|
Oakhurst Fixed Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
May 31, 2025 (Unaudited)
|
||||||||
|
U.S. TREASURY SECURITIES - 28.5%
|
Par
|
Value
|
||||||
|
United States Treasury Note/Bond
|
||||||||
|
5.25%, 02/15/2029 (a)
|
2,000,000
|
$
|
2,097,344
|
|||||
|
4.13%, 07/31/2031 (a)
|
3,614,000
|
3,615,059
|
||||||
|
3.63%, 09/30/2031 (a)
|
1,328,000
|
1,290,261
|
||||||
|
2.75%, 08/15/2032 (a)
|
2,500,000
|
2,274,707
|
||||||
|
4.13%, 11/15/2032 (a)
|
4,330,000
|
4,305,644
|
||||||
|
3.50%, 02/15/2033 (a)
|
4,800,000
|
4,565,344
|
||||||
|
3.88%, 08/15/2033 (a)
|
5,348,000
|
5,194,454
|
||||||
|
4.50%, 11/15/2033 (a)
|
5,017,000
|
5,084,220
|
||||||
|
4.00%, 02/15/2034 (a)
|
1,775,000
|
1,731,180
|
||||||
|
4.38%, 05/15/2034 (a)
|
2,275,000
|
2,277,399
|
||||||
|
4.25%, 11/15/2034 (a)
|
1,000,000
|
988,359
|
||||||
|
4.63%, 02/15/2035 (a)
|
675,000
|
686,443
|
||||||
|
3.00%, 05/15/2042 (a)
|
4,699,000
|
3,669,258
|
||||||
|
2.50%, 02/15/2045 (a)
|
4,323,000
|
2,967,503
|
||||||
|
TOTAL U.S. TREASURY SECURITIES (Cost $43,307,674)
|
40,747,175
|
|||||||
|
CORPORATE BONDS - 23.2%
|
Par
|
Value
|
||||||
|
Communications - 0.6%
|
||||||||
|
Discovery Communications LLC, 5.00%, 09/20/2037 (a)
|
1,025,000
|
805,123
|
||||||
|
Consumer Discretionary - 2.8%
|
||||||||
|
AutoZone, Inc., 4.75%, 08/01/2032 (a)
|
1,075,000
|
1,052,922
|
||||||
|
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033 (a)
|
900,000
|
925,548
|
||||||
|
Marriott International, Inc./MD, 5.10%, 04/15/2032 (a)
|
1,085,000
|
1,079,681
|
||||||
|
Phinia Holdings Jersey Ltd., 5.00%, 10/01/2025 (a)(b)
|
1,064,000
|
942,688
|
||||||
|
4,000,839
|
||||||||
|
Consumer Staples - 0.3%
|
||||||||
|
BAT Capital Corp., 7.08%, 08/02/2053 (a)
|
467,000
|
506,578
|
||||||
|
Energy - 2.0%
|
||||||||
|
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 (a)
|
823,000
|
946,205
|
||||||
|
Enbridge, Inc., 5.70%, 03/08/2033 (a)
|
904,000
|
921,084
|
||||||
|
Phillips 66 Partners LP
|
||||||||
|
3.55%, 10/01/2026 (a)
|
565,000
|
549,092
|
||||||
|
3.75%, 03/01/2028 (a)
|
536,000
|
511,034
|
||||||
|
3.15%, 12/15/2029 (a)
|
6,000
|
5,489
|
||||||
|
2,932,904
|
||||||||
|
Financials - 9.4%
|
||||||||
|
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 (a)
|
1,075,000
|
954,393
|
||||||
|
American Homes 4 Rent LP, 5.50%, 02/01/2034 (a)
|
970,000
|
967,991
|
||||||
|
Antares Holdings LP, 7.95%, 08/11/2028 (a)(b)
|
800,000
|
839,109
|
||||||
|
Aviation Capital Group LLC, 6.38%, 07/15/2030 (a)(b)
|
900,000
|
945,836
|
||||||
|
Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 (a)
|
905,000
|
905,230
|
||||||
|
Blackstone Private Credit Fund, 3.25%, 03/15/2027 (a)
|
1,033,000
|
998,900
|
||||||
|
Blue Owl Capital Corp., 2.63%, 01/15/2027 (a)
|
1,054,000
|
1,007,823
|
||||||
|
Bridge Housing Corp., 3.25%, 07/15/2030 (a)
|
1,045,000
|
950,059
|
||||||
|
Crown Castle, Inc., 5.10%, 05/01/2033 (a)
|
968,000
|
947,427
|
||||||
|
Fairfax Financial Holdings Ltd., 7.75%, 07/15/2037 (a)
|
947,000
|
1,084,338
|
||||||
|
First Citizens BancShares, Inc./NC, 6.76% (3 mo. Term SOFR + 2.47%), 03/15/2030 (a)
|
1,285,000
|
1,284,810
|
||||||
|
FS KKR Capital Corp., 6.88%, 08/15/2029 (a)
|
950,000
|
965,689
|
||||||
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029 (a)
|
750,000
|
613,288
|
||||||
|
Jackson Financial, Inc., 3.13%, 11/23/2031 (a)
|
1,100,000
|
958,330
|
||||||
|
13,423,223
|
||||||||
|
Health Care - 2.5%
|
||||||||
|
Bristol-Myers Squibb Co., 5.88%, 11/15/2036 (a)
|
1,097,000
|
1,154,460
|
||||||
|
CVS Pass-Through Trust Series 2009, 8.35%, 07/10/2031 (a)(b)
|
416,873
|
447,306
|
||||||
|
CVS Pass-Through Trust Series 2013, Series 2013, 4.70%, 01/10/2036 (a)(b)
|
544,413
|
517,102
|
||||||
|
CVS Pass-Through Trust Series 2014, 4.16%, 08/11/2036 (a)(b)
|
592,716
|
545,479
|
||||||
|
Quest Diagnostics, Inc., 6.40%, 11/30/2033 (a)
|
880,000
|
949,581
|
||||||
|
3,613,928
|
||||||||
|
Technology - 3.4%
|
||||||||
|
Applied Materials, Inc., 5.85%, 06/15/2041 (a)
|
867,000
|
899,387
|
||||||
|
Broadcom, Inc., 4.30%, 11/15/2032 (a)
|
1,100,000
|
1,049,854
|
||||||
|
Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 (a)(c)
|
857,000
|
889,943
|
||||||
|
Kyndryl Holdings, Inc., 6.35%, 02/20/2034 (a)(d)
|
1,000,000
|
1,048,568
|
||||||
|
Leidos Holdings, Inc., 5.95%, 12/01/2040 (a)
|
945,000
|
924,775
|
||||||
|
4,812,527
|
||||||||
|
Utilities - 2.2%
|
||||||||
|
Berkshire Hathaway Energy Co., 6.50%, 09/15/2037 (a)
|
858,000
|
924,122
|
||||||
|
DTE Electric Co., 5.25%, 05/15/2035 (a)
|
281,000
|
280,677
|
||||||
|
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032 (a)
|
805,000
|
936,134
|
||||||
|
Potomac Electric Power Co., 7.90%, 12/15/2038 (a)
|
780,000
|
965,727
|
||||||
|
3,106,660
|
||||||||
|
TOTAL CORPORATE BONDS (Cost $33,756,262)
|
33,201,782
|
|||||||
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 18.6%
|
Par
|
Value
|
||||||
|
ABN Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033 (a)
|
80,682
|
79,782
|
||||||
|
Banc of America Mortgage Securities, Inc.
|
||||||||
|
Series 2003-J, Class 2A1, 5.79%, 11/25/2033 (a)(e)
|
210,135
|
187,867
|
||||||
|
Series 2004-A, Class 3A1, 6.87%, 02/25/2034 (a)(e)
|
10,015
|
10,122
|
||||||
|
Bear Stearns Alt-A Trust, Series 2003-6, Class 2A1, 5.80%, 01/25/2034 (a)(e)
|
131,796
|
121,139
|
||||||
|
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-49, Class A9, 6.16%, 12/19/2033 (a)(e)
|
27,674
|
26,476
|
||||||
|
Credit Suisse Management LLC, Series 2002-AR31, Class 4A2, 7.64%, 11/25/2032 (a)(e)
|
32,297
|
32,166
|
||||||
|
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (a)(b)(e)
|
295,719
|
267,298
|
||||||
|
Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034 (a)
|
266,650
|
271,598
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Series 2569, Class LD, 5.50%, 02/15/2033 (a)
|
23,741
|
24,330
|
||||||
|
Series 3622, Class WA, 5.50%, 09/15/2039 (a)
|
113,446
|
116,551
|
||||||
|
Series 3793, Class UA, 4.00%, 06/15/2033 (a)
|
22,573
|
22,001
|
||||||
|
Series 3827, Class HA, 3.50%, 11/15/2025 (a)
|
5,208
|
5,188
|
||||||
|
Series 3940, Class PD, 2.50%, 02/15/2041 (a)
|
55,573
|
54,332
|
||||||
|
Series 4077, Class AP, 4.00%, 01/15/2042 (a)
|
22,075
|
21,739
|
||||||
|
Series 4183, Class PA, 3.50%, 01/15/2043 (a)
|
7,723
|
7,691
|
||||||
|
Series 4753, Class JA, 3.00%, 12/15/2047 (a)
|
850,020
|
771,600
|
||||||
|
Series 4760, Class A, 3.00%, 02/15/2048 (a)
|
521,702
|
497,314
|
||||||
|
Series 4960, Class PD, 2.00%, 10/25/2049 (a)
|
605,492
|
503,367
|
||||||
|
Series 5145, Class AB, 1.50%, 09/25/2049 (a)
|
1,067,372
|
836,992
|
||||||
|
Series 5206, Class DV, 3.50%, 06/25/2033 (a)
|
906,835
|
857,068
|
||||||
|
Series 5227, Class JQ, 4.00%, 04/25/2047 (a)
|
858,510
|
831,003
|
||||||
|
Series 5231, Class LV, 4.50%, 05/25/2052 (a)
|
958,776
|
932,359
|
||||||
|
Series 5252, Class BA, 4.00%, 02/25/2050 (a)
|
906,784
|
889,392
|
||||||
|
Federal National Mortgage Association
|
||||||||
|
Series 2005-80, Class BA, 5.00%, 04/25/2029 (a)
|
18,512
|
18,849
|
||||||
|
Series 2009-96, Class DB, 4.00%, 11/25/2029 (a)
|
36,265
|
35,945
|
||||||
|
Series 2013-13, Class MA, 4.00%, 01/25/2043 (a)
|
194,735
|
186,215
|
||||||
|
Series 2016-24, Class HA, 3.00%, 04/25/2044 (a)
|
38,331
|
37,575
|
||||||
|
Series 2016-49, Class LA, 3.50%, 01/25/2043 (a)
|
57,457
|
56,859
|
||||||
|
Series 2016-89, Class CG, 3.00%, 04/25/2046 (a)
|
93,865
|
86,424
|
||||||
|
Series 2017-105, Class N, 3.00%, 01/25/2048 (a)
|
1,034,104
|
914,775
|
||||||
|
Series 2017-22, Class EC, 3.00%, 06/25/2044 (a)
|
68,742
|
67,431
|
||||||
|
Series 2018-45, Class AB, 3.00%, 06/25/2048 (a)
|
180,963
|
161,981
|
||||||
|
Series 2019-33, Class N, 3.00%, 03/25/2048 (a)
|
213,458
|
199,726
|
||||||
|
Series 2022-22, Class EV, 4.00%, 07/25/2033 (a)
|
652,019
|
628,418
|
||||||
|
Government National Mortgage Association
|
||||||||
|
Series 2017-84, Class JD, 3.00%, 05/20/2047 (a)
|
31,063
|
27,764
|
||||||
|
Series 2018-6, Class JA, 2.75%, 01/20/2048 (a)
|
178,751
|
165,379
|
||||||
|
Series 2019-152, Class HA, 3.50%, 08/20/2049 (a)
|
114,469
|
110,090
|
||||||
|
Series 2019-61, Class KU, 3.50%, 05/20/2049 (a)
|
430,893
|
383,639
|
||||||
|
Series 2019-99, Class JC, 3.00%, 08/20/2049 (a)
|
66,554
|
59,682
|
||||||
|
Series 2020-122, Class DP, 2.50%, 07/20/2050 (a)
|
1,053,090
|
887,969
|
||||||
|
Series 2020-123, Class PB, 2.25%, 08/20/2050 (a)
|
518,420
|
415,915
|
||||||
|
Series 2020-133, Class A, 6.34%, 05/20/2050 (a)(e)
|
206,529
|
210,804
|
||||||
|
Series 2020-133, Class HA, 3.50%, 09/20/2050 (a)
|
227,700
|
204,631
|
||||||
|
Series 2020-134, Class NP, 2.50%, 09/20/2050 (a)
|
810,929
|
666,104
|
||||||
|
Series 2020-183, Class AY, 2.00%, 11/20/2050 (a)
|
800,202
|
634,655
|
||||||
|
Series 2020-5, Class NA, 3.50%, 12/20/2049 (a)
|
178,262
|
164,542
|
||||||
|
Series 2020-78, Class CB, 5.00%, 09/20/2034 (a)
|
132,834
|
131,507
|
||||||
|
Series 2020-84, Class WA, 3.50%, 06/20/2050 (a)
|
148,038
|
133,262
|
||||||
|
Series 2020-95, Class NB, 4.50%, 07/20/2050 (a)
|
19,352
|
18,156
|
||||||
|
Series 2022-20, Class KA, 2.50%, 01/20/2052 (a)
|
902,928
|
816,959
|
||||||
|
Series 2022-24, Class BC, 4.00%, 02/20/2052 (a)
|
588,310
|
548,458
|
||||||
|
Series 2022-78, Class LA, 4.50%, 07/20/2050 (a)
|
723,524
|
717,865
|
||||||
|
GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (a)(b)(e)
|
561,647
|
447,957
|
||||||
|
Harborview Mortgage Loan Trust
|
||||||||
|
Series 2003-1, Class A, 5.31%, 05/19/2033 (a)(e)
|
28,340
|
26,359
|
||||||
|
Series 2004-4, Class 2A, 5.00% (1 mo. Term SOFR + 0.67%), 06/19/2034 (a)
|
50,585
|
45,873
|
||||||
|
Impac CMB Trust, Series 2005-4, Class 2A1, 5.04% (1 mo. Term SOFR + 0.41%), 05/25/2035 (a)
|
171,173
|
163,708
|
||||||
|
Impac Funding Corp., Series 2003-3, Class A1, 5.20%, 08/25/2033 (a)(e)
|
16,329
|
16,109
|
||||||
|
Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, 5.14% (1 mo. Term SOFR + 0.81%), 05/25/2036 (a)
|
77,923
|
71,600
|
||||||
|
JP Morgan Mortgage Trust
|
||||||||
|
Series 2003-A1, Class 1A1, 5.06%, 10/25/2033 (a)(e)
|
33,803
|
32,177
|
||||||
|
Series 2004-A1, Class 4A1, 6.24%, 02/25/2034 (a)(e)
|
16,689
|
16,587
|
||||||
|
Series 2004-A3, Class SF3, 6.48%, 06/25/2034 (a)(e)
|
24,358
|
24,308
|
||||||
|
Series 2004-A4, Class 2A2, 6.46%, 09/25/2034 (a)(e)
|
441,156
|
413,909
|
||||||
|
Series 2004-A5, Class 2A1, 6.85%, 12/25/2034 (a)(e)
|
21,052
|
21,342
|
||||||
|
Series 2013-3, Class A3, 3.36%, 07/25/2043 (a)(b)(e)
|
39,662
|
37,036
|
||||||
|
Series 2017-2, Class A3, 3.50%, 05/25/2047 (a)(b)(e)
|
95,601
|
86,052
|
||||||
|
Mastr Adjustable Rate Mortgages Trust, Series 2003-3, Class 2A1, 7.45%, 09/25/2033 (a)(e)
|
46,016
|
45,492
|
||||||
|
MASTR Asset Securitization Trust, Series 2004-1, Class 3A7, 5.25%, 01/25/2034 (a)
|
31,605
|
31,140
|
||||||
|
Merrill Lynch Mortgage Investors, Inc.
|
||||||||
|
Series 2004-A3, Class 1A, 5.59%, 05/25/2034 (a)(e)
|
102,017
|
93,426
|
||||||
|
Series 2005-A1, Class 1A, 6.63%, 12/25/2034 (a)(e)
|
184,234
|
182,438
|
||||||
|
MortgageIT Trust, Series 2004-1, Class A2, 5.34% (1 mo. Term SOFR + 1.01%), 11/25/2034 (a)
|
590,313
|
563,749
|
||||||
|
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 (a)(b)(e)
|
153,229
|
147,125
|
||||||
|
Provident Funding Mortgage Trust, Series 2025-1, Class A3, 5.50%, 02/25/2055 (a)(b)(e)
|
1,351,510
|
1,349,200
|
||||||
|
RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (a)(b)(e)
|
1,189,949
|
1,048,282
|
||||||
|
Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (a)(b)(e)
|
138,718
|
133,695
|
||||||
|
Sequoia Mortgage Trust
|
||||||||
|
Series 2003-8, Class A1, 5.08% (1 mo. Term SOFR + 0.75%), 01/20/2034 (a)
|
106,087
|
102,400
|
||||||
|
Series 2004-6, Class A2, 5.00% (1 mo. Term SOFR + 0.67%), 07/20/2034 (a)
|
59,866
|
59,360
|
||||||
|
Series 2013-5, Class A1, 2.50%, 05/25/2043 (a)(b)(e)
|
146,583
|
126,848
|
||||||
|
Series 2013-6, Class A2, 3.00%, 05/25/2043 (a)(e)
|
168,108
|
149,965
|
||||||
|
Series 2018-5, Class A7, 3.50%, 05/25/2048 (a)(b)(e)
|
651,422
|
587,280
|
||||||
|
Series 2019-2, Class A1, 4.00%, 06/25/2049 (a)(b)(e)
|
461,890
|
432,885
|
||||||
|
Series 2019-4, Class A1, 3.50%, 11/25/2049 (a)(b)(e)
|
458,537
|
412,012
|
||||||
|
Series 2020-4, Class A2, 2.50%, 11/25/2050 (a)(b)(e)
|
511,712
|
409,988
|
||||||
|
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A4, 6.53%, 02/25/2034 (a)(e)
|
45,987
|
44,742
|
||||||
|
Structured Asset Mortgage Investments, Inc.
|
||||||||
|
Series 2003-AR4, Class A1, 5.14% (1 mo. Term SOFR + 0.81%), 01/19/2034 (a)
|
20,491
|
19,483
|
||||||
|
Series 2004-AR4, Class 1A1, 5.14% (1 mo. Term SOFR + 0.81%), 12/19/2034 (a)
|
29,112
|
27,758
|
||||||
|
Series 2004-AR6, Class A1A, 5.14% (1 mo. Term SOFR + 0.81%), 02/19/2035 (a)
|
809,750
|
796,473
|
||||||
|
Structured Asset Securities Corp.
|
||||||||
|
Series 2003-34A, Class 5A4, 5.69%, 11/25/2033 (a)(e)
|
58,669
|
57,303
|
||||||
|
Series 2003-9A, Class 2A1, 5.99%, 03/25/2033 (a)(e)
|
52,826
|
51,744
|
||||||
|
Terwin Mortgage Trust, Series 2004-1HE, Class M1, 5.56% (1 mo. Term SOFR + 1.24%), 02/25/2034 (a)(b)
|
261,179
|
250,464
|
||||||
|
WaMu Mortgage Pass Through Certificates
|
||||||||
|
Series 2002-AR2, Class A, 4.18% (Ent 11th COFI Repl + 1.25%), 02/27/2034 (a)
|
59,583
|
57,360
|
||||||
|
Series 2005-AR13, Class A1A3, 6.00% (1 mo. Term SOFR + 1.67%), 10/25/2045 (a)
|
105,194
|
105,920
|
||||||
|
Series 2005-AR2, Class 1A1A, 5.10% (1 mo. Term SOFR + 0.77%), 01/25/2045 (a)
|
779,111
|
761,296
|
||||||
|
Wells Fargo Alternative Loan Trust, Series 2002-1, Class 1A1, 6.25%, 08/25/2032 (a)
|
148,116
|
151,884
|
||||||
|
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (a)(b)(e)
|
938,098
|
837,654
|
||||||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $28,569,578)
|
26,499,337
|
|||||||
|
MORTGAGE-BACKED SECURITIES - 14.5%
|
Par
|
Value
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
Pool C91859, 3.50%, 12/01/2035 (a)
|
170,277
|
164,610
|
||||||
|
Pool SB8257, 5.50%, 09/01/2038 (a)
|
752,529
|
763,985
|
||||||
|
Pool SD3148, 5.00%, 06/01/2053 (a)
|
969,414
|
945,832
|
||||||
|
Pool SD3386, 5.50%, 07/01/2053 (a)
|
1,371,174
|
1,358,246
|
||||||
|
Pool SD8255, 3.50%, 10/01/2052 (a)
|
1,805,819
|
1,604,210
|
||||||
|
Pool SD8489, 4.50%, 12/01/2054 (a)
|
980,908
|
925,445
|
||||||
|
Federal National Mortgage Association
|
||||||||
|
Pool CA2472, 4.00%, 10/01/2048 (a)
|
961,471
|
893,018
|
||||||
|
Pool CB4024, 4.50%, 07/01/2052 (a)
|
1,154,837
|
1,104,669
|
||||||
|
Pool FA0095, 6.00%, 12/01/2054 (a)
|
1,268,852
|
1,292,260
|
||||||
|
Pool FM5329, 2.00%, 01/01/2031 (a)
|
343,721
|
327,317
|
||||||
|
Pool FS0862, 2.50%, 12/01/2036 (a)
|
698,744
|
651,869
|
||||||
|
Pool FS3430, 4.00%, 11/01/2052 (a)
|
883,386
|
823,201
|
||||||
|
Pool FS4239, 5.00%, 03/01/2053 (a)
|
1,107,881
|
1,083,615
|
||||||
|
Pool FS4522, 5.00%, 05/01/2053 (a)
|
1,338,542
|
1,298,101
|
||||||
|
Pool FS5649, 5.50%, 08/01/2053 (a)
|
369,041
|
365,660
|
||||||
|
Pool FS5779, 5.50%, 09/01/2053 (a)
|
1,030,670
|
1,021,858
|
||||||
|
Pool FS8469, 5.50%, 07/01/2054 (a)
|
340,499
|
339,811
|
||||||
|
Pool MA0584, 4.50%, 10/01/2040 (a)
|
8,500
|
8,069
|
||||||
|
Pool MA1201, 3.50%, 10/01/2032 (a)
|
65,681
|
64,380
|
||||||
|
Pool MA2705, 3.00%, 08/01/2046 (a)
|
534,259
|
467,117
|
||||||
|
Pool MA3210, 3.50%, 12/01/2047 (a)
|
317,133
|
286,814
|
||||||
|
Pool MA3356, 3.50%, 05/01/2048 (a)
|
1,503,779
|
1,354,969
|
||||||
|
Pool MA4626, 4.00%, 06/01/2052 (a)
|
1,266,569
|
1,163,384
|
||||||
|
Pool MA4733, 4.50%, 09/01/2052 (a)
|
470,826
|
445,025
|
||||||
|
Pool MA5071, 5.00%, 07/01/2053 (a)
|
1,069,589
|
1,038,136
|
||||||
|
Pool MA5495, 4.50%, 10/01/2054 (a)
|
1,027,589
|
969,729
|
||||||
|
TOTAL MORTGAGE-BACKED SECURITIES (Cost $21,080,669)
|
20,761,330
|
|||||||
|
ASSET-BACKED SECURITIES - 8.7%
|
Par
|
Value
|
||||||
|
Air Canada, Series 2017-1, 3.55%, 01/15/2030 (a)(b)
|
834,000
|
775,867
|
||||||
|
American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032 (a)
|
931,293
|
854,211
|
||||||
|
Avis Budget Car Rental LLC, Series 2023-8A, Class A, 6.02%, 02/20/2030 (a)(b)
|
1,000,000
|
1,042,506
|
||||||
|
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 5.64% (1 mo. Term SOFR + 1.31%), 11/25/2034 (a)
|
148,892
|
147,486
|
||||||
|
DB Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 (a)(b)
|
1,045,095
|
960,949
|
||||||
|
Domino's SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (a)(b)
|
636,988
|
591,644
|
||||||
|
Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (a)(b)
|
445,190
|
441,434
|
||||||
|
Honda Auto Receivables Owner Trust, Series 2024-2, Class A3, 5.27%, 11/20/2028 (a)
|
500,000
|
505,391
|
||||||
|
Impac CMB Trust, Series 2007-A, Class M1, 5.24% (1 mo. Term SOFR + 0.91%), 05/25/2037 (a)(b)
|
209,496
|
203,595
|
||||||
|
Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (a)(b)
|
981,750
|
944,858
|
||||||
|
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1, 5.00% (1 mo. Term SOFR + 0.67%), 10/25/2034 (a)
|
851,555
|
837,754
|
||||||
|
SBA Depositor LLC
|
||||||||
|
Series 2020-1-2, 2.33%, 01/15/2028 (a)(b)
|
10,000
|
9,308
|
||||||
|
Series 2021-3, 2.59%, 10/15/2031 (a)(b)
|
1,200,000
|
1,034,086
|
||||||
|
Union Pacific Railroad Co., 6.18%, 01/02/2031 (a)
|
496,586
|
513,394
|
||||||
|
United Airlines, Inc., 5.88%, 02/15/2037 (a)
|
1,173,696
|
1,148,695
|
||||||
|
Verizon Master Trust, Series 2024-6, Class A1A, 4.17%, 08/20/2030 (a)
|
1,255,000
|
1,248,499
|
||||||
|
Westlake Automobile Receivables Trust, Series 2025-P1, Class A3, 4.58%, 06/15/2029 (a)(b)
|
1,100,000
|
1,102,195
|
||||||
|
TOTAL ASSET-BACKED SECURITIES (Cost $12,429,000)
|
12,361,872
|
|||||||
|
U.S. GOVERNMENT AGENCY ISSUES - 2.5%
|
Par
|
Value
|
||||||
|
Federal Farm Credit Banks Funding Corp
|
||||||||
|
1.15%, 08/12/2030 (a)
|
2,000,000
|
1,712,144
|
||||||
|
2.40%, 03/24/2036 (a)
|
900,000
|
711,672
|
||||||
|
Tennessee Valley Authority, 4.65%, 06/15/2035 (a)
|
1,100,000
|
1,090,720
|
||||||
|
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $3,890,148)
|
3,514,536
|
|||||||
|
EXCHANGE TRADED FUNDS - 1.9%
|
Shares
|
Value
|
||||||
|
F/m 10-Year Investment Grade Corporate Bond ETF (d)
|
29,841
|
1,487,129
|
||||||
|
F/m 3-Year Investment Grade Corporate Bond ETF
|
25,000
|
1,271,255
|
||||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $2,777,052)
|
2,758,384
|
|||||||
|
CONVERTIBLE BONDS - 0.7%
|
Par
|
Value
|
||||||
|
Financials - 0.7%
|
||||||||
|
PennyMac Corp., 8.50%, 06/01/2029 (a)(b)
|
1,000,000
|
976,000
|
||||||
|
TOTAL CONVERTIBLE BONDS (Cost $997,500)
|
976,000
|
|||||||
|
SHORT-TERM INVESTMENTS - 1.0%
|
Value
|
|||||||
|
Investments Purchased with Proceeds from Securities Lending - 0.2%
|
Units
|
|||||||
|
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (f)
|
321,538
|
321,538
|
||||||
|
Money Market Funds - 0.8%
|
Shares
|
|||||||
|
Invesco Treasury Portfolio - Class Institutional, 4.23% (f)
|
1,104,520
|
1,104,520
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,426,058)
|
1,426,058
|
|||||||
|
TOTAL INVESTMENTS - 99.6% (Cost $148,233,941)
|
142,246,474
|
|||||||
|
Other Assets in Excess of Liabilities - 0.4%
|
523,080
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
142,769,554
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
Ent 11th COFI Repl - Enterprise 11th District COFI Replacement Index
|
|
LLC - Limited Liability Company
|
|
LP - Limited Partnership
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of May 31, 2025, the value of these securities total $18,893,738 or 13.2% of the Fund’s net assets.
|
|
(c)
|
Step coupon bond. The rate disclosed is as of May 31, 2025.
|
|
(d)
|
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $315,526 which represented 0.2% of net assets.
|
|
(e)
|
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2025.
|
|
(f)
|
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
U.S. Treasury Securities
|
$
|
–
|
$
|
40,747,175
|
$
|
–
|
$
|
40,747,175
|
||||||||
|
Corporate Bonds
|
–
|
33,201,782
|
–
|
33,201,782
|
||||||||||||
|
Collateralized Mortgage Obligations
|
–
|
26,499,337
|
–
|
26,499,337
|
||||||||||||
|
Mortgage-Backed Securities
|
–
|
20,761,330
|
–
|
20,761,330
|
||||||||||||
|
Asset-Backed Securities
|
–
|
12,361,872
|
–
|
12,361,872
|
||||||||||||
|
U.S. Government Agency Issues
|
–
|
3,514,536
|
–
|
3,514,536
|
||||||||||||
|
Exchange Traded Funds
|
2,758,384
|
–
|
–
|
2,758,384
|
||||||||||||
|
Convertible Bonds
|
–
|
976,000
|
–
|
976,000
|
||||||||||||
|
Investments Purchased with Proceeds from Securities Lending(a)
|
–
|
–
|
–
|
321,538
|
||||||||||||
|
Money Market Funds
|
1,104,520
|
–
|
–
|
1,104,520
|
||||||||||||
|
Total Investments
|
$
|
3,862,904
|
$
|
138,062,032
|
$
|
–
|
$
|
142,246,474
|
||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
(a)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
value amount of $321,538 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
|