# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001999371-25-007376
**Filing Date:** 2025-6
**Character Count:** 132036
**Document Hash:** 1cc181c6a521ddb07368e22eebefece3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007376.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007376

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251031814

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Abacus World Funds Trust
- **DATE OF NAME CHANGE:** 20070410

## Series and Classes Contracts Data

### Curasset Capital Management Core Bond Fund (Series ID: S000073806)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000230996 | Founders Class | CMBEX           |

### Curasset Capital Management Limited Term Income Fund (Series ID: S000073807)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231001 | Founders Class | CMIFX           |

?xml version='1.0' encoding='ASCII'? curasset_tsr

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22172 |
| Exact name of registrant as specified in charter: | World Funds Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | March 31, 2025 |
|  | Curasset Capital Management Core Bond Fund and Curasset Capital Management Limited Term Income Fund ("Curasset Capital Funds") |

---

ITEM 1. (a) REPORT TO STOCKHOLDERS.

**Curasset Capital Management Core Bond Fund Tailored Shareholder Report**

**semi-annual Shareholder Report March 31, 2025**<br>**Curasset Capital Management Core Bond Fund**<br>**Founders Class Shares**<br>**ticker: CMBEX**<br>

*This semi-annual shareholder report contains important information about the Curasset Capital Management Core Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.curassetfunds.com/core-bond-fund. You can also contact us at (800) 673-0550.*

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Curasset Capital Management Core Bond Fund** | $18 | 0.36%¹ |

---

¹ Annualized.

#### Sector Breakdown

#### Asset Backed Bonds
![](d7qy17ezrmamilttl.jpg)

#### Corporate Bonds
![](d7qy2ahn2maqyrlj1.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Treasury Notes** | 42.38% |
| **Asset Backed Bonds** | 32.26% |
| **Corprorate Bonds** | 19.13% |
| **Money Market Fund** | 5.56% |
| **Futures Contracts** | 0.06% |
| **Exchange Traded Funds** | 0%² |

---

---

| | |
|:---|:---|
| ² | Less than 0.005%. |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit **www.curassetfunds.com/core-bond-fund**.

#### Key Fund Statistics
(as of March 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $270917893 |
| **Number of Holdings** | 266 |
| **Total Advisory Fee Paid** | $299122 |
| **Portfolio Turnover Rate** | 8.89% |

---

#### What did the Fund invest in?
(% of Net Assets as of March 31, 2025)

**Curasset Capital Management Limited Term Income Fund Tailored Shareholder Report**

**semi-annual Shareholder Report March 31, 2025**<br>**Curasset Capital Management Limited Term Income Fund**<br>**Founders Class Shares**<br>**ticker: CMIFX**<br>

*This semi-annual shareholder report contains important information about the Curasset Capital Management Limited Term Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.curassetfunds.com/limited-term-income. You can also contact us at (800) 673-0550.*

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Curasset Capital Management Limited Term Income Fund** | $22 | 0.44%¹ |

---

¹ Annualized.

#### Sector Breakdown

#### Asset Backed Bonds
![](d7qy17ezrmamjtk66.jpg)

#### Corporate Bonds
![](d7qy2ahn2maqyyzi6.jpg)

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Treasury Notes** | 52.18% |
| **Asset Backed Bonds** | 38.08% |
| **Corprorate Bonds** | 7.81% |
| **Money Market Fund** | 1.42% |
| **Futures Contracts** | 0.10% |
| **Exchange Traded Funds** | 0%² |

---

---

| | |
|:---|:---|
| ² | Less than 0.005%. |

---

For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit **www.curassetfunds.com/limited-term-income**.

#### Key Fund Statistics
(as of March 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $340516911 |
| **Number of Holdings** | 260 |
| **Total Advisory Fee Paid** | $522062 |
| **Portfolio Turnover Rate** | 18.35% |

---

#### What did the Fund invest in?
(% of Net Assets as of March 31, 2025)

ITEM 1. (b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial
 Highlights filed under Item 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Curasset Capital Management, LLC

**Curasset Capital Management Core Bond Fund**

**Curasset Capital Management Limited Term Income Fund**

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

For the Six Months Ended March 31, 2025 (unaudited)

**1**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **0.00%<sup>(A)</sup>**  | **EXCHANGE TRADED FUNDS** |  |  |
|  | iShares Fallen Angels USD Bond ETF  | 1 | $27 <br>|
| **0.00%<sup>(A)</sup>**  | **TOTAL EXCHANGE TRADED FUNDS**  | **TOTAL EXCHANGE TRADED FUNDS**  | 27 |
|  | (Cost: $27) |  |  |
|  |  | **Principal** | **Value** |
| **93.77%** | **DEBT SECURITIES** |  |  |
| **32.26%** | **ASSET BACKED BONDS** |  |  |
| **9.21%** | **AUTOMOTIVE** |  |  |
|  | Amer. Credit Accept. Receivables Trust 11/15/2027 1.340% 144A  | $196201 <br>| $195594 <br>|
|  | Amer. Credit Accept. Receivables Trust 02/14/2028 1.820% 144A  | 80836 | 80646 |
|  | Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A  | 573808 | 573531 |
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 3.770% 144A  | 450000 | 449624 |
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% 144A  | 500000 | 507511 |
|  | Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A  | 95292 | 94980 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A  | 600000 | 603189 |
|  | Carmax Auto Owner Trust 10/15/2027 1.550%  | 250000 | 248319 |
|  | Carmax Auto Owner Trust 04/16/2029 8.080%  | 1000000 | 1053047 |
|  | CarNow Auto Receivables Trust 03/15/2027 2.250%^ 144A  | 121396 | 121212 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.870%) |  |  |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 450000 | 441807 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 482430 | 476853 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | 53736 | 51667 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070%  | 97982 | 94737 |

---

**2**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Carvana Auto Receivables Trust 03/10/2028 0.970%  | $119760 <br>| $116984 <br>|
| Carvana Auto Receivables Trust 04/10/2028 5.080%  | 2000000 | 2015768 |
| Carvana Auto Receivables Trust 04/12/2027 6.360% 144A  | 48966 | 48986 |
| CPS Auto Trust 10/15/2029 <br>7.140% 144A  | 900000 | 916314 |
| CPS Auto Trust 11/15/2030 10.720% 144A  | 300000 | 334163 |
| CPS Auto Trust 08/15/2028 5.190% 144A  | 1800000 | 1802488 |
| DT Auto Owner Trust 12/15/2027 3.400%^ 144A  | 531373 | 527159 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |
| DT Auto Owner Trust 02/16/2027 1.500% 144A  | 372399 | 369407 |
| DT Auto Owner Trust 05/17/2027 1.310% 144A  | 605166 | 592381 |
| DT Auto Owner Trust 09/15/2028 2.650%^ 144A  | 450000 | 439815 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A  | 787500 | 723087 |
| Exeter Automobile Receivables Trust 04/15/2027 1.400%  | 924826 | 905623 |
| Exeter Automobile Receivables Trust 06/15/2027 1.550%  | 841578 | 823060 |
| Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 1122732 | 1109316 |
| Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 483750 | 480316 |
| First Investors Auto Owner Trust 06/15/2029 5.410% 144A  | 500000 | 486815 |
| Flagship Credit Auto Trust 09/15/2027 1.460% 144A  | 347287 | 343464 |
| Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A  | 400000 | 394456 |
| GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 271081 | 269870 |

---

**3**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| GLS Auto Receivables Trust 07/15/2027 4.310% 144A  | $439000 <br>| $438845 <br>|
| Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 484000 | 493200 |
| Lad Auto Receivables Trust 06/15/2027 5.930% 144A  | 48717 | 48779 |
| Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 250294 | 256607 |
| Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | 361572 | 365024 |
| Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A  | 63214 | 63463 |
| Prestige Auto Receivables Trust 02/15/2028 1.530% 144A  | 251926 | 249670 |
| Research-Driven Pagaya 03/25/2032 7.540% 144A  | 141241 | 142789 |
| Santander Drive Auto Receivables Trust 09/15/2027 1.330%  | 493160 | 488352 |
| Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 360000 | 366030 |
| Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 400000 | 425620 |
| United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 628929 | 614424 |
| United Auto Credit Securitization Trust 04/10/2029 10.000%^ 144A  | 400000 | 194211 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 4.250%) |  |  |
| Veros Auto Receivables Trust 11/15/2028 7.120% 144A  | 327051 | 328075 |
| Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 819000 | 844783 |
| Veros Auto Receivables Trust 07/16/2029 7.230%^ 144A  | 1350000 | 1359410 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month <br>+4.234%) |  |  |
| Westlake Automobile Receivable 01/15/2027 6.230% 144A  | 259018 | 259896 |
| Westlake Automobile Receivable 03/15/2027 3.490% 144A  | 324800 | 322853 |
|  |  | 24954220 |

---

**4**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **17.10%** | **MORTGAGE** |  |  |
|  | COMM Mortgage Trust 09/15/2033 6.792%^ 144A  | $55000 <br>| $11019 <br>|
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.177%) |  |  |
|  | Connecticut Avenue Securities Trust 02/25/2044 6.140%^ 144A  | 900000 | 901301 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
|  | Connecticut Avenue Securities Trust 05/25/2044 5.990%^ 144A  | 900000 | 900563 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
|  | Connecticut Avenue Securities Trust 07/25/2044 6.040%^ 144A  | 900000 | 900000 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
|  | Federal Home Loan Bank 04/20/2029 4.000%^  | 5000000 | 4934690 |
|  | &nbsp;&nbsp;&nbsp; (Prime - 0.700%) |  |  |
|  | Federal Home Loan Mortgage Corp. 01/25/2034 5.990%^ 144A  | 33993 | 34057 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
|  | Federal Home Loan Mortgage Corp. 01/25/2042 7.740%^ 144A  | 100000 | 102461 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.400%) |  |  |
|  | Federal Home Loan Mortgage Corp. 01/25/2042 6.840%^ 144A  | 1250000 | 1263210 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
|  | Federal Home Loan Mortgage Corp. 01/25/2051 6.140%^ 144A  | 473019 | 478440 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
|  | Federal Home Loan Mortgage Corp. 10/25/2041 5.840%^ 144A  | 978716 | 979019 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%) |  |  |
|  | Federal Home Loan Mortgage Corp. 11/25/2041 6.140%^ 144A  | 477000 | 479073 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |

---

**5**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.690%^ 144A  | $900000 <br>| $944374 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2041 11.340%^ 144A  | 500000 | 531373 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 7.000%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.740%^ 144A  | 1400000 | 1424091 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.400%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 7.840%^ 144A  | 500000 | 519872 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.500%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2042 9.590%^ 144A  | 250000 | 265157 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 5.250%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2043 6.436%^ 144A  | 718519 | 727877 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2042 7.240%^ 144A  | 586000 | 602417 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.436%^ 144A  | 994634 | 1008130 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%) |  |  |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000%  | 586823 | 12139 |
| Federal Home Loan Mortgage Corp. 05/25/2042 6.540%^ 144A  | 1159786 | 1175028 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.200%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 7.690%^ 144A  | 900000 | 934573 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 6.340%^ 144A  | 470343 | 474044 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%) |  |  |

---

**6**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/25/2044 6.040%^ 144A  | $900000 <br>| $898157 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2042 11.090%^ 144A  | 1000000 | 1105502 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 6.750%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 6.340%^ 144A  | 1016274 | 1020726 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.690%^ 144A  | 2250000 | 2351077 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 6.140%^ 144A | 1280000 | 1279566 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 6.490% 144A | 383111 | 386415 |
| Federal Home Loan Mortgage Corporation 01/25/2042 6.190%^ 144A | 650000 | 651625 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%) |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.704%^ | 534000 | 581115 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 4.250%) |  |  |
| Federal National Mortgage Assoc. 01/25/2043 6.640%^ 144A | 313678 | 320145 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.300%) |  |  |
| Federal National Mortgage Assoc. 10/25/2041 5.890%^ 144A | 252433 | 252670 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.550%) |  |  |
| Federal National Mortgage Assoc. 10/25/2043 5.840%^ 144A | 799725 | 800356 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%) |  |  |
| Federal National Mortgage Assoc. 11/25/2046 0.114% | 21225648 | 39628 |

---

**7**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 12/25/2032 2.000% | $63995 <br>| $59888 <br>|
| Federal National Mortgage Assoc. 12/25/2041 6.240%^ 144A | 250000 | 252147 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 12/25/2041 5.990%^ 144A | 1000000 | 1002471 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
| Federal National Mortgage Assoc. 12/25/2042 6.736%^ 144A | 684611 | 698868 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.400%) |  |  |
| Federal National Mortgage Assoc. 02/25/2046 0.164% | 14794856 | 47802 |
| Federal National Mortgage Assoc. 02/25/2047 0.114% | 14692427 | 35644 |
| Federal National Mortgage Assoc. 04/25/2042 7.340%^ 144A | 1000000 | 1025463 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.000%) |  |  |
| Federal National Mortgage Assoc. 04/25/2042 6.240%^ 144A | 579859 | 582162 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 04/25/2043 6.840%^ 144A | 451562 | 457492 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
| Federal National Mortgage Assoc. 05/25/2042 7.090%^ 144A | 514692 | 525538 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.750%) |  |  |
| Federal National Mortgage Assoc. 06/25/2042 7.286%^ 144A | 525454 | 542003 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.950%) |  |  |
| Federal National Mortgage Assoc. 06/25/2043 6.236%^ 144A | 280880 | 282962 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500% | 326664 | 47509 |

---

**8**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 07/25/2042 7.940%^ 144A | $2110000 <br>| $2199166 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.600%) |  |  |
| Federal National Mortgage Assoc. 07/25/2042 6.890%^ 144A | 1087131 | 1113708 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.550%) |  |  |
| Federal National Mortgage Assoc. 07/25/2043 6.040%^ 144A  | 228498 | 229159 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
| Federal National Mortgage Assoc. 09/25/2042 6.836%^ 144A | 280865 | 284991 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
| Government National Mortgage Assoc. 10/20/2052 5.000% | 825092 | 826489 |
| Government National Mortgage Assoc. 11/20/2051 3.000% | 7875065 | 1375356 |
| ICG US CLO Ltd. 01/15/2031 6.364%^ | 470000 | 471786 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%) |  |  |
| NGC Ltd. 04/20/2038 1.000%^ 144A | 880000 | 877448 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%) |  |  |
| Ocwen Loan Invest Trust 02/25/2037 3.000% 144A  | 211505 | 205387 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A | 766797 | 626478 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A | 450000 | 451712 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A | 240000 | 241825 |
| Sequoia Mortgage Trust 04/25/2050 3.000% 144A | 103594 | 101456 |
| Velocity Commercial Capital 11/25/2053 7.670% 144A | 132058 | 136563 |
| Venture CDO Ltd. 10/20/2034 5.745%^ 144A | 440000 | 436172 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.450%) |  |  |
| Verus Securitization Trust 11/25/2059 3.192%^ 144A | 146440 | 145114 |
| &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.256%) |  |  |

---

**9**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 5.155%^ | $378659 <br>| $373076 <br>|
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 0.360%) |  |  |
|  | Winston Salem, NC Limited Obligation 01/20/2046 3.780% 144A | 124006 | 118117 |
|  | X-Caliber Funding LLC 11/01/2024 7.580%^ 144A | 800000 | 799980 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 3.250%) |  |  |
|  | X-Caliber Funding LLC 09/15/2028 12.000% 144A | 450000 | 456743 |
|  |  |  | 46320565 |
| **5.95%** | **OTHER** |  |  |
|  | Affirm Asset Securitization Trust 11/16/2026 1.170% 144A | 2400 | 2386 |
|  | Allegro CLO Ltd. 01/19/2033 6.193%^ 144A | 470000 | 467932 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.900%) |  |  |
|  | Aqua Finance Trust 07/17/2046 1.900% 144A | 172001 | 159021 |
|  | Atlas Senior Loan Fund 04/22/2031 6.152%^ 144A | 516000 | 517084 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%) |  |  |
|  | Benefit Street Partners CLO Ltd. 07/15/2037 5.482%^ 144A | 846000 | 842955 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.180%) |  |  |
|  | Bluemountain CLO 10/20/2030 6.155%^ 144A | 480000 | 481536 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%) |  |  |
|  | CoreVest American Finance Trust 10/15/2054 2.911% 144A | 960000 | 891430 |
|  | Crossroads Asset Trusts 08/20/2030 5.900% 144A | 210761 | 213508 |
|  | Halcyon Loan Advisors Funding 07/21/2031 6.355%^ 144A | 467000 | 470036 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%) |  |  |
|  | Harvest SBA Loan Trust 06/25/2047 6.800%^ 144A | 329031 | 327386 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.150%) |  |  |
|  | Jamestown CLO 04/20/2032 6.143%^ 144A | 480000 | 482880 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |

---

**10**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Libra Solutions LLC 02/15/2035 7.000% 144A | $39765 <br>| $39773 <br>|
| Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A | 449832 | 457440 |
| PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A  | 450000 | 449828 |
| Polus Capital Management 10/20/2037 5.711%^ 144A  | 900000 | 898290 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
| Saratoga Investment Corp. 04/20/2033 6.355%^ 144A  | 450000 | 449190 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.261%) + 1.700%) |  |  |
| SCF Equipment Trust LLC 11/20/2031 3.790% 144A  | 500000 | 483006 |
| Seashine Holding, LLC 05/20/2025 6.000% 144A  | 449832 | 447844 |
| Shackleton 2017-XI CLO Ltd. 08/15/2030 6.735%^ 144A  | 888000 | 896880 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.150%) |  |  |
| Sotheby's Artfi Master Trust 12/22/2031 5.805%^ 144A  | 480000 | 481296 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.500%) |  |  |
| Sound Point CLO V-R Ltd. 07/18/2031 6.305%^ 144A  | 470000 | 472209 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.750%) |  |  |
| TCW CLO 2019-1 AMR Ltd. 08/16/2034 5.463%^ 144A | 120000 | 119880 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.000%) |  |  |
| Trinity Rail Leasing LP 10/18/2049 2.390% 144A | 91475 | 89772 |
| Upstart Securitization Trust 06/20/2033 7.920% 144A | 450000 | 457427 |
| Venture CDO Ltd. 07/15/2032 6.434%^ 144A | 900000 | 898200 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.870%) |  |  |
| Voya CLO Ltd. 10/15/2037 5.502%^ 144A | 1125000 | 1121625 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.140%) |  |  |
| Voya CLO Ltd. 10/18/2031 6.251%^ 144A | 737436 | 740607 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.700%) |  |  |
| Zais CLO 11 Ltd. 01/20/2032 6.083%^ 144A | 470000 | 471598 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.790%) |  |  |

---

**11**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Zais CLO 15 Ltd. 07/28/2037 5.550%^ 144A | $1800000 <br>| $1796040 <br>|
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
|  | Zais Matrix CDO I 04/15/2032 6.302%^ 144A | 480000 | 484176 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 2.150%) |  |  |
|  |  |  | 16111235 |
| **32.26%** | **TOTAL ASSET BACKED BONDS** |  | 87386020 |
|  | (Cost: $87,706,150) |  |  |
| **19.13%** | **CORPORATE BONDS** |  |  |
| **0.99%** | **Communication Services:** |  |  |
|  | AT&T Mobility II LLC 03/01/2031 8.750% | 500000 | 587743 |
|  | Bellsouth Telecommunications 06/01/2028 6.375% | 500000 | 522793 |
|  | Charter Communications Operating LLC 02/01/2034 6.650% | 1000000 | 1036524 |
|  | Ciena Corp. 01/31/2030 4.000% 144A | 100000 | 91323 |
|  | Corning, Inc. 03/15/2037 4.700% | 200000 | 189078 |
|  | Factset Research Systems 03/01/2027 2.900% | 250000 | 242133 |
|  |  |  | 2669594 |
| **3.20%** | **Consumer Discretionary:** |  |  |
|  | AutoNation, Inc. 03/01/2032 3.850% | 1000000 | 902274 |
|  | AutoNation, Inc. 08/01/2031 2.400% | 1000000 | 837103 |
|  | BorgWarner, Inc. 02/15/2029 7.125% | 400000 | 433350 |
|  | General Motors Financial Co. 01/12/2032 3.100% | 1000000 | 854481 |
|  | General Motors Financial Co. 01/08/2031 2.350% | 250000 | 211586 |
|  | Hasbro, Inc. 07/15/2028 6.600% | 700000 | 738189 |
|  | Las Vegas Sands Corp. 08/08/2029 3.900% | 500000 | 470382 |
|  | Lear Corp. 05/30/2030 3.500% | 1000000 | 924618 |
|  | Lowe's Companies, Inc. 04/01/2052 4.250% | 500000 | 391099 |
|  | MDC Holdings, Inc. 01/15/2030 3.850% | 1000000 | 952716 |
|  | Nissan Motor Co. 09/17/2030 4.810% 144A | 1000000 | 949838 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875%  | 1000000 | 1000202 |
|  |  |  | 8665838 |

---

**12**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.10%** | **Consumer Staples:** |  |  |
|  | AMN Healthcare, Inc. 10/01/2027 4.625%^ 144A | $90000 <br>| $86511 <br>|
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.277%) |  |  |
|  | Constellation Brands, Inc. 05/01/2030 2.875% | 1000000 | 907152 |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875%^ 144A | 90000 | 87215 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 1 Month + 0.046%) + 2.427%) |  |  |
|  | Quanta Services, Inc. 10/01/2030 2.900% | 1000000 | 900163 |
|  | Smithfield Foods, Inc. 10/15/2030 3.000% 144A | 1000000 | 891185 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%^ | 100000 | 98443 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.760%) |  |  |
|  |  |  | 2970669 |
| **3.17%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 8.625% 144A | 450000 | 471548 |
|  | APA Corp. 12/15/2029 7.750% 144A | 133000 | 143971 |
|  | Enbridge Energy LP 10/01/2028 7.125% | 500000 | 533234 |
|  | Energen Corp. 02/15/2028 7.125%^ | 475000 | 499218 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.750%) |  |  |
|  | Energy Transfer LP Perpetual 6.625% | 400000 | 394608 |
|  | HF Sinclair Corp. 02/01/2028 5.000% | 400000 | 398487 |
|  | Occidental Petroleum Corp. 03/15/2029 7.200% | 1000000 | 1064507 |
|  | ONEOK, Inc. 09/01/2029 3.400% | 1000000 | 943598 |
|  | Phillips 66 Partners LP 03/01/2028 3.750% | 549000 | 519827 |
|  | Pioneer Natural Resource 01/15/2028 7.200% | 1000000 | 1074980 |
|  | Plains All American Pipeline LP 09/15/2030 3.800% | 250000 | 235606 |
|  | Targa Resources Partners LP 03/01/2030 5.500% | 500000 | 504660 |
|  | TransCanada Pipelines Ltd. 06/15/2029 7.700% | 850000 | 939356 |

---

**13**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Valero Energy Corp. 12/01/2031 2.800%^ | $1000000 <br>| $875049 <br>|
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 10 Year +4.349%) |  |  |
|  |  |  | 8598649 |
| **4.44%** | **Financials:** |  |  |
|  | Ally Financial, Inc. 11/01/2031 8.000% | 1000000 | 1114301 |
|  | American Express Co. Perpetual 3.550% | 500000 | 482866 |
|  | ASB Bank Ltd. 10/22/2031 2.375% 144A | 2000000 | 1731616 |
|  | Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A | 1000000 | 936125 |
|  | Banco Santander SA 12/03/2030 2.749% | 250000 | 217247 |
|  | Banco Santander SA 03/24/2028 4.175%^ | 200000 | 197984 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +1.754%) |  |  |
|  | Bank of America Corp. Perpetual 4.375% | 625000 | 609138 |
|  | Barclays plc 05/16/2029 4.972% | 250000 | 250797 |
|  | Charles Schwab Corp. Perpetual 5.000% | 500000 | 494394 |
|  | Citigroup, Inc. 03/31/2031 4.412%^ | 250000 | 243608 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +1.902%) |  |  |
|  | Crown Castle, Inc. 03/15/2027 2.900% | 250000 | 241463 |
|  | EPR Properties 04/15/2028 4.950% | 360000 | 356507 |
|  | Fidelity National Financial, Inc. 06/15/2030 3.400% | 1080000 | 995296 |
|  | First Citizens Bancshare Perpetual 8.533% | 500000 | 514170 |
|  | The Goldman Sachs Group, Inc Perpetual 4.125% | 500000 | 484360 |
|  | NatWest Group plc 05/18/2029 4.892% | 500000 | 500934 |
|  | SBL Holdings, Inc. 11/13/2026 5.125% 144A  | 400000 | 395612 |
|  | Societe Generale SA 11/24/2025 4.750% 144A  | 250000 | 249062 |
|  | Synchrony Bank 08/22/2025 5.400%  | 400000 | 400541 |
|  | Transamerica Capital II 12/01/2026 7.650%^ 144A  | 675000 | 693116 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 0.720%) |  |  |
|  | Truist Financial Corp. Perpetual 5.100%  | 500000 | 484898 |
|  | Weyerhaeuser Co. 03/09/2033 3.375% | 500000 | 441772 |
|  |  |  | 12035807 |

---

**14**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **3.96%** | **Industrials:** |  |  |
|  | Avnet, Inc. 06/01/2032 5.500%  | $1000000 <br>| $993167 <br>|
|  | Berry Global, Inc. 07/15/2027 5.625% 144A  | 500000 | 499392 |
|  | Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A  | 500000 | 453099 |
|  | CH Robinson Worldwide, Inc. 04/15/2028 4.200%  | 1000000 | 983584 |
|  | FedEx Corp. 10/17/2048 4.950%^  | 1000000 | 854582 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 1 Year +2.000%) |  |  |
|  | Flowserve Corp. 01/15/2032 2.800%  | 1000000 | 855337 |
|  | Fortune Brands Innovation 03/25/2032 4.000%  | 500000 | 464772 |
|  | Fortune Brands Innovation 03/25/2052 4.500%^  | 500000 | 400675 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.949%) |  |  |
|  | Hubbell, Inc. 08/15/2027 3.150%^  | 600000 | 581107 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.854%) |  |  |
|  | Masco Corp. 08/15/2032 6.500%  | 1000000 | 1071654 |
|  | Oshkosh Corp. 03/01/2030 3.100%^  | 1000000 | 921079 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +4.155%) |  |  |
|  | Owens Corning 06/01/2030 3.875%  | 1000000 | 954317 |
|  | Timken Co. 12/15/2028 4.500%  | 500000 | 495703 |
|  | Timken Co. 05/08/2028 6.875%  | 320000 | 337574 |
|  | Westrock MWV LLC 02/15/2031 7.950%  | 750000 | 862525 |
|  |  |  | 10728567 |
| **0.25%** | **Information Technology:** |  |  |
|  | CA, Inc. 03/15/2027 4.700%  | 600000 | 595420 |
|  | MSCI, Inc. 09/01/2030 3.625% 144A  | 100000 | 92503 |
|  |  |  | 687923 |
| **0.40%** | **Materials:** |  |  |
|  | Albemarle Corp. 06/01/2032 5.050%  | 500000 | 478217 |
|  | Domtar Corp. 10/01/2028 6.750%^ 144A  | 100000 | 90680 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.277%) |  |  |
|  | Steel Dynamics, Inc. 12/15/2026 5.000%^  | 500000 | 499282 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.972%) |  |  |
|  |  |  | 1068179 |

---

**15**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **1.62%** | **Utilities:** |  |  |
|  | Alliant Energy Finance LLC 03/01/2032 3.600% 144A  | $1000000 <br>| $901664 <br>|
|  | Eversource Energy 03/01/2032 3.375%  | 1000000 | 896112 |
|  | Exelon Corp. 04/01/2032 7.600%  | 1000000 | 1134315 |
|  | Sempra Perpetual 4.875%  | 500000 | 495217 |
|  | Southern California Gas Co. 04/01/2054 5.600%  | 1000000 | 970091 |
|  |  |  | 4397399 |
| **19.13%** | **TOTAL CORPORATE BONDS**  | **TOTAL CORPORATE BONDS**  | 51822625 |
|  | (Cost: $53,719,966) |  |  |
| **42.38%** | **TREASURY NOTES** |  |  |
|  | US Treasury 08/31/2026 0.000%  | 5047500 | 5032120 |
|  | US Treasury 06/12/2025 0.042%<sup>(B)</sup>  | 7615000 | 7551186 |
|  | US Treasury 09/30/2026 3.500%^  | 260000 | 258273 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
|  | US Treasury 11/30/2026 4.250%  | 536100 | 538676 |
|  | US Treasury 11/15/2027 4.125%  | 2700400 | 2715906 |
|  | US Treasury 12/15/2027 4.000%  | 1655600 | 1660451 |
|  | US Treasury 01/15/2028 4.250%  | 409800 | 413642 |
|  | US Treasury 01/31/2029 4.000%  | 4750000 | 4762986 |
|  | US Treasury 08/31/2029 3.625%  | 3550000 | 3505487 |
|  | US Treasury 11/15/2031 1.375%  | 3720000 | 3141655 |
|  | US Treasury 02/15/2032 1.875%  | 4500000 | 3907616 |
|  | US Treasury 11/15/2032 4.125%  | 4000000 | 4005936 |
|  | US Treasury 05/15/2033 3.375%  | 3000000 | 2841681 |
|  | US Treasury 08/15/2033 3.875%  | 3000000 | 2940234 |
|  | US Treasury 11/15/2033 4.500%  | 2000000 | 2047812 |
|  | US Treasury 02/15/2034 4.000%  | 14230000 | 14036557 |
|  | US Treasury 08/15/2034 3.875%  | 9830000 | 9581183 |
|  | US Treasury 02/15/2042 2.375%  | 15000000 | 11132820 |
|  | US Treasury 05/15/2042 3.250%  | 4000000 | 3379844 |
|  | US Treasury 02/15/2043 3.875%  | 5000000 | 4576170 |
|  | US Treasury 05/15/2043 3.875%  | 5000000 | 4564065 |
|  | US Treasury 02/15/2044 4.500%  | 3800000 | 3754727 |
|  | US Treasury 08/15/2044 4.125%  | 745000 | 697972 |
|  | US Treasury 02/15/2053 3.625%  | 5000000 | 4211135 |
|  | US Treasury 05/15/2053 3.625%  | 2500000 | 2105860 |
|  | US Treasury 08/15/2053 4.125%  | 5000000 | 4607420 |

---

**16**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | US Treasury 11/15/2053 4.750%  | $4000000 <br>| $4088592 <br>|
|  | US Treasury 05/15/2054 4.625%  | 2750000 | 2758916 |
| **42.38%** | **TOTAL TREASURY NOTES**  | **TOTAL TREASURY NOTES**  | 114818922 |
|  | (Cost: $122,212,853) |  |  |
| **93.77%** | **TOTAL DEBT SECURITIES**  | **TOTAL DEBT SECURITIES**  | 254027567 |
|  | (Cost: $263,638,969) |  |  |
|  |  | **Shares** | **Value** |
| **5.56%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 4.21%<sup>(C)</sup>  | 15055947 | $15055947 <br>|
|  | (Cost: $15,055,947) |  |  |
| **99.33%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $278,694,943)  | (Cost: $278,694,943)  | 269083541 |
| **0.67%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 1834352 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$270917893** |

---

^Rate is determined periodically. Rate shown is the rate as of March 31, 2025.

<sup>(A)</sup>Less than 0.005%.

<sup>(B)</sup>Zero coupon security. The rate shown is the yield-to-maturity on the date of March 31, 2025.

<sup>(C)</sup>Effective 7 day yield as of March 31, 2025.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $79,582,263 and is 31.03% of the Fund's net assets.

ICE LIBOR - Interncontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Description** | **Expiration Date** | **Notional Value** | **Value at <br>March 31, 2025** | **Unrealized Appreciation (Depreciation)** |
|  | 59 | 2YR US NOTE  | 6/30/25 | $12147629 <br>| $12223140 <br>| $75511 <br>|
|  | 518 | 5YR US NOTE  | 6/30/25 | 55936655 | 56024938 | 88283 |
| **0.06%** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $68084284 <br>| $68248078 <br>| $163794 <br>|

---

**17**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **0.00%<sup>(A)</sup>**  | **EXCHANGE TRADED FUNDS** |  |  |
|  | iShares Fallen Angels USD Bond ETF | 1 | $27 <br>|
| **0.00%<sup>(A)</sup>**  | **TOTAL EXCHANGE TRADED FUNDS**  | **TOTAL EXCHANGE TRADED FUNDS**  | 27 |
|  | (Cost: $27) |  |  |
|  |  | **Principal** | **Value** |
| **98.07%** | **DEBT SECURITIES** |  |  |
| **38.08%** | **ASSET BACKED BONDS** |  |  |
| **11.33%** | **AUTOMOTIVE** |  |  |
|  | ACM Auto Trust 06/20/2030 7.970% 144A  | $22603 <br>| $22653 <br>|
|  | Amer. Credit Accept. Receivables Trust 11/15/2027 1.340% 144A  | 196201 | 195594 |
|  | Amer. Credit Accept. Receivables Trust 02/14/2028 1.820% 144A  | 121255 | 120969 |
|  | Amer. Credit Accept. Receivables Trust 06/13/2028 4.850% 144A  | 701321 | 700982 |
|  | Arivo Acceptance Auto Loan Receivables Trust 01/16/2029 6.900% 144A  | 340530 | 343447 |
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2027 <br>3.770% 144A  | 550000 | 549541 |
|  | Arivo Acceptance Auto Loan Receivables Trust 05/15/2028 3.930% 144A  | 142938 | 142470 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350%^ 144A  | 900000 | 904783 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + <br>0.262%) + 1.600%) |  |  |
|  | Carmax Auto Owner Trust <br>10/15/2027 1.550%  | 250000 | 248319 |
|  | Carmax Select Receivables Trust 04/15/2026 4.561%  | 1000000 | 1000059 |
|  | CarNow Auto Receivables Trust 03/15/2027 2.250% 144A  | 131512 | 131313 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740%  | 550000 | 539986 |
|  | Carvana Auto Receivables Trust 11/10/2028 5.540%  | 175000 | 177217 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A  | 589637 | 582820 |

---

**18**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Carvana Auto Receivables Trust 03/10/2028 2.900% 144A  | $53736 <br>| $51667 <br>|
| Carvana Auto Receivables Trust 03/10/2028 1.070%  | 146972 | 142106 |
| Carvana Auto Receivables Trust 03/10/2028 0.970%  | 179641 | 175476 |
| Carvana Auto Receivables Trust 04/12/2027 6.360% 144A  | 73449 | 73479 |
| Carvana Auto Receivables Trust 09/11/2028 1.240%  | 166580 | 160460 |
| Chesapeake Funding II LLC 10/15/2035 6.160%  | 95521 | 96864 |
| CPS Auto Trust 10/15/2029 7.140% 144A | 1100000 | 1119939 |
| CPS Auto Trust 11/15/2030 <br>10.720% 144A  | 450000 | 501245 |
| CPS Auto Trust 08/15/2028 5.190% 144A | 2200000 | 2203040 |
| Drive Auto Receivables Trust 01/16/2029 1.450%  | 509785 | 507836 |
| DT Auto Owner Trust 01/18/2028 2.380% 144A  | 250000 | 248318 |
| DT Auto Owner Trust 12/15/2027 3.400% 144A  | 575655 | 571088 |
| DT Auto Owner Trust 02/16/2027 1.500% 144A  | 558599 | 554111 |
| DT Auto Owner Trust 03/15/2028 4.720% 144A  | 878795 | $878937 |
| DT Auto Owner Trust 05/17/2027 1.310% 144A  | 907749 | 888572 |
| DT Auto Owner Trust 09/15/2028 2.650% 144A  | 550000 | 537552 |
| Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A  | 962500 | 883773 |
| Exeter Automobile Receivables Trust 04/15/2026 4.536%  | 2000000 | 1999992 |
| Exeter Automobile Receivables Trust 04/15/2027 1.400%  | 1042888 | 1021235 |
| Exeter Automobile Receivables Trust 06/15/2027 1.550%  | 1028595 | 1005962 |
| Exeter Automobile Receivables Trust 06/15/2028 3.020%  | 1684098 | 1663974 |
| Exeter Automobile Receivables Trust 07/17/2028 4.560%  | 1941250 | 1927469 |
| First Investors Auto Owner Trust 06/15/2029 5.410%^ 144A  | 500000 | 486815 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.972%) |  |  |

---

**19**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Flagship Credit Auto Trust 09/15/2027 1.460%^ 144A  | $424462 <br>| $419790 <br>|
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month <br>+4.234%) |  |  |
| Foursight Cap. Automobile Rec'ls Trust 05/15/2028 3.070% 144A  | 600000 | 591683 |
| GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A  | 331322 | 329841 |
| GLS Auto Receivables Issuer Trust 10/15/2027 2.480% 144A  | 675000 | 662411 |
| GLS Auto Receivables Issuer Trust 07/15/2027 1.480% 144A  | 815568 | 801812 |
| GLS Auto Receivables Trust 07/15/2027 4.310% 144A  | 439000 | 438845 |
| Lad Auto Receivables Trust 04/15/2030 6.850% 144A  | 726000 | 739800 |
| Lad Auto Receivables Trust 06/15/2027 5.930% 144A  | 73076 | 73168 |
| Lendbuzz Securitization Trust 12/15/2028 7.500% 144A  | 375441 | 384911 |
| Lendbuzz Securitization Trust 05/15/2029 5.990% 144A  | 441921 | 446140 |
| Lobel Automobile Receivables Trust 04/16/2029 7.590% 144A  | 94821 | 95194 |
| Oscar US Funding Trust 04/10/2028 1.000% 144A  | 350480 | 345346 |
| Prestige Auto Receivables Trust 02/15/2028 1.530% 144A  | 377889 | 374505 |
| Research-Driven Pagaya 03/25/2032 7.540% 144A  | 172627 | 174520 |
| Santander Drive Auto Receivables Trust 03/15/2027 4.430%  | 38201 | 38192 |
| Santander Drive Auto Receivables Trust 07/15/2027 1.350%  | 254300 | 252665 |
| Santander Drive Auto Receivables Trust 09/15/2027 1.330%  | 662683 | 656223 |
| Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A  | 390000 | 396533 |
| Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A  | 600000 | 638430 |
| United Auto Credit Securitization Trust 11/10/2028 5.000% 144A  | 822445 | 803478 |
| United Auto Credit Securitization Trust 04/10/2029 10.000% 144A  | 600000 | 291317 |

---

**20**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Veros Auto Receivables Trust 11/15/2028 7.120% 144A  | $387225 <br>| $388437 <br>|
|  | Veros Auto Receivables Trust 11/15/2028 8.320% 144A  | 1001000 | 1032512 |
|  | Veros Auto Receivables Trust 07/16/2029 7.230%^ 144A  | 1900000 | 1913243 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + <br>0.262%) + 1.870%) |  |  |
|  | Volkswagen Auto Loan Enhanced Trust 03/20/2026 4.451%  | 1000000 | 1000087 |
|  | Westlake Automobile Receivable 01/15/2027 6.230% 144A  | 388526 | 389844 |
|  | Westlake Automobile Receivable 03/15/2027 3.490% 144A  | 1487200 | 1478287 |
|  | World Omni Select Auto Trust 03/15/2027 5.197%^  | 58143 | 58154 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 0.850%) |  |  |
|  |  |  | 38575431 |
| **18.24%** | **MORTGAGE** |  |  |
|  | Angel Oak Mortgage Trust <br>01/25/2066 0.909% 144A  | 53405 | 45479 |
|  | Citigroup Mortgage Loan Trust 08/25/2050 2.500% 144A  | 62490 | 53763 |
|  | COMM Mortgage Trust <br>09/15/2033 6.792%^ 144A  | 65000 | 13023 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +3.597%) |  |  |
|  | Connecticut Avenue Securities Trust 10/25/2041 7.440%^ 144A  | 1000000 | 1016560 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 3.100%) |  |  |
|  | Connecticut Avenue Securities Trust 11/25/2039 6.604%^ 144A  | 261301 | 261849 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.150%) |  |  |
|  | Connecticut Avenue Securities Trust 02/25/2044 6.140%^ 144A  | 1100000 | 1101591 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 1.800%) |  |  |
|  | Connecticut Avenue Securities Trust 03/25/2042 6.340%^ 144A  | 179297 | 180978 |
|  | &nbsp;&nbsp;&nbsp; (United States 30 Day Average <br>SOFR + 2.000%) |  |  |

---

**21**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Connecticut Avenue Securities Trust 03/25/2042 7.840%^ 144A | $2120000 <br>| $2197779 <br>|
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 2.150%) |  |  |
| Connecticut Avenue Securities Trust 05/25/2044 5.990%^ 144A | 1100000 | 1100689 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
| Connecticut Avenue Securities Trust 07/25/2043 7.040%^ 144A | 1000000 | 1026615 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.700%) |  |  |
| Connecticut Avenue Securities Trust 07/25/2044 6.040%^ 144A | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
| Credit Suisse Mortgage Trust 04/25/2044 3.817%^ 144A | 540881 | 450453 |
| &nbsp;&nbsp;&nbsp; (SOFR Rate+0.892%) |  |  |
| Credit Suisse Mortgage Trust 04/25/2044 3.817% 144A | 659984 | 644792 |
| Federal Home Loan Mortgage Corp. 01/25/2034 5.990%^ 144A | 52327 | 52425 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 6.840%^ 144A | 1350000 | 1364267 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2042 5.340%^ 144A | 124816 | 124504 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.000%) |  |  |
| Federal Home Loan Mortgage Corp. 01/25/2051 6.140%^ 144A | 946038 | 956880 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2041 5.840%^ 144A | 1135311 | 1135662 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%) |  |  |
| Federal Home Loan Mortgage Corp. 10/25/2050 7.140%^ 144A | 22927 | 23051 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.800%) |  |  |

---

**22**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 11/25/2041 6.140%^ 144A | $1221685 <br>| $1226994 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 7.690%^ 144A | 1100000 | 1154234 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 6.190%^ 144A | 682837 | 688379 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%) |  |  |
| Federal Home Loan Mortgage Corp. 11/25/2043 6.190%^ 144A | 508950 | 514039 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.850%) |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2041 11.340%^ 144A | 500000 | 531373 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 7.000%) |  |  |
| Federal Home Loan Mortgage Corp. 12/25/2050 6.340%^ 144A | 495794 | 500698 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 5.640%^ 144A | 176167 | 176220 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.300%) |  |  |
| Federal Home Loan Mortgage Corp. 02/25/2042 6.740%^ 144A | 2600000 | 2644741 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.400%) |  |  |
| Federal Home Loan Mortgage Corp. 03/15/2045 3.500% | 48755 | 48603 |
| Federal Home Loan Mortgage Corp. 03/25/2042 9.590%^ 144A | 250000 | 265157 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 5.250%) |  |  |
| Federal Home Loan Mortgage Corp. 03/25/2043 6.436%^ 144A | 751179 | 760962 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 3.250%) |  |  |
| Federal Home Loan Mortgage Corp. 04/25/2043 6.436%^ 144A | 1176172 | 1192131 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%) |  |  |

---

**23**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corp. 05/15/2027 3.000% | $644350 <br>| $13329 <br>|
| Federal Home Loan Mortgage Corp. 05/25/2025 7.704%^ | 407485 | 408690 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 3.250%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 7.690%^ 144A | 1100000 | 1142255 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2042 6.540%^ 144A | 1417517 | 1436146 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.200%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2043 6.340%^ 144A | 1293442 | 1303621 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 6.040%^ 144A | 1100000 | 1097747 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
| Federal Home Loan Mortgage Corp. 05/25/2044 5.540%^ 144A | 706452 | 706208 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.200%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2042 7.290%^ 144A | 33108 | 33780 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.950%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 7.690%^ 144A | 2750000 | 2873538 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.350%) |  |  |
| Federal Home Loan Mortgage Corp. 06/25/2043 6.340%^ 144A | 1322888 | 1328682 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.000%) |  |  |
| Federal Home Loan Mortgage Corp. 08/25/2044 6.140%^ 144A | 1520000 | 1519485 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.800%) |  |  |
| Federal Home Loan Mortgage Corp. 09/25/2042 6.490%^ 144A | 383111 | 386415 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.150%) |  |  |

---

**24**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal Home Loan Mortgage Corporation 01/25/2042 6.190%^ 144A | $720000 <br>| $721800 <br>|
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 3.900%) |  |  |
| Federal Home Loan Mortgage Corporation 04/25/2029 8.354%^ | 183908 | 189991 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 3.900%) |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.704%^ | 1000000 | 1088231 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 4.250%) |  |  |
| Federal National Mortgage Assoc. 01/25/2043 6.640%^ 144A | 748646 | 764079 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.300%) |  |  |
| Federal National Mortgage Assoc. 10/25/2041 5.890%^ 144A | 270464 | 270718 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.550%) |  |  |
| Federal National Mortgage Assoc. 10/25/2043 5.840%^ 144A | 1220955 | 1221918 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.500%) |  |  |
| Federal National Mortgage Assoc. 11/25/2041 5.240%^ 144A | 183545 | 183431 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 0.900%) |  |  |
| Federal National Mortgage Assoc. 11/25/2046 0.114% | 31838472 | 59442 |
| Federal National Mortgage Assoc. 12/25/2032 2.000% | 95992 | 89832 |
| Federal National Mortgage Assoc. 12/25/2041 6.240%^ 144A | 684241 | 690117 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 12/25/2041 5.990%^ 144A | 2210000 | 2215461 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.650%) |  |  |
| Federal National Mortgage Assoc. 12/25/2042 6.736%^ 144A | 795255 | 811816 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 2.800%) |  |  |

---

**25**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 02/25/2030 7.254%^ | $253015 <br>| $260612 <br>|
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 2.800%) |  |  |
| Federal National Mortgage Assoc. 02/25/2046 0.164% | 18082601 | 58425 |
| Federal National Mortgage Assoc. 02/25/2047 0.114%^ | 22038641 | 53466 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 4.250%) |  |  |
| Federal National Mortgage Assoc. 03/25/2042 6.440%^ 144A | 564802 | 573221 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.100%) |  |  |
| Federal National Mortgage Assoc. 04/25/2042 6.240%^ 144A | 665388 | 668031 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 04/25/2043 6.840%^ 144A | 1241797 | 1258102 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
| Federal National Mortgage Assoc. 05/25/2025 8.454%^ | 121221 | 121774 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 4.000%) |  |  |
| Federal National Mortgage Assoc. 05/25/2042 7.090%^ 144A | 849242 | 867137 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 4.000%) |  |  |
| Federal National Mortgage Assoc. 06/25/2042 7.286%^ 144A | 580102 | 598371 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.950%) |  |  |
| Federal National Mortgage Assoc. 06/25/2043 6.236%^ 144A | 449542 | 452874 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.900%) |  |  |
| Federal National Mortgage Assoc. 07/25/2042 7.940%^ 144A | 2980000 | 3105932 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 3.600%) |  |  |
| Federal National Mortgage Assoc. 07/25/2042 6.890%^ 144A | 1147884 | 1175946 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.550%) |  |  |

---

**26**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Federal National Mortgage Assoc. 07/25/2043 6.040%^ 144A | $1017457 <br>| $1020400 <br>|
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 1.700%) |  |  |
| Federal National Mortgage Assoc. 08/25/2028 11.404%^ | 320028 | 332159 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 6.950%) |  |  |
| Federal National Mortgage Assoc. 08/25/2028 11.204%^ | 49842 | 51858 |
| &nbsp;&nbsp;&nbsp; ((United States 30 Day Average SOFR + 0.114%) + 6.950%) |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500% | 489996 | 71264 |
| Federal National Mortgage Assoc. 09/25/2042 6.836%^ 144A | 357464 | 362716 |
| &nbsp;&nbsp;&nbsp; (United States 30 Day Average SOFR + 2.500%) |  |  |
| GCAT Trust 08/25/2066 1.915% 144A  | 120862 | 111360 |
| Government National Mortgage Assoc. 11/20/2051 3.000% | 9625079 | 1680991 |
| ICG US CLO Ltd. 01/15/2031 6.364%^ | 530000 | 532014 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%) |  |  |
| JP Morgan Mortgage Trust <br>01/25/2051 3.000% 144A  | 32572 | 32333 |
| JP Morgan Mortgage Trust <br>10/25/2029 2.681% 144A  | 45988 | 44835 |
| JP Morgan Mortgage Trust <br> 05/25/2050 3.500% 144A  | 38901 | 35057 |
| Mill City Mortgage Trust <br>04/25/2066 3.500% 144A  | 510042 | 498497 |
| Ocwen Loan Invest Trust <br>02/25/2037 3.000% 144A  | 211505 | 205387 |
| Ocwen Loan Investment Trust 02/25/2037 3.000% 144A  | 500000 | 438414 |
| Provident Funding Mortgage Trust 04/25/2051 2.500% 144A  | 766797 | 626478 |
| Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | 550000 | 552093 |
| Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A  | 260000 | 261977 |
| Saluda Grade Alternative Mortgage Trust 06/01/2053 7.162% 144A  | 578149 | 588666 |
| Sequoia Mortgage Trust <br>04/25/2050 3.000% 144A  | 103594 | 101456 |

---

**27**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | Velocity Commercial Capital <br>11/25/2053 7.670% 144A  | $198088 <br>| $204844 <br>|
|  | Verus Securitization Trust <br>11/25/2059 3.192% 144A  | 178982 | 177361 |
|  | Winston Salem, NC Limited Obligation 01/20/2046 3.780% 144A  | 145573 | 138659 |
|  | X-Caliber Funding LLC 11/01/2024 7.580%^ 144A  | 1200000 | 1199970 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 3.250%) |  |  |
|  | X-Caliber Funding LLC 09/15/2028 12.000% 144A  | 550000 | 558241 |
|  |  |  | 62131544 |
| **8.51%** | **OTHER** |  |  |
|  | Affirm Asset Securitization Trust 11/16/2026 1.170% 144A  | 2769 | 2754 |
|  | Affirm Asset Securitization Trust 05/15/2029 6.270% 144A  | 232118 | 232474 |
|  | Allegro CLO Ltd. 01/19/2033 6.193%^ 144A  | 530000 | 527668 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.900%) |  |  |
|  | Aqua Finance Trust 07/17/2046 1.900% 144A  | 210223 | 194359 |
|  | Atlas Senior Loan Fund 04/22/2031 6.152%^ 144A  | 559000 | 560174 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%) |  |  |
|  | Ballyrock CLO 14 Ltd. 07/20/2037 5.293%^ 144A  | 875000 | 872025 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.000%) |  |  |
|  | Benefit Street Partners CLO Ltd. 07/15/2037 5.482%^ 144A  | 954000 | 950566 |
|  | &nbsp;&nbsp;&nbsp; (SOFR Rate+2.714%) |  |  |
|  | Bluemountain CLO 10/20/2030 6.155%^ 144A  | 520000 | 521664 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.600%) |  |  |
|  | CoreVest American Finance Trust 10/15/2054 2.911% 144A  | 1040000 | 965716 |
|  | Crossroads Asset Trusts 08/20/2030 5.900% 144A  | 228325 | 231300 |
|  | Crown City CLO 07/15/2037 5.352%^ 144A  | 1285714 | 1282500 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%) |  |  |

---

**28**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| Generate CLO 4 <br>07/20/2037 5.293%^ 144A | $1312500 <br>| $1308694 <br>|
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +3.598%) |  |  |
| Generate CLO 5 Ltd. <br>07/22/2037 5.340%^ 144A | 2800000 | 2790200 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.050%) |  |  |
| Goldentree Loan Management LP 07/20/2037 5.193%^ 144A | 1093750 | 1093094 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.900%) |  |  |
| Halcyon Loan Advisors Funding 07/21/2031 6.355%^ 144A | 1033000 | 1039715 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%) |  |  |
| Harvest SBA Loan Trust <br>06/25/2047 6.800%^ 144A | 402149 | 400138 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
| Jamestown CLO <br>04/20/2032 6.143%^ 144A | 520000 | 523120 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.850%) |  |  |
| Libra Solutions LLC 02/15/2035 7.000% 144A | 59647 | 59660 |
| M&T Equipment LLC <br>07/15/2030 5.740% 144A | 460000 | 463629 |
| M&T Equipment Notes <br>07/15/2030 6.090% 144A | 496536 | 497055 |
| NGC Ltd. 04/20/2038 1.000%^ 144A | 1120000 | 1116752 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%) |  |  |
| OZLM XVIII Ltd. 04/15/2031 5.584%^ 144A | 819010 | 818519 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.020%) |  |  |
| Pagaya AI Debt Selection Trust 01/25/2029 3.000%^ 144A | 3843 | 3800 |
| &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.020%) |  |  |
| Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A | 549795 | 559094 |
| PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A | 550000 | 549789 |
| Polus Capital Management 10/20/2037 5.711%^ 144A | 1100000 | 1097910 |
| &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.250%) |  |  |
| Saratoga Investment Corp. 04/20/2033 6.355%^ 144A | 550000 | 549010 |
| &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.800%) |  |  |

---

**29**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
|  | SCF Equipment Trust LLC 07/20/2032 5.260% 144A | $500000 <br>| $490114 <br>|
|  | Seashine Holding, LLC 05/20/2025 6.000% 144A | 667539 | 664589 |
|  | Shackleton 2017-XI CLO Ltd. 08/15/2030 6.735%^ 144A | 1002000 | 1012020 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.150%) |  |  |
|  | SMB Private Education Loan Trust 09/15/2037 2.230%^ 144A | 744939 | 717268 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 2.150%) |  |  |
|  | Sotheby's Artfi Master Trust 12/22/2031 5.805%^ 144A | 520000 | 521404 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.500%) |  |  |
|  | Sound Point CLO V-R Ltd. <br>07/18/2031 6.305%^ 144A | 530000 | 532491 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.750%) |  |  |
|  | TCW CLO 2019-1 AMR Ltd. 08/16/2034 5.463%^ 144A | 146667 | 146520 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.000%) |  |  |
|  | Trinity Rail Leasing LP 10/18/2049 2.390% 144A | 137212 | 134659 |
|  | Upstart Securitization Trust 06/20/2033 7.920% 144A | 550000 | 559077 |
|  | Venture CDO Ltd. 10/20/2034 5.745%^ 144A | 560000 | 555128 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.450%) |  |  |
|  | Venture CDO Ltd. 07/15/2032 6.434%^ 144A | 1100000 | 1097800 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.870%) |  |  |
|  | Voya CLO Ltd. 10/15/2037 5.502%^ 144A | 1375000 | 1370875 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.200%) |  |  |
|  | Voya CLO Ltd. 10/18/2031 6.251%^ 144A | 901310 | 905186 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.700%) |  |  |
|  | Zais CLO 11 Ltd. <br>01/20/2032 6.083%^ 144A | 530000 | 531802 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.790%) |  |  |
|  | Zais Matrix CDO I <br>04/15/2032 6.302%^ 144A | 520000 | 524524 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.000%) |  |  |
|  |  |  | 28974836 |
| **38.08%** | **TOTAL ASSET BACKED BONDS**  | **TOTAL ASSET BACKED BONDS**  | 129681811 |
|  | (Cost: $130,278,072) |  |  |

---

**30**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **7.81%** | **CORPORATE BONDS** |  |  |
| **0.87%** | **Consumer Discretionary:** |  |  |
|  | BorgWarner, Inc. 02/15/2029 7.125%^ | $600000 <br>| $650026 <br>|
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.600%) |  |  |
|  | General Motors Financial Co. Perpetual 5.750% | 500000 | 472944 |
|  | Hasbro, Inc. 07/15/2028 6.600% | 798000 | 841536 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875% | 1000000 | 1000202 |
|  |  |  | 2964708 |
| **0.48%** | **Consumer Staples:** |  |  |
|  | AMN Healthcare, Inc. 10/01/2027 4.625% 144A | 110000 | 105736 |
|  | Cargill, Inc. 04/22/2025 3.500% 144A | 500000 | 499652 |
|  | HCA, Inc. 09/15/2025 7.580% | 817000 | 826052 |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875% 144A | 110000 | 106596 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750%^ | 100000 | 98443 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.000%) |  |  |
|  |  |  | 1636479 |
| **1.71%** | **Energy:** |  |  |
|  | Alliance Resource Operating Partnership 06/15/2029 8.625% 144A | 550000 | 576336 |
|  | Cheniere Energy, Inc. <br>10/15/2028 4.625% | 500000 | 494650 |
|  | Energen Corp. 02/15/2028 7.125% | 525000 | 551768 |
|  | Energy Transfer LP Perpetual 6.625% | 600000 | 591912 |
|  | Occidental Petroleum Corp. <br>09/01/2025 5.875% | 1313000 | 1315048 |
|  | Phillips 66 Partners LP <br>03/01/2028 3.750% | 540000 | 511305 |
|  | Targa Resources Partners LP 03/01/2030 5.500% | 500000 | 504660 |
|  | TransCanada Pipelines Ltd. <br>06/15/2029 7.700% | 1150000 | 1270894 |
|  |  |  | 5816573 |

---

**31**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **3.15%** | **Financials:** |  |  |
|  | Bank of America Corp. Perpetual 4.375% | $125000 <br>| $121828 <br>|
|  | Banque Federative du Credit Mutuel 10/04/2026 1.604%^ 144A | 2000000 | 1915432 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.760%) |  |  |
|  | Barclays plc 05/07/2026 2.852% | 250000 | 249475 |
|  | Citigroup, Inc. Perpetual 4.000% | 500000 | 492230 |
|  | Credit Agricole SA <br>01/26/2027 1.247% 144A | 2000000 | 1945170 |
|  | EPR Properties 04/15/2028 4.950%^ | 220000 | 217865 |
|  | &nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month +4.155%) |  |  |
|  | First Citizens Bancshare Perpetual 8.533% | 1000000 | 1028339 |
|  | The Goldman Sachs Group, Inc Perpetual 3.650%^ | 500000 | 485235 |
|  | &nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.140%) |  |  |
|  | ING Groep NV 03/29/2027 3.950%^ | 2000000 | 1976920 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
|  | SBL Holdings, Inc. <br>11/13/2026 5.125%^ 144A | 600000 | 593418 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.262%) + 1.800%) |  |  |
|  | Societe Generale <br>SA 11/24/2025 4.750% 144A | 250000 | 249062 |
|  | Synchrony Bank 08/22/2025 5.400% | 600000 | 600811 |
|  | Transamerica Capital II 12/01/2026 7.650% 144A | 825000 | 847141 |
|  |  |  | 10722926 |
| **0.75%** | **Industrials:** |  |  |
|  | Can-Pack SA/Canpack US LLC 11/01/2025 3.125% 144A  | 500000 | 488880 |
|  | Hubbell, Inc. 08/15/2027 3.150%  | 1079000 | 1045024 |
|  | Timken Co. 12/15/2028 4.500%^  | 500000 | 495703 |
|  | &nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate Constant Maturity 5 Year +2.915%) |  |  |
|  | Timken Co. 05/08/2028 6.875%  | 480000 | 506361 |
|  |  |  | 2535968 |

---

**32**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **0.55%** | **Materials:** |  |  |
|  | Domtar Corp. 10/01/2028 6.750% 144A | $100000 <br>| $90680 <br>|
|  | Reliance, Inc. 08/15/2025 1.300%  | 1000000 | 986536 |
|  | Steel Dynamics, Inc. 12/15/2026 5.000%^  | 813000 | 811832 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + <br>0.262%) + 1.750%) |  |  |
|  |  |  | 1889048 |
| **0.30%** | **Utilities:** |  |  |
|  | Washington Gas Light Co. 10/09/2026 6.820%^  | 1000000 | 1023503 |
|  | &nbsp;&nbsp;&nbsp; ((CME Term SOFR 3 Month + 0.261%) + 1.700%) |  |  |
|  |  |  | 1023503 |
| **7.81%** | **TOTAL CORPORATE BONDS**  | **TOTAL CORPORATE BONDS**  | 26589205 |
|  | (Cost: $26,572,748) |  |  |
| **52.18%** | **TREASURY NOTES** |  |  |
|  | US Treasury 05/31/2026 4.875% | 10000000 | 10094140 |
|  | US Treasury 06/30/2026 4.625% | 4000000 | 4029688 |
|  | US Treasury 08/31/2026 3.750% | 62902500 | 62710836 |
|  | US Treasury 01/15/2027 4.000% | 21000000 | 21022155 |
|  | US Treasury 01/31/2027 1.500% | 1107000 | 1059952 |
|  | US Treasury 06/12/2025 0.042%<sup>(B)</sup>  | 22007000 | 21822581 |
|  | US Treasury 07/15/2027 4.375% | 10000000 | 10103520 |
|  | US Treasury 01/15/2026 2.000% | 1575480 | 1591451 |
|  | US Treasury 11/30/2028 4.375% | 5100000 | 5179290 |
|  | US Treasury 12/15/2027 4.000% | 1655600 | 1660451 |
|  | US Treasury 02/15/2027 4.125% | 4000000 | 4014376 |
|  | US Treasury 01/31/2026 4.250% | 525000 | 525545 |
|  | US Treasury 10/15/2028 2.375% | 8167200 | 8508393 |
|  | US Treasury 02/28/2027 4.125% | 5600000 | 5621218 |
|  | US Treasury 05/31/2025 4.250% | 5000000 | 5000145 |
|  | US Treasury 09/30/2026 3.500% | 317000 | 314895 |
|  | US Treasury 11/30/2026 4.250% | 714700 | 718134 |
|  | US Treasury 12/31/2026 4.250% | 5312000 | 5339389 |
|  | US Treasury 11/15/2027 4.125% | 3305800 | 3324782 |
|  | US Treasury 12/15/2026 4.375% | 5000000 | 5035155 |
| **52.18%** | **TOTAL TREASURY NOTES** |  | 177676096 |
|  | (Cost: $177,456,521) |  |  |
| **98.07%** | **TOTAL DEBT SECURITIES**  | **TOTAL DEBT SECURITIES**  | 333947112 |
|  | (Cost: $334,307,341) |  |  |

---

**33**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Schedule of Investments - continued** **March 31, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **1.42%** | **MONEY MARKET FUND** |  |  |
|  | Federated Government Obligations Fund - Institutional Class 4.21%<sup>(C)</sup>  | 4826519 | $4826519 <br>|
|  | (Cost: $4,826,519) |  |  |
| **99.49%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $339,133,887)  | (Cost: $339,133,887)  | 338773658 |
| **0.51%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 1743253 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$340516911** <br>|

---

^Rate is determined periodically. Rate shown is the rate as of March 31, 2025.

<sup>(A)</sup>Less than 0.005%.

<sup>(B)</sup>Zero coupon security. The rate shown is the yield-to-maturity on the date of March 31, 2025.

<sup>(C)</sup>Effective 7 day yield as of March 31, 2025.

144A Securities are exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $119,217,922 and is 35.02% of the Fund's net assets.

ICE LIBOR - Interncontinental Exchange London Interbank Offered Rate.

SOFR - Secured Overnight Financing Rate.

**SCHEDULE OF FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Description** | **Expiration Date** | **Notional Value** | **Market Value** | **Unrealized Appreciation (Depreciation)** |
|  | 222 | 2YR US NOTE  | 6/30/25 | $45708028 <br>| $45992156 <br>| $284128 <br>|
|  | 374 | 5YR US NOTE  | 6/30/25 | 40386697 | 40450438 | 63741 |
| **0.10%** | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | **TOTAL FUTURES CONTRACTS**  | $86094725 <br>| $86442594 <br>| $347869 <br>|

---

**34**

FINANCIAL STATEMENTS \| March 31, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Assets and Liabilities** **March 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Core Bond**  | **Limited Term Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $269083541 <br>| $338773658 <br>|
| &nbsp;&nbsp;&nbsp; Cash held at broker  | 864544 | 749144 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation of open futures contracts  | 163794 | 347869 |
| &nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 132020 | 385170 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 1815872 | 1835833 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 40619 | 49625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 272100390 | 342141299 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 234095 | 241057 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased  | 880000 | 1278094 |
| &nbsp;&nbsp;&nbsp; Accrued net advisory fees  | 50229 | 89362 |
| &nbsp;&nbsp;&nbsp; Accrued accounting, administration and transfer agent fees  | 16128 | 13957 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 2045 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 1182497 | 1624388 |
| **NET ASSETS**  | $270917893 <br>| $340516911 <br>|
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $289222984 <br>| $345612678 <br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | (18305091) | (5095767) |
| &nbsp;&nbsp;&nbsp; Net Assets  | $270917893 <br>| $340516911 <br>|
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $270917893 <br>| $340516911 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding  | 30352730 | 34961286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value and Offering Price <br>Per Share**  | $8.93 <br>| $9.74 <br>|
| &nbsp;&nbsp;&nbsp; <sup>(1)</sup>Identified cost of:  | $278694943 <br>| $339133887 <br>|

---

**35**

FINANCIAL STATEMENTS \| March 31, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Operations** **Six Months Ended March 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund** | **Limited Term Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $6420307 <br>| $8178464 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 6420307 | 8178464 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 2)  | 476711 | 731811 |
| &nbsp;&nbsp;&nbsp; Recordkeeping and administrative services (Note 2)  | 45973 | 56424 |
| &nbsp;&nbsp;&nbsp; Accounting fees (Note 2)  | 30782 | 37908 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 12982 | 14282 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2)  | 7182 | 8099 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 21185 | 23234 |
| &nbsp;&nbsp;&nbsp; Filing and registration fees  | 13461 | 17866 |
| &nbsp;&nbsp;&nbsp; Trustee fees (Note 2)  | 6769 | 8277 |
| &nbsp;&nbsp;&nbsp; Compliance fees (Note 2)  | 3603 | 4620 |
| &nbsp;&nbsp;&nbsp; Shareholder reports  | 14825 | 16507 |
| &nbsp;&nbsp;&nbsp; Insurance  | 2149 | 2317 |
| &nbsp;&nbsp;&nbsp; Other  | 18678 | 20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 654300 | 941559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waivers (Note 2)  | (177589) | (209749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 476711 | 731810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 5943596 | 7446654 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (182492) | 23036 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on long futures contracts  | (538166) | (494865) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on written futures contracts  | (245644) | (335864) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) of investments and futures contracts  | (966302) | (807693) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | (5469195) | (1127536) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of long futures contracts  | 118956 | 263986 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and long futures contracts  | (5350239) | (863550) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and futures contracts  | (6316541) | (1671243) |
| **INCREASE (DECREASE) IN NET ASSETS <br>FROM OPERATIONS**  | $(372945 ) | $5775411 <br>|

---

**36**

FINANCIAL STATEMENTS \| March 31, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Limited Term Income Fund** | **Limited Term Income Fund** |
|  | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **Year Ended<br>September 30, 2024** | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **Year Ended<br>September 30, 2024** |
| **INCREASE (DECREASE) IN <br>NET ASSETS FROM** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $5943596 <br>| $10504759 <br>| $7446654 <br>| $12807515 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures contracts  | (966302) | 15861 | (807693) | (283329) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)of investments and futures contracts  | (5350239) | 12997075 | (863550) | 5822645 |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | (372945) | 23517695 | 5775411 | 18346831 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions  | (6315374) | (10342200) | (8826285) | (12296617) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (6315374) | (10342200) | (8826285) | (12296617) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 30165448 | 89271074 | 35785036 | 94149478 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested  | 192791 | 275248 | 960110 | 547012 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (26196942) | (14980675) | (23416585) | (28735209) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in <br>net assets from capital stock transactions  | 4161297 | 74565647 | 13328561 | 65961281 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) <br>during period  | (2527022) | 87741142 | 10277687 | 72011495 |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 273444915 | 185703773 | 330239224 | 258227729 |
| &nbsp;&nbsp;&nbsp; End of period  | $270917893 <br>| $273444915 <br>| $340516911 <br>| $330239224 <br>|

---

**37**

FINANCIAL STATEMENTS \| March 31, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **Years Ended September 30,** | **Years Ended September 30,** | **December 1, 2021<sup>(2)</sup>** **<br>through<br>September 30, 2022** |
|  | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **2024** | **2023** | **December 1, 2021<sup>(2)</sup>** **<br>through<br>September 30, 2022** |
| **Net asset value, <br>beginning of period**  | $9.15 <br>| $8.64 <br>| $8.74 <br>| $10.00 <br>|
| **Investment activities** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.20 | 0.41 | 0.35 | 0.19 |
| Net realized and unrealized gain (loss)on investments and futures contracts  | (0.21) | 0.50 | (0.12) | (1.29) |
| **Total from <br>investment activities**  | (0.01) | 0.91 | 0.23 | (1.10) |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.21) | (0.40) | (0.33) | (0.16) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (0.21) | (0.40) | (0.33) | (0.16) |
| **Net asset value, <br>end of period**  | **$** **8.93** <br>| **$** **9.15** <br>| **$** **8.64** <br>| **$** **8.74** <br>|
| **Total Return<sup>(3)</sup>**  | (0.04%) | 10.74% | 2.65% | (11.10%) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Ratios to average net assets<sup>(4)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.49% | 0.51% | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver <br>or recovery (Note 2)  | 0.36% | 0.36% | 0.36% | 0.41% |
| &nbsp;&nbsp;&nbsp; Net investment <br>income (loss)  | 4.49% | 4.60% | 3.90% | 2.41% |
| Portfolio turnover rate<sup>(5)</sup>  | 8.89% | 31.66% | 36.96% | 85.91% |
| Net assets, end of <br>period (000's)  | $270918 <br>| $273445 <br>| $185704 <br>| $174135 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return is for the period indicated and has not been annualized.

<sup>(4)</sup> Ratios to average net assets have been annualized.

<sup>(5)</sup> Portfolio turnover rate is for the period indicated and has not been annualized.

**38**

FINANCIAL STATEMENTS \| March 31, 2025

See Notes to Financial Statements

**CURASSET CAPITAL MANAGEMENT LIMITED TERM INCOME FUND**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **Years Ended September 30,** | **Years Ended September 30,** | **December 1, 2021<sup>(2)</sup>** **<br>through<br>September 30, 2022** |
|  | **Six Months Ended<br>March 31, 2025<br>(unaudited)** | **2024** | **2023** | **December 1, 2021<sup>(2)</sup>** **<br>through<br>September 30, 2022** |
| **Net asset value, <br>beginning of period**  | $9.83 <br>| $9.61 <br>| $9.52 <br>| $10.00 <br>|
| **Investment activities** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup>  | 0.22 | 0.47 | 0.38 | 0.14 |
| Net realized and unrealized gain (loss) on investments and futures contracts  | (0.05) | 0.20 | 0.07 | (0.51) |
| **Total from <br>investment activities**  | 0.17 | 0.67 | 0.45 | (0.37) |
| **Distributions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.26) | (0.45) | (0.36) | (0.11) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  | (0.26) | (0.45) | (0.36) | (0.11) |
| **Net asset value, <br>end of period**  | **$** **9.74** <br>| **$** **9.83** <br>| **$** **9.61** <br>| **$** **9.52** <br>|
| **Total Return<sup>(3)</sup>**  | 1.73% | 7.14% | 4.84% | (3.68%) |
| **Ratios/Supplemental Data** |  |  |  |  |
| Ratio to average net assets<sup>(4)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses, gross  | 0.57% | 0.58% | 0.63% | 0.61% |
| &nbsp;&nbsp;&nbsp; Expenses, net of waiver <br>or recovery (Note 2)  | 0.44% | 0.44% | 0.44% | 0.49% |
| &nbsp;&nbsp;&nbsp; Net investment <br>income (loss)  | 4.48% | 4.85% | 3.96% | 1.77% |
| Portfolio turnover rate<sup>(5)</sup>  | 18.35% | 80.08% | 97.87% | 122.59% |
| Net assets, end of <br>period (000's)  | $340517 <br>| $330239 <br>| $258228 <br>| $243470 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Commencement of operations.

<sup>(3)</sup> Total return is for the period indicated and has not been annualized.

<sup>(4)</sup> Ratios to average net assets have been annualized.

<sup>(5)</sup> Portfolio turnover rate is for the period indicated and has not been annualized.

**39**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements** **March 31, 2025 (unaudited)**

**NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Curasset Capital Management Core Bond Fund and the Curasset Capital Management Limited Term Income Fund (each a "Fund" and collectively, the "Funds") are diversified series of the World Funds Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on April 9, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Funds offer Class A, Investor Class, Institutional Class and Founders Class shares. As of March 31, 2025, neither Fund had Class A, Investor Class or Institutional Class shares outstanding. Each Fund's Founders Class commenced operations on December 1, 2021.

The investment objective of the Curasset Capital Management Core Bond Fund (the "Core Bond Fund") is to provide total return, comprised of income and capital appreciation.

The investment objective of the Curasset Capital Management Limited Term Income Fund (the "Limited Term Income Fund") is to seek income.

The Funds are deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Funds are used by Curasset Capital Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in its Statement of Operations and Financial Highlights, is the information utilized for the day-today management of the Fund. The Funds and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Funds based on performance measurements. Due to the significance of oversight and its role in the Funds' management, the Advisor's portfolio manager is deemed to be the Chief Operating Decision Maker.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *"Financial Services – Investment Companies"*.

**Security Valuation**

The Funds record investments at current market value. Investments in securities traded on national securities exchanges are valued at the last reported sale price. Investments in securities included on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Other securities traded in the over-

**40**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

the-counter market and listed securities for which no sales are reported on a given date are valued at the last reported bid price. Debt securities are valued by appraising them at prices supplied by a pricing agent approved by the Trust's Board of Trustees (the "Board"), which prices may reflect broker-dealer supplied valuations and electronic data processing techniques. Short-term debt securities (less than 60 days to maturity) are valued at their fair value using amortized cost. Other assets for which market prices are not readily available are valued at their fair value as determined in good faith under procedures set by the Trust's Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Generally, trading in corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times before the scheduled close of the New York Stock Exchange ("NYSE"). The value of these securities used in computing the net asset value ("NAV") is determined as of such times.

The FASB has issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to increase comparability of financial information for entities that hold equity securities with contractual restrictions prohibiting the sale of the securities. Currently, there is diversity in practice on the application of a discount to measure fair value when securities have such contractual restrictions. The ASU provides clarity related to this matter. The ASU also adds disclosure requirements related to contractual sale restrictions.

Futures contracts are valued at the settlement price determined by the applicable US exchange on the date with respect to which the NAV is being determined, or if no settlement price is available, at the last sale price as of the close of business prior to the NAV determination on such day.

The Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Funds' NAVs are calculated, that is likely to have changed the value of the security. Since most of the Funds' investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of the Funds, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method

**41**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

that the Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Trust's policy is intended to result in a calculation of the Funds' NAV that fairly reflects security values as of the time of pricing.

Various inputs are used in determining the value of the Funds' investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the level of inputs used to value the Funds' investments as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Core Bond Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Exchange Traded Funds  | $27 <br>| $— <br>| $— <br>| $27 <br>|
| Asset Backed Bonds  |  | 87386020 |  | 87386020 |
| Corporate Bonds  |  | 51822625 |  | 51822625 |
| Treasury Notes  |  | 114818922 |  | 114818922 |
| Money Market Fund  | 15055947 |  |  | 15055947 |
|  | $15055974 <br>| $254027567 <br>| $— <br>| $269083541 <br>|
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts\*  | $163794 <br>|  |  | $163794 <br>|
|  | $163794 <br>|  |  | $163794 <br>|
| **Limited Term Income Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Exchange Traded Funds  | $27 <br>| $— <br>| $— <br>| $27 <br>|
| Asset Backed Bonds  |  | 129681811 |  | 129681811 |
| Corporate Bonds  |  | 26589205 |  | 26589205 |
| Treasury Notes  |  | 177676096 |  | 177676096 |
| Money Market Fund  | 4826519 |  |  | 4826519 |
|  | $4826546 <br>| $333947112 <br>| $— <br>| $338773658 <br>|

---

**42**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts\*  | $347869 <br>| $— <br>| $— <br>| $347869 <br>|
|  | $347869 <br>| $— <br>| $— <br>| $347869 <br>|

---

\*Other financial instruments are derivative instruments such as futures contracts and are valued at the unrealized appreciation (depreciation) of the instrument.

Refer to the Funds' Schedule of Investments for a listing of the securities by security type and sector.

The Funds held no Level 3 securities at any time during the six months ended March 31, 2025.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is generally determined on a specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method.

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Funds also

**43**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

intend to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.

**Reclassification of Capital Accounts**

GAAP requires certain components of net assets are reclassified relating to permanent differences between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the six months ended March 31, 2025, there were no such reclassifications.

**Mortgage-Related Securities**

The Funds can buy interests in pools of residential or commercial mortgages in the form of "pass-through" mortgage securities. They may be issued or guaranteed by the U.S. government, or its agencies and instrumentalities, or by private issuers. The prices and yields of mortgage-related securities are determined, in part, by assumptions about the rate of payments of the underlying mortgages and are subject to the risks of unanticipated prepayment and extension risks. Mortgage-related securities are also subject to interest rate risk, and the market for mortgage-backed securities may be volatile at times and may be less liquid than the markets for other types of securities. Mortgage-related securities issued by private issuers are not U.S. government securities and are subject to greater credit risks than mortgage related securities that are U.S. government securities. Credit risk is greater for mortgage related securities that are not directly or indirectly guaranteed by a U.S. government-sponsored enterprise ("GSE") (such as Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Federal Farm Credit Banks). However, GSEs are not guaranteed by the U.S. Treasury and in the event that a GSE cannot meet its obligations, there can be no assurance that the U.S. government will provide support. Certain purchases of agency or GSE-guaranteed mortgage-backed securities

**44**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

are forward transactions (called "to-be-announced" or "TBA" transactions) that can settle a month or more after the trade date. If the counterparty to a TBA transaction does not perform its obligation to deliver the specified mortgage-backed securities, the Funds could be required to replace those securities at a higher price. During the settlement period, the Funds will bear the risk of any decline in the value of the security to be delivered. For either purchase or sale transactions, the Funds may choose to extend the settlement through a "dollar roll" transaction in which it sells its current TBA security to a dealer while simultaneously agreeing to buy a TBA security with similar characteristics with a later settlement date. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Funds may be less favorable than the security delivered to the dealer.

**Derivatives**

The Funds utilize derivatives to achieve their investment strategies. These are financial instruments that derive their performance from the performance of an underlying asset or index. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a large potential impact on the performance of the Funds. The Funds could experience a loss if derivatives do not perform as anticipated or are not correlated with the performance of other investments which are used to hedge or if the Funds are unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. Futures contracts involve the risk of mispricing or improper valuation and the risk that changes in the value of a futures contract may not correlate perfectly with the underlying indicator. The Funds are subject to the requirements of Rule 18f-4 under the 1940 Act and have adopted policies and procedures to manage risks concerning their use of derivatives. The following are the derivatives held by each fund on March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value<br>Asset Derivatives** |
| Core Bond Fund  | Futures Contracts | &nbsp;&nbsp; $163,794\* <br>|
| Limited Term Income Fund  | Futures Contracts | &nbsp;&nbsp; $347,869\* <br>|

---

\*Statements of Assets and Liabilities location: Unrealized appreciation of open futures contracts.

**45**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is equity risk for the six months ended March 31, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Realized Gain (Loss) On Derivatives\*** | **Change in Unrealized Appreciation (Depreciation) <br>on Derivatives\*\*** |
| Core Bond Fund  | Long Futures Contracts | $(538166 ) | $118956 <br>|
|  | Written Futures Contracts | (245644) |  |
|  |  | $(783810 ) | $118956 <br>|
| Limited Term Income Fund  | Long Futures Contracts | $(494865 ) | $263986 <br>|
|  | Written Futures Contracts | (335864) |  |
|  |  | $(830729 ) | $263986 <br>|

---

\*Statements of Operations location: Net realized gain (loss) on futures contracts.

\*\*Statements of Operations location: Net change in unrealized appreciation (depreciation) of futures contracts.

The following indicates the average monthly volume for the six months ended March 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Average Monthly Notional Value** |
| Core Bond Fund  | Long Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40312898 <br>|
| Core Bond Fund  | Written Futures Contracts | (1111520) |
| Limited Term Income Fund  | Long Futures Contracts | 63282850 |
| Limited Term Income Fund  | Written Futures Contracts | (1338653) |

---

**NOTE 2 - INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

Pursuant to an Investment Advisory Agreements between the Trust and the Advisor, the Advisor provides investment advisory services to the Funds for an investment management fee equal to 0.36% and 0.44% of the daily net assets of the Core Bond Fund and the Limited Term Income Fund, respectively.

The Advisor earned and waived advisory fees for the six months ended March 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory Fee Earned** | **Investment Advisory Fee Waived** |
| Core Bond Fund  | &nbsp;&nbsp; $476711 <br>| &nbsp;&nbsp; $177589 <br>|
| Limited Term Income Fund  | &nbsp;&nbsp; 731811 | &nbsp;&nbsp; 209749 |

---

**46**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

The Advisor has contractually agreed to reduce its fees and/or reimburse Fund expenses until January 31, 2026 to keep Total Annual Fund Operating Expenses (exclusive of interest, distribution and service fees pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees and expenses, dividend expense on short sales, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Funds' business) from exceeding 0.36% of the daily net assets with respect to the Core Bond Fund's Founders Class shares and 0.44% of the daily net assets with respect to the Limited Term Income Fund's Founders Class shares. The advisor has also entered into an expense limitation agreement with the Trust to reduce fees and/or reimburse expenses with respect to each of the Fund's Class A shares, Investor Class shares and Institutional Class shares. The Trust and the Advisor may terminate this limitation expense agreement prior to January 31, 2026 only by mutual written consent. Each waiver and/or reimbursement of an expense by the Advisor is subject to repayment by the applicable Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

The total amount of recoverable fee waivers and expense reimbursements for the Funds as of March 31, 2025, and expiration dates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** | **Recoverable Fee Waivers and Expense Reimbursements <br>and Expiration Dates** |
| **Fund** | **2025** | **2026** | **2027** | **2028** | **Total** |
| Core Bond Fund  | $171866 <br>| $357112 <br>| $348533 <br>| $177589 <br>| $1055100 <br>|
| Limited Term Income Fund  | 211297 | 479283 | 382652 | 209749 | 1282981 |

---

The Funds have adopted a Distribution and Service Plan Pursuant to Rule 12b-1 (the "12b-1 Plan") for the Class A and Investor Class shares. Pursuant to the 12b-1 Plan, the Funds may finance from the assets of a particular class certain activities or expenses that are intended primarily to result in the sale of shares of such class. The fee paid pursuant to the 12b-1 plan by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for Class A and Investor Class Shares. Because these fees are paid out of a class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 12b-1 Plan, while primarily intended to compensate for shareholder services and expenses, was adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, and it therefore may be used to pay for certain expenditures related to financing distribution-related activities for each of the Funds.

**47**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

The Funds have adopted a shareholder services plan with respect to their Class A, Investor and Institutional Class Shares. Under the shareholder services plan, the Funds may pay an authorized firm up to 0.25% on an annualized basis of its average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Fund; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in shares; (v) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (vii) providing sub-accounting with respect to shares beneficially owned by shareholders; and (viii) processing dividend payments from the Fund on behalf of shareholders.

No fees were incurred by the Funds under the 12b-1 Plan or shareholder services plan during the six months ended March 31, 2025.

Commonwealth Fund Services, Inc. ("CFS") acts as the Funds' administrator, transfer and dividend disbursing agent and fund accountant. Fees to CFS are computed daily and paid monthly. For the six months ended March 31, 2025, the following fees were incurred by each Fund to CFS:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration** | **Transfer <br>Agent** | **Fund <br>Accounting** |
| Core Bond Fund  | &nbsp;&nbsp; $45973 <br>| &nbsp;&nbsp; $7182 <br>| &nbsp;&nbsp; $30782 <br>|
| Limited Term Income Fund  | &nbsp;&nbsp; 56424 | &nbsp;&nbsp; 8099 | &nbsp;&nbsp; 37908 |

---

The amounts reflected on the Statement of Operations for Administration, Transfer Agent and Accounting fees may include some out of pocket expenses not paid to CFS.

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus LLP, serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus LLP. J. Stephen King, Jr., Assistant Secretary of the Trust, is a Partner of Practus LLP. Neither the officers and/or directors of CFS, Mr. Lively or Mr. King receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

The Fund's Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds. For the six months ended March 31, 2025, Watermark received $3,603 and $4,620 in fees incurred by the Core Bond Fund and the Limited Term Income Fund, respectively.

**48**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities, other than short-term securities and US Government securities for the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Core Bond Fund** |  |  |
| Exchange Traded Funds  | $27 <br>| $— <br>|
| Asset Backed Bonds  | 5921402 | 13376313 |
| Corporate Bonds  | 1929462 | 13980551 |
|  | $7850861 <br>| $27356864 <br>|
| **Limited Term Income Fund** |  |  |
| Exchange Traded Funds  | $27 <br>| $— <br>|
| Asset Backed Bonds  | 14846416 | 35094917 |
| Corporate bonds  |  | 18808301 |
|  | $14846443 <br>| $53903218 <br>|

---

The costs of purchases and the proceeds of sales of Government securities for the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Corporate Bond Fund  | $33800345 <br>| $22485062 <br>|
| Limited Term Income Fund  | 39554537 | 8205220 |

---

**NOTE 4 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

**49**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

The tax character of distributions paid during the six months ended March 31, 2025, and the year ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** |
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | &nbsp;&nbsp; $6315374 <br>| &nbsp;&nbsp; $8826285 <br>|

---

---

| | | |
|:---|:---|:---|
| **Year Ended September 30, 2024** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Distributions paid from: |  |  |
| Ordinary income | &nbsp;&nbsp; $10342200 <br>| &nbsp;&nbsp; $12296617 <br>|

---

As of March 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Bond <br>Fund**  | **Limited Term <br>Income Fund** |
| Accumulated net investment income (loss)  | $73206 <br>| $(372719 ) |
| Other accumulated losses  | (8930689) | (4710688) |
| Net unrealized appreciation (depreciation) on Investments and long futures contracts  | (9447608) | (12360) |
|  | $(18305091 ) | $(5095767 ) |

---

As of March 31, 2025, the cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross <br>Unrealized Appreciation** | **Gross <br>Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Core Bond Fund  | $278694943 <br>| &nbsp;&nbsp; $1684332 <br>| &nbsp;&nbsp; $(11131940) <br>| &nbsp;&nbsp; $(9447608) <br>|
| Limited Term Income Fund  | 339133887 | &nbsp;&nbsp; 2126556 | &nbsp;&nbsp; (2138916) | &nbsp;&nbsp; (12360) |

---

**NOTE 5 –TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

Capital stock transactions were:

---

| | | |
|:---|:---|:---|
| **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** |
|  | **Core Bond <br>Fund** | **Limited Term <br>Income Fund** |
| Shares sold | 3396027 | 3666645 |
| Shares reinvested | 21774 | 98730 |
| Shares redeemed | (2942858) | (2402226) |
| Net increase (decrease) | 474943 | 1363149 |

---

**50**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Notes to Financial Statements - continued** **March 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Year Ended September 30, 2024** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
|  | **Core Bond <br>Fund** | **Limited Term <br>Income Fund** |
| Shares sold | 10033273 | 9629018 |
| Shares reinvested | 30957 | 56155 |
| Shares redeemed | (1688866) | (2970756) |
| Net increase (decrease) | 8375364 | 6714417 |

---

**NOTE 6 – RISKS OF INVESTING IN THE FUND**

An investment in the Funds entails risk. The Funds may not achieve their leveraged investment objective and there is a risk that you could lose all of your money invested the Funds. The Funds are not a complete investment program. In addition, the Funds present risks not traditionally associated with other mutual funds and ETFs. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."

**NOTE 7 – SUBSEQUENT EVENTS**

Management has evaluated all transactions and events subsequent to the date of the Statements of Assets and Liabilities through the date on which these financial statements were issued and has noted no additional items that require disclosure.

**51**

FINANCIAL STATEMENTS \| March 31, 2025

**CURASSET CAPITAL MANAGEMENT FUNDS**

**Supplemental Information (unaudited)**

**Changes in and disagreements with accountants for open-end management investment companies.**

Not applicable.

**Proxy disclosures for open-end management investment companies.**

Not applicable.

**Remuneration paid to Directors, Officers, and others of open-end management investment companies.**

See the Statements of Operations and Note 2 which includes remuneration paid to Officers. See the Statements of Operations for remuneration paid to Trustees.

**Statement Regarding Basis of Approval of Investment Advisory Contract.**

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7, Note 2 which includes remuneration paid to Officers and the Statements of Operations which include remuneration paid to Trustees.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable because it is not a closed-end management investment company.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: World Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: June 6, 2025 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: June 6, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: June 6, 2025 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

[World Funds Trust N-CSRS](curasset-ncsrs_033125.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Karen Shupe, Principal Executive Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Curasset Capital Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 6, 2025

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of World Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Curasset Capital Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 6, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[World Funds Trust N-CSRS](curasset-ncsrs_033125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 6, 2025 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of World Funds Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 6, 2025 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.