|
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
0.08% |
PREFERRED STOCKS |
|
|
|
0.08% |
FINANCIALS |
|
|
|
|
Eagle Point Income Company, Inc. |
9,100 |
$ |
227,410 |
0.08% |
TOTAL PREFERRED STOCKS |
|
|
227,410 |
2.25% |
EXCHANGE TRADED FUNDS |
|
|
|
2.25% |
HIGH YIELD BOND |
|
|
|
|
iShares BB Rated Corporate Bond ETF |
29,328 |
|
1,378,416 |
|
iShares Fallen Angels USD Bond ETF |
104,620 |
|
2,839,387 |
|
VanEck Fallen Angel High Yield Bond ETF |
72,926 |
|
2,135,273 |
|
|
|
|
6,353,076 |
2.25% |
TOTAL EXCHANGE TRADED FUNDS |
|
|
6,353,076 |
36.56% |
ASSET BACKED BONDS |
|
|
|
9.18% |
AUTOMOTIVE |
|
|
|
|
Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 14 |
110,000 |
|
111,155 |
|
Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240%^ 1 |
100,000 |
|
102,384 |
|
(CME Term SOFR 3 Month +5.490%) |
|
|
|
|
GLS Auto Receivables Trust 04/17/2028 6.150%^ 144A |
1,400,000 |
|
1,412,447 |
|
(US Treasury Yield Curve Rate Constant Maturity 5 Year +3.868%) |
|
|
|
|
Lendbuzz Securitization Trust 05/15/2030 5.180% 144A |
900,000 |
|
902,254 |
|
Lendbuzz Securitization Trust 07/15/2026 4.759% 144A |
569,000 |
|
569,067 |
|
Switch ABS Issuer LLC 06/25/2054 6.200% 144A |
450,000 |
|
453,994 |
|
Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A |
900,000 |
|
900,968 |
|
Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A |
350,070 |
|
349,931 |
|
Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770%^ |
426,620 |
|
426,389 |
|
((CME Term SOFR 1 Month + 0.114%) + 0.720%) |
|
|
|
|
Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% |
500,000 |
|
519,678 |
|
Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% |
49,240 |
|
49,150 |
|
Avid Automobile Receivables Trust 12/15/2027 7.350% 144A |
600,000 |
|
602,431 |
|
Carmax Auto Owner Trust 04/16/2029 8.080% |
1,000,000 |
|
1,045,441 |
|
Carvana Auto Receivables Trust 01/10/2031 4.740% |
450,000 |
|
446,782 |
|
Carvana Auto Receivables Trust 12/11/2028 4.130% 144A |
424,076 |
|
419,718 |
|
Carvana Auto Receivables Trust 03/10/2028 2.900% 144A |
46,189 |
|
45,050 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
AUTOMOTIVE Continued |
Shares |
|
Value |
Carvana Auto Receivables Trust 03/10/2028 1.070% |
84,220 |
$ |
81,641 |
Carvana Auto Receivables Trust 03/10/2028 0.970% |
97,216 |
|
95,261 |
Carvana Auto Receivables Trust 04/10/2028 5.080% |
2,000,000 |
|
2,017,766 |
CPS Auto Trust 10/15/2029 7.140% 144A |
900,000 |
|
914,205 |
CPS Auto Trust 11/15/2030 10.720% 144A |
300,000 |
|
332,019 |
CPS Auto Trust 08/15/2028 5.190% 144A |
1,800,000 |
|
1,801,571 |
DT Auto Owner Trust 12/15/2027 3.400% 144A |
417,985 |
|
415,008 |
DT Auto Owner Trust 02/16/2027 1.500% 144A |
176,918 |
|
176,283 |
DT Auto Owner Trust 05/17/2027 1.310% 144A |
468,298 |
|
461,656 |
DT Auto Owner Trust 09/15/2028 2.650%^ 144A |
450,000 |
|
443,245 |
((CME Term SOFR 3 Month + 0.262%) + 1.800%) |
|
|
|
Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A |
787,500 |
|
728,545 |
Exeter Automobile Receivables Trust 04/15/2027 1.400% |
726,817 |
|
715,020 |
Exeter Automobile Receivables Trust 06/15/2027 1.550% |
670,936 |
|
659,457 |
Exeter Automobile Receivables Trust 06/15/2028 3.020% |
889,863 |
|
881,690 |
Exeter Automobile Receivables Trust 07/17/2028 4.560% |
483,750 |
|
482,100 |
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 |
239,644 |
|
237,662 |
Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A |
400,000 |
|
397,059 |
GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A |
216,210 |
|
216,098 |
GLS Auto Receivables Trust 07/15/2027 4.310% 144A |
319,443 |
|
319,362 |
Lad Auto Receivables Trust 04/15/2030 6.850% 144A |
484,000 |
|
491,121 |
Lendbuzz Securitization Trust 12/15/2028 7.500% 144A |
212,283 |
|
216,812 |
Lendbuzz Securitization Trust 05/15/2029 5.990% 144A |
302,473 |
|
305,028 |
Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A |
20,220 |
|
20,252 |
Prestige Auto Receivables Trust 02/15/2028 1.530% 144A |
147,472 |
|
146,567 |
Research-Driven Pagaya 03/25/2032 7.540% 144A |
120,241 |
|
121,119 |
Santander Drive Auto Receivables Trust 09/15/2027 1.330% |
293,116 |
|
291,936 |
Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A |
360,000 |
|
363,449 |
Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A |
400,000 |
|
428,217 |
United Auto Credit Securitization Trust 11/10/2028 5.000% 144A |
482,053 |
|
472,209 |
United Auto Credit Securitization Trust 04/10/2029 10.000% 144A |
400,000 |
|
188,690 |
Veros Auto Receivables Trust 11/15/2028 7.120% 144A |
111,886 |
|
112,031 |
Veros Auto Receivables Trust 11/15/2028 8.320% 144A |
819,000 |
|
839,938 |
Veros Auto Receivables Trust 07/16/2029 7.230%^ 144A |
1,350,000 |
|
1,357,934 |
(CME Term SOFR 3 Month +4.233610%) |
|
|
|
Westlake Automobile Receivable 01/15/2027 6.230% 144A |
98,481 |
|
98,617 |
Westlake Automobile Receivable 03/15/2027 3.490% 144A |
248,058 |
|
247,420 |
|
|
|
25,927,302 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
Shares |
|
Value |
6.76% MISCELLANEOUS |
|
|
|
Crossroads Asset Trust 06/22/2026 4.730% 144A |
900,000 |
$ |
900,254 |
Crossroads Asset Trust 08/20/2032 8.320% 144A |
225,000 |
|
224,949 |
Golub Capital Partners Static Ltd. 04/25/2034 6.227%^ 144A |
900,000 |
|
900,000 |
(CME Term SOFR 3 Month + 1.900%) |
|
|
|
NGC Ltd. 04/20/2038 5.474%^ 144A |
880,000 |
|
879,384 |
(CME Term SOFR 3 Month + 1.200%) |
|
|
|
SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A |
450,000 |
|
450,706 |
Affirm Asset Securitization Trust 11/16/2026 1.170% 144A |
680 |
|
679 |
Allegro CLO Ltd. 01/19/2033 6.169%^ 144A |
470,000 |
|
470,094 |
(CME Term SOFR 3 Month + 1.900%) |
|
|
|
Aqua Finance Trust 07/17/2046 1.900% 144A |
160,138 |
|
149,897 |
Atlas Senior Loan Fund 04/22/2031 6.134%^ 144A |
516,000 |
|
519,767 |
(ICE LIBOR USD 3 Month + 1.600%) |
|
|
|
Benefit Street Partners CLO Ltd. 07/15/2037 5.436%^ 144A |
799,000 |
|
797,722 |
(CME Term SOFR 3 Month + 1.180%) |
|
|
|
Bluemountain CLO 10/20/2030 6.131%^ 144A |
480,000 |
|
484,560 |
((CME Term SOFR 3 Month + 0.262%) + 1.870%) |
|
|
|
CoreVest American Finance Trust 10/15/2054 2.911% 144A |
960,000 |
|
911,569 |
Crossroads Asset Trusts 08/20/2030 5.900% 144A |
182,837 |
|
185,054 |
Halcyon Loan Advisors Funding 07/21/2031 6.331%^ 144A |
467,000 |
|
472,090 |
(ICE LIBOR USD 3 Month + 1.800%) |
|
|
|
Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A |
301,149 |
|
301,149 |
(ICE LIBOR USD 1 Month + 2.150%) |
|
|
|
Jamestown CLO 04/20/2032 6.119%^ 144A |
480,000 |
|
481,872 |
((CME Term SOFR 3 Month + 0.262%) + 1.600%) |
|
|
|
Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A |
449,832 |
|
454,427 |
PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A |
450,000 |
|
451,652 |
Polus Capital Management 10/20/2037 5.519%^ 144A |
852,632 |
|
852,717 |
(CME Term SOFR 3 Month + 1.250%) |
|
|
|
Saratoga Investment Corp. 04/20/2033 6.331%^ 144A |
450,000 |
|
456,750 |
((CME Term SOFR 3 Month + 0.261%) + 1.700%) |
|
|
|
SCF Equipment Trust LLC 11/20/2031 3.790% 144A |
500,000 |
|
488,006 |
Shackleton 2017-XI CLO Ltd. 08/15/2030 6.738%^ 144A |
888,000 |
|
899,100 |
(ICE LIBOR USD 3 Month + 2.150%) |
|
|
|
Sotheby’s Artfi Master Trust 12/22/2031 5.819%^ 144A |
480,000 |
|
480,353 |
(CME Term SOFR 3 Month + 1.500%) |
|
|
|
Sound Point CLO V-R Ltd. 07/18/2031 6.281%^ 144A |
470,000 |
|
475,734 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MISCELLANEOUS Continued |
Shares |
|
Value |
(ICE LIBOR USD 3 Month + 1.750%) |
|
|
|
Trinity Rail Leasing LP 10/18/2049 2.390% 144A |
77,013 |
$ |
75,778 |
Upstart Securitization Trust 06/20/2033 7.920% 144A |
450,000 |
|
454,904 |
Venture CDO Ltd. 10/20/2034 5.719%^ 144A |
440,000 |
|
435,864 |
(CME Term SOFR 3 Month + 1.450%) |
|
|
|
Venture CDO Ltd. 07/15/2032 6.388%^ 144A |
900,000 |
|
906,750 |
(ICE LIBOR USD 3 Month + 1.870%) |
|
|
|
Voya CLO Ltd. 10/15/2037 5.456%^ 144A |
1,125,000 |
|
1,124,438 |
(CME Term SOFR 3 Month + 1.200%) |
|
|
|
Voya CLO Ltd. 10/18/2031 6.231%^ 144A |
737,436 |
|
745,400 |
(ICE LIBOR USD 3 Month + 1.700%) |
|
|
|
Zais CLO 11 Ltd. 01/20/2032 6.059%^ 144A |
470,000 |
|
472,162 |
(CME Term SOFR 3 Month + 1.790%) |
|
|
|
Zais CLO 15 Ltd. 07/28/2037 5.533%^ 144A |
1,700,000 |
|
1,699,660 |
(CME Term SOFR 3 Month + 1.250%) |
|
|
|
Zais Matrix CDO I 04/15/2032 6.256%^ 144A |
480,000 |
|
484,560 |
((CME Term SOFR 3 Month + 0.262%) + 2.150%) |
|
|
|
|
|
|
19,088,001 |
20.62% MORTGAGE BACKED |
|
|
|
COMM Mortgage Trust 09/15/2033 6.785%^ 144A |
55,000 |
|
16,913 |
(ICE LIBOR USD 1 Month + 2.177%) |
|
|
|
Connecticut Avenue Securities Trust 10/25/2041 7.405%^ 144A |
900,000 |
|
921,812 |
(United States 30 Day Average SOFR + 3.100%) |
|
|
|
Connecticut Avenue Securities Trust 02/25/2044 6.105%^ 144A |
900,000 |
|
907,577 |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Connecticut Avenue Securities Trust 03/25/2042 7.805%^ 144A |
2,200,000 |
|
2,285,602 |
(United States 30 Day Average SOFR + 3.500%) |
|
|
|
Connecticut Avenue Securities Trust 05/25/2044 5.955%^ 144A |
900,000 |
|
904,517 |
(United States 30 Day Average SOFR + 1.650%) |
|
|
|
Connecticut Avenue Securities Trust 07/25/2044 6.005%^ 144A |
900,000 |
|
903,295 |
(United States 30 Day Average SOFR + 1.700%) |
|
|
|
Federal Home Loan Mortgage Corp. 08/31/2026 3.750% |
5,047,500 |
|
5,035,472 |
Federal Home Loan Mortgage Corp. 01/25/2034 5.955%^ 144A |
29,561 |
|
29,692 |
(United States 30 Day Average SOFR + 1.650%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2042 7.705%^ 144A |
100,000 |
|
102,918 |
(United States 30 Day Average SOFR + 3.400%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2042 6.805%^ 144A |
1,250,000 |
|
1,272,662 |
(United States 30 Day Average SOFR + 2.500%) |
|
|
|
Federal Home Loan Mortgage Corp. 01/25/2051 6.105%^ 144A |
433,852 |
|
436,410 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 10/25/2041 5.805%^ 144A |
918,625 |
$ |
922,099 |
(United States 30 Day Average SOFR + 1.500%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2041 6.105%^ 144A |
477,000 |
|
480,407 |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 11/25/2043 7.655%^ 144A |
900,000 |
|
949,648 |
(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. 02/25/2042 6.705%^ 144A |
1,400,000 |
|
1,424,332 |
(United States 30 Day Average SOFR + 2.400%) |
|
|
|
Federal Home Loan Mortgage Corp. 03/25/2042 7.805%^ 144A |
500,000 |
|
516,440 |
(United States 30 Day Average SOFR + 3.500%) |
|
|
|
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 |
662,116 |
|
671,843 |
(United States 30 Day Average SOFR + 2.100%) |
|
|
|
Federal Home Loan Mortgage Corp. 04/25/2042 7.205%^ 144A |
586,000 |
|
603,580 |
((CME Term SOFR 3 Month + 0.262%) + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 04/25/2043 6.406%^ 144A |
924,631 |
|
939,083 |
(United States 30 Day Average SOFR + 2.100%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/15/2027 3.000% |
474,147 |
|
8,696 |
Federal Home Loan Mortgage Corp. 05/25/2042 6.505%^ 144A |
1,041,904 |
|
1,053,626 |
(United States 30 Day Average SOFR + 2.200%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2042 7.655%^ 144A |
1,800,000 |
|
1,870,425 |
(United States 30 Day Average SOFR + 3.350%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2043 6.305%^ 144A |
421,059 |
|
425,407 |
(United States 30 Day Average SOFR + 2.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2044 6.005%^ 144A |
900,000 |
|
904,211 |
(United States 30 Day Average SOFR + 1.700%) |
|
|
|
Federal Home Loan Mortgage Corp. 06/25/2042 11.055%^ 144A |
1,000,000 |
|
1,099,621 |
(United States 30 Day Average SOFR + 6.750%) |
|
|
|
Federal Home Loan Mortgage Corp. 06/25/2043 6.305%^ 144A |
823,511 |
|
828,056 |
(United States 30 Day Average SOFR + 2.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 06/25/2043 7.655%^ 144A |
2,250,000 |
|
2,343,395 |
(United States 30 Day Average SOFR + 3.350%) |
|
|
|
Federal Home Loan Mortgage Corp. 08/25/2044 6.105%^ 144A |
1,280,000 |
|
1,283,183 |
(United States 30 Day Average SOFR + 1.800%) |
|
|
|
Federal Home Loan Mortgage Corp. 09/25/2042 6.455% 144A |
319,060 |
|
321,485 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
Federal Home Loan Mortgage Corporation 01/25/2042 6.155%^ 144 |
650,000 |
$ |
656,428 |
(United States 30 Day Average SOFR + 1.850%) |
|
|
|
Federal National Mortgage Assoc. 01/25/2031 8.670%^ |
534,000 |
|
582,185 |
(ICE LIBOR USD 1 Month + 4.250%) |
|
|
|
Federal National Mortgage Assoc. 01/25/2043 6.605%^ 144A |
296,742 |
|
302,848 |
(United States 30 Day Average SOFR + 2.300%) |
|
|
|
Federal National Mortgage Assoc. 10/25/2041 5.855%^ 144A |
228,094 |
|
228,657 |
(United States 30 Day Average SOFR + 1.550%) |
|
|
|
Federal National Mortgage Assoc. 10/25/2043 5.805%^ 144A |
697,274 |
|
699,434 |
(United States 30 Day Average SOFR + 1.500%) |
|
|
|
Federal National Mortgage Assoc. 11/25/2046 0.114% |
20,404,459 |
|
37,809 |
Federal National Mortgage Assoc. 12/25/2032 2.000% |
60,457 |
|
56,838 |
Federal National Mortgage Assoc. 12/25/2041 6.205%^ 144A |
250,000 |
|
252,020 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 12/25/2041 5.955%^ 144A |
1,000,000 |
|
1,005,940 |
(United States 30 Day Average SOFR + 1.650%) |
|
|
|
Federal National Mortgage Assoc. 12/25/2042 6.706%^ 144A |
1,238,722 |
|
1,270,636 |
(United States 30 Day Average SOFR + 2.400%) |
|
|
|
Federal National Mortgage Assoc. 02/25/2046 0.164% |
14,319,317 |
|
45,464 |
Federal National Mortgage Assoc. 02/25/2047 0.114% |
14,074,957 |
|
34,075 |
Federal National Mortgage Assoc. 04/25/2042 7.305%^ 144A |
1,000,000 |
|
1,026,777 |
(United States 30 Day Average SOFR + 3.000%) |
|
|
|
Federal National Mortgage Assoc. 04/25/2042 6.205%^ 144A |
465,885 |
|
467,712 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 04/25/2043 6.805%^ 144A |
397,214 |
|
402,965 |
(United States 30 Day Average SOFR + 2.500%) |
|
|
|
Federal National Mortgage Assoc. 05/25/2042 7.055%^ 144A |
476,334 |
|
487,460 |
(United States 30 Day Average SOFR + 2.750%) |
|
|
|
Federal National Mortgage Assoc. 06/25/2042 7.256%^ 144A |
486,174 |
|
498,497 |
(United States 30 Day Average SOFR + 2.950%) |
|
|
|
Federal National Mortgage Assoc. 06/25/2043 6.206%^ 144A |
254,205 |
|
256,655 |
(United States 30 Day Average SOFR + 1.900%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2042 7.905%^ 144A |
2,110,000 |
|
2,201,004 |
(United States 30 Day Average SOFR + 3.600%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2042 6.855%^ 144A |
1,035,112 |
|
1,058,202 |
(United States 30 Day Average SOFR + 2.550%) |
|
|
|
Federal National Mortgage Assoc. 07/25/2043 6.005%^ 144A |
210,261 |
|
211,445 |
(United States 30 Day Average SOFR + 1.700%) |
|
|
|
Federal National Mortgage Assoc. 08/25/2042 3.500% |
317,473 |
|
46,063 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
MORTGAGE BACKED Continued |
Shares |
|
Value |
Federal National Mortgage Assoc. 09/25/2042 6.806%^ 144A |
252,445 |
$ |
256,417 |
(United States 30 Day Average SOFR + 2.500%) |
|
|
|
Government National Mortgage Assoc. 10/20/2052 5.000% |
799,592 |
|
804,320 |
Government National Mortgage Assoc. 11/20/2051 3.000% |
7,605,067 |
|
1,317,547 |
ICG US CLO Ltd. 01/15/2031 6.318%^ |
470,000 |
|
471,786 |
(ICE LIBOR USD 3 Month + 1.800%) |
|
|
|
Ocwen Loan Invest Trust 02/25/2037 3.000% 144A |
186,840 |
|
182,400 |
Provident Funding Mortgage Trust 04/25/2051 2.500% 144A |
754,080 |
|
615,419 |
Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A |
450,000 |
|
452,746 |
Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A |
240,000 |
|
241,565 |
Sequoia Mortgage Trust 04/25/2050 3.000% 144A |
82,365 |
|
80,901 |
Velocity Commercial Capital 11/25/2053 7.670% 144A |
119,444 |
|
122,174 |
Verus Securitization Trust 11/25/2059 3.192% 144A |
102,846 |
|
102,117 |
Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 |
357,800 |
|
356,050 |
(ICE LIBOR USD 1 Month + 0.360%) |
|
|
|
Winston Salem, NC Limited Obligation 01/20/2046 3.783% 144A |
120,632 |
|
115,387 |
X-Caliber Funding LLC 11/01/2024 7.580%^ 144A |
459,016 |
|
458,139 |
(CME Term SOFR 1 Month + 3.250%) |
|
|
|
X-Caliber Funding LLC 09/15/2028 12.000% 144A |
450,000 |
|
452,742 |
Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A |
337,500 |
|
325,418 |
Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A |
264,000 |
|
193,942 |
Federal Home Loan Mortgage Corp. 03/25/2052 9.305%^ 144A |
900,000 |
|
972,846 |
(United States 30 Day Average SOFR + 5.000%) |
|
|
|
Federal Home Loan Mortgage Corp. 04/25/2043 7.556%^ 144A |
700,000 |
|
733,435 |
(United States 30 Day Average SOFR + 3.250%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2043 7.805%^ 144A |
900,000 |
|
950,583 |
(United States 30 Day Average SOFR + 3.500%) |
|
|
|
Federal Home Loan Mortgage Corp. 05/25/2045 5.505%^ 144A |
720,726 |
|
722,342 |
(United States 30 Day Average SOFR + 1.200%) |
|
|
|
Federal Home Loan Mortgage Corp. 09/25/2042 8.005%^ 144A |
2,000,000 |
|
2,106,880 |
(United States 30 Day Average SOFR + 3.700%) |
|
|
|
Federal National Mortgage Association 12/25/2041 7.455%^ 144A |
700,000 |
|
718,592 |
(United States 30 Day Average SOFR + 3.150%) |
|
|
|
Federal National Mortgage Association 02/25/2037 1.500% |
7,869,932 |
|
424,984 |
Federal National Mortgage Association 04/25/2043 8.205%^ 144A |
1,900,000 |
|
2,020,536 |
(United States 30 Day Average SOFR + 3.900%) |
|
|
|
Federal National Mortgage Association 06/25/2042 8.956%^ 144A |
850,000 |
|
906,161 |
(United States 30 Day Average SOFR + 4.650%) |
|
|
|
|
|
|
58,191,453 |
|
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
Shares |
Value |
36.56% |
TOTAL ASSET BACKED BONDS |
|
$ 103,206,756 |
21.60% |
CORPORATE BONDS |
|
|
1.04% |
COMMUNICATION SERVICES |
|
|
|
AT&T Mobility II LLC 03/01/2031 8.750% |
500,000 |
592,600 |
|
Bellsouth Telecommunications 06/01/2028 6.375% |
500,000 |
521,404 |
|
CCO Holdings Capital Corp. 06/01/2029 5.375% 144A |
225,000 |
224,177 |
|
Charter Communications Operating LLC 02/01/2034 6.650% |
1,000,000 |
1,070,841 |
|
Ciena Corp. 01/31/2030 4.000% 144A |
100,000 |
94,737 |
|
Corning, Inc. 03/15/2037 4.700% |
200,000 |
193,245 |
|
Factset Research Systems 03/01/2027 2.900% |
250,000 |
243,604 |
|
|
|
2,940,608 |
3.42% |
CONSUMER DISCRETIONARY |
|
|
|
AutoNation, Inc. 03/01/2032 3.850% |
1,000,000 |
921,218 |
|
AutoNation, Inc. 08/01/2031 2.400% |
1,000,000 |
860,472 |
|
BorgWarner, Inc. 02/15/2029 7.125% |
400,000 |
431,795 |
|
Ford Holdings LLC 03/01/2030 9.300% |
810,000 |
920,294 |
|
General Motors Financial Co. 01/12/2032 3.100% |
1,000,000 |
878,635 |
|
General Motors Financial Co. 01/08/2031 2.350% |
250,000 |
216,548 |
|
Hasbro, Inc. 07/15/2028 6.600% |
700,000 |
736,724 |
|
Las Vegas Sands Corp. 08/08/2029 3.900% |
500,000 |
476,057 |
|
Lear Corp. 05/30/2030 3.500% |
1,000,000 |
942,581 |
|
Lowe's Companies, Inc. 04/01/2052 4.250% |
500,000 |
391,352 |
|
MDC Holdings, Inc. 01/15/2030 3.850% |
1,000,000 |
955,178 |
|
Nissan Motor Co. 09/17/2030 4.810% 144A |
1,000,000 |
917,421 |
|
Toll Bros Finance Corp. 03/15/2027 4.875% |
1,000,000 |
1,003,286 |
|
|
|
9,651,561 |
1.07% |
CONSUMER STAPLES |
|
|
|
AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A |
90,000 |
87,544 |
|
((CME Term SOFR 1 Month + 0.046%) + 2.277%) |
|
|
|
Constellation Brands, Inc. 05/01/2030 2.875% |
1,000,000 |
924,746 |
|
PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A |
90,000 |
87,825 |
|
((CME Term SOFR 1 Month + 0.046%) + 2.427%) |
|
|
|
Quanta Services, Inc. 10/01/2030 2.900% |
1,000,000 |
921,860 |
|
Smithfield Foods, Inc. 10/15/2030 3.000% 144A |
1,000,000 |
908,380 |
|
Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750% |
100,000 |
99,825 |
|
|
|
3,030,180 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
Shares |
|
Value |
3.37% ENERGY |
|
|
|
Alliance Resource Operating Partnership 06/15/2029 8.625% 144A |
450,000 |
$ |
478,295 |
APA Corp. 12/15/2029 7.750% 144A |
133,000 |
|
143,289 |
Enbridge Energy LP 10/01/2028 7.125% |
500,000 |
|
536,842 |
Energen Corp. 02/15/2028 7.125%^ |
475,000 |
|
498,250 |
((CME Term SOFR 3 Month + 0.262%) + 1.750%) |
|
|
|
Energy Transfer LP Perpetual 6.625% |
400,000 |
|
398,138 |
Helmerich & Payne, Inc. 12/01/2029 4.850% 144A |
900,000 |
|
858,187 |
HF Sinclair Corp. 02/01/2028 5.000% |
400,000 |
|
400,117 |
Occidental Petroleum Corp. 03/15/2029 7.200% |
1,000,000 |
|
1,059,826 |
ONEOK, Inc. 09/01/2029 3.400% |
1,000,000 |
|
954,296 |
Phillips 66 Partners LP 03/01/2028 3.750% |
549,000 |
|
525,049 |
Pioneer Natural Resource 01/15/2028 7.200% |
1,000,000 |
|
1,071,021 |
Plains All American Pipeline LP 09/15/2030 3.800% |
250,000 |
|
238,931 |
Targa Resources Partners LP 03/01/2030 5.500% |
500,000 |
|
507,439 |
TransCanada Pipelines Ltd. 06/15/2029 7.700% |
850,000 |
|
939,306 |
Valero Energy Corp. 12/01/2031 2.800%^ |
1,000,000 |
|
890,194 |
(US Treasury Yield Curve Rate Constant Maturity 10 Year +4.349%) |
|
|
|
|
|
|
9,499,180 |
4.55% FINANCIALS |
|
|
|
Ally Financial, Inc. 11/01/2031 8.000% |
1,000,000 |
|
1,138,620 |
Ally Financial, Inc. Perpetual 4.700% |
225,000 |
|
217,240 |
American Express Co. Perpetual 3.550% |
500,000 |
|
488,323 |
ASB Bank Ltd. 10/22/2031 2.375% 144A |
2,000,000 |
|
1,758,954 |
Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A |
1,000,000 |
|
950,585 |
Banco Santander SA 12/03/2030 2.749% |
250,000 |
|
222,628 |
Banco Santander SA 03/24/2028 4.175%^ |
200,000 |
|
198,831 |
(ICE LIBOR USD 3 Month +1.754%) |
|
|
|
Bank of America Corp. Perpetual 4.375% |
625,000 |
|
613,268 |
Barclays plc 05/16/2029 4.972% |
250,000 |
|
252,614 |
Charles Schwab Corp. Perpetual 5.000% |
500,000 |
|
498,238 |
Citigroup, Inc. 03/31/2031 4.412%^ |
250,000 |
|
247,347 |
(ICE LIBOR USD 3 Month +1.902%) |
|
|
|
Crown Castle, Inc. 03/15/2027 2.900% |
250,000 |
|
243,212 |
EPR Properties 04/15/2028 4.950% |
360,000 |
|
359,300 |
Fidelity National Financial, Inc. 06/15/2030 3.400% |
1,080,000 |
|
1,008,014 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
Schedule of Investments |
|
|
|
June 30, 2025 (unaudited) |
|
|
|
FINANCIALS Continued |
Shares |
|
Value |
First Citizens Bancshare Perpetual 8.552% |
500,000 |
$ |
516,036 |
The Goldman Sachs Group, Inc Perpetual 4.125% |
500,000 |
|
490,791 |
Horizon Bancorp 07/01/2030 9.781% |
450,000 |
|
449,892 |
NatWest Group plc 05/18/2029 4.892% |
500,000 |
|
505,005 |
SBL Holdings, Inc. 11/13/2026 5.125% 144A |
400,000 |
|
396,561 |
Societe Generale SA 11/24/2025 4.750%^ 144A |
250,000 |
|
250,000 |
(SOFR Rate+3.914%) |
|
|
|
Synchrony Bank 08/22/2025 5.400% |
400,000 |
|
399,919 |
Transamerica Capital II 12/01/2026 7.650%^ 144A |
675,000 |
|
691,517 |
(ICE LIBOR USD 1 Month + 0.720%) |
|
|
|
Truist Financial Corp. Perpetual 5.100% |
500,000 |
|
494,592 |
Weyerhaeuser Co. 03/09/2033 3.375% |
500,000 |
|
447,798 |
|
|
|
12,839,285 |
3.81% INDUSTRIALS |
|
|
|
Avnet, Inc. 06/01/2032 5.500% |
1,000,000 |
|
1,007,779 |
Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A |
500,000 |
|
468,316 |
CH Robinson Worldwide, Inc. 04/15/2028 4.200% |
1,000,000 |
|
994,532 |
FedEx Corp. 10/17/2048 4.950%^ |
1,000,000 |
|
844,464 |
(US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%) |
|
|
|
Flowserve Corp. 01/15/2032 2.800% |
1,000,000 |
|
869,730 |
Fortune Brands Innovation 03/25/2032 4.000% |
500,000 |
|
469,818 |
Fortune Brands Innovation 03/25/2052 4.500%^ |
500,000 |
|
398,340 |
(US Treasury Yield Curve Rate Constant Maturity 5 Year +2.949%) |
|
|
|
Hubbell, Inc. 08/15/2027 3.150% |
600,000 |
|
585,594 |
Masco Corp. 08/15/2032 6.500% |
1,000,000 |
|
1,064,731 |
MasTec, Inc. 08/15/2029 6.625% 144A |
450,000 |
|
450,000 |
Oshkosh Corp. 03/01/2030 3.100% |
1,000,000 |
|
936,063 |
Owens Corning 06/01/2030 3.875% |
1,000,000 |
|
965,376 |
Timken Co. 12/15/2028 4.500% |
500,000 |
|
501,024 |
Timken Co. 05/08/2028 6.875% |
320,000 |
|
337,978 |
Westrock MWV LLC 02/15/2031 7.950% |
750,000 |
|
869,314 |
|
|
|
10,763,059 |
0.56% INFORMATION TECHNOLOGY |
|
|
|
CA, Inc. 03/15/2027 4.700% |
600,000 |
|
597,622 |
MSCI, Inc. 09/01/2030 3.625% 144A |
100,000 |
|
93,794 |
Qorvo, Inc. 04/01/2031 3.375% 144A |
987,000 |
|
890,038 |
|
|
|
1,581,454 |
|
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
|
Shares |
|
Value |
0.46% |
MATERIALS |
|
|
|
|
Albemarle Corp. 06/01/2032 5.050% |
500,000 |
$ |
481,016 |
|
Celanese US Holdings LLC 07/15/2032 6.629% |
225,000 |
|
235,884 |
|
Domtar Corp. 10/01/2028 6.750%^ 144A |
100,000 |
|
90,588 |
|
(ICE LIBOR USD 1 Month + 2.277%) |
|
|
|
|
Steel Dynamics, Inc. 12/15/2026 5.000% |
500,000 |
|
499,427 |
|
|
|
|
1,306,915 |
1.75% |
MORTGAGE BACKED |
|
|
|
|
Federal Home Loan Bank 04/20/2029 4.000%^ |
5,000,000 |
|
4,934,170 |
|
(Prime - 0.700%) |
|
|
|
|
|
|
|
4,934,170 |
1.57% |
UTILITIES |
|
|
|
|
Alliant Energy Finance LLC 03/01/2032 3.600% 144A |
1,000,000 |
|
905,795 |
|
Eversource Energy 03/01/2032 3.375% |
1,000,000 |
|
910,853 |
|
Exelon Corp. 04/01/2032 7.600% |
1,000,000 |
|
1,144,841 |
|
Sempra Perpetual 4.875% |
500,000 |
|
497,938 |
|
Southern California Gas Co. 04/01/2054 5.600% |
1,000,000 |
|
973,426 |
|
|
|
|
4,432,853 |
21.60% |
TOTAL CORPORATE BONDS |
|
|
60,979,265 |
37.34% |
TREASURIES |
|
|
|
|
US Treasury 01/15/2028 4.250% |
409,800 |
|
415,099 |
|
US Treasury 01/31/2029 4.000% |
4,750,000 |
|
4,792,859 |
|
US Treasury 11/15/2027 4.125% |
2,700,400 |
|
2,725,400 |
|
US Treasury 11/15/2031 1.375% |
3,028,000 |
|
2,590,714 |
|
US Treasury 11/15/2032 4.125% |
4,000,000 |
|
4,027,656 |
|
US Treasury 11/15/2033 4.500% |
2,000,000 |
|
2,054,376 |
|
US Treasury 11/15/2053 4.750% |
4,000,000 |
|
3,963,752 |
|
US Treasury 11/30/2026 4.250% |
536,100 |
|
538,864 |
|
US Treasury 12/15/2027 4.000% |
1,655,600 |
|
1,667,370 |
|
US Treasury 02/15/2032 1.875% |
4,500,000 |
|
3,952,971 |
|
US Treasury 02/15/2034 4.000% |
5,030,000 |
|
4,977,537 |
|
US Treasury 02/15/2042 2.375% |
15,000,000 |
|
10,912,500 |
|
US Treasury 02/15/2043 3.875% |
5,000,000 |
|
4,475,780 |
|
CURASSET CAPITAL MANAGEMENT CORE BOND FUND |
|
|
|
|
Schedule of Investments |
|
|
|
|
June 30, 2025 (unaudited) |
|
|
|
|
GOVERNMENT Continued |
Shares |
|
Value |
|
US Treasury 02/15/2044 4.500% |
3,800,000 |
$ |
3,671,750 |
|
US Treasury 02/15/2053 3.625% |
5,000,000 |
|
4,081,640 |
|
US Treasury 02/29/2032 4.125% |
8,600,000 |
|
8,678,613 |
|
US Treasury 03/31/2032 4.125% |
5,000,000 |
|
5,044,335 |
|
US Treasury 05/15/2033 3.375% |
3,000,000 |
|
2,859,726 |
|
US Treasury 05/15/2042 3.250% |
4,000,000 |
|
3,308,592 |
|
US Treasury 05/15/2043 3.875% |
5,000,000 |
|
4,466,015 |
|
US Treasury 05/15/2053 3.625% |
2,500,000 |
|
2,039,062 |
|
US Treasury 05/15/2054 4.625% |
2,750,000 |
|
2,670,938 |
|
US Treasury 08/15/2033 3.875% |
3,000,000 |
|
2,954,298 |
|
US Treasury 08/15/2034 3.875% |
9,830,000 |
|
9,597,688 |
|
US Treasury 08/15/2044 4.125% |
745,000 |
|
682,519 |
|
US Treasury 08/15/2053 4.125% |
5,000,000 |
|
4,466,210 |
|
US Treasury 08/31/2029 3.625% |
3,550,000 |
|
3,532,388 |
|
US Treasury 09/30/2026 3.500% |
260,000 |
|
258,659 |
|
|
|
|
105,407,311 |
2.01% |
MONEY MARKET FUND |
|
|
|
|
Federated Government Obligations Fund(A) 4.200%(B) |
5,659,883 |
|
5,659,883 |
99.84% |
TOTAL INVESTMENTS |
|
|
281,833,701 |
0.16% |
Other assets, net of liabilities |
|
|
437,738 |
100.00% |
NET ASSETS |
|
$ |
282,271,439 |
^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 institutio buyers. The aggregate amount of these securities is $98,014,376 and is 34.72% of the Fund's net assets.
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Futures Contracts
June 30, 2025 (unaudited)
|
|
|
|
|
Unrealized |
|
Descriptio |
|
Notional |
|
Appreciation |
Number of Contracts |
n |
Expiration Date |
Value |
Market Value |
(Depreciation) |
227 |
2YR US Tno |
9/30/2025 |
47,037,991 |
47,221,320 |
183,329 |
518 |
5YR US Tno |
9/30/2025 |
55,875,427 |
56,462,000 |
586,573 |
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 |
$ |
227,410 |
$ |
- |
$ |
- |
$ |
227,410 |
EXCHANGE TRADED FUNDS |
|
6,353,076 |
|
- |
|
- |
|
6,353,076 |
ASSET BACKED BONDS |
|
- |
|
103,206,756 |
|
- |
|
103,206,756 |
CORPORATE BONDS |
|
- |
|
60,979,265 |
|
- |
|
60,979,265 |
TREASURIES |
|
- |
|
105,407,311 |
|
- |
|
105,407,311 |
MONEY MARKET FUND |
|
5,659,883 |
|
- |
|
- |
|
5,659,883 |
TOTAL INVESTMENTS |
$ |
12,240,369 |
$ |
269,593,332 |
$ |
- |
$ |
281,833,701 |
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 $291,196,175, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation |
$ |
2,189,845 |
Gross unrealized depreciation |
|
(11,552,319) |
Net unrealized appreciation |
$ |
(9,362,474) |