c

 

SPECTRUM LOW VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
Shares             Fair Value
    OPEN-END FUNDS — 59.4%      
    FIXED INCOME - 59.4%      
2,122,733     Axonic Strategic Income Fund Class I       $   19,062,145  
881,801     Buffalo High Yield Fund, Inc. Institutional Class       9,426,454  
962,129     Holbrook Structured Income Fund Class I       9,409,621  
2,169,881     Intrepid Income Fund, Institutional Class       19,485,530  
1,045,296     Medalist Partners MBS Total Return Fund Institutional Class, Institutional Class       9,020,906  
531,975     Nuveen High Yield Income Fund Class I       9,485,116  
6,086,164     PGIM High Yield Fund Class R6       29,517,896  
608,604     Victory Pioneer Securitized Income Fund Class Y       5,842,602  
              111,250,270  
               
    TOTAL OPEN-END FUNDS (Cost $110,013,285)     111,250,270  
               
    SHORT-TERM INVESTMENTS — 13.3%      
    MONEY MARKET FUNDS - 13.3%      
24,931,774     Fidelity Government Portfolio, Class I, 4.18% (Cost $24,931,774)(a)       24,931,774  
             
    TOTAL INVESTMENTS - 72.7% (Cost $134,945,059)     $   136,182,044  
    OTHER ASSETS IN EXCESS OF LIABILITIES- 27.3%     51,145,250  
    NET ASSETS - 100.0%         $   187,327,294  
           

 

 

 

 

 

(a) Rate disclosed is the seven-day effective yield as of June 30, 2025.

 

 
 

 

TOTAL RETURN SWAPS                     
Number of Shares   Reference Entity   Notional Amount at June 30, 2025   Interest Rate Payable (1)   Termination Date   Counterparty   Unrealized Appreciation (Depreciation)
Long Position:                        
           1,968,912   American Funds American High-Income Trust, Class F-3*           $19,393,782   USD SOFR plus 165 bp   4/25/2028   BRC    $ -   
           1,303,215   AQR Equity Market Neutral Fund, Class R6           15,026,064   USD SOFR plus 165 bp   7/28/2026   NGFP               23,460
              997,333   AQR Long-Short Equity Fund, Class R6           18,989,227   USD SOFR plus 165 bp   7/10/2026   NGFP             223,591
           2,640,449   BlackRock High Yield Portfolio, Class K*           18,984,828   USD FED plus 165 bp   6/30/2026   CIBC                       -   
2,000,000   BlackRock Strategic Income Opportunities Portfolio, Class K*                19,380,000   USD FED plus 165 bp   6/30/2026   CIBC                       -   
1,993,637   Credit Suisse Strategic Income Fund, Class I Shares*                18,939,555   USD FED plus 165 bp   6/30/2026   CIBC                       -   
           1,881,899   Diamond Hill Short Duration Securitized Bond Fund, Class Y*           18,894,263   USD-SOFR plus 165 bp   5/30/2028   BRC                       -   
           2,257,282   First Eagle High Yield Municipal Fund, Class I           18,600,000   USD SOFR plus 165 bp   7/27/2026   NGFP             (10,673)
           1,969,072   Holbrook Income Fund, Class I*           19,237,835   USD FED plus 165 bp   6/30/2026   CIBC                       -   
              176,600   iShares Flexible Income Active ETF             9,331,544   USD FROB plus 55 bp   4/27/2026   NGFP               43,292
              236,300   iShares iBoxx $ High Yield Corporate Bond ETF           19,057,595   USD FROB plus 55 bp   4/27/2026   NGFP             199,180
           1,555,064   Nuveen Floating Rate Income Fund, Class R6*           28,177,753   USD SOFR plus 165 bp   5/12/2028   BRC                       -   
              595,313   Nuveen Preferred Securities and Income Fund, Class R6             9,417,859   USD SOFR plus 165 bp   7/28/2026   NGFP               16,227
           1,763,602   PIMCO Income Fund, Institutional Class*           18,993,996   USD FED plus 165 bp   6/30/2026   CIBC                       -   
           1,993,569   PIMCO Preferred and Capital Securities Fund, Institutional Class           18,759,486   USD SOFR plus 165 bp   7/21/2026   NGFP             133,652
                    Total:      $628,729
    BRC - Barclays Capital                     
    CIBC - Canadian Imperial Bank of Commerce                    
    FED - Federal Funds Effective Rate                    
    FROB - Federal Reserve Overnight Bank Funding Rate                    
    NGFP - Nomura Global Financial Products, Inc.                     
    SOFR - Secured Overnight Financing Rate                    
(1)   Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.        
    * Swap contract reset at June 30, 2025.                    

 

 

 
 

 

SPECTRUM ACTIVE ADVANTAGE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 20.5%      
    EQUITY - 20.5%      
2,700     Invesco S&P 500 Equal Weight ETF       $   490,698  
2,700     Vanguard S&P 500 ETF       1,533,681  
              2,024,379  
               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $1,864,520)     2,024,379  
               
    OPEN-END FUNDS — 64.0%      
    ALTERNATIVE - 64.0%      
251,206     AQR Equity Market Neutral Fund, Class R6       2,896,400  
129,975     AQR Long-Short Equity Fund, Class R6       2,474,733  
44,568     Federated Hermes MDT Market Neutral Fund, Institutional Shares     960,446  
              6,331,579  
               
    TOTAL OPEN-END FUNDS (Cost $5,980,050)     6,331,579  
               
    SHORT-TERM INVESTMENTS — 9.7%      
    MONEY MARKET FUNDS - 9.7%      
477,842     Fidelity Government Portfolio, Class I, 4.18%(a)       477,842  
477,843     First American Government Obligations Fund, Class Z, 4.17%(a)       477,843  
    TOTAL MONEY MARKET FUNDS (Cost $955,685)   955,685  
               
    TOTAL SHORT-TERM INVESTMENTS (Cost $955,685)   955,685  
         
    TOTAL INVESTMENTS - 94.2% (Cost $8,800,255)     $ 9,311,643  
    OTHER ASSETS IN EXCESS OF LIABILITIES- 5.8%     571,880  
    NET ASSETS - 100.0%         $ 9,883,523  
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized Appreciation
3     CME E-Mini Standard & Poor's 500 Index Futures   09/22/2025 $ 938,063  $ 33,158  
    TOTAL FUTURES CONTRACTS  
         
 
 

 

SPECTRUM ACTIVE ADVANTAGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 

 

TOTAL RETURN SWAPS                     
Number of Shares   Reference Entity   Notional Amount at June 30, 2025   Interest Rate Payable (1)   Termination Date   Counterparty   Unrealized Appreciation (Depreciation) 
Long Position:                        
              2,300   Consumer Discretionary Select Sector SPDR Fund    $ 499,859   USD FROB plus 55 bp   4/27/2026   NGFP    $ (2,916)
            25,200   Invesco S&P 500 Equal Weight ETF                1,027,656   USD FROB plus 55 bp   4/27/2026   NGFP              62,631
              5,100   Invesco S&P 500 High Beta ETF                   497,403   USD FROB plus 55 bp   4/27/2026   NGFP              11,418
              4,100   iShares MSCI USA Momentum Factor ETF                   985,312   USD FROB plus 55 bp   4/27/2026   NGFP              25,972
                         $ 97,105
    NGFP - Nomura Global Financial Products, Inc.                     
    FROB - Federal Reserve Overnight Bank Funding Rate                    
                         
(1)   Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.    

 

 

 

(a) Rate disclosed is the seven-day effective yield as of June 30, 2025.

 

 

 
 

 

SPECTRUM UNCONSTRAINED FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
Shares             Fair Value
    OPEN-END FUNDS — 56.1%      
    ALTERNATIVE - 26.3%      
136,001   AQR Equity Market Neutral Fund, Class R6       $ 1,568,092
             
    FIXED INCOME - 29.8%      
163,150   American Beacon Developing World Income Fund, Class R5         1,184,472
27,409   North Square Preferred And Income Securities Fund, Class I         589,572
             

1,774,044

               
    TOTAL OPEN-END FUNDS (Cost $3,242,463)    

  3,342,136

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 0.9%      
    U.S. TREASURY BILLS — 0.9%      
52,000   United States Treasury Bill(a)   4.3000 08/21/25   51,684
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $51,692)    

51,684

             
Shares              
    SHORT-TERM INVESTMENTS — 14.1%      
    MONEY MARKET FUNDS - 14.1%      
420,495   Fidelity Government Portfolio, Class I, 4.18%(b)         420,495
420,495   First American Government Obligations Fund Class Z, 4.17%(b)         420,495
    TOTAL MONEY MARKET FUNDS (Cost $840,990)  

840,990

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $840,990)  

840,990

         
    TOTAL INVESTMENTS - 71.1% (Cost $4,135,145)     $ 4,234,810
    OTHER ASSETS IN EXCESS OF LIABILITIES- 28.9%    

1,720,032

    NET ASSETS - 100.0%        

$ 5,954,842

           
               
 

 

(a) Zero coupon bond; rate disclosed is the effective yield as of June 30 , 2025.
(c) Rate disclosed is the seven day effective yield as of June 30, 2025.

 

 

 
 

 

 

TOTAL RETURN SWAPS                     
Number of Shares   Reference Entity   Notional Amount at June 30, 2025   Interest Rate Payable (1)   Termination Date   Counterparty   Unrealized Appreciation 
Long Position:                        
            61,637   AQR Long-Short Equity Fund, Class R6    $ 1,173,560   USD SOFR plus 165 bp   7/7/2026   NGFP    $ 8,123
            73,900   Invesco Senior Loan ETF                1,545,988   USD FROB plus 55 bp   4/27/2026   NGFP              14,258
            36,400   iShares iBoxx $ High Yield Corporate Bond ETF                2,935,660   USD FROB plus 55 bp   4/27/2026   NGFP              30,558
            57,500   iShares Preferred and Income Securities ETF                1,764,100   USD FROB plus 55 bp   4/27/2026   NGFP              17,022
            63,088   Nuveen Floating Rate Income Fund Class R6*                1,143,154   USD SOFR plus 165 bp   5/12/2028   BRC                      -   
          107,880   PIMCO Income Fund Institutional Class*                1,161,867   USD FED plus 165 bp   6/30/2026   CIBC                      -   
            10,700   SPDR Bloomberg Convertible Securities ETF                   884,462   USD FROB plus 55 bp   4/27/2026   NGFP                8,865
            23,300   VanEck High Yield Muni ETF                1,169,893   USD FROB plus 55 bp   4/27/2026   NGFP                5,893
                         $ 84,719
    CIBC - Canadian Imperial Bank of Commerce                    
    FED - Federal Funds Effective Rate                    
    FROB - Federal Reserve Overnight Bank Funding Rate                    
    NGFP - Nomura Global Financial Products, Inc.                     
    SOFR - Secured Overnight Financing Rate                    
(1)   Interest rate is based upon predetermined notional amounts, which may be a multiple of the number of shares plus a specified spread.    
    * Swap contract reset at June 30, 2025.