CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
|
| Principal |
|
| Fair Value |
96.76% | DEBT SECURITIES |
|
|
|
|
|
|
|
| ||
36.11% | CORPORATE BONDS |
|
|
|
|
0.76% | Communication Services: |
|
|
|
|
| BellSouth Telecommunicaions 06/01/2028 6.375% | 500,000 | $ | 511,809 | |
| Hughes Satellite Systems 08/01/2026 5.250% | 500,000 |
|
| 466,653 |
| Sprint Corp. 06/15/2024 7.125% | 450,000 |
|
| 454,024 |
|
|
|
|
| 1,432,486 |
6.34% | Consumer Discretionary: |
|
|
|
|
|
|
|
| ||
| Allison Transmission 10/01/2027 4.750% | 450,000 |
|
| 424,053 |
| AutoNation Inc. 03/01/2032 3.850% | 1,000,000 |
|
| 848,383 |
| AutoNation Inc. 08/01/2031 2.400% | 1,000,000 |
|
| 758,677 |
| Brunswick Corp. 08/01/2027 7.125% | 1,314,000 |
|
| 1,361,089 |
| Tapestry Inc. 04/01/2025 4.250% | 750,000 |
|
| 729,986 |
| Ford Motor Company 10/01/2028 6.625% | 450,000 |
|
| 462,958 |
| General Motors Financial 01/12/2032 3.100% | 1,000,000 |
|
| 808,802 |
| Hasbro Inc. 07/15/2028 6.600% | 700,000 |
|
| 720,268 |
| Las Vegas Ands Corp. 08/08/2029 3.900% | 500,000 |
|
| 446,130 |
| Lowe's Cos. Inc. 04/01/2052 4.250% | 500,000 |
|
| 407,940 |
| MDC Holdings Inc. 01/15/2030 3.850% | 1,000,000 |
|
| 877,455 |
| Michael Kors USA Inc. 11/01/2024 4.250% | 600,000 |
|
| 577,794 |
| (US Treasury Note 09/30/2024 2.125% + 1.00%) 144A |
|
|
|
|
| Nissan Motor Co. Ltd. 09/17/2030 4.810% 144A | 1,000,000 |
|
| 877,138 |
| PVH Corp 07/10/2025 4.625% | 1,000,000 |
|
| 966,973 |
| Smithfield Foods 10/15/2030 3.000% | 1,000,000 |
|
| 784,056 |
| Toll Brothers Finance 03/15/2027 4.875% | 1,000,000 |
|
| 968,267 |
|
|
|
|
| 12,019,969 |
0.96% | Consumer Staples: |
|
|
|
|
| Constellation Brands 05/01/203 2.875% | 1,000,000 |
|
| 867,473 |
| Quanta Services 10/01/2030 2.900% | 1,000,000 |
|
| 849,534 |
| Teva 05/09/2027 4.750% | 100,000 |
|
| 92,507 |
|
|
|
|
| 1,809,514 |
4.46% | Energy: |
|
|
|
|
| APA Corp. 12/15/2029 7.750% | 133,000 |
|
| 137,101 |
| Energy Transfer LP 02/15/2028 6.625% | 400,000 |
|
| 306,028 |
| Energy Transfer LP 01/15/2024 5.875% | 900,000 |
|
| 900,152 |
| EnLink Midstream Partner 04/01/2024 4.400% | 400,000 |
|
| 393,180 |
| Marathon Petroleum Corp. 09/15/2024 3.625% | 540,000 |
|
| 525,808 |
| Occidental Petroleum 09/01/2025 5.875% | 1,215,000 |
|
| 1,206,688 |
| ONEOK Inc. 09/01/2029 3.400% | 1,000,000 |
|
| 871,920 |
| Phillips 66 Partners LP 03/01/2028 3.750% | 440,000 |
|
| 382,578 |
| Plains All American Pipeline LP 09/15/2030 3.800% | 250,000 |
|
| 221,822 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Spectra Energy Partners 03/15/2024 4.750% | 400,000 | $ | 396,551 |
Targa Resources Partners 03/01/2030 5.500% | 500,000 |
| 481,185 |
TransCanada Pipe 06/15/2029 7.700% | 850,000 |
| 927,636 |
Valero Energy Corp. 12/01/2031 2.800% | 1,000,000 |
| 817,962 |
(US Treasury Note 11/15/2031 1.375% + 1.250%) |
|
|
|
Williams Companies 01/15/2025 3.900% | 900,000 |
| 873,485 |
|
|
| 8,442,096 |
10.09% Financials:
ASB BANK LIMITED 10/22/2031 2.375% 144A AirCastle Ltd. 05/01/2024 4.125%
Ally Financial 11/01/2031 8.000% American Express Co. 06/16/2149 3.550% Banco Santander SA 03/24/2028 4.175%
(US Treasury Note 02/28/2027 1.875% + 2.000%) Banco Santander 12/03/2030 2.749%
Bank of America 06/19/2064 4.375% (5 year US Treasury Rate + 2.000%)
Barclays PLC 05/16/2029 4.972%
Blackstone Private Credit 12/15/2026 2.625% Crown Castle Inc. Corp. 03/15/2027 2.900% EPR 04/15/2028 4.950%
Factset Research Systems 03/01/2027 2.900% Federal Home Loan Bank, 04/20/2029 4.000% Fidelity National Financial 08/15/2028 4.500% Fifth Third Bank 10/27/2025 5.852%
(US Treasury Note 09/30/2024 4.250% + 1.350%) First Citizens Bancshares 06/19/2164 9.524% Goldman Sachs Group 11/10/2026 4.125%
(5 year US Treasury Rate + 2.949%) Lloyds Bank Group 03/18/2026 3.511%
(US Treasury Note 02/15/2025 1.500% + 1.600%) Macquarie Group 06/21/2028 4.098% 144A
Blue Owl Capital Corp. 06/11/2028 2.875%
(US Treasury Note 5/31/2028 1.250% + 1.800%) NatWest Group 05/18/2029 4.892%
(US Treasury Note 05/15/2028 2.875% + 1.820%) SBL Holdings Inc. 11/13/2026 5.125% 144A
SLM Corp. 10/29/2025 4.200%
Charles Schwab Corp. 06/19/2164 5.000% Societe Generale 11/24/2025 4.750% 144A Societe Generale 03/28/2024 3.875% 144A Synchrony Bank 08/22/2025 5.400% Truist Financial Corp. 03/01/2030 5.100%
(10 year US Treasury Rate + 4.3494%) Weyerhaeuser Co. 03/09/2033 3.375%
(US Treasury Note 2/15/2032 1.875% + 1.450%)
2,000,000 | 1,605,320 |
900,000 | 875,749 |
1,000,000 | 1,038,121 |
500,000 | 415,000 |
200,000 | 187,221 |
250,000 | 195,928 |
625,000 | 532,969 |
250,000 | 236,256 |
250,000 | 212,699 |
250,000 | 228,764 |
360,000 | 321,607 |
250,000 | 229,350 |
5,000,000 | 4,771,025 |
1,000,000 | 950,156 |
600,000 | 584,459 |
500,000 | 479,860 |
500,000 | 417,980 |
450,000 | 428,313 |
2,000,000 | 1,869,796 |
250,000 | 203,703 |
500,000 | 475,623 |
400,000 | 353,200 |
90,000 | 83,614 |
500,000 | 418,985 |
250,000 | 238,122 |
500,000 | 489,262 |
400,000 | 382,795 |
500,000 | 432,500 |
500,000 | 430,086 |
|
|
|
|
| 19,088,463 |
0.09% Health Care |
|
|
PRA Health Sciences Inc. 07/15/2026 2.875% | 90,000 | 81,489 |
AMN 10/01/2027 4.625% | 90,000 | 83,303 |
|
| 164,792 |
8.92% Industrials: |
|
|
Avnet Inc. 06/01/2032 5.500% | 1,000,000 | 949,496 |
Avolon Holdings Funding 11/18/2027 2.528% | 1,000,000 | 843,098 |
Berry Global Inc. 07/15/2027 5.625% 144A | 500,000 | 489,375 |
Boeing Co. 02/15/2040 5.875% | 1,000,000 | 1,003,771 |
CH Robinson Worlwide 04/15/2028 4.200% | 1,000,000 | 957,687 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
| Can-Pack S.A. 11/15/2029 3.875% 144A | 500,000 | $ | 406,702 |
| FedEx Corp. 10/17/2048 4.950% | 1,000,000 |
| 917,918 |
| Fluor Corp. 09/15/2028 4.250% | 360,000 |
| 333,979 |
| Flowserve Corp. 01/15/2032 2.800% | 1,000,000 |
| 796,831 |
| Fortune Brands Home & Security 03/25/2032 4.000% | 500,000 |
| 443,710 |
| Fortune Brands Home & Security 03/25/2052 4.500% | 500,000 |
| 389,298 |
| Hubbell Inc. 08/15/2027 3.150% | 2,000,000 |
| 1,846,544 |
| Korn Ferry Intl 12/15/2027 4.625% | 500,000 |
| 469,818 |
| Masco Corp. 08/15/2032 6.500% | 1,000,000 |
| 1,030,885 |
| Oshkosh Corp. 03/01/2030 3.100% | 1,000,000 |
| 871,258 |
| Owens Corning 06/01/2030 3.875% | 1,000,000 |
| 913,599 |
| Ryder System Inc. 09/01/2025 3.350% | 1,000,000 |
| 949,194 |
| Timken Co. 05/08/2028 6.875% | 200,000 |
| 202,668 |
| Timken Co. 12/15/2028 4.500% | 500,000 |
| 475,160 |
| Trimble Inc. 12/01/2024 4.750% | 800,000 |
| 785,180 |
| WestRock Corp. 02/15/2031 7.950% | 750,000 |
| 849,442 |
| Worthington Industries Inc. 04/15/2026 4.550% | 1,000,000 |
| 945,294 |
|
|
|
| 16,870,907 |
1.24% | Information Technology: |
|
|
|
| CA Inc. 03/15/2027 4.700% | 600,000 |
| 564,416 |
| CIEN Corp. 4 01/31/2030 144A | 100,000 |
| 87,125 |
| Citigroup Inc. 3/31/2032 4.412% | 250,000 |
| 235,066 |
| GLW 03/15/2037 4,700% | 200,000 |
| 185,308 |
| MSCI 3 09/01/2030 3.625% 144A | 100,000 |
| 86,239 |
| Micron Technology 02/15/2027 4.185% | 250,000 |
| 239,526 |
| Qorvo Inc. 12/15/2024 1.750% 144A | 500,000 |
| 464,924 |
| Western Digital Corp. 02/15/2026 4.750% | 500,000 |
| 476,259 |
|
|
|
| 2,338,863 |
1.11% | Materials: |
|
|
|
| Albermarle Corp. 06/01/2032 5.050% | 500,000 |
| 484,102 |
| FMC CORP 10/01/2026 3.200% | 600,000 |
| 556,905 |
| Nucor Corp. 05/23/2027 4.300% | 500,000 |
| 484,928 |
| Steel Dynamics Inc. 12/15/2026 5.000% | 500,000 |
| 492,325 |
| Domtar Corp. 10/01/2028 6.750% | 100,000 |
| 84,901 |
|
|
|
| 2,103,161 |
2.14% | Utilities: |
|
|
|
| Alliant Energy Finance 03/01/2032 3.600% | 1,000,000 |
| 869,032 |
| Eversource Energy 03/01/2032 3.375% | 1,000,000 |
| 871,599 |
| Exelon Corp. 03/15/2032 3.350% 144A | 1,000,000 |
| 868,896 |
| Georgia Power Co. 05/15/2032 4.700% | 1,000,000 |
| 966,598 |
| Sempra 06/19/2164 4.875% | 500,000 |
| 465,034 |
| (US Treasury Note 05/31/2025 0.250% + 4.550%) |
|
|
|
|
|
|
| 4,041,159 |
36.11% | TOTAL CORPORATE BONDS |
|
| 68,311,410 |
30.86% | ASSET BACKED BONDS |
|
|
|
| American Credit Acceptance 11/15/2027 1.340% 144A | 1,000,000 |
| 935,398 |
| American Credit Acceptance 02/14/2028 1.820% | 480,000 |
| 468,479 |
| American Credit Acceptance 06/13/2028 4.410% 144A | 1,687,500 |
| 1,652,317 |
| American Credit Acceptance 06/13/2028 4.850% 144A | 900,000 |
| 859,953 |
| American Credit Acceptance 12/12/2025 2.970% 144A | 426,711 |
| 424,579 |
| American Credit Acceptance 12/14/2026 1.310% 144A | 260,053 |
| 256,923 |
| Aqua Fiance Inc. 07/17/2046 1.900% 144A | 466,099 |
| 430,285 |
| Arivo Acceptance, LLC 05/15/2028 3.930% 144A | 525,067 |
| 509,693 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Arivo Acceptance Auto 03/15/2029 9.840% Avid Automobile 12/15/2027 7.350%
Avis Budget Rental Car 03/20/2026 2.650% 144A Carmax Auto Owner Trust 04/16/2029 8.080% Carmax Auto Owner Trust 10/15/2027 1.550% Carvana Auto Receivables Trust 04/12/2027 6.360% Carvana Auto Receivables Trust 04/10/2028 5.080% Carvana Auto Receivables Trust 12/11/2028 2.310% 144A Carvana Auto Receivables Trust 12/11/2028 4.130% Carvana Auto Receivables Trust 03/10/2028 1.070% Carvana Auto Receivables Trust 03/10/2028 2.900% CPS AUTO TRUST 08/15/2028 5.190% MTGE
CPS AUTO TRUST 10/15/2029 7.140% MTGE CPS AUTO TRUST 11/15/2030 10.72%
Credit Acceptance Auto Loan Trust 05/15/2030 1.000% Community Mortgage Trust 09/15/2033 7.383% Drive Auto Receivable Trust 10/15/2027 0.870% Drive Auto Receivable Trust 02/16/2027 1.500% Drive Auto Receivable Trust 05/17/2027 1.310% Drive Auto Receivable 06/15/2026 1.470%
Drive Auto Receivable 11/17/2025 2.550%
Exeter Auto Receivables 03/17/2025 3.710%
Exeter Auto Receivables 07/17/2028 4.560%
Exeter Auto Receivables 10/15/2029 6.340%
Exeter Auto Receivables 01/15/2026 0.690%
Exeter Auto Receivables 12/15/2026 4.860%
Federal Home Loan Mortgage Corp 01/25/2031 VAR Federal Home Loan Mortgage Corp 04/25/2042 0.620% Federal Home Loan Mortgage Corp 12/25/2041 0.930% Federal Home Loan Mortgage Corp 02/25/2046 0.2551% Federal Home Loan Mortgage Corp 02/25/2047 0.2051% Federal Home Loan Mortgage Corp 08/25/2042 3.500% Federal Home Loan Mortgage Corp 09/25/2042 7.569% Federal Home Loan Mortgage Corp 11/25/2046 0.2051% First Investors Auto 01/15/2027 2.030%
First Investors Auto 06/15/2029 5.410% Foursight Capital 05/15/2028 3.070%
Federal National Mortgage Assoc. 06/25/2042 9.031% (30 day SOFR + 6.750%) 144A
Freddie Mac-STACR 01/25/2042 7.569%
Freddie Mac-STACR 01/25/2042 8.469%
Freddie Mac-STACR 05/25/2042 7.269%
Freddie Mac-STACR 01/18/2031 2.350% General Motors Financial Co. 01/08/2031 2.350% GLS Auto Receibables 07/15/2027 4.310%
GLS Auto Receivables 02/18/2025 3.540%
GLS Auto Receivables 05/15/2025 2.960%
Government National Mortgage Assoc. 03/16/2043 5.827% (Libor +0.400%)
Government National Mortgage Assoc. 10/20/2052 5.000% Government National Mortgage Assoc. 12/16/2040 4.000% GS Mortgage Securtities Trust 09/10/2047 4.162% Harvest SBA Loan Trust 06/26/2047 7.550%
(Libor + 0.700%) 144A
JP Morgan Commercial Mortgage 01/25/2028 1.886% JP Morgan Commercial Mortgage 05/15/2048 3.342% LAD AUTO Receivables Trust 08/17/2026 1.300%
500,000 | $ | 513,658 |
600,000 |
| 592,751 |
1,800,000 |
| 1,693,366 |
1,000,000 |
| 1,033,710 |
250,000 |
| 227,339 |
1,090,188 |
| 1,086,496 |
2,000,000 |
| 1,924,878 |
122,280 |
| 119,131 |
450,000 |
| 419,600 |
225,654 |
| 206,837 |
100,000 |
| 88,770 |
1,800,000 |
| 1,730,979 |
900,000 |
| 823,663 |
300,000 |
| 306,143 |
2,367,937 |
| 2,306,366 |
55,000 |
| 42,047 |
1,500,000 |
| 1,464,561 |
888,000 |
| 826,948 |
800,000 |
| 721,500 |
1,056,618 |
| 1,033,490 |
821,540 |
| 803,109 |
252,413 |
| 250,917 |
450,000 |
| 428,344 |
787,500 |
| 707,059 |
678,669 |
| 674,240 |
1,072,000 |
| 1,058,209 |
534,000 |
| 573,717 |
1,000,000 |
| 996,255 |
250,000 |
| 243,595 |
18,705,650 |
| 47,438 |
18,637,065 |
| 40,852 |
456,546 |
| 60,366 |
476,008 |
| 478,240 |
28,003,289 |
| 57,631 |
785,354 |
| 764,659 |
500,000 |
| 451,010 |
400,000 |
| 363,722 |
1,000,000 |
| 1,099,864 |
100,000 |
| 96,756 |
100,000 |
| 96,002 |
1,653,251 |
| 1,663,799 |
1,667,045 |
| 63,326 |
250,000 |
| 195,836 |
725,000 |
| 697,083 |
78,144 |
| 77,900 |
233,562 |
| 231,932 |
2,289 |
| 2,285 |
993,502 |
| 966,732 |
2,764,610 |
| 455,378 |
500,000 |
| 476,256 |
582,394 |
| 557,642 |
37,638 |
| 37,419 |
199,548 |
| 190,140 |
761,459 |
| 742,217 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
LAD Auto Receivables Trust 04/15/2030 6.850% 144A LAD Auto Receivables Trust 06/15/2027 5.930% Oasis Securitisation 02/15/2035 7.000%
Lobel Automobile 07/15/2026 6.970%
Mariner Finance 07/20/2032 2.960%
Newtek Small Business Loan Trust 02/25/2044 6.840% Provident Funding Mortgage 04/25/2051 2.500% 144A SCF Equipment Leasing 04/20/2026 2.470% 144A SCF Equipment Trust LLC 08/21/2028 0.830%
SCF Equipment Leasing 11/20/2031 3.790% 144A Santander Consumer Auto Receivable 10/15/2025 0.330% Santander Retail 11/20/2025 1.410%
Santander Drive 2022-1 C 04/17/2028 2.560% Santander Drive Auto 01/15/2026 1.010% Santander Drive Auto 03/16/2026 5.870% Seashine Holding 05/20/2025 6.000%
Sequoia Mortgage Trust 04/25/2050 3.000% 144A SOFI Consumer 09/25/2030 1.300%
Spruce Hill Mortgage Loan Trust 01/28/2050 2.521% TOWD Point 02/25/2063 6.875%
Tricolor Auto Group 08/15/2025 4.710%
Tricolor Auto Group 06/15/2028 13.450% Tricon American Homes 01/17/2036 3.473% Trinity Rail Leasing 10/18/2049 2.390% USASF Receivables LLC 03/15/2027 9.350% USASF Receivables LLC 03/17/2025 1.490% United Auto Credit 11/10/2028 5.000% United Auto Credit 04/10/2029 10.000% Upstart Structered 11/15/2030 7.010%
Veros Credit Auto Receivables Trust 11/15/2028 7.120% Veros Credit Auto Receivables Trust 07/16/2029 7.230% Verus Securization Trust 11/25/2059 3.192% Westlake Automobile 01/15/2026 2.760%
Westlake Auto 03/15/2027 3.490%
WinWater Mortgage Loan Trust 01/20/2046 3.771%
30.86% TOTAL ASSET BACKED BONDS
29.79% TREASURY NOTES
484,000 | $ | 482,232 |
500,000 |
| 497,554 |
172,533 |
| 171,676 |
720,080 |
| 715,868 |
279,508 |
| 277,493 |
443,806 |
| 438,056 |
845,193 |
| 678,433 |
289,337 |
| 288,108 |
360,371 |
| 351,546 |
500,000 |
| 442,321 |
520,402 |
| 515,031 |
520,000 |
| 496,841 |
500,000 |
| 477,540 |
339,130 |
| 337,784 |
2,000,000 |
| 1,997,892 |
1,200,000 |
| 1,150,980 |
197,586 |
| 186,832 |
616,000 |
| 595,957 |
470,629 |
| 465,283 |
362,341 |
| 360,286 |
485,000 |
| 476,280 |
400,000 |
| 409,176 |
306,000 |
| 300,439 |
192,710 |
| 180,097 |
1,360,000 |
| 1,367,834 |
340,466 |
| 336,128 |
650,000 |
| 581,704 |
400,000 |
| 380,272 |
607,388 |
| 606,203 |
646,594 |
| 645,326 |
1,350,000 |
| 1,254,895 |
322,670 |
| 310,498 |
1,840,000 |
| 1,810,354 |
324,800 |
| 307,748 |
149,299 |
| 136,939 |
|
|
|
|
| 58,381,396 |
US Treasury 11/30/2028 1.500% | 12,750,000 | 11,152,272 |
US Treasury 11/15/2031 1.375% | 3,800,000 | 3,133,366 |
US Treasury 05/15/2042 3.250% 2 | 4,000,000 | 3,569,376 |
US Treasury 05/15/2043 3.875% | 5,000,000 | 4,878,905 |
US Treasury 02/15/2042 2.375% | 15,000,000 | 11,678,325 |
US Treasury 02/15/2043 3.875% | 5,000,000 | 4,875,000 |
US Treasury 05/15/2053 3.625% | 4,500,000 | 4,324,923 |
US Treasury 11/15/2032 4.125% | 4,000,000 | 4,087,500 |
US Treasury N/B 02/15/2053 3.625% | 5,000,000 | 4,798,440 |
US Treasury Note 02/15/2032 1.875% | 4,500,000 | 3,854,533 |
29.79% TOTAL TREASURY NOTES |
| 56,352,640 |
96.76% TOTAL DEBT SECURITIES |
| 183,045,446 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
0.21% | PREFERRED STOCKS |
|
|
|
|
| Farm Credit Bank of Texas | 4,000 | $ | 405,000 | |
| (Perpetual call 09/15/2023 6.750%) |
|
|
|
|
0.21% | TOTAL PREFERRED STOCKS |
|
|
| 405,000 |
4.25% | MONEY MARKET FUND | Shares |
|
| Value |
| Federated Government Obligation Institutional Shares, 4.92% (A) | 8,030,421 |
|
| 8,030,421 |
101.22% | TOTAL INVESTMENTS |
| 191,480,867 |
(1.22%) | Liabilities in excess of other assets |
| (2,310,646) |
100.00% | NET ASSETS | $ | 189,170,221 |
|
|
|
|
(A)Effective 7 day yield as of June 30, 2023 TBA - To be announced
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 is a summary of the inputs used to value the Fund’s investments as of June 30, 2023:
|
| Level 1 |
| Level 2 |
| Level 3 |
|
|
|
|
| Other |
| Significant |
|
|
|
|
| Significant | Unobservable |
| |
|
| Quoted Prices |
| Observable Inputs |
| Inputs | Total |
CORPORATE BONDS |
| - |
| 68,311,410 |
| - | 68,311,410 |
ASSET BACKED BONDS |
| - |
| 58,381,396 |
| - | 58,381,396 |
U.S. TREASURY NOTES |
| 56,352,640 |
| - |
| - | 56,352,640 |
PREFERRED STOCKS |
| 405,000 |
| - |
| - | 405,000 |
MONEY MARKET FUNDS |
| 8,030,421 |
| - |
| - | 8,030,421 |
TOTAL INVESTMENTS | $ | 64,788,061 | $ | 126,692,806 | $ | - | $ 191,480,867 |
|
|
|
|
|
|
|
|
The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2023.
At June 30, 2023 the cost of investments for Federal income tax purposes has been estimated since the final
tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $204,822,947 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 273,449 |
Gross unrealized depreciation |
| (7,705,193) |
Net unrealized appreciation | $ | (13,342,080) |
|
|
|