|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
0.08% |
PREFERRED STOCKS |
|
|
|
0.08% |
FINANCIALS |
|
|
|
|
Eagle Point Income Company, Inc. |
11,122 |
$ |
277,940 |
0.08% |
TOTAL PREFERRED STOCKS |
|
|
277,940 |
2.77% |
EXCHANGE TRADED FUNDS |
|
|
|
2.77% |
HIGH YIELD BOND |
|
|
|
|
iShares BB Rated Corporate Bond ETF |
73,007 |
|
3,431,329 |
|
iShares Fallen Angels USD Bond ETF |
130,728 |
|
3,547,958 |
|
VanEck Fallen Angel High Yield Bond ETF |
91,788 |
|
2,687,553 |
|
|
|
|
9,666,840 |
2.77% |
TOTAL EXCHANGE TRADED FUNDS |
|
|
9,666,840 |
41.09% |
ASSET BACKED BONDS |
|
|
|
10.55% |
AUTOMOTIVE |
|
|
|
|
Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A |
140,000 |
|
141,470 |
|
Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 144A |
100,000 |
|
102,384 |
|
(CME Term SOFR 3 Month +5.490%) |
|
|
|
|
DT Auto Owner Trust 03/15/2029 5.530% 144A |
1,000,000 |
|
996,314 |
|
Flagship Credit Auto Trust 09/15/2028 3.160% 144A |
1,150,000 |
|
1,104,120 |
|
GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A |
1,600,000 |
|
1,614,226 |
|
(US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%) |
|
|
|
|
Lendbuzz Securitization Trust 05/15/2030 5.180% 144A |
1,100,000 |
|
1,102,755 |
|
Lendbuzz Securitization Trust 07/15/2026 4.759% 144A |
695,000 |
|
695,081 |
|
Santander Bank Auto Credit-Linked Notes 08/16/2032 11.910% 144A |
384,182 |
|
387,162 |
|
Switch ABS Issuer LLC 06/25/2054 6.200% 144A |
550,000 |
|
554,882 |
|
Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A |
1,100,000 |
|
1,101,184 |
|
Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A |
427,863 |
|
427,693 |
|
Arivo Acceptance Auto Loan Receivables Trust 01/16/2029 6.900% 144A |
275,792 |
|
278,305 |
|
Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770% 144A |
521,424 |
|
521,142 |
|
Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A |
73,860 |
|
73,725 |
|
Avid Automobile Receivables Trust 12/15/2027 7.350% 144A |
900,000 |
|
903,646 |
|
Carmax Select Receivables Trust 04/15/2026 4.561% |
410,686 |
|
410,708 |
|
Carvana Auto Receivables Trust 01/10/2031 4.740% |
550,000 |
|
546,068 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
AUTOMOTIVE Continued |
Shares |
|
Value |
Carvana Auto Receivables Trust 11/10/2028 5.540% |
175,000 |
$ |
178,052 |
Carvana Auto Receivables Trust 12/11/2028 4.130% 144A |
518,315 |
|
512,989 |
Carvana Auto Receivables Trust 03/10/2028 2.900% 144A |
46,189 |
|
45,050 |
Carvana Auto Receivables Trust 03/10/2028 1.070% |
126,330 |
|
122,461 |
Carvana Auto Receivables Trust 03/10/2028 0.970% |
145,823 |
|
142,891 |
Carvana Auto Receivables Trust 09/11/2028 1.240% |
145,917 |
|
140,698 |
Chesapeake Funding II LLC 10/15/2035 6.160% |
77,574 |
|
78,608 |
CPS Auto Trust 10/15/2029 7.140% 144A |
1,100,000 |
|
1,117,361 |
CPS Auto Trust 11/15/2030 10.720% 144A |
450,000 |
|
498,029 |
CPS Auto Trust 08/15/2028 5.190% 144A |
2,200,000 |
|
2,201,921 |
DT Auto Owner Trust 12/15/2027 3.400% 144A |
452,817 |
|
449,592 |
DT Auto Owner Trust 02/16/2027 1.500% 144A |
265,377 |
|
264,424 |
DT Auto Owner Trust 03/15/2028 4.720% 144A |
365,916 |
|
365,966 |
DT Auto Owner Trust 05/17/2027 1.310% 144A |
702,447 |
|
692,483 |
DT Auto Owner Trust 09/15/2028 2.650%^ 144A |
550,000 |
|
541,744 |
((CME Term SOFR 3 Month + 0.262%) + 1.800%) |
|
|
|
Exeter Automobile Receivables Trust 10/15/2029 6.340%^ 144A |
962,500 |
|
890,444 |
(Prime - 0.700%) |
|
|
|
Exeter Automobile Receivables Trust 04/15/2026 4.536% |
382,886 |
|
382,891 |
Exeter Automobile Receivables Trust 04/15/2027 1.400% |
819,602 |
|
806,299 |
Exeter Automobile Receivables Trust 06/15/2027 1.550% |
820,033 |
|
806,003 |
Exeter Automobile Receivables Trust 06/15/2028 3.020% |
1,334,794 |
|
1,322,534 |
Exeter Automobile Receivables Trust 07/17/2028 4.560% |
1,941,250 |
|
1,934,630 |
First Investors Auto Owner Trust 06/15/2029 5.410% 144A |
500,000 |
|
493,475 |
Flagship Credit Auto Trust 09/15/2027 1.460% 144A |
292,898 |
|
290,475 |
Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A |
600,000 |
|
595,588 |
GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A |
264,257 |
|
264,119 |
GLS Auto Receivables Issuer Trust 10/15/2027 2.480% 144A |
579,563 |
|
572,377 |
GLS Auto Receivables Issuer Trust 07/15/2027 1.480% 144A |
597,512 |
|
589,487 |
GLS Auto Receivables Trust 07/15/2027 4.310% 144A |
319,443 |
|
319,362 |
Lad Auto Receivables Trust 04/15/2030 6.850% 144A |
726,000 |
|
736,681 |
Lendbuzz Securitization Trust 12/15/2028 7.500% 144A |
318,425 |
|
325,218 |
Lendbuzz Securitization Trust 05/15/2029 5.990% 144A |
369,689 |
|
372,811 |
Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A |
30,330 |
|
30,377 |
Oscar US Funding Trust 04/10/2028 1.000% 144A |
229,840 |
|
227,380 |
Prestige Auto Receivables Trust 02/15/2028 1.530% 144A |
221,207 |
|
219,851 |
Research-Driven Pagaya 03/25/2032 7.540% 144A |
146,961 |
|
148,035 |
Santander Drive Auto Receivables Trust 07/15/2027 1.350% |
119,054 |
|
118,886 |
Santander Drive Auto Receivables Trust 09/15/2027 1.330% |
393,874 |
|
392,290 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
AUTOMOTIVE Continued |
Shares |
|
Value |
Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A |
390,000 |
$ |
393,736 |
Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A |
600,000 |
|
642,326 |
United Auto Credit Securitization Trust 11/10/2028 5.000% 144A |
630,377 |
|
617,504 |
United Auto Credit Securitization Trust 04/10/2029 10.000%^ 144A |
600,000 |
|
283,034 |
((United States 30 Day Average SOFR + 0.114%) + 4.250%) |
|
|
|
Veros Auto Receivables Trust 11/15/2028 7.120% 144A |
132,472 |
|
132,644 |
Veros Auto Receivables Trust 11/15/2028 8.320% 144A |
1,001,000 |
|
1,026,591 |
Veros Auto Receivables Trust 07/16/2029 7.230% 144A |
1,900,000 |
|
1,911,166 |
Volkswagen Auto Loan Enhanced Trust 03/20/2026 4.451% |
400,857 |
|
400,882 |
Westlake Automobile Receivable 01/15/2027 6.230% 144A |
147,721 |
|
147,925 |
Westlake Automobile Receivable 03/15/2027 3.490% 144A |
1,135,814 |
|
1,132,891 |
|
|
|
36,841,046 |
8.24% MISCELLANEOUS |
|
|
|
Crossroads Asset Trust 06/22/2026 4.730% 144A |
1,100,000 |
|
1,100,310 |
Crossroads Asset Trust 08/20/2032 8.320% 144A |
275,000 |
|
274,937 |
Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A |
1,100,000 |
|
1,100,000 |
(CME Term SOFR 3 Month + 1.900%) |
|
|
|
NGC Ltd. 04/20/2038 5.474%^ 144A |
1,120,000 |
|
1,119,216 |
(CME Term SOFR 3 Month + 1.200%) |
|
|
|
SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A |
550,000 |
|
550,862 |
Affirm Asset Securitization Trust 11/16/2026 1.170% 144A |
784 |
|
783 |
Affirm Asset Securitization Trust 05/15/2029 6.270% 144A |
67,948 |
|
68,004 |
Allegro CLO Ltd. 01/19/2033 6.169%^ 144A |
530,000 |
|
530,106 |
((CME Term SOFR 3 Month + 0.262%) + 1.800%) |
|
|
|
Aqua Finance Trust 07/17/2046 1.900% 144A |
195,725 |
|
183,208 |
Atlas Senior Loan Fund 04/22/2031 6.134%^ 144A |
559,000 |
|
563,081 |
(ICE LIBOR USD 3 Month + 1.600%) |
|
|
|
Ballyrock CLO 14 Ltd. 07/20/2037 5.269%^ 144A |
750,000 |
|
748,125 |
(CME Term SOFR 3 Month + 1.000%) |
|
|
|
Benefit Street Partners CLO Ltd. 07/15/2037 5.436%^ 144A |
901,000 |
|
899,558 |
(CME Term SOFR 3 Month + 1.180%) |
|
|
|
Bluemountain CLO 10/20/2030 6.131%^ 144A |
520,000 |
|
524,940 |
(ICE LIBOR USD 3 Month + 1.600%) |
|
|
|
CoreVest American Finance Trust 10/15/2054 2.911%^ 144A |
1,040,000 |
|
987,533 |
((United States 30 Day Average SOFR + 0.114%) + 6.750%) |
|
|
|
Crossroads Asset Trusts 08/20/2030 5.900% 144A |
198,073 |
|
200,476 |
Crown City CLO 07/15/2037 5.306%^ 144A |
1,071,428 |
|
1,069,607 |
(CME Term SOFR 3 Month + 1.050%) |
|
|
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MISCELLANEOUS Continued |
Shares |
|
Value |
Generate CLO 4 07/20/2037 5.269%^ 144A |
1,093,750 |
$ |
1,091,344 |
(CME Term SOFR 3 Month + 1.000%) |
|
|
|
Generate CLO 5 Ltd. 07/22/2037 5.322%^ 144A |
2,400,000 |
|
2,394,000 |
(CME Term SOFR 3 Month + 1.050%) |
|
|
|
Goldentree Loan Management LP 07/20/2037 5.169%^ 144A |
937,500 |
|
935,625 |
(CME Term SOFR 3 Month + 0.900%) |
|
|
|
Halcyon Loan Advisors Funding 07/21/2031 6.331%^ 144A |
1,033,000 |
|
1,044,260 |
(ICE LIBOR USD 3 Month + 1.800%) |
|
|
|
Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A |
368,071 |
|
368,071 |
(ICE LIBOR USD 1 Month + 2.150%) |
|
|
|
Jamestown CLO 04/20/2032 6.119%^ 144A |
520,000 |
|
522,028 |
((CME Term SOFR 3 Month + 0.262%) + 1.600%) |
|
|
|
M&T Equipment LLC 07/15/2030 5.740% 144A |
428,039 |
|
430,714 |
OZLM XVIII Ltd. 04/15/2031 5.538%^ 144A |
457,183 |
|
456,772 |
(ICE LIBOR USD 3 Month + 1.020%) |
|
|
|
Pagaya AI Debt Selection Trust 01/25/2029 3.000% 144A |
2,255 |
|
2,237 |
Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A |
549,795 |
|
555,411 |
PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A |
550,000 |
|
552,018 |
Polus Capital Management 10/20/2037 5.519%^ 144A |
1,042,105 |
|
1,042,209 |
(CME Term SOFR 3 Month + 1.250%) |
|
|
|
Saratoga Investment Corp. 04/20/2033 6.331%^ 144A |
550,000 |
|
558,250 |
(ICE LIBOR USD 3 Month + 1.800%) |
|
|
|
SCF Equipment Trust LLC 07/20/2032 5.260% 144A |
500,000 |
|
492,391 |
Shackleton 2017-XI CLO Ltd. 08/15/2030 6.738%^ 144A |
1,002,000 |
|
1,014,525 |
((United States 30 Day Average SOFR + 0.114%) + 6.950%) |
|
|
|
SMB Private Education Loan Trust 09/15/2037 2.230% 144A |
670,355 |
|
645,614 |
Sotheby’s Artfi Master Trust 12/22/2031 5.819%^ 144A |
520,000 |
|
520,382 |
(CME Term SOFR 3 Month + 1.500%) |
|
|
|
Sound Point CLO V-R Ltd. 07/18/2031 6.281%^ 144A |
530,000 |
|
536,466 |
(ICE LIBOR USD 3 Month + 1.750%) |
|
|
|
Trinity Rail Leasing LP 10/18/2049 2.390% 144A |
115,519 |
|
113,667 |
Upstart Securitization Trust 06/20/2033 7.920% 144A |
550,000 |
|
555,994 |
Venture CDO Ltd. 10/20/2034 5.719%^ 144A |
560,000 |
|
554,736 |
(CME Term SOFR 3 Month + 1.450%) |
|
|
|
Venture CDO Ltd. 07/15/2032 6.388%^ 144A |
1,100,000 |
|
1,108,250 |
(ICE LIBOR USD 3 Month + 1.870%) |
|
|
|
Voya CLO Ltd. 10/15/2037 5.456%^ 144A |
1,375,000 |
|
1,374,312 |
(CME Term SOFR 3 Month + 1.200%) |
|
|
|
Voya CLO Ltd. 10/18/2031 6.231%^ 144A |
901,310 |
|
911,044 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
||
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
MISCELLANEOUS Continued |
|
Shares |
|
Value |
((United States 30 Day Average SOFR + 0.114%) + 3.900%) |
|
|
|
|
Zais CLO 11 Ltd. 01/20/2032 6.059%^ 144A |
|
530,000 |
$ |
532,438 |
(CME Term SOFR 3 Month + 1.790%) |
|
|
|
|
Zais Matrix CDO I 04/15/2032 6.256%^ 144A |
520,000 |
|
524,940 |
|
(CME Term SOFR 3 Month + 2.000%) |
|
|
|
|
|
|
|
|
28,758,444 |
22.30% MORTGAGE BACKED |
|
|
|
|
Angel Oak Mortgage Trust 01/25/2066 0.909% 144A |
51,695 |
|
44,783 |
|
Citigroup Mortgage Loan Trust 08/25/2050 |
2.500% 144A |
59,269 |
|
51,152 |
COMM Mortgage Trust 09/15/2033 6.785%^ 144A |
65,000 |
|
19,989 |
|
(ICE LIBOR USD 1 Month + 2.177%) |
|
|
|
|
Connecticut Avenue Securities Trust 10/25/2041 7.405%^ 144A |
2,100,000 |
|
2,150,894 |
|
(United States 30 Day Average SOFR + |
3.100%) |
|
|
|
Connecticut Avenue Securities Trust 11/25/2039 6.570%^ 144A |
107,648 |
|
107,648 |
|
(ICE LIBOR USD 1 Month + 2.150%) |
|
|
|
|
Connecticut Avenue Securities Trust 02/25/2044 6.105%^ 144A |
1,100,000 |
|
1,109,261 |
|
(United States 30 Day Average SOFR + |
1.800%) |
|
|
|
Connecticut Avenue Securities Trust 03/25/2042 6.305%^ 144A |
163,564 |
|
165,921 |
|
((United States 30 Day Average SOFR + 0.114%) + 2.800%) |
|
|
|
|
Connecticut Avenue Securities Trust 03/25/2042 7.805%^ 144A |
4,920,000 |
|
5,111,437 |
|
(United States 30 Day Average SOFR + |
3.500%) |
|
|
|
Connecticut Avenue Securities Trust 05/25/2044 5.955%^ 144A |
1,100,000 |
|
1,105,521 |
|
(United States 30 Day Average SOFR + |
1.650%) |
|
|
|
Connecticut Avenue Securities Trust 07/25/2043 7.005%^ 144A |
1,000,000 |
|
1,032,190 |
|
(United States 30 Day Average SOFR + |
2.700%) |
|
|
|
Connecticut Avenue Securities Trust 07/25/2044 6.005%^ 144A |
1,100,000 |
|
1,104,027 |
|
(United States 30 Day Average SOFR + |
1.700%) |
|
|
|
Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A |
540,881 |
|
447,861 |
|
Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A |
534,338 |
|
523,599 |
|
Federal Home Loan Mortgage Corp. 01/25/2034 5.955%^ 144A |
45,505 |
|
45,706 |
|
(United States 30 Day Average SOFR + |
1.650%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2042 6.805%^ 144A |
1,350,000 |
|
1,374,476 |
|
(United States 30 Day Average SOFR + |
2.500%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2042 5.305%^ 144A |
113,895 |
|
113,754 |
|
(United States 30 Day Average SOFR + |
1.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2051 6.105%^ 144A |
867,705 |
|
872,820 |
|
(United States 30 Day Average SOFR + |
1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 10/25/2041 5.805%^ 144A |
1,065,605 |
|
1,069,635 |
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
(United States 30 Day Average SOFR + 1.500%) |
|
|
|
Federal Home Loan Mortgage Corp. 10/25/2050 7.105%^ 144A |
16,150 |
$ |
16,219 |
(United States 30 Day Average SOFR + 2.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2041 6.105%^ 144A |
1,221,685 |
|
1,230,412 |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2043 6.155%^ 144A |
603,891 |
|
608,743 |
(United States 30 Day Average SOFR + 1.850%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2043 6.155%^ 144A |
498,732 |
|
504,656 |
(United States 30 Day Average SOFR + 1.850%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2043 7.655%^ 144A |
1,100,000 |
|
1,160,680 |
(United States 30 Day Average SOFR + 3.350%) |
|
|
|
Federal Home Loan Mortgage Corp. 12/25/2041 11.305%^ 144A |
500,000 |
|
529,203 |
(United States 30 Day Average SOFR + 7.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 12/25/2050 6.305%^ 144A |
455,480 |
|
460,137 |
(United States 30 Day Average SOFR + 2.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 02/25/2042 5.605%^ 144A |
146,850 |
|
146,943 |
(United States 30 Day Average SOFR + 1.300%) |
|
|
|
Federal Home Loan Mortgage Corp. 02/25/2042 6.705%^ 144A |
2,600,000 |
|
2,645,188 |
(United States 30 Day Average SOFR + 2.400%) |
|
|
|
Federal Home Loan Mortgage Corp. 03/15/2045 3.500% |
24,637 |
|
24,580 |
Federal Home Loan Mortgage Corp. 03/25/2042 9.555%^ 144A |
250,000 |
|
265,300 |
(United States 30 Day Average SOFR + 5.250%) |
|
|
|
Federal Home Loan Mortgage Corp. 03/25/2043 6.406%^ 144A |
692,213 |
|
702,381 |
(United States 30 Day Average SOFR + 2.100%) |
|
|
|
Federal Home Loan Mortgage Corp. 04/25/2043 6.406%^ 144A |
1,093,392 |
|
1,110,481 |
(United States 30 Day Average SOFR + 2.100%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/15/2027 3.000% |
520,629 |
|
9,549 |
Federal Home Loan Mortgage Corp. 05/25/2042 6.505%^ 144A |
1,273,439 |
|
1,287,765 |
(United States 30 Day Average SOFR + 2.200%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2042 7.655%^ 144A |
2,870,000 |
|
2,982,289 |
(United States 30 Day Average SOFR + 3.350%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2043 6.305%^ 144A |
1,157,912 |
|
1,169,869 |
(United States 30 Day Average SOFR + 2.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2044 5.505%^ 144A |
664,808 |
|
665,833 |
(United States 30 Day Average SOFR + 1.200%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2044 6.005%^ 144A |
1,100,000 |
|
1,105,147 |
(United States 30 Day Average SOFR + 1.700%) |
|
|
|
Federal Home Loan Mortgage Corp. 06/25/2042 7.255%^ 144A |
29,558 |
|
30,221 |
(United States 30 Day Average SOFR + 2.950%) |
|
|
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
Federal Home Loan Mortgage Corp. 06/25/2043 6.305%^ 144A |
1,071,967 |
$ |
1,077,883 |
(United States 30 Day Average SOFR + 2.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 06/25/2043 7.655%^ 144A |
2,750,000 |
|
2,864,150 |
(United States 30 Day Average SOFR + 3.350%) |
|
|
|
Federal Home Loan Mortgage Corp. 08/25/2044 6.105%^ 144A |
1,520,000 |
|
1,523,780 |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 09/25/2042 6.455%^ 144A |
319,060 |
|
321,485 |
(United States 30 Day Average SOFR + 2.150%) |
|
|
|
Federal Home Loan Mortgage Corporation 01/25/2042 6.155%^ 144A |
720,000 |
|
727,121 |
(United States 30 Day Average SOFR + 1.850%) |
|
|
|
Federal Home Loan Mortgage Corporation 04/25/2029 8.320%^ |
174,547 |
|
179,607 |
(ICE LIBOR USD 1 Month + 3.900%) |
|
|
|
Federal National Mortgage Assoc. 01/25/2031 8.670%^ |
1,000,000 |
|
1,090,235 |
(ICE LIBOR USD 1 Month + 4.250%) |
|
|
|
Federal National Mortgage Assoc. 01/25/2043 6.605%^ 144A |
708,224 |
|
722,797 |
(United States 30 Day Average SOFR + 2.300%) |
|
|
|
Federal National Mortgage Assoc. 10/25/2041 5.855%^ 144A |
244,387 |
|
244,990 |
(United States 30 Day Average SOFR + 1.550%) |
|
|
|
Federal National Mortgage Assoc. 10/25/2043 5.805%^ 144A |
1,064,540 |
|
1,067,838 |
(United States 30 Day Average SOFR + 1.500%) |
|
|
|
Federal National Mortgage Assoc. 11/25/2046 0.114% |
30,606,689 |
|
56,714 |
Federal National Mortgage Assoc. 12/25/2032 2.000% |
90,685 |
|
85,256 |
Federal National Mortgage Assoc. 12/25/2041 6.205%^ 144A |
684,241 |
|
689,771 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 12/25/2041 5.955%^ 144A |
2,210,000 |
|
2,223,127 |
(United States 30 Day Average SOFR + 1.650%) |
|
|
|
Federal National Mortgage Assoc. 12/25/2042 6.706%^ 144A |
1,474,669 |
|
1,512,662 |
(United States 30 Day Average SOFR + 2.400%) |
|
|
|
Federal National Mortgage Assoc. 02/25/2030 7.220%^ |
240,858 |
|
245,169 |
(ICE LIBOR USD 1 Month + 2.800%) |
|
|
|
Federal National Mortgage Assoc. 02/25/2046 0.164% |
17,501,387 |
|
55,567 |
Federal National Mortgage Assoc. 02/25/2047 0.114% |
21,112,436 |
|
51,113 |
Federal National Mortgage Assoc. 03/25/2042 6.405%^ 144A |
518,320 |
|
526,588 |
(United States 30 Day Average SOFR + 2.100%) |
|
|
|
Federal National Mortgage Assoc. 04/25/2042 6.205%^ 144A |
534,604 |
|
536,699 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 04/25/2043 6.805%^ 144A |
1,293,427 |
|
1,312,153 |
(United States 30 Day Average SOFR + 2.500%) |
|
|
|
Federal National Mortgage Assoc. 05/25/2042 7.055%^ 144A |
785,951 |
|
804,309 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
(United States 30 Day Average SOFR + 2.750%) |
|
|
|
Federal National Mortgage Assoc. 06/25/2042 7.256%^ 144A |
536,736 |
$ |
550,341 |
(United States 30 Day Average SOFR + 2.950%) |
|
|
|
Federal National Mortgage Assoc. 06/25/2043 6.206%^ 144A |
406,849 |
|
410,770 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2042 7.905%^ 144A |
2,980,000 |
|
3,108,527 |
(United States 30 Day Average SOFR + 3.600%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2042 6.855%^ 144A |
1,092,958 |
|
1,117,338 |
(United States 30 Day Average SOFR + 2.550%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2043 6.005%^ 144A |
936,252 |
|
941,523 |
(United States 30 Day Average SOFR + 1.700%) |
|
|
|
Federal National Mortgage Assoc. 08/25/2028 11.370%^ |
272,909 |
|
280,817 |
((CME Term SOFR 3 Month + 0.262%) + 1.020%) |
|
|
|
Federal National Mortgage Assoc. 08/25/2028 11.170%^ |
42,614 |
|
43,864 |
(ICE LIBOR USD 1 Month + 6.750%) |
|
|
|
Federal National Mortgage Assoc. 08/25/2042 3.500% |
476,209 |
|
69,095 |
Federal National Mortgage Assoc. 09/25/2042 6.806%^ 144A |
321,294 |
|
326,349 |
(US Treasury Yield Curve Rate Constant Maturity 5 Year +2.915%) |
|
|
|
GCAT Trust 08/25/2066 1.915% 144A |
115,503 |
|
106,998 |
Government National Mortgage Assoc. 11/20/2051 3.000%^ |
9,295,081 |
|
1,610,336 |
((United States 30 Day Average SOFR + 0.114%) + 2.150%) |
|
|
|
ICG US CLO Ltd. 01/15/2031 6.318%^ |
530,000 |
|
532,014 |
(ICE LIBOR USD 3 Month + 1.800%) |
|
|
|
JP Morgan Mortgage Trust 01/25/2051 3.000% 144A |
13,923 |
|
13,856 |
JP Morgan Mortgage Trust 10/25/2029 2.622% 144A |
37,380 |
|
36,577 |
JP Morgan Mortgage Trust 05/25/2050 3.500% 144A |
38,060 |
|
34,293 |
Mill City Mortgage Trust 04/25/2066 3.500% 144A |
483,285 |
|
473,937 |
Ocwen Loan Invest Trust 02/25/2037 3.000% 144A |
186,840 |
|
182,400 |
Ocwen Loan Investment Trust 02/25/2037 3.000% 144A |
500,000 |
|
446,533 |
Provident Funding Mortgage Trust 04/25/2051 2.500% 144A |
754,080 |
|
615,419 |
Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A |
550,000 |
|
553,356 |
Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A |
260,000 |
|
261,696 |
Saluda Grade Alternative Mortgage Trust 06/01/2053 7.162% 144A |
515,705 |
|
524,812 |
Sequoia Mortgage Trust 04/25/2050 3.000% 144A |
82,365 |
|
80,901 |
Velocity Commercial Capital 11/25/2053 7.670% 144A |
179,166 |
|
183,262 |
Verus Securitization Trust 11/25/2059 3.192% 144A |
125,700 |
|
124,810 |
Winston Salem, NC Limited Obligation 01/20/2046 3.783% 144A |
141,612 |
|
135,454 |
X-Caliber Funding LLC 11/01/2024 7.580%^ 144A |
688,525 |
|
687,209 |
(CME Term SOFR 1 Month + 3.250%) |
|
|
|
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
|
X-Caliber Funding LLC 09/15/2028 12.000% 144A |
550,000 |
$ |
553,352 |
|
Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A |
412,500 |
|
397,732 |
|
Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A |
336,000 |
|
246,835 |
|
Federal Home Loan Mortgage Corp. 03/25/2044 5.555%^ 144A |
222,105 |
|
222,596 |
|
(United States 30 Day Average SOFR + 1.250%) |
|
|
|
|
Federal Home Loan Mortgage Corp. 03/25/2052 9.305%^ 144A |
1,165,415 |
|
1,259,744 |
|
(United States 30 Day Average SOFR + 5.000%) |
|
|
|
|
Federal Home Loan Mortgage Corp. 04/25/2043 7.556%^ 144A |
900,000 |
|
942,988 |
|
(United States 30 Day Average SOFR + 3.250%) |
|
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2043 7.805%^ 144A |
1,100,000 |
|
1,161,823 |
|
(United States 30 Day Average SOFR + 3.500%) |
|
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2045 5.505%^ 144A |
880,887 |
|
882,862 |
|
(United States 30 Day Average SOFR + 1.200%) |
|
|
|
|
Federal Home Loan Mortgage Corp. 09/25/2042 8.005%^ 144A |
2,671,000 |
|
2,813,738 |
|
(United States 30 Day Average SOFR + 3.700%) |
|
|
|
|
Federal National Mortgage Association 12/25/2041 7.455%^ 144A |
800,000 |
|
821,248 |
|
(United States 30 Day Average SOFR + 3.150%) |
|
|
|
|
Federal National Mortgage Association 02/25/2037 1.500% |
9,618,806 |
|
519,425 |
|
Federal National Mortgage Association 04/25/2043 8.205%^ 144A |
2,355,000 |
|
2,504,401 |
|
(United States 30 Day Average SOFR + 3.900%) |
|
|
|
|
Federal National Mortgage Association 06/25/2042 8.956%^ 144A |
950,000 |
|
1,012,768 |
|
(United States 30 Day Average SOFR + 4.650%) |
|
|
|
|
|
|
|
77,817,283 |
41.09% |
TOTAL ASSET BACKED BONDS |
|
|
143,416,773 |
9.38% |
CORPORATE BONDS |
|
|
|
0.08% |
COMMUNICATION SERVICES |
|
|
|
|
CCO Holdings Capital Corp. 06/01/2029 5.375% 144A |
275,000 |
|
273,995 |
1.27% |
CONSUMER DISCRETIONARY |
|
|
|
|
BorgWarner, Inc. 02/15/2029 7.125% |
600,000 |
|
647,693 |
|
Ford Holdings LLC 03/01/2030 9.300% |
990,000 |
|
1,124,804 |
|
General Motors Financial Co. Perpetual 5.750% |
500,000 |
|
493,474 |
|
Hasbro, Inc. 07/15/2028 6.600% |
798,000 |
|
839,865 |
|
Nissan Motor Acceptance Company LLC 03/09/2028 2.750% 144A |
350,000 |
|
319,510 |
|
Toll Bros Finance Corp. 03/15/2027 4.875% |
1,000,000 |
|
1,003,286 |
|
|
|
|
4,428,632 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
Shares |
|
Value |
0.33% CONSUMER STAPLES |
|
|
|
AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A |
110,000 |
$ |
106,999 |
((CME Term SOFR 1 Month + 0.046%) + 2.277%) |
|
|
|
HCA, Inc. 09/15/2025 7.580% |
817,000 |
|
820,978 |
PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A |
110,000 |
|
107,341 |
((CME Term SOFR 1 Month + 0.046%) + 2.427%) |
|
|
|
Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750% |
100,000 |
|
99,825 |
|
|
|
1,135,143 |
1.99% ENERGY |
|
|
|
Alliance Resource Operating Partnership 06/15/2029 8.625% 144A |
550,000 |
|
584,583 |
Cheniere Energy, Inc. 10/15/2028 4.625% |
500,000 |
|
499,310 |
Energen Corp. 02/15/2028 7.125%^ |
525,000 |
|
550,697 |
((CME Term SOFR 3 Month + 0.262%) + 1.750%) |
|
|
|
Energy Transfer LP Perpetual 6.625% |
600,000 |
|
597,206 |
Helmerich & Payne, Inc. 12/01/2029 4.850% 144A |
1,100,000 |
|
1,048,895 |
Oceaneering International, Inc. 02/01/2028 6.000% |
350,000 |
|
352,885 |
Phillips 66 Partners LP 03/01/2028 3.750% |
540,000 |
|
516,442 |
Tallgrass Energy Partners LP 01/15/2028 5.500% 144A |
500,000 |
|
497,064 |
Targa Resources Partners LP 03/01/2030 5.500% |
500,000 |
|
507,439 |
TransCanada Pipelines Ltd. 06/15/2029 7.700% |
1,150,000 |
|
1,270,826 |
Venture Global, Inc. 06/01/2028 8.125% 144A |
500,000 |
|
516,772 |
|
|
|
6,942,119 |
3.25% FINANCIALS |
|
|
|
Ally Financial, Inc. Perpetual 4.700% |
275,000 |
|
265,516 |
Bank of America Corp. Perpetual 4.375% |
125,000 |
|
122,654 |
Banque Federative du Credit Mutuel 10/04/2026 1.604% 144A |
2,000,000 |
|
1,931,792 |
Citigroup, Inc. Perpetual 4.000% |
500,000 |
|
496,476 |
Credit Agricole SA 01/26/2027 1.247% 144A |
2,000,000 |
|
1,961,856 |
EPR Properties 04/15/2028 4.950% |
220,000 |
|
219,572 |
First Citizens Bancshare Perpetual 8.552% |
1,000,000 |
|
1,032,071 |
The Goldman Sachs Group, Inc Perpetual 3.650% |
500,000 |
|
489,489 |
Horizon Bancorp 07/01/2030 9.781% |
550,000 |
|
549,868 |
ING Groep NV 03/29/2027 3.950% |
2,000,000 |
|
1,990,582 |
SBL Holdings, Inc. 11/13/2026 5.125% 144A |
600,000 |
|
594,842 |
Societe Generale SA 11/24/2025 4.750% 144A |
250,000 |
|
250,000 |
Synchrony Bank 08/22/2025 5.400% |
600,000 |
|
599,878 |
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
FINANCIALS Continued |
Shares |
|
Value |
|
Transamerica Capital II 12/01/2026 7.650% 144A |
825,000 |
$ |
845,188 |
|
|
|
|
11,349,784 |
0.89% |
INDUSTRIALS |
|
|
|
|
Can-Pack SA/Canpack US LLC 11/01/2025 3.125% 144A |
500,000 |
|
495,582 |
|
Hubbell, Inc. 08/15/2027 3.150% |
1,079,000 |
|
1,053,093 |
|
MasTec, Inc. 08/15/2029 6.625% 144A |
550,000 |
|
550,000 |
|
Timken Co. 12/15/2028 4.500% |
500,000 |
|
501,024 |
|
Timken Co. 05/08/2028 6.875% |
480,000 |
|
506,966 |
|
|
|
|
3,106,665 |
0.31% |
INFORMATION TECHNOLOGY |
|
|
|
|
Qorvo, Inc. 04/01/2031 3.375% 144A |
1,213,000 |
|
1,093,836 |
0.97% |
MATERIALS |
|
|
|
|
Celanese US Holdings LLC 07/15/2032 6.629% |
275,000 |
|
288,302 |
|
Constellium SE 06/15/2028 5.625% 144A |
350,000 |
|
347,952 |
|
Domtar Corp. 10/01/2028 6.750%^ 144A |
100,000 |
|
90,588 |
|
(ICE LIBOR USD 1 Month + 2.277%) |
|
|
|
|
Hecla Mining Company 02/15/2028 7.250% |
350,000 |
|
352,742 |
|
NOVA Chemicals Corporation 06/01/2027 5.250% 144A |
500,000 |
|
497,386 |
|
Reliance, Inc. 08/15/2025 1.300% |
1,000,000 |
|
995,514 |
|
Steel Dynamics, Inc. 12/15/2026 5.000%^ |
813,000 |
|
812,068 |
|
(ICE LIBOR USD 3 Month +3.972%) |
|
|
|
|
|
|
|
3,384,552 |
0.29% |
UTILITIES |
|
|
|
|
Washington Gas Light Co. 10/09/2026 6.820% |
1,000,000 |
|
1,024,846 |
9.38% |
TOTAL CORPORATE BONDS |
|
|
32,739,572 |
|
TREASURIES |
|
|
|
41.11% |
MORTGAGE BACKED |
|
|
|
|
US Treasury 01/15/2026 2.000% |
1,575,480 |
|
1,578,209 |
|
US Treasury 01/15/2027 4.000% |
21,000,000 |
|
21,050,043 |
|
US Treasury 01/31/2026 4.250% |
525,000 |
|
524,979 |
|
US Treasury 01/31/2027 1.500% |
1,107,000 |
|
1,067,779 |
|
US Treasury 08/31/2026 3.750% |
62,902,500 |
|
62,752,603 |
|
US Treasury 10/15/2028 2.375% |
8,167,200 |
|
8,471,649 |
|
US Treasury 11/15/2027 4.125% |
3,305,800 |
|
3,336,405 |
|
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
|
US Treasury 11/30/2026 4.250% |
714,700 |
$ |
718,385 |
|
US Treasury 11/30/2028 4.375% |
2,101,000 |
|
2,144,743 |
|
US Treasury 12/15/2026 4.375% |
5,000,000 |
|
5,037,305 |
|
US Treasury 12/15/2027 4.000% |
1,655,600 |
|
1,667,370 |
|
US Treasury 12/31/2026 4.250% |
5,312,000 |
|
5,342,916 |
|
US Treasury 02/15/2027 4.125% |
4,000,000 |
|
4,019,220 |
|
US Treasury 02/28/2027 4.125% |
5,600,000 |
|
5,629,092 |
|
US Treasury 04/30/2027 3.750% |
3,900,000 |
|
3,899,392 |
|
US Treasury 05/31/2026 4.875% |
10,000,000 |
|
10,071,480 |
|
US Treasury 06/30/2026 4.625% |
4,000,000 |
|
4,023,436 |
|
US Treasury 07/15/2027 4.375% |
1,800,000 |
|
1,822,430 |
|
US Treasury 09/30/2026 3.500%^ |
317,000 |
|
315,365 |
|
((CME Term SOFR 3 Month + 0.262%) + 1.800%) |
|
|
|
41.11% |
TOTAL TREASURIES |
|
|
143,472,801 |
5.37% |
MONEY MARKET FUND |
|
|
|
|
Federated Government Obligations Fund(A) 4.200%(B) |
18,742,872 |
|
18,742,872 |
99.80% |
TOTAL INVESTMENTS |
|
|
348,316,798 |
0.20% |
Other assets, net of liabilities |
|
|
715,222 |
100.00% |
NET ASSETS |
|
$ |
349,032,020 |
^Rate is determined periodically. Rate shown is the rate as of June 30, 2025
(A)Non-income producing
(B)Effective 7 day yield as of June 30,2025
A 144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $142,893,709 and is 40.94% of the Fund's net assets.
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND
Schedule of Futures Contracts
June 30, 2025 (unaudited)
|
|
|
|
|
Unrealized |
|
|
|
Notional |
|
Appreciation |
Number of Contracts |
Description |
Expiration Date |
Value |
Market Value |
(Depreciation) |
447 |
2YR US T-Note |
9/30/2025 |
92,625,472 |
92,986,477 |
361,005 |
374 |
5YR US T-Note |
9/30/2025 |
40,342,490 |
40,766,000 |
423,510 |
In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used
in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical
securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an |
|
|
|
|
|
|
||
indication of the risk associated with investing in those securities. |
|
|
|
|
|
|
||
The following summarizes the inputs used to value the Fund’s investments as of June 30, 2025: |
|
|
|
|
|
|||
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Other |
|
Significant |
|
|
|
|
|
|
Significant |
Unobservable |
|
|
|
|
|
Quoted Prices |
Observable Inputs |
|
Inputs |
|
Total |
|
PREFERRED STOCKS |
$ |
277,940 |
$ |
- |
$ |
- |
$ |
277,940 |
EXCHANGE TRADED FUNDS |
|
9,666,840 |
|
- |
|
- |
|
9,666,840 |
ASSET BACKED BONDS |
|
- |
|
143,416,773 |
|
- |
|
143,416,773 |
CORPORATE BONDS |
|
- |
|
32,739,572 |
|
- |
|
32,739,572 |
TREASURIES |
|
- |
|
143,472,801 |
|
- |
|
143,472,801 |
MONEY MARKET FUND |
|
18,742,872 |
|
- |
|
- |
|
18,742,872 |
TOTAL INVESTMENTS |
$ |
28,687,652 |
$ |
319,629,146 |
$ |
- |
$ |
348,316,798 |
The cost of investments for Federal income tax purposes has been estimated a/o June 30, 2025 since
the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $347,916,990, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation |
$ |
2,237,966 |
Gross unrealized depreciation |
|
(1,838,158) |
Net unrealized appreciation |
$ |
399,808 |