbsp;&nbsp; 190411 | &nbsp;&nbsp; 193658 |
| &nbsp;&nbsp; FN MA5236 4% 12/1/2053 | &nbsp;&nbsp; 404309 | &nbsp;&nbsp; 386673 |
| &nbsp;&nbsp; FN MA5552 5% 12/1/2054 | &nbsp;&nbsp; 275835 | &nbsp;&nbsp; 275902 |
| &nbsp;&nbsp; FN MA5530 5% 11/1/2054 | &nbsp;&nbsp; 774941 | &nbsp;&nbsp; 775169 |
| &nbsp;&nbsp; FN MA5585 5% 1/1/2055 | &nbsp;&nbsp; 394789 | &nbsp;&nbsp; 394856 |
|  |  | &nbsp;&nbsp; 6431199 |
| &nbsp;&nbsp; **Fannie Mae Real Estate Mortgage Investment Conduits (5.0%)** |  |  |
| &nbsp;&nbsp; FNR 2023-14 E 6% 6/25/2048 | &nbsp;&nbsp; 154425 | &nbsp;&nbsp; 156765 |
| &nbsp;&nbsp; FNR 2024-24 AB 5.5% 8/25/2050 | &nbsp;&nbsp; 69301 | &nbsp;&nbsp; 69804 |
| &nbsp;&nbsp; FNR 2025-4 D 5.5% 7/25/2052 | &nbsp;&nbsp; 182461 | &nbsp;&nbsp; 184060 |
| &nbsp;&nbsp; (a) FNR 2025-2 FD 5.69728% 2/25/2055 (SOFR 30 Day Average + 2.000%) | &nbsp;&nbsp; 205295 | &nbsp;&nbsp; 209299 |
| &nbsp;&nbsp; FNR 2025-70 GD 5% 7/25/2055 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 649381 |
| &nbsp;&nbsp; (a) FNR 2006-33 CF 4.11176% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.300%) | &nbsp;&nbsp; 244519 | &nbsp;&nbsp; 243093 |
| &nbsp;&nbsp; (a) FNR 2007-54 EF 4.15176% 6/25/2037 ((SOFR 30 Day Average + 0.11448%) + 0.340%) | &nbsp;&nbsp; 155518 | &nbsp;&nbsp; 155079 |
| &nbsp;&nbsp; (a) FNR 2009-46 FB 4.51176% 6/25/2039 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | &nbsp;&nbsp; 284737 | &nbsp;&nbsp; 286457 |
| &nbsp;&nbsp; (a) FNR 2010-35 KF 4.31176% 4/25/2040 ((SOFR 30 Day Average + 0.11448%) + 0.500%) | &nbsp;&nbsp; 37475 | &nbsp;&nbsp; 37471 |
|  |  | &nbsp;&nbsp; 1991409 |
| &nbsp;&nbsp; **Fannie Mae Alternative Credit Enhancement Securities (2.8%)** |  |  |
| &nbsp;&nbsp; (b)(c) FNA 2019-M23 X2 0.26093% 2/25/2031 | &nbsp;&nbsp; 26034782 | &nbsp;&nbsp; 167716 |
| &nbsp;&nbsp; (b)(c) FNA 2019-M32 X2 1.1179% 10/25/2029 | &nbsp;&nbsp; 3961119 | &nbsp;&nbsp; 117562 |
| &nbsp;&nbsp; (b)(c) FNA 2020-M10 X6 1.37731% 8/25/2028 | &nbsp;&nbsp; 3272376 | &nbsp;&nbsp; 91327 |
| &nbsp;&nbsp; (b)(c) FNA 2020-M17 X1 1.37788% 1/25/2028 | &nbsp;&nbsp; 14669522 | &nbsp;&nbsp; 227093 |
| &nbsp;&nbsp; (b)(c) FNA 2020-M27 X 0.81148% 5/25/2050 | &nbsp;&nbsp; 4117536 | &nbsp;&nbsp; 155709 |
| &nbsp;&nbsp; (b)(c) FNA 2020-M43 X1 1.864335% 8/25/2034 | &nbsp;&nbsp; 2675858 | &nbsp;&nbsp; 141295 |
| &nbsp;&nbsp; (b)(c) FNA 2025-M4 X 0.52886% 8/25/2035 | &nbsp;&nbsp; 4995007 | &nbsp;&nbsp; 214207 |
|  |  | &nbsp;&nbsp; 1114909 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Freddie Mac Pools (17.6%)** |  |  |
| &nbsp;&nbsp; FR SD2578 6% 3/1/2053 | &nbsp;&nbsp; 211004 | &nbsp;&nbsp; 219244 |
| &nbsp;&nbsp; FR SD3475 5.5% 8/1/2053 | &nbsp;&nbsp; 404336 | &nbsp;&nbsp; 415114 |
| &nbsp;&nbsp; FR SD3518 5.5% 7/1/2053 | &nbsp;&nbsp; 239150 | &nbsp;&nbsp; 243501 |
| &nbsp;&nbsp; FR SD3553 6% 7/1/2053 | &nbsp;&nbsp; 294465 | &nbsp;&nbsp; 303534 |
| &nbsp;&nbsp; FR SD6265 5.5% 6/1/2054 | &nbsp;&nbsp; 370814 | &nbsp;&nbsp; 376189 |
| &nbsp;&nbsp; FR SD6337 6% 9/1/2054 | &nbsp;&nbsp; 264284 | &nbsp;&nbsp; 274784 |
| &nbsp;&nbsp; FR SD8300 5.5% 2/1/2053 | &nbsp;&nbsp; 316199 | &nbsp;&nbsp; 321799 |
| &nbsp;&nbsp; FR SD8316 5.5% 4/1/2053 | &nbsp;&nbsp; 126477 | &nbsp;&nbsp; 128580 |
| &nbsp;&nbsp; FR SD8446 5.5% 7/1/2054 | &nbsp;&nbsp; 130516 | &nbsp;&nbsp; 132408 |
| &nbsp;&nbsp; FR SD8452 5% 8/1/2054 | &nbsp;&nbsp; 897414 | &nbsp;&nbsp; 897770 |
| &nbsp;&nbsp; FR SD8474 5% 11/1/2054 | &nbsp;&nbsp; 745159 | &nbsp;&nbsp; 745379 |
| &nbsp;&nbsp; FR SD8491 5% 12/1/2054 | &nbsp;&nbsp; 319539 | &nbsp;&nbsp; 319593 |
| &nbsp;&nbsp; FR QF7098 5.5% 2/1/2053 | &nbsp;&nbsp; 432026 | &nbsp;&nbsp; 439386 |
| &nbsp;&nbsp; FR QF6560 5.5% 1/1/2053 | &nbsp;&nbsp; 329287 | &nbsp;&nbsp; 338004 |
| &nbsp;&nbsp; FR QF8450 6% 3/1/2053 | &nbsp;&nbsp; 74262 | &nbsp;&nbsp; 76215 |
| &nbsp;&nbsp; FR QU8138 6% 9/1/2053 | &nbsp;&nbsp; 280107 | &nbsp;&nbsp; 284649 |
| &nbsp;&nbsp; FR RA6212 4% 10/1/2051 | &nbsp;&nbsp; 245441 | &nbsp;&nbsp; 236045 |
| &nbsp;&nbsp; FR RB5221 6% 2/1/2043 | &nbsp;&nbsp; 238874 | &nbsp;&nbsp; 245501 |
| &nbsp;&nbsp; FR SL2038 5% 11/1/2054 | &nbsp;&nbsp; 342765 | &nbsp;&nbsp; 342892 |
| &nbsp;&nbsp; FR SL3546 5.5% 12/1/2050 | &nbsp;&nbsp; 693126 | &nbsp;&nbsp; 704241 |
|  |  | &nbsp;&nbsp; 7044828 |
| &nbsp;&nbsp; **Freddie Mac Gold Pools (0.4%)** |  |  |
| &nbsp;&nbsp; FG G01584 5% 8/1/2033 | &nbsp;&nbsp; 17022 | &nbsp;&nbsp; 17296 |
| &nbsp;&nbsp; FG NB0014 3.5% 4/1/2049 | &nbsp;&nbsp; 141238 | &nbsp;&nbsp; 133325 |
| &nbsp;&nbsp; FG H09207 6.5% 8/1/2038 | &nbsp;&nbsp; 7624 | &nbsp;&nbsp; 7824 |
|  |  | &nbsp;&nbsp; 158445 |
| &nbsp;&nbsp; **Freddie Mac Multifamily Structured Pass Through Certificates (3.2%)** |  |  |
| &nbsp;&nbsp; (b) FHMS Q004 A2H 5.941079% 1/25/2046 | &nbsp;&nbsp; 53846 | &nbsp;&nbsp; 53650 |
| &nbsp;&nbsp; (b)(c) FHMS K078 XAM 0.010719% 6/25/2028 | &nbsp;&nbsp; 33580000 | &nbsp;&nbsp; 58587 |
| &nbsp;&nbsp; (b) FHMS Q007 APT1 6.386906% 10/25/2047 | &nbsp;&nbsp; 13679 | &nbsp;&nbsp; 13683 |
| &nbsp;&nbsp; (b)(c) FHMS K736 X1 1.259269% 7/25/2026 | &nbsp;&nbsp; 5130246 | &nbsp;&nbsp; 14282 |
| &nbsp;&nbsp; (b)(c) FHMS K738 X1 1.475797% 1/25/2027 | &nbsp;&nbsp; 1724205 | &nbsp;&nbsp; 17414 |
| &nbsp;&nbsp; (b)(c) FHMS K115 X1 1.311637% 6/25/2030 | &nbsp;&nbsp; 1370984 | &nbsp;&nbsp; 66478 |
| &nbsp;&nbsp; (b)(c) FHMS Q016 XPT1 0.981% 5/25/2026 | &nbsp;&nbsp; 2929609 | &nbsp;&nbsp; 6917 |
| &nbsp;&nbsp; (b)(c) FHMS K507 X1 0.086169% 9/25/2028 | &nbsp;&nbsp; 31794824 | &nbsp;&nbsp; 112649 |
| &nbsp;&nbsp; (b)(c) FHMS K514 X1 0.963406% 12/25/2028 | &nbsp;&nbsp; 3784972 | &nbsp;&nbsp; 95070 |
| &nbsp;&nbsp; (b)(c) FHMS KS16 X 1.18235% 1/25/2032 | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp; 344397 |
| &nbsp;&nbsp; (b)(c) FHMS Q037 X 0.587614% 12/25/2030 | &nbsp;&nbsp; 19980420 | &nbsp;&nbsp; 510753 |
|  |  | &nbsp;&nbsp; 1293880 |
| &nbsp;&nbsp; **Freddie Mac Non Gold Pools (1.1)** |  |  |
| &nbsp;&nbsp; (a) FH 841824 5.713% 10/1/2054 (SOFR 30 Day Average + 2.227%)  | &nbsp;&nbsp; 442110 | &nbsp;&nbsp; 451270 |
|  |  | &nbsp;&nbsp; 451270 |
| &nbsp;&nbsp; **Freddie Mac Real Estate Mortgage Investment Conduits (6.8%)** |  |  |
| &nbsp;&nbsp; FHR 2344 ZD 6.5% 8/15/2031 | &nbsp;&nbsp; 3896 | &nbsp;&nbsp; 4066 |
| &nbsp;&nbsp; (a) FHR 3843 F 4.15183% 4/15/2041 ((SOFR 30 Day Average + 0.11448%) + 0.330%) | &nbsp;&nbsp; 159457 | &nbsp;&nbsp; 158830 |
| &nbsp;&nbsp; (a) FHR 4238 FD 4.12183% 2/15/2042 ((SOFR 30 Day Average + 0.11448%) + 0.300%) | &nbsp;&nbsp; 170147 | &nbsp;&nbsp; 169875 |
| &nbsp;&nbsp; (a) FHR 5080 BF 3% 12/25/2049 (SOFR 30 Day Average + 0.250%)  | &nbsp;&nbsp; 499756 | &nbsp;&nbsp; 434188 |
| &nbsp;&nbsp; FHR 5420 KB 6% 4/25/2050 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513513 |
| &nbsp;&nbsp; FHR 5423 A 5% 11/25/2050 | &nbsp;&nbsp; 61003 | &nbsp;&nbsp; 61034 |
| &nbsp;&nbsp; FHR 5474 CB 5% 8/25/2051 | &nbsp;&nbsp; 895845 | &nbsp;&nbsp; 898004 |
| &nbsp;&nbsp; (a) FHR 2801 FG 4.27183% 7/15/2032 ((SOFR 30 Day Average + 0.11448%) + 0.450%) | &nbsp;&nbsp; 254357 | &nbsp;&nbsp; 254070 |
| &nbsp;&nbsp; (a) FHR 3117 TA 4.82183% 2/15/2036 ((SOFR 30 Day Average + 0.11448%) + 1.000%) | &nbsp;&nbsp; 241888 | &nbsp;&nbsp; 233401 |
|  |  | &nbsp;&nbsp; 2726981 |
| &nbsp;&nbsp; **Freddie Mac Small Balance Loan Mortgage Trusts (0.3%)** |  |  |
| &nbsp;&nbsp; (a) FRESB 2016-SB13 A5H 4.60107% 1/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | &nbsp;&nbsp; 60108 | &nbsp;&nbsp; 59747 |
| &nbsp;&nbsp; (a) FRESB 2016-SB16 A5H 4.60107% 5/25/2036 ((SOFR 30 Day Average + 0.11448%) + 0.700%) | &nbsp;&nbsp; 46974 | &nbsp;&nbsp; 46630 |
|  |  | &nbsp;&nbsp; 106377 |

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The Integrity Funds \| January 31, 2026

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Ginnie Mae II Pools (9.0%)** |  |  |
| &nbsp;&nbsp; G2 MA8681 6.5% 1/20/2053 | &nbsp;&nbsp; 258119 | &nbsp;&nbsp; 263985 |
| &nbsp;&nbsp; G2 MA9896 7% 9/20/2054 | &nbsp;&nbsp; 106502 | &nbsp;&nbsp; 108184 |
| &nbsp;&nbsp; G2 MA9174 7% 9/20/2053 | &nbsp;&nbsp; 37732 | &nbsp;&nbsp; 38951 |
| &nbsp;&nbsp; G2 MA9478 7% 2/20/2054 | &nbsp;&nbsp; 73962 | &nbsp;&nbsp; 75307 |
| &nbsp;&nbsp; (a) G2 MB0885 5.5% 1/20/2056 (H15T 1 Year + 1.500%) | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 794934 |
| &nbsp;&nbsp; G2 MB0194 6.5% 2/20/2055 | &nbsp;&nbsp; 399886 | &nbsp;&nbsp; 408975 |
| &nbsp;&nbsp; G2 MB0195 7% 2/20/2055 | &nbsp;&nbsp; 248753 | &nbsp;&nbsp; 252547 |
| &nbsp;&nbsp; G2 MB0249 7% 2/20/2055 | &nbsp;&nbsp; 496205 | &nbsp;&nbsp; 503849 |
| &nbsp;&nbsp; G2 MB0298 7% 4/20/2055 | &nbsp;&nbsp; 297929 | &nbsp;&nbsp; 302933 |
| &nbsp;&nbsp; (a) G2 MB0435 5.5% 6/20/2055 (H15T 1 Year + 1.500%) | &nbsp;&nbsp; 297821 | &nbsp;&nbsp; 301996 |
| &nbsp;&nbsp; G2 MB0474 6.5% 7/20/2055 | &nbsp;&nbsp; 287187 | &nbsp;&nbsp; 292679 |
| &nbsp;&nbsp; G2 MB0475 7% 7/20/2055 | &nbsp;&nbsp; 248872 | &nbsp;&nbsp; 253548 |
|  |  | &nbsp;&nbsp; 3597888 |
| &nbsp;&nbsp; **Government National Mortgage Association (24.1%)** |  |  |
| &nbsp;&nbsp; (a) GNR 2015-H27 FA 4.69919% 9/20/2065 ((TSFR 1 Month Average + 0.11448%) + 0.750%) | &nbsp;&nbsp; 58148 | &nbsp;&nbsp; 58318 |
| &nbsp;&nbsp; (b)(c) GNR 2013-15 IO 0.63828% 8/16/2051 | &nbsp;&nbsp; 989369 | &nbsp;&nbsp; 21911 |
| &nbsp;&nbsp; (b)(c) GNR 2013-33 IO 0.15321% 4/16/2054 | &nbsp;&nbsp; 4814232 | &nbsp;&nbsp; 8737 |
| &nbsp;&nbsp; (b)(c) GNR 2014-73 IO 0.37587% 4/16/2056 | &nbsp;&nbsp; 2371062 | &nbsp;&nbsp; 26465 |
| &nbsp;&nbsp; (b)(c) GNR 2014-16 IO 0.39374% 6/16/2055 | &nbsp;&nbsp; 11538100 | &nbsp;&nbsp; 174033 |
| &nbsp;&nbsp; (b)(c) GNR 2015-130 IO 0.67606% 7/16/2057 | &nbsp;&nbsp; 1267039 | &nbsp;&nbsp; 42105 |
| &nbsp;&nbsp; (b)(c) GNR 2017-127 IO 0.5442% 2/16/2059 | &nbsp;&nbsp; 4363600 | &nbsp;&nbsp; 149310 |
| &nbsp;&nbsp; (b)(c) GNR 2017-143 IO 0.47865% 1/16/2059 | &nbsp;&nbsp; 2358424 | &nbsp;&nbsp; 60767 |
| &nbsp;&nbsp; (b)(c) GNR 2017-76 IO 0.74332% 12/16/2056 | &nbsp;&nbsp; 1350192 | &nbsp;&nbsp; 60976 |
| &nbsp;&nbsp; (b)(c) GNR 2017-28 IO 0.64647% 2/16/2057 | &nbsp;&nbsp; 1392044 | &nbsp;&nbsp; 48382 |
| &nbsp;&nbsp; (b)(c) GNR 2016-52 IO 0.73533% 3/16/2058 | &nbsp;&nbsp; 3427299 | &nbsp;&nbsp; 123274 |
| &nbsp;&nbsp; (b)(c) GNR 2016-158 IO 0.74186% 6/16/2058 | &nbsp;&nbsp; 1987570 | &nbsp;&nbsp; 68577 |
| &nbsp;&nbsp; (b)(c) GNR 2016-94 IO 0.74397% 12/16/2057 | &nbsp;&nbsp; 4745533 | &nbsp;&nbsp; 143480 |
| &nbsp;&nbsp; (b)(c) GNR 2018-2 IO 0.703% 12/16/2059 | &nbsp;&nbsp; 3289896 | &nbsp;&nbsp; 138653 |
| &nbsp;&nbsp; (b)(c) GNR 2018-74 IO 0.29575% 3/16/2060 | &nbsp;&nbsp; 4731460 | &nbsp;&nbsp; 81181 |
| &nbsp;&nbsp; (b)(c) GNR 2019-53 IA 0.74976% 6/16/2061 | &nbsp;&nbsp; 2917006 | &nbsp;&nbsp; 143980 |
| &nbsp;&nbsp; (b)(c) GNR 2019-7 IO 0.90403% 1/16/2061 | &nbsp;&nbsp; 5247512 | &nbsp;&nbsp; 342213 |
| &nbsp;&nbsp; (b)(c) GNR 2018-108 IA 0.68062% 8/16/2060 | &nbsp;&nbsp; 856999 | &nbsp;&nbsp; 49748 |
| &nbsp;&nbsp; (b)(c) GNR 2018-119 IO 0.68334% 5/16/2060 | &nbsp;&nbsp; 633052 | &nbsp;&nbsp; 35017 |
| &nbsp;&nbsp; (b)(c) GNR 2018-140 IO 0.67421% 7/16/2060 | &nbsp;&nbsp; 3053989 | &nbsp;&nbsp; 168254 |
| &nbsp;&nbsp; (b)(c) GNR 2020-40 IO 0.87512% 1/16/2062 | &nbsp;&nbsp; 5882950 | &nbsp;&nbsp; 344008 |
| &nbsp;&nbsp; (b)(c) GNR 2019-75 IO 0.85225% 12/16/2060 | &nbsp;&nbsp; 2757477 | &nbsp;&nbsp; 161561 |
| &nbsp;&nbsp; (b)(c) GNR 2020-132 IO 0.85087% 9/16/2062 | &nbsp;&nbsp; 1385637 | &nbsp;&nbsp; 86378 |
| &nbsp;&nbsp; (b)(c) GNR 2020-87 AI 1.87092% 5/16/2060 | &nbsp;&nbsp; 741605 | &nbsp;&nbsp; 88244 |
| &nbsp;&nbsp; (b)(c) GNR 2020-121 IO 0.87776% 8/16/2060 | &nbsp;&nbsp; 4017410 | &nbsp;&nbsp; 249360 |
| &nbsp;&nbsp; (b)(c) GNR 2021-H11 IY 0.18263% 7/20/2071 | &nbsp;&nbsp; 2507196 | &nbsp;&nbsp; 74721 |
| &nbsp;&nbsp; (b)(c) GNR 2020-H19 SI 1.31992% 10/20/2070 | &nbsp;&nbsp; 481847 | &nbsp;&nbsp; 10635 |
| &nbsp;&nbsp; (b)(c) GNR 2021-H06 YI 0.82223% 4/20/2071 | &nbsp;&nbsp; 1622015 | &nbsp;&nbsp; 95232 |
| &nbsp;&nbsp; (a) GNR 2021-H08 VF 4.903% 4/20/2071 (SOFR 30 Day Average + 1.200%) | &nbsp;&nbsp; 196433 | &nbsp;&nbsp; 199535 |
| &nbsp;&nbsp; (b)(c) GNR 2021-63 IO 0.81554% 4/16/2061 | &nbsp;&nbsp; 4005329 | &nbsp;&nbsp; 239167 |
| &nbsp;&nbsp; (b)(c) GNR 2021-68 IO 0.87746% 10/16/2062 | &nbsp;&nbsp; 1517015 | &nbsp;&nbsp; 95059 |
| &nbsp;&nbsp; (b)(c) GNR 2021-47 IO 0.99235% 3/16/2061 | &nbsp;&nbsp; 1038333 | &nbsp;&nbsp; 68672 |
| &nbsp;&nbsp; (b)(c) GNR 2020-168 IA 0.97429% 12/16/2062 | &nbsp;&nbsp; 6319369 | &nbsp;&nbsp; 449484 |
| &nbsp;&nbsp; (b)(c) GNR 2020-177 IO 0.82176% 6/16/2062 | &nbsp;&nbsp; 1554799 | &nbsp;&nbsp; 91317 |
| &nbsp;&nbsp; (b)(c) GNR 2021-52 IO 0.72217% 4/16/2063 | &nbsp;&nbsp; 2317388 | &nbsp;&nbsp; 124632 |
| &nbsp;&nbsp; (b)(c) GNR 2020-190 IO 1.05093% 11/16/2062 | &nbsp;&nbsp; 1705803 | &nbsp;&nbsp; 130214 |
| &nbsp;&nbsp; (b)(c) GNR 2021-51 IO 1.01822% 10/16/2062 | &nbsp;&nbsp; 1991651 | &nbsp;&nbsp; 142351 |
| &nbsp;&nbsp; (b)(c) GNR 2021-10 IO 0.9866% 5/16/2063 | &nbsp;&nbsp; 1300347 | &nbsp;&nbsp; 99132 |
| &nbsp;&nbsp; (b)(c) GNR 2021-14 IO 1.33183% 6/16/2063 | &nbsp;&nbsp; 2543366 | &nbsp;&nbsp; 232209 |
| &nbsp;&nbsp; (b)(c) GNR 2021-71 IO 0.86407% 10/16/2062 | &nbsp;&nbsp; 4730714 | &nbsp;&nbsp; 297997 |
| &nbsp;&nbsp; (b)(c) GNR 2021-31 IO 0.9402% 1/16/2061 | &nbsp;&nbsp; 2153970 | &nbsp;&nbsp; 149846 |
| &nbsp;&nbsp; (b)(c) GNR 2021-37 IO 0.7984% 1/16/2061 | &nbsp;&nbsp; 1599910 | &nbsp;&nbsp; 94354 |
| &nbsp;&nbsp; (b)(c) GNR 2021-36 IO 1.28747% 3/16/2063 | &nbsp;&nbsp; 1808987 | &nbsp;&nbsp; 147776 |
| &nbsp;&nbsp; (b)(c) GNR 2021-171 IO 0.99315% 8/16/2061 | &nbsp;&nbsp; 1456099 | &nbsp;&nbsp; 96589 |
| &nbsp;&nbsp; (b)(c) GNR 2021-150 IO 1.04344% 11/16/2063 | &nbsp;&nbsp; 956735 | &nbsp;&nbsp; 71744 |
| &nbsp;&nbsp; (b)(c) GNR 2021-110 IO 0.87564% 11/16/2063 | &nbsp;&nbsp; 4383430 | &nbsp;&nbsp; 292289 |
| &nbsp;&nbsp; (b)(c) GNR 2021-124 IO 0.98903% 10/16/2062 | &nbsp;&nbsp; 2172466 | &nbsp;&nbsp; 144393 |
| &nbsp;&nbsp; (b)(c) GNR 2021-195 IX 1.20503% 8/16/2063 | &nbsp;&nbsp; 7090656 | &nbsp;&nbsp; 636803 |
| &nbsp;&nbsp; (b)(c) GNR 2021-198 IO 0.8096% 11/16/2061 | &nbsp;&nbsp; 4234398 | &nbsp;&nbsp; 241638 |
| &nbsp;&nbsp; (b)(c) GNR 2021-208 IO 0.75729% 6/16/2064 | &nbsp;&nbsp; 3678188 | &nbsp;&nbsp; 196021 |
| &nbsp;&nbsp; (b)(c) GNR 2023-161 IO 1.12408% 7/16/2065 | &nbsp;&nbsp; 1721013 | &nbsp;&nbsp; 151700 |
| &nbsp;&nbsp; (b)(c) GNR 2024-67 EI 0.65806% 10/16/2065 | &nbsp;&nbsp; 1900122 | &nbsp;&nbsp; 107641 |
| &nbsp;&nbsp; (b)(c) GNR 2025-31 IO 0.57548% 8/16/2067 | &nbsp;&nbsp; 8432461 | &nbsp;&nbsp; 534230 |
| &nbsp;&nbsp; (b)(c) GNR 2024-161 IO 0.73955% 6/16/2064 | &nbsp;&nbsp; 1741299 | &nbsp;&nbsp; 99118 |
| &nbsp;&nbsp; (b)(c) GNR 2024-179 XI 0.83108% 12/16/2066 | &nbsp;&nbsp; 3265395 | &nbsp;&nbsp; 229379 |
| &nbsp;&nbsp; (b)(c) GNR 2025-53 IO 0.53824% 10/16/2066 | &nbsp;&nbsp; 5161583 | &nbsp;&nbsp; 269129 |
| &nbsp;&nbsp; (b)(c) GNR 2025-109 IO 0.60391% 5/16/2067 | &nbsp;&nbsp; 4954900 | &nbsp;&nbsp; 294976 |
| &nbsp;&nbsp; (b)(c) GNR 2023-H02 IK 0.80192% 1/20/2073 | &nbsp;&nbsp; 997312 | &nbsp;&nbsp; 68571 |
| &nbsp;&nbsp; (b)(c) GNR 2022-H07 IG 1.90655% 2/20/2072 | &nbsp;&nbsp; 615764 | &nbsp;&nbsp; 16928 |
| &nbsp;&nbsp; (b)(c) GNR 2025-H02 DI 0.69431% 12/20/2074 | &nbsp;&nbsp; 6542463 | &nbsp;&nbsp; 322799 |
| &nbsp;&nbsp; (b)(c) GNR 2023-H16 GI 0.48907% 6/20/2073 | &nbsp;&nbsp; 1970855 | &nbsp;&nbsp; 90417 |
| &nbsp;&nbsp; (b)(c) GNR 2024-H07 IG 0.66787% 4/20/2074 | &nbsp;&nbsp; 1606943 | &nbsp;&nbsp; 91657 |
| &nbsp;&nbsp; (b)(c) GNR 2025-H05 DI 1.23862% 2/20/2075 | &nbsp;&nbsp; 5365907 | &nbsp;&nbsp; 93607 |
|  |  | &nbsp;&nbsp; 9666894 |
| &nbsp;&nbsp; **Seasoned Credit Risk Transfer Trust Series (0.1%)** |  |  |
| &nbsp;&nbsp; SCRT 2020-3 M5TW 3% 5/25/2060 | &nbsp;&nbsp; 66333 | &nbsp;&nbsp; 59807 |
|  |  | &nbsp;&nbsp; 59807 |
| &nbsp;&nbsp; **TOTAL MORTGAGE BACKED SECURITIES (Cost: $34,001,680)** |  | $&nbsp;&nbsp; **34643887** |
| &nbsp;&nbsp; **U.S. GOVERNMENT TREASURY NOTES/BONDS (12.4%)** |  |  |
| &nbsp;&nbsp; (d) United States Treasury Bill 3.669% 3/24/2026 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 696465 |
| &nbsp;&nbsp; United States Treasury 2-Year Note 3.375% 11/30/2027 | &nbsp;&nbsp; 4270000 | &nbsp;&nbsp; 4258658 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $4,954,104)** |  | $&nbsp;&nbsp; **4955123** |
| &nbsp;&nbsp; **TOTAL INVESTMENTS (Cost $38,955,784) (98.8%)** |  | $&nbsp;&nbsp; **39599010** |
| &nbsp;&nbsp; **OTHER ASSETS LESS LIABILITIES (1.2%)** |  | $&nbsp;&nbsp; **482770** |
| &nbsp;&nbsp; **NET ASSETS (100.0%)** |  | $&nbsp;&nbsp; **40081780** |
| &nbsp;&nbsp; (a) Variable rate security; the rate shown represents the rate at January 31, 2026. Coupon may be fixed for a period of time. | &nbsp;&nbsp; (a) Variable rate security; the rate shown represents the rate at January 31, 2026. Coupon may be fixed for a period of time. | &nbsp;&nbsp; (a) Variable rate security; the rate shown represents the rate at January 31, 2026. Coupon may be fixed for a period of time. |
| &nbsp;&nbsp; (b) Variable rate security; the rate shown represents the rate at January 31, 2026. The coupon is based on an underlying pool of loans. | &nbsp;&nbsp; (b) Variable rate security; the rate shown represents the rate at January 31, 2026. The coupon is based on an underlying pool of loans. | &nbsp;&nbsp; (b) Variable rate security; the rate shown represents the rate at January 31, 2026. The coupon is based on an underlying pool of loans. |
| &nbsp;&nbsp; (c) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. | &nbsp;&nbsp; (c) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. | &nbsp;&nbsp; (c) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages. |
| &nbsp;&nbsp; (d) Effective yield as of January 31, 2026. Security does not have a stated interest rate. | &nbsp;&nbsp; (d) Effective yield as of January 31, 2026. Security does not have a stated interest rate. | &nbsp;&nbsp; (d) Effective yield as of January 31, 2026. Security does not have a stated interest rate. |
| &nbsp;&nbsp; (e) Delayed delivery purchase as of January 31, 2026. | &nbsp;&nbsp; (e) Delayed delivery purchase as of January 31, 2026. | &nbsp;&nbsp; (e) Delayed delivery purchase as of January 31, 2026. |
| &nbsp;&nbsp; SOFR - Secured Overnight Financing Rate | &nbsp;&nbsp; SOFR - Secured Overnight Financing Rate | &nbsp;&nbsp; SOFR - Secured Overnight Financing Rate |
| &nbsp;&nbsp; SOFR 30 Day Average rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; SOFR 30 Day Average rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; SOFR 30 Day Average rate disclosed as of January 31, 2026, based on the last reset date of the security. |
| &nbsp;&nbsp; TSFR - Term Secured Overnight Financing Rate | &nbsp;&nbsp; TSFR - Term Secured Overnight Financing Rate | &nbsp;&nbsp; TSFR - Term Secured Overnight Financing Rate |
| &nbsp;&nbsp; TSFR 1 Month Average rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; TSFR 1 Month Average rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; TSFR 1 Month Average rate disclosed as of January 31, 2026, based on the last reset date of the security. |
| &nbsp;&nbsp; ECOFC - Enterprise 11th District COFI Replacement Index | &nbsp;&nbsp; ECOFC - Enterprise 11th District COFI Replacement Index | &nbsp;&nbsp; ECOFC - Enterprise 11th District COFI Replacement Index |
| &nbsp;&nbsp; ECOFC 1 Month rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; ECOFC 1 Month rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; ECOFC 1 Month rate disclosed as of January 31, 2026, based on the last reset date of the security. |
| &nbsp;&nbsp; RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks | &nbsp;&nbsp; RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks | &nbsp;&nbsp; RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks |
| &nbsp;&nbsp; RFUCCT 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; RFUCCT 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; RFUCCT 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. |
| &nbsp;&nbsp; H15T - US Treasury Yield Curve Rate T Note Constant Maturity 1 year | &nbsp;&nbsp; H15T - US Treasury Yield Curve Rate T Note Constant Maturity 1 year | &nbsp;&nbsp; H15T - US Treasury Yield Curve Rate T Note Constant Maturity 1 year |
| &nbsp;&nbsp; H15T 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; H15T 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. | &nbsp;&nbsp; H15T 1 Year rate disclosed as of January 31, 2026, based on the last reset date of the security. |
| &nbsp;&nbsp; <br> The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; <br> The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; <br> The accompanying notes are an integral part of these financial statements. |

---

**Statements of Assets and Liabilities –** *as of January 31, 2026 (unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth | &nbsp;&nbsp; Growth |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Summit | &nbsp;&nbsp; & Income | &nbsp;&nbsp; & Income |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investments in securities, at cost | &nbsp;&nbsp; $ | &nbsp;&nbsp; 492855161  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 10539893 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 56104259 |
| &nbsp;&nbsp; Investments in securities, at value | &nbsp;&nbsp; $ | &nbsp;&nbsp; 620542605 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 11262046 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 121732310 |
| &nbsp;&nbsp; Cash and cash equivalents |  | &nbsp;&nbsp; 9006579 |  | &nbsp;&nbsp; 272627 |  | &nbsp;&nbsp; 990226 |
| &nbsp;&nbsp; Receivable for Fund shares sold |  | &nbsp;&nbsp; 500613 |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; 25649 |
| &nbsp;&nbsp; Accrued dividends receivable |  | &nbsp;&nbsp; 1830903 |  | &nbsp;&nbsp; 70572 |  | &nbsp;&nbsp; 104958 |
| &nbsp;&nbsp; Accrued interest receivable |  | &nbsp;&nbsp; 16363 |  | &nbsp;&nbsp; 538 |  | &nbsp;&nbsp; 2172 |
| &nbsp;&nbsp; Receivable from affiliate |  | &nbsp;&nbsp; 232071 |  | &nbsp;&nbsp; 9724 |  | &nbsp;&nbsp; 50631 |
| &nbsp;&nbsp; Prepaid expenses |  | &nbsp;&nbsp; 104342 |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 632233476 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 11615507 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 122906826 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp; Payable for Fund shares redeemed | &nbsp;&nbsp; $ | &nbsp;&nbsp; 484584 | &nbsp;&nbsp; $ | &nbsp;&nbsp; – | &nbsp;&nbsp; $ | &nbsp;&nbsp; 18332 |
| &nbsp;&nbsp; Trustees' fees payable |  | &nbsp;&nbsp; 5322 |  | &nbsp;&nbsp; 91 |  | &nbsp;&nbsp; 1193 |
| &nbsp;&nbsp; Payable to affiliates |  | &nbsp;&nbsp; 600192 |  | &nbsp;&nbsp; 15821 |  | &nbsp;&nbsp; 165942 |
| &nbsp;&nbsp; Accrued expenses |  | &nbsp;&nbsp; 19433 |  | &nbsp;&nbsp; 11441 |  | &nbsp;&nbsp; 20622 |
| &nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 1109531 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 27353 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 206089 |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 631123945 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 11588154 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 122700737 |
| &nbsp;&nbsp; **NET ASSETS ARE REPRESENTED BY:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Capital stock outstanding, $.001 par value, unlimited shares authorized | &nbsp;&nbsp; $ | &nbsp;&nbsp; 502018948 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 10850341 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 54582885 |
| &nbsp;&nbsp; Distributable earnings  |  | &nbsp;&nbsp; 129104997 |  | &nbsp;&nbsp; 737813 |  | &nbsp;&nbsp; 68117852 |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 631123945 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 11588154 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 122700737 |
| &nbsp;&nbsp; Net Assets - Class A | &nbsp;&nbsp; $ | &nbsp;&nbsp; 156552908 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 803833 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 68938893 |
| &nbsp;&nbsp; Net Assets - Class C  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 46968883 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 58724 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 9606556 |
| &nbsp;&nbsp; Net Assets - Class I  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 427602154 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 10725597 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 44155288 |
| &nbsp;&nbsp; Shares outstanding - Class A  |  | &nbsp;&nbsp; 7516469 |  | &nbsp;&nbsp; 69322 |  | &nbsp;&nbsp; 591018 |
| &nbsp;&nbsp; Shares outstanding - Class C  |  | &nbsp;&nbsp; 2279407 |  | &nbsp;&nbsp; 5000 |  | &nbsp;&nbsp; 85966 |
| &nbsp;&nbsp; Shares outstanding - Class I |  | &nbsp;&nbsp; 20509494 |  | &nbsp;&nbsp; 930805 |  | &nbsp;&nbsp; 377705 |
| &nbsp;&nbsp; Net asset value per share - Class A\* |  | &nbsp;&nbsp; $20.83 |  | &nbsp;&nbsp; $11.60 |  | &nbsp;&nbsp; $116.64 |
| &nbsp;&nbsp; Maximum sales charge - Class A |  | &nbsp;&nbsp; 5.00% |  | &nbsp;&nbsp; 5.00% |  | &nbsp;&nbsp; 5.00% |
| &nbsp;&nbsp; Public offering price per share - Class A |  | &nbsp;&nbsp; $21.93 |  | &nbsp;&nbsp; $12.21 |  | &nbsp;&nbsp; $122.78 |
| &nbsp;&nbsp; Net asset value per share - Class C\* |  | &nbsp;&nbsp; $20.61 |  | &nbsp;&nbsp; $11.74 |  | &nbsp;&nbsp; $111.75 |
| &nbsp;&nbsp; Net asset value per share - Class I |  | &nbsp;&nbsp; $20.85 |  | &nbsp;&nbsp; $11.52 |  | &nbsp;&nbsp; $116.90 |
| &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Statements of Assets and Liabilities** (continued) **–** *as of January 31, 2026 (unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; High  | &nbsp;&nbsp; High  | &nbsp;&nbsp; MNA | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investments in securities, at cost | &nbsp;&nbsp; $ | &nbsp;&nbsp; 45147452 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 120789832 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 38955784 |
| &nbsp;&nbsp; Investments in securities, at value | &nbsp;&nbsp; $ | &nbsp;&nbsp; 43985443 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 160583359 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 39599010 |
| &nbsp;&nbsp; Cash and cash equivalents |  | &nbsp;&nbsp; 2046529 |  | &nbsp;&nbsp; 7165088 |  | &nbsp;&nbsp; 436785 |
| &nbsp;&nbsp; Security sales receivable |  | &nbsp;&nbsp; 12896 |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Receivable for Fund shares sold |  | &nbsp;&nbsp; 4595 |  | &nbsp;&nbsp; 754217 |  | &nbsp;&nbsp; 35983 |
| &nbsp;&nbsp; Accrued dividends receivable |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; 37500 |  | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Accrued interest receivable |  | &nbsp;&nbsp; 729171 |  | &nbsp;&nbsp; 9855 |  | &nbsp;&nbsp; 312816 |
| &nbsp;&nbsp; Receivable from affiliate |  | &nbsp;&nbsp; 21626 |  | &nbsp;&nbsp; 444 |  | &nbsp;&nbsp; 9006 |
| &nbsp;&nbsp; Prepaid expenses |  | &nbsp;&nbsp; 412 |  | &nbsp;&nbsp; 2889 |  | &nbsp;&nbsp; 19416 |
| &nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 46800672 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 168553352 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 40413016 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |  |  |  |  |
| &nbsp;&nbsp; Payable for securities purchased | &nbsp;&nbsp; $ | &nbsp;&nbsp; 169649 | &nbsp;&nbsp; $ | &nbsp;&nbsp; – | &nbsp;&nbsp; $ | &nbsp;&nbsp; 299223 |
| &nbsp;&nbsp; Payable for Fund shares redeemed |  | &nbsp;&nbsp; 17199 |  | &nbsp;&nbsp; 243623 |  | &nbsp;&nbsp; 2816 |
| &nbsp;&nbsp; Distributions payable |  | &nbsp;&nbsp; 45217 |  | &nbsp;&nbsp; – |  | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Trustees' fees payable |  | &nbsp;&nbsp; 528 |  | &nbsp;&nbsp; 1418 |  | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp; Payable to affiliates |  | &nbsp;&nbsp; 55058 |  | &nbsp;&nbsp; 147214 |  | &nbsp;&nbsp; 22090 |
| &nbsp;&nbsp; Accrued expenses |  | &nbsp;&nbsp; 22496 |  | &nbsp;&nbsp; 9630 |  | &nbsp;&nbsp; 6789 |
| &nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 310147 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 401885 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 331236 |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 46490525 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 168151467 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 40081780 |
| &nbsp;&nbsp; **NET ASSETS ARE REPRESENTED BY:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Capital stock outstanding, $.001 par value, unlimited shares authorized | &nbsp;&nbsp; $ | &nbsp;&nbsp; 49458615 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 287388745 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 48489680 |
| &nbsp;&nbsp; Distributable earnings (accumulated losses) |  | &nbsp;&nbsp; (2968090) |  | &nbsp;&nbsp; (119237278) |  | &nbsp;&nbsp; (8407900) |
| &nbsp;&nbsp; **NET ASSETS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 46490525 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 168151467 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 40081780 |
| &nbsp;&nbsp; Net Assets - Class A | &nbsp;&nbsp; $ | &nbsp;&nbsp; 23784534 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 89575251 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 415825 |
| &nbsp;&nbsp; Net Assets - Class C  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 2176109 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 3727673 | &nbsp;&nbsp; $ | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Net Assets - Class I  | &nbsp;&nbsp; $ | &nbsp;&nbsp; 20529882 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 74848543 | &nbsp;&nbsp; $ | &nbsp;&nbsp; 39665955 |
| &nbsp;&nbsp; Shares outstanding - Class A  |  | &nbsp;&nbsp; 3086896 |  | &nbsp;&nbsp; 11734117 |  | &nbsp;&nbsp; 46686 |
| &nbsp;&nbsp; Shares outstanding - Class C  |  | &nbsp;&nbsp; 282374 |  | &nbsp;&nbsp; 491720 |  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Shares outstanding - Class I |  | &nbsp;&nbsp; 2666445 |  | &nbsp;&nbsp; 9893553 |  | &nbsp;&nbsp; 4448272 |
| &nbsp;&nbsp; Net asset value per share - Class A\* |  | &nbsp;&nbsp; $7.71 |  | &nbsp;&nbsp; $7.63 |  | &nbsp;&nbsp; $8.91 |
| &nbsp;&nbsp; Maximum sales charge - Class A |  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 5.00% |  | &nbsp;&nbsp; 2.00% |
| &nbsp;&nbsp; Public offering price per share - Class A |  | &nbsp;&nbsp; $8.05 |  | &nbsp;&nbsp; $8.03 |  | &nbsp;&nbsp; $9.09 |
| &nbsp;&nbsp; Net asset value per share - Class C\* |  | &nbsp;&nbsp; $7.71 |  | &nbsp;&nbsp; $7.58 |  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Net asset value per share - Class I |  | &nbsp;&nbsp; $7.70 |  | &nbsp;&nbsp; $7.57 |  | &nbsp;&nbsp; $8.92 |
| &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | &nbsp;&nbsp; \* Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Statements of Operations –** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; & Income |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp; Dividends (net of foreign withholding taxes of $117,469, $5,977, and $0, respectively) | $&nbsp;&nbsp; 11138407 | $&nbsp;&nbsp; 388904 | $&nbsp;&nbsp; 736203 |
| &nbsp;&nbsp; Interest | &nbsp;&nbsp; 132292 | &nbsp;&nbsp; 4924 | &nbsp;&nbsp; 27289 |
| &nbsp;&nbsp; **Total investment income** | $&nbsp;&nbsp; 11270699 | $&nbsp;&nbsp; 393828 | $&nbsp;&nbsp; 763492 |
| &nbsp;&nbsp; **EXPENSES** |  |  |  |
| &nbsp;&nbsp; Investment advisory fees | $&nbsp;&nbsp; 2159279 | $&nbsp;&nbsp; 40257 | $&nbsp;&nbsp; 602083 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class A | &nbsp;&nbsp; 187904 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 84674 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class C  | &nbsp;&nbsp; 217320 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 46747 |
| &nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 468152 | &nbsp;&nbsp; 15711 | &nbsp;&nbsp; 114425 |
| &nbsp;&nbsp; Administrative service fees | &nbsp;&nbsp; 410949 | &nbsp;&nbsp; 34106 | &nbsp;&nbsp; 110883 |
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 39891 | &nbsp;&nbsp; 2539 | &nbsp;&nbsp; 6645 |
| &nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 8775 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 1375 |
| &nbsp;&nbsp; License, fees, and registrations | &nbsp;&nbsp; 20460 | &nbsp;&nbsp; 3450 | &nbsp;&nbsp; 18486 |
| &nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 41330 | &nbsp;&nbsp; 4088 | &nbsp;&nbsp; 11915 |
| &nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 19833 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 5817 |
| &nbsp;&nbsp; Transfer agent out-of-pockets | &nbsp;&nbsp; 68286 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 17448 |
| &nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 26630 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 3920 |
| &nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 9862 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 2803 |
| &nbsp;&nbsp; Insurance expense | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1239 |
| &nbsp;&nbsp; **Total expenses** | $&nbsp;&nbsp; 3681807 | $&nbsp;&nbsp; 104803 | $&nbsp;&nbsp; 1028460 |
| &nbsp;&nbsp; Less expenses waived or reimbursed (See Note 7) | &nbsp;&nbsp; (1258991) | &nbsp;&nbsp; (63837) | &nbsp;&nbsp; (300988) |
| &nbsp;&nbsp; **Total net expenses** | $&nbsp;&nbsp; 2422816 | $&nbsp;&nbsp; 40966 | $&nbsp;&nbsp; 727472 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)** | $&nbsp;&nbsp; 8847883 | $&nbsp;&nbsp; 352862 | $&nbsp;&nbsp; 36020 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | $&nbsp;&nbsp; 17840574 | $&nbsp;&nbsp; 152750 | $&nbsp;&nbsp; 3490009 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 49366969 | &nbsp;&nbsp; 694601 | &nbsp;&nbsp; 9137809 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | $&nbsp;&nbsp; 67207543 | $&nbsp;&nbsp; 847351 | $&nbsp;&nbsp; 12627818 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp; 76055426 | $&nbsp;&nbsp; 1200213 | $&nbsp;&nbsp; 12663838 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Statements of Operations** (continued) **–** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; High  | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp; Dividends (net of foreign withholding taxes of $0, $11,397, and $0, respectively) | $&nbsp;&nbsp; 6079 | $&nbsp;&nbsp; 1338225 | $&nbsp;&nbsp; – |
| &nbsp;&nbsp; Interest | &nbsp;&nbsp; 1450007 | &nbsp;&nbsp; 60856 | &nbsp;&nbsp; 699662 |
| &nbsp;&nbsp; **Total investment income** | $&nbsp;&nbsp; 1456086 | $&nbsp;&nbsp; 1399081 | $&nbsp;&nbsp; 699662 |
| &nbsp;&nbsp; **EXPENSES** |  |  |  |
| &nbsp;&nbsp; Investment advisory fees | $&nbsp;&nbsp; 197520 | $&nbsp;&nbsp; 365571 | $&nbsp;&nbsp; 52219 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class A | &nbsp;&nbsp; 29429 | &nbsp;&nbsp; 209498 | &nbsp;&nbsp; 541 |
| &nbsp;&nbsp; Distribution (12b-1) fees - Class C  | &nbsp;&nbsp; 11345 | &nbsp;&nbsp; 15697 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 33935 | &nbsp;&nbsp; 137655 | &nbsp;&nbsp; 23913 |
| &nbsp;&nbsp; Administrative service fees | &nbsp;&nbsp; 59124 | &nbsp;&nbsp; 128952 | &nbsp;&nbsp; 44533 |
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 2481 | &nbsp;&nbsp; 6103 | &nbsp;&nbsp; 2577 |
| &nbsp;&nbsp; Reports to shareholders | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 5680 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp; License, fees, and registrations | &nbsp;&nbsp; 13370 | &nbsp;&nbsp; 12843 | &nbsp;&nbsp; 3390 |
| &nbsp;&nbsp; Audit fees | &nbsp;&nbsp; 9564 | &nbsp;&nbsp; 14035 | &nbsp;&nbsp; 6306 |
| &nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 2493 | &nbsp;&nbsp; 6187 | &nbsp;&nbsp; 1287 |
| &nbsp;&nbsp; Transfer agent out-of-pockets | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 36453 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 4563 | &nbsp;&nbsp; 5434 | &nbsp;&nbsp; 7830 |
| &nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp; Insurance expense | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; – |
| &nbsp;&nbsp; **Total expenses** | $&nbsp;&nbsp; 369214 | $&nbsp;&nbsp; 945186 | $&nbsp;&nbsp; 144057 |
| &nbsp;&nbsp; Less expenses waived or reimbursed (See Note 7) | &nbsp;&nbsp; (133245) | &nbsp;&nbsp; – | &nbsp;&nbsp; (47049) |
| &nbsp;&nbsp; Plus expenses recouped (See Note 7) | &nbsp;&nbsp; – | &nbsp;&nbsp; 12158 | &nbsp;&nbsp; – |
| &nbsp;&nbsp; **Total net expenses** | $&nbsp;&nbsp; 235969 | $&nbsp;&nbsp; 957344 | $&nbsp;&nbsp; 97008 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME (LOSS)** | $&nbsp;&nbsp; 1220117 | $&nbsp;&nbsp; 441737 | $&nbsp;&nbsp; 602654 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | $&nbsp;&nbsp; (396409) | $&nbsp;&nbsp; 6843066 | $&nbsp;&nbsp; 120306 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 859356 | &nbsp;&nbsp; 17157347 | &nbsp;&nbsp; 460470 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | $&nbsp;&nbsp; 462947 | $&nbsp;&nbsp; 24000413 | $&nbsp;&nbsp; 580776 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp; 1683064 | $&nbsp;&nbsp; 24442150 | $&nbsp;&nbsp; 1183430 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Statements of Changes in Net Assets –** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; & Income |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 8847883 | $&nbsp;&nbsp; 352862 | $&nbsp;&nbsp; 36020 |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; 17840574 | &nbsp;&nbsp; 152750 | &nbsp;&nbsp; 3490009 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 49366969 | &nbsp;&nbsp; 694601 | &nbsp;&nbsp; 9137809 |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp; 76055426 | $&nbsp;&nbsp; 1200213 | $&nbsp;&nbsp; 12663838 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (8681730) | $&nbsp;&nbsp; (34366) | $&nbsp;&nbsp; (2352363) |
| &nbsp;&nbsp; Distributions - Class C | &nbsp;&nbsp; (2403886) | &nbsp;&nbsp; (2270) | &nbsp;&nbsp; (325173) |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (23047930) | &nbsp;&nbsp; (458656) | &nbsp;&nbsp; (1632321) |
| &nbsp;&nbsp; **Total distributions** | $&nbsp;&nbsp; (34133546) | $&nbsp;&nbsp; (495292) | $&nbsp;&nbsp; (4309857) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 9766709 | $&nbsp;&nbsp; 327258 | $&nbsp;&nbsp; 2287761 |
| &nbsp;&nbsp; Proceeds from sale of shares - Class C | &nbsp;&nbsp; 5744966 | &nbsp;&nbsp; – | &nbsp;&nbsp; 216996 |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 68587196 | &nbsp;&nbsp; 1111811 | &nbsp;&nbsp; 4709412 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 8043903 | &nbsp;&nbsp; 34223 | &nbsp;&nbsp; 2239695 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class C | &nbsp;&nbsp; 2202528 | &nbsp;&nbsp; – | &nbsp;&nbsp; 315889 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 20418400 | &nbsp;&nbsp; 136738 | &nbsp;&nbsp; 1467745 |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (12140342) | &nbsp;&nbsp; (62596) | &nbsp;&nbsp; (5449729) |
| &nbsp;&nbsp; Cost of shares redeemed - Class C | &nbsp;&nbsp; (3484840) | &nbsp;&nbsp; – | &nbsp;&nbsp; (453435) |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (29906811) | &nbsp;&nbsp; (280346) | &nbsp;&nbsp; (4989287) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | $&nbsp;&nbsp; 69231709 | $&nbsp;&nbsp; 1267088 | $&nbsp;&nbsp; 345047 |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; 111153589 | $&nbsp;&nbsp; 1972009 | $&nbsp;&nbsp; 8699028 |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 519970356 | &nbsp;&nbsp; 9616145 | &nbsp;&nbsp; 114001709 |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 631123945 | $&nbsp;&nbsp; 11588154 | $&nbsp;&nbsp; 122700737 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Statements of Changes in Net Assets** (continued) **–** *for the six months ended January 31, 2026 (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; High  | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 1220117 | $&nbsp;&nbsp; 441737 | $&nbsp;&nbsp; 602654 |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; (396409) | &nbsp;&nbsp; 6843066 | &nbsp;&nbsp; 120306 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 859356 | &nbsp;&nbsp; 17157347 | &nbsp;&nbsp; 460470 |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp; 1683064 | $&nbsp;&nbsp; 24442150 | $&nbsp;&nbsp; 1183430 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (609774) | $&nbsp;&nbsp; (200267) | $&nbsp;&nbsp; (6897) |
| &nbsp;&nbsp; Distributions - Class C | &nbsp;&nbsp; (50141) | &nbsp;&nbsp; (1251) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (560204) | &nbsp;&nbsp; (296692) | &nbsp;&nbsp; (607398) |
| &nbsp;&nbsp; **Total distributions** | $&nbsp;&nbsp; (1220119) | $&nbsp;&nbsp; (498210) | $&nbsp;&nbsp; (614295) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 1255879 | $&nbsp;&nbsp; 2190720 | $&nbsp;&nbsp; 25 |
| &nbsp;&nbsp; Proceeds from sale of shares - Class C | &nbsp;&nbsp; 93206 | &nbsp;&nbsp; 841840 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 1614459 | &nbsp;&nbsp; 18543533 | &nbsp;&nbsp; 11254869 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 514582 | &nbsp;&nbsp; 192981 | &nbsp;&nbsp; 6897 |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class C | &nbsp;&nbsp; 33364 | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 438776 | &nbsp;&nbsp; 248787 | &nbsp;&nbsp; 376914 |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (1027603) | &nbsp;&nbsp; (7339528) | &nbsp;&nbsp; (60858) |
| &nbsp;&nbsp; Cost of shares redeemed - Class C | &nbsp;&nbsp; (241376) | &nbsp;&nbsp; (557220) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (3366527) | &nbsp;&nbsp; (5112888) | &nbsp;&nbsp; (4442822) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | $&nbsp;&nbsp; (685240) | $&nbsp;&nbsp; 9009451 | $&nbsp;&nbsp; 7135025 |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; (222295) | $&nbsp;&nbsp; 32953391 | $&nbsp;&nbsp; 7704160 |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 46712820 | &nbsp;&nbsp; 135198076 | &nbsp;&nbsp; 32377620 |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 46490525 | $&nbsp;&nbsp; 168151467 | $&nbsp;&nbsp; 40081780 |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Statements of Changes in Net Assets –** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; & Income |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 13746797  | $&nbsp;&nbsp; 487003  | $&nbsp;&nbsp; 398521  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; 17909084  | &nbsp;&nbsp; 11022  | &nbsp;&nbsp; 3517314  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 14560780  | &nbsp;&nbsp; (209455) | &nbsp;&nbsp; 9906452  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp; 46216661  | $&nbsp;&nbsp; 288570  | $&nbsp;&nbsp; 13822287  |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (11388062) | $&nbsp;&nbsp; (21794) | $&nbsp;&nbsp; (1397020) |
| &nbsp;&nbsp; Distributions - Class C | &nbsp;&nbsp; (2707235) | &nbsp;&nbsp; (2625) | &nbsp;&nbsp; (155206) |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (24147540) | &nbsp;&nbsp; (467666) | &nbsp;&nbsp; (862509) |
| &nbsp;&nbsp; **Total distributions** | $&nbsp;&nbsp; (38242837) | $&nbsp;&nbsp; (492085) | $&nbsp;&nbsp; (2414735) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 21132754  | $&nbsp;&nbsp; 280034  | $&nbsp;&nbsp; 3088507  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class C | &nbsp;&nbsp; 10306053  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 666660  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 165439510  | &nbsp;&nbsp; 6207987  | &nbsp;&nbsp; 10680106  |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 10512086  | &nbsp;&nbsp; 21682  | &nbsp;&nbsp; 1336397  |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class C | &nbsp;&nbsp; 2582419  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 150509  |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 21105599  | &nbsp;&nbsp; 132998  | &nbsp;&nbsp; 732315  |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (21143930) | &nbsp;&nbsp; (47237) | &nbsp;&nbsp; (7572876) |
| &nbsp;&nbsp; Cost of shares redeemed - Class C | &nbsp;&nbsp; (6254846) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (725130) |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (68061391) | &nbsp;&nbsp; (1424234) | &nbsp;&nbsp; (7679060) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | $&nbsp;&nbsp; 135618254  | $&nbsp;&nbsp; 5171230  | $&nbsp;&nbsp; 677428  |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; 143592078  | $&nbsp;&nbsp; 4967715  | $&nbsp;&nbsp; 12084980  |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 376378278  | &nbsp;&nbsp; 4648430  | &nbsp;&nbsp; 101916729  |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 519970356  | $&nbsp;&nbsp; 9616145  | $&nbsp;&nbsp; 114001709  |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Statements of Changes in Net Assets** (continued) **–** *for the year ended July 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; High  | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp; 2594779  | $&nbsp;&nbsp; 1188547  | $&nbsp;&nbsp; 1012156  |
| &nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp; (44937) | &nbsp;&nbsp; 10617161  | &nbsp;&nbsp; (96394) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; 1380003  | &nbsp;&nbsp; 4677100  | &nbsp;&nbsp; 789727  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp; 3929845  | $&nbsp;&nbsp; 16482808  | $&nbsp;&nbsp; 1705489  |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp; Distributions - Class A | $&nbsp;&nbsp; (1249008) | $&nbsp;&nbsp; (630040) | $&nbsp;&nbsp; (10878) |
| &nbsp;&nbsp; Distributions - Class C | &nbsp;&nbsp; (129902) | &nbsp;&nbsp; (13284) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Distributions - Class I | &nbsp;&nbsp; (1215069) | &nbsp;&nbsp; (545223) | &nbsp;&nbsp; (1020478) |
| &nbsp;&nbsp; Return of Capital - Class A | &nbsp;&nbsp; -  | &nbsp;&nbsp; (82256) | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; Return of Capital - Class C | &nbsp;&nbsp; -  | &nbsp;&nbsp; (1734) | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; Return of Capital - Class I | &nbsp;&nbsp; -  | &nbsp;&nbsp; (71182) | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; **Total distributions** | $&nbsp;&nbsp; (2593979) | $&nbsp;&nbsp; (1343719) | $&nbsp;&nbsp; (1031356) |
| &nbsp;&nbsp; **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class A | $&nbsp;&nbsp; 1770412  | $&nbsp;&nbsp; 6719793  | $&nbsp;&nbsp; 322838  |
| &nbsp;&nbsp; Proceeds from sale of shares - Class C | &nbsp;&nbsp; 310983  | &nbsp;&nbsp; 212752  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Proceeds from sale of shares - Class I | &nbsp;&nbsp; 4673776  | &nbsp;&nbsp; 17584280  | &nbsp;&nbsp; 23258033  |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class A | &nbsp;&nbsp; 1062936  | &nbsp;&nbsp; 683530  | &nbsp;&nbsp; 10878  |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class C | &nbsp;&nbsp; 97673  | &nbsp;&nbsp; 14616  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Proceeds from reinvested dividends - Class I | &nbsp;&nbsp; 915630  | &nbsp;&nbsp; 482516  | &nbsp;&nbsp; 584274  |
| &nbsp;&nbsp; Cost of shares redeemed - Class A | &nbsp;&nbsp; (4646947) | &nbsp;&nbsp; (14945812) | &nbsp;&nbsp; (153999) |
| &nbsp;&nbsp; Cost of shares redeemed - Class C | &nbsp;&nbsp; (1650139) | &nbsp;&nbsp; (2117843) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Cost of shares redeemed - Class I | &nbsp;&nbsp; (5744555) | &nbsp;&nbsp; (11392863) | &nbsp;&nbsp; (9168892) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | $&nbsp;&nbsp; (3210231) | $&nbsp;&nbsp; (2759031) | $&nbsp;&nbsp; 14853132  |
| &nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS** | $&nbsp;&nbsp; (1874365) | $&nbsp;&nbsp; 12380058  | $&nbsp;&nbsp; 15527265  |
| &nbsp;&nbsp; **NET ASSETS, BEGINNING OF PERIOD** | &nbsp;&nbsp; 48587185  | &nbsp;&nbsp; 122818018  | &nbsp;&nbsp; 16850355  |
| &nbsp;&nbsp; **NET ASSETS, END OF PERIOD** | $&nbsp;&nbsp; 46712820  | $&nbsp;&nbsp; 135198076  | $&nbsp;&nbsp; 32377620  |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |

---

**Notes to Financial Statements** (unaudited)

**NOTE 1: Organization**

The Integrity Funds (the "Trust") was organized as a Delaware statutory trust on October 31, 1997 and commenced operations on October 31, 1997. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company, consisting of **six** series (the "Funds").

Integrity Dividend Harvest Fund (the "Dividend Harvest Fund"), a diversified fund, seeks to maximize total return by emphasizing high current income with long term appreciation as a secondary objective, consistent with preservation of capital. Integrity Dividend Summit Fund (the "Dividend Summit Fund"), a non-diversified fund, seeks to maximize qualified dividend income with long term appreciation as a secondary objective. Integrity Growth & Income Fund (the "Growth & Income Fund"), a diversified fund, seeks to provide long-term growth of capital with dividend income as a secondary objective. Integrity High Income Fund (the "High Income Fund"), a diversified fund, seeks to provide a high level of current income with capital appreciation as a secondary objective. Integrity Mid-North American Resources Fund (the "MNA Resources Fund"), a diversified fund, seeks to provide long-term capital appreciation. Integrity Short Term Government Fund (the "S-T Gov Fund"), a diversified fund, seeks to achieve a high and stable rate of total return, when and as opportunities are available in the context of preserving capital in adverse markets.

Each Fund in the Trust, except for S-T Gov Fund, currently offers Class A, C, and I shares. S-T Gov Fund offers Class A and I shares. The Class A shares of Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, High Income Fund, MNA Resources Fund and S-T Gov Fund are sold with an initial sales charge of 5.00%, 5.00%, 5.00%, 4.25%, 5.00% and 2.00%, respectively, and a distribution fee of up to 0.25% on an annual basis. Class C shares are sold without a sales charge and are subject to a distribution fee of up to 1.00% on an annual basis. Class I shares are sold without a sales charge or distribution fee. The three classes of shares (two classes for S-T Gov Fund) represent interest in each Fund's same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate distribution and certain other class expenses and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers of the Funds, and the Principal Executive Officer and the Principal Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, *Financial Services – Investment Companies*.

**NOTE 2: Summary of Significant Accounting Policies**

**Investment security valuation**—The Funds value their investments at fair value. Securities for which market quotations are available are valued as follows: (a) Listed securities are valued at the closing price obtained from the respective primary exchange on which the security is listed or, if there were no sales on that day, at its last reported current bid price; (b) Unlisted securities are valued at the last current bid price obtained from the National Association of Securities Dealers' Automated Quotation System. The Funds' administrative services agent, Integrity Fund Services, LLC ("Integrity Fund Services" or "IFS") obtains all of these prices from services that collect and disseminate such market prices. Prices provided by an independent pricing service may be determined without exclusive reliance on quoted prices and may take into account appropriate factors such as: institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. In the absence of an ascertainable market value, assets are valued at their fair value as determined by the Valuation Designee using methods and procedures reviewed and approved by the Board of Trustees. Refer to Note 3 for further disclosures related to the inputs used to value the Funds' investments. Shares of a registered investment company, including money market funds, 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 each Fund's Schedule of Investments. 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**—For Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, MNA Resources Fund, and High Income Fund- Class A shares of $1 million investment or more may be subject to a 1.00% contingent deferred sales charge ("CDSC") if redeemed within 24 months of purchase (excluding shares purchased with reinvested dividends and/or distributions). For Short Term Government Fund Class A – For investments of $200,000 or more, a 0.40% 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).

Investments in Class C shares (in any amount) may be subject to a 1.00% CDSC if redeemed within 12 months of purchase.

**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 January 31, 2026, 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 Statements of Operations. During the six months ended January 31, 2026, the Funds did not incur any interest or penalties.

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, which include the current and prior three tax years, 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 debt securities are accreted and amortized into interest income using the effective yield method over the lives of the respective securities.

**Cash and cash equivalents**—The Funds consider investments in an FDIC insured interest bearing savings account to be cash. The Fund maintains balances, which, at times, may exceed federally insured limits. The Fund maintains these balances with a high quality financial institution.

**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 specific identification basis. Interest income and estimated expenses are accrued daily. Dividend income is recognized on the ex-dividend date. Gains and losses on principal payments of mortgage-backed securities (paydown gains and losses) are included as an adjustment to interest income in the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable countries' tax rules and regulations. Dividend Harvest Fund, Dividend Summit Fund, and S-T Gov Fund will declare and pay dividends from net investment income monthly. MNA Resources Fund will declare and pay dividends from net investment income quarterly. Growth & Income Fund will declare and pay dividends from net investment income at least annually. The High Income Fund declares dividends from net investment income daily and pays such dividends monthly. Dividends are reinvested in additional shares of the Funds at net asset value or paid in cash. Capital gains, when available, are distributed at least annually. Distributions to shareholders 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 ("GAAP"). These differences are primarily due to differing treatments for capital loss carryforwards and losses due to wash sales. 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 financial statements have been prepared in accordance with GAAP, which 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 increase (decrease) from operations 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.

**Multiple class allocations**—The High Income Fund simultaneously uses the settled shares method to allocate income and fund-wide expenses and uses the relative net assets method to allocate gains and losses. Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, MNA Resources Fund and S-T Gov Fund use the relative net assets method to allocate income, fund-wide expenses, gains and losses. Class-specific expenses, distribution fees, and any other items that are specifically attributable to a particular class are charged directly to such class.

**Illiquid securities**—A security may be considered to be illiquid if it has a limited trading market. Securities are generally considered to be liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Funds. These securities are valued at fair value as described above. Each Fund intends to hold no more than 15% of its net assets in illiquid securities. Of the illiquid securities listed on the Schedules of Investments, the following securities are considered to be restricted as of January 31, 2026:

The Integrity Funds \| January 31, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **High Income Fund** | &nbsp;&nbsp; Shares/Principal | &nbsp;&nbsp; Dates Acquired | &nbsp;&nbsp; Cost Basis | &nbsp;&nbsp; Fair Value |
| &nbsp;&nbsp; Incora Intermediate LLC | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 1/31/2025 | &nbsp;&nbsp; $58682 | &nbsp;&nbsp; $16803 |
| &nbsp;&nbsp; Incora, Inc. 144A | &nbsp;&nbsp; 34113 | &nbsp;&nbsp; 1/31/2025 | &nbsp;&nbsp; $50335 | &nbsp;&nbsp; $14781 |

---

**NOTE 3: 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 Funds' 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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Dividend Harvest Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp; 620542605 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 620542605 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; 620542605 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 620542605 |
| &nbsp;&nbsp; **Dividend Summit Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp; 11262046 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 11262046 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; 11262046 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 11262046 |
| &nbsp;&nbsp; **Growth & Income Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp; 121732310 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 121732310 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; 121732310 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 121732310 |
| &nbsp;&nbsp; **High Income Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Corporate Bonds\* | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp; 43358118 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;14808 | $&nbsp;&nbsp; 43372926 |
| &nbsp;&nbsp; Common Stock | &nbsp;&nbsp; 205513 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 170619 | &nbsp;&nbsp; 167053 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 543185 |
| &nbsp;&nbsp; Convertible Preferred Stock | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;68236 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 68236 |
| &nbsp;&nbsp; Warrants | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; 205513 | $&nbsp;&nbsp; 43529828 | $&nbsp;&nbsp; 250102 | $&nbsp;&nbsp; 43985443 |
| &nbsp;&nbsp; **MNA Resources Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp; 160583359 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 160583359 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; 160583359 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 160583359 |
| &nbsp;&nbsp; **ST Gov Fund** | &nbsp;&nbsp; **Level 1** | &nbsp;&nbsp; **Level 2** | &nbsp;&nbsp; **Level 3** | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Mortgage Backed Securities | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 34643887 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 34643887 |
| &nbsp;&nbsp; U.S Government Notes/Bills | &nbsp;&nbsp; – | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4955123 | &nbsp;&nbsp; – | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4955123 |
| &nbsp;&nbsp; Total | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 39599010 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 39599010 |
| &nbsp;&nbsp; \*Level 3 corporate bonds for High Income Fund includes corporate bonds valued at zero. | &nbsp;&nbsp; \*Level 3 corporate bonds for High Income Fund includes corporate bonds valued at zero. | &nbsp;&nbsp; \*Level 3 corporate bonds for High Income Fund includes corporate bonds valued at zero. | &nbsp;&nbsp; \*Level 3 corporate bonds for High Income Fund includes corporate bonds valued at zero. | &nbsp;&nbsp; \*Level 3 corporate bonds for High Income Fund includes corporate bonds valued at zero. |
| &nbsp;&nbsp; \*\*A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. | &nbsp;&nbsp; \*\*A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. | &nbsp;&nbsp; \*\*A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. | &nbsp;&nbsp; \*\*A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. | &nbsp;&nbsp; \*\*A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
| &nbsp;&nbsp; Please refer to the Schedule of Investments for sector classification. | &nbsp;&nbsp; Please refer to the Schedule of Investments for sector classification. | &nbsp;&nbsp; Please refer to the Schedule of Investments for sector classification. | &nbsp;&nbsp; Please refer to the Schedule of Investments for sector classification. | &nbsp;&nbsp; Please refer to the Schedule of Investments for sector classification. |

---

**NOTE 4: Investment Transactions**

Purchases and sales of investment securities (excluding short-term securities) for the six months ended January 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Purchases | &nbsp;&nbsp; $128172478 | &nbsp;&nbsp; $4769693 | &nbsp;&nbsp; $1475974 | &nbsp;&nbsp; $6262245 | &nbsp;&nbsp; $46458229 | &nbsp;&nbsp; $25300644 |
| &nbsp;&nbsp; Sales | &nbsp;&nbsp; $75695384 | &nbsp;&nbsp; $3655011 | &nbsp;&nbsp; $3921529 | &nbsp;&nbsp; $5523005 | &nbsp;&nbsp; $42153767 | &nbsp;&nbsp; $24695190 |

---

**NOTE 5: Capital Share Transactions**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Six Months Ended 1/31/26: | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; S-T |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Gov |
| &nbsp;&nbsp; <u>Class A</u> | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 477154  | &nbsp;&nbsp; 29102  | &nbsp;&nbsp; 20095  | &nbsp;&nbsp; 162945  | &nbsp;&nbsp; 316970  | &nbsp;&nbsp; 3  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 396138  | &nbsp;&nbsp; 3067  | &nbsp;&nbsp; 19595  | &nbsp;&nbsp; 66770  | &nbsp;&nbsp; 27751  | &nbsp;&nbsp; 777  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (595430) | &nbsp;&nbsp; (5480) | &nbsp;&nbsp; (47475) | &nbsp;&nbsp; (133369) | &nbsp;&nbsp; (1062796) | &nbsp;&nbsp; (6869) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 277862  | &nbsp;&nbsp; 26689  | &nbsp;&nbsp; (7785) | &nbsp;&nbsp; 96346  | &nbsp;&nbsp; (718075) | &nbsp;&nbsp; (6089) |
| &nbsp;&nbsp; <u>Class C</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 283152  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1956  | &nbsp;&nbsp; 12097  | &nbsp;&nbsp; 121607  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 109654  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2883  | &nbsp;&nbsp; 4328  | &nbsp;&nbsp; 178  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (171391) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (4112) | &nbsp;&nbsp; (31345) | &nbsp;&nbsp; (81883) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 221415  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 727  | &nbsp;&nbsp; (14920) | &nbsp;&nbsp; 39902  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; <u>Class I</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 3344830  | &nbsp;&nbsp; 99417  | &nbsp;&nbsp; 41157  | &nbsp;&nbsp; 209573  | &nbsp;&nbsp; 2651955  | &nbsp;&nbsp; 1260254  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 1004443  | &nbsp;&nbsp; 12309  | &nbsp;&nbsp; 12815  | &nbsp;&nbsp; 56996  | &nbsp;&nbsp; 36118  | &nbsp;&nbsp; 42418  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1461925) | &nbsp;&nbsp; (25454) | &nbsp;&nbsp; (43187) | &nbsp;&nbsp; (436894) | &nbsp;&nbsp; (747603) | &nbsp;&nbsp; (497938) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 2887348  | &nbsp;&nbsp; 86272  | &nbsp;&nbsp; 10785  | &nbsp;&nbsp; (170325) | &nbsp;&nbsp; 1940470  | &nbsp;&nbsp; 804734  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Year Ended 7/31/25: | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; S-T |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Gov |
| &nbsp;&nbsp; <u>Class A</u> | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1112242  | &nbsp;&nbsp; 25151  | &nbsp;&nbsp; 30582  | &nbsp;&nbsp; 236074  | &nbsp;&nbsp; 1136956  | &nbsp;&nbsp; 37056  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 562361  | &nbsp;&nbsp; 2005  | &nbsp;&nbsp; 13389  | &nbsp;&nbsp; 140642  | &nbsp;&nbsp; 117214  | &nbsp;&nbsp; 1256  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1118662) | &nbsp;&nbsp; (4422) | &nbsp;&nbsp; (74719) | &nbsp;&nbsp; (616357) | &nbsp;&nbsp; (2507689) | &nbsp;&nbsp; (17851) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 555941  | &nbsp;&nbsp; 22734  | &nbsp;&nbsp; (30748) | &nbsp;&nbsp; (239641) | &nbsp;&nbsp; (1253519) | &nbsp;&nbsp; 20461  |
| &nbsp;&nbsp; <u>Class C</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 549833  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 6798  | &nbsp;&nbsp; 41022  | &nbsp;&nbsp; 35627  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 139751  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 1561  | &nbsp;&nbsp; 12905  | &nbsp;&nbsp; 2572  | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (332365) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (7506) | &nbsp;&nbsp; (218902) | &nbsp;&nbsp; (358934) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 357219  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 853  | &nbsp;&nbsp; (164975) | &nbsp;&nbsp; (320735) | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; <u>Class I</u> |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 8725302  | &nbsp;&nbsp; 563883  | &nbsp;&nbsp; 104769  | &nbsp;&nbsp; 622152  | &nbsp;&nbsp; 2907842  | &nbsp;&nbsp; 2683524  |
| &nbsp;&nbsp; Shares issued from reinvestments | &nbsp;&nbsp; 1128137  | &nbsp;&nbsp; 12331  | &nbsp;&nbsp; 7324  | &nbsp;&nbsp; 121219  | &nbsp;&nbsp; 82878  | &nbsp;&nbsp; 67436  |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (3640564) | &nbsp;&nbsp; (133936) | &nbsp;&nbsp; (76251) | &nbsp;&nbsp; (764148) | &nbsp;&nbsp; (1920018) | &nbsp;&nbsp; (1049556) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp; 6212875  | &nbsp;&nbsp; 442278  | &nbsp;&nbsp; 35842  | &nbsp;&nbsp; (20777) | &nbsp;&nbsp; 1070702  | &nbsp;&nbsp; 1701404  |

---

**NOTE 6: Income Tax Information** 

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending July 31, 2026.

At July 31, 2025, the unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Investments at cost | $&nbsp;&nbsp; 422645450 | $&nbsp;&nbsp; 9275871 | $&nbsp;&nbsp; 55060158 | $&nbsp;&nbsp; 47125013 | $&nbsp;&nbsp; 109642376 | $&nbsp;&nbsp; 31706551 |
| &nbsp;&nbsp; Unrealized appreciation | $&nbsp;&nbsp; 95207678 | $&nbsp;&nbsp; 726757 | $&nbsp;&nbsp; 57776398 | $&nbsp;&nbsp; 794164 | $&nbsp;&nbsp; 27633644 | $&nbsp;&nbsp; 763143 |
| &nbsp;&nbsp; Unrealized depreciation | &nbsp;&nbsp; (16994568) | &nbsp;&nbsp; (699205) | &nbsp;&nbsp; (1286156) | &nbsp;&nbsp; (2841228) | &nbsp;&nbsp; (4997464) | &nbsp;&nbsp; (580387) |
| &nbsp;&nbsp; Net unrealized appreciation/ depreciation\* | $&nbsp;&nbsp; 78213110 | $&nbsp;&nbsp; 27552 | $&nbsp;&nbsp; 56490242 | $&nbsp;&nbsp; (2047064) | $&nbsp;&nbsp; 22636180 | $&nbsp;&nbsp; 182756 |
| &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. | &nbsp;&nbsp; \* Differences between financial reporting-basis and tax-basis unrealized appreciation (depreciation) are due to tax deferral of losses on wash sales. |

---

The tax character of distributions paid was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend<br> Harvest<br> Fund | &nbsp;&nbsp; Dividend<br> Summit<br> Fund | &nbsp;&nbsp; Growth &<br> Income<br> Fund | &nbsp;&nbsp; High<br> Income<br> Fund | &nbsp;&nbsp; MNA<br> Resources<br> Fund | &nbsp;&nbsp; Short Term Government<br> Fund |
|  | &nbsp;&nbsp; Dividend<br> Harvest<br> Fund | &nbsp;&nbsp; Dividend<br> Summit<br> Fund | &nbsp;&nbsp; Growth &<br> Income<br> Fund | &nbsp;&nbsp; High<br> Income<br> Fund | &nbsp;&nbsp; MNA<br> Resources<br> Fund | &nbsp;&nbsp; Short Term Government<br> Fund |
| &nbsp;&nbsp; Year ended July 31, 2025: | &nbsp;&nbsp; Dividend<br> Harvest<br> Fund | &nbsp;&nbsp; Dividend<br> Summit<br> Fund | &nbsp;&nbsp; Growth &<br> Income<br> Fund | &nbsp;&nbsp; High<br> Income<br> Fund | &nbsp;&nbsp; MNA<br> Resources<br> Fund | &nbsp;&nbsp; Short Term Government<br> Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income | $&nbsp;&nbsp; 13746797 | $&nbsp;&nbsp; 486986 | $&nbsp;&nbsp; 535633 | $&nbsp;&nbsp; 2572890 | $&nbsp;&nbsp; 1188547 | $&nbsp;&nbsp; 1031356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 155172 | &nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Gain | &nbsp;&nbsp; 24496040 | &nbsp;&nbsp; 5099 | &nbsp;&nbsp; 1879102 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
|  | $&nbsp;&nbsp; 38242837 | $&nbsp;&nbsp; 492085 | $&nbsp;&nbsp; 2414735 | $&nbsp;&nbsp; 2572890 | $&nbsp;&nbsp; 1343719 | $&nbsp;&nbsp; 1031356 |
| &nbsp;&nbsp; Year ended July 31, 2024: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income | $&nbsp;&nbsp; 10400653 | $&nbsp;&nbsp; 141088 | $&nbsp;&nbsp; 607001 | $&nbsp;&nbsp; 2615225 | $&nbsp;&nbsp; 1832302 | $&nbsp;&nbsp; 633702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Gain | &nbsp;&nbsp; 4977 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1365252 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
|  | $&nbsp;&nbsp; 10405630 | $&nbsp;&nbsp; 141088 | $&nbsp;&nbsp; 1972253 | $&nbsp;&nbsp; 2615225 | $&nbsp;&nbsp; 1832302 | $&nbsp;&nbsp; 633702 |

---

As of July 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Undistributed ordinary income | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 17 | $&nbsp;&nbsp; 441958 | $&nbsp;&nbsp; 61041 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 24126 |
| &nbsp;&nbsp; Distributions Payable | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; (65499) | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Undistributed capital gain | &nbsp;&nbsp; 13864254 | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; 2831671 | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – |
| &nbsp;&nbsp; Capital loss carryforward | &nbsp;&nbsp; (4894247) | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; (1379513) | &nbsp;&nbsp; (165817398) | &nbsp;&nbsp; (9183917) |
| &nbsp;&nbsp; Unrealized appreciation/ (depreciation) | &nbsp;&nbsp; 78213110 | &nbsp;&nbsp; 27552 | &nbsp;&nbsp; 56490242 | &nbsp;&nbsp; (2047064) | &nbsp;&nbsp; 22636180 | &nbsp;&nbsp; 182756 |
| &nbsp;&nbsp; Total accumulated earnings/(deficit) | $&nbsp;&nbsp; 87183117 | $&nbsp;&nbsp; 32892 | $&nbsp;&nbsp; 59763871 | $&nbsp;&nbsp; (3431035) | $&nbsp;&nbsp; (143181218) | $&nbsp;&nbsp; (8977035) |

---

The Funds' capital loss carryforward amounts as of July 31, 2025 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Dividend | &nbsp;&nbsp; Growth & | &nbsp;&nbsp; High | &nbsp;&nbsp; MNA | &nbsp;&nbsp; Short Term |
|  | &nbsp;&nbsp; Harvest | &nbsp;&nbsp; Summit | &nbsp;&nbsp; Income | &nbsp;&nbsp; Income | &nbsp;&nbsp; Resources | &nbsp;&nbsp; Government |
|  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Fund |
| &nbsp;&nbsp; Non-expiring S-T losses | $&nbsp;&nbsp; 4894247<br> &nbsp;&nbsp; \* | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 103813467 | $&nbsp;&nbsp; 4701322 |
| &nbsp;&nbsp; Non-expiring L-T losses | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; – | &nbsp;&nbsp; 1379513 | &nbsp;&nbsp; 62003931 | &nbsp;&nbsp; 4482595 |
| &nbsp;&nbsp; **Total** | $&nbsp;&nbsp; 4894247 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 1379513 | $&nbsp;&nbsp; 165817398 | $&nbsp;&nbsp; 9183917 |
| &nbsp;&nbsp; Capital loss carryforward utilized | $&nbsp;&nbsp; 368337 | $&nbsp;&nbsp; 601 | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – | $&nbsp;&nbsp; 10617162 | $&nbsp;&nbsp; – |
| &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. | &nbsp;&nbsp; \*Dividend Harvest Fund's ability to use the capital loss carryforward of MD Sass Equity Fund may be limited by loss limitation rules under federal tax law. |

---

**NOTE 7: Investment Advisory Fees and Other Transactions with Affiliates**

Viking Fund Management ("VFM"), the Funds' investment adviser; Integrity Funds Distributor, LLC ("Integrity Funds Distributor" or "IFD"), the Funds' underwriter and distributor; and Integrity Fund Services, the Funds' transfer, accounting, and administrative services agent; are subsidiaries of Corridor Investors, LLC ("Corridor Investors" or "Corridor"), the Funds' sponsor. For Integrity High Income Fund, JPMIM is the sub-adviser. As compensation for sub-advisory services provided to the High Income Fund, VFM is required to pay JPMIM a fee computed at an annual rate of 0.35% of the Fund's average daily net assets (allocated proportionally between Class A, Class C, and Class I shares of the High Income Fund). For S-T Gov Fund, M.D. Sass Investor Services, Inc. is the sub-adviser. As compensation for sub-advisory services provided to the Fund, VFM is required to pay M.D. Sass a fee computed at an annual rate of 0.15% of the Fund's average daily net assets (allocated proportionally between Class A and Class I shares of the S-T Gov Fund). 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 each Fund's average daily net assets. The Funds pay investment advisory fees to VFM on a monthly basis. VFM has also contractually agreed to waive its management fee and to reimburse expenses that are not covered by the management fee, other than extraordinary or non-recurring expenses, taxes, brokerage fees, commissions and acquired fund fees and expenses, so that the net annual operating expenses do not exceed a certain rate. After November 29, 2026, the expense limitations may be terminated or revised for the Funds.

Expense limitations as of January 31, 2026, are stated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Contractual Waiver %  | Contractual Waiver %  | Contractual Waiver %  |
|  | Advisory Fee % | Class A | Class C | Class I |
| Dividend Harvest Fund | 0.75% | 0.95% | 1.70% | 0.70% |
| Dividend Summit Fund | 0.75% | 0.99% | 1.74% | 0.74% |
| Growth & Income Fund | 1.00% | 1.24% | 1.99% | 0.99% |
| High Income Fund | 0.85% | 1.09% | 1.84% | 0.84% |
| MNA Resources Fund | 0.50% | 1.50% | 2.00% | 1.00% |
| S-T Gov Fund | 0.30% | 0.80% | N/A | 0.55% |

---

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. There were voluntary waivers for the period August 1, 2023 through June 30, 2024 for Dividend Summit Fund beyond the expense limitation agreement to maintain a 0.00% expense ratio for each class of shares. For the period July 1, 2024 through January 6, 2025, there were voluntary waivers for Dividend Summit Fund beyond the expense limitation agreement to maintain a 0.50% expense ratio for each class of shares. An expense limitation lowers expense ratios and increases returns to investors. Certain Officers of the Funds are also Officers and Governors of VFM.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 |
|  | &nbsp;&nbsp; Advisory | &nbsp;&nbsp; Waived/(Recouped) | &nbsp;&nbsp; Reimb. | &nbsp;&nbsp; Advisory | &nbsp;&nbsp; Waived | &nbsp;&nbsp; Reimb. |
| &nbsp;&nbsp; Dividend Harvest Fund | $&nbsp;&nbsp; 2159279 | $&nbsp;&nbsp; 1258991 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 386450 | $&nbsp;&nbsp; 232071 | $&nbsp;&nbsp; - |
| &nbsp;&nbsp; Dividend Summit Fund | $&nbsp;&nbsp; 40257 | $&nbsp;&nbsp; 40257 | $&nbsp;&nbsp; 23580 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052 | $&nbsp;&nbsp; 2672 |
| &nbsp;&nbsp; Growth & Income Fund | $&nbsp;&nbsp; 602083 | $&nbsp;&nbsp; 300988 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; 104609 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;50631 | $&nbsp;&nbsp; - |
| &nbsp;&nbsp; High Income Fund | $&nbsp;&nbsp; 197520 | $&nbsp;&nbsp; 133245 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;33403 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;21626 | $&nbsp;&nbsp; - |
| &nbsp;&nbsp; MNA Resources Fund | $&nbsp;&nbsp; 365571 | $&nbsp;&nbsp; (12158) | $&nbsp;&nbsp; - | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;65120 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 444 | $&nbsp;&nbsp; - |
| &nbsp;&nbsp; S-T Gov Fund | $&nbsp;&nbsp; 52219 | $&nbsp;&nbsp; 47049 | $&nbsp;&nbsp; - | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;10038 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9006 | $&nbsp;&nbsp; - |

---

VFM is entitled to recoup such amounts waived or reimbursed for a period of up to three years from the date on which VFM waived fees or reimbursed expenses for each Fund. Each Fund will make repayments to the VFM only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund's current expense limitation. Amounts subject to recoupment and expiration dates are as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; 7/31/2026<br> Amount | &nbsp;&nbsp; 7/31/2027<br> Amount | &nbsp;&nbsp; 07/31/2028<br> Amount | &nbsp;&nbsp; Total |
| &nbsp;&nbsp; Dividend Harvest Fund | $&nbsp;&nbsp; 1443402 | $&nbsp;&nbsp; 1653668 | $&nbsp;&nbsp; 2013200 | $&nbsp;&nbsp; 5110270 |
| &nbsp;&nbsp; Dividend Summit Fund | $&nbsp;&nbsp; 18895 | $&nbsp;&nbsp; 91036 | $&nbsp;&nbsp; 124024 | $&nbsp;&nbsp; 233955 |
| &nbsp;&nbsp; Growth & Income Fund | $&nbsp;&nbsp; 429172 | $&nbsp;&nbsp; 479449 | $&nbsp;&nbsp; 569802 | $&nbsp;&nbsp; 1478423 |
| &nbsp;&nbsp; High Income Fund | $&nbsp;&nbsp; 340855 | $&nbsp;&nbsp; 317306 | $&nbsp;&nbsp; 298542 | $&nbsp;&nbsp; 956703 |
| &nbsp;&nbsp; MNA Resources Fund | $&nbsp;&nbsp; 89643 | $&nbsp;&nbsp; 125584 | $&nbsp;&nbsp; 5042 | $&nbsp;&nbsp; 220269 |
| &nbsp;&nbsp; S-T Gov Fund | $&nbsp;&nbsp; 86774 | $&nbsp;&nbsp; 60884 | $&nbsp;&nbsp; 76817 | $&nbsp;&nbsp; 224475 |

---

IFD serves as the principal underwriter and distributor for the Funds and receives sales charges deducted from Fund share sales proceeds and CDSC from applicable Fund share 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 its 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 and/or service fee of up to 0.25% (0.50% for MNA Resources Fund) for Class A and 1.00% for Class C of the average daily net assets. Class I shares do not have a 12b-1 plan in place. Certain Officers of the Funds are also Officers and Governors of IFD.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 |
|  | &nbsp;&nbsp; Sales Charges | &nbsp;&nbsp; CDSC | &nbsp;&nbsp; Distribution Fees | &nbsp;&nbsp; Distribution Fees |
| &nbsp;&nbsp; Dividend Harvest Fund - A | $&nbsp;&nbsp; 201596  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 187904  | $&nbsp;&nbsp; 32690  |
| &nbsp;&nbsp; Dividend Harvest Fund - C | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 254  | $&nbsp;&nbsp; 217320  | $&nbsp;&nbsp; 38484  |
| &nbsp;&nbsp; Dividend Summit Fund - A | $&nbsp;&nbsp; 9958  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 930  | $&nbsp;&nbsp; 175  |
| &nbsp;&nbsp; Dividend Summit Fund - C | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 285  | $&nbsp;&nbsp; 48  |
| &nbsp;&nbsp; Growth & Income Fund - A | $&nbsp;&nbsp; 16858  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 84674  | $&nbsp;&nbsp; 14675  |
| &nbsp;&nbsp; Growth & Income Fund - C | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 200  | $&nbsp;&nbsp; 46747  | $&nbsp;&nbsp; 8146  |
| &nbsp;&nbsp; High Income Fund - A | $&nbsp;&nbsp; 3733  | $&nbsp;&nbsp; 25  | $&nbsp;&nbsp; 29429  | $&nbsp;&nbsp; 5053  |
| &nbsp;&nbsp; High Income Fund - C | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 11345  | $&nbsp;&nbsp; 1863  |
| &nbsp;&nbsp; MNA Resources Fund - A | $&nbsp;&nbsp; 42900  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 209498  | $&nbsp;&nbsp; 36261  |
| &nbsp;&nbsp; MNA Resources Fund - C | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 245  | $&nbsp;&nbsp; 15697  | $&nbsp;&nbsp; 2961  |
| &nbsp;&nbsp; S-T Gov Fund - A | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; -  | $&nbsp;&nbsp; 541  | $&nbsp;&nbsp; 88  |

---

IFS acts as the transfer agent for High Income Fund and S-T Gov Fund at a monthly variable fee equal to 0.12% on the first $0 to $200 million and at a lower rate in excess of $200 million of the Funds' average daily net assets on an annual basis and an additional fee of $500 per month for each additional share class plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. IFS acts as the transfer agent for Dividend Harvest Fund, Dividend Summit Fund, Growth & Income Fund, and MNA Resources Fund at a monthly variable fee equal to 0.18% on the first $0 to $200 million, 0.15% on the next $200 to $700 million and at a lower rate in excess of $700 million of the Funds' average daily net assets on an annual basis and an additional fee of $500 per month for each additional share class plus reimbursement of out-of-pocket expenses and sub-transfer agent out-of-pocket expenses. Sub-transfer agent out-of-pocket expenses are included in the transfer agent fees below and in the transfer agent out-of-pocket balance on the Statements of Operations.

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% on the first $0 to $200 million, 0.13% on the next $200 to $700 million and at a lower rate in excess of $700 million of the Funds' average daily net assets on an annual basis and an additional fee of $1,000 per month for each additional share class plus reimbursement of out-of-pocket expenses. Commencing on November 30, 2024, IFS also charges a $2,500 annual fee for tailored shareholder reporting plus an additional fee of $750 per year for each share class. Certain Officers of the Funds are also Officers and Governors of IFS.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Six Months Ended January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 | &nbsp;&nbsp; Payable January 31, 2026 |
|  | &nbsp;&nbsp; Transfer | &nbsp;&nbsp; Admin. | &nbsp;&nbsp; Transfer | &nbsp;&nbsp; Admin. |
|  | &nbsp;&nbsp; Agency Fees | &nbsp;&nbsp; Service Fees | &nbsp;&nbsp; Agency Fees | &nbsp;&nbsp; Service Fees |
| &nbsp;&nbsp; Dividend Harvest Fund | $&nbsp;&nbsp; 536438  | $&nbsp;&nbsp; 410949  | $&nbsp;&nbsp; 69405  | $&nbsp;&nbsp; 73163  |
| &nbsp;&nbsp; Dividend Summit Fund | $&nbsp;&nbsp; 16769  | $&nbsp;&nbsp; 34106  | $&nbsp;&nbsp; 2749  | $&nbsp;&nbsp; 5797  |
| &nbsp;&nbsp; Growth & Income Fund | $&nbsp;&nbsp; 131873  | $&nbsp;&nbsp; 110883  | $&nbsp;&nbsp; 19387  | $&nbsp;&nbsp; 19125  |
| &nbsp;&nbsp; High Income Fund | $&nbsp;&nbsp; 37845  | $&nbsp;&nbsp; 59124  | $&nbsp;&nbsp; 4757  | $&nbsp;&nbsp; 9982  |
| &nbsp;&nbsp; MNA Resources Fund | $&nbsp;&nbsp; 174108  | $&nbsp;&nbsp; 128952  | $&nbsp;&nbsp; 20158  | $&nbsp;&nbsp; 22714  |
| &nbsp;&nbsp; S-T Gov Fund | $&nbsp;&nbsp; 24630  | $&nbsp;&nbsp; 44533  | $&nbsp;&nbsp; 3881  | $&nbsp;&nbsp; 8083  |

---

**NOTE 8: Principal Risks**

The High Income Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes or adverse developments specific to the issuer.

The MNA Resources Fund invests significantly in relatively few sectors, primarily the energy sector, and has more exposure to the price movement of this sector than funds that diversify their investments among many sectors.

The Growth and Income Fund does not concentrate in any one industry, based on economic conditions, it may make significant investments in certain sectors. The Fund may invest significantly in securities of companies in the information technology sector, and will therefore be susceptible to adverse economic, business, political, environmental, regulatory, or other occurrences affecting that sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

**NOTE 9: Subsequent Events**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.

The Integrity Funds \| January 31, 2026

------

**Financial Highlights**

Integrity Dividend Harvest Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.32  | $| 19.02  | $| 16.44  | $| 16.33  | $| 15.12  | $| 12.71  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.31 | $| 0.56 | $| 0.52 | $| 0.52 | $| 0.50 | $| 0.47 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 2.40 |  | 1.40 |  | 2.58 |  | 0.31 |  | 1.21 |  | 2.41 |
| &nbsp;&nbsp; Total from investment operations | $2.71 | $| 1.96 | $| 3.10 | $| 0.83 | $| 1.71 | $| 2.88 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.30) | $| (0.56) | $| (0.52) | $| (0.51) | $| (0.50) | $| (0.47) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.90) |  | (1.10) |  | 0.00 |  | (0.21) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(1.20) | $| (1.66) | $| (0.52) | $| (0.72) | $| (0.50) | $| (0.47) |
| **NET ASSET VALUE, END OF PERIOD** | $20.83 | $ | 19.32 | $ | 19.02 | $ | 16.44 | $ | 16.33 | $ | 15.12 |
| Total Return (excludes any applicable sales charge)# | 14.24% | 10.81%  | 10.81%  | 19.38% | 19.38% | 5.31% | 5.31% | 11.41% | 11.41% | 23.09% | 23.09% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $156553  | $139844 | $139844 | $127113  | $127113  | $111909  | $111909  | $105799  | $105799  | $88405  | $88405  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.39%  | 1.40%  | 1.40%  | 1.46%  | 1.46%  | 1.43%  | 1.43%  | 1.44%  | 1.44%  | 1.48%  | 1.48%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 2.96%  | 2.94%  | 2.94%  | 3.11%  | 3.11%  | 3.23%  | 3.23%  | 3.13%  | 3.13%  | 3.39%  | 3.39%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 13.42%  | 27.86%  | 27.86%  | 41.80%  | 41.80%  | 22.79%  | 22.79%  | 14.84%  | 14.84%  | 42.14%  | 42.14%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Dividend Harvest Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.13  | $| 18.85  | $| 16.29  | $| 16.19  | $| 15.00  | $| 12.61  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.23 | $| 0.41 | $| 0.39 | $| 0.39 | $| 0.38 | $| 0.37 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 2.37 |  | 1.39 |  | 2.57 |  | 0.31 |  | 1.19 |  | 2.39 |
| &nbsp;&nbsp; Total from investment operations | $2.60 | $| 1.80 | $| 2.96 | $| 0.70 | $| 1.57 | $| 2.76 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.22) | $| (0.42) | $| (0.40) | $| (0.39) | $| (0.38) | $| (0.37) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.90) |  | (1.10) |  | 0.00 |  | (0.21) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(1.12) | $| (1.52) | $| (0.40) | $| (0.60) | $| (0.38) | $| (0.37) |
| **NET ASSET VALUE, END OF PERIOD** | $20.61 | $ | 19.13 | $ | 18.85 | $ | 16.29 | $ | 16.19 | $ | 15.00 |
| Total Return (excludes any applicable sales charge)# | 13.80% | 9.99%  | 9.99%  | 18.55% | 18.55% | 4.50% | 4.50% | 10.54% | 10.54% | 22.19% | 22.19% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $46969  | $39361 | $39361 | $32058  | $32058  | $27906  | $27906  | $22463  | $22463  | $15762  | $15762  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 2.13%  | 2.15%  | 2.15%  | 2.21%  | 2.21%  | 2.18%  | 2.18%  | 2.19%  | 2.19%  | 2.23%  | 2.23%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 2.21%  | 2.19%  | 2.19%  | 2.36%  | 2.36%  | 2.48%  | 2.48%  | 2.38%  | 2.38%  | 2.64%  | 2.64%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 13.42%  | 27.86%  | 27.86%  | 41.80%  | 41.80%  | 22.79%  | 22.79%  | 14.84%  | 14.84%  | 42.14%  | 42.14%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Dividend Harvest Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $19.34  | $| 19.04  | $| 16.45  | $| 16.34  | $| 15.13  | $| 12.72  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.33 | $| 0.61 | $| 0.56 | $| 0.56 | $| 0.55 | $| 0.51 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 2.40 |  | 1.40 |  | 2.60 |  | 0.31 |  | 1.20 |  | 2.41 |
| &nbsp;&nbsp; Total from investment operations | $2.73 | $| 2.01 | $| 3.16 | $| 0.87 | $| 1.75 | $| 2.92 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.32) | $| (0.61) | $| (0.57) | $| (0.55) | $| (0.54) | $| (0.51) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.90) |  | (1.10) |  | 0.00 |  | (0.21) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(1.22) | $| (1.71) | $| (0.57) | $| (0.76) | $| (0.54) | $| (0.51) |
| **NET ASSET VALUE, END OF PERIOD** | $20.85 | $ | 19.34 | $ | 19.04 | $ | 16.45 | $ | 16.34 | $ | 15.13 |
| Total Return (excludes any applicable sales charge)# | 14.36% | 11.07%  | 11.07%  | 19.73% | 19.73% | 5.58% | 5.58% | 11.68% | 11.68% | 23.38% | 23.38% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $427602  | $340766 | $340766 | $217207  | $217207  | $198461  | $198461  | $123271  | $123271  | $64062  | $64062  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.14%  | 1.15%  | 1.15%  | 1.21%  | 1.21%  | 1.18%  | 1.18%  | 1.19%  | 1.19%  | 1.23%  | 1.23%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.21%  | 3.19%  | 3.19%  | 3.37%  | 3.37%  | 3.48%  | 3.48%  | 3.38%  | 3.38%  | 3.64%  | 3.64%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 13.42%  | 27.86%  | 27.86%  | 41.80%  | 41.80%  | 22.79%  | 22.79%  | 14.84%  | 14.84%  | 42.14%  | 42.14%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Dividend Summit Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Period from | Period from |
|  | Ended | Ended | Ended | Ended | Ended | 5/1/23\* to | 5/1/23\* to |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.82  | $| 10.91  | $| 10.17  | $| 10.00  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.36 | $| 0.62 | $| 0.70 | $| 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.92 |  | (0.10) |  | 0.66 |  | 0.17 |
| &nbsp;&nbsp; Total from investment operations | $1.28 | $| 0.52 | $| 1.36 | $| 0.32 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.35) | $| (0.60) | $| (0.62) | $| (0.15) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.15) |  | (0.01) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(0.50) | $| (0.61) | $| (0.62) | $| (0.15) |
| **NET ASSET VALUE, END OF PERIOD** | $11.60 | $ | 10.82 | $ | 10.91 | $ | 10.17 |
| Total Return (excludes any applicable sales charge)# | 12.06% | 4.88%  | 4.88%  | 14.08% | 14.08% | 3.25% | 3.25% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $804  | $461 | $461 | $217  | $217  | $51  | $51  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 0.99% | 0.81% | 0.81% | 0.08% | 0.08% | 0.00% | 0.00% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 2.17%  | 2.41%  | 2.41%  | 5.50%  | 5.50%  | 12.71%  | 12.71%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 6.34%  | 5.71%  | 5.71%  | 6.83%  | 6.83%  | 5.95%  | 5.95%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 35.23%  | 43.05%  | 43.05%  | 24.07%  | 24.07%  | 11.50%  | 11.50%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | The voluntary waiver, based on average net assets, amounted to 0.99% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|  |  |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 0.91% for the period August 1, 2023 through July 31, 2024. |
|  |  |
| <sup>(6)</sup> | The voluntary waiver, based on average net assets, amounted to 0.18% for the period August 1, 2024 through July 31, 2025. |
| + | Unaudited. |
| \* | Commencement of operations. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Dividend Summit Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Period from | Period from |
|  | Ended | Ended | Ended | Ended | Ended | 5/1/23\* to | 5/1/23\* to |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.97  | $| 11.02  | $| 10.19  | $| 10.00  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.32 | $| 0.55 | $| 0.62 | $| 0.13 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.90 |  | (0.07) |  | 0.76 |  | 0.19 |
| &nbsp;&nbsp; Total from investment operations | $1.22 | $| 0.48 | $| 1.38 | $| 0.32 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.30) | $| (0.52) | $| (0.55) | $| (0.13) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.15) |  | (0.01) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(0.45) | $| (0.53) | $| (0.55) | $| (0.13) |
| **NET ASSET VALUE, END OF PERIOD** | $11.74 | $ | 10.97 | $ | 11.02 | $ | 10.19 |
| Total Return (excludes any applicable sales charge)# | 11.38% | 4.40%  | 4.40%  | 14.08% | 14.08% | 3.25% | 3.25% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $59  | $55 | $55 | $55  | $55  | $51  | $51  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 1.74% | 1.19% | 1.19% | 0.05% | 0.05% | 0.00% | 0.00% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 2.93%  | 3.19%  | 3.19%  | 8.04%  | 8.04%  | 13.45%  | 13.45%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 5.59%  | 4.96%  | 4.96%  | 6.07%  | 6.07%  | 5.21%  | 5.21%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 35.23%  | 43.05%  | 43.05%  | 24.07%  | 24.07%  | 11.50%  | 11.50%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | The voluntary waiver, based on average net assets, amounted to 1.74% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|  |  |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 1.69% for the period August 1, 2023 through July 31, 2024. |
|  |  |
| <sup>(6)</sup> | The voluntary waiver, based on average net assets, amounted to 0.55% for the period August 1, 2024 through July 31, 2025. |
| + | Unaudited. |
| \* | Commencement of operations. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Dividend Summit Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Period from | Period from |
|  | Ended | Ended | Ended | Ended | Ended | 5/1/23\* to | 5/1/23\* to |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.78  | $| 10.88  | $| 10.17  | $| 10.00  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.37 | $| 0.65 | $| 0.73 | $| 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.88 |  | (0.11) |  | 0.63 |  | 0.17 |
| &nbsp;&nbsp; Total from investment operations | $1.25 | $| 0.54 | $| 1.36 | $| 0.32 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.36) | $| (0.63) | $| (0.65) | $| (0.15) |
| &nbsp;&nbsp; Distributions from net realized gains | (0.15) |  | (0.01) |  | 0.00 |  | 0.00 |
| &nbsp;&nbsp; Total distributions | $(0.51) | $| (0.64) | $| (0.65) | $| (0.15) |
| **NET ASSET VALUE, END OF PERIOD** | $11.52 | $ | 10.78 | $ | 10.88 | $ | 10.17 |
| Total Return (excludes any applicable sales charge)# | 11.87% | 5.06%  | 5.06%  | 14.04% | 14.04% | 3.31% | 3.31% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $10726  | $9100 | $9100 | $4376  | $4376  | $549  | $549  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)(4)(5)(6)</sup> | 0.74% | 0.65% | 0.65% | 0.08% | 0.08% | 0.00% | 0.00% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.93%  | 2.16%  | 2.16%  | 4.48%  | 4.48%  | 12.42%  | 12.42%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)(4)(5)(6)</sup> | 6.59%  | 5.96%  | 5.96%  | 7.08%  | 7.08%  | 6.20%  | 6.20%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 35.23%  | 43.05%  | 43.05%  | 24.07%  | 24.07%  | 11.50%  | 11.50%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| <sup>(4)</sup> | The voluntary waiver, based on average net assets, amounted to 0.74% for the period May 1, 2023 (commencement of operations) through July 31, 2023. |
|  |  |
| <sup>(5)</sup> | The voluntary waiver, based on average net assets, amounted to 0.64% for the period August 1, 2023 through July 31, 2024. |
|  |  |
| <sup>(6)</sup> | The voluntary waiver, based on average net assets, amounted to 0.09% for the period August 1, 2024 through July 31, 2025. |
| + | Unaudited. |
| \* | Commencement of operations. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Financial Highlights**

Integrity Growth & Income Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $108.69  | $| 97.71  | $| 82.11  | $| 73.72  | $| 80.95  | $| 60.74  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.02 | $| 0.36 | $| 0.64 | $| 0.44 | $| 0.16 | $| 0.29 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 12.02 |  | 12.92 |  | 16.84 |  | 8.92 |  | (6.83) |  | 20.35 |
| &nbsp;&nbsp; Total from investment operations | $12.04 | $| 13.28 | $| 17.48 | $| 9.36 | $| (6.67) | $| 20.64 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.16) | $| (0.48) | $| (0.57) | $| (0.38) | $| (0.08) | $| (0.41) |
| &nbsp;&nbsp; Distributions from net realized gains | (3.93) |  | (1.82) |  | (1.31) |  | (0.59) |  | (0.48) |  | (0.02) |
| &nbsp;&nbsp; Total distributions | $(4.09) | $| (2.30) | $| (1.88) | $| (0.97) | $| (0.56) | $| (0.43) |
| **NET ASSET VALUE, END OF PERIOD** | $116.64 | $ | 108.69 | $ | 97.71 | $ | 82.11 | $ | 73.72 | $ | 80.95 |
| Total Return (excludes any applicable sales charge)# | 11.15% | 13.80%  | 13.80%  | 21.66% | 21.66% | 12.98% | 12.98% | (8.37%) | (8.37%) | 34.11% | 34.11% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $68939  | $65083 | $65083 | $61511  | $61511  | $52272  | $52272  | $49909  | $49909  | $52676  | $52676  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.74%  | 1.78%  | 1.78%  | 1.77%  | 1.77%  | 1.83%  | 1.83%  | 1.80%  | 1.80%  | 1.80%  | 1.80%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 0.03%  | 0.36%  | 0.36%  | 0.74%  | 0.74%  | 0.60%  | 0.60%  | 0.20%  | 0.20%  | 0.41%  | 0.41%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 1.25%  | 8.86%  | 8.86%  | 6.22%  | 6.22%  | 4.29%  | 4.29%  | 3.78%  | 3.78%  | 11.22%  | 11.22%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Growth & Income Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $104.52  | $| 94.29  | $| 79.36  | $| 71.41  | $| 78.94  | $| 59.67  |  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $(0.40) | $| (0.38) | $| (0.01) | $| (0.11) | $| (0.42) | $| 0.00  | \*\* |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 11.56 |  | 12.43 |  | 16.26 |  | 8.65 |  | (6.63) |  | 19.86 |  |
| &nbsp;&nbsp; Total from investment operations | $11.16 | $| 12.05 | $| 16.25 | $| 8.54 | $| (7.05) | $| 19.86 |  |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $0.00 | $| 0.00 | $| (0.01) | $| 0.00 | $| 0.00 | $| (0.57) |  |
| &nbsp;&nbsp; Distributions from net realized gains | (3.93) |  | (1.82) |  | (1.31) |  | (0.59) |  | (0.48) |  | (0.02) |  |
| &nbsp;&nbsp; Total distributions | $(3.93) | $| (1.82) | $| (1.32) | $| (0.59) | $| (0.48) | $| (0.59) |  |
| **NET ASSET VALUE, END OF PERIOD** | $111.75 | $ | 104.52 | $ | 94.29 | $ | 79.36 | $ | 71.41 | $ | 78.94 |  |
| Total Return (excludes any applicable sales charge)# | 10.76% | 12.94%  | 12.94%  | 20.75% | 20.75% | 12.14% | 12.14% | (9.05%) | (9.05%) | 33.44% | 33.44% |  |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $9607  | $8910 | $8910 | $7957  | $7957  | $6304  | $6304  | $5655  | $5655  | $5041  | $5041  |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.85% | 1.85% |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 2.49%  | 2.53%  | 2.53%  | 2.52%  | 2.52%  | 2.58%  | 2.58%  | 2.55%  | 2.55%  | 2.20%  | 2.20%  |  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | (0.72%)  | (0.39%)  | (0.39%)  | (0.02%)  | (0.02%)  | (0.15%)  | (0.15%)  | (0.55%)  | (0.55%)  | 0.00%  | 0.00%  | \*\* |
| &nbsp;&nbsp; Portfolio turnover rate# | 1.25%  | 8.86%  | 8.86%  | 6.22%  | 6.22%  | 4.29%  | 4.29%  | 3.78%  | 3.78%  | 11.22%  | 11.22%  |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| \*\* | Amount is less than $0.005/less than 0.005%. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Growth & Income Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $109.04 | $| 98.01  | $| 82.34  | $| 73.85  | $| 81.06  | $| 60.80  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.16 | $| 0.62 | $| 0.86 | $| 0.62 | $| 0.35 | $| 0.48 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 12.07 |  | 12.96 |  | 16.88 |  | 8.94 |  | (6.81) |  | 20.37 |
| &nbsp;&nbsp; Total from investment operations | $12.23 | $| 13.58 | $| 17.74 | $| 9.56 | $| (6.46) | $| 20.85 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.44) | $| (0.73) | $| (0.76) | $| (0.48) | $| (0.27) | $| (0.57) |
| &nbsp;&nbsp; Distributions from net realized gains | (3.93) |  | (1.82) |  | (1.31) |  | (0.59) |  | (0.48) |  | (0.02) |
| &nbsp;&nbsp; Total distributions | $(4.37) | $| (2.55) | $| (2.07) | $| (1.07) | $| (0.75) | $| (0.59) |
| **NET ASSET VALUE, END OF PERIOD** | $116.90 | $ | 109.04 | $ | 98.01 | $ | 82.34 | $ | 73.85 | $ | 81.06 |
| Total Return (excludes any applicable sales charge)# | 11.29% | 14.09%  | 14.09%  | 21.95% | 21.95% | 13.25% | 13.25% | (8.12%) | (8.12%) | 34.45% | 34.45% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $44155  | $40009 | $40009 | $32449  | $32449  | $25634  | $25634  | $22735  | $22735  | $24784  | $24784  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.49%  | 1.53%  | 1.53%  | 1.52%  | 1.52%  | 1.58%  | 1.58%  | 1.54%  | 1.54%  | 1.55%  | 1.55%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 0.28%  | 0.61%  | 0.61%  | 0.99%  | 0.99%  | 0.85%  | 0.85%  | 0.45%  | 0.45%  | 0.66%  | 0.66%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 1.25%  | 8.86%  | 8.86%  | 6.22%  | 6.22%  | 4.29%  | 4.29%  | 3.78%  | 3.78%  | 11.22%  | 11.22%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity High Income Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.63  | $| 7.42  | $| 7.13  | $| 7.33  | $| 8.13  | $| 7.65  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.20 | $| 0.40 | $| 0.39 | $| 0.36 | $| 0.31 | $| 0.32 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.08 |  | 0.21 |  | 0.29 |  | (0.20) |  | (0.80) |  | 0.48 |
| &nbsp;&nbsp; Total from investment operations | $0.28 | $| 0.61 | $| 0.68 | $| 0.16 | $| (0.49) | $| 0.80 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.20) | $| (0.40) | $| (0.39) | $| (0.36) | $| (0.31) | $| (0.32) |
| &nbsp;&nbsp; Total distributions | $(0.20) | $| (0.40) | $| (0.39) | $| (0.36) | $| (0.31) | $| (0.32) |
| **NET ASSET VALUE, END OF PERIOD** | $7.71 | $ | 7.63 | $ | 7.42 | $ | 7.13 | $ | 7.33 | $ | 8.13 |
| Total Return (excludes any applicable sales charge)# | 3.71% | 8.42%  | 8.42%  | 9.78% | 9.78% | 2.41% | 2.41% | (6.14%) | (6.14%) | 10.62% | 10.62% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $23785  | $22812 | $22812 | $23964  | $23964  | $22891  | $22891  | $25736  | $25736  | $26725  | $26725  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 1.09% | 1.04% | 1.04% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.66%  | 1.66%  | 1.66%  | 1.65%  | 1.65%  | 1.68%  | 1.68%  | 1.63%  | 1.63%  | 1.63%  | 1.63%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 5.18%  | 5.32%  | 5.32%  | 5.32%  | 5.32%  | 5.14%  | 5.14%  | 3.99%  | 3.99%  | 3.99%  | 3.99%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 12.50%  | 27.70%  | 27.70%  | 25.60%  | 25.60%  | 15.41%  | 15.41%  | 21.04%  | 21.04%  | 35.74%  | 35.74%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity High Income Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.63  | $| 7.44  | $| 7.15  | $| 7.35  | $| 8.15  | $| 7.67  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.17 | $| 0.34 | $| 0.33 | $| 0.31 | $| 0.25 | $| 0.26 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.08 |  | 0.19 |  | 0.29 |  | (0.20) |  | (0.80) |  | 0.48 |
| &nbsp;&nbsp; Total from investment operations | $0.25 | $| 0.53 | $| 0.62 | $| 0.11 | $| (0.55) | $| 0.74 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.17) | $| (0.34) | $| (0.33) | $| (0.31) | $| (0.25) | $| (0.26) |
| &nbsp;&nbsp; Total distributions | $(0.17) | $| (0.34) | $| (0.33) | $| (0.31) | $| (0.25) | $| (0.26) |
| **NET ASSET VALUE, END OF PERIOD** | $7.71 | $ | 7.63 | $ | 7.44 | $ | 7.15 | $ | 7.35 | $ | 8.15 |
| Total Return (excludes any applicable sales charge)# | 3.32% | 7.32%  | 7.32%  | 8.95% | 8.95% | 1.65% | 1.65% | (6.82%) | (6.82%) | 9.78% | 9.78% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $2176  | $2269 | $2269 | $3438  | $3438  | $3364  | $3364  | $3364  | $3364  | $3776  | $3776  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 1.84% | 1.80% | 1.80% | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 2.41%  | 2.42%  | 2.42%  | 2.40%  | 2.40%  | 2.43%  | 2.43%  | 2.38%  | 2.38%  | 2.38%  | 2.38%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 4.43%  | 4.56%  | 4.56%  | 4.57%  | 4.57%  | 4.39%  | 4.39%  | 3.24%  | 3.24%  | 3.24%  | 3.24%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 12.50%  | 27.70%  | 27.70%  | 25.60%  | 25.60%  | 15.41%  | 15.41%  | 21.04%  | 21.04%  | 35.74%  | 35.74%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity High Income Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.63  | $| 7.41  | $| 7.12  | $| 7.32  | $| 8.13  | $| 7.64  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.21 | $| 0.42 | $| 0.40 | $| 0.38 | $| 0.33 | $| 0.34 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.07 |  | 0.22 |  | 0.29 |  | (0.20) |  | (0.81) |  | 0.49 |
| &nbsp;&nbsp; Total from investment operations | $0.28 | $| 0.64 | $| 0.69 | $| 0.18 | $| (0.48) | $| 0.83 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.21) | $| (0.42) | $| (0.40) | $| (0.38) | $| (0.33) | $| (0.34) |
| &nbsp;&nbsp; Total distributions | $(0.21) | $| (0.42) | $| (0.40) | $| (0.38) | $| (0.33) | $| (0.34) |
| **NET ASSET VALUE, END OF PERIOD** | $7.70 | $ | 7.63 | $ | 7.41 | $ | 7.12 | $ | 7.32 | $ | 8.13 |
| Total Return (excludes any applicable sales charge)# | 3.71% | 8.84%  | 8.84%  | 10.06% | 10.06% | 2.66% | 2.66% | (6.04%) | (6.04%) | 11.04% | 11.04% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $20530  | $21632 | $21632 | $21185  | $21185  | $22577  | $22577  | $24286  | $24286  | $26652  | $26652  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.84% | 0.79% | 0.79% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.41%  | 1.41%  | 1.41%  | 1.40%  | 1.40%  | 1.43%  | 1.43%  | 1.38%  | 1.38%  | 1.37%  | 1.37%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 5.43%  | 5.57%  | 5.57%  | 5.57%  | 5.57%  | 5.39%  | 5.39%  | 4.24%  | 4.24%  | 4.24%  | 4.24%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 12.50%  | 27.70%  | 27.70%  | 25.60%  | 25.60%  | 15.41%  | 15.41%  | 21.04%  | 21.04%  | 35.74%  | 35.74%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

The Integrity Funds \| January 31, 2026

------

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $6.51  | $| 5.77  | $| 5.30  | $| 5.07  | $| 3.74  | $| 2.59  |  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.01 | $| 0.05 | $| 0.07 | $| 0.08 | $| 0.06 | $| 0.04 |  |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.13 |  | 0.74 |  | 0.47 |  | 0.23 |  | 1.33 |  | 1.15 |  |
| &nbsp;&nbsp; Total from investment operations | $1.14 | $| 0.79 | $| 0.54 | $| 0.31 | $| 1.39 | $| 1.19 |  |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.02) | $| (0.04) | $| (0.07) | $| (0.08) | $| (0.06) | $| (0.04) |  |
| &nbsp;&nbsp; Distributions from return of capital | 0.00 |  | (0.01) |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 | \*\* |
| &nbsp;&nbsp; Total distributions | $(0.02) | $| (0.05) | $| (0.07) | $| (0.08) | $| (0.06) | $| (0.04) |  |
| **NET ASSET VALUE, END OF PERIOD** | $7.63 | $ | 6.51 | $ | 5.77 | $ | 5.30 | $ | 5.07 | $ | 3.74 |  |
| Total Return (excludes any applicable sales charge)# | 17.49% | 13.89%  | 13.89%  | 10.31% | 10.31% | 6.23% | 6.23% | 37.38% | 37.38% | 46.40% | 46.40% |  |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $89575  | $81004 | $81004 | $79047  | $79047  | $87706  | $87706  | $95211  | $95211  | $80091  | $80091  |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers and recoupment^<sup>(3)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers and recoupment^ | 1.48%  | 1.50%  | 1.50%  | 1.60%  | 1.60%  | 1.56%  | 1.56%  | 1.50%  | 1.50%  | 1.60%  | 1.60%  |  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 0.41%  | 0.81%  | 0.81%  | 1.25%  | 1.25%  | 1.57%  | 1.57%  | 1.36%  | 1.36%  | 1.18%  | 1.18%  |  |
| &nbsp;&nbsp; Portfolio turnover rate# | 29.40%  | 63.34%  | 63.34%  | 50.88%  | 50.88%  | 41.75%  | 41.75%  | 51.12%  | 51.12%  | 71.19%  | 71.19%  |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| \*\* | Amount is less than $0.005. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class C

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months |  | Year | Year |  | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended |  | Ended | Ended |  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ |  | 7/31/25 | 7/31/25 |  | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $6.46  |  | $| 5.73  |  | $| 5.26  | $| 5.04  | $| 3.71  | $| 2.57  |  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.00 |  | $| 0.02 |  | $| 0.04 | $| 0.05 | $| 0.04 | $| 0.02 |  |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.12 |  |  | 0.73 |  |  | 0.47 |  | 0.22 |  | 1.32 |  | 1.14 |  |
| &nbsp;&nbsp; Total from investment operations | $1.12 |  | $| 0.75 |  | $| 0.51 | $| 0.27 | $| 1.36 | $| 1.16 |  |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $0.00 | \*\* | $| (0.02) |  | $| (0.04) | $| (0.05) | $| (0.03) | $| (0.02) |  |
| &nbsp;&nbsp; Distributions from return of capital | 0.00 |  |  | 0.00 | \*\* |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 | \*\* |
| &nbsp;&nbsp; Total distributions | $0.00 |  | $| (0.02) |  | $| (0.04) | $| (0.05) | $| (0.03) | $| (0.02) |  |
| **NET ASSET VALUE, END OF PERIOD** | $7.58 |  | $ | 6.46 |  | $ | 5.73 | $ | 5.26 | $ | 5.04 | $ | 3.71 |  |
| Total Return (excludes any applicable sales charge)# | 17.38% |  | 13.20%  | 13.20%  |  | 9.82% | 9.82% | 5.50% | 5.50% | 36.90% | 36.90% | 45.65% | 45.65% |  |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $3728  |  | $2920 | $2920 |  | $4426  | $4426  | $6571  | $6571  | $8893  | $8893  | $9451  | $9451  |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers and recoupment^<sup>(3)</sup> | 2.00% |  | 2.00% | 2.00% |  | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers and recoupment^ | 1.98%  |  | 2.01%  | 2.01%  |  | 2.10%  | 2.10%  | 2.06%  | 2.06%  | 2.00%  | 2.00%  | 2.10%  | 2.10%  |  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | (0.09%)  |  | 0.30%  | 0.30%  |  | 0.75%  | 0.75%  | 1.07%  | 1.07%  | 0.85%  | 0.85%  | 0.68%  | 0.68%  |  |
| &nbsp;&nbsp; Portfolio turnover rate# | 29.40%  |  | 63.34%  | 63.34%  |  | 50.88%  | 50.88%  | 41.75%  | 41.75%  | 51.12%  | 51.12%  | 71.19%  | 71.19%  |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| \*\* | Amount is less than $0.005. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Mid-North American Resources Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $6.45  | $| 5.72  | $| 5.25  | $| 5.03  | $| 3.71  | $| 2.57  |  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.03 | $| 0.08 | $| 0.09 | $| 0.10 | $| 0.08 | $| 0.06 |  |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 1.12 |  | 0.73 |  | 0.48 |  | 0.22 |  | 1.32 |  | 1.14 |  |
| &nbsp;&nbsp; Total from investment operations | $1.15 | $| 0.81 | $| 0.57 | $| 0.32 | $| 1.40 | $| 1.20 |  |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.03) | $| (0.07) | $| (0.10) | $| (0.10) | $| (0.08) | $| (0.06) |  |
| &nbsp;&nbsp; Distributions from return of capital&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 0.00 |  | (0.01) |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 | \*\* |
| &nbsp;&nbsp; Total distributions | $(0.03) | $| (0.08) | $| (0.10) | $| (0.10) | $| (0.08) | $| (0.06) |  |
| **NET ASSET VALUE, END OF PERIOD** | $7.57 | $ | 6.45 | $ | 5.72 | $ | 5.25 | $ | 5.03 | $ | 3.71 |  |
| Total Return (excludes any applicable sales charge)# | 17.95% | 14.42%  | 14.42%  | 10.96% | 10.96% | 6.65% | 6.65% | 38.17% | 38.17% | 47.12% | 47.12% |  |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $74849  | $51274 | $51274 | $39346  | $39346  | $44404  | $44404  | $42940  | $42940  | $19839  | $19839  |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers and recoupment^<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |  |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers and recoupment^ | 0.98%  | 1.00%  | 1.00%  | 1.10%  | 1.10%  | 1.06%  | 1.06%  | 1.00%  | 1.00%  | 1.08%  | 1.08%  |  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 0.91%  | 1.31%  | 1.31%  | 1.75%  | 1.75%  | 2.07%  | 2.07%  | 1.86%  | 1.86%  | 1.68%  | 1.68%  |  |
| &nbsp;&nbsp; Portfolio turnover rate# | 29.40%  | 63.34%  | 63.34%  | 50.88%  | 50.88%  | 41.75%  | 41.75%  | 51.12%  | 51.12%  | 71.19%  | 71.19%  |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| \*\* | Amount is less than $0.005. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Short Term Government Fund, Class A

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year |  | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended |  | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 |  | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.75  | $| 8.52  | $| 8.23  | $| 8.43  |  | $| 8.98  | $| 9.22  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.14 | $| 0.31 | $| 0.30 | $| 0.00 | \*\* | $| 0.07 | $| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.17 |  | 0.24 |  | 0.30 |  | (0.18) |  |  | (0.47) |  | (0.14) |
| &nbsp;&nbsp; Total from investment operations | $0.31 | $| 0.55 | $| 0.60 | $| (0.18) |  | $| (0.40) | $| 0.05 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.15) | $| (0.32) | $| (0.31) | $| (0.02) |  | $| (0.15) | $| (0.29) |
| &nbsp;&nbsp; Total distributions | $(0.15) | $| (0.32) | $| (0.31) | $| (0.02) |  | $| (0.15) | $| (0.29) |
| **NET ASSET VALUE, END OF PERIOD** | $8.91 | $ | 8.75 | $ | 8.52 | $ | 8.23 |  | $ | 8.43 | $ | 8.98 |
| Total Return (excludes any applicable sales charge)# | 3.51% | 6.55%  | 6.55%  | 7.49% | 7.49% | (2.08%) | (2.08%) |  | (4.51%) | (4.51%) | 0.50% | 0.50% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $416  | $462  | $462  | $275  | $275  | $308  | $308  |  | $703  | $703  | $724  | $724  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |  | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 1.07%  | 1.09%  | 1.09%  | 1.19%  | 1.19%  | 1.33%  | 1.33%  |  | 1.18%  | 1.18%  | 1.17%  | 1.17%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.21%  | 3.56%  | 3.56%  | 3.65%  | 3.65%  | (0.10%)  | (0.10%)  |  | 0.84%  | 0.84%  | 2.14%  | 2.14%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 77.89%  | 113.27%  | 113.27%  | 57.27%  | 57.27%  | 60.63%  | 60.63%  |  | 51.52%  | 51.52%  | 140.79%  | 140.79%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| \*\* | Amount is less than ($0.005) |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Financial Highlights**

Integrity Short Term Government Fund, Class I

*Selected per share data and ratios for the periods indicated*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months | Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 1/31/26+ | 7/31/25 | 7/31/25 | 7/31/24 | 7/31/24 | 7/31/23 | 7/31/23 | 7/31/22 | 7/31/22 | 7/31/21 | 7/31/21 |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $8.76  | $| 8.53  | $| 8.24  | $| 8.44  | $| 8.98  | $| 9.22  |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | $0.16 | $| 0.33 | $| 0.32 | $| 0.01 | $| 0.09 | $| 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup> | 0.16 |  | 0.24 |  | 0.30 |  | (0.18) |  | (0.46) |  | (0.15) |
| &nbsp;&nbsp; Total from investment operations | $0.32 | $| 0.57 | $| 0.62 | $| (0.17) | $| (0.37) | $| 0.07 |
| **Less Distributions:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Dividends from net investment income | $(0.16) | $| (0.34) | $| (0.33) | $| (0.03) | $| (0.17) | $| (0.31) |
| &nbsp;&nbsp; Total distributions | $(0.16) | $| (0.34) | $| (0.33) | $| (0.03) | $| (0.17) | $| (0.31) |
| **NET ASSET VALUE, END OF PERIOD** | $8.92 | $ | 8.76 | $ | 8.53 | $ | 8.24 | $ | 8.44 | $ | 8.98 |
| Total Return (excludes any applicable sales charge)# | 3.64% | 6.81%  | 6.81%  | 7.75% | 7.75% | (1.97%) | (1.97%) | (4.18%) | (4.18%) | 0.75% | 0.75% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period (in thousands) | $39666  | $31916 | $31916 | $16575  | $16575  | $14704  | $14704  | $19609  | $19609  | $31576  | $31576  |
| &nbsp;&nbsp; Ratio of expenses to average net assets after waivers^<sup>(3)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp; Ratio of expenses to average net assets before waivers^ | 0.82%  | 0.84%  | 0.84%  | 0.94%  | 0.94%  | 1.08%  | 1.08%  | 0.93%  | 0.93%  | 0.93%  | 0.93%  |
| &nbsp;&nbsp; Ratio of net investment income to average net assets^<sup>(3)</sup> | 3.46%  | 3.81%  | 3.81%  | 3.90%  | 3.90%  | 0.15%  | 0.15%  | 1.09%  | 1.09%  | 2.38%  | 2.38%  |
| &nbsp;&nbsp; Portfolio turnover rate# | 77.89%  | 113.27%  | 113.27%  | 57.27%  | 57.27%  | 60.63%  | 60.63%  | 51.52%  | 51.52%  | 140.79%  | 140.79%  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Per share net investment income (loss) has been calculated using the average daily shares method. |
| <sup>(2)</sup> | Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
| <sup>(3)</sup> | This row reflects the impact, if any, of fee waivers or reimbursements by the Adviser and/or affiliated service providers. |
| + | Unaudited. |
| ^ | Annualized for periods less than one year. |
| # | Not annualized for periods less than one year. |
| 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. | 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. | The accompanying notes are an integral part of these financial statements. |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

There were no changes in or disagreements with Cohen during the period covered by the report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies**

As of January 31, 2026, Trustees who are not considered to be "interested persons," as that term is defined in the 1940 Act, of The Integrity Funds (the "Independent Trustees") are paid an annual fee of $31,500 for service as trustee on the boards of the trusts in the Fund Complex (the Registrant and Viking Mutual Funds). In addition, each Independent Trustee is entitled to receive a fee of $3,500 for attendance at each meeting of the Board of Trustees (whether attendance is telephonic or in person) that is not on the regular Board of Trustees meeting schedule. For the fiscal year ended July 31, 2025, the aggregate remuneration paid by the Trust to the Independent Trustees was $67,540. In addition, for the fiscal year ended July 31, 2025, Brent M. Wheeler was paid by the Trust an aggregate amount of $94,530 for service to the Fund Complex as Mutual Fund Chief Compliance Officer.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

At a meeting held on November 7, 2025, the Board of Trustees (the "Board" or the "Trustees") of the Integrity Funds (the "Trust"), including a majority of the trustees who are not parties to such investment advisory or sub-advisory agreement or "interested persons" of any such party (the "Independent Trustees"), unanimously determined to renew the Investment Advisory Agreement (the "Advisory Agreement"), between the Trust, on behalf of its series (each, a "Fund," and together, the "Funds"), and Viking Fund Management, LLC ("Viking" or the "Adviser") and the Investment Sub-Advisory Agreements (the "Sub-Advisory Agreements"), between the Adviser and J.P. Morgan Investment Management Inc. ("JPMIM") with respect to Integrity High Income Fund, and between the Adviser and M.D. Sass Investors Services, Inc. ("M.D. Sass") with respect to Integrity Short Term Government Fund (JPMIM and M.D. Sass, each a "Sub-Adviser"). The Board considered information received and discussions held at the November 7, 2025 Board meeting and, with respect to the Independent Trustees, discussions held at the October 13, 2025 meeting of the Governance Committee.

In determining whether it was appropriate to renew the Advisory Agreement and the Sub-Advisory Agreements, the Trustees requested and reviewed information provided by the Adviser, and the Sub-Advisers of Integrity High Income Fund and Integrity Short Term Government Fund, that they believed to be reasonably necessary to reach their conclusions. The Independent Trustees also received advice from their independent counsel on the issues to focus on during contract renewals. In connection with the renewal of the Advisory for each Fund and Sub-Advisory Agreements for the applicable Funds, the Board reviewed factors set out in judicial decisions and Securities and Exchange Commission disclosure rules relating to the renewal of advisory contracts, which include, but are not limited to, the following:

(a) the nature, extent and quality of services provided to the
 Fund;

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

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

(d) the costs and profitability of furnishing the investment
 management services to the Fund;

(e) the extent to which the Adviser or Sub-Adviser realizes
 economies of scale as the Fund grows larger and whether fee levels reflect
 these economies of scale for the benefit of Fund shareholders;

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

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

(h) information with
 respect to all benefits to the Adviser and, if applicable, the Sub-Adviser
 associated with its relationship with the Fund, including an analysis of
 so-called "fallout" benefits or indirect profits to the Adviser from its
 relationship to the Fund.

The Integrity Funds \| January 31, 2026

------

In reviewing the Advisory Agreement with the Trust on behalf of the Funds, the Trustees considered, among other things, the advisory fees, each Fund's past performance, the nature, extent and quality of the services provided, the profitability of the Adviser and its affiliates that provide services to the Funds (costs and profits from furnishing services to each Fund), and the contractual expense limitations agreed to by the Adviser with respect to Fund expenses. The Trustees also considered any ancillary benefits to the Adviser and its affiliates for services provided to each Fund*.* The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees also considered the Adviser's commitment to contractually or voluntarily limit Fund expenses, skills and capabilities of the personnel of the Adviser, and the representations from the Adviser that the Funds' portfolio managers will continue to manage each Fund in substantially the same way as it had been managed.

The following paragraphs summarize the material information and factors considered by the Trustees, 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 Board considered that the Adviser currently provides services to 12 funds with investment strategies ranging from non-diversified sector funds to broad-based equity funds to municipal funds. The Board also considered that the Adviser has a strong culture of compliance and provides quality services. The Board noted that the expertise of the Adviser is attributable to its long-term focus on managing investment companies which have the potential to enhance the Funds' future performance. They considered the background and experience of the Adviser personnel. The Board discussed the depth of the portfolio management team, and the Adviser's approach to overseeing the sub-advisers. Based on the information provided, the Board determined that the overall nature, extent and quality of the services provided by the Adviser have historically been, and continue to be, adequate and appropriate.

**Investment performance.** The Board considered the total return history and category rankings of each Fund, according to Morningstar data, as well as additional information and commentary of the Adviser regarding the reasons for variances between Fund performance and peer performance. In this regard, the Board made the following observations:

As of September 30, 2025, the Morningstar risk rating for: (1) Class A shares of Integrity Growth & Income Fund was above average for the 3- and 5-year periods and average for the 10-year period; (2) Class A shares of Integrity Mid-North American Resources Fund was above average for the 3- and 5-year periods and average for the 10-year period; (3) Class A shares of Integrity High Income Fund was average for the 3-, 5-, and 10-year periods; (4) Class A shares of Integrity Dividend Harvest Fund was rated as below average for the 3- and 5-year periods and low for the 10-year period; and (5) Class I shares of Integrity Short Term Government Fund was above average for the 3- and 10-year periods and above average for the 5-year period. Integrity Dividend Summit Fund had no rating due to its limited operating history, and while short term performance trailed the category, the performance period was too short to be meaningful.

As of September 30, 2025, the Morningstar return rating for: (1) Class A shares of Integrity Growth & Income Fund was above average for the 3-year period, below average for the 5-year period, and average for the 10-year period; (2) Class A shares of Integrity Mid-North American Resources Fund was above average for the 3-year period, and average for the 5- and 10-year periods; (3) Class A shares of Integrity High Income Fund was average for the 3- and 5-year periods, and above average for the 10-year period; (4) Class A shares of Integrity Dividend Harvest Fund was above average for the 3-, 5-, and 10-year periods; and (5) Class I shares of Integrity Short Term Government Fund was high for the 3- and 10-year periods, and above average for the 5-year period. Integrity Dividend Summit Fund had no rating due to its limited operating history.

As of September 30, 2025, the Fund performance for: (1) Class A shares of Integrity Growth & Income Fund was below its index for the 1-, 3-, 5- and 10-year periods, and, above its category median for the 3-year period, and below the median for the 1-, 5-, and 10-year periods; (2) Class A shares of Integrity Mid-North American Resources Fund was above its index for the 1- and 3-year periods and below its index for the 5- and 10-year periods, and above its category median for the 1-, 3-, 5-, and 10-year periods; (3) Class A shares of Integrity High Income Fund was below its index for the 1-, 3- 5- and 10-year periods, and above its category median for the 1- and 10-year periods and below its category median for the 3- and 5-year periods; (4) Class A shares of Integrity Dividend Harvest Fund was above its index for the 1-year period and below its index for the 3-, 5-, and 10-year periods; and above its category median for the 1-, 3-, 5-, and 10-year periods; and (5) Class I shares of Integrity Short Term Government Fund was above its index for the 1-, 3-, 5-, 10-year periods, and above its category median for the 1-, 3-, 5-, and 10-year periods. Integrity Dividend Summit Fund was below its index and below its category median for the 1-year period, and had no performance information for the other covered periods due to its limited operating history. The Board determined that the performance of each Fund was satisfactory and that each Fund has sought to meet its investment objective(s) pursuant to its principal investment strategies.

**Profitability.** In connection with its review of advisory fees, the Board also considered the profitability to the Adviser and its affiliates from their relationship with the Funds. In this regard, the Board received information regarding the financial condition of the Adviser and the distributor for the calendar year ended December 31, 2024 and the six months ended June 30, 2025. The Board also received Fund-by-Fund profitability information, which included fees and expenses of the Adviser as well as the affiliated distributor and transfer agent. Based on the information provided, the Board concluded that the level of profitability under the Advisory Agreement was not unreasonable in light of the services provided and taking into account fees and expenses of affiliated service providers to the Funds.

The Integrity Funds \| January 31, 2026

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**Economies of scale.** The Board considered whether there were economies of scale with respect to management of the Funds and whether the Adviser had benefitted from any economies of scale. In this regard, the Board considered information regarding each Fund's size and noted that the size of each Fund had not reached an asset level at which the Adviser would materially benefit from economies of scale. The Board also noted that each Fund's expenses are managed pursuant to a contractual expense limitation. The Board determined that the advisory fees are structured appropriately based on the size of the respective Fund.

**Analysis of the rates charged by other investment advisers to similar funds.** The Board considered that a comparison of the advisory fees charged by the Adviser with respect to the Funds to advisory fees charged by other investment advisers to other funds with a similar investment strategy and size, as compiled by the Adviser, reflected that the fees charged by the Adviser for each fund are comparable to those charged by other investment advisers to other similar funds.

**Expense ratios of the Fund as compared to data for comparable funds.** The Board considered that a comparison of the net annual operating expense for Class A and Class I shares of each Fund to other funds with a similar investment strategy and within fund complexes of similar size, as compiled by the Adviser, reflected that (1) the net operating expense ratio of 1.09% for Class A shares, and 0.84% for Class I shares of Integrity High Income Fund is comparable to that of other similar funds; (2) the net operating expense ratio of 1.24% for Class A shares and 0.99% for Class I shares of Integrity Growth & Income Fund is comparable to that of other similar funds; (3) the net operating expense ratio of 0.95% for Class A shares and 0.70% for Class I shares of Integrity Dividend Harvest Fund is comparable to that of other similar funds; (4) the net operating expense ratio of 1.50% for Class A shares and 1.00% for Class I shares of Integrity Mid-North American Resources Fund is comparable to that of other similar funds; (5) the net operating expense ratio of 0.99% for Class A shares and 0.74% for Class I shares of Integrity Dividend Summit Fund is comparable to that of other similar funds; and (6) the net operating expense ratio of 0.80% for Class A shares and 0.55% for Class I shares of Integrity Short Term Government Funds is comparable to that of other similar funds. The Board considered information provided by the Adviser regarding the limitations of certain peer group comparisons.

**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 Fund.** The Board noted that the Adviser and its affiliates do not realize material direct benefits from their relationship to the Funds except for fees earned for services provided. The Board considered that the Adviser uses an internal model to provide services to the Funds and that the Adviser or its affiliates provide most services to the Funds including distribution and transfer agency services. In addition, the Board considered the Adviser's soft dollar arrangements with respect to securities trading in the Funds (other than Integrity High Income Fund), noting that the Adviser obtains research, security data, analytics and portfolio screening through such arrangements. With respect to Integrity High Income Fund and Integrity Short Term Government Fund, the Board noted that the Adviser currently engages an unaffiliated Sub-Adviser, and therefore the Adviser will not benefit from the Sub-Advisers' use of soft dollars, if any.

In voting unanimously to renew the Advisory Agreement, the Board did not identify any single factor as being of paramount importance. The Board unanimously determined that, after considering all relevant factors, the renewal of the Advisory Agreement is in the best interests of each of the Funds and that the advisory fees are reasonable considering the nature, extent and quality of services provided by the Adviser.

**Sub-Advisory Agreement with JPMIM**

In determining whether it was appropriate to renew the Sub-Advisory Agreement between the Adviser and JPMIM with respect to Integrity High Income Fund, the Trustees requested and reviewed information, provided by JPMIM, that they believed to be reasonably necessary to reach their conclusion. The following paragraphs summarize the material information and factors considered by the Trustees, including the Independent Trustees, as well as their conclusions relative to such factors in considering the renewal of the Sub-Advisory Agreement:

**Nature, extent and quality of services.** In reviewing the Sub-Advisory Agreement, the Board considered the nature, extent and quality of services provided by JPMIM. In this regard, the Board considered that, under the Sub-Advisory Agreement, JPMIM is responsible for investment decision-making, brokerage and execution, risk management and compliance, while the Adviser is responsible for regulatory filings, proxy voting, marketing and distribution, and risk management and compliance oversight. The Board noted the history and investment experience of JPMIM and reviewed the qualifications, background and responsibilities of its portfolio managers and certain other relevant personnel. The Board considered JPMIM's significant expertise in managing high yield corporate bond portfolios. The Board also considered the reputation and resources of JPMIM. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of services provided to the Fund by JPMIM have been, and continue to be, adequate and appropriate.

**Analysis of the rates charged by Sub-Adviser to similar funds.** The Board considered that a comparison of the sub-advisory fees paid to JPMIM as compared to fees paid by other similar funds and accounts sub-advised by JPMIM reflected that the fees charged by the Sub-Adviser with respect to the Fund are comparable to those charged by the Sub-Adviser to other similar funds and accounts for similar services. Based on the information provided, the Board concluded that the sub-advisory fees are reasonable in light of the nature, extent and quality of services provided by the Sub-Adviser.

**Profitability.** The Board received and considered financial statements of JPMIM. The Board considered that JPMIM was part of a large global organization and that the revenues from its relationship with the Fund constituted a small portion of its overall revenues. Accordingly, the Board determined that the profitability to JPMIM was not a material factor in its consideration and it evaluated profitability at the overall Fund level.

The Integrity Funds \| January 31, 2026

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**Economies of scale.** The Board considered the extent to which economies of scale had been and could be realized by the Sub-Adviser. The Board considered the current and potential asset size of the Fund and concluded that at this time the potential for realizing economies of scale is limited.

**Information with respect to all benefits to the Sub-Adviser associated with the Fund, including an analysis of so-called "fallout" benefits or indirect profits to the Sub-Adviser from its relationship to the Fund.** The Board noted that the Sub-Adviser does not realize material direct benefits from its relationship to the Fund except for fees earned for services provided as sub-adviser. The Board also considered that the Sub-Adviser does not participate in soft dollar arrangements from securities trading in the Fund or receive other indirect material benefits from its relationship with the Fund.

In voting unanimously to renew the Sub-Advisory Agreement, the Trustees did not identify any single factor as being of paramount importance. The Trustees unanimously determined that, after considering all relevant factors, the renewal of the Sub-Advisory Agreement is in the best interests of the Fund and that the sub-advisory fees are reasonable considering the nature, extent and quality of services provided by the Sub-Adviser.

**Sub-Advisory Agreement with M.D. Sass**

In determining whether it was appropriate to renew the Sub-Advisory Agreement between the Adviser and M.D. Sass with respect to the Integrity Short Term Government Fund, the Trustees requested and reviewed information, provided by M.D. Sass, that they believed to be reasonably necessary to reach their conclusion. The following paragraphs summarize the material information and factors considered by the Trustees, including the Independent Trustees, as well as their conclusions relative to such factors in considering the approval of the Sub-Advisory Agreement:

**Nature, extent and quality of services.** In reviewing the Sub-Advisory Agreement, the Board considered the nature, extent and quality of services provided by M.D. Sass. In this regard, the Board considered that, under the Sub-Advisory Agreement, M.D. Sass is responsible for investment decision-making, brokerage and execution, risk management and compliance, while the Adviser is responsible for regulatory filings, proxy voting, marketing and distribution, and risk management and compliance oversight. The Board considered information regarding the history and organizational structure of M.D. Sass, investment experience, qualifications, background and responsibilities of its portfolio managers and certain other relevant personnel, the historical performance of the Integrity Short Term Government Fund's predecessor fund for which M.D. Sass served as investment adviser, and the investment process of M.D. Sass. The Board considered M.D. Sass's significant expertise in managing government bond portfolios. The Board also considered the reputation and resources of M.D. Sass. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of services provided to the Fund by M.D. Sass have been, and continue to be, adequate and appropriate.

**Analysis of the rates charged by Sub-Adviser to similar funds.** The Board considered that a comparison of the sub-advisory fees paid to M.D. Sass as compared to fees paid by other similar funds and accounts advised by M.D. Sass reflected that the fees charged by the Sub-Adviser with respect to the Fund are comparable to those charged by the Sub-Adviser to other similar funds and accounts for similar services. Based on the information provided, the Board concluded that the sub-advisory fees are reasonable in light of the nature, extent and quality of services provided by the Sub-Adviser.

**Profitability.** The Board considered that the revenues from M.D. Sass's relationship with the Fund constituted a relatively small portion of its overall revenues in light of the relatively small size of the Fund. Accordingly, the Board determined that the profitability to M.D. Sass was not a material factor in its consideration and it evaluated profitability at the overall Fund level.

**Economies of scale.** The Board considered the extent to which economies of scale had been and could be realized by the Sub-Adviser. The Board considered the current and potential asset size of the Fund and concluded that at this time the potential for realizing economies of scale is limited.

**Information with respect to all benefits to the Sub-Adviser associated with the Fund, including an analysis of so-called "fallout" benefits or indirect profits to the Sub-Adviser from its relationship to the Fund.** The Board noted that the Sub-Adviser does not realize material direct benefits from its relationship to the Fund except for fees earned for services provided as sub-adviser. The Board also considered that the Sub-Adviser does not participate in soft dollar arrangements from securities trading in the Fund or receive other indirect material benefits from its relationship with the Fund.

In voting unanimously to approve the Sub-Advisory Agreement, the Trustees did not identify any single factor as being of paramount importance. The Trustees unanimously determined that, after considering all relevant factors, the renewal of the Sub-Advisory Agreement is in the best interests of the Fund and that the sub-advisory fees are reasonable considering the nature, extent and quality of services provided by the Sub-Adviser.

The Integrity Funds \| January 31, 2026

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**Item 12. Disclosures of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers for Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities for Closed-End Management Investment Companies**

Not applicable.

**Item 15. 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 16. 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 Act (17 CFR 270.30a-3(c))) 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 Act (17 CFR
 270.30a-3(d)) that occurred during the period covered by this report that
 have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recover of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; (a) | &nbsp;&nbsp; (1) | &nbsp;&nbsp; The Registrant's code of ethics filed pursuant to Item 2 of the N-CSR was filed with the Registrant's annual N-CSR. |
|  | &nbsp;&nbsp; (2) | &nbsp;&nbsp; [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0280020-01_ex99cert.htm) |
|  | &nbsp;&nbsp; (3) | &nbsp;&nbsp; Not applicable. |
| &nbsp;&nbsp; (b) | &nbsp;&nbsp; [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0280020-01_ex99906cert.htm) | &nbsp;&nbsp; [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto.](ea0280020-01_ex99906cert.htm) |

---

The Integrity Funds \| January 31, 2026

------

**Signatures**

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.

**The Integrity Funds**

By: <u>/s/ Shannon D. Radke</u> Shannon D. Radke

Principal Executive Officer

March 16, 2026

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: <u>/s/ Shannon D. Radke</u> Shannon D. Radke

Principal Executive Officer

March 16, 2026

By: <u>/s/ Shelly Nahrstedt</u> Shelly Nahrstedt

Principal Financial Officer

March 16, 2026

The Integrity Funds \| January 31, 2026

## Ex-99.Cert

EX-99 CERT

**<u>CERTIFICATION</u>**

I, Shannon D. Radke, certify that:

 1. I have reviewed this report on Form N-CSR of The Integrity Funds;

 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

 (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

 (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 16, 2026

<u>/s/ Shannon D. Radke</u><br> Shannon D. Radke<br>Principal Executive Officer

------

I, Shelly Nahrstedt, certify that:

 1. I have reviewed this report on Form N-CSR of The Integrity Funds;

 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

 (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

 (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 16, 2026

<u>/s/ Shelly Nahrstedt</u><br> Shelly Nahrstedt<br>Chief Financial Officer

## Exhibit 99.906

EX-99.906 CERT

**CERTIFICATION**

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Name of Registrant: <u>The Integrity Funds</u>

Date of Form N-CSR: <u>January 31, 2026</u>

The undersigned, the principal executive officer of The Integrity Funds (the "Registrant"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully
 complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly
 presents, in all material respects, the financial condition and results of
 operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 16th day of March, 2026.

<u>/s/Shannon D. Radke</u><br> Shannon D. Radke<br> Principal Executive Officer

The undersigned, the principal financial officer of the Registrant, hereby certifies that, with respect to the Form N-CSR referred to above, to the best of her knowledge and belief, after reasonably inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a)
 or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information
 contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of the 16th day of March, 2026.

<u>/s/ Shelly Nahrstedt</u><br> Shelly Nahrstedt<br> Principal Financial Officer