CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| | Shares | | | Value |
0.00% | EXCHANGE TRADED FUND | | | | | |
0.00% | HIGH YIELD BONDS | | | | | |
| iShares Fallen Angels USD Bond ETF | 1 | $ | 27 | |
0.00% | TOTAL EXCHANGE TRADED FUND | | | | 27 | |
96.62% | DEBT SECURITIES | | | | | |
30.25% | ASSET BACKED BONDS | | | | | |
| Affirm Asset Securitization Trust 11/16/2026 1.170% 144A | 5,250 | | | 5,204 | |
| Allegro CLO Ltd. 01/19/2033 6.517%^ 144A | 470,000 | | | 472,256 | |
| (CME Term SOFR 3 Month + 1.900%) | | | | | |
| Amer. Credit Accept. Receivables Trust 11/15/2027 1.340% 144A | 384,877 | | | 382,344 | |
| Amer. Credit Accept. Receivables Trust 02/14/2028 1.820% 144A | 195,477 | | | 194,555 | |
| Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A | 805,309 | | | 804,705 | |
| Aqua Finance Trust 07/17/2046 1.900% 144A | 183,649 | | | 173,934 | |
| Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770%^ 144A | 450,000 | | | 447,682 | |
| ((CME Term SOFR 1 Month + 0.114%) + 0.720%) | | | | | |
| Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% 144A | 500,000 | | | 501,164 | |
| Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A | 144,899 | | | 144,276 | |
| Atlas Senior Loan Fund 04/22/2031 6.493%^ 144A | 516,000 | | | 522,656 | |
| (ICE LIBOR USD 3 Month + 1.600%) | | | | | |
| Avid Automobile Receivables Trust 12/15/2027 7.350% 144A | 600,000 | | | 603,981 | |
| Avis Budget Rental Car Funding AESOP LLC 03/20/2026 2.650% 144A | 900,000 | | | 897,089 | |
| Benefit Street Partners CLO Ltd. 07/15/2037 5.836%^ 144A | 893,000 | | | 892,911 | |
| (CME Term SOFR 3 Month + 1.180%) | | | | | |
| Bluemountain CLO 10/20/2030 6.479%^ 144A | 480,000 | | | 486,720 | |
| (ICE LIBOR USD 3 Month + 1.600%) | | | | | |
| Carmax Auto Owner Trust 10/15/2027 1.550% | 250,000 | | | 246,626 | |
| Carmax Auto Owner Trust 04/16/2029 8.080% | 1,000,000 | | | 1,055,065 | |
| CarNow Auto Receivables Trust 03/15/2027 2.250%^ 144A | 394,115 | | | 391,881 | |
| ((CME Term SOFR 3 Month + 0.262%) + 1.870%) | | | | | |
| Carvana Auto Receivables Trust 01/10/2031 4.740% | 450,000 | | | 438,488 | |
| Carvana Auto Receivables Trust 12/11/2028 4.130% 144A | 217,177 | | | 214,821 | |
| Carvana Auto Receivables Trust 03/10/2028 2.900% 144A | 61,841 | | | 59,222 | |
| Carvana Auto Receivables Trust 03/10/2028 1.070% | 112,760 | | | 108,393 | |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
ASSET BACKED BONDS Continued | Shares | | | Value |
| | | | | |
Carvana Auto Receivables Trust 03/10/2028 0.970% | 143,972 | $ | 139,812 |
Carvana Auto Receivables Trust 04/10/2028 5.080% | 2,000,000 | | | 2,005,502 |
Carvana Auto Receivables Trust 04/12/2027 6.360% 144A | 165,860 | | | 166,233 |
COMM Mortgage Trust 09/15/2033 6.870%^ 144A | 55,000 | | | 13,387 |
(ICE LIBOR USD 1 Month + 2.177%) | | | | |
CoreVest American Finance Trust 10/15/2054 2.911% 144A | 960,000 | | | 875,374 |
CPS Auto Receivables Trust 04/15/2030 4.880% 144A | 115,243 | | | 115,244 |
CPS Auto Trust 10/15/2029 7.140% 144A | 900,000 | | | 917,572 |
CPS Auto Trust 11/15/2030 10.720% 144A | 300,000 | | | 326,754 |
CPS Auto Trust 08/15/2028 5.190% 144A | 1,800,000 | | | 1,801,148 |
Crossroads Asset Trusts 08/20/2030 5.900% 144A | 238,218 | | | 241,122 |
DT Auto Owner Trust 12/15/2027 3.400%^ 144A | 576,000 | | | 569,711 |
((CME Term SOFR 3 Month + 0.262%) + 1.600%) | | | | |
DT Auto Owner Trust 02/16/2027 1.500% 144A | 570,630 | | | 564,770 |
DT Auto Owner Trust 05/17/2027 1.310% 144A | 744,394 | | | 724,988 |
DT Auto Owner Trust 09/15/2028 2.650%^ 144A | 450,000 | | | 437,655 |
((CME Term SOFR 3 Month + 0.262%) + 1.800%) | | | | |
Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A | 787,500 | | | 776,607 |
Exeter Automobile Receivables Trust 04/15/2027 1.400% | 1,122,337 | | | 1,095,739 |
Exeter Automobile Receivables Trust 06/15/2027 1.550% | 1,018,467 | | | 993,785 |
Exeter Automobile Receivables Trust 06/15/2028 3.020% | 1,130,000 | | | 1,111,706 |
Exeter Automobile Receivables Trust 07/17/2028 4.560% | 483,750 | | | 482,038 |
Federal Home Loan Mortgage Corp. 01/25/2034 6.219%^ 144A | 37,680 | | | 37,935 |
(United States 30 Day Average SOFR + 1.650%) | | | | |
Federal Home Loan Mortgage Corp. 01/25/2042 7.969%^ 144A | 100,000 | | | 102,928 |
(United States 30 Day Average SOFR + 3.400%) | | | | |
Federal Home Loan Mortgage Corp. 01/25/2042 7.069%^ 144A | 1,250,000 | | | 1,272,583 |
(United States 30 Day Average SOFR + 2.500%) | | | | |
Federal Home Loan Mortgage Corp. 01/25/2051 6.369%^ 144A | 506,831 | | | 512,114 |
(United States 30 Day Average SOFR + 1.800%) | | | | |
Federal Home Loan Mortgage Corp. 10/25/2041 6.069%^ 144A | 1,000,000 | | | 1,005,951 |
(United States 30 Day Average SOFR + 1.500%) | | | | |
Federal Home Loan Mortgage Corp. 11/25/2041 6.369%^ 144A | 477,000 | | | 481,468 |
(United States 30 Day Average SOFR + 1.800%) | | | | |
Federal Home Loan Mortgage Corp. 12/25/2041 11.569%^ 144A | 500,000 | | | 533,654 |
(United States 30 Day Average SOFR + 7.000%) | | | | |
Federal Home Loan Mortgage Corp. 02/25/2042 6.969%^ 144A | 1,400,000 | | | 1,433,029 |
(United States 30 Day Average SOFR + 2.400%) | | | | |
Federal Home Loan Mortgage Corp. 03/25/2042 8.069%^ 144A | 500,000 | | | 522,736 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
ASSET BACKED BONDS Continued | Shares | | | Value |
| | | | | |
(United States 30 Day Average SOFR + 3.500%) | | | | |
Federal Home Loan Mortgage Corp. 03/25/2042 9.819%^ 144A | 250,000 | $ | 269,311 |
(United States 30 Day Average SOFR + 5.250%) | | | | |
Federal Home Loan Mortgage Corp. 03/25/2043 6.660%^ 144A | 762,936 | | | 773,949 |
(United States 30 Day Average SOFR + 2.100%) | | | | |
Federal Home Loan Mortgage Corp. 04/25/2042 7.469%^ 144A | 586,000 | | | 606,874 |
(United States 30 Day Average SOFR + 2.900%) | | | | |
Federal Home Loan Mortgage Corp. 04/25/2043 6.660%^ 144A | 1,051,051 | | | 1,067,645 |
(United States 30 Day Average SOFR + 2.100%) | | | | |
Federal Home Loan Mortgage Corp. 05/15/2027 3.000% | 710,691 | | | 16,374 |
Federal Home Loan Mortgage Corp. 05/25/2042 6.769%^ 144A | 1,267,675 | | | 1,287,813 |
(United States 30 Day Average SOFR + 2.200%) | | | | |
Federal Home Loan Mortgage Corp. 05/25/2043 6.569%^ 144A | 513,734 | | | 520,310 |
(United States 30 Day Average SOFR + 2.000%) | | | | |
Federal Home Loan Mortgage Corp. 06/25/2042 11.319%^ 144A | 1,000,000 | | | 1,123,660 |
(United States 30 Day Average SOFR + 6.750%) | | | | |
Federal Home Loan Mortgage Corp. 06/25/2043 6.569%^ 144A | 1,166,735 | | | 1,173,580 |
(United States 30 Day Average SOFR + 2.000%) | | | | |
Federal Home Loan Mortgage Corp. 09/25/2042 6.719% 144A | 438,754 | | | 442,910 |
Federal Home Loan Mortgage Corporation 01/25/2042 6.419%^ 144A | 650,000 | | | 659,239 |
(United States 30 Day Average SOFR + 1.850%) | | | | |
Federal National Mortgage Assoc. 01/25/2031 8.933%^ | 534,000 | | | 585,719 |
(ICE LIBOR USD 1 Month + 4.250%) | | | | |
Federal National Mortgage Assoc. 01/25/2043 6.869%^ 144A | 323,632 | | | 331,128 |
(United States 30 Day Average SOFR + 2.300%) | | | | |
Federal National Mortgage Assoc. 10/25/2041 6.119%^ 144A | 275,625 | | | 276,899 |
(United States 30 Day Average SOFR + 1.550%) | | | | |
Federal National Mortgage Assoc. 10/25/2043 6.069%^ 144A | 870,078 | | | 874,244 |
(United States 30 Day Average SOFR + 1.500%) | | | | |
Federal National Mortgage Assoc. 11/25/2046 0.114% | 22,139,981 | | | 41,933 |
Federal National Mortgage Assoc. 12/25/2032 2.000% | 67,859 | | | 62,737 |
Federal National Mortgage Assoc. 12/25/2041 6.469%^ 144A | 250,000 | | | 253,564 |
(United States 30 Day Average SOFR + 1.900%) | | | | |
Federal National Mortgage Assoc. 12/25/2041 6.219%^ 144A | 1,000,000 | | | 1,010,279 |
(United States 30 Day Average SOFR + 1.650%) | | | | |
Federal National Mortgage Assoc. 12/25/2042 6.960%^ 144A | 718,722 | | | 738,800 |
(United States 30 Day Average SOFR + 2.400%) | | | | |
Federal National Mortgage Assoc. 02/25/2046 0.164% | 15,366,207 | | | 50,524 |
Federal National Mortgage Assoc. 02/25/2047 0.114% | 15,310,395 | | | 37,909 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
ASSET BACKED BONDS Continued | Shares | | | Value |
| | | | | |
Federal National Mortgage Assoc. 04/25/2042 7.569%^ 144A | 1,000,000 | $ | 1,036,442 |
(United States 30 Day Average SOFR + 3.000%) | | | | |
Federal National Mortgage Assoc. 04/25/2042 6.469%^ 144A | 688,388 | | | 693,118 |
(United States 30 Day Average SOFR + 1.900%) | | | | |
Federal National Mortgage Assoc. 04/25/2043 7.069%^ 144A | 499,537 | | | 508,749 |
(United States 30 Day Average SOFR + 2.500%) | | | | |
Federal National Mortgage Assoc. 05/25/2042 7.319%^ 144A | 550,608 | | | 565,306 |
(United States 30 Day Average SOFR + 2.750%) | | | | |
Federal National Mortgage Assoc. 06/25/2042 7.510%^ 144A | 562,758 | | | 581,447 |
(United States 30 Day Average SOFR + 2.950%) | | | | |
Federal National Mortgage Assoc. 06/25/2043 6.460%^ 144A | 297,057 | | | 300,038 |
(United States 30 Day Average SOFR + 1.900%) | | | | |
Federal National Mortgage Assoc. 07/25/2042 8.169%^ 144A | 2,110,000 | | | 2,224,985 |
(United States 30 Day Average SOFR + 3.600%) | | | | |
Federal National Mortgage Assoc. 07/25/2042 7.119%^ 144A | 1,141,876 | | | 1,172,548 |
(United States 30 Day Average SOFR + 2.550%) | | | | |
Federal National Mortgage Assoc. 07/25/2043 6.269%^ 144A | 253,508 | | | 254,427 |
(United States 30 Day Average SOFR + 1.700%) | | | | |
Federal National Mortgage Assoc. 08/25/2042 3.500% | 333,748 | | | 48,922 |
Federal National Mortgage Assoc. 09/25/2042 7.060%^ 144A | 307,949 | | | 314,071 |
(United States 30 Day Average SOFR + 2.500%) | | | | |
First Investors Auto Owner Trust 01/15/2027 2.030% 144A | 45,430 | | | 45,348 |
First Investors Auto Owner Trust 06/15/2029 5.410% 144A | 500,000 | | | 483,127 |
Flagship Credit Auto Trust 09/15/2027 1.460% 144A | 414,000 | | | 407,041 |
Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A | 400,000 | | | 392,071 |
GLS Auto Receivables Issuer Trust 01/15/2027 4.920% 144A | 7,663 | | | 7,663 |
GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A | 292,500 | | | 290,854 |
GLS Auto Receivables Trust 07/15/2027 4.310% 144A | 569,074 | | | 568,885 |
Government National Mortgage Assoc. 10/20/2052 5.000% | 847,888 | | | 839,382 |
Government National Mortgage Assoc. 11/20/2051 3.000% | 7,984,759 | | | 1,323,314 |
Halcyon Loan Advisors Funding 07/21/2031 6.679%^ 144A | 467,000 | | | 476,340 |
(ICE LIBOR USD 3 Month + 1.800%) | | | | |
Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A | 388,979 | | | 385,089 |
(ICE LIBOR USD 1 Month + 2.150%) | | | | |
ICG US CLO Ltd. 01/15/2031 7.363% | 470,000 | | | 471,786 |
Jamestown CLO 04/20/2032 6.467%^ 144A | 480,000 | | | 483,312 |
((CME Term SOFR 3 Month + 0.262%) + 1.600%) | | | | |
JPMBB Commercial Mortgage Securitization Trust 05/15/2048 3.342% | 177,900 | | | 177,512 |
Lad Auto Receivables Trust 04/15/2030 6.850% 144A | 484,000 | | | 494,410 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
ASSET BACKED BONDS Continued | Shares | | | Value |
| | | | | |
LAD Auto Receivables Trust 06/15/2027 5.930% 144A | 109,635 | $ | 109,911 |
Lendbuzz Securitization Trust 12/15/2028 7.500% 144A | 285,555 | | | 292,854 |
Lendbuzz Securitization Trust 05/15/2029 5.990% 144A | 416,713 | | | 421,053 |
Libra Solutions LLC 02/15/2035 7.000% 144A | 50,820 | | | 50,903 |
Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A | 110,353 | | | 111,394 |
Lobel Automobile Receivables Trust 07/15/2026 6.970% 144A | 23,304 | | | 23,319 |
Ocwen Loan Invest Trust 02/25/2037 3.000% 144A | 240,708 | | | 233,151 |
Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A | 449,832 | | | 460,735 |
PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A | 450,000 | | | 444,186 |
Polus Capital Management 10/20/2037 5.882%^ 144A | 900,000 | | | 901,620 |
(CME Term SOFR 3 Month + 1.250%) | | | | |
Prestige Auto Receivables Trust 02/15/2028 1.530% 144A | 370,622 | | | 366,409 |
Provident Funding Mortgage Trust 04/25/2051 2.500% 144A | 781,409 | | | 624,059 |
Research-Driven Pagaya 03/25/2032 7.540% 144A | 162,793 | | | 165,091 |
Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A | 450,000 | | | 453,803 |
Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A | 240,000 | | | 242,353 |
Santander Drive Auto Receivables Trust 04/17/2028 2.560% | 135,806 | | | 135,574 |
Santander Drive Auto Receivables Trust 09/15/2027 1.330% | 700,486 | | | 691,176 |
Saratoga Investment Corp. 04/20/2033 6.679%^ 144A | 450,000 | | | 452,025 |
((CME Term SOFR 3 Month + 0.261%) + 1.700%) | | | | |
SCF Equipment Trust LLC 11/20/2031 3.790% 144A | 500,000 | | | 480,904 |
Seashine Holding, LLC 05/20/2025 6.000% 144A | 760,536 | | | 754,383 |
Sequoia Mortgage Trust 04/25/2050 3.000% 144A | 115,392 | | | 112,716 |
Shackleton 2017-XI CLO Ltd. 08/15/2030 6.935%^ 144A | 888,000 | | | 907,003 |
(ICE LIBOR USD 3 Month + 2.150%) | | | | |
Sotheby’s Artfi Master Trust 12/22/2031 5.854%^ 144A | 480,000 | | | 480,590 |
(CME Term SOFR 3 Month + 1.500%) | | | | |
Sound Point CLO V-R Ltd. 07/18/2031 6.644%^ 144A | 470,000 | | | 475,640 |
(ICE LIBOR USD 3 Month + 1.750%) | | | | |
TCW CLO 2019-1 AMR Ltd. 08/16/2034 5.625%^ 144A | 240,000 | | | 240,312 |
(ICE LIBOR USD 3 Month + 1.000%) | | | | |
Towd Point HE Trust 02/25/2063 6.875% 144A | 222,228 | | | 222,279 |
Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | 360,000 | | | 365,180 |
Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A | 400,000 | | | 424,586 |
Trinity Rail Leasing LP 10/18/2049 2.390% 144A | 105,937 | | | 103,471 |
United Auto Credit Securitization Trust 11/10/2028 5.000% 144A | 650,000 | | | 610,714 |
United Auto Credit Securitization Trust 04/10/2029 10.000%^ 144A | 400,000 | | | 220,495 |
((United States 30 Day Average SOFR + 0.114%) + 4.250%) | | | | |
Upstart Securitization Trust 06/20/2033 7.920% 144A | 450,000 | | | 459,968 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| ASSET BACKED BONDS Continued | Shares | | | Value |
| | | | | | |
| Upstart Structured PassThroug 11/15/2030 7.010% 144A | 8,709 | $ | 8,714 |
| Velocity Commercial Capital 11/25/2053 7.670% 144A | 143,805 | | | 147,090 |
| Venture CDO Ltd. 07/15/2032 6.788%^ 144A | 900,000 | | | 903,690 |
| (ICE LIBOR USD 3 Month + 1.870%) | | | | |
| Veros Auto Receivables Trust 11/15/2028 7.120% 144A | 555,281 | | | 558,209 |
| Veros Auto Receivables Trust 11/15/2028 8.320% 144A | 819,000 | | | 848,297 |
| Veros Auto Receivables Trust 07/16/2029 7.230%^ 144A | 1,350,000 | | | 1,361,424 |
| (CME Term SOFR 3 Month +4.233610%) | | | | |
| Verus Securitization Trust 11/25/2059 3.192%^ 144A | 180,125 | | | 178,201 |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.256%) | | | | |
| Voya CLO Ltd. 10/15/2037 5.851%^ 144A | 1,125,000 | | | 1,126,125 |
| (CME Term SOFR 3 Month + 1.140%) | | | | |
| Voya CLO Ltd. 10/18/2031 6.594%^ 144A | 737,436 | | | 751,005 |
| (ICE LIBOR USD 3 Month + 1.700%) | | | | |
| Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 5.173%^ | 388,138 | | | 375,195 |
| (ICE LIBOR USD 1 Month + 0.360%) | | | | |
| Westlake Automobile Receivable 01/15/2027 6.230% 144A | 415,371 | | | 417,127 |
| Westlake Automobile Receivable 03/15/2027 3.490% 144A | 324,800 | | | 321,992 |
| Winwater Mortgage Loan Trust 01/20/2046 3.778% 144A | 126,230 | | | 118,161 |
| X-Caliber Funding LLC 11/01/2024 7.810%^ 144A | 800,000 | | | 800,974 |
| (CME Term SOFR 1 Month + 3.250%) | | | | |
| X-Caliber Funding LLC 09/15/2028 12.000% 144A | 450,000 | | | 452,266 |
| Zais CLO 11 Ltd. 01/20/2032 6.407%^ 144A | 470,000 | | | 472,209 |
| (CME Term SOFR 3 Month + 1.790%) | | | | |
| Zais CLO 15 Ltd. 07/28/2037 5.867%^ 144A | 1,900,000 | | | 1,902,470 |
| (CME Term SOFR 3 Month + 1.250%) | | | | |
| Zais Matrix CDO I 04/15/2032 6.656%^ 144A | 480,000 | | | 484,368 |
| ((CME Term SOFR 3 Month + 0.262%) + 2.150%) | | | | |
| | | | | |
30.25% | TOTAL ASSET BACKED BONDS | | | | 78,322,480 |
22.24% | CORPORATE BONDS | | | | |
1.02% | Communication Services | | | | |
| AT&T Mobility II LLC 03/01/2031 8.750% | 500,000 | | | 586,511 |
| Bellsouth Telecommunications 06/01/2028 6.375% | 500,000 | | | 516,756 |
| Charter Communications Operating LLC 02/01/2034 6.650% | 1,000,000 | | | 1,029,301 |
| Ciena Corp. 01/31/2030 4.000% 144A | 100,000 | | | 91,905 |
| Corning, Inc. 03/15/2037 4.700% | 200,000 | | | 184,047 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| Communication Services Continued | | Shares | | | Value |
| Factset Research Systems 03/01/2027 2.900% | 250,000 | $ | 240,101 |
| | | | | | 2,648,621 |
3.32% Consumer Discretionary | | | | |
| AutoNation, Inc. 03/01/2032 3.850% | 1,000,000 | | | 896,293 |
| AutoNation, Inc. 08/01/2031 2.400% | 1,000,000 | | | 825,072 |
| BorgWarner, Inc. 02/15/2029 7.125% | 400,000 | | | 425,156 |
| General Motors Financial Co. 01/12/2032 3.100% | 1,000,000 | | | 856,028 |
| General Motors Financial Co. 01/08/2031 2.350% | 250,000 | | | 209,093 |
| Hasbro, Inc. 07/15/2028 6.600% | 700,000 | | | 726,912 |
| Las Vegas Sands Corp. 08/08/2029 3.900% | 500,000 | | | 464,831 |
| Lear Corp. 05/30/2030 3.500% | 1,000,000 | | | 912,504 |
| Lowe's Companies, Inc. 04/01/2052 4.250% | 500,000 | | | 390,218 |
| MDC Holdings, Inc. 01/15/2030 3.850% | 1,000,000 | | | 941,874 |
| Nissan Motor Co. 09/17/2030 4.810% 144A | 1,000,000 | | | 939,828 |
| Toll Bros Finance Corp. 03/15/2027 4.875%^ | 1,000,000 | | | 999,164 |
| (US Treasury Yield Curve Rate Constant Maturity 1 Year +1.600%) | | | | |
| | | | | | 8,586,973 |
1.13% Consumer Staples | | | | |
| AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A | 90,000 | | | 85,506 |
| ((CME Term SOFR 1 Month + 0.046%) + 2.427%) | | | | |
| Constellation Brands, Inc. 05/01/2030 2.875% | 1,000,000 | | | 893,535 |
| PRA Health Sciences, Inc. 07/15/2026 2.875% 144A | 90,000 | | | 86,670 |
| Quanta Services, Inc. 10/01/2030 2.900% | 1,000,000 | | | 892,328 |
| Smithfield Foods, Inc. 10/15/2030 3.000% 144A | 1,000,000 | | | 863,978 |
| Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%^ | 100,000 | | | 97,582 |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.760%) | | | | |
| | | | | | 2,919,599 |
3.29% Energy | | | | |
| Alliance Resource Operating Partnership 06/15/2029 8.625% 144A | 450,000 | | | 472,832 |
| Apache Corp. 12/15/2029 7.750% | 133,000 | | | 142,872 |
| Enbridge Energy LP 10/01/2028 7.125% | 500,000 | | | 526,820 |
| Energen Corp. 02/15/2028 7.125%^ | 475,000 | | | 494,242 |
| ((CME Term SOFR 3 Month + 0.262%) + 1.750%) | | | | |
| Energy Transfer LP Perpetual 6.625% | 400,000 | | | 393,390 |
| HF Sinclair Corp. 02/01/2028 5.000% | 400,000 | | | 395,124 |
| Occidental Petroleum Corp. 03/15/2029 7.200% | 1,000,000 | | | 1,067,549 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| Energy Continued | | Shares | | | Value |
| ONEOK, Inc. 09/01/2029 3.400% | 1,000,000 | $ | 929,783 |
| Phillips 66 Partners LP 03/01/2028 3.750% | 549,000 | | | 511,569 |
| Pioneer Natural Resource 01/15/2028 7.200% | 1,000,000 | | | 1,067,373 |
| Plains All American Pipeline LP 09/15/2030 3.800% | 250,000 | | | 231,995 |
| Targa Resources Partners LP 03/01/2030 5.500% | 500,000 | | | 501,572 |
| TransCanada Pipelines Ltd. 06/15/2029 7.700% | 850,000 | | | 921,344 |
| Valero Energy Corp. 12/01/2031 2.800% | 1,000,000 | | | 852,891 |
| | | | | | 8,509,356 |
5.13% Financials | | | | |
| Ally Financial, Inc. 11/01/2031 8.000% | 1,000,000 | | | 1,105,628 |
| American Express Co. Perpetual 3.550% | 500,000 | | | 480,590 |
| ASB Bank Ltd. 10/22/2031 2.375% 144A | 2,000,000 | | | 1,673,502 |
| Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A | 1,000,000 | | | 927,301 |
| Banco Santander SA 12/03/2030 2.749% | 250,000 | | | 211,712 |
| Banco Santander SA 03/24/2028 4.175% | 200,000 | | | 195,845 |
| Bank of America Corp. Perpetual 4.375% | 625,000 | | | 601,776 |
| Barclays plc 05/16/2029 4.972% | 250,000 | | | 247,596 |
| Blackstone Private Credit Fund 12/15/2026 2.625% | 250,000 | | | 238,236 |
| Blue Owl Capital Corp. 06/11/2028 2.875% | 250,000 | | | 227,357 |
| Charles Schwab Corp. Perpetual 5.000% | 500,000 | | | 485,381 |
| Citigroup, Inc. 03/31/2031 4.412%^ | 250,000 | | | 240,291 |
| (ICE LIBOR USD 3 Month +1.902%) | | | | |
| Crown Castle, Inc. 03/15/2027 2.900% | 250,000 | | | 240,023 |
| EPR Properties 04/15/2028 4.950% | 360,000 | | | 353,854 |
| Fidelity National Financial, Inc. 06/15/2030 3.400% | 1,080,000 | | | 979,700 |
| First Citizens Bancshare Perpetual 8.592% | 500,000 | | | 512,584 |
| The Goldman Sachs Group, Inc Perpetual 4.125% | 500,000 | | | 477,864 |
| Keycorp 05/23/2025 5.667% | 400,000 | | | 400,357 |
| Lloyds Banking Group plc 03/18/2026 3.511% | 450,000 | | | 448,393 |
| NatWest Group plc 05/18/2029 4.892% | 500,000 | | | 494,924 |
| SBL Holdings, Inc. 11/13/2026 5.125% 144A | 400,000 | | | 393,191 |
| SLM Corp. 10/29/2025 4.200%^ | 90,000 | | | 89,195 |
| ((CME Term SOFR 1 Month + 0.046%) + 2.277%) | | | | |
| Societe Generale SA 11/24/2025 4.750% 144A | 250,000 | | | 248,649 |
| Synchrony Bank 08/22/2025 5.400% | 400,000 | | | 400,490 |
| Transamerica Capital II 12/01/2026 7.650%^ 144A | 675,000 | | | 688,115 |
| (ICE LIBOR USD 1 Month + 0.720%) | | | | |
| Truist Financial Corp. Perpetual 5.100%^ | 500,000 | | | 483,282 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| Financials Continued | | Shares | | | Value |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +4.550%) | | | | |
| Weyerhaeuser Co. 03/09/2033 3.375% | 500,000 | $ | 434,109 |
| | | | | | 13,279,945 |
1.89% Government | | | | |
| Federal Home Loan Bank 04/20/2029 4.000%^ | 5,000,000 | | | 4,905,040 |
| (Prime - 0.700%) | | | | |
| | | | | | 4,905,040 |
4.11% Industrials | | | | |
| Avnet, Inc. 06/01/2032 5.500% | 1,000,000 | | | 979,743 |
| Berry Global, Inc. 07/15/2027 5.625% 144A | 500,000 | | | 497,393 |
| Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A | 500,000 | | | 450,257 |
| CH Robinson Worldwide, Inc. 04/15/2028 4.200% | 1,000,000 | | | 974,011 |
| FedEx Corp. 10/17/2048 4.950%^ | 1,000,000 | | | 872,727 |
| (US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%) | | | | |
| Flowserve Corp. 01/15/2032 2.800% | 1,000,000 | | | 850,330 |
| Fortune Brands Innovation 03/25/2032 4.000% | 500,000 | | | 461,345 |
| Fortune Brands Innovation 03/25/2052 4.500%^ | 500,000 | | | 393,822 |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.949%) | | | | |
| Hubbell, Inc. 08/15/2027 3.150%^ | 600,000 | | | 574,399 |
| (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.854%) | | | | |
| Masco Corp. 08/15/2032 6.500% | 1,000,000 | | | 1,053,541 |
| Oshkosh Corp. 03/01/2030 3.100%^ | 1,000,000 | | | 914,660 |
| (ICE LIBOR USD 3 Month +4.155%) | | | | |
| Owens Corning 06/01/2030 3.875% | 1,000,000 | | | 942,009 |
| Timken Co. 12/15/2028 4.500% | 500,000 | | | 490,389 |
| Timken Co. 05/08/2028 6.875% | 320,000 | | | 332,275 |
| Westrock MWV LLC 02/15/2031 7.950% | 750,000 | | | 844,703 |
| | | | | | 10,631,604 |
0.26% Information Technology | | | | |
| CA, Inc. 03/15/2027 4.700% | 600,000 | | | 588,170 |
| MSCI, Inc. 09/01/2030 3.625% 144A | 100,000 | | | 91,033 |
| | | | | | 679,203 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| | Shares | | | Value |
0.41% | Materials | | | | |
| Albemarle Corp. 06/01/2032 5.050% | 500,000 | $ | 475,874 |
| Domtar Corp. 10/01/2028 6.750%^ 144A | 100,000 | | | 91,863 |
| (ICE LIBOR USD 1 Month + 2.277%) | | | | |
| Steel Dynamics, Inc. 12/15/2026 5.000%^ | 500,000 | | | 499,554 |
| (ICE LIBOR USD 3 Month +3.972%) | | | | |
| | | | | 1,067,291 |
1.68% | Utilities | | | | |
| Alliant Energy Finance LLC 03/01/2032 3.600% 144A | 1,000,000 | | | 888,798 |
| Eversource Energy 03/01/2032 3.375% | 1,000,000 | | | 875,260 |
| Exelon Corp. 04/01/2032 7.600% | 1,000,000 | | | 1,126,060 |
| Sempra Perpetual 4.875% | 500,000 | | | 493,493 |
| Southern California Gas Co. 04/01/2054 5.600% | 1,000,000 | | | 977,344 |
| | | | | 4,360,955 |
| | | | | |
22.24% | TOTAL CORPORATE BONDS | | | | 57,588,587 |
44.13% | TREASURIES | | | | |
| | | |
| Federal Home Loan Mortgage Corp. 08/31/2026 3.750%^ | 5,047,500 | | | 5,007,549 |
| ((CME Term SOFR 3 Month + 0.262%) + 1.000%) | | | | |
| US Treasury 01/31/2029 4.000% | 4,750,000 | | | 4,684,934 |
| US Treasury 11/15/2027 4.125% | 2,700,400 | | | 2,688,483 |
| US Treasury 11/15/2031 1.375% | 3,720,000 | | | 3,039,843 |
| US Treasury 11/15/2032 4.125% | 4,000,000 | | | 3,901,276 |
| US Treasury 11/15/2033 4.500% | 2,000,000 | | | 1,990,946 |
| US Treasury 11/15/2053 4.750% | 4,000,000 | | | 3,957,176 |
| US Treasury 11/30/2026 4.250% | 536,100 | | | 535,993 |
| US Treasury 12/15/2027 4.000% | 1,655,600 | | | 1,642,867 |
| US Treasury 02/15/2032 1.875% | 4,500,000 | | | 3,784,909 |
| US Treasury 02/15/2034 4.000% | 14,230,000 | | | 13,623,219 |
| US Treasury 02/15/2042 2.375% | 15,000,000 | | | 10,677,885 |
| US Treasury 02/15/2043 3.875% | 5,000,000 | | | 4,411,640 |
| US Treasury 02/15/2044 4.500% | 3,800,000 | | | 3,626,982 |
| US Treasury 02/15/2053 3.625% | 5,000,000 | | | 4,062,455 |
| US Treasury 05/15/2033 3.375% | 3,000,000 | | | 2,756,931 |
CURASSET CAPITAL MANAGEMENT CORE BOND FUND
Schedule of Investments
December 31, 2024 (unaudited)
| TREASURIES Continued | | Shares | | | Value |
| US Treasury 05/15/2042 3.250% | 4,000,000 | $ | 3,253,560 |
| US Treasury 05/15/2043 3.875% | 5,000,000 | | | 4,400,520 |
| US Treasury 05/15/2053 3.625% | 2,500,000 | | | 2,032,255 |
| US Treasury 05/15/2054 4.625% | 2,750,000 | | | 2,671,894 |
| US Treasury 08/15/2033 3.875%^ | 3,000,000 | | | 2,855,157 |
| (SOFR Index+1.250%) | | | | |
| US Treasury 08/15/2034 3.875% | 14,600,000 | | | 13,804,855 |
| US Treasury 08/15/2044 4.125% | 745,000 | | | 674,203 |
| US Treasury 08/15/2053 4.125% | 5,000,000 | | | 4,453,220 |
| US Treasury 08/31/2029 3.625% | 3,550,000 | | | 3,437,288 |
| US Treasury 09/30/2026 3.500% | 260,000 | | | 256,725 |
| US Treasury 09/30/2030 4.625% | 6,000,000 | | | 6,055,758 |
| | | | | |
44.13% | TOTAL TREASURIES | | | | 114,288,523 |
96.62% | TOTAL DEBT SECURITIES | | | | 250,199,590 |
2.27% | MONEY MARKET FUND | | | | |
| Federated Government Obligations Fund 4.330%(B) | 5,872,290 | | | 5,872,290 |
98.89% | TOTAL INVESTMENTS | | | | 256,071,907 |
1.11% | Other assets, net of liabilities | | | | 2,886,962 |
100.00% | NET ASSETS | | $ | 258,958,869 |
| | | | | | |
^Rate is determined periodically. Rate shown is the rate as of December 31, 2024
(A)Non-income producing
(B)Effective 7 day yield as of December 31,2024
A 144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $74,267,579 and is 28.68% 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 measurementsfor disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of December 31, 2024:
| | | Other | Significant | |
| | | Significant | Unobservable | |
| | Quoted Prices | Observable Inputs | Inputs | Total |
EXCHANGE TRADED FUND | $ | 27 | | $ | 27 |
DEBT SECURITIES | $ | 250,199,590 | | $ | 250,199,590 |
MONEY MARKET FUND | $ | 5,872,290 | | $ | 5,872,290 |
TOTAL INVESTMENTS | $ | 256,071,907 | | $ | 256,071,907 |
| | | | | |
The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $269,407,310, and the related net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | $ | 1,417,107 |
Gross unrealized depreciation | | (14,752,510) |
Net unrealized appreciation | $ | (13,335,403) |
| | |
