Ramirez Core Bond Fund | |||||||||||||
Schedule of Investments (Unaudited) | |||||||||||||
December 31, 2023 | |||||||||||||
Maturity | Principal | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Asset Backed Secuities ― 4.0% | |||||||||||||
Capital One Prime Auto Receivables Trust | |||||||||||||
Series 2023-1, Class A3 | 4.870 | % | 2/15/2028 | $ | 50,000 | $ | 50,051 | ||||||
GM Financial Consumer Automobile Receivables Trust | |||||||||||||
Series 2023-2, Class A3 | 4.470 | % | 2/16/2028 | 50,000 | 49,713 | ||||||||
Toyota Auto Receivables Owner Trust | |||||||||||||
Series 2023-B, Class A3 | 4.710 | % | 2/15/2028 | 50,000 | 49,961 | ||||||||
Verizon Master Trust | |||||||||||||
Series 2023-1, Class A | 4.490 | % | 1/22/2029 | 50,000 | 49,793 | ||||||||
Total Asset Backed Securities (Cost — $199,830) | 199,518 | ||||||||||||
Corporate Bonds ― 20.2% | |||||||||||||
Aerospace/Defence ― 0.3% | |||||||||||||
Boeing Co., The | 5.150 | % | 5/1/2030 | 15,000 | 15,299 | ||||||||
Total Aerospace/Defence | 15,299 | ||||||||||||
Auto Manufacturers ― 0.3% | |||||||||||||
General Motors Co. | 6.800 | % | 10/1/2027 | 15,000 | 15,920 | ||||||||
Total Auto Manufacturers | 15,920 | ||||||||||||
Banks ― 4.9% | |||||||||||||
Bank of America Corp. | 3.248 | % | 10/21/2027 | 35,000 | 33,356 | ||||||||
Citigroup, Inc. | 6.625 | % | 6/15/2032 | 35,000 | 38,173 | ||||||||
Fifth Third Bancorp (a) | 6.339 | % | 7/27/2029 | 25,000 | 26,062 | ||||||||
Goldman Sachs Group Inc., The | 3.500 | % | 11/16/2026 | 15,000 | 14,456 | ||||||||
JPMorgan Chase & Co. | 4.125 | % | 12/15/2026 | 15,000 | 14,721 | ||||||||
JPMorgan Chase & Co. | 6.400 | % | 5/15/2038 | 15,000 | 17,238 | ||||||||
Morgan Stanley | 5.000 | % | 11/24/2025 | 15,000 | 14,991 | ||||||||
Morgan Stanley | 7.250 | % | 4/1/2032 | 15,000 | 17,722 | ||||||||
Royal Bank of Canada | 6.000 | % | 11/1/2027 | 20,000 | 20,982 | ||||||||
Toronto-Dominion Bank, The | 5.523 | % | 7/17/2028 | 30,000 | 30,930 | ||||||||
Wells Fargo & Co. | 4.150 | % | 1/24/2029 | 20,000 | 19,477 | ||||||||
Total Banks | 248,108 | ||||||||||||
Beverages ― 0.4% | |||||||||||||
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc. | 4.700 | % | 2/1/2036 | 20,000 | 20,023 | ||||||||
Total Beverages | 20,023 | ||||||||||||
Building Materials ― 0.6% | |||||||||||||
Owens Corning | 3.875 | % | 6/1/2030 | 15,000 | 14,115 | ||||||||
Vulcan Materials Co. | 3.500 | % | 6/1/2030 | 15,000 | 13,976 | ||||||||
Total Building Materials | 28,091 | ||||||||||||
Chemicals ― 0.9% | |||||||||||||
DuPont de Nemours, Inc. | 5.419 | % | 11/15/2048 | 20,000 | 20,943 | ||||||||
Mosaic Co., The | 4.050 | % | 11/15/2027 | 15,000 | 14,653 | ||||||||
Sherwin-Williams Co., The | 2.200 | % | 3/15/2032 | 15,000 | 12,508 | ||||||||
Total Chemicals | 48,104 | ||||||||||||
Computers ― 1.0% | |||||||||||||
Hewlett Packard Enterprise Co. | 4.900 | % | 10/15/2025 | 50,000 | 49,798 | ||||||||
Total Computers | 49,798 | ||||||||||||
Diversified Financial Services ― 0.4% | |||||||||||||
Capital One Financial Corp. | 3.800 | % | 1/31/2028 | 20,000 | 19,020 | ||||||||
Total Diversified Financial Services | 19,020 | ||||||||||||
Electric ― 0.6% | |||||||||||||
Progress Energy, Inc. | 7.750 | % | 3/1/2031 | 15,000 | 17,347 | ||||||||
San Diego Gas & Electric Co. | 3.000 | % | 3/15/2032 | 15,000 | 13,340 | ||||||||
Total Electric | 30,687 | ||||||||||||
Electronics ― 0.5% | |||||||||||||
Jabil, Inc. | 3.000 | % | 1/15/2031 | 30,000 | 26,076 | ||||||||
Total Electronics | 26,076 |
Ramirez Core Bond Fund | |||||||||||||
Schedule of Investments (Unaudited)(Continued) | |||||||||||||
December 31, 2023 | |||||||||||||
Maturity | Principal | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Corporate Bonds (Continued) | |||||||||||||
Food ― 0.9% | |||||||||||||
Kraft Heinz Foods Co. | 6.875 | % | 1/26/2039 | $ | 25,000 | $ | 28,931 | ||||||
Sysco Corp. | 5.950 | % | 4/1/2030 | 15,000 | 15,978 | ||||||||
Total Food | 44,909 | ||||||||||||
Healthcare-Services ― 1.5% | |||||||||||||
Centene Corp. | 4.250 | % | 12/15/2027 | 15,000 | 14,471 | ||||||||
Elevance Health, Inc. | 4.650 | % | 1/15/2043 | 20,000 | 18,552 | ||||||||
New York and Presbyterian Hospital, The | 4.763 | % | 8/1/2116 | 50,000 | 44,437 | ||||||||
Total Healthcare-Services | 77,460 | ||||||||||||
Home Builders ― 0.3% | |||||||||||||
Toll Brothers Finance Corp. | 4.875 | % | 3/15/2027 | 15,000 | 14,948 | ||||||||
Total Home Builders | 14,948 | ||||||||||||
Insurance ― 0.4% | |||||||||||||
Aon Corp. | 2.800 | % | 5/15/2030 | 20,000 | 17,779 | ||||||||
Total Insurance | 17,779 | ||||||||||||
Internet �� 0.3% | |||||||||||||
Netflix, Inc. | 5.875 | % | 11/15/2028 | 15,000 | 15,830 | ||||||||
Total Internet | 15,830 | ||||||||||||
Lodging ― 0.3% | |||||||||||||
Marriott International, Inc. | 4.625 | % | 6/15/2030 | 15,000 | 14,749 | ||||||||
Total Lodging | 14,749 | ||||||||||||
Media ― 0.6% | |||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | 5.050 | % | 3/30/2029 | 15,000 | 14,873 | ||||||||
Comcast Corp. | 4.150 | % | 10/15/2028 | 15,000 | 14,817 | ||||||||
Total Media | 29,690 | ||||||||||||
Miscellaneous Manufacturing ― 0.3% | |||||||||||||
Parker-Hannifin Corp. | 4.250 | % | 9/15/2027 | 15,000 | 14,889 | ||||||||
Total Miscellaneous Manufacturing | 14,889 | ||||||||||||
Oil & Gas ― 0.9% | |||||||||||||
Marathon Oil Corp. | 5.200 | % | 6/1/2045 | 30,000 | 26,764 | ||||||||
Valero Energy Corp. | 6.625 | % | 6/15/2037 | 15,000 | 16,508 | ||||||||
Total Oil & Gas | 43,272 | ||||||||||||
Packaging & Containers ― 0.3% | |||||||||||||
Packaging Corp of America | 3.400 | % | 12/15/2027 | 15,000 | 14,304 | ||||||||
Total Packaging & Containers | 14,304 | ||||||||||||
Pipelines ― 0.9% | |||||||||||||
Boardwalk Pipelines LP | 5.950 | % | 6/1/2026 | 15,000 | 15,224 | ||||||||
Cheniere Corpus Christi Holdings LLC | 5.125 | % | 6/30/2027 | 15,000 | 15,094 | ||||||||
Energy Transfer LP | 6.500 | % | 2/1/2042 | 15,000 | 15,918 | ||||||||
Total Pipelines | 46,236 | ||||||||||||
Real Estate Investment Trust (REITS) ― 1.2% | |||||||||||||
American Tower Corp. | 2.900 | % | 1/15/2030 | 50,000 | 44,609 | ||||||||
Simon Property Group LP | 6.250 | % | 1/15/2034 | 15,000 | 16,365 | ||||||||
Total Real Estate Investment Trust (REITS) | 60,974 | ||||||||||||
Retail ― 0.6% | |||||||||||||
Dollar General Corp. | 4.125 | % | 5/1/2028 | 15,000 | 14,719 | ||||||||
McDonald's Corp. | 6.300 | % | 10/15/2037 | 15,000 | 17,047 | ||||||||
Total Retail | 31,766 | ||||||||||||
Telecommunications ― 1.8% | |||||||||||||
AT&T, Inc. | 5.350 | % | 9/1/2040 | 30,000 | 29,727 | ||||||||
T-Mobile USA, Inc. | 3.875 | % | 4/15/2030 | 45,000 | 42,721 | ||||||||
Verizon Communications, Inc. | 5.250 | % | 3/16/2037 | 15,000 | 15,615 | ||||||||
Total Telecommunications | 88,063 | ||||||||||||
Total Corporate Bonds (Cost — $1,011,937) | 1,015,995 |
Ramirez Core Bond Fund | |||||||||||||
Schedule of Investments (Unaudited)(Continued) | |||||||||||||
December 31, 2023 | |||||||||||||
Maturity | Principal | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Mortgage Backed Securities ― 23.8% | |||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC) | |||||||||||||
Pool SD8189 | 2.500 | % | 1/1/2052 | $ | 153,213 | $ | 130,585 | ||||||
Pool SD8201 | 3.000 | % | 3/1/2052 | 176,785 | 156,668 | ||||||||
Pool SD8221 | 3.500 | % | 6/1/2052 | 179,074 | 164,525 | ||||||||
Pool SD8238 | 4.500 | % | 8/1/2052 | 132,458 | 128,630 | ||||||||
Pool SD8256 | 4.000 | % | 10/1/2052 | 159,951 | 151,539 | ||||||||
Federal National Mortgage Association (FNMA) | |||||||||||||
Pool MA4578 | 2.500 | % | 4/1/2052 | 164,263 | 140,005 | ||||||||
Pool MA4978 | 5.000 | % | 4/1/2053 | 123,702 | 122,557 | ||||||||
Pool MA5072 | 5.500 | % | 7/1/2053 | 100,730 | 101,283 | ||||||||
Pool MA5166 | 6.000 | % | 10/1/2053 | 102,394 | 104,070 | ||||||||
Total Mortgage Backed Securities (Cost — $1,191,449) | 1,199,862 | ||||||||||||
Municipal Bonds ― 27.2% | |||||||||||||
Education ― 7.1% | |||||||||||||
Denver City & County School District No 1 | 5.664 | % | 12/1/2033 | 50,000 | 52,653 | ||||||||
Los Angeles Community College District/CA | 6.600 | % | 8/1/2042 | 50,000 | 59,924 | ||||||||
Los Angeles Unified School District/CA | 5.750 | % | 7/1/2034 | 25,000 | 26,577 | ||||||||
New York State Dormitory Authority | 4.850 | % | 7/1/2048 | 50,000 | 47,951 | ||||||||
Ohio State University/The | 4.910 | % | 6/1/2040 | 20,000 | 20,070 | ||||||||
Oregon School Boards Association | 5.680 | % | 6/30/2028 | 50,000 | 51,395 | ||||||||
University of Massachusetts Building Authority | 5.450 | % | 11/1/2040 | 50,000 | 52,075 | ||||||||
University of Michigan | 4.454 | % | 4/1/2122 | 50,000 | 44,994 | ||||||||
Total Education | 355,639 | ||||||||||||
Financing & Development ― 3.9% | |||||||||||||
Kansas Development Finance Authority | 4.927 | % | 4/15/2045 | 40,000 | 39,517 | ||||||||
Metropolitan Government of Nashville & Davidson County Convention Center Authority | 6.731 | % | 7/1/2043 | 50,000 | 57,092 | ||||||||
New Jersey Economic Development Authority | 7.425 | % | 2/15/2029 | 50,000 | 54,061 | ||||||||
Permanent University Fund - University of Texas System | 5.262 | % | 7/1/2039 | 45,000 | 46,631 | ||||||||
Total Financing & Development | 197,301 | ||||||||||||
Healthcare ― 2.0% | |||||||||||||
Lee Memorial Health System | 7.281 | % | 4/1/2027 | 50,000 | 53,221 | ||||||||
Regents of the University of California Medical Center Pooled Revenue | 4.132 | % | 5/15/2032 | 50,000 | 48,039 | ||||||||
Total Healthcare | 101,260 | ||||||||||||
Local General Obligation ― 7.7% | |||||||||||||
City of New York, NY | 5.968 | % | 3/1/2036 | 60,000 | 64,729 | ||||||||
Los Angeles County Public Works Financing Authority | 7.618 | % | 8/1/2040 | 35,000 | 43,326 | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 4.200 | % | 11/1/2028 | 50,000 | 49,303 | ||||||||
New York State Dormitory Authority | 5.389 | % | 3/15/2040 | 50,000 | 51,791 | ||||||||
Sales Tax Securitization Corp | 3.820 | % | 1/1/2048 | 70,000 | 57,694 | ||||||||
State of California | 7.550 | % | 4/1/2039 | 45,000 | 56,928 | ||||||||
State of Connecticut | 5.850 | % | 3/15/2032 | 60,000 | 64,123 | ||||||||
Total Local General Obligation | 387,894 | ||||||||||||
Transportation ― 3.1% | |||||||||||||
Bay Area Toll Authority | 3.126 | % | 4/1/2055 | 40,000 | 28,633 | ||||||||
City of Los Angeles Department of Airports | 7.053 | % | 5/15/2040 | 45,000 | 53,828 | ||||||||
New Jersey Turnpike Authority | 7.102 | % | 1/1/2041 | 15,000 | 18,168 | ||||||||
Utah Transit Authority | 5.937 | % | 6/15/2039 | 50,000 | 54,569 | ||||||||
Total Transportation | 155,198 |
Ramirez Core Bond Fund | |||||||||||||
Schedule of Investments (Unaudited)(Continued) | |||||||||||||
December 31, 2023 | |||||||||||||
Maturity | Principal | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Municipal Bonds (Continued) | |||||||||||||
Utilities ― 3.4% | |||||||||||||
American Municipal Power, Inc. | 7.834 | % | 2/15/2041 | $ | 50,000 | $ | 62,548 | ||||||
Metropolitan Water Reclamation District of Greater Chicago | 5.720 | % | 12/1/2038 | 50,000 | 53,436 | ||||||||
New York City Municipal Water Finance Authority | 5.952 | % | 6/15/2042 | 50,000 | 56,027 | ||||||||
Total Utilities | 172,011 | ||||||||||||
Total Municipal Bonds (Cost — $1,361,159) | 1,369,303 | ||||||||||||
U.S. Treasury Obligations ― 18.0% | |||||||||||||
United States Treasury Note | 2.750 | % | 5/15/2025 | 280,000 | 273,432 | ||||||||
United States Treasury Note | 2.375 | % | 5/15/2027 | 200,000 | 190,121 | ||||||||
United States Treasury Note | 2.625 | % | 7/31/2029 | 135,000 | 126,589 | ||||||||
United States Treasury Note | 4.125 | % | 8/31/2030 | 75,000 | 76,060 | ||||||||
United States Treasury Note | 2.875 | % | 5/15/2032 | 110,000 | 102,137 | ||||||||
United States Treasury Note | 2.375 | % | 5/15/2051 | 190,000 | 136,314 | ||||||||
Total U.S. Treasury Obligations (Cost — $901,447) | 904,653 | ||||||||||||
Shares/ | |||||||||||||
Maturity | Principal | ||||||||||||
Security | Rate | Date | Amount | Value | |||||||||
Short-Term Investments ― 7.2% | |||||||||||||
Money Market Fund ― 3.8% | |||||||||||||
First American Government Obligations Fund, Class X (b) | 5.290 | % | 190,946 | 190,946 | |||||||||
Total Money Market Fund (Cost — $23,868) | 190,946 | ||||||||||||
U.S. Treasury Bills ― 3.4% | |||||||||||||
United States Treasury Bill (c) | 5.321 | % | 2/27/2024 | $ | 175,000 | 173,563 | |||||||
Total U.S. Treasury Bills (Cost — $174,333) | 173,563 | ||||||||||||
Total Short-Term Investments (Cost — $364,509) | 364,509 | ||||||||||||
Total Investments ― 100.4% (Cost — $5,029,331) | 5,053,840 | ||||||||||||
Liabilities in Excess of Other Assets ― (0.4)% | (21,391 | ) | |||||||||||
Total Net Assets ― 100.0% | $ | 5,032,449 | |||||||||||
Notes: | |||||||||||||
(a) Variable Rate security. Rate disclosed as of December 31, 2023. | |||||||||||||
(b) The rate reported is the annualized seven-day yield as of December 31, 2023. | |||||||||||||
(c) Zero coupon security. Rate disclosed is the yield of the position. | |||||||||||||
Abbreviations used in this schedule: | |||||||||||||
LLC - Limited Liability Corportation | |||||||||||||
LP - Limited Partnership |
SECURITIES VALUATION
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 - | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
Level 2 - | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 - | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
Debt Securities: Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 2 of the fair value hierarchy.
Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures adopted by the Board. Short-term debt securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.
In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Fund’s valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Fund’s portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2023:
Ramirez Core Bond Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Asset Backed Securities | $ | – | $ | 199,518 | $ | – | $ | 199,518 | ||||||||
Corporate Bonds | – | 1,015,995 | – | 1,015,995 | ||||||||||||
Mortgage Backed Securities | – | 1,199,862 | – | 1,199,862 | ||||||||||||
Municipal Bonds | – | 1,369,303 | – | 1,369,303 | ||||||||||||
U.S. Treasury Obligations | – | 904,653 | – | 904,653 | ||||||||||||
Total Long-Term Investments | – | 4,689,331 | – | 4,689,331 | ||||||||||||
Short-Term Investment | 190,946 | 173,563 | – | 364,509 | ||||||||||||
Total Investments | $ | 190,946 | $ | 4,862,894 | $ | – | $ | 5,053,840 | ||||||||
See Schedule of Investments for additional detailed categorizations. |