|
| CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
| ||
|
| SCHEDULE OF INVESTMENTS |
|
| ||
|
| June 30, 2023 - (unaudited) |
|
| ||
|
|
|
|
|
| |
|
|
| Principal |
| Value | |
96.97% | DEBT SECURITIES |
|
|
|
|
|
|
|
|
|
| ||
25.34% | CORPORATE BONDS |
|
|
|
|
|
0.78% | Communication Services: |
|
|
|
|
|
| Hughes Satellite Systems 08/01/2026 5.250% | 500,000 |
| $ | 466,654 | |
| RELX Inc. 10/15/2023 6.625% | 1,000,000 |
|
| 999,290 | |
| Sprint Corp. 006/15/2024 7.125% | 550,000 |
|
| 554,919 | |
|
|
|
|
|
| 2,020,863 |
4.31% | Consumer Discretionary: |
|
|
|
|
|
|
|
|
|
| ||
| Abercrombie Fitch 07/15/2025 8.750% | 550,000 |
|
| 558,262 | |
| Allison Transmission 10/01/2027 4.750% | 550,000 |
|
| 518,287 | |
| Brunswick Corp. 08/01/2027 7.125% | 1,606,000 |
|
| 1,663,553 | |
| Brunswick Corp. 08/18/2024 0.850% | 1,000,000 |
|
| 940,243 | |
| Ford Motor Company 10/01/2028 6.625% | 550,000 |
|
| 565,837 | |
| General Motors 09/30/2027 5.750% | 500,000 |
|
| 406,875 | |
| Hasbro Inc. 07/15/2028 6.600% | 798,000 |
|
| 821,105 | |
| Michael Kors USA Inc. 11/01/2024 4.250%^ | 1,700,000 |
|
| 1,637,083 | |
| (US Treasury Note 9/30/2024 2.125% + 1.00%) 144A |
|
|
|
|
|
| Paccar Financial Corp. 04/07/2025 2.850% | 500,000 |
|
| 478,552 | |
| PVH Corp. 11/15/2023 7.750% | 839,000 |
|
| 841,141 | |
| TAPESTRY INC 04/01/2025 4.250% | 1,250,000 |
|
| 1,216,643 | |
| Toll Brothers Finance Corp. 03/15/2027 4.875% | 1,000,000 |
|
| 968,267 | |
| United Airlines 2012-1 A 10/11/2025 4.150% | 507,813 |
|
| 499,069 | |
|
|
|
|
|
| 11,114,917 |
0.63% | Consumer Staples: |
|
|
|
|
|
| AMN 10/01/2027 4.625% | 110,000 |
|
| 101,815 | |
| Cargill, Inc. 04/22/2025 3.500% | 500,000 |
|
| 484,950 | |
| HCA Inc. 09/15/2025 7.580% | 817,000 |
|
| 844,170 | |
| PRA Health Sciences, Inc. 07/15/2026 2.875% | 110,000 |
|
| 99,598 | |
| Teva 05/09/2027 4.750% | 100,000 |
|
| 92,507 | |
|
|
|
|
|
| 1,623,040 |
4.16% | Energy: |
|
|
|
|
|
| Enbridge, Inc. 02/16/24 5.965% | 500,000 |
|
| 499,632 | |
| Energy Transfer LP 02/01/2024 4.900% | 845,000 |
|
| 839,202 | |
| Energy Transfer LP 01/15/2024 5.875% | 1,100,000 |
|
| 1,100,186 | |
| Energy Transfer LP 02/15/2028 VAR% | 600,000 |
|
| 459,041 | |
| Enlink Midstream Partner 4/01/2024 4.400% | 600,000 |
|
| 589,769 | |
| HF Sinclair 10/01/2023 2.625% | 1,275,000 |
|
| 1,264,400 | |
| Marathon Petroleum Corp. 09/15/2024 3.625% | 659,000 |
|
| 641,681 | |
| Occidental Petroleum 09/01/2025 5.875% | 1,485,000 |
|
| 1,474,841 | |
| Phillips 66 Partners LP 03/01/2028 3.750% | 540,000 |
|
| 469,527 | |
| Spectra Energy Partners 03/15/2024 4.750% | 600,000 |
|
| 594,826 | |
| Targa Resources Partners 03/01/2030 5.500% | 500,000 |
|
| 481,185 | |
| TransCanada Pipe 06/15/2029 7.700% | 1,150,000 |
|
| 1,255,036 | |
| Williams Companies 01/15/2025 3.900% | 1,100,000 |
|
| 1,067,593 | |
|
|
|
|
|
| 10,736,919 |
6.98% | Financials: |
|
|
|
|
|
| Ally 11/20/2025 5.750% | 250,000 |
|
| 240,765 | |
| Ares Financial 10/08/2024 4.000% | 1,000,000 |
|
| 958,757 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Avolon Holdings Funding 05/15/2024 5.250% Bank of America 06/19/2164 4.375%^
(5 year US Treasury Rate + 2.000%) Barclays PLC 05/07/2026 2.852%
Banque Federative due Credit Mutuel 10/04/2026 1.604% Blackstone Private Credit 01/15/2025 2.700% Blackstone Private Credit 09/15/2024 1.750% CITIGROUP INC 06/19/2164 Perpetual
Credit Agricole SA 01/26/207 1.247%^
(US Treasury Note 12/31/2025 0.375% + 0.800%) 144A Element Fleet Management 4/06/2024 1.600%
EPR Properties 4/15/2028 4.950% Fifth Third Bank 10/27/2025 5.852%^
(US Treasury Note 9/30/2024 4.250% + 1.350%) First Citizens Bancshares 06/19/2164 8.838%^
(Quarterly US Libor + 3.972%) Goldman Sachs Group Inc. 3.650% ING Groep NV 03/29/2027 3.950% Lloyds Banking 03/18/2026 3.511%^
(US Treasury Note 2/15/2025 1.500% + 1.600%) MacQuarie Group 06/21/2028 4.098%
Old Republic 10/01/2024 4.875% RLI Corp. 09/15/2023 4.875%
SBL Holdings Inc. 11/13/2026 5.125% SLM Corp. 10/29/2025 4.200%
Societe Generale 11/24/2025 4.750% 144A
Societe General 03/28/2024 3.875% 144A Synchrony Bank 08/22/2025 5.400% Wells Fargo & Co. 08/15/2023 4.125%
4.12% Industrials:
1,000,000 | $ | 982,473 |
125,000 |
| 106,594 |
250,000 |
| 234,146 |
2,000,000 |
| 1,764,702 |
250,000 |
| 233,193 |
115,000 |
| 107,913 |
500,000 |
| 426,875 |
2,000,000 |
| 1,771,402 |
1,059,000 |
| 1,021,166 |
220,000 |
| 196,537 |
400,000 |
| 389,639 |
1,000,000 |
| 959,719 |
500,000 |
| 386,500 |
2,000,000 |
| 1,894,010 |
550,000 |
| 523,493 |
2,000,000 |
| 1,869,796 |
1,000,000 |
| 980,512 |
1,000,000 |
| 997,346 |
600,000 |
| 529,801 |
110,000 |
| 102,196 |
250,000 |
| 238,122 |
500,000 |
| 489,262 |
600,000 |
| 574,192 |
20,000 |
| 19,955 |
|
|
|
|
| 17,999,066 |
Aircastle Ltd. 05/01/2024 4.125% | 1,100,000 | 1,070,360 |
Ball Corp. 03/15/2026 4.875% | 500,000 | 486,356 |
Boeing Co. 02/01/2024 1.950% | 1,000,000 | 977,183 |
Can-pack SA 11/01/2025 3.125% | 500,000 | 457,430 |
Fluor Corp. 09/15/2028 4.250% | 440,000 | 408,197 |
Hubbell Inc. 08/15/2027 3.150% | 3,179,000 | 2,935,082 |
Jeld-Wen Inc. 05/15/2025 6.250% | 550,000 | 554,813 |
Korn Ferry International 12/15/2027 4.625% | 500,000 | 469,818 |
Ryder System Inc. 09/01/2025 3.350% | 1,000,000 | 949,194 |
Sealed Air Corp. 12/01/2024 5.125% | 500,000 | 494,100 |
Timken Co. 05/08/2028 6.875% | 300,000 | 304,002 |
Timken Co. 12/15/2028 4.500% | 500,000 | 475,160 |
Weyerhaeuser Co. 02/15/2026 7.700% | 1,000,000 | 1,051,343 |
|
| 10,633,038 |
|
| CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
|
| June 30, 2023 - (unaudited) |
|
|
|
|
|
|
|
0.93% | Information Technology: |
|
|
|
| Micron Technology Inc. 02/15/2027 4.185% | 250,000 | $ | 239,526 |
| Qorvo Inc. 12/15/2024 1.750% | 550,000 |
| 511,416 |
| Trimble Inc. 12/01/2024 4.750% | 1,200,000 |
| 1,177,770 |
| Western Digital Corp. 02/15/2026 4.750% | 500,000 |
| 476,259 |
|
|
|
| 2,404,971 |
1.93% | Materials: |
|
|
|
| Celanese US Holdings LLC 03/15/2025 6.050% | 1,000,000 |
| 995,914 |
| FMC Corp. 10/01/2026 3.200% | 800,000 |
| 742,540 |
| Nutrien Ltd. 11/07/2024 5.900% | 500,000 |
| 500,147 |
| Reliance Steel & Aluminum 08/15/2025 1.300% | 1,000,000 |
| 912,900 |
| Steel Dynamics Inc. 12/15/2026 5.000% | 813,000 |
| 800,520 |
| Domtar Corp. 10/01/2028 6.750% 144A | 100,000 |
| 84,901 |
| Worthington Industries 04/15/2026 4.550% | 1,000,000 |
| 945,294 |
|
|
|
| 4,982,216 |
1.50% | Utilities: |
|
|
|
| Jersey Central 04/01/2024 4.700% | 1,000,000 |
| 989,386 |
| Southern Co. 07/01/2023 2.950% | 1,858,000 |
| 1,858,000 |
| Washington Gas Light 10/09/2026 6.820% | 1,000,000 |
| 1,019,216 |
|
|
|
| 3,866,602 |
25.34% | TOTAL CORPORATE BONDS |
|
| 65,381,632 |
49.23% | ASSET BACKED BONDS |
|
|
|
| AM Capital Funding LLC 12/15/2023 4.980% | 580,000 |
| 579,539 |
| American Credit Acceptance 11/15/2027 1.340% 144A | 1,000,000 |
| 935,398 |
| American Credit Aceptance 06/13/2028 4.850% 144A | 1,100,000 |
| 1,051,053 |
| American Credit Acceptance 02/14/2028 1.820% | 720,000 |
| 702,718 |
| American Credit Acceptance 06/13/2028 4.410% 144A | 2,062,500 |
| 2,019,499 |
| American Credit Acceptance 12/12/2025 2.970% 144A | 521,536 |
| 518,930 |
| American Credit Acceptance 05/13/2026 5.650% | 2,000,000 |
| 1,996,516 |
| American Credit Acceptance 12/14/2026 1.310% | 317,842 |
| 314,016 |
| Angel Oak Mortgage 01/25/2066 0.909% | 72,590 |
| 59,604 |
| Aqua Finance Trust 07/17/2046 1.900% | 569,676 |
| 525,903 |
| Ari Fleet Lease Trust 03/15/2030 0.370% | 26,677 |
| 26,480 |
| Arivo Acceptance LLC 05/15/2028 3.930% 144A | 787,601 |
| 764,540 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Arivo Acceptance LLC 01/16/2029 6.900% Avid Automobile 07/15/2026 3.140% Avid Automobile 12/15/2027 7.350% AVIS Budget Rental Car 03/20/2026 2.650% DT Auto Owner Trust 02/18/2025 3.480%
Carmax Auto Owner Trust 10/15/2027 1.550% 144A Carmax Auto Owner Trust 02/15/2024 4.964% Carmax Auto Owner Trust 01/15/2026 5.570% Carvana Auto Receivables Trust 01/15/2026 5.640% Carvana Auto Receivables Trust 12/11/2028 2.310% 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% Carvana Auto Receivables Trust 11/10/2028 5.540% Carvana Auto Receivables Trust 08/10/2026 5.980% Carvana Auto Receivables Trust 09/11/2028 1.240% Carvana Auto Receivables Trust 01/15/2026 3.430% Carvana Auto Receivables Trust 04/12/2027 6.360% CCG Receivables Trust 03/14/2024 5.395% Citigroup Mortgage 08/25/2050 2.500%
COMM Mortgage Trust 09/15/2033 7.380% CPS Auto Trust 04/15/2030 4.180%
CPS Auto Trust 04/15/2030 4.880%
CPS Auto Trust 07/15/2025 4.300%
CPS Auto Trust 08/15/2028 5.190%
CPS Auto Trust 10/15/2029 7.140%
CPS Auto Trust 11/15/2030 10.720% Credit Acceptance Auto 05/15/2030 1.000% Credit Suisse Mortgage Trust 04/25/2044 3.779% Credit Suisse Mortgage Trust 04/25/2044 3.779% Drive Auto Receivables Trust 10/15/2026 3.180% Drive Auto Receivable 10/15/2027 0.870%
DT Auto Owner Trust 02/16/2027 1.500%
DT Auto Owner Trust 05/17/2027 1.310%
DT Auto Owner Trust 01/18/2028 2.380%
DT Auto Owner Trust 03/15/2028 4.720%
DT Auto Owner Trust 06/15/2026 1.470%
DT Auto Owner Trust 11/17/2025 2.550% Exeter Auto Receivables 01/15/2026 5.200% 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 0.740% Exeter Auto Receivables 01/15/2026 0.690% Exeter Auto Receivables 12/15/2026 4.860% Exeter Auto Receivables 10/15/2027 1.460%
Federal Home Loan Mortgage Corp. 12/25/2041 6.969% Federal Home Loan Mortgage Corp. 01/25/2031 9.433% Federal Home Loan Mortgage Corp. 07/25/2042 8.669% 144A Federal Home Loan Mortgage Corp. 02/25/2046 0.220% Federal Home Loan Mortgage Corp. 02/25/2047 0.170% Federal Home Loan Mortgage Corp. 08/25/2042 0.046% Federal Home Loan Mortgage Corp. 09/25/2042 7.568% 144A Federal Home Loan Mortgage Corp. 10/25/2032 3.000%
815,133 | $ | 808,727 |
974,282 |
| 972,032 |
900,000 |
| 889,126 |
2,275,000 |
| 2,140,227 |
211,002 |
| 210,649 |
250,000 |
| 227,339 |
261,474 |
| 261,396 |
1,000,000 |
| 1,001,313 |
1,633,461 |
| 1,628,629 |
149,453 |
| 145,605 |
550,000 |
| 512,844 |
338,481 |
| 310,255 |
100,000 |
| 88,770 |
175,000 |
| 169,044 |
3,000,000 |
| 2,991,660 |
357,441 |
| 329,968 |
1,929,555 |
| 1,906,981 |
1,635,282 |
| 1,629,743 |
601,529 |
| 601,198 |
79,221 |
| 65,677 |
65,000 |
| 49,692 |
47,397 |
| 47,043 |
1,250,000 |
| 1,229,188 |
994,223 |
| 981,966 |
2,200,000 |
| 2,115,641 |
1,100,000 |
| 1,006,699 |
450,000 |
| 459,214 |
2,684,876 |
| 2,615,064 |
1,059,929 |
| 993,863 |
808,652 |
| 680,935 |
585,980 |
| 582,026 |
2,500,000 |
| 2,440,935 |
1,332,000 |
| 1,240,422 |
1,200,000 |
| 1,082,250 |
250,000 |
| 227,180 |
2,000,000 |
| 1,935,058 |
1,422,602 |
| 1,391,463 |
1,004,105 |
| 981,578 |
1,000,000 |
| 998,374 |
308,505 |
| 306,677 |
550,000 |
| 523,532 |
962,500 |
| 864,184 |
920,968 |
| 909,217 |
796,699 |
| 791,499 |
1,608,000 |
| 1,587,313 |
1,000,000 |
| 956,965 |
250,000 |
| 243,595 |
1,000,000 |
| 1,074,376 |
250,000 |
| 255,309 |
22,862,461 |
| 57,979 |
27,955,599 |
| 61,279 |
684,819 |
| 90,549 |
605,828 |
| 608,670 |
96,175 |
| 95,560 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Federal Home Loan Mortgage Corp. 11/25/2046 0.170% First Investors Auto 01/15/2027 2.030%
First Investors Auto 06/15/2029 5.410%
First Investors Auto 12/15/2025 2.800% Flagship Credit 09/15/2027 1.460% Flagship Credit 04/15/2026 3.800% Ford Credit 04/15/2024 5.028% Foursight Capital Auto 05/15/2028 3.070% Freddie Mac 05/15/2027 3.000% Freddie Mac 03/15/2045 3.500% Freddie Mac 07/15/2029 3.000% Freddie Mac - STACR 05/25/2042 7.170% GCAT 08/25/2066 1.915%
GLS Auto Receivable Trust 07/15/2027 4.310% GLS Auto Receivables 02/18/2025 3.540% GLS Auto Receivables 05/15/2025 2.960% GLS Auto Receivables 08/15/2025 3.060% GM Financial Autombile 02/20/2024 4.948% Government National Mortgage 03/16/2043 5.510% Government National Mortgage 12/16/2040 4.000% Government National Mortgage 07/20/2028 3.500% GS Mortgage Securities 09/10/2047 4.162% Harvest SBA Loan Trust 06/25/2047 7.290% 144A HPEFS Equipment Trust 03/20/2024 5.450% Hyundai Auto Receivables 04/15/2024 5.167%
JP Morgan Commercial Mortgage 05/25/2050 3.500% 144A JP Morgan Commercial Mortgage 10/25/2029 2.764% 144A JPMBB Commercial Mortgage 05/15/2048 3.342%
JP Morgan Trust 01/25/2051 3.000% 144A
JP Morgan Chase 01/25/2028 1.886% 144A LAD Auto Receivables Trust 06/15/2027 5.930% LAD Auto Receivables Trust 08/17/2026 1.300% LAD Auto Receivables Trust 04/15/2030 6.850% LendingPoint 02/15/2030 6.560%
Lobel Automobile 07/15/2026 6.970%
Mariner Finance 07/20/2032 2.960% Marlette Funding Trust 12/17/2029 3.760% Mass Mututal Life 11/15/2023 7.625%
Mill City Mortgage 04/25/2066 3.500% 144A Monongahela Power 04/15/2024 4.100% Morgan Stanley ReRemic Trust 12/26/2046 4.737% Navient Student Loans 02/18/2042 3.190% 144A
Newtek Small Business Loan Trust 02/25/2044 6.840% 144A Oasis Securitisation 02/15/2035 7.000%
Pagaya AI Debt Selection Trust 05/15/2029 1.150% Pagaya AI Debt Section Trust 05/17/2027 6.430% Pagaya AI Debt Section 01/25/2029 3.000% Provident Funding Mortgage 04/25/2051 2.500% 144A Prestige Auto Receivables 08/15/2025 3.010% Saluda Grade 06/25/2053 7.162%
Santander Consumer Auto 04/15/2026 5.490% Santander Drive 01/15/2027 1.480% Santander Drive 02/16/2027 1.260% Santander Drive 11/16/2026 1.130% 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%
42,004,933 | $ | 86,446 |
785,354 |
| 764,659 |
500,000 |
| 451,010 |
1,295,000 |
| 1,282,084 |
350,000 |
| 320,060 |
616,773 |
| 614,585 |
439,785 |
| 439,637 |
600,000 |
| 545,584 |
1,830,469 |
| 69,534 |
434,270 |
| 420,540 |
159,883 |
| 158,415 |
2,020,640 |
| 2,033,532 |
165,379 |
| 140,954 |
725,000 |
| 697,083 |
95,509 |
| 95,212 |
285,464 |
| 283,472 |
1,898,586 |
| 1,877,297 |
71,736 |
| 71,716 |
2,626 |
| 2,621 |
4,146,916 |
| 683,068 |
380,967 |
| 378,209 |
750,000 |
| 714,384 |
711,815 |
| 681,562 |
1,093,189 |
| 1,092,442 |
983,171 |
| 982,848 |
49,706 |
| 43,833 |
93,258 |
| 87,659 |
243,892 |
| 232,393 |
147,625 |
| 142,769 |
46,002 |
| 45,734 |
750,000 |
| 746,332 |
1,142,188 |
| 1,113,325 |
726,000 |
| 723,348 |
358,964 |
| 358,483 |
1,080,120 |
| 1,073,802 |
378,158 |
| 375,432 |
2,840,756 |
| 2,807,976 |
375,000 |
| 375,828 |
788,028 |
| 747,202 |
1,000,000 |
| 982,781 |
38,262 |
| 38,165 |
74,129 |
| 73,917 |
665,709 |
| 657,085 |
258,799 |
| 257,515 |
141,342 |
| 140,021 |
1,799,734 |
| 1,794,992 |
29,957 |
| 28,750 |
845,193 |
| 678,433 |
3,000,000 |
| 2,978,586 |
977,059 |
| 974,640 |
2,500,000 |
| 2,483,235 |
225,000 |
| 217,330 |
1,000,000 |
| 961,211 |
3,595,000 |
| 3,438,280 |
500,000 |
| 477,540 |
417,019 |
| 415,363 |
3,000,000 |
| 2,996,838 |
CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 - (unaudited)
Santander Retail 11/20/2025 1.410%
Santander Drive Auto 10/15/2025 0.330%
SCF Equipment Trust LLC 04/20/2026 2.470%
SCF Equipment Trust LLC 08/21/2028 0.830%
SCF Equipment Trust LLC 07/20/2032 5.260%
Seashine Holding 05/20/2025 6.000%
Sequoia Mortgage Trust 04/25/2050 3.000%
Spruce Hill Mortgage Loan Trust 01/28/2050 2.521%
SMB Private Education 09/15/2037 2.230%
SOFI Consumer 09/25/2030 1.300%
Towd Point 02/25/2063 6.875%
TRI Pointe Grup 06/15/2024 5.875%
Tricolor Auto Group 06/15/2028 13.450%
Tricolor Auto Group 02/18/2025 3.300%
Tricon American Homes 01/17/2036 3.473%
Trinity Rail Leasing 10/18/2049 2.390%
Triton Container 06/07/2024 1.150%
United Auto Credit 11/10/2028 5.000%
United Auto Credit 04/10/2029 10.000%
Upstart Structured 11/15/2030 7.010%
USASF Receivables LLC 03/17/2025 1.490%
USASF Receivables LLC 03/15/2027 9.350%
USASF Receivables LLC 04/15/2025 3.980%
VEROS Auto Receivables 11/15/2028 7.120%
Veros Auto Receivables 07/16/2029 7.230%
Verus Securitization Trust 11/25/2059 3.192%
Verus Securitization Trust 07/25/2059 2.910%
Warner Media Holdings 03/15/2024 3.428%
Westlake Automobile 03/15/2027 3.490%
Westlake Automobile 01/15/2026 2.760%
Westlake Automobile 03/15/2024 5.266% 144A
WinWater Mortgage Loan Trust 01/20/2046 3.771%
World Omni Auto 02/15/2024 4.867%
World Omni Select 03/15/2027 5.918%
49.23% TOTAL ASSET BACKED BONDS
22.40% TREASURY NOTES
1,170,000 | $ | 1,117,893 |
520,402 |
| 515,031 |
289,337 |
| 288,108 |
360,371 |
| 351,546 |
500,000 |
| 435,671 |
1,800,000 |
| 1,726,470 |
197,586 |
| 186,832 |
685,366 |
| 677,581 |
1,215,675 |
| 1,114,256 |
924,000 |
| 893,936 |
543,511 |
| 540,429 |
1,000,000 |
| 992,500 |
600,000 |
| 613,764 |
230,217 |
| 228,851 |
459,000 |
| 450,658 |
289,065 |
| 270,146 |
1,827,000 |
| 1,732,573 |
850,000 |
| 760,690 |
600,000 |
| 570,409 |
911,081 |
| 909,304 |
510,699 |
| 504,191 |
2,040,000 |
| 2,051,750 |
463,230 |
| 444,666 |
969,891 |
| 967,989 |
1,900,000 |
| 1,766,149 |
394,375 |
| 379,498 |
22,600 |
| 21,766 |
1,000,000 |
| 981,817 |
487,200 |
| 461,622 |
2,160,000 |
| 2,125,198 |
1,176,983 |
| 1,176,156 |
175,264 |
| 160,754 |
353,984 |
| 353,831 |
2,000,000 |
| 1,997,398 |
|
| 126,995,859 |
| TREASURY BILL 09/28/2023 (1) | 5,000,000 |
| 4,935,241 |
| TREASURY BILL 08/22/2023 (1) | 5,000,000 |
| 4,962,035 |
| US TREASURY 02/15/2024 2.750% | 5,000,000 |
| 4,918,164 |
| US TREASURY 11/30/2023 2.125% | 5,000,000 |
| 4,934,570 |
| US TREASURY 01/31/2027 1.500% | 1,287,000 |
| 1,165,790 |
| US Treasury 11/15/2024 0.750% | 5,000,000 |
| 4,702,735 |
| US Treasury 11/30/2023 0.500% | 6,700,000 |
| 6,568,097 |
| US TREASURY N/B 02/28/2027 1.875% | 4,000,000 |
| 3,666,564 |
| US TREASURY 03/31/2024 2.250% | 5,000,000 |
| 4,883,203 |
| US TREASURY N/B 01/31/2025 4.125% | 17,300,000 |
| 17,028,338 |
22.40% | TOTAL TREASURY NOTES |
|
| 57,764,737 |
96.97% | TOTAL DEBT SECURITIES |
|
| 250,142,228 |
0.23% | PREFERRED STOCK | Shares |
| |
| Farm Credit Bank 6.700% Perpetual | 6,000 |
| 607,500 |
0.23% | TOTAL PREFERRED STOCK |
|
| 607,500 |
| CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND |
|
| |
|
| SCHEDULE OF INVESTMENTS |
|
|
|
| June 30, 2023 - (unaudited) |
|
|
|
|
|
|
|
12.89% | MONEY MARKET FUND |
|
|
|
| Federated Government Obligation Institutional Shares, 4.92% (A) | 33,269,830 | $ | 33,269,830 |
110.09% | TOTAL INVESTMENTS |
|
| 284,019,558 |
-10.09% | Liabilities in excess of other assets |
|
| (26,028,110) |
100.00% | NET ASSETS |
| $ | 257,991,448 |
|
|
|
|
|
(A)Effective 7 day yield as of June 30, 2023
(1) Zero-coupon bond
^ Rate is determined periodically. Rate shown is the rate in effect on June 30, 2023.
144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $17,024,179 and is 6.79% of the Fund's net assets.
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 | $ | - | $ | 65,381,632 | $ | - | $ | 65,381,632 |
ASSET BACKED BONDS |
| - |
| 126,995,859 |
| - |
| 126,995,859 |
U.S. TREASURY NOTES |
| 57,764,737 |
| - |
| - |
| 57,764,737 |
PREFERRED STOCKS |
| 607,500 |
| - |
| - |
| 607,500 |
MONEY MARKET FUNDS |
| 33,269,830 |
| - |
| - |
| 33,269,830 |
TOTAL INVESTMENTS | $ | 91,642,067 | $ | 192,377,491 | $ | - | $ | 284,019,558 |
|
|
|
|
|
|
|
|
|
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 $290,049,543 and the related tax-based net unrealized appreciation (depreciation) consists of: |
|
|
|
|
|
|
| |
| Gross unrealized appreciation |
|
|
| $ | 229,088 |
|
|
| Gross unrealized depreciation |
|
|
|
| (6,259,073) |
|
|
| Net unrealized appreciation |
|
|
| $ | (6,029,985) |
|
|
|
|
|
|
|
|
|
|
|