# EDGAR Filing Document

**Accession Number:** 0001546416
**File Stem:** 0001752724-23-009056
**Filing Date:** 2023-1
**Character Count:** 116090
**Document Hash:** 4ca594230d2db4bec431fab9a01bcc77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009056.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009056

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F/M Funds Trust
- **CENTRAL INDEX KEY:** 0001546416
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22691
- **FILM NUMBER:** 23544169

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Western Funds Trust
- **DATE OF NAME CHANGE:** 20120403

## Series and Classes Contracts Data

### Oakhurst Short Duration High Yield Credit Fund (Series ID: S000050512)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000159396 | Institutional Shares | OHSHX           |

## Nport-Ex

the

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 24.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Farm Credit Bank - 1.3%** | **Federal Farm Credit Bank - 1.3%** | **Federal Farm Credit Bank - 1.3%** | **Federal Farm Credit Bank - 1.3%** |  |
| Federal Farm Credit Bank | 1.150% | 08/12/30 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $1548914 |
| **Federal Home Loan Bank - 1.0%** | **Federal Home Loan Bank - 1.0%** | **Federal Home Loan Bank - 1.0%** | **Federal Home Loan Bank - 1.0%** |  |
| Federal Home Loan Bank | 3.250% | 05/20/27 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1185318 |
| **Small Business Administration - 0.0% <sup>(a)</sup>** | **Small Business Administration - 0.0% <sup>(a)</sup>** | **Small Business Administration - 0.0% <sup>(a)</sup>** | **Small Business Administration - 0.0% <sup>(a)</sup>** |  |
| SBA | 5.720% | 01/01/29 | &nbsp;&nbsp; 30104 | &nbsp;&nbsp; 29732 |
| **Tennessee Valley Authority - 1.0%** | **Tennessee Valley Authority - 1.0%** | **Tennessee Valley Authority - 1.0%** | **Tennessee Valley Authority - 1.0%** |  |
| Tennessee Valley Authority | 4.650% | 06/15/35 | 1100000 | &nbsp;&nbsp; 1109499 |
| **U.S. Treasury Bonds - 8.7%** | **U.S. Treasury Bonds - 8.7%** | **U.S. Treasury Bonds - 8.7%** | **U.S. Treasury Bonds - 8.7%** |  |
| U.S. Treasury Bonds | 5.250% | 02/15/29 | &nbsp;&nbsp; 2272000 | &nbsp;&nbsp; 2437963 |
| U.S. Treasury Bonds | 3.000% | 05/15/42 | &nbsp;&nbsp; 5699000 | &nbsp;&nbsp; 4891567 |
| U.S. Treasury Bonds | 2.500% | 02/15/45 | &nbsp;&nbsp; 3608000 | &nbsp;&nbsp; 2767308 |
|  |  |  |  | &nbsp;&nbsp; 10096838 |
| **U.S. Treasury Notes - 12.3%** | **U.S. Treasury Notes - 12.3%** | **U.S. Treasury Notes - 12.3%** | **U.S. Treasury Notes - 12.3%** |  |
| U.S. Treasury Notes | 3.250% | 06/30/27 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 651575 |
| U.S. Treasury Notes | 2.375% | 05/15/29 | &nbsp;&nbsp; 3987000 | &nbsp;&nbsp; 3659474 |
| U.S. Treasury Notes | 2.750% | 05/31/29 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3753125 |
| U.S. Treasury Notes | 1.625% | 05/15/31 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp; 1141722 |
| U.S. Treasury Notes | 1.875% | 02/15/32 | &nbsp;&nbsp; 2960000 | &nbsp;&nbsp; 2539819 |
| U.S. Treasury Notes | 2.875% | 05/15/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1867500 |
| U.S. Treasury Notes | 2.750% | 08/15/32 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 770418 |
|  |  |  |  | &nbsp;&nbsp; 14383633 |
| **Total U.S. Government & Agencies** (Cost $32,052,590) | **Total U.S. Government & Agencies** (Cost $32,052,590) | **Total U.S. Government & Agencies** (Cost $32,052,590) | **Total U.S. Government & Agencies** (Cost $32,052,590) | &nbsp;&nbsp; $28353934 |
| **MUNICIPAL BONDS - 0.2%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| California State Health Facilities Financing Authority, Revenue Bond, Series 2019, (Cost $260,000) | 2.704% | 06/01/30 | &nbsp;&nbsp; $260000 | &nbsp;&nbsp; $221168 |
| **ASSET-BACKED SECURITIES - 8.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Coinstar Funding, LLC,<br> 144A, Series 2017-1-A-2 | 5.216% | 04/25/47 | &nbsp;&nbsp; $1398600 | &nbsp;&nbsp; $1138578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **ASSET-BACKED SECURITIES - 8.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Countrywide Asset-Backed Certificates, Series 2004-6-2-A-3 <br> (1\*1MO LIBOR + 120) <sup>(b)</sup> | 5.244% | 11/25/34 | &nbsp;&nbsp; $148892 | &nbsp;&nbsp; $141665 |
| DB Master Finance, LLC, <br> 144A, Series 2021-1-A-2-II | 2.493% | 11/20/51 | &nbsp;&nbsp; 1463220 | &nbsp;&nbsp; 1204777 |
| Domino's Pizza Master Issuer, LLC, <br> 144A, Series 2015-1-A-2-II | 4.474% | 10/25/45 | &nbsp;&nbsp; 1231400 | &nbsp;&nbsp; 1169292 |
| Exeter Automobile Receivables Trust, Series 2021-2A-C | 0.980% | 06/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 954262 |
| Fat Brands GFG Royalty, LLC, <br> 144A, Series 2021-1-A-2 | 6.000% | 07/25/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 947111 |
| Flagship Credit Auto Trust, <br> 144A, Series 2020-4-D | 2.180% | 02/16/27 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 685461 |
| Focus Brands Funding, LLC, <br> 144A, Series 2018-1-A-2 | 5.184% | 10/30/48 | &nbsp;&nbsp; 739200 | &nbsp;&nbsp; 675129 |
| GLS Auto Receivables Issuer Trust, <br> 144A, Series 2020-1-C | 2.720% | 11/17/25 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1229965 |
| HOA Funding, LLC, <br> 144A, Series 2021-1-B | 7.432% | 08/20/51 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 556982 |
| Jack in the Box Funding, LLC, <br> 144A, Series 2022-1-A-2-I | 3.445% | 02/26/52 | &nbsp;&nbsp; 876650 | &nbsp;&nbsp; 762206 |
| Long Beach Mortgage Loan Trust, <br> Series 2004-4-I-A1<br> (1\*1MO LIBOR + 56) <sup>(b)</sup> | 4.604% | 10/25/34 | &nbsp;&nbsp; 726683 | &nbsp;&nbsp; 647947 |
| **Total Asset-Backed Securities** (Cost $11,083,498) | **Total Asset-Backed Securities** (Cost $11,083,498) | **Total Asset-Backed Securities** (Cost $11,083,498) | **Total Asset-Backed Securities** (Cost $11,083,498) | &nbsp;&nbsp; $10113375 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 7.4%** | **Federal Home Loan Mortgage Corporation - 7.4%** | **Federal Home Loan Mortgage Corporation - 7.4%** | **Federal Home Loan Mortgage Corporation - 7.4%** |  |
| FHLMC, Series 3827-HA | 3.500% | 11/15/25 | &nbsp;&nbsp; $78800 | &nbsp;&nbsp; $77170 |
| FHLMC, Series 4011-ML | 3.000% | 03/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471600 |
| FHLMC, Series 2569-LD | 5.500% | 02/15/33 | &nbsp;&nbsp; 33442 | &nbsp;&nbsp; 33970 |
| FHLMC, Series 3793-UA | 4.000% | 06/15/33 | &nbsp;&nbsp; 36368 | &nbsp;&nbsp; 35343 |
| FHLMC, Series 5206-DV | 3.500% | 06/25/33 | &nbsp;&nbsp; 1140948 | &nbsp;&nbsp; 1082423 |
| FHLMC, Pool #C9-1859 | 3.500% | 12/01/35 | &nbsp;&nbsp; 245288 | &nbsp;&nbsp; 236044 |
| FHLMC, Series 3622-WA | 5.500% | 09/15/39 | &nbsp;&nbsp; 171005 | &nbsp;&nbsp; 171635 |
| FHLMC, Series 3843-JA | 4.000% | 04/15/40 | &nbsp;&nbsp; 11970 | &nbsp;&nbsp; 11783 |
| FHLMC, Series 3940-PD | 2.500% | 02/15/41 | &nbsp;&nbsp; 135145 | &nbsp;&nbsp; 127834 |
| FHLMC, Series 4226-AN | 4.000% | 04/15/41 | &nbsp;&nbsp; 22958 | &nbsp;&nbsp; 22782 |
| FHLMC, Series 4077-AP | 4.000% | 01/15/42 | &nbsp;&nbsp; 41830 | &nbsp;&nbsp; 40399 |
| FHLMC, Series 4183-PA | 3.500% | 01/15/43 | &nbsp;&nbsp; 42843 | &nbsp;&nbsp; 41852 |
| FHLMC, Series 4566-CA | 3.000% | 01/15/43 | &nbsp;&nbsp; 126597 | &nbsp;&nbsp; 123732 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 7.4% (Continued)** | **Federal Home Loan Mortgage Corporation - 7.4% (Continued)** | **Federal Home Loan Mortgage Corporation - 7.4% (Continued)** | **Federal Home Loan Mortgage Corporation - 7.4% (Continued)** |  |
| FHLMC, Series 5245-CB | 4.000% | 12/25/46 | &nbsp;&nbsp; $1153451 | &nbsp;&nbsp; $1121386 |
| FHLMC, Series 5227-JQ | 4.000% | 04/25/47 | &nbsp;&nbsp; 1187033 | &nbsp;&nbsp; 1147592 |
| FHLMC, Series 4753-JA | 3.000% | 12/15/47 | &nbsp;&nbsp; 106403 | &nbsp;&nbsp; 97124 |
| FHLMC, Series 4760-A | 3.000% | 02/15/48 | &nbsp;&nbsp; 772963 | &nbsp;&nbsp; 719723 |
| FHLMC, Series 4960-PD | 2.000% | 10/25/49 | &nbsp;&nbsp; 827893 | &nbsp;&nbsp; 708160 |
| FHLMC, Series 5252-BA | 4.000% | 02/25/50 | &nbsp;&nbsp; 1235744 | &nbsp;&nbsp; 1199870 |
| FHLMC, Series 5231-LV | 4.500% | 05/25/52 | &nbsp;&nbsp; 1193642 | &nbsp;&nbsp; 1169112 |
|  |  |  |  | &nbsp;&nbsp; 8639534 |
| **Federal National Mortgage Association - 5.4%** | **Federal National Mortgage Association - 5.4%** | **Federal National Mortgage Association - 5.4%** | **Federal National Mortgage Association - 5.4%** |  |
| FNMA, Series 2005-80-BA | 5.000% | 04/25/29 | &nbsp;&nbsp; 24449 | &nbsp;&nbsp; 24184 |
| FNMA, Series 2009-96-DB | 4.000% | 11/25/29 | &nbsp;&nbsp; 89185 | &nbsp;&nbsp; 87028 |
| FNMA, Pool #FM5329 | 2.000% | 01/01/31 | &nbsp;&nbsp; 613708 | &nbsp;&nbsp; 571146 |
| FNMA, Pool #MA1201 | 3.500% | 10/01/32 | &nbsp;&nbsp; 104283 | &nbsp;&nbsp; 101922 |
| FNMA, Series 2022-22-EV | 4.000% | 07/25/33 | &nbsp;&nbsp; 1170544 | &nbsp;&nbsp; 1130669 |
| FNMA, Series 2004-W3-A-7 | 5.500% | 05/25/34 | &nbsp;&nbsp; 559904 | &nbsp;&nbsp; 562540 |
| FNMA, Pool #FS0862 | 2.500% | 12/01/36 | &nbsp;&nbsp; 1071265 | &nbsp;&nbsp; 994946 |
| FNMA, Pool #MA0584 | 4.500% | 10/01/40 | &nbsp;&nbsp; 9718 | &nbsp;&nbsp; 9319 |
| FNMA, Series 2013-13-MA | 4.000% | 01/25/43 | &nbsp;&nbsp; 252551 | &nbsp;&nbsp; 245918 |
| FNMA, Series 2016-49-LA | 3.500% | 01/25/43 | &nbsp;&nbsp; 161316 | &nbsp;&nbsp; 156795 |
| FNMA, Series 2014-80-KA | 2.000% | 03/25/44 | &nbsp;&nbsp; 285606 | &nbsp;&nbsp; 221313 |
| FNMA, Series 2016-24-HA | 3.000% | 04/25/44 | &nbsp;&nbsp; 73690 | &nbsp;&nbsp; 71049 |
| FNMA, Series 2017-22-EC | 3.000% | 06/25/44 | &nbsp;&nbsp; 172219 | &nbsp;&nbsp; 165983 |
| FNMA, Series 2016-89-CG | 3.000% | 04/25/46 | &nbsp;&nbsp; 133829 | &nbsp;&nbsp; 122823 |
| FNMA, Series 2017-105-N | 3.000% | 01/25/48 | &nbsp;&nbsp; 1387453 | &nbsp;&nbsp; 1266817 |
| FNMA, Series 2019-33-N | 3.000% | 03/25/48 | &nbsp;&nbsp; 320055 | &nbsp;&nbsp; 299401 |
| FNMA, Series 2018-45-AB | 3.000% | 06/25/48 | &nbsp;&nbsp; 235184 | &nbsp;&nbsp; 214716 |
|  |  |  |  | &nbsp;&nbsp; 6246569 |
| **Government National Mortgage Association - 8.7%** | **Government National Mortgage Association - 8.7%** | **Government National Mortgage Association - 8.7%** | **Government National Mortgage Association - 8.7%** |  |
| GNMA, Series 2020-078-CB | 5.000% | 09/20/34 | &nbsp;&nbsp; 254188 | &nbsp;&nbsp; 253753 |
| GNMA, Series 2009-104-KA | 4.500% | 08/16/39 | &nbsp;&nbsp; 20129 | &nbsp;&nbsp; 19903 |
| GNMA, Series 2017-084-JD | 3.000% | 05/20/47 | &nbsp;&nbsp; 41088 | &nbsp;&nbsp; 37145 |
| GNMA, Series 2018-006-JA | 2.750% | 01/20/48 | &nbsp;&nbsp; 231444 | &nbsp;&nbsp; 212368 |
| GNMA, Series 2019-061-KU | 3.500% | 05/20/49 | &nbsp;&nbsp; 898299 | &nbsp;&nbsp; 836947 |
| GNMA, Series 2019-099-JC | 3.000% | 08/20/49 | &nbsp;&nbsp; 76703 | &nbsp;&nbsp; 70655 |
| GNMA, Series 2019-152-HA | 3.500% | 08/20/49 | &nbsp;&nbsp; 176033 | &nbsp;&nbsp; 168757 |
| GNMA, Series 2020-05-NA | 3.500% | 12/20/49 | &nbsp;&nbsp; 245634 | &nbsp;&nbsp; 229729 |
| GNMA, Series 2020-133-A <sup>(b)</sup> | 5.935% | 05/01/50 | &nbsp;&nbsp; 275809 | &nbsp;&nbsp; 286649 |
| GNMA, Series 2020-084-WA | 3.500% | 06/20/50 | &nbsp;&nbsp; 180776 | &nbsp;&nbsp; 167310 |
| GNMA, Series 2020-095-NB | 4.500% | 07/20/50 | &nbsp;&nbsp; 25295 | &nbsp;&nbsp; 23459 |
| GNMA, Series 2020-122-DP | 2.500% | 07/20/50 | &nbsp;&nbsp; 1297399 | &nbsp;&nbsp; 1112086 |
| GNMA, Series 2022-078-LA | 4.500% | 07/20/50 | &nbsp;&nbsp; 1136956 | &nbsp;&nbsp; 1125331 |
| GNMA, Series 2020-123-PB | 2.250% | 08/20/50 | &nbsp;&nbsp; 631943 | &nbsp;&nbsp; 531893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Government National Mortgage Association - 8.7% (Continued)** | **Government National Mortgage Association - 8.7% (Continued)** | **Government National Mortgage Association - 8.7% (Continued)** | **Government National Mortgage Association - 8.7% (Continued)** |  |
| GNMA, Series 2020-133-HA | 3.500% | 09/20/50 | &nbsp;&nbsp; $336204 | &nbsp;&nbsp; $309256 |
| GNMA, Series 2020-134-NP | 2.500% | 09/20/50 | &nbsp;&nbsp; 997193 | &nbsp;&nbsp; 852969 |
| GNMA, Series 2020-183-AY | 2.000% | 11/20/50 | &nbsp;&nbsp; 971920 | &nbsp;&nbsp; 796744 |
| GNMA, Series 2022-075-PA | 4.000% | 04/20/51 | &nbsp;&nbsp; 1218403 | &nbsp;&nbsp; 1176920 |
| GNMA, Series 2022-20-KA | 2.500% | 01/20/52 | &nbsp;&nbsp; 1202450 | &nbsp;&nbsp; 1093271 |
| GNMA, Series 2022-024-BC | 4.000% | 02/20/52 | &nbsp;&nbsp; 829641 | &nbsp;&nbsp; 797919 |
|  |  |  |  | &nbsp;&nbsp; 10103064 |
| **Non-Agency - 12.6%** | **Non-Agency - 12.6%** | **Non-Agency - 12.6%** | **Non-Agency - 12.6%** |  |
| ABN AMRO Mortgage Corporation,<br> Series 2003-12-1A | 5.000% | 12/25/33 | &nbsp;&nbsp; 98829 | &nbsp;&nbsp; 92292 |
| Bank of America Funding Corporation, <br> Series 2003-J-2-A-1 <sup>(b)</sup> | 3.576% | 11/25/33 | &nbsp;&nbsp; 268979 | &nbsp;&nbsp; 237639 |
| Bank of America Funding Corporation, <br> Series 2004-A-3-A-1 <sup>(b)</sup> | 2.358% | 02/25/34 | &nbsp;&nbsp; 43571 | &nbsp;&nbsp; 42336 |
| Bear Stearns ALT-A Trust,<br> Series 2003-6-II-A-1 <sup>(b)</sup> | 3.486% | 01/25/34 | &nbsp;&nbsp; 183696 | &nbsp;&nbsp; 162967 |
| Countrywide Home Loans, Inc.,<br> Series 2003-49-A-9 <sup>(b)</sup> | 3.980% | 12/19/33 | &nbsp;&nbsp; 39153 | &nbsp;&nbsp; 34804 |
| Credit Suisse First Boston Mortgage Securities Company, Series 2002-AR31-IV-A-2 <sup>(b)</sup> | 4.245% | 11/25/32 | &nbsp;&nbsp; 40372 | &nbsp;&nbsp; 38357 |
| Credit Suisse First Boston Mortgage Securities Company, Series 2003-11-I-A-31 | 5.500% | 06/25/33 | &nbsp;&nbsp; 23733 | &nbsp;&nbsp; 22429 |
| CSMC Mortgage Trust,<br> 144A, Series 2013-IVR1-A-2 | 3.000% | 03/25/43 | &nbsp;&nbsp; 380975 | &nbsp;&nbsp; 332969 |
| GS Mortgage-Backed Securities,<br> 144A, Series 2021-PJ1-A-4 <sup>(b)</sup> | 2.500% | 06/25/51 | &nbsp;&nbsp; 649833 | &nbsp;&nbsp; 507052 |
| HarborView Mortgage Loan Trust,<br> Series 2003-1-A <sup>(b)</sup> | 2.919% | 05/19/33 | &nbsp;&nbsp; 45051 | &nbsp;&nbsp; 38426 |
| HarborView Mortgage Loan Trust, Series 2004-4-2-A (1\*1MO LIBOR + 56) <sup>(b)</sup> | 4.040% | 06/19/34 | &nbsp;&nbsp; 55557 | &nbsp;&nbsp; 48298 |
| Impac CMB Trust, Series 2004-10-4-A-2<br> (1\*1MO LIBOR + 94) <sup>(b)</sup> | 4.526% | 03/25/35 | &nbsp;&nbsp; 49141 | &nbsp;&nbsp; 44305 |
| Impac CMB Trust, Series 2005-4-2-A-1<br> (1\*1MO LIBOR + 30) <sup>(b)</sup> | 4.316% | 05/25/35 | &nbsp;&nbsp; 329408 | &nbsp;&nbsp; 273669 |
| Impac CMB Trust,<br> 144A, Series 2007-A-A<br> (1\*1MO LIBOR + 50) <sup>(b)</sup> | 4.544% | 05/25/37 | &nbsp;&nbsp; 806447 | &nbsp;&nbsp; 745352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** |  |
| Impac CMB Trust, 44A, Series 2007-A-M-1<br> (1\*1MO LIBOR + 80) <sup>(b)</sup> | 4.844% | 05/25/37 | &nbsp;&nbsp; $293732 | &nbsp;&nbsp; $270262 |
| Impac Secured Assets Corporation, <br> Series 2003-3-A-1 <sup>(b)</sup> | 5.200% | 08/25/33 | &nbsp;&nbsp; 27270 | &nbsp;&nbsp; 25554 |
| Impac Secured Assets Corporation,<br> Series 2006-1-2-A-1<br> (1\*1MO LIBOR + 70) <sup>(b)</sup> | 4.394% | 05/25/36 | &nbsp;&nbsp; 93787 | &nbsp;&nbsp; 78784 |
| JPMorgan Alternative Loan Trust,<br> Series 2005-A2-1-A-1 <br> (1\*1MO LIBOR + 52) <sup>(b)</sup> | 4.304% | 01/25/36 | &nbsp;&nbsp; 8585 | &nbsp;&nbsp; 8557 |
| JPMorgan Mortgage Trust,<br> Series 2003-A1-1-A-1 <sup>(b)</sup> | 2.923% | 10/25/33 | &nbsp;&nbsp; 102547 | &nbsp;&nbsp; 91064 |
| JPMorgan Mortgage Trust, <br> Series 2004-A1-4-A-1 <sup>(b)</sup> | 2.531% | 02/25/34 | &nbsp;&nbsp; 74773 | &nbsp;&nbsp; 69456 |
| JPMorgan Mortgage Trust,<br> Series 2004-A3-S-F-3 <sup>(b)</sup> | 2.981% | 06/25/34 | &nbsp;&nbsp; 92454 | &nbsp;&nbsp; 84093 |
| JPMorgan Mortgage Trust,<br> Series 2004-A4-2-A-2 <sup>(b)</sup> | 4.000% | 09/25/34 | &nbsp;&nbsp; 599862 | &nbsp;&nbsp; 547169 |
| JPMorgan Mortgage Trust,<br> Series 2004-A5-2-A-1 <sup>(b)</sup> | 3.709% | 12/25/34 | &nbsp;&nbsp; 28334 | &nbsp;&nbsp; 28026 |
| JPMorgan Mortgage Trust,<br> 144A, Series 2013-3-A-3 <sup>(b)</sup> | 3.353% | 07/25/43 | &nbsp;&nbsp; 57378 | &nbsp;&nbsp; 52007 |
| JPMorgan Mortgage Trust,<br> 144A, Series 2017-A-A-3 <sup>(b)</sup> | 3.500% | 05/25/47 | &nbsp;&nbsp; 119636 | &nbsp;&nbsp; 102818 |
| JPMorgan Mortgage Trust,<br> 144A, Series 2018-1-A-7 <sup>(b)</sup> | 3.500% | 06/25/48 | &nbsp;&nbsp; 458140 | &nbsp;&nbsp; 406289 |
| Master Adjustable Rate Mortgage Trust, Series 2003-3-2-A-1 <sup>(b)</sup> | 3.823% | 09/25/33 | &nbsp;&nbsp; 51506 | &nbsp;&nbsp; 44413 |
| Master Asset Securitization Trust,<br> Series 2004-1-3-A-7 | 5.250% | 01/25/34 | &nbsp;&nbsp; 42391 | &nbsp;&nbsp; 39038 |
| Merrill Lynch Mortgage Investors Trust, <br> Series 2004-A3-I-A <sup>(b)</sup> | 2.855% | 05/25/34 | &nbsp;&nbsp; 118848 | &nbsp;&nbsp; 104304 |
| Merrill Lynch Mortgage Investors Trust, <br> Series 2004-1-A-2<br> (1\*1MO LIBOR + 90) <sup>(b)</sup> | 4.944% | 11/25/34 | &nbsp;&nbsp; 842526 | &nbsp;&nbsp; 779644 |
| Merrill Lynch Mortgage Investors Trust, <br> Series 2005-A1-I-A <sup>(b)</sup> | 4.325% | 12/25/34 | &nbsp;&nbsp; 239302 | &nbsp;&nbsp; 226819 |
| Nationstar Mortgage Loan Trust,<br> 144A, Series 2013-A-A <sup>(b)</sup> | 3.750% | 12/25/52 | &nbsp;&nbsp; 40903 | &nbsp;&nbsp; 36551 |
| New Residential Mortgage Loan Trust, <br> 144A, Series 2015-2-A-2 <sup>(b)</sup> | 3.750% | 08/25/55 | &nbsp;&nbsp; 209669 | &nbsp;&nbsp; 191577 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** |  |
| New Residential Mortgage Loan Trust, <br> 144A, Series 2017-3-A-1 <sup>(b)</sup> | 4.000% | 04/25/57 | &nbsp;&nbsp; $233031 | &nbsp;&nbsp; $220710 |
| Opteum Mortgage Acceptance Corporation, Series 2005-5-IIA1D2 <sup>(b)</sup> | 5.850% | 12/25/35 | &nbsp;&nbsp; 25053 | &nbsp;&nbsp; 24702 |
| Rocket Mortgage, LLC, <br> 144A, Series 2022-1-A-5 | 2.500% | 01/25/52 | &nbsp;&nbsp; 1495987 | &nbsp;&nbsp; 1276229 |
| SBA Tower Trust,<br> 144A, Series 2020-1-2-1C | 1.884% | 07/15/50 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1011374 |
| SBA Tower Trust,<br> 144A, Series 2020-1-2-2C | 2.328% | 07/15/52 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 8343 |
| Sequoia Mortgage Trust, <br> Series 2003-8-A-1 <br> (1\*1MO LIBOR + 64) <sup>(b)</sup> | 4.129% | 01/20/34 | &nbsp;&nbsp; 264058 | &nbsp;&nbsp; 245539 |
| Sequoia Mortgage Trust,<br> Series 2004-6-A-2<br> (1\*1MO LIBOR + 56) <sup>(b)</sup> | 4.049% | 07/20/34 | &nbsp;&nbsp; 108100 | &nbsp;&nbsp; 94441 |
| Sequoia Mortgage Trust,<br> 144A, Series 2013-5-A-1 <sup>(b)</sup> | 2.500% | 05/25/43 | &nbsp;&nbsp; 179328 | &nbsp;&nbsp; 150076 |
| Sequoia Mortgage Trust,<br> Series 2013-6-A-2 <sup>(b)</sup> | 3.000% | 05/25/43 | &nbsp;&nbsp; 222322 | &nbsp;&nbsp; 194571 |
| Sequoia Mortgage Trust,<br> 144A, Series 2019-4-A-1 | 3.500% | 11/25/49 | &nbsp;&nbsp; 593561 | &nbsp;&nbsp; 516888 |
| Sequoia Mortgage Trust,<br> 144A, Series 2020-4-A-2 | 2.500% | 11/25/50 | &nbsp;&nbsp; 589402 | &nbsp;&nbsp; 475596 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1-4-A4 <sup>(b)</sup> | 3.656% | 02/25/34 | &nbsp;&nbsp; 88452 | &nbsp;&nbsp; 82310 |
| Structured Asset Mortgage Investments II Trust, Series 2004-AR6-A-1A<br> (1\*1MO LIBOR + 70) <sup>(b)</sup> | 4.180% | 02/19/35 | &nbsp;&nbsp; 1062095 | &nbsp;&nbsp; 977217 |
| Structured Asset Mortgage Investments, Inc., Series 2003-AR4-A-1<br> (1\*1MO LIBOR + 70) <sup>(b)</sup> | 4.180% | 01/19/34 | &nbsp;&nbsp; 30647 | &nbsp;&nbsp; 28429 |
| Structured Asset Mortgage Investments, Inc., Series 2004-AR4-IA1<br> (1\*1MO LIBOR + 70) <sup>(b)</sup> | 4.180% | 12/19/34 | &nbsp;&nbsp; 70648 | &nbsp;&nbsp; 62692 |
| Structured Asset Securities Corporation, <br> Series 2003-9A-2-A1 <sup>(b)</sup> | 3.844% | 03/25/33 | &nbsp;&nbsp; 70773 | &nbsp;&nbsp; 66998 |
| Structured Asset Securities Corporation, <br> Series 2003-34A-5-A4 <sup>(b)</sup> | 3.771% | 11/25/33 | &nbsp;&nbsp; 131414 | &nbsp;&nbsp; 118530 |
| Terwin Mortgage Trust,<br> 144A, Series 2004-1HE-M-1 | 4.794% | 02/25/34 | &nbsp;&nbsp; 301936 | &nbsp;&nbsp; 278913 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** | **Non-Agency - 12.6% (Continued)** |  |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2003-S3-III-A1 | 5.500% | 05/25/33 | &nbsp;&nbsp; $26047 | &nbsp;&nbsp; $24866 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2003-AR7-A-7 <sup>(b)</sup> | 3.804% | 08/25/33 | &nbsp;&nbsp; 485020 | &nbsp;&nbsp; 438626 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2003-AR8-A <sup>(b)</sup> | 4.162% | 08/25/33 | &nbsp;&nbsp; 186791 | &nbsp;&nbsp; 175350 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2002-AR2-A (1\*COF 11 + 125) <sup>(b)</sup> | 2.355% | 02/27/34 | &nbsp;&nbsp; 104343 | &nbsp;&nbsp; 96000 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2005-AR2-1-A-1A <br> (1\*1MO LIBOR + 66) <sup>(b)</sup> | 4.704% | 01/25/45 | &nbsp;&nbsp; 1011808 | &nbsp;&nbsp; 905728 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2005-AR13-A-1A3 <br> (1\*1MO LIBOR + 156) <sup>(b)</sup> | 5.604% | 10/25/45 | &nbsp;&nbsp; 156275 | &nbsp;&nbsp; 145764 |
| Wells Fargo Alternative Loan Trust,<br> Series 2002-1-I-A-1 | 6.250% | 08/25/32 | &nbsp;&nbsp; 240151 | &nbsp;&nbsp; 225549 |
| Wells Fargo Mortgage-Backed Securities, <br> 144A, Series 2021-RR1-A-3 | 2.500% | 12/25/50 | &nbsp;&nbsp; 1152824 | &nbsp;&nbsp; 1009549 |
|  |  |  |  | &nbsp;&nbsp; 14662310 |
| **Total Collateralized Mortgage Obligations** (Cost $43,264,546) | **Total Collateralized Mortgage Obligations** (Cost $43,264,546) | **Total Collateralized Mortgage Obligations** (Cost $43,264,546) | **Total Collateralized Mortgage Obligations** (Cost $43,264,546) | &nbsp;&nbsp; $39651477 |
| **CORPORATE BONDS - 31.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 2.3%** | **Communications - 2.3%** | **Communications - 2.3%** |  |  |
| CBS Corporation | 7.875% | 07/30/30 | &nbsp;&nbsp; $765000 | &nbsp;&nbsp; $821047 |
| Discovery Communications, LLC | 5.000% | 09/20/37 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 922579 |
| T-Mobile USA, Inc. | 2.050% | 02/15/28 | &nbsp;&nbsp; 1073000 | &nbsp;&nbsp; 924757 |
|  |  |  |  | &nbsp;&nbsp; 2668383 |
| **Consumer Discretionary - 0.8%** | **Consumer Discretionary - 0.8%** | **Consumer Discretionary - 0.8%** |  |  |
| Genting NY, LLC, 144A | 3.300% | 02/15/26 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 912951 |
| **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** |  |  |
| Flowers Foods, Inc. | 2.400% | 03/15/31 | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp; 905998 |
| **Energy - 1.9%** | **Energy - 1.9%** | **Energy - 1.9%** |  |  |
| Enbridge, Inc. | 3.125% | 11/15/29 | &nbsp;&nbsp; 1059000 | &nbsp;&nbsp; 930936 |
| Grey Oak Pipeline, LLC, 144A | 3.450% | 10/15/27 | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp; 898544 |
| Phillips 66 Partners, L.P. | 3.550% | 10/01/26 | &nbsp;&nbsp; 399000 | &nbsp;&nbsp; 366369 |
|  |  |  |  | &nbsp;&nbsp; 2195849 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 31.5% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Financials - 12.6%** | **Financials - 12.6%** | **Financials - 12.6%** |  |  |
| AerCap Ireland Capital Ltd. | 3.300% | 01/30/32 | &nbsp;&nbsp; $1075000 | &nbsp;&nbsp; $852561 |
| Antares Holdings, L.P. | 3.950% | 07/15/26 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 925357 |
| Aviation Capital Group, LLC, 144A | 1.950% | 01/30/26 | &nbsp;&nbsp; 1102000 | &nbsp;&nbsp; 960422 |
| Bank of America Corporation <br> (1\*3MO LIBOR + 104) <sup>(b)</sup> | 3.419% | 12/20/28 | &nbsp;&nbsp; 984000 | &nbsp;&nbsp; 895787 |
| Barings BDC, Inc. | 3.300% | 11/23/26 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 878188 |
| Blackstone Private Credit Fund | 3.250% | 03/15/27 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 903584 |
| Drawbridge Special Opportunities Fund, L.P., 144A | 3.875% | 02/15/26 | &nbsp;&nbsp; 937000 | &nbsp;&nbsp; 851732 |
| Fairfax Financial Holdings Ltd. | 4.850% | 04/17/28 | &nbsp;&nbsp; 938000 | &nbsp;&nbsp; 884097 |
| Fidelity National Financial, Inc. | 3.400% | 06/15/30 | &nbsp;&nbsp; 899000 | &nbsp;&nbsp; 753392 |
| First American Financial Corporation | 4.000% | 05/15/30 | &nbsp;&nbsp; 1017000 | &nbsp;&nbsp; 856051 |
| FS KKR Capital Corporation | 3.400% | 01/15/26 | &nbsp;&nbsp; 983000 | &nbsp;&nbsp; 893503 |
| Goldman Sachs Group, Inc. | 6.125% | 02/15/33 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 911560 |
| Icahn Enterprises, L.P. | 4.375% | 02/01/29 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 630937 |
| Jackson Financial, Inc. | 3.125% | 11/23/31 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 841027 |
| Owl Rock Capital Corporation | 2.625% | 01/15/27 | &nbsp;&nbsp; 1072000 | &nbsp;&nbsp; 886967 |
| PennyMac Mortgage Investment Trust | 5.500% | 11/01/24 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 888750 |
| Prospect Capital Corporation | 3.437% | 10/15/28 | &nbsp;&nbsp; 1131000 | &nbsp;&nbsp; 869165 |
|  |  |  |  | &nbsp;&nbsp; 14683080 |
| **Health Care - 1.4%** | **Health Care - 1.4%** | **Health Care - 1.4%** |  |  |
| Bristol-Myers Squibb Company | 5.875% | 11/15/36 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 504263 |
| CVS Health Corporation | 6.943% | 01/10/30 | &nbsp;&nbsp; 349940 | &nbsp;&nbsp; 357301 |
| CVS Pass-Through Trust, <br> 144A, Series 2013 | 4.704% | 01/10/36 | &nbsp;&nbsp; 214775 | &nbsp;&nbsp; 191589 |
| CVS Pass-Through Trust, <br> 144A, Series 2014 | 4.163% | 08/11/36 | &nbsp;&nbsp; 690845 | &nbsp;&nbsp; 615452 |
|  |  |  |  | &nbsp;&nbsp; 1668605 |
| **Industrials - 4.5%** | **Industrials - 4.5%** | **Industrials - 4.5%** |  |  |
| Air Canada Pass-Through Certificates, <br> 144A, Series 2013-1-A | 4.125% | 11/15/26 | &nbsp;&nbsp; 468016 | &nbsp;&nbsp; 423593 |
| Air Canada Pass-Through Certificates, <br> 144A, Series 2017-1-A | 3.550% | 07/15/31 | &nbsp;&nbsp; 994000 | &nbsp;&nbsp; 798806 |
| American Airlines Group Pass-Through Certificates, Series 2019-1-AA | 3.150% | 08/15/33 | &nbsp;&nbsp; 1104740 | &nbsp;&nbsp; 906024 |
| MasTec, Inc., 144A | 4.500% | 08/15/28 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 878708 |
| Roper Technologies, Inc. | 2.950% | 09/15/29 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 903511 |
| U.S. Airways Pass-Through Trust,<br> Series 2011-1-A | 7.125% | 04/22/25 | &nbsp;&nbsp; 342717 | &nbsp;&nbsp; 344251 |
| United Airlines Pass-Through Certificates, <br> Series 2020-1-A | 5.875% | 04/15/29 | &nbsp;&nbsp; 1031450 | &nbsp;&nbsp; 1018422 |
|  |  |  |  | &nbsp;&nbsp; 5273315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 31.5% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Materials - 0.8%** | **Materials - 0.8%** | **Materials - 0.8%** |  |  |
| Georgia-Pacific, LLC | 7.750% | 11/15/29 | &nbsp;&nbsp; $780000 | &nbsp;&nbsp; $894936 |
| **Real Estate - 1.5%** | **Real Estate - 1.5%** | **Real Estate - 1.5%** |  |  |
| American Homes 4 Rent | 2.375% | 07/15/31 | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp; 873411 |
| Crown Castle International Corporation | 4.000% | 03/01/27 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 834245 |
| Public Storage | 2.250% | 11/09/31 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 104686 |
|  |  |  |  | &nbsp;&nbsp; 1812342 |
| **Technology - 3.1%** | **Technology - 3.1%** | **Technology - 3.1%** |  |  |
| Hewlett Packard Enterprise Company | 6.200% | 10/15/35 | &nbsp;&nbsp; 857000 | &nbsp;&nbsp; 892984 |
| Leidos, Inc. | 4.375% | 05/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 909458 |
| NXP B.V./NXP Funding, LLC | 2.500% | 05/11/31 | &nbsp;&nbsp; 1167000 | &nbsp;&nbsp; 919639 |
| TD SYNNEX Corporation | 2.375% | 08/09/28 | &nbsp;&nbsp; 1089000 | &nbsp;&nbsp; 890239 |
|  |  |  |  | &nbsp;&nbsp; 3612320 |
| **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |  |  |
| Elwood Energy, LLC | 8.159% | 07/05/26 | &nbsp;&nbsp; 529615 | &nbsp;&nbsp; 519023 |
| Entergy New Orleans, LLC | 4.000% | 06/01/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 675650 |
| NSG Holdings, LLC, 144A | 7.750% | 12/15/25 | &nbsp;&nbsp; 923280 | &nbsp;&nbsp; 899044 |
|  |  |  |  | &nbsp;&nbsp; 2093717 |
| **Total Corporate Bonds** (Cost $42,083,362) | **Total Corporate Bonds** (Cost $42,083,362) | **Total Corporate Bonds** (Cost $42,083,362) | **Total Corporate Bonds** (Cost $42,083,362) | &nbsp;&nbsp; $36721496 |

---

---

| | | |
|:---|:---|:---|
| **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** | **OAKHURST FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 1.0%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.76% <sup>(c)</sup> (Cost $1,157,483) | &nbsp;&nbsp; 1157483 | &nbsp;&nbsp; $1157483 |
| **Total Investments at Value - 99.8%** (Cost $129,901,479) | **Total Investments at Value - 99.8%** (Cost $129,901,479) | &nbsp;&nbsp; $116218933 |
| **Other Assets in Excess of Liabilities - 0.2%** | **Other Assets in Excess of Liabilities - 0.2%** | &nbsp;&nbsp; 264775 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp; $116483708 |

---

---

| | |
|:---|:---|
| 144A - | Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid under procedures approved by the Board of Trustees. The total value of such securities is $23,392,897 as of November 30, 2022, representing 20.1% of net assets. |
| COF 11 - | Cost of funds for the 11th District of San Francisco. |
| LIBOR - | London Interbank Offered Rate. |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **U.S. GOVERNMENT & AGENCIES - 3.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Bank - 1.5%** | **Federal Home Loan Bank - 1.5%** | **Federal Home Loan Bank - 1.5%** | **Federal Home Loan Bank - 1.5%** |  |
| Federal Home Loan Banks | 3.000% | 02/23/24 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp; $683680 |
| **Small Business Administration - 0.1%** | **Small Business Administration - 0.1%** | **Small Business Administration - 0.1%** | **Small Business Administration - 0.1%** |  |
| SBA | 5.510% | 11/01/27 | &nbsp;&nbsp; 23345 | &nbsp;&nbsp; 23175 |
| **U.S. Treasury Notes - 2.1%** | **U.S. Treasury Notes - 2.1%** | **U.S. Treasury Notes - 2.1%** | **U.S. Treasury Notes - 2.1%** |  |
| U.S. Treasury Notes | 2.500% | 01/31/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962109 |
| **Total U.S. Government & Agencies** (Cost $1,719,369) | **Total U.S. Government & Agencies** (Cost $1,719,369) | **Total U.S. Government & Agencies** (Cost $1,719,369) | **Total U.S. Government & Agencies** (Cost $1,719,369) | &nbsp;&nbsp; $1668964 |
| **ASSET-BACKED SECURITIES - 13.6%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Accredited Mortgage Loan Trust,<br> Series 2004-3-2A2 <br> (1\*1MO LIBOR + 120) <sup>(a)</sup> | 5.244% | 10/25/34 | &nbsp;&nbsp; $78350 | &nbsp;&nbsp; $75737 |
| ACE Securities Corporation,<br> Series 2003-NC1-A-2A <br> (1\*1MO LIBOR + 84) <sup>(a)</sup> | 4.464% | 07/25/33 | &nbsp;&nbsp; 234621 | &nbsp;&nbsp; 208821 |
| Argent Securities, Inc.,<br> Series 2004-W10-A-2<br> (1\*1MO LIBOR + 78) <sup>(a)</sup> | 3.890% | 10/25/34 | &nbsp;&nbsp; 289805 | &nbsp;&nbsp; 274201 |
| Coinstar Funding, LLC,<br> 144A, Series 2017-1-A-2 | 5.216% | 04/25/47 | &nbsp;&nbsp; 609525 | &nbsp;&nbsp; 496205 |
| Countrywide Asset-Backed Certificates, <br> Series 2004-6-2-A-3<br> (1\*1MO LIBOR + 120) <sup>(a)</sup> | 5.244% | 11/25/34 | &nbsp;&nbsp; 152019 | &nbsp;&nbsp; 144640 |
| Countrywide Home Loans, Inc.,<br> Series 2004-6-2-A-5<br> (1\*1MO LIBOR + 78) <sup>(a)</sup> | 4.824% | 11/25/34 | &nbsp;&nbsp; 579813 | &nbsp;&nbsp; 539889 |
| DB Master Finance, LLC,<br> 144A, Series 2021-1-A-2-I | 2.045% | 11/20/51 | &nbsp;&nbsp; 678150 | &nbsp;&nbsp; 572949 |
| Domino's Pizza Master Issuer, LLC, <br> 144A, Series 2015-1-A-2-II | 4.474% | 10/25/45 | &nbsp;&nbsp; 611000 | &nbsp;&nbsp; 580183 |
| Drive Auto Receivables Trust,<br> Series 2020-2-D | 3.050% | 05/15/28 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 653970 |
| Drive Auto Receivables Trust,<br> Series 2021-1-C | 1.020% | 06/15/27 | &nbsp;&nbsp; 556000 | &nbsp;&nbsp; 540672 |
| Fat Brands GFG Royalty, LLC, <br> 144A, Series 2021-1-A-2 | 6.000% | 07/25/51 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 426200 |
| HOA Funding, LLC,<br> 144A, Series 2021-1-B | 7.432% | 08/20/51 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 688270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **ASSET-BACKED SECURITIES - 13.6% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Mortgage IT Trust,<br> Series 2005-5-A-1<br> (1\*1MO LIBOR + 52) <sup>(a)</sup> | 4.304% | 12/25/35 | &nbsp;&nbsp; $403295 | &nbsp;&nbsp; $377456 |
| Soundview Home Equity Loan Trust,<br> Series 2003-2-A-2 <br> (1\*1MO LIBOR + 130) <sup>(a)</sup> | 5.316% | 11/25/33 | &nbsp;&nbsp; 233677 | &nbsp;&nbsp; 228665 |
| Thornburg Mortgage Trust,<br> Series 2003-4-A-1 (1\*1MO LIBOR + 64) | 4.364% | 09/25/43 | &nbsp;&nbsp; 438586 | &nbsp;&nbsp; 406840 |
| **Total Asset-Backed Securities** (Cost $6,863,703) | **Total Asset-Backed Securities** (Cost $6,863,703) | **Total Asset-Backed Securities** (Cost $6,863,703) | **Total Asset-Backed Securities** (Cost $6,863,703) | &nbsp;&nbsp; $6214698 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 38.3%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal Home Loan Mortgage Corporation - 8.0%** | **Federal Home Loan Mortgage Corporation - 8.0%** | **Federal Home Loan Mortgage Corporation - 8.0%** | **Federal Home Loan Mortgage Corporation - 8.0%** |  |
| FHLMC, Pool #J1-2630 | 4.000% | 07/01/25 | &nbsp;&nbsp; $175594 | &nbsp;&nbsp; $175955 |
| FHLMC, Series 2580-PY | 4.000% | 03/15/33 | &nbsp;&nbsp; 10336 | &nbsp;&nbsp; 9934 |
| FHLMC, Series 3664-DA | 4.000% | 11/15/37 | &nbsp;&nbsp; 359839 | &nbsp;&nbsp; 353274 |
| FHLMC, Series 3597-LH | 4.500% | 07/15/39 | &nbsp;&nbsp; 171101 | &nbsp;&nbsp; 167878 |
| FHLMC, Series 4444-CH | 3.000% | 01/15/41 | &nbsp;&nbsp; 112122 | &nbsp;&nbsp; 111557 |
| FHLMC, Series 4312-GA | 2.500% | 12/15/41 | &nbsp;&nbsp; 64725 | &nbsp;&nbsp; 61551 |
| FHLMC, Series 4768-E | 3.500% | 09/15/42 | &nbsp;&nbsp; 409391 | &nbsp;&nbsp; 400280 |
| FHLMC, Series 4319-PM | 3.000% | 03/15/43 | &nbsp;&nbsp; 610286 | &nbsp;&nbsp; 585515 |
| FHLMC, Series 4570 | 3.000% | 03/15/44 | &nbsp;&nbsp; 451080 | &nbsp;&nbsp; 426163 |
| FHLMC, Series 4710-PA | 3.000% | 04/15/45 | &nbsp;&nbsp; 767813 | &nbsp;&nbsp; 728979 |
| FHLMC, Series 4938-BL | 2.250% | 07/25/49 | &nbsp;&nbsp; 447259 | &nbsp;&nbsp; 392340 |
| FHLMC, Series 4960-PD | 2.000% | 10/25/49 | &nbsp;&nbsp; 275964 | &nbsp;&nbsp; 236053 |
|  |  |  |  | &nbsp;&nbsp; 3649479 |
| **Federal National Mortgage Association - 5.5%** | **Federal National Mortgage Association - 5.5%** | **Federal National Mortgage Association - 5.5%** | **Federal National Mortgage Association - 5.5%** |  |
| FNMA, Series 2003-48-TC | 5.000% | 06/25/23 | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 3266 |
| FNMA, Series 2010-112-CY | 4.000% | 10/25/25 | &nbsp;&nbsp; 76215 | &nbsp;&nbsp; 75205 |
| FNMA, Pool #AL0300 | 4.500% | 06/01/26 | &nbsp;&nbsp; 101217 | &nbsp;&nbsp; 102241 |
| FNMA, Series 2012-41-BA | 2.500% | 04/25/27 | &nbsp;&nbsp; 314431 | &nbsp;&nbsp; 300492 |
| FNMA, Pool #AL4309 | 4.000% | 10/01/28 | &nbsp;&nbsp; 191533 | &nbsp;&nbsp; 191705 |
| FNMA, Series 2005-80-BA | 5.000% | 04/25/29 | &nbsp;&nbsp; 85572 | &nbsp;&nbsp; 84645 |
| FNMA, Series 2005-109-PC | 6.000% | 12/25/35 | &nbsp;&nbsp; 52910 | &nbsp;&nbsp; 53599 |
| FNMA, Series 2008-17-PA | 4.500% | 10/25/37 | &nbsp;&nbsp; 123598 | &nbsp;&nbsp; 121814 |
| FNMA, Series 2008-49-PA | 5.000% | 04/25/38 | &nbsp;&nbsp; 99759 | &nbsp;&nbsp; 97979 |
| FNMA, Series 2010-152-DA | 3.000% | 05/25/39 | &nbsp;&nbsp; 117271 | &nbsp;&nbsp; 115087 |
| FNMA, Series 2009-94-DA | 4.500% | 10/25/39 | &nbsp;&nbsp; 216044 | &nbsp;&nbsp; 208965 |
| FNMA, Series 2012-102-PA | 4.500% | 03/25/41 | &nbsp;&nbsp; 16232 | &nbsp;&nbsp; 16109 |
| FNMA, Series 2012-136-PD | 2.500% | 11/25/42 | &nbsp;&nbsp; 274589 | &nbsp;&nbsp; 261075 |
| FNMA, Series 2013-82-BP | 2.750% | 12/25/42 | &nbsp;&nbsp; 355783 | &nbsp;&nbsp; 330176 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 38.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Federal National Mortgage Association - 5.5% (Continued)** | **Federal National Mortgage Association - 5.5% (Continued)** | **Federal National Mortgage Association - 5.5% (Continued)** | **Federal National Mortgage Association - 5.5% (Continued)** |  |
| FNMA, Series 2014-80-KA | 2.000% | 03/25/44 | &nbsp;&nbsp; $88560 | &nbsp;&nbsp; $68624 |
| FNMA, Series 2016-72-AP | 4.000% | 07/25/44 | &nbsp;&nbsp; 101989 | &nbsp;&nbsp; 97373 |
| FNMA, Series 2018-14-PA | 3.500% | 04/25/47 | &nbsp;&nbsp; 380392 | &nbsp;&nbsp; 363266 |
|  |  |  |  | &nbsp;&nbsp; 2491621 |
| **Government National Mortgage Association - 1.7%** | **Government National Mortgage Association - 1.7%** | **Government National Mortgage Association - 1.7%** | **Government National Mortgage Association - 1.7%** |  |
| GNMA, Pool #615735X | 5.000% | 07/15/23 | &nbsp;&nbsp; 5691 | &nbsp;&nbsp; 5776 |
| GNMA, Series 2011-26-PA | 4.000% | 07/20/40 | &nbsp;&nbsp; 50573 | &nbsp;&nbsp; 50141 |
| GNMA, Series 2012-10-LD | 3.000% | 07/20/40 | &nbsp;&nbsp; 41160 | &nbsp;&nbsp; 40922 |
| GNMA, Series 2018-131-PG | 3.000% | 09/20/48 | &nbsp;&nbsp; 100731 | &nbsp;&nbsp; 91691 |
| GNMA, Series 2019-024-PE | 3.250% | 02/20/49 | &nbsp;&nbsp; 222304 | &nbsp;&nbsp; 209472 |
| GNMA, Series 2019-065-EB | 3.000% | 05/20/49 | &nbsp;&nbsp; 185636 | &nbsp;&nbsp; 167780 |
| GNMA, Series 2019-152-HA | 3.500% | 08/20/49 | &nbsp;&nbsp; 174053 | &nbsp;&nbsp; 166859 |
| GNMA, Series 2020-095-NB | 4.500% | 07/20/50 | &nbsp;&nbsp; 70920 | &nbsp;&nbsp; 65772 |
|  |  |  |  | &nbsp;&nbsp; 798413 |
| **Non-Agency - 23.1%** | **Non-Agency - 23.1%** | **Non-Agency - 23.1%** | **Non-Agency - 23.1%** |  |
| Adjustable Rate Mortgage Trust,<br> Series 2004-5-4-A-1 <sup>(a)</sup> | 2.881% | 04/25/35 | &nbsp;&nbsp; 113055 | &nbsp;&nbsp; 112474 |
| American General Mortgage Loan Trust, <br> 144A, Series 2006-1-A-5 <sup>(a)</sup> | 5.750% | 12/25/35 | &nbsp;&nbsp; 1756 | &nbsp;&nbsp; 1829 |
| American Home Mortgage Investment Trust, Series 2004-3-IV-A <br> (1\*6MO LIBOR + 150) <sup>(a)</sup> | 3.554% | 10/25/34 | &nbsp;&nbsp; 408430 | &nbsp;&nbsp; 404369 |
| American Home Mortgage Investment Trust, Series 2004-3-VI-A1 <sup>(b)</sup> | 4.820% | 10/25/34 | &nbsp;&nbsp; 14190 | &nbsp;&nbsp; 13724 |
| Citigroup Mortgage Loan Trust, Inc.,<br> Series 2005-6-A-1 (1\*H15T1Y + 210) <sup>(a)</sup> | 6.080% | 09/25/35 | &nbsp;&nbsp; 101294 | &nbsp;&nbsp; 98052 |
| Credit Suisse First Boston Mortgage Securitization, Series 2004-6-II-A-1 <sup>(c)</sup> | 0.000% | 12/25/22 | &nbsp;&nbsp; 12056 | &nbsp;&nbsp; 2 |
| Credit Suisse First Boston Mortgage Securitization, Series 2004-AR2-II-A-1 <sup>(a)</sup> | 2.621% | 03/25/34 | &nbsp;&nbsp; 33612 | &nbsp;&nbsp; 31820 |
| Goldman Sachs Mortgage Loan Trust, <br> Series 2003-13-1A1 <sup>(a)</sup> | 4.136% | 10/25/33 | &nbsp;&nbsp; 78300 | &nbsp;&nbsp; 75853 |
| Goldman Sachs Mortgage Loan Trust,<br> Series 2004-10F-7A-1 | 5.500% | 09/25/34 | &nbsp;&nbsp; 22878 | &nbsp;&nbsp; 22019 |
| Goldman Sachs Mortgage Loan Trust, <br> Series 2005-5F-8A-2 <br> (1\*1MO LIBOR + 50) <sup>(a)</sup> | 4.544% | 06/25/35 | &nbsp;&nbsp; 47482 | &nbsp;&nbsp; 45282 |
| GSR Mortgage Loan Trust,<br> Series 2003-7F-IA-4 | 5.250% | 06/25/33 | &nbsp;&nbsp; 171802 | &nbsp;&nbsp; 166044 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR6-1A-1 <sup>(a)</sup> | 3.264% | 09/25/35 | &nbsp;&nbsp; 11603 | &nbsp;&nbsp; 11261 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 38.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** |  |
| HarborView Mortgage Loan Trust, <br> Series 2004-4-2-A <br> (1\*1MO LIBOR + 56) <sup>(a)</sup> | 4.040% | 06/19/34 | &nbsp;&nbsp; $31747 | &nbsp;&nbsp; $27599 |
| Impac CMB Trust, Series 2005-4-2-A-1 (1\*1MO LIBOR + 30) <sup>(a)</sup> | 4.316% | 05/25/35 | &nbsp;&nbsp; 197251 | &nbsp;&nbsp; 163873 |
| Impac CMB Trust,<br> 144A, Series 2007-A-A <br> (1\*1MO LIBOR + 50) <sup>(a)</sup> | 4.544% | 05/25/37 | &nbsp;&nbsp; 136303 | &nbsp;&nbsp; 125976 |
| JPMorgan Alternative Loan Trust,<br> Series 2005-A2-1-A-1<br> (1\*1MO LIBOR + 52) <sup>(a)</sup> | 4.304% | 01/25/36 | &nbsp;&nbsp; 29822 | &nbsp;&nbsp; 29724 |
| JPMorgan Mortgage Trust,<br> Series 2003-A1-4-A-5 <sup>(a)</sup> | 2.982% | 10/25/33 | &nbsp;&nbsp; 70890 | &nbsp;&nbsp; 66805 |
| JPMorgan Mortgage Trust,<br> 144A, Series 2018-1-A-7 <sup>(a)</sup> | 3.500% | 06/25/48 | &nbsp;&nbsp; 580311 | &nbsp;&nbsp; 514632 |
| JPMorgan Mortgage Trust,<br> 144A, Series 2018-8-A-3 <sup>(a)</sup> | 4.000% | 01/25/49 | &nbsp;&nbsp; 103686 | &nbsp;&nbsp; 95343 |
| Master Adjustable Rate Mortgages Trust, <br> Series 2004-13-2-A-1 <sup>(a)</sup> | 3.615% | 04/21/34 | &nbsp;&nbsp; 109162 | &nbsp;&nbsp; 102178 |
| Master Adjustable Rate Mortgages Trust, <br> Series 2004-6-4-A-6 <sup>(a)</sup> | 3.488% | 07/25/34 | &nbsp;&nbsp; 230571 | &nbsp;&nbsp; 227100 |
| Master Seasoned Securitization Trust, <br> Series 2005-1-1-A-1 <sup>(a)</sup> | 5.864% | 09/25/32 | &nbsp;&nbsp; 362929 | &nbsp;&nbsp; 349849 |
| MASTR Asset Alternative Loans Trust, <br> Series 2003-1-2-A-1 | 6.500% | 01/25/33 | &nbsp;&nbsp; 335982 | &nbsp;&nbsp; 318746 |
| MASTR Asset Securitization Trust, <br> Series 2003-12-1-A-1 | 5.250% | 12/25/24 | &nbsp;&nbsp; 29265 | &nbsp;&nbsp; 28646 |
| MASTR Asset Securitization Trust,<br> Series 2003-11-7-A-5 | 5.250% | 12/25/33 | &nbsp;&nbsp; 197841 | &nbsp;&nbsp; 187593 |
| Mellon Residential Funding Corporation, <br> Series 2000-TBC2-A-1 <br> (1\*1MO LIBOR + 48) <sup>(a)</sup> | 4.355% | 06/15/30 | &nbsp;&nbsp; 640643 | &nbsp;&nbsp; 610278 |
| MLCC Mortgage Investors, Inc.,<br> Series MLCC 2003-B-A-1 <br> (1\*1MO LIBOR + 68) <sup>(a)</sup> | 4.384% | 04/25/28 | &nbsp;&nbsp; 30868 | &nbsp;&nbsp; 28747 |
| MLCC Mortgage Investors, Inc., <br> Series 2003-E-A-2<br> (1\*6MO LIBOR + 66) <sup>(a)</sup> | 4.226% | 10/25/28 | &nbsp;&nbsp; 437338 | &nbsp;&nbsp; 412996 |
| Mortgage IT Trust, <br> Series 2004-2-M-1<br> (1\*1MO LIBOR + 82.5) <sup>(a)</sup> | 4.594% | 12/25/34 | &nbsp;&nbsp; 508334 | &nbsp;&nbsp; 475291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 38.3% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** | **Non-Agency - 23.1% (Continued)** |  |
| Nationstar Mortgage Loan Trust,<br> 144A, Series 2013-A-A <sup>(a)</sup> | 3.750% | 12/25/52 | &nbsp;&nbsp; $265870 | &nbsp;&nbsp; $237582 |
| Provident Funding Mortgage Trust,<br> 144A, Series 2019-2-A-2 <sup>(a)</sup> | 3.000% | 12/25/49 | &nbsp;&nbsp; 659243 | &nbsp;&nbsp; 549141 |
| Rocket Mortgage, LLC, <br> 144A, Series 2022-1-A-5 | 2.500% | 01/25/52 | &nbsp;&nbsp; 934992 | &nbsp;&nbsp; 797643 |
| SBA Tower Trust,<br> 144A, Series 2020-1-2-1C | 1.884% | 07/15/50 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 527673 |
| Sequoia Mortgage Trust,<br> 144A, Series 2019-2-A1 | 4.000% | 06/25/49 | &nbsp;&nbsp; 897089 | &nbsp;&nbsp; 826911 |
| Sequoia Mortgage Trust,<br> 144A, Series 2019-5-A | 3.500% | 12/25/49 | &nbsp;&nbsp; 739307 | &nbsp;&nbsp; 637286 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12-3-A3 <sup>(a)</sup> | 3.878% | 09/25/34 | &nbsp;&nbsp; 31453 | &nbsp;&nbsp; 29906 |
| Structured Asset Mortgage Investments II Trust, Series 2004-AR6-A-1A<br> (1\*1MO LIBOR + 70) <sup>(a)</sup> | 4.180% | 02/19/35 | &nbsp;&nbsp; 365366 | &nbsp;&nbsp; 336167 |
| Structured Asset Mortgage Investments, Inc., Series 2004-AR3-I-A-1 <br> (1\*1MO LIBOR + 60) <sup>(a)</sup> | 4.080% | 07/19/34 | &nbsp;&nbsp; 758115 | &nbsp;&nbsp; 669988 |
| Structured Asset Securities Corporation, <br> Series 2003-34A-3-A4 <sup>(a)</sup> | 3.956% | 11/25/33 | &nbsp;&nbsp; 57932 | &nbsp;&nbsp; 55664 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2003-AR7-A-7 <sup>(a)</sup> | 3.804% | 08/25/33 | &nbsp;&nbsp; 114385 | &nbsp;&nbsp; 103444 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2003-AR8-A <sup>(a)</sup> | 4.162% | 08/25/33 | &nbsp;&nbsp; 82132 | &nbsp;&nbsp; 77101 |
| Wa-Mu Mortgage Pass-Through Certificates, Series 2002-AR2-A (1\*COF 11 + 125) <sup>(a)</sup> | 2.355% | 02/27/34 | &nbsp;&nbsp; 18971 | &nbsp;&nbsp; 17455 |
| Wells Fargo Mortgage-Backed Securities, <br> Series 2004-K-II-A12 <sup>(a)</sup> | 3.671% | 07/25/34 | &nbsp;&nbsp; 11088 | &nbsp;&nbsp; 11111 |
| Wells Fargo Mortgage-Backed Securities, <br> Series 2004-K-II-A-6 <sup>(a)</sup> | 3.671% | 07/25/34 | &nbsp;&nbsp; 267199 | &nbsp;&nbsp; 267765 |
| Wells Fargo Mortgage-Backed Securities, <br> 144A, Series 2020-1-A-1 <sup>(a)</sup> | 3.000% | 12/25/49 | &nbsp;&nbsp; 795926 | &nbsp;&nbsp; 657125 |
|  |  |  |  | &nbsp;&nbsp; 10550067 |
| **Total Collateralized Mortgage Obligations** (Cost $18,938,583) | **Total Collateralized Mortgage Obligations** (Cost $18,938,583) | **Total Collateralized Mortgage Obligations** (Cost $18,938,583) | **Total Collateralized Mortgage Obligations** (Cost $18,938,583) | &nbsp;&nbsp; $17489580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 39.1%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 2.9%** | **Communications - 2.9%** | **Communications - 2.9%** |  |  |
| Discovery Communications, LLC | 3.450% | 03/15/25 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $474110 |
| Magallanes, Inc., 144A | 3.428% | 03/15/24 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 407636 |
| TFCF America, Inc. | 3.700% | 09/15/24 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 438225 |
|  |  |  |  | &nbsp;&nbsp; 1319971 |
| **Consumer Discretionary - 1.0%** | **Consumer Discretionary - 1.0%** | **Consumer Discretionary - 1.0%** |  |  |
| AutoNation, Inc. | 4.500% | 10/01/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 462669 |
| **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |  |  |
| El Paso Natural Gas Company, LLC | 7.500% | 11/15/26 | &nbsp;&nbsp; 403000 | &nbsp;&nbsp; 430319 |
| Grey Oak Pipeline, LLC, 144A | 2.000% | 09/15/23 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 534483 |
| Phillips 66 Partners LP | 3.605% | 02/15/25 | &nbsp;&nbsp; 514000 | &nbsp;&nbsp; 483169 |
|  |  |  |  | &nbsp;&nbsp; 1447971 |
| **Financials - 18.2%** | **Financials - 18.2%** | **Financials - 18.2%** |  |  |
| AerCap Ireland Capital D.A.C. | 4.500% | 09/15/23 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 395019 |
| Ally Financial, Inc. | 5.800% | 05/01/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 476556 |
| Antares Holdings L.P., 144A | 8.500% | 05/18/25 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 542036 |
| Ares Capital Corporation | 4.250% | 03/01/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 450947 |
| Athene Global Funding, 144A | 2.750% | 06/25/24 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 522873 |
| Aviation Capital Group, LLC, 144A | 4.125% | 08/01/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 463532 |
| Blackstone Private Credit Fund | 2.350% | 11/22/24 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 438796 |
| Fairfax Financial Holdings Ltd., 144A | 4.875% | 08/13/24 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 439189 |
| Fidelity & Guaranty Life Holdings, Inc., 144A | 5.500% | 05/01/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 470478 |
| First Horizon National Corporation | 4.000% | 05/26/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 457700 |
| FS KKR Capital Corporation | 4.625% | 07/15/24 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 459329 |
| Goldman Sachs BDC, Inc. | 3.750% | 02/10/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 459599 |
| Goldman Sachs Group, Inc. | 3.500% | 01/23/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 461635 |
| Icahn Enterprises, L.P. | 4.750% | 09/15/24 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 384179 |
| Morgan Stanley | 4.000% | 07/23/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 464493 |
| Owl Rock Capital Corporation | 3.750% | 07/22/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 465416 |
| PennyMac Mortgage Investment Trust | 5.500% | 11/01/24 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 488812 |
| Wells Fargo & Company | 3.908% | 04/25/26 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 459827 |
|  |  |  |  | &nbsp;&nbsp; 8300416 |
| **Industrials - 4.6%** | **Industrials - 4.6%** | **Industrials - 4.6%** |  |  |
| Air Canada Pass-Through Certificates, <br> 144A, Series 2013-1-A | 4.125% | 11/15/26 | &nbsp;&nbsp; 729420 | &nbsp;&nbsp; 660185 |
| American Airlines Group Pass-Through Certificates, Series 2013-1-A | 4.000% | 01/15/27 | &nbsp;&nbsp; 436485 | &nbsp;&nbsp; 376285 |
| Delta Air Lines Pass-Through Certificates, <br> Series 2019-1-A | 3.404% | 10/25/25 | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; 138152 |
| Ryder System, Inc., Series MTN | 4.625% | 06/01/25 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 467592 |
| Southwest Airlines Company | 5.250% | 05/04/25 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 451971 |
|  |  |  |  | &nbsp;&nbsp; 2094185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 39.1% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Real Estate - 1.0%** | **Real Estate - 1.0%** | **Real Estate - 1.0%** |  |  |
| American Tower Corporation | 4.000% | 06/01/25 | &nbsp;&nbsp; $475000 | &nbsp;&nbsp; $460336 |
| **Technology - 5.0%** | **Technology - 5.0%** | **Technology - 5.0%** |  |  |
| Dell International, LLC | 5.850% | 07/15/25 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 431282 |
| Leidos, Inc. | 3.625% | 05/15/25 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 442929 |
| Microchip Technology, Inc. | 4.250% | 09/01/25 | &nbsp;&nbsp; 488000 | &nbsp;&nbsp; 474230 |
| Oracle Corporation | 2.950% | 05/15/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 475965 |
| TD SYNNEX Corporation | 1.250% | 08/09/24 | &nbsp;&nbsp; 484000 | &nbsp;&nbsp; 447518 |
|  |  |  |  | &nbsp;&nbsp; 2271924 |
| **Utilities - 3.2%** | **Utilities - 3.2%** | **Utilities - 3.2%** |  |  |
| Elwood Energy, LLC | 8.159% | 07/05/26 | &nbsp;&nbsp; 481104 | &nbsp;&nbsp; 471482 |
| Entergy New Orleans, LLC | 4.000% | 06/01/26 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 458477 |
| NSG Holdings, LLC, 144A | 7.750% | 12/15/25 | &nbsp;&nbsp; 576810 | &nbsp;&nbsp; 561669 |
|  |  |  |  | &nbsp;&nbsp; 1491628 |
| **Total Corporate Bonds** (Cost $18,900,799) | **Total Corporate Bonds** (Cost $18,900,799) | **Total Corporate Bonds** (Cost $18,900,799) | **Total Corporate Bonds** (Cost $18,900,799) | &nbsp;&nbsp; $17849100 |

---

---

| | | |
|:---|:---|:---|
| **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** | **OAKHURST SHORT DURATION BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 6.1%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.76% <sup>(d)</sup> (Cost $2,799,256) | &nbsp;&nbsp; 2799256 | &nbsp;&nbsp; $2799256 |
| **Total Investments at Value - 100.8%** (Cost $49,221,710) | **Total Investments at Value - 100.8%** (Cost $49,221,710) | &nbsp;&nbsp; $46021598 |
| **Liabilities in Excess of Other Assets - (0.8%)** | **Liabilities in Excess of Other Assets - (0.8%)** | &nbsp;&nbsp; (350896) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp; $45670702 |

---

---

| | |
|:---|:---|
| 144A - | Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid under procedures approved by the Board of Trustees. The total value of such securities is $12,337,029 as of November 30, 2022, representing 27.0% of net assets. |
| COF 11 - | Cost of funds for the 11th District of San Francisco. |
| H15T1Y - | U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year. |
| LIBOR - | London Interbank Offered Rate. |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(b)</sup> Step Coupon. Rate shown is the coupon in effect as of November 30, 2022.

<sup>(c)</sup> Illiquid security. Total value of illiquid securities held as of November 30, 2022 was $2, representing 0.0% <sup>(e)</sup> of net assets.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

<sup>(e)</sup> Percentage rounds to less than 0.1%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **ASSET-BACKED SECURITIES - 6.9%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| Coinstar Funding, LLC, <br> 144A, Series 2017-1-A-2 | 5.216% | 04/25/47 | &nbsp;&nbsp; $543375 | &nbsp;&nbsp; $442353 |
| Fat Brands GFG Royalty, LLC, <br> 144A, Series 2021-1-A-2 | 6.000% | 07/25/51 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 710333 |
| Fat Brands Twin Peaks, LLC,<br> 144A, Series 2021-1-B-2 | 9.000% | 07/25/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 960388 |
| Focus Brands Funding, LLC, <br> 144A, Series 2018-1-A-2 | 5.184% | 10/30/48 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 438396 |
| HOA Funding, LLC, <br> 144A, Series 2021-1-B | 7.432% | 08/20/51 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 994610 |
| NPR Finance Ltd., <br> 144A, Series 2019-2-C-1 | 6.441% | 11/19/49 | &nbsp;&nbsp; 743750 | &nbsp;&nbsp; 655069 |
| **Total Asset-Backed Securities** (Cost $4,679,697) | **Total Asset-Backed Securities** (Cost $4,679,697) | **Total Asset-Backed Securities** (Cost $4,679,697) | **Total Asset-Backed Securities** (Cost $4,679,697) | &nbsp;&nbsp; $4201149 |
| **CORPORATE BONDS - 88.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 12.3%** | **Communications - 12.3%** | **Communications - 12.3%** |  |  |
| Centerfield Media Parent, Inc., 144A | 6.625% | 08/01/26 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $541636 |
| Connect Finco SARL/U.S. Finco, LLC, 144A | 6.750% | 10/01/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 945000 |
| DIRECTV Holdings, LLC/DIRECTV <br> Financing, Inc. | 4.450% | 04/01/24 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 263250 |
| GrubHub Holdings, Inc., 144A | 5.500% | 07/01/27 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 714370 |
| Hughes Satellite Systems Corporation | 6.625% | 08/01/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 943802 |
| iHeartCommunications, Inc. | 8.375% | 05/01/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 663990 |
| Scripps Escrow, Inc., 144A | 5.875% | 07/15/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 667500 |
| Summer (BC) BidCo B, LLC, 144A | 5.500% | 10/31/26 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 764750 |
| Terrier Media Buyer, Inc, 144A | 8.875% | 12/15/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 760000 |
| Uber Technologies, Inc., 144A | 6.250% | 01/15/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 723750 |
| Zayo Group Holdings, Inc., 144A | 4.000% | 03/01/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 537202 |
|  |  |  |  | &nbsp;&nbsp; 7525250 |
| **Consumer Discretionary - 12.2%** | **Consumer Discretionary - 12.2%** | **Consumer Discretionary - 12.2%** |  |  |
| Arrow BidCo, LLC, 144A | 9.500% | 03/15/24 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 747793 |
| Caesars Entertainment, Inc., 144A | 8.125% | 07/01/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003920 |
| Carnival Corporation, 144A | 7.625% | 03/01/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 421250 |
| Lucid Group, Inc. | 1.250% | 12/15/26 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 795438 |
| Merlin Entertainments plc, 144A | 5.750% | 06/15/26 | &nbsp;&nbsp; 968000 | &nbsp;&nbsp; 896895 |
| NCL Corporation Ltd., 144A | 3.625% | 12/15/24 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1042953 |
| Rakuten Group, Inc., 144A | 10.250% | 11/30/24 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 736273 |
| Washington Multifamily Acquisition I, 144A | 5.750% | 04/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 88.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Consumer Discretionary - 12.2% (Continued)** | **Consumer Discretionary - 12.2% (Continued)** | **Consumer Discretionary - 12.2% (Continued)** |  |  |
| White Cap Parent, LLC, 144A <sup>(a)</sup> | 8.250% | 03/15/26 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $850984 |
|  |  |  |  | &nbsp;&nbsp; 7432826 |
| **Consumer Staples - 4.7%** | **Consumer Staples - 4.7%** | **Consumer Staples - 4.7%** |  |  |
| Coty, Inc., 144A | 6.500% | 04/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 955000 |
| Energizer Holdings, Inc., 144A | 6.500% | 12/31/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 946962 |
| Tilray, Inc. | 5.000% | 10/01/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 969280 |
|  |  |  |  | &nbsp;&nbsp; 2871242 |
| **Energy - 7.6%** | **Energy - 7.6%** | **Energy - 7.6%** |  |  |
| Ascent Resources Utica Holdings, LLC, 144A | 7.000% | 11/01/26 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 931162 |
| Crestwood Midstream Partners, L.P., 144A | 5.625% | 05/01/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 940257 |
| Howard Midstream Energy Partners, 144A | 6.750% | 01/15/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 928530 |
| New Fortress Energy, Inc., 144A | 6.500% | 09/30/26 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1159746 |
| Sunnova Energy Corporation, 144A | 5.875% | 09/01/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 671033 |
|  |  |  |  | &nbsp;&nbsp; 4630728 |
| **Financials - 15.1%** | **Financials - 15.1%** | **Financials - 15.1%** |  |  |
| Acrisure, LLC, 144A | 7.000% | 11/15/25 | &nbsp;&nbsp; 944000 | &nbsp;&nbsp; 881125 |
| AG TTMT Escrow Issuer, LLC, 144A | 8.625% | 09/30/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 757717 |
| Burford Capital Global, 144A | 6.250% | 04/15/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 687241 |
| Castlelake Aviation Finance Company, 144A | 5.000% | 04/15/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 637433 |
| Enova International, Inc., 144A | 8.500% | 09/15/25 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 483000 |
| Fly Leasing Ltd., 144A | 7.000% | 10/15/24 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 747429 |
| Icahn Enterprises, L.P. | 6.250% | 05/15/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 783248 |
| INTL FCStone, Inc., 144A | 8.625% | 06/15/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 607590 |
| Jefferson Capital Holdings, LLC, 144A | 6.000% | 08/15/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 622500 |
| MBIA, Inc. | 7.000% | 12/15/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 478275 |
| Midcap Financial Issuer Trust, 144A | 6.500% | 05/01/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 654375 |
| PennyMac Mortgage Investment Trust | 5.500% | 11/01/24 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 666563 |
| United Shore Financial Services, LLC, 144A | 5.500% | 11/15/25 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 694980 |
| XPO Escrow Sub, LLC, 144A | 7.500% | 11/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507500 |
|  |  |  |  | &nbsp;&nbsp; 9208976 |
| **Health Care - 8.5%** | **Health Care - 8.5%** | **Health Care - 8.5%** |  |  |
| Global Medical Response, Inc., 144A | 6.500% | 10/01/25 | &nbsp;&nbsp; 987000 | &nbsp;&nbsp; 742797 |
| Heartland Dental, LLC, 144A | 8.500% | 05/01/26 | &nbsp;&nbsp; 1003000 | &nbsp;&nbsp; 902239 |
| Prime Healthcare Services, Inc., 144A | 7.250% | 11/01/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 854040 |
| RP Escrow Issuer, LLC, 144A | 5.250% | 12/15/25 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 628001 |
| Surgery Center Holdings, Inc., 144A | 6.750% | 07/01/25 | &nbsp;&nbsp; 991000 | &nbsp;&nbsp; 969796 |
| U.S. Acute Care Solutions, LLC, 144A | 6.375% | 03/01/26 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 1097286 |
|  |  |  |  | &nbsp;&nbsp; 5194159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 88.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Industrials - 18.3%** | **Industrials - 18.3%** | **Industrials - 18.3%** |  |  |
| Air Canada Pass-Through Certificates, <br> 144A, Series 2015-1-B | 3.875% | 09/15/24 | &nbsp;&nbsp; $58802 | &nbsp;&nbsp; $58188 |
| Air Canada Pass-Through Certificates, <br> 144A, Series 2017-1-B | 3.700% | 01/15/26 | &nbsp;&nbsp; 839074 | &nbsp;&nbsp; 762944 |
| Alta Equipment Group, Inc., 144A | 5.625% | 04/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 881503 |
| American Airlines Group Pass-Through Certificates, Series 2017-1B-B | 4.950% | 08/15/26 | &nbsp;&nbsp; 824800 | &nbsp;&nbsp; 772015 |
| American Airlines, Inc., 144A | 11.750% | 07/15/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 548927 |
| Brundage-Bone Concrete Pumping, 144A | 6.000% | 02/01/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 697500 |
| Doric Nimrod Air Finance Alpha Ltd., 144A, Series 2012-1 | 5.125% | 11/30/24 | &nbsp;&nbsp; 397818 | &nbsp;&nbsp; 392845 |
| GardaWorld Security Corporation, 144A | 4.625% | 02/15/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 673568 |
| JPW Industries Holding Corporation, 144A | 9.000% | 10/01/24 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 853750 |
| Neon Holdings, Inc., 144A | 10.125% | 04/01/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 771750 |
| Prime Security Services Borrower, LLC, 144A | 5.750% | 04/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 980490 |
| Promontoria Holding 264 B.V., 144A | 7.875% | 03/01/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 945980 |
| Sotheby's, 144A | 4.875% | 12/15/25 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5640 |
| Tutor Perini Corporation, 144A | 6.875% | 05/01/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 434859 |
| United Airlines, Series 2020-1B-B | 4.875% | 07/15/27 | &nbsp;&nbsp; 800100 | &nbsp;&nbsp; 756586 |
| United Airlines, Inc., Series 2016-1B-B | 3.650% | 07/07/27 | &nbsp;&nbsp; 829687 | &nbsp;&nbsp; 746755 |
| Waste Pro USA, Inc., 144A | 5.500% | 02/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 922890 |
|  |  |  |  | &nbsp;&nbsp; 11206190 |
| **Materials - 1.2%** | **Materials - 1.2%** | **Materials - 1.2%** |  |  |
| Fortress Transportation & Infrastructure Investors, LLC, 144A | 9.750% | 08/01/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 756562 |
| **Real Estate - 2.6%** | **Real Estate - 2.6%** | **Real Estate - 2.6%** |  |  |
| Brookfield Property Partners, L.P., 144A | 5.750% | 05/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 961330 |
| New Residential Investment Corporation, 144A | 6.250% | 10/15/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 631468 |
|  |  |  |  | &nbsp;&nbsp; 1592798 |
| **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** |  |  |
| CPI Cg, Inc., 144A | 8.625% | 03/15/26 | &nbsp;&nbsp; 934000 | &nbsp;&nbsp; 899791 |
| LogMeIn, Inc., 144A | 5.500% | 09/01/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 587290 |
| Norton Life Lock, Inc. | 6.750% | 09/30/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502025 |
| Picard Midco, Inc., 144A | 6.500% | 03/31/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 431953 |
|  |  |  |  | &nbsp;&nbsp; 2421059 |
| **Utilities - 2.2%** | **Utilities - 2.2%** | **Utilities - 2.2%** |  |  |
| Elwood Energy, LLC | 8.159% | 07/05/26 | &nbsp;&nbsp; 601380 | &nbsp;&nbsp; 589353 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** | **OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 88.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Utilities - 2.2% (Continued)** | **Utilities - 2.2% (Continued)** | **Utilities - 2.2% (Continued)** |  |  |
| NSG Holdings, LLC, 144A | 7.750% | 12/15/25 | &nbsp;&nbsp; $794181 | &nbsp;&nbsp; $773333 |
|  |  |  |  | &nbsp;&nbsp; 1362686 |
| **Total Corporate Bonds** (Cost $60,463,064) | **Total Corporate Bonds** (Cost $60,463,064) | **Total Corporate Bonds** (Cost $60,463,064) | **Total Corporate Bonds** (Cost $60,463,064) | &nbsp;&nbsp; $54202476 |
| **MONEY MARKET FUNDS - 3.3%** | **MONEY MARKET FUNDS - 3.3%** | **MONEY MARKET FUNDS - 3.3%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.76% <sup>(b)</sup> (Cost $2,007,398) | Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.76% <sup>(b)</sup> (Cost $2,007,398) | Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 3.76% <sup>(b)</sup> (Cost $2,007,398) | &nbsp;&nbsp; 2007398 | &nbsp;&nbsp; $2007398 |
| **Total Investments at Value - 98.9%** (Cost $67,150,159) | **Total Investments at Value - 98.9%** (Cost $67,150,159) | **Total Investments at Value - 98.9%** (Cost $67,150,159) | **Total Investments at Value - 98.9%** (Cost $67,150,159) | &nbsp;&nbsp; $60411023 |
| **Other Assets in Excess of Liabilities - 1.1%** | **Other Assets in Excess of Liabilities - 1.1%** | **Other Assets in Excess of Liabilities - 1.1%** | **Other Assets in Excess of Liabilities - 1.1%** | &nbsp;&nbsp; 656988 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp; $61068011 |

---

---

| | |
|:---|:---|
| 144A - | Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid under procedures approved by the Board of Trustees. The total value of such securities is $49,473,045 as of November 30, 2022, representing 81.0% of net assets. |

---

<sup>(a)</sup> Payment-in-kind bond. The rate shown is the coupon rate of 8.25%. The payment-in-kind rate is 0.75%.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** F/m Funds Trust

- **b. Investment Company Act file number:** 811-22691

- **c. CIK number of Registrant:** 0001546416

- **d. LEI of Registrant:** 549300AVVV2NK0Y3WY58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

- **b. EDGAR series identifier (if any):** S000050512

- **c. LEI of Series:** 549300OBNNWZRLOR3H69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $61712912.53

**Total Liabilities:** $644901.17

**Net Assets:** $61068011.36

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1.53617700 | **1-Year:** 336.45425100 | **5-Year:** 376.43268500 | **10-Year:** 32.89593200 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 4286.24949800 | **5-Year:** 8007.92703800 | **10-Year:** 103.00896700 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159396 | -2.38%               | 1.51%                | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-796448.88              | $-1026611.32                               |
| Month 2  | $-365266.84              | $1005309.98                                |
| Month 3  | $-2224423.08             | $2009769.32                                |

### Schedule of Portfolio Investments

| Name                                                                        | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Canada Pass Through Certificates, Series 2015-1                         | Air Canada Pass-Through Certificates 5.375%, Due 11/15/2022              | CUSIP: 009090AB7<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | US        |     58802 | PA      | $58187.68     | 0.10%             | 2024-09-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.                            | DIRECTV HOLDINGS/FIN 4.450%, DUE 04/01/2024                              | CUSIP: 25459HBL8<br>LEI: 549300Z1UGYT5725XB67 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263250.00    | 0.43%             | 2024-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                                      | Energizer Holdings Inc. 6.50% Due 12/31/2027                             | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $946961.38    | 1.55%             | 2027-12-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| JPW Industries Inc                                                          | JPW Industries Holding Corporation 9.00%, due 10/01/2024                 | CUSIP: 48128TAA0<br>LEI: 2549006C25X8KUBSYI24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $853750.00    | 1.40%             | 2024-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| New Fortress Energy Inc.                                                    | New Fortress Energy, Inc. 6.5%, Due 09/30/2026                           | CUSIP: 644393AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1159746.00   | 1.90%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Xpo Escrow Sub LLC                                                          | XPO Escrow Sub LLC 7.500%, due 11/15/27                                  | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $507500.00    | 0.83%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                      | Ascent Resources Utica Holdings LLC 7.00%, Due 11/01/2026                | CUSIP: 04364VAG8<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    950000 | PA      | $931162.39    | 1.52%             | 2026-11-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation             | Icahn Enterprises, L.P. 6.250%, due 5/15/2026                            | CUSIP: 451102BT3<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    800000 | PA      | $783248.00    | 1.28%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FAT BRANDS TWIN PEAKS I LLC                                                 | FATTP 2021-1A B2 Mortgage 9.00% Due 07/25/2051                           | CUSIP: 31200AAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $960388.00    | 1.57%             | 2051-07-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINES PASS THROUGH TRUSTS                                         | United Airlines 4.875%, Due 07/15/2027                                   | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800100 | PA      | $756586.48    | 1.24%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sotheby's Inc                                                               | Sotheby's 4.875% Due 12/15/2025                                          | CUSIP: 835898AG2<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5640.00      | 0.01%             | 2025-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| WASH Multifamily Acquisition Inc                                            | WASH Multifamily Acquisition I 5.750% Due 04/15/2026                     | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $937320.00    | 1.53%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Lucid Group Inc                                                             | Lucid Group Inc. 1.25% Due 12/15/2026                                    | CUSIP: 549498AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1430000 | PA      | $795437.50    | 1.30%             | 2026-12-15      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Enova International, Incorporation                                          | Enova International, Inc. 8.50% Due 09/15/2025                           | CUSIP: 29357KAF0<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    525000 | PA      | $483000.00    | 0.79%             | 2025-09-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                        | Global Medical Response, Inc. 6.50%, due 10/01/2025                      | CUSIP: 37960BAA3<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    987000 | PA      | $742796.46    | 1.22%             | 2025-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Coty Inc.                                                                   | Coty, Inc. 6.50%, Due 04/15/2026                                         | CUSIP: 222070AB0<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $955000.00    | 1.56%             | 2026-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Np Spe X Lp 2019-2                                                          | NPRL 2019-2A C1 6.44% Due 11/19/2049                                     | CUSIP: 62947AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    743750 | PA      | $655068.61    | 1.07%             | 2049-11-19      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| NSG Holdings LLC                                                            | NSG Holdings LLC 7.75%, due 12/15/2025                                   | CUSIP: 62940QAA3<br>LEI: 549300A6PICRLGB0C769 | Long             | DBT              | CORP              | US        |    794181 | PA      | $773333.32    | 1.27%             | 2025-12-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                         | New Residential Investment Corporation 6.250%, Due 10/15/2025            | CUSIP: 64828TAA0<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    700000 | PA      | $631468.52    | 1.03%             | 2025-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CPI CG Inc.                                                                 | CPI CG INC 8.625%, Due 03/15/2026                                        | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    934000 | PA      | $899790.97    | 1.47%             | 2026-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Merlin Entertainments PLC                                                   | Merlin Entertainments PLC 5.750% Due 06/15/2026                          | CUSIP: 59010QAB2<br>LEI: 549300ZTI0VEFO6WV007 | Long             | DBT              | CORP              | US        |    968000 | PA      | $896894.96    | 1.47%             | 2026-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings Inc.                                | Brundage-Bond Concrete Pumping 6.0%, Due 02/01/2026                      | CUSIP: 66981QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $697500.00    | 1.14%             | 2026-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Rakuten Group Inc                                                           | Rakuten Group, Inc. 10.25% Due 11/30/2024                                | CUSIP: 75102WAD0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | US        |    750000 | PA      | $736272.93    | 1.21%             | 2024-11-30      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                      | United Airlilnes 2016-1 Class B 3.65%, Due 07/07/2027                    | CUSIP: 90933HAA3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |    829687 | PA      | $746754.83    | 1.22%             | 2027-07-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corporation                                        | Hughes Satellite Systems Corporation 6.625%, Due 08/01/2026              | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1015000 | PA      | $943801.76    | 1.55%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                               | Midcap Financial Issuer Trust 6.5%, Due 05/01/2028                       | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $654375.00    | 1.07%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.         | Crestwood Midstream Partners, L.P. 5.625%, Due 05/01/2027                | CUSIP: 226373AQ1<br>LEI: 549300VJQPPSEJPBNA66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940256.86    | 1.54%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corporation                                            | Garda World Security 4.625% Due 02/15/2027                               | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | US        |    750000 | PA      | $673567.50    | 1.10%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                          | Burford Capital Global 6.25%, Due 04/15/2028                             | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    750000 | PA      | $687241.13    | 1.13%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners Llc                                        | Howard Midstream Energy Partners 6.750%, due 01/15/2027                  | CUSIP: 442722AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $928530.00    | 1.52%             | 2027-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aviation Finance Designated Activity Company                     | Castlelake Aviation Finance Company 5.00% Due 04/15/2027                 | CUSIP: 14856HAA6<br>LEI: 2138006F7SMD1COVC345 | Long             | DBT              | CORP              | US        |    750000 | PA      | $637433.12    | 1.04%             | 2027-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| U S Acute Care Solutions LLC                                                | U.S. Acute Care Solutions, LLC 6.375% Due 03/01/2026                     | CUSIP: 90367UAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1097286.20   | 1.80%             | 2026-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Acrisure Llc / Acrisure Fin Inc                                             | Acrisure LLC 7.00% Due 11/15/2025                                        | CUSIP: 00489LAA1<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    944000 | PA      | $881124.88    | 1.44%             | 2025-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Waste Pro USA Inc                                                           | Waste Pro USA, Inc. 5.50% due 02/15/2026                                 | CUSIP: 94107JAA1<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $922890.00    | 1.51%             | 2026-02-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                     | AMERICAN AIRLINES INC 11.75%, DUE 07/15/2025                             | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    500000 | PA      | $548927.00    | 0.90%             | 2025-07-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Fly Leasing Limited                                                         | Fly Leasing Limited 5.25% Due 10/15/2024                                 | CUSIP: 14308CAA1<br>LEI: 549300LI58A0MHGHTZ98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $747429.36    | 1.22%             | 2024-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Prime Healthcare Services Inc                                               | PRIME HEALTHCARE SVCS INC SR SEC GLBL 25 7.25%, Due 1/01/2025            | CUSIP: 74165HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $854040.00    | 1.40%             | 2025-11-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corporation                                                        | PennyMac Mortgage Investment Trust 5.50% Due 11/01/2024                  | CUSIP: 70932AAD5<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    750000 | PA      | $666562.50    | 1.09%             | 2024-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                     | American Airlines 2017-1 Class B 4.950% Due 08/15/2026                   | CUSIP: 02378WAA7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    824800 | PA      | $772015.27    | 1.26%             | 2026-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Promontoria Holding 264 B.V.                                                | Promontoria Holding 264 B.V. 7.785% Due 03/01/2027                       | CUSIP: 74349MAA4<br>LEI: 54930014SXEXD3RX1509 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $945980.00    | 1.55%             | 2027-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment Inc New                                               | Caesars Entertainment, Inc. 8.125%, due 07/01/27                         | CUSIP: 28470RAK8<br>LEI: 549300V3UCT773B1KR38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003920.00   | 1.64%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                     | Connect Finco SARL / U.S. Finco, LLC 6.75%, Due 10/01/2026               | CUSIP: 20752TAA2<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $945000.00    | 1.55%             | 2026-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Jefferson Capital Holdings LLC                                              | Jefferson Capital Holdings, LLC 6.00% Due 08/15/2026                     | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $622500.00    | 1.02%             | 2026-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| StoneX Group Inc                                                            | STONEX GROUP INC SR SEC GLBL 25 8.625% 6/15/2025                         | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    600000 | PA      | $607590.00    | 0.99%             | 2025-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Neon Holdings Inc                                                           | GPD Companies, Inc. 10.125%, due 4/01/2026                               | CUSIP: 64051NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $771750.00    | 1.26%             | 2026-04-01      | Fixed         | 10.12%                | Yes           |                  2 | On Loan: No      |
| United Shore Financial Service Llc                                          | United Shore Finanical Services, LLC 5.50%, Due 11/15/2025               | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    750000 | PA      | $694980.00    | 1.14%             | 2025-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Invesco                                                                     | Invesco Short-Term Investments Trust Treasury Portfolio                  | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   2007398 | PA      | $2007398.29   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow BidCo LLC                                                             | Arrow Bidco, LLC. 9.50%, due 03/15/2024                                  | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |    750000 | PA      | $747793.47    | 1.22%             | 2024-03-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| FTAI Aviation Ltd                                                           | FORTRESS TRANSN & INFRA INVS L SR GLBL 144A 27 9.75%, Due  08/01/2027    | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756562.50    | 1.24%             | 2027-08-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                                     | Zayo Group Holdings, Inc. 4.00% Due 03/01/2027                           | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    750000 | PA      | $537202.50    | 0.88%             | 2027-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AG TTMT Escrow Issuer LLC                                                   | AG TTMT Escrow Issuer LLC 8.625%, due 09/30/2027                         | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $757717.50    | 1.24%             | 2027-09-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FAT BRANDS GFG ROYAL I LLC                                                  | Fat Brands GFG Royalty LLC 6.00% Due 07/25/2051                          | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $710333.25    | 1.16%             | 2051-07-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Doric Nimrod Air Finance Alpha Limited                                      | Doric Nimbrod Air Finance Alpha Ltd 2012-1 Class A 5.125% Due 11/30/2022 | CUSIP: 258258AA0<br>LEI: 2138009FPM7EH4WDS168 | Long             | DBT              | CORP              | US        |    397818 | PA      | $392845.36    | 0.64%             | 2024-11-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Summer BC Bidco B LLC                                                       | Summer BIDC 5.50% Due 10/31/2026                                         | CUSIP: 865632AA1<br>LEI: 213800CCW2O2WZ7YV169 | Long             | DBT              | CORP              | US        |    950000 | PA      | $764750.00    | 1.25%             | 2026-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sunnova Energy Corp.                                                        | Sunnova Energy Corporation 5.875% Due 09/01/2026                         | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $671032.50    | 1.10%             | 2026-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MBIA Inc.                                                                   | MBIA, Inc. 7.000%, Due 12/15/2025                                        | CUSIP: 55262CAE0<br>LEI: 54F1KGFE2KNP3VAL3P42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $478275.00    | 0.78%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rp Escrow Issuer Llc                                                        | RP Escrow Issuer, LLC 5.25% Due 12/15/2025                               | CUSIP: 74969PAA6<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    750000 | PA      | $628001.25    | 1.03%             | 2025-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                                               | Surgery Center Holdings, Inc. 6.75%, due 07/01/2025                      | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    991000 | PA      | $969796.42    | 1.59%             | 2025-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Elwood Energy LLC                                                           | Elwood Energy LLC 8.159% Due 07/05/2026                                  | CUSIP: 290408AB9<br>LEI: 5493008JH2Q2O8Y5MU55 | Long             | DBT              | CORP              | US        |    601380 | PA      | $589352.40    | 0.97%             | 2026-07-05      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| Prime Securities Services Borrower, LLC and Prime Finance, Inc.             | Prime Security Services Borrower LLC 5.750% Due 04/15/2026               | CUSIP: 74166MAC0<br>LEI: 549300O6QPZVWXV2DC15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980490.00    | 1.61%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alta Equipment Group Inc                                                    | Alta Equipment Group, Inc. 5.625%, due 04/15/2026                        | CUSIP: 02128LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $881502.67    | 1.44%             | 2026-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Terrier Media Buyer Inc                                                     | Terrier Media Buyer, Inc 8.875% Due 12/15/2027                           | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $760000.00    | 1.24%             | 2027-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Tibco Software Inc                                                          | Picard Midco, Inc. 6.500%, Due 03/31/29                                  | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $431953.17    | 0.71%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Tilray Brands Inc                                                           | Tilray, Inc. 5.000%, Due 10/01/2023                                      | CUSIP: 88688TAB6<br>LEI: 549300Y4V60733TO1478 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969280.24    | 1.59%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                       | Uber Technologies, Inc. 6.250%, Due 01/15/2028                           | CUSIP: 90353TAG5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    750000 | PA      | $723750.00    | 1.19%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| White Cap Parent LLC                                                        | White Cap Parent, LLC 8.25% Due 03/15/2026                               | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $850984.10    | 1.39%             | 2026-03-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                    | iHeartCommunications, Inc. 8.375%, Due 05/01/2027                        | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    750000 | PA      | $663990.00    | 1.09%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Francisco Partners and Evergreen Coast Capital                              | Logan Merger Sub, Inc.                                                   | CUSIP: 541056AA5<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $587290.00    | 0.96%             | 2027-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Tutor Perini Corporation                                                    | Tutor Perini Corporation 6.875%, due 05/01/2025                          | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $434858.81    | 0.71%             | 2025-05-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Property Reit Inc/Bpr Cumulus Llc/Bpr Nimbus Llc/Ggsi Sellco Llc | Brookfield Property REIT, Inc. 5.75%, Due 05/15/2026                     | CUSIP: 11284DAA3<br>LEI: 549300K1JD1LDRNBET48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961330.00    | 1.57%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital Inc                                                             | Norton Life Lock, Inc. 6.750%, due 09/30/27                              | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502025.00    | 0.82%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                        | NCL Corporation LTD. 3.625% Due 12/15/2024                               | CUSIP: 62886HAP6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1042953.12   | 1.71%             | 2024-12-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Coinstar Funding, LLC                                                       | Coinstar Funding, LLC 5.216%, due 4/25/2047                              | CUSIP: 19260MAA4<br>LEI: 5493004UNX3RE1I4DH23 | Long             | ABS-O            | CORP              | US        |    543375 | PA      | $442353.17    | 0.72%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| HOA FUNDING LLC                                                             | HOA Funding LLC 7.432% Due 08/20/2026                                    | CUSIP: 40390GAB4<br>LEI: 213800H4W6EV1TBCKR73 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $994610.00    | 1.63%             | 2051-08-20      | Fixed         | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Air Canada Pass Through Trust 2017-1                                        | Air Canada 2017-1 Class B 3.70% Due 01/15/2026                           | CUSIP: 00908PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    839074 | PA      | $762944.28    | 1.25%             | 2026-01-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow Inc                                                          | Scripps Escrow Inc 5.875% Due 07/15/2027                                 | CUSIP: 81104PAA7<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    750000 | PA      | $667500.00    | 1.09%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Grubhub Holdings Inc                                                        | GrubHub Holdings, Inc. 5.50%, Due 07/01/2027                             | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $714369.70    | 1.17%             | 2027-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Focus Brands Funding Llc                                                    | Focus Brands Funding LLC 5.184%, due 10/30/2048                          | CUSIP: 34417QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $438395.52    | 0.72%             | 2048-10-30      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Heartland Dental LLC / Heartland Dental Finance Corp.                       | Hadrian Merger Sub Inc. 8.50% Due 05/01/2026                             | CUSIP: 42239PAA7<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $902238.62    | 1.48%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                                        | Carnival Corp. 7.625%, Due 03/01/2026                                    | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | US        |    500000 | PA      | $421250.00    | 0.69%             | 2026-03-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Centerfield Media Parent Inc                                                | Centerfield Media Parent, Inc. 6.625% Due 08/01/2026                     | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $541635.82    | 0.89%             | 2026-08-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-21

**Name of Applicant:** Oakhurst Short Duration High Yield Credit Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** VP, Fund Accounting