SPECTRUM LOW VOLATILITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 58.4%      
    ALTERNATIVE - 21.0%      
657,459     AQR Diversifying Strategies Fund, Class R6       $   9,230,724  
1,540,133     AQR Equity Market Neutral Fund, Class R6       19,359,478  
419,776     AQR Long-Short Equity Fund, Class R6       8,974,813  
              37,565,015  
    FIXED INCOME - 37.4%      
1,186,622     Axonic Strategic Income Fund, Class I       10,608,403  
994,458     Holbrook Structured Income Fund, Class I       9,725,802  
1,842,977     JPMorgan Preferred and Income Securities Fund       18,245,473  
1,072,366     Medalist Partners MBS Total Return Fund, Institutional Class       9,351,032  
1,868,477     Nationwide Strategic Income Fund, Class R6       19,002,408  
              66,933,118  
               
    TOTAL OPEN-END FUNDS (Cost $103,477,679)     104,498,133  
               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 2.4%      
    U.S. TREASURY BILLS — 2.4%      
4,302,000   United States Treasury Bill(a)   3.4800 02/19/26 4,281,608  
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,280,216)     4,281,608  
             
    TOTAL INVESTMENTS - 60.8% (Cost $107,757,895)     $   108,779,741  
    OTHER ASSETS IN EXCESS OF LIABILITIES- 39.2%     70,231,351  
    NET ASSETS - 100.0%         $   179,011,092  
           
               
 

 

(a) Zero coupon bond; rate disclosed is the effective yield as of December 31, 2025.
 
 

 

 

SPECTRUM LOW VOLATILITY FUND        

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2025

             
 
             
             
TOTAL RETURN SWAPS           
Number of Shares Reference Entity Notional Amount at December 31, 2025 Interest Rate Payable (1) Termination Date Counterparty Unrealized Appreciation (Depreciation)
Long Position:            
              1,523,224 American Beacon Developing World Income Fund, Class R5*  $       11,530,806 USD SOFR plus 165 bp 11/27/2028 BRC  $                    -   
              1,208,499 American Beacon Developing World Income Fund, Class R5*              9,148,340 USD SOFR plus 165 bp 12/18/2028 BRC                        -   
                  970,745 American Beacon Developing World Income Fund, Class R5*              7,348,537 USD SOFR plus 165 bp 10/27/2028 BRC                        -   
                  527,704 American Beacon Developing World Income Fund, Class R5              3,994,723 USD SOFR plus 165 bp 1/20/2027 NGFP               19,174
                  659,631 American Beacon Developing World Income Fund, Class R5*              4,993,404 USD SOFR plus 165 bp 8/14/2028 BRC                        -   
              1,870,576 American Funds American High-Income Trust ® Class F-3*            18,556,117 USD SOFR plus 165 bp 11/13/2028 BRC                        -   
              2,000,000 BlackRock Strategic Income Opportunities Portfolio, Class K*            19,560,000 USD FED plus 165 bp 6/30/2026 CIBC                        -   
              1,881,899 Diamond Hill Short Duration Securitized Bond Fund, Class Y*            18,818,987 USD SOFR plus 165 bp 1/7/2026 BRC                        -   
              1,587,164 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6            18,553,946 USD SOFR plus 165 bp 9/23/2026 NGFP             439,698
                  764,706 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6*              8,916,471 USD SOFR plus 165 bp 12/18/2028 BRC                        -   
                  584,890 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6*              6,819,821 USD SOFR plus 165 bp 10/27/2028 BRC                        -   
              1,969,072 Holbrook Income Fund, Class I*            19,218,144 USD FED plus 165 bp 9/23/2026 CIBC                        -   
              1,986,828 Intrepid Income Fund, Institutional Class            17,901,317 USD SOFR plus 165 bp 11/25/2026 NGFP           (258,515)
                  224,200 iShares iBoxx High Yield Corporate Bond ETF            18,077,246 USD FROB plus 55 bp 4/27/2026 NGFP               24,765
                    83,800 iShares National Muni Bond ETF              8,975,818 USD FROB plus 55 bp 4/27/2026 NGFP                 4,861
                  551,809 Nuveen Floating Rate Income Fund, Class R6              9,005,518 USD SOFR plus 165 bp 1/20/2027 NGFP                 5,244
                  595,313 Nuveen Floating Rate Income Fund, Class R6              9,715,516 USD SOFR plus 165 bp 7/28/2026 NGFP               91,596
              1,993,569 PIMCO Preferred and Capital Securities Fund, Institutional Class            19,397,428 USD SOFR plus 165 bp 7/21/2026 NGFP           (248,638)
              1,705,069 PIMCO Income Fund, Institutional Class*            18,738,710 USD FED plus 165 bp 12/31/2026 CIBC                        -   
                  827,273 PIMCO Income Fund, Institutional Class*              9,091,727 USD FED plus 165 bp 8/31/2026 CIBC                        -   
              1,876,289 Regan Total Return Income Fund, Institutional Class            17,918,557 USD SOFR plus 165 bp 11/16/2026 NGFP           (505,850)
              1,711,880 Thompson Bond Fund*            18,282,881 USD SOFR plus 165 bp 8/22/2028 BRC                        -   
                  179,100 Vangaurd Tax-Exempt Bond ETF              9,006,939 USD FROB plus 155 bp 4/27/2026 NGFP                (1,860)
                  819,672 Victory Pioneer Cat Bond Fund, Class R6              9,016,393 USD SOFR plus 165 bp 11/25/2026 NGFP                 8,383
                  765,993 Victory Pioneer Cat Bond Fund, Class R6              8,425,926 USD SOFR plus 165 bp 9/30/2026 NGFP           (765,877)
             
          Total:    $    (1,187,019)
  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 December 31, 2025.        

 

 
 

 

 

SPECTRUM ACTIVE ADVANTAGE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 54.1%      
    EQUITY - 54.1%      
12,900     Invesco S&P 500 Equal Weight ETF       $   2,471,124  
14,100     Invesco S&P 500 Equal Weight Technology ETF       641,691  
9,200     Invesco S&P 500 High Beta ETF       1,076,124  
8,600     Invesco S&P 500 Momentum ETF       1,026,152  
1,100     Vanguard S&P 500 ETF       689,843  
              5,904,934  
               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $5,798,072)     5,904,934  
               
    OPEN END FUNDS — 18.1%      
    ALTERNATIVE - 18.1%      
51,052     Ambassador Fund       512,056  
36,061     AQR LSE Fusion Fund, Class I       433,815  
16,474     Diamond Hill Long-Short Fund Class I       524,029  
46,420     Victory Pioneer CAT Bond Fund       510,618  
              1,980,518  
               
    TOTAL OPEN-END FUNDS (Cost $1,996,849)     1,980,518  
               
          Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 9.5%      
    U.S. TREASURY BILLS — 9.5%      
48,000   United States Treasury Bill(a)   3.4000 02/05/26 47,840  
998,000   United States Treasury Bill(a)   3.5000 03/12/26 991,260  
            1,039,100  
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $1,038,878)     1,039,100  
             
    SHORT-TERM INVESTMENTS — 4.4%      
    MONEY MARKET FUNDS - 4.4%      
242,201     Fidelity Government Portfolio, Class I, 3.64%(b)       242,201  
242,200     First American Government Obligations Fund, Class Z, 3.60%(b)       242,200  
 
 

 

SPECTRUM ACTIVE ADVANTAGE FUND        

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2025

        
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $484,401)   $ 484,401  
         
    TOTAL INVESTMENTS - 86.1% (Cost $9,318,200)     $   9,408,953  
    OTHER ASSETS IN EXCESS OF LIABILITIES- 13.9%     1,520,344  
    NET ASSETS - 100.0%         $   10,929,297  
           
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   03/23/2026 $   1,033,875   $   615  
    TOTAL FUTURES CONTRACTS  
 
         
 
                         

 

ETF  - Exchange-Traded Fund

 

(a) Zero coupon bond; rate disclosed is the effective yield as of December 31, 2025.
(b) Rate disclosed is the seven-day effective yield as of December 31, 2025.
   

  

 
 

 

SPECTRUM ACTIVE ADVANTAGE FUND        

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2025

        
             
         

 

TOTAL RETURN SWAPS           
Number of Shares Reference Entity Notional Amount at December 31, 2025 Interest Rate Payable (1) Termination Date Counterparty Unrealized Appreciation
Long Position:            
                  259,242 AQR Equity Market Neutral Fund, Class R6  $            3,258,666 USD-SOFR plus 165 bp 8/4/2026 NGFP  $           96,646
                  131,762 AQR Long-Short Equity Fund, Class R6                2,817,076 USD-SOFR plus 165 bp 8/24/2026 NGFP             136,438
             
          Total:    $         233,084
  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.

 

 

 
 

  

 

SPECTRUM UNCONSTRAINED FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 45.4%      
    ALTERNATIVE - 36.5%      
61,547   Ambassador Fund       $ 617,321
49,016   AQR Equity Market Neutral Fund, Class R6         616,128
30,803   AQR Long-Short Equity Fund, Class R6         658,577
53,591   AQR MS Fusion Fund, Class R6         614,693
             

2,506,719

    FIXED INCOME - 8.9%      
56,223   Miller Market Neutral Income Fund, Class I         615,219
             
 
               
    TOTAL OPEN-END FUNDS (Cost $3,071,585)    

  3,121,938

               
    SHORT-TERM INVESTMENTS — 24.2%      
    MONEY MARKET FUNDS - 24.2%      
830,852   Fidelity Government Portfolio Class I, 3.64%(a)         830,852
830,853   First American Government Obligations Fund Class Z, 3.60%(a)         830,853
    TOTAL MONEY MARKET FUNDS (Cost $1,661,705)  

1,661,705

               
    TOTAL SHORT-TERM INVESTMENTS (Cost $1,661,705)  

1,661,705

         
    TOTAL INVESTMENTS - 69.6% (Cost $4,733,290)     $ 4,783,643
    OTHER ASSETS IN EXCESS OF LIABILITIES- 30.4%    

2,091,315

    NET ASSETS - 100.0%        

$ 6,874,958

           
               
 

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2025.

 

 
 

 

 

SPECTRUM UNCONSTRAINED FUND        

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2025

             

 

             
TOTAL RETURN SWAPS           
Number of Shares Reference Entity Notional Amount at December 31, 2025 Interest Rate Payable (1) Termination Date Counterparty Unrealized  Depreciation 
Long Position:            
             161,549 American Beacon Developing World Income Fund, R5 Class*  $            1,222,924 USD SOFR plus 165 bp 11/13/2028 BRC  $                    -   
                95,436 BlackRock High Yield Portfolio Fund, Class K*                    690,000 USD SOFR plus 165 bp 1/2/2029 BRC                        -   
                51,127 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6*                    596,135 USD SOFR plus 165 bp 10/27/2028 BRC                        -   
                40,336 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6*                    470,319 USD SOFR plus 165 bp 12/4/2028 BRC                        -   
                24,430 Eaton Vance Global Macro Absolute Return Advantage Fund, Class R6*                    284,853 USD SOFR plus 165 bp 8/28/2028 BRC                        -   
                32,700 First Trust Preferred Securities and Income ETF                    595,794 USD FROB plus 55 bp 4/27/2026 NGFP                (7,706)
                71,600 Invesco Senior Loan ETF                1,503,600 USD FROB plus 55 bp 4/27/2026 NGFP                (4,363)
                16,800 iShares Flexible Income Active ETF                    886,536 USD FROB plus 55 bp 4/27/2026 NGFP              (16,443)
                37,600 iShares iBoxx High Yield Corporation Bond ETF                3,031,688 USD FROB plus 55 bp 4/27/2026 NGFP                (9,830)
                  6,300 iShares J.P. Morgan USD Emerging Markets Bond ETF                    606,564 USD FROB plus 55 bp 4/27/2026 NGFP                (2,357)
                18,000 JPMorgan Municipal ETF                    909,000 USD FROB plus 155 bp 4/27/2026 NGFP                   (646)
                48,252 Nuveen High Yield Municipal Bond Fund, Class R6*                    690,000 USD SOFR plus 165 bp 1/2/2029 BRC                        -   
                42,305 Nuveen Preferred Securities & Income Fund, Class R6*                    690,423 USD SOFR plus 165 bp 1/2/2029 BRC                        -   
                54,545 PIMCO Income Fund, Institutional Class*                    599,455 USD FED plus 165 bp 12/31/2026 CIBC                        -   
                82,320 Thompson Bond Fund*                    879,177 USD SOFR plus 165 bp 8/22/2028 BRC                        -   
             
             $          (41,345)
  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 December 31, 2025.