NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 10.0%      
    FIXED INCOME - 10.0%      
9,000,000   iShares iBoxx $ High Yield Corporate Bond ETF(h)       $ 715,320,000
             
    TOTAL EXCHANGE-TRADED FUND (Cost $710,196,800)    

  715,320,000

               
    OPEN-END FUNDS — 1.9%      
    FIXED INCOME - 0.8%      
5,712,468   Navigator Ultra Short Bond Fund, Class I(g)         57,695,924
             
    MIXED ALLOCATION - 1.1%      
7,067,211   Navigator Tactical US Allocation Fund, Class I(g)         77,103,274
             
               
    TOTAL OPEN-END FUNDS (Cost $128,266,059)    

  134,799,198

               
Principal Amount ($)       Spread Coupon Rate (%) Maturity  
    CORPORATE BONDS — 46.0%      
    AEROSPACE & DEFENSE — 1.4%      
63,881,000   Boeing Company   5.0400 05/01/27   64,080,307
20,913,000   Boeing Company   6.2590 05/01/27   21,159,441
15,900,000   RTX Corporation   5.7500 11/08/26   15,945,845
              101,185,593
    AUTOMOTIVE — 8.9%      
23,000,000   American Honda Finance Corporation(a) SOFRRATE + 0.870% 4.4800 07/09/27   23,064,688
47,500,000   American Honda Finance Corporation(a) SOFRRATE + 0.730% 4.3520 08/13/27   47,594,016
25,000,000   American Honda Finance Corporation(a) SOFRRATE + 0.650% 4.2730 11/19/27   25,001,891
14,700,000   BMW US Capital, LLC(a),(b) SOFRINDX + 0.800% 4.4220 08/13/26   14,701,826
34,803,000   BMW US Capital, LLC(a),(b) SOFRINDX + 0.780% 4.4050 03/19/27   34,893,767
20,000,000   BMW US Capital, LLC(a),(b) SOFRRATE + 0.790% 4.4170 03/17/28   20,115,818
28,968,000   Ford Motor Company      4.3460 12/08/26   28,932,216
43,168,000   Ford Motor Credit Company, LLC      2.7000 08/10/26   43,153,102
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 46.0% (Continued)      
    AUTOMOTIVE — 8.9% (Continued)      
39,000,000   Ford Motor Credit Company, LLC(a) SOFRRATE + 1.450% 5.0750 11/05/26 $ 39,062,389
60,000,000   Ford Motor Credit Company, LLC   4.9500 05/28/27   60,033,137
36,554,000   General Motors Financial Company, Inc.   5.0000 04/09/27   36,678,580
42,000,000   Hyundai Capital America(a),(b) SOFRRATE + 0.990% 4.6130 03/25/27   42,123,009
38,000,000   Mercedes-Benz Finance North America, LLC(a),(b) SOFRRATE + 0.780% 4.4010 04/01/27   38,107,002
18,000,000   Mercedes-Benz Finance North America, LLC(a),(b) SOFRRATE + 0.710% 4.3390 03/10/28   18,014,977
50,000,000   Toyota Motor Credit Corporation(a) SOFRRATE + 0.430% 4.0440 06/09/27   50,046,350
21,000,000   Toyota Motor Credit Corporation(a) SOFRRATE + 0.450% 4.0600 01/12/28   21,013,848
38,000,000   Toyota Motor Credit Corporation(a) SOFRRATE + 0.480% 4.1020 05/12/28   38,028,467
23,688,000   Volkswagen Group of America Finance, LLC(a),(b) SOFRRATE + 1.060% 4.6820 08/14/26   23,693,504
30,000,000   Volkswagen Group of America Finance, LLC(a),(b) SOFRRATE + 1.060% 4.6830 03/25/27   30,080,096
              634,338,683
    BANKING — 10.1%      
33,000,000   Bank of America Corporation(c) TSFR3M + 1.774% 3.7050 04/24/28   32,795,561
62,349,000   Bank of America Corporation(c) SOFRRATE + 1.580% 4.3760 04/27/28   62,248,926
25,000,000   Canadian Imperial Bank of Commerce(a) SOFRINDX + 0.930% 4.5590 09/11/27   25,016,634
58,000,000   Citibank NA(a) SOFRRATE + 0.781% 4.4160 05/29/27   58,212,767
28,000,000   Citibank NA(a) SOFRRATE + 0.500% 4.1280 06/18/28   28,019,132
20,000,000   Commonwealth Bank of Australia(a),(b) SOFRRATE + 0.460% 4.0900 11/27/26   20,014,953
38,000,000   Cooperatieve Rabobank UA(a) SOFRRATE + 0.620% 4.2530 08/28/26   38,011,418
99,047,000   JPMorgan Chase & Company(c) SOFRRATE + 0.765% 1.4700 09/22/27   98,646,034
35,000,000   JPMorgan Chase & Company(c) SOFRRATE + 1.560% 4.3230 04/26/28   34,926,344
10,000,000   JPMorgan Chase & Company(c) TSFR3M + 1.642% 3.5400 05/01/28   9,923,791
18,000,000   JPMorgan Chase & Company(c) SOFRRATE + 1.890% 2.1820 06/01/28   17,649,995
20,000,000   JPMorgan Chase & Company(c) SOFRRATE + 0.930% 4.9790 07/22/28   20,063,015
             
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 46.0% (Continued)      
    BANKING — 10.1% (Continued)      
7,000,000   Morgan Stanley Bank NA(c) SOFRRATE + 0.680% 4.4470 10/15/27 $ 6,999,622
68,041,000   Morgan Stanley Bank NA(c) SOFRRATE + 0.865% 5.5040 05/26/28   68,498,279
52,674,000   Wells Fargo & Company(c) SOFRRATE + 0.780% 4.9000 01/24/28   52,767,074
14,000,000   Wells Fargo & Company, Series Q(c) TSFR3M + 1.572% 3.5840 05/22/28   13,883,828
97,471,000   Wells Fargo & Company(c) SOFRRATE + 2.100% 2.3930 06/02/28   95,710,279
40,000,000   Wells Fargo & Company(c) SOFRRATE + 1.980% 4.8080 07/25/28   40,052,866
              723,440,518
    BEVERAGES — 0.8%      
57,500,000   Keurig Dr Pepper, Inc.(a) SOFRRATE + 0.580% 4.2020 11/15/26   57,515,008
             
    BIOTECH & PHARMA — 2.9%      
34,500,000   AbbVie, Inc.(a) SOFRINDX + 0.480% 4.1110 03/03/28   34,548,242
21,227,000   Amgen, Inc.   2.6000 08/19/26   21,212,511
48,000,000   Eli Lilly & Company(a) SOFRINDX + 0.350% 3.9750 05/20/28   48,101,428
48,000,000   GlaxoSmithKline Capital plc(a) SOFRRATE + 0.500% 4.1290 03/12/27   48,078,736
28,000,000   Merck & Company, Inc.(a) SOFRRATE + 0.460% 4.0890 09/15/27   28,013,750
29,000,000   Pfizer, Inc.(a) SOFRRATE + 0.500% 4.1220 11/15/27   29,081,232
              209,035,899
    CABLE & SATELLITE — 0.0%(d)      
1,200,000   Cequel Communications Holdings I, LLC / Cequel(b)   7.5000 04/01/28   280,500
             
    CHEMICALS — 0.2%      
10,965,000   RPM International, Inc.   3.7500 03/15/27   10,901,287
             
    E-COMMERCE DISCRETIONARY — 1.4%      
98,500,000   Amazon.com, Inc.(a) SOFRRATE + 0.440% 4.0690 03/13/28   98,616,121
             
           
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 46.0% (Continued)      
    ELECTRIC UTILITIES — 1.9%      
21,175,000   DTE Energy Company   4.9500 07/01/27 $ 21,258,008
38,450,000   Entergy Corporation   2.9500 09/01/26   38,410,040
27,480,000   FirstEnergy Corporation   3.9000 07/15/27   27,342,164
18,000,000   Georgia Power Company(a) SOFRINDX + 0.420% 4.0470 11/22/27   18,021,316
28,000,000   National Rural Utilities Cooperative Finance(a) SOFRINDX + 0.430% 4.0530 08/09/27   28,021,349
              133,052,877
    ELECTRICAL EQUIPMENT — 0.9%      
50,000,000   Amphenol Corporation(a) SOFRRATE + 0.530% 4.1520 11/15/27   50,083,509
12,530,000   Keysight Technologies, Inc.   4.6000 04/06/27   12,534,814
              62,618,323
    ENTERTAINMENT CONTENT — 0.5%      
32,681,000   Take-Two Interactive Software, Inc.   3.7000 04/14/27   32,516,899
             
    FOOD — 0.6%      
6,041,000   Conagra Brands, Inc.   5.3000 10/01/26   6,048,142
3,248,000   Mondelez International, Inc.   2.6250 03/17/27   3,213,520
37,214,000   Tyson Foods, Inc.   3.5500 06/02/27   36,944,669
              46,206,331
    HEALTH CARE FACILITIES & SERVICES — 2.4%      
65,421,000   Cardinal Health, Inc.   4.7000 11/15/26   65,511,082
18,085,000   Cardinal Health, Inc.   3.4100 06/15/27   17,926,174
5,227,000   CVS Health Corporation   3.0000 08/15/26   5,223,942
27,252,000   HCA, Inc.   3.1250 03/15/27   27,024,917
53,429,000   Universal Health Services, Inc.   1.6500 09/01/26   53,314,315
              169,000,430
    INSTITUTIONAL FINANCIAL SERVICES — 1.8%      
24,000,000   Jefferies Financial Group, Inc.   4.5000 09/15/26   23,984,652
20,000,000   Jefferies Financial Group, Inc.   4.3000 02/11/27   19,994,939
4,610,000   LPL Holdings, Inc.   5.7000 05/20/27   4,646,828
28,969,000   Morgan Stanley(c) SOFRRATE + 1.010% 5.6520 04/13/28   29,188,630
48,000,000   National Securities Clearing Corporation(a),(b) SOFRRATE + 0.430% 4.0600 06/09/28   48,056,472
            $ 125,871,521
             
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 46.0% (Continued)      
    INSURANCE — 0.3%      
20,000,000   Brown & Brown, Inc.   4.6000 12/23/26 $  20,017,999
             
    LEISURE FACILITIES & SERVICES — 0.9%      
41,451,000   Darden Restaurants, Inc.   3.8500 05/01/27   41,236,109
26,264,000   Marriott International, Inc.   5.4500 09/15/26   26,269,761
              67,505,870
    MACHINERY — 2.0%      
40,000,000   Caterpillar Financial Services Corporation(a) SOFRRATE + 0.380% 3.9960 01/07/27   40,013,616
15,388,000   Ingersoll Rand, Inc.   5.1970 06/15/27   15,478,889
40,000,000   John Deere Capital Corporation(a) SOFRRATE + 0.400% 4.0170 01/07/28   40,067,340
40,551,000   Veralto Corporation   5.5000 09/18/26   40,575,350
5,509,000   Xylem, Inc.   3.2500 11/01/26   5,495,927
              141,631,122
    MEDICAL EQUIPMENT & DEVICES — 0.3%      
6,000,000   Becton Dickinson and Company   3.7000 06/06/27   5,964,509
14,526,000   Bio-Rad Laboratories, Inc.   3.3000 03/15/27   14,420,298
3,699,000   Solventum Corporation   5.4500 02/25/27   3,716,127
              24,100,934
    OIL & GAS PRODUCERS — 3.3%      
4,569,000   Canadian Natural Resources Ltd.   3.8500 06/01/27   4,542,856
34,750,000   Chevron USA, Inc.(a) SOFRINDX + 0.360% 3.9880 02/26/27   34,766,560
13,567,000   Chevron USA, Inc.(a) SOFRINDX + 0.470% 4.0980 02/26/28   13,600,661
8,932,000   Devon Energy Corporation(b)   3.9000 05/15/27   8,906,135
3,838,000   Enbridge, Inc.   1.6000 10/04/26   3,820,561
5,498,000   Enbridge, Inc.   5.9000 11/15/26   5,515,806
78,000,000   Energy Transfer, L.P.   6.0500 12/01/26   78,327,355
21,654,000   Kinder Morgan, Inc.   1.7500 11/15/26   21,494,045
25,250,000   MPLX, L.P.   4.1250 03/01/27   25,214,243
26,162,000   ONEOK, Inc.   5.5500 11/01/26   26,219,338
6,720,000   TC PipeLines, L.P.   3.9000 05/25/27   6,693,789
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 46.0% (Continued)      
    OIL & GAS PRODUCERS — 3.3% (Continued)      
5,771,000   Williams Companies, Inc.   3.7500 06/15/27 $ 5,735,527
              234,836,876
    RETAIL - DISCRETIONARY — 0.4%      
11,437,000   Lowe's Companies, Inc.   3.1000 05/03/27   11,334,378
20,431,000   O'Reilly Automotive, Inc.   5.7500 11/20/26   20,494,247
              31,828,625
    SOFTWARE — 0.8%      
55,562,000   Workday, Inc.   3.5000 04/01/27   55,205,051
             
    SPECIALTY FINANCE — 0.2%      
18,084,000   American Express Company   3.3000 05/03/27   17,953,310
             
    TECHNOLOGY HARDWARE — 1.2%      
23,000,000   Hewlett Packard Enterprise Company(a) SOFRINDX + 0.980% 4.6040 03/23/28   23,141,695
6,141,000   Jabil, Inc.   4.2500 05/15/27   6,123,272
4,000,000   NetApp, Inc.   2.3750 06/22/27   3,926,900
49,555,000   TD SYNNEX Corporation   1.7500 08/09/26   49,529,915
              82,721,782
    TECHNOLOGY SERVICES — 0.7%      
48,000,000   Mastercard, Inc.(a) SOFRINDX + 0.390% 4.0200 06/08/28   48,049,249
             
    TELECOMMUNICATIONS — 0.1%      
10,260,000   T-Mobile USA, Inc.   3.7500 04/15/27   10,209,683
             
    TOBACCO & CANNABIS — 1.1%      
57,968,000   Altria Group, Inc.   2.6250 09/16/26   57,862,337
14,203,000   BAT Capital Corporation   3.2150 09/06/26   14,187,448
10,308,000   BAT Capital Corporation   4.7000 04/02/27   10,324,048
              82,373,833
           
                 
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND  
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)  
July 31, 2026  
   
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value  
    CORPORATE BONDS — 46.0% (Continued)        
    TRANSPORTATION EQUIPMENT — 0.9%        
61,575,000   Westinghouse Air Brake Technologies Corporation   3.4500 11/15/26   61,354,021  
               
  TOTAL CORPORATE BONDS (Cost $3,281,549,760)    

3,282,368,345

  
               
    U.S. GOVERNMENT & AGENCIES — 33.4%        
    U.S. TREASURY BILLS — 33.4%        
150,000,000   United States Treasury Bill(e)   1.8200 08/06/26   149,955,063  
150,000,000   United States Treasury Bill(e)   2.8100 08/13/26   149,849,931  
150,000,000   United States Treasury Bill(e)   3.1100 08/20/26   149,744,527  
150,000,000   United States Treasury Bill(e)   3.2500 08/27/26   149,640,000  
150,000,000   United States Treasury Bill(e)   3.3500 09/03/26   149,533,708  
150,000,000   United States Treasury Bill(e)   3.4200 09/10/26   149,426,041  
150,000,000   United States Treasury Bill(e)   3.4800 09/17/26   149,317,156  
150,000,000   United States Treasury Bill(e)   3.5500 09/24/26   149,202,363  
150,000,000   United States Treasury Bill(e)   3.5700 10/01/26   149,096,932  
150,000,000   United States Treasury Bill(e)   3.5800 10/08/26   148,991,576  
150,000,000   United States Treasury Bill(e)   3.6000 10/15/26   148,882,949  
150,000,000   United States Treasury Bill(e)   3.6300 10/22/26   148,770,867  
150,000,000   United States Treasury Bill(e)   3.6500 10/29/26   148,663,281  
150,000,000   United States Treasury Note   3.5000 09/30/29   146,173,829  
300,000,000   United States Treasury Note   4.1250 10/31/29   297,667,967  
              2,384,916,190  
               
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,388,031,777)    

2,384,916,190

  
               
Units                
    COLLATERAL FOR SECURITIES LOANED — 1.6%        
111,660,846   Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.59%     $ 111,660,846  
    TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $111,660,846)    
             
                             
 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 6.4%      
    MONEY MARKET FUND - 6.4%      
457,674,117   Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.55% (Cost $457,674,117)(f)       $ 457,674,117
             
    TOTAL INVESTMENTS – 99.3% (Cost $7,077,379,359)     $ 7,086,738,696
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%    

53,929,305

    NET ASSETS - 100.0%        

$ 7,140,668,001

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized (Depreciation)
20,000   CBOT 5 Year US Treasury Notes   10/01/2026 2,119,531,260 $ (16,553,890)
1,150   CME E-Mini Standard & Poor's 500 Index   09/21/2026   432,356,875   (1,300,602)
    TOTAL FUTURES CONTRACTS  

$ (17,854,492)

 
                   

 

 

 

 

ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
PLC  - Public Limited Company
   
SOFRINDX Secured Overnight Financing Rate Index
SOFRRATE United States SOFR Secured Overnight Financing Rate
TSFR3M 3-Month CME Term SOFR
   
 

 

 

 

(a) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2026 the total market value of 144A securities is $298,988,059 or 4.2% of net assets.
(c) Variable rate security; the rate shown represents the rate on July 31, 2026.
(d) Percentage rounds to less than 0.1%.
(e) Zero coupon bond; rate disclosed is the effective yield as of July 31, 2026.
(f) Rate disclosed is the seven-day effective yield as of July 31, 2026.

(g)

(h)

(i)

 

Affiliated security.

All or a portion of the security is on loan. Total loaned securities had a value of $109,412,468 at July 31, 2026.

Security purchased with cash proceeds of securities lending collateral.

 

 

 

 
 

 

NAVIGATOR TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026

 

OPEN CREDIT DEFAULT SWAP AGREEMENTS (1)
OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION (2)
                                 
Reference Entity  Counterparty  Termination
Date		  Interest Rate
Payable		  Payment
Frequency		  Notional
Value at
July 31, 2026		   Value   Upfront
Premiums
Paid		   Unrealized
Appreciation		 
                                 
CDX North American High Yield Series 45   GS  12/20/2030  5.00%  Quarterly  $709,216,000   $57,605,203   $39,483,806   $18,121,397 
CDX North American High Yield Series 46   GS  6/20/2031  5.00%  Quarterly   1,744,677,000    140,852,233    84,125,294    56,726,939 
CDX North American High Yield Series 46   MS  6/20/2031  5.00%  Quarterly   70,785,000    5,714,654    2,673,863    3,040,791 
                                 
TOTAL                   $204,172,090   $126,282,963   $77,889,127 

 

GS - Goldman Sachs

 

MS - Morgan Stanley

 

(1)For centrally cleared sw aps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as def ined under the terms of the sw ap contract, for each security included in the ref erence entity.

 

(2)For centrally cleared sw aps, w hen a credit event occurs as def ined under the terms of the sw ap contract, the Fund as a seller of credit protection w ill either (i) pay a net amount equal to the par value of the defaulted ref erence entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the def aulted reference entity less its recovery value.

 

 
 

 

 

NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 67.7%      
    U.S. TREASURY BILLS — 67.7%      
100,000,000   United States Treasury Bill(a)   1.8200 08/06/26 $ 99,970,042
100,000,000   United States Treasury Bill(a)   2.8100 08/13/26   99,899,954
100,000,000   United States Treasury Bill(a)   3.1100 08/20/26   99,829,685
100,000,000   United States Treasury Bill(a)   3.2500 08/27/26   99,760,000
100,000,000   United States Treasury Bill(a)   3.3500 09/03/26   99,689,139
100,000,000   United States Treasury Bill(a)   3.4200 09/10/26   99,617,361
100,000,000   United States Treasury Bill(a)   3.4800 09/17/26   99,544,771
              698,310,952
       
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $698,160,735)    

698,310,952

             
Shares              
    SHORT-TERM INVESTMENTS — 31.5%      
    MONEY MARKET FUND - 31.5%      
324,382,935   Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.55%(b) (Cost $324,382,935)         324,382,935
             
    TOTAL INVESTMENTS - 99.2% (Cost $1,022,543,670)     $ 1,022,693,887
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%    

8,694,933

    NET ASSETS - 100.0%        

$ 1,031,388,820

           
               
 
                 

 

 

 

 

 

 

(a) Zero coupon bond; rate disclosed is the effective yield as of July 31, 2026.
(b) Rate disclosed is the seven-day effective yield as of July 31, 2026.

 

 

 
 

 

NAVIGATOR TACTICAL U.S. ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 5.6%      
    EQUITY - 5.6%      
6,300   Vanguard S&P 500 ETF       $ 4,325,895
             
    TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)    

  4,325,895

               
Principal Amount ($)       Spread Coupon Rate (%) Maturity  
    CORPORATE BONDS — 75.9%      
    AEROSPACE & DEFENSE — 2.6%      
1,000,000   Boeing Company   6.2590 05/01/27   1,011,784
1,000,000   RTX Corporation   5.7500 11/08/26   1,002,883
              2,014,667
    AUTOMOTIVE — 10.4%      
1,000,000   American Honda Finance Corporation(a) SOFRRATE + 0.870% 4.4800 07/09/27   1,002,813
1,000,000   American Honda Finance Corporation(a) SOFRRATE + 0.730% 4.3520 08/13/27   1,001,979
1,000,000   BMW US Capital, LLC(a),(b) SOFRINDX + 0.780% 4.4050 03/19/27   1,002,608
1,000,000   Ford Motor Credit Company, LLC   2.7000 08/10/26   999,655
1,000,000   General Motors Financial Company, Inc.   5.0000 04/09/27   1,003,408
1,000,000   Hyundai Capital America(a),(b) SOFRRATE + 0.990% 4.6130 03/25/27   1,002,929
1,000,000   Mercedes-Benz Finance North America, LLC(a),(b) SOFRRATE + 0.710% 4.3390 03/10/28   1,000,832
1,000,000   Toyota Motor Credit Corporation(a) SOFRRATE + 0.480% 4.1020 05/12/28   1,000,749
              8,014,973
    BANKING — 10.3%      
1,000,000   Bank of America Corporation(c) TSFR3M + 1.774% 3.7050 04/24/28   993,805
1,000,000   Citibank NA(a) SOFRRATE + 0.781% 4.4160 05/29/27   1,003,668
1,000,000   Citibank NA(a) SOFRRATE + 0.500% 4.1280 06/18/28   1,000,683
1,000,000   Cooperatieve Rabobank UA(a) SOFRRATE + 0.620% 4.2530 08/28/26   1,000,300
1,000,000   JPMorgan Chase & Company(c) SOFRRATE + 0.765% 1.4700 09/22/27   995,952
1,000,000   JPMorgan Chase & Company(c) SOFRRATE + 1.890% 2.1820 06/01/28   980,555
1,000,000   Wells Fargo & Company  Series Q(c) TSFR3M + 1.572% 3.5840 05/22/28   991,702
                 
 
 

 

NAVIGATOR TACTICAL U.S. ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 75.9% (Continued)      
    BANKING — 10.3% (Continued)      
1,000,000   Wells Fargo & Company(c) SOFRRATE + 2.100% 2.3930 06/02/28 $ 981,936
              7,948,601
    BEVERAGES — 1.3%      
1,000,000   Keurig Dr Pepper, Inc.(a) SOFRRATE + 0.580% 4.2020 11/15/26   1,000,261
             
    BIOTECH & PHARMA — 5.2%      
1,000,000   AbbVie, Inc.(a) SOFRINDX + 0.480% 4.1110 03/03/28   1,001,398
1,000,000   Eli Lilly & Company(a) SOFRINDX + 0.350% 3.9750 05/20/28   1,002,113
1,000,000   GlaxoSmithKline Capital plc(a) SOFRRATE + 0.500% 4.1290 03/12/27   1,001,640
1,000,000   Merck & Company, Inc.(a) SOFRRATE + 0.460% 4.0890 09/15/27   1,000,491
              4,005,642
    CHEMICALS — 1.3%      
1,000,000   RPM International, Inc.   3.7500 03/15/27   994,189
             
    ELECTRIC UTILITIES — 6.5%      
1,000,000   DTE Energy Company   4.9500 07/01/27   1,003,920
1,000,000   Entergy Corporation   2.9500 09/01/26   998,961
1,000,000   Georgia Power Company(a) SOFRINDX + 0.420% 4.0470 11/22/27   1,001,184
1,000,000   National Rural Utilities Cooperative Finance(a) SOFRINDX + 0.430% 4.0530 08/09/27   1,000,762
1,000,000   Sempra   5.4000 08/01/26   1,000,000
              5,004,827
    ELECTRICAL EQUIPMENT — 2.6%      
1,000,000   Amphenol Corporation(a) SOFRRATE + 0.530% 4.1520 11/15/27   1,001,670
1,000,000   Keysight Technologies, Inc.   4.6000 04/06/27   1,000,384
              2,002,054
    ENTERTAINMENT CONTENT — 1.3%      
1,000,000   Take-Two Interactive Software, Inc.   3.7000 04/14/27   994,979
             
    FOOD — 2.6%      
1,000,000   Conagra Brands, Inc.   5.3000 10/01/26   1,001,182
                 
 
 

 

NAVIGATOR TACTICAL U.S. ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 75.9% (Continued)      
    FOOD — 2.6% (Continued)      
1,000,000   Tyson Foods, Inc.   3.5500 06/02/27 $ 992,763
              1,993,945
    HEALTH CARE FACILITIES & SERVICES — 3.8%      
1,000,000   Cardinal Health, Inc.   3.4100 06/15/27   991,218
1,000,000   HCA, Inc.   3.1250 03/15/27   991,667
1,000,000   Universal Health Services, Inc.   1.6500 09/01/26   997,854
              2,980,739
    INSTITUTIONAL FINANCIAL SERVICES — 3.9%      
1,000,000   LPL Holdings, Inc.   5.7000 05/20/27   1,007,989
1,000,000   Morgan Stanley(c) SOFRRATE + 1.010% 5.6520 04/13/28   1,007,582
1,000,000   National Securities Clearing Corporation(a),(b) SOFRRATE + 0.430% 4.0600 06/09/28   1,001,177
              3,016,748
    INSURANCE — 1.3%      
1,000,000   Brown & Brown, Inc.   4.6000 12/23/26   1,000,900
             
    LEISURE FACILITIES & SERVICES — 1.3%      
1,000,000   Darden Restaurants, Inc.   3.8500 05/01/27   994,816
             
    MACHINERY — 0.9%      
728,000   Xylem, Inc.   3.2500 11/01/26   726,272
             
    MEDICAL EQUIPMENT & DEVICES — 2.6%      
1,000,000   Becton Dickinson and Company   3.7000 06/06/27   994,085
1,000,000   Bio-Rad Laboratories, Inc.   3.3000 03/15/27   992,723
              1,986,808
    OIL & GAS PRODUCERS — 6.4%      
1,000,000   Canadian Natural Resources Ltd.   3.8500 06/01/27   994,278
1,000,000   Enbridge, Inc.   1.6000 10/04/26   995,456
1,000,000   Energy Transfer, L.P.   6.0500 12/01/26   1,004,197
1,000,000   MPLX, L.P.   4.1250 03/01/27   998,584
1,000,000   TC PipeLines, L.P.   3.9000 05/25/27   996,100
              4,988,615
           
                 
 
 

 

NAVIGATOR TACTICAL U.S. ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 75.9% (Continued)      
    SOFTWARE — 1.3%      
1,000,000   Workday, Inc.   3.5000 04/01/27 $ 993,576
             
    TECHNOLOGY HARDWARE — 3.8%      
1,000,000   Hewlett Packard Enterprise Company(a) SOFRINDX + 0.980% 4.6040 03/23/28   1,006,161
950,000   Jabil, Inc.   4.2500 05/15/27   947,258
1,000,000   TD SYNNEX Corporation   1.7500 08/09/26   999,494
              2,952,913
    TECHNOLOGY SERVICES — 2.6%      
1,000,000   FactSet Research Systems, Inc.   2.9000 03/01/27   989,657
1,000,000   Mastercard, Inc.(a) SOFRINDX + 0.390% 4.0200 06/08/28   1,001,026
              1,990,683
    TOBACCO & CANNABIS — 2.6%      
1,000,000   Altria Group, Inc.   2.6250 09/16/26   998,177
1,000,000   BAT Capital Corporation   4.7000 04/02/27   1,001,557
              1,999,734
    TRANSPORTATION EQUIPMENT — 1.3%      
1,000,000   Westinghouse Air Brake Technologies Corporation   3.4500 11/15/26   996,411
             
  TOTAL CORPORATE BONDS (Cost $58,580,856)    

58,602,353

             
Shares              
    SHORT-TERM INVESTMENTS — 9.1%      
    MONEY MARKET FUNDS - 9.1%      
7,004,911   Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.55%(d) (Cost $7,004,911)         7,004,911
             
    TOTAL INVESTMENTS - 90.6% (Cost $68,853,968)     $ 69,933,159
    OTHER ASSETS IN EXCESS OF LIABILITIES- 9.4%    

7,226,387

    NET ASSETS - 100.0%        

$ 77,159,546

           
                 
 
 

 

NAVIGATOR TACTICAL U.S. ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount Unrealized (Depreciation)
194   CME E-Mini Standard & Poor's 500 Index Futures   09/21/2026 $ 72,936,725 $ (215,658)
    TOTAL FUTURES CONTRACTS  
         
               

 

ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
PLC  - Public Limited Company
   
SOFRINDX Secured Overnight Financing Rate Index
SOFRRATE United States SOFR Secured Overnight Financing Rate
TSFR3M 3-Month CME Term SOFR
   
 

 

 

 

(a) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2026 the total market value of 144A securities is $4,007,546 or 5.2% of net assets.
(c) Variable rate security; the rate shown represents the rate on July 31, 2026.
(d) Rate disclosed is the seven-day effective yield as of July 31, 2026.
   

 

 

 
 

 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 95.7%      
    AEROSPACE & DEFENSE — 2.3%      
1,000,000   Boeing Company   6.2590 05/01/27 $ 1,011,784
1,000,000   RTX Corporation   5.7500 11/08/26   1,002,883
              2,014,667
    AUTOMOTIVE — 10.3%      
1,000,000   American Honda Finance Corporation(a) SOFRRATE + 0.870% 4.4800 07/09/27   1,002,813
1,000,000   BMW US Capital, LLC(a),(b) SOFRINDX + 0.780% 4.4050 03/19/27   1,002,608
1,000,000   Ford Motor Company   4.3460 12/08/26   998,765
1,000,000   Ford Motor Credit Company, LLC   2.7000 08/10/26   999,655
1,000,000   Ford Motor Credit Company, LLC(a) SOFRRATE + 1.450% 5.0750 11/05/26   1,001,600
1,000,000   General Motors Financial Company, Inc.   5.0000 04/09/27   1,003,407
1,000,000   Hyundai Capital America(a),(b) SOFRRATE + 0.990% 4.6130 03/25/27   1,002,929
1,000,000   Mercedes-Benz Finance North America, LLC(a),(b) SOFRRATE + 0.710% 4.3390 03/10/28   1,000,832
1,000,000   Toyota Motor Credit Corporation(a) SOFRRATE + 0.480% 4.1020 05/12/28   1,000,749
              9,013,358
    BANKING — 11.4%      
1,000,000   Bank of America Corporation(c) TSFR3M + 1.774% 3.7050 04/24/28   993,805
1,000,000   Citibank NA(a) SOFRRATE + 0.781% 4.4160 05/29/27   1,003,668
1,000,000   Citibank NA(a) SOFRRATE + 0.500% 4.1280 06/18/28   1,000,683
1,000,000   Cooperatieve Rabobank UA(a) SOFRRATE + 0.620% 4.2530 08/28/26   1,000,301
1,000,000   JPMorgan Chase & Company(c) SOFRRATE + 0.765% 1.4700 09/22/27   995,952
1,000,000   JPMorgan Chase & Company(c) SOFRRATE + 1.890% 2.1820 06/01/28   980,555
1,000,000   Morgan Stanley Bank NA(c) SOFRRATE + 0.680% 4.4470 10/15/27   999,946
1,000,000   Morgan Stanley Bank NA(c) SOFRRATE + 0.865% 5.5040 05/26/28   1,006,721
1,000,000   Wells Fargo & Company  Series Q(c) TSFR3M + 1.572% 3.5840 05/22/28   991,702
1,000,000   Wells Fargo & Company(c) SOFRRATE + 2.100% 2.3930 06/02/28   981,936
              9,955,269
   

 

 

      
                 
 
 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 95.7% (Continued)      
    BEVERAGES — 2.9%      
1,000,000   JDE Peet's N.V.(b)   1.3750 01/15/27 $ 984,974
1,500,000   Keurig Dr Pepper, Inc.(a) SOFRRATE + 0.580% 4.2020 11/15/26   1,500,392
              2,485,366
    BIOTECH & PHARMA — 6.9%      
1,000,000   AbbVie, Inc.(a) SOFRINDX + 0.480% 4.1110 03/03/28   1,001,398
1,000,000   Amgen, Inc.   2.6000 08/19/26   999,317
1,000,000   Eli Lilly & Company(a) SOFRINDX + 0.350% 3.9750 05/20/28   1,002,113
1,000,000   GlaxoSmithKline Capital plc(a) SOFRRATE + 0.500% 4.1290 03/12/27   1,001,640
1,000,000   Merck & Company, Inc.(a) SOFRRATE + 0.460% 4.0890 09/15/27   1,000,491
1,000,000   Pfizer, Inc.(a) SOFRRATE + 0.500% 4.1220 11/15/27   1,002,802
              6,007,761
    CHEMICALS — 2.3%      
1,025,000   Cabot Corporation   3.4000 09/15/26   1,021,506
1,000,000   RPM International, Inc.   3.7500 03/15/27   994,189
              2,015,695
    E-COMMERCE DISCRETIONARY — 1.7%      
1,500,000   Amazon.com, Inc.(a) SOFRRATE + 0.440% 4.0690 03/13/28   1,501,768
             
    ELECTRIC UTILITIES — 6.9%      
1,000,000   DTE Energy Company   4.9500 07/01/27   1,003,921
1,000,000   Entergy Corporation   2.9500 09/01/26   998,961
1,000,000   FirstEnergy Corporation   3.9000 07/15/27   994,984
1,000,000   Georgia Power Company(a) SOFRINDX + 0.420% 4.0470 11/22/27   1,001,184
1,000,000   National Rural Utilities Cooperative Finance(a) SOFRINDX + 0.430% 4.0530 08/09/27   1,000,762
1,000,000   Sempra   5.4000 08/01/26   1,000,000
              5,999,812
    ELECTRICAL EQUIPMENT — 2.3%      
1,000,000   Amphenol Corporation(a) SOFRRATE + 0.530% 4.1520 11/15/27   1,001,670
1,000,000   Keysight Technologies, Inc.   4.6000 04/06/27   1,000,384
                 
 
 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 95.7% (Continued)      
    ELECTRICAL EQUIPMENT — 2.3% (Continued)      
            $ 2,002,054
    ENTERTAINMENT CONTENT — 1.1%      
1,000,000   Take-Two Interactive Software, Inc.   3.7000 04/14/27   994,979
             
    FOOD — 3.4%      
1,000,000   Conagra Brands, Inc.   5.3000 10/01/26   1,001,182
1,000,000   Mondelez International, Inc.   2.6250 03/17/27   989,384
1,000,000   Tyson Foods, Inc.   3.5500 06/02/27   992,763
              2,983,329
    HEALTH CARE FACILITIES & SERVICES — 4.6%      
1,000,000   Cardinal Health, Inc.   4.7000 11/15/26   1,001,377
1,000,000   Cardinal Health, Inc.   3.4100 06/15/27   991,218
1,000,000   HCA, Inc.   3.1250 03/15/27   991,667
1,000,000   Universal Health Services, Inc.   1.6500 09/01/26   997,854
              3,982,116
    HOME CONSTRUCTION — 1.1%      
1,000,000   Toll Brothers Finance Corporation   4.8750 03/15/27   1,001,196
             
    INSTITUTIONAL FINANCIAL SERVICES — 3.5%      
1,000,000   Jefferies Financial Group, Inc.   4.5000 09/15/26   999,361
1,000,000   LPL Holdings, Inc.   5.7000 05/20/27   1,007,988
1,000,000   National Securities Clearing Corporation(a),(b) SOFRRATE + 0.430% 4.0600 06/09/28   1,001,177
              3,008,526
    INSURANCE — 1.1%      
1,000,000   Brown & Brown, Inc.   4.6000 12/23/26   1,000,900
             
    LEISURE FACILITIES & SERVICES — 1.2%      
1,000,000   Darden Restaurants, Inc.   3.8500 05/01/27   994,816
             
    MACHINERY — 3.1%      
1,000,000   Ingersoll Rand, Inc.   5.1970 06/15/27   1,005,907
1,000,000   Veralto Corporation   5.5000 09/18/26   1,000,600
729,000   Xylem, Inc.   3.2500 11/01/26   727,270
                 
 
 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 95.7% (Continued)      
    MACHINERY — 3.1% (Continued)      
            $ 2,733,777
    MEDICAL EQUIPMENT & DEVICES — 3.4%      
1,000,000   Becton Dickinson and Company   3.7000 06/06/27   994,085
1,000,000   Bio-Rad Laboratories, Inc.   3.3000 03/15/27   992,723
1,000,000   Solventum Corporation   5.4500 02/25/27   1,004,630
              2,991,438
    OIL & GAS PRODUCERS — 9.2%      
1,000,000   Chevron USA, Inc.(a) SOFRINDX + 0.360% 3.9880 02/26/27   1,000,477
1,000,000   Devon Energy Corporation(b)   3.9000 05/15/27   997,104
1,000,000   Enbridge, Inc.   1.6000 10/04/26   995,456
1,000,000   Enbridge, Inc.   5.9000 11/15/26   1,003,238
1,000,000   Energy Transfer, L.P.   6.0500 12/01/26   1,004,196
1,000,000   MPLX, L.P.   4.1250 03/01/27   998,584
1,000,000   ONEOK, Inc.   5.5500 11/01/26   1,002,192
1,000,000   TC PipeLines, L.P.   3.9000 05/25/27   996,100
              7,997,347
    RETAIL - DISCRETIONARY — 2.6%      
1,000,000   Lowe's Companies, Inc.   3.1000 05/03/27   991,027
1,311,000   O'Reilly Automotive, Inc.   5.7500 11/20/26   1,315,058
              2,306,085
    SOFTWARE — 1.1%      
1,000,000   Workday, Inc.   3.5000 04/01/27   993,576
             
    SPECIALTY FINANCE — 1.1%      
1,000,000   American Express Company   3.3000 05/03/27   992,773
             
    TECHNOLOGY HARDWARE — 4.7%      
1,000,000   Hewlett Packard Enterprise Company(a) SOFRINDX + 0.980% 4.6040 03/23/28   1,006,161
1,000,000   Jabil, Inc.   4.2500 05/15/27   997,113
1,000,000   NetApp, Inc.   2.3750 06/22/27   981,725
1,150,000   TD SYNNEX Corporation   1.7500 08/09/26   1,149,418
              4,134,417
           
                 
 
 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 95.7% (Continued)      
    TECHNOLOGY SERVICES — 2.4%      
1,050,000   FactSet Research Systems, Inc.   2.9000 03/01/27 $ 1,039,140
1,000,000   Mastercard, Inc.(a) SOFRINDX + 0.390% 4.0200 06/08/28   1,001,026
              2,040,166
    TELECOMMUNICATIONS — 1.1%      
1,000,000   T-Mobile USA, Inc.   3.7500 04/15/27   995,096
             
    TOBACCO & CANNABIS — 2.3%      
1,000,000   Altria Group, Inc.   2.6250 09/16/26   998,177
1,000,000   BAT Capital Corporation   4.7000 04/02/27   1,001,557
              1,999,734
    TRANSPORTATION EQUIPMENT — 1.7%      
1,500,000   Westinghouse Air Brake Technologies Corporation   3.4500 11/15/26   1,494,617
             
  TOTAL CORPORATE BONDS (Cost $83,625,201)    

83,640,638

             
Shares              
    SHORT-TERM INVESTMENTS — 3.4%      
    MONEY MARKET FUNDS - 3.4%      
2,932,001   Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.55%(d) (Cost $2,932,001)         2,932,001
             
    TOTAL INVESTMENTS - 99.1% (Cost $86,557,202)     $ 86,572,639
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%    

768,817

    NET ASSETS - 100.0%        

$ 87,341,456

 
                 

 

 

 

LLC  - Limited Liability Company
LP  - Limited Partnership
NV  - Naamioze Vennootschap
PLC  - Public Limited Company
   
SOFRINDX Secured Overnight Financing Rate Index
SOFRRATE United States SOFR Secured Overnight Financing Rate
TSFR3M 3-Month CME Term SOFR
   
 

 

 

 
 

 

NAVIGATOR ULTRA SHORT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026

 

 

 

 

(a) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration,
  normally to qualified institutional buyers.  As of July 31, 2026 the total market value of 144A securities is $5,989,624 or 6.9% of net assets.
(c) Variable rate security; the rate shown represents the rate on July 31, 2026.
(d) Rate disclosed is the seven-day effective yield as of July 31, 2026.