ATLAS U.S. TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
 Shares       Fair Value 
     COMMON STOCKS — 14.0%     
     APPAREL & TEXTILE PRODUCTS - 0.3%     
 2,783   NIKE, Inc., Class B  $197,704 
           
     BIOTECH & PHARMA - 0.2%     
 5,114   Moderna, Inc.(a)   141,095 
           
     E-COMMERCE DISCRETIONARY - 0.2%     
 745   Amazon.com, Inc.(a)   163,446 
           
     INTERNET MEDIA & SERVICES - 0.8%     
 3,163   Alphabet, Inc., Class C   561,085 
           
     MORTGAGE FINANCE - 11.3%     
 442,390   AGNC Investment Corporation   4,065,564 
 229,351   Annaly Capital Management, Inc.   4,316,386 
         8,381,950 
     RETAIL - CONSUMER STAPLES - 0.2%     
 1,492   Target Corporation   147,186 
           
     SOFTWARE - 0.1%     
 68   Microsoft Corporation   33,824 
 670   Shopify, Inc., Class A(a)   77,285 
         111,109 
     TECHNOLOGY HARDWARE - 0.8%     
 2,901   Apple, Inc.   595,197 
           
     TRANSPORTATION & LOGISTICS - 0.1%     
 510   United Parcel Service, Inc., Class B   51,479 
           
           
     TOTAL COMMON STOCKS (Cost $15,483,552)   10,350,251 
           
           
           
           
1 
 

 

ATLAS U.S. TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 62.4%      
    ASSET MANAGEMENT — 4.3%      
3,000,000   Charles Schwab Corporation(b) SOFRRATE + 2.500% 5.8530 05/19/34 $ 3,188,944
             
    BANKING — 31.6%      
2,400,000   Bank of America Corporation(b) H15T5Y + 1.200% 2.4820 09/21/36   2,033,400
4,600,000   Bank of America Corporation(b) H15T5Y + 2.000% 3.8460 03/08/37   4,211,266
1,250,000   Citigroup, Inc.   6.6250 06/15/32   1,363,822
1,000,000   Citigroup, Inc.(b) SOFRRATE + 2.661% 6.1740 05/25/34   1,047,138
3,000,000   Citigroup, Inc.   6.1250 08/25/36   3,105,780
100,000   JPMorgan Chase & Company   4.2500 10/01/27   100,475
5,900,000   JPMorgan Chase & Company(b) SOFRRATE + 2.580% 5.7170 09/14/33   6,153,448
3,500,000   US Bancorp Series BB(b) SOFRRATE + 2.110% 4.9670 07/22/33   3,458,820
1,750,000   Wells Fargo Bank NA   6.6000 01/15/38   1,937,757
              23,411,906
    INSTITUTIONAL FINANCIAL SERVICES — 11.9%      
1,750,000   Goldman Sachs Group, Inc.   6.7500 10/01/37   1,924,350
6,900,000   Morgan Stanley Series F(b) SOFRRATE + 2.620% 5.2970 04/20/37   6,878,371
              8,802,721
    SPECIALTY FINANCE — 14.6%      
4,000,000   American Express Company(b) SOFRRATE + 2.255% 4.9890 05/26/33   4,014,094
6,725,000   Capital One Financial Corporation(b) SOFRRATE + 2.370% 5.2680 05/10/33   6,787,621
              10,801,715
  TOTAL CORPORATE BONDS (Cost $45,808,126)    

46,205,286

             
               
    U.S. GOVERNMENT & AGENCIES — 110.9%      
    AGENCY FIXED RATE — 110.9%      
1,646,521   Fannie Mae Pool(c)   5.5000 11/01/52   1,657,092
2,049,630   Fannie Mae Pool(c)   6.0000 05/01/54   2,085,887
737,929   Ginnie Mae I Pool   4.0000 01/15/46   712,566
688,447   Ginnie Mae I Pool   2.5000 08/15/49   590,219
2 
 

 

ATLAS U.S. TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 110.9% (Continued)      
    AGENCY FIXED RATE — 110.9% (Continued)      
536,567   Ginnie Mae I Pool   2.5000 09/15/49 $ 460,005
1,047,033   Ginnie Mae I Pool   2.5000 12/15/49   897,625
2,277,270   Ginnie Mae I Pool(c)   6.0000 06/15/53   2,425,670
1,001,763   Ginnie Mae II Pool(c)   4.0000 09/20/47   932,418
974,341   Ginnie Mae II Pool   4.5000 02/20/48   935,215
294,819   Ginnie Mae II Pool   2.5000 03/20/50   251,843
4,533,976   Ginnie Mae II Pool(c)   2.5000 03/20/51   3,873,167
2,421,820   Ginnie Mae II Pool   3.0000 07/20/51   2,129,816
608,828   Ginnie Mae II Pool(c)   3.0000 07/20/51   535,431
3,675,329   Ginnie Mae II Pool(c)   3.0000 09/20/51   3,198,441
970,425   Ginnie Mae II Pool   2.0000 03/20/52   748,379
1,779,721   Ginnie Mae II Pool   3.0000 03/20/52   1,536,730
7,101,480   Ginnie Mae II Pool(c)   5.5000 10/20/52   7,424,949
1,089,754   Ginnie Mae II Pool(c)   6.0000 01/20/53   1,170,266
1,312,266   Ginnie Mae II Pool(c)   5.5000 02/20/53   1,371,975
1,599,093   Ginnie Mae II Pool(c)   6.0000 03/20/53   1,717,234
2,574,634   Ginnie Mae II Pool(c)   6.5000 03/20/53   2,797,797
5,019,844   Ginnie Mae II Pool(c)   6.5000 03/20/53   5,455,002
1,069,063   Ginnie Mae II Pool(c)   5.5000 04/20/53   1,117,711
1,733,781   Ginnie Mae II Pool(c)   5.5000 04/20/53   1,812,676
1,201,300   Ginnie Mae II Pool(c)   6.0000 04/20/53   1,290,057
1,641,750   Ginnie Mae II Pool(c)   5.0000 05/20/53   1,679,087
1,572,270   Ginnie Mae II Pool(c)   5.5000 05/20/53   1,643,813
997,898   Ginnie Mae II Pool(c)   5.5000 06/20/53   1,043,307
2,341,593   Ginnie Mae II Pool(c)   5.5000 06/20/53   2,448,147
1,672,395   Ginnie Mae II Pool(c)   5.5000 06/20/53   1,748,484
1,166,140   Ginnie Mae II Pool(c)   6.0000 06/20/53   1,252,298
9,714,182   Ginnie Mae II Pool(c)   6.0000 06/20/53   10,431,865
1,086,288   Ginnie Mae II Pool   6.5000 06/20/53   1,180,456
428,191   Ginnie Mae II Pool   5.0000 07/20/53   437,929
1,085,422   Ginnie Mae II Pool(c)   5.5000 07/20/53   1,134,815
1,047,057   Ginnie Mae II Pool   5.5000 07/20/53   1,094,703
990,220   Ginnie Mae II Pool   6.5000 09/20/53   1,076,061
4,670,602   Ginnie Mae II Pool(c)   5.5000 11/20/53   4,712,898
3 
 

 

ATLAS U.S. TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 110.9% (Continued)      
    AGENCY FIXED RATE — 110.9% (Continued)      
990,671   Ginnie Mae II Pool(c)   6.0000 11/20/53 $ 1,063,867
131,344   Ginnie Mae II Pool   4.5000 02/20/54   130,055
1,013,134   Ginnie Mae II Pool   6.0000 09/20/54   1,087,990
2,915,682   Ginnie Mae II Pool   5.5000 10/20/54   2,921,773
              82,215,719
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $80,747,290)    

82,215,719

             
    TOTAL INVESTMENTS - 187.3% (Cost $142,038,968)     $ 138,771,256
    LIABILITIES IN EXCESS OF OTHER ASSETS - (87.3)%    

(64,667,021)

    NET ASSETS - 100.0%        

$

74,104,235

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount Unrealized Depreciation
90   CBOT 10 Year US Treasury Note   09/22/2025 $ 10,091,250 $ (176,719)
                 
    TOTAL FUTURES CONTRACTS
         
           
               
 

 

REVERSE REPURCHASE AGREEMENTS                
Principal Amount ($)   Counterparty   Acquired Date   Interest (%)   Maturity   Fair Value
 $                       (40,520,000)   INTL FCStone   6/25/2025   4.6000   7/2/2025    $      (40,520,000)
                             (1,910,000)   INTL FCStone   6/30/2025   4.6000   7/2/2025              (1,910,000)
                          (23,985,000)   South Street   6/26/2025   4.5700   7/24/2025            (23,985,000)
TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $66,415,000)        $      (66,415,000)

 

 

   
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
 

 

 

 

(a) Non-income producing security.
(b) Variable rate security; the rate shown represents the rate on June 30, 2025. Bond converts to floating rate in the final year of the bond.
(c) This security has been pledged as collateral for securities sold under agreements to repurchase of $71,635,215.

 

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