# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001396092-26-000176
**Filing Date:** 2026-3
**Character Count:** 169248
**Document Hash:** 93a824a6d57a0764c33846dd580ca6ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001396092-26-000176.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001396092-26-000176

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 26706482

**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           |
| C000230997 | Institutional Class | CMBIX           |
| C000230998 | Class A             | CMBAX           |

## Nport-Ex

curasset-soi700_123125.htm 1 of 11 <br>   <u>02/28/2026 05:30 PM</u>

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **36.79%** | **ASSET BACKED BONDS** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **36.79%** | **ASSET BACKED BONDS** |  |  |
| **7.43%** | **AUTOMOTIVE** |  |  |
|  | Arivo Acceptance Auto Loan Receivables Trust 02/15/2029 7.700% 144A | $675000 | $694108 |
|  | Arivo Acceptance Auto Loan Receivables Trust 03/15/2029 9.840% 144A | 500000 | 522275 |
|  | Avid Automobile Receivables Trust 12/15/2027 7.350% 144A | 385136 | 386408 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2029 5.870% 144A | 110000 | 112158 |
|  | Avis Budget Rental Car Funding AESOP LLC 08/20/2031 6.240% 144A | 100000 | 103612 |
|  | Bridgecrest Lending Auto Securitization Trust 10/16/2028 5.370% | 1350000 | 1356689 |
|  | Carmax Auto Owner Trust 04/16/2029 8.080% | 1000000 | 1032611 |
|  | Carvana Auto Receivables Trust 03/10/2028 2.900% 144A | 33222 | 32594 |
|  | Carvana Auto Receivables Trust 03/10/2028 1.070% | 60577 | 59277 |
|  | Carvana Auto Receivables Trust 03/10/2028 0.970% | 58483 | 57804 |
|  | Carvana Auto Receivables Trust 04/10/2028 5.080% | 2000000 | 2016732 |
|  | Carvana Auto Receivables Trust 12/11/2028 4.130% 144A | 321931 | 319449 |
|  | Carvana Auto Receivables Trust 01/10/2031 4.740% | 450000 | 447885 |
|  | CPS Auto Trust 08/15/2028 5.190% 144A | 1330446 | 1331666 |
|  | CPS Auto Trust 10/15/2029 7.140% 144A | 900000 | 909650 |
|  | CPS Auto Trust 11/15/2030 10.720% 144A | 300000 | 330535 |
|  | DT Auto Owner Trust 05/17/2027 1.310% 144A | 247528 | 246613 |
|  | DT Auto Owner Trust 12/15/2027 3.400% 144A | 224596 | 224070 |
|  | DT Auto Owner Trust 09/15/2028 2.650% 144A | 450000 | 448777 |
|  | Exeter Automobile Receivables Trust 04/15/2027 1.400% | 382994 | 381047 |
|  | Exeter Automobile Receivables Trust 06/15/2027 1.550% | 381804 | 379049 |
|  | Exeter Automobile Receivables Trust 06/15/2028 3.020% | 490955 | 488693 |
|  | Exeter Automobile Receivables Trust 07/17/2028 4.560% | 346622 | 346891 |
|  | Exeter Automobile Receivables Trust 10/15/2029 6.340% 144A | 787500 | 763697 |
|  | First Investors Auto Owner Trust 06/15/2029 5.410% 144A | 500000 | 496742 |
|  | Flagship Credit Auto Trust 09/15/2027 1.460% 144A | 61783 | 61617 |
|  | Flagship Credit Auto Trust 07/16/2029 5.640% 144A | 1350000 | 1353762 |
|  | GLS Auto Receivables Issuer Trust 10/15/2027 3.510% 144A | 124558 | 124324 |
|  | GLS Auto Receivables Trust 07/15/2027 4.310% 144A | 126816 | 126819 |
|  | GLS Auto Receivables Trust 04/17/2028 6.150% 144A | 1047709 | 1056147 |
|  | Lad Auto Receivables Trust 04/15/2030 6.850% 144A | 484000 | 489391 |
|  | Lendbuzz Securitization Trust 12/15/2028 7.500% 144A | 146716 | 149353 |
|  | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A | 203368 | 204712 |
|  | Lendbuzz Securitization Trust 05/15/2030 5.180% 144A | 882087 | 886221 |
|  | Research-Driven Pagaya 03/25/2032 7.540% 144A | 83647 | 83804 |
|  | Switch ABS Issuer LLC 06/25/2054 6.200% 144A | 450000 | 453374 |
|  | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | 630000 | 441000 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM2 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AUTOMOTIVE Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 01/16/2029 5.120% 144A | $819812 | $549274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 06/15/2028 13.450% 144A | 400000 | 168000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust 11/10/2028 5.000% 144A | 281754 | 280997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust 04/10/2029 10.000% 144A | 400000 | 169238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust 11/15/2028 8.320% 144A | 819000 | 834876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Automobile Receivable 03/15/2027 3.490% 144A | 36930 | 36907 |
|  |  | 20958848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10% MISCELLANEOUS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aqua Finance Trust 07/17/2046 1.900% 144A | 137718 | 130652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund 04/22/2031 5.719% 144A | 516000 | 517135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Ltd. 07/15/2037 5.085%^ 144A | 705000 | 703942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.180%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluemountain CLO 10/20/2030 5.746% 144A | 480000 | 482400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreVest American Finance Trust 10/15/2054 2.911% 144A | 960000 | 913537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trust 08/20/2032 8.320% 144A | 225000 | 228130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crossroads Asset Trusts 08/20/2030 5.900% 144A | 126447 | 127781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Static Ltd. 04/25/2034 5.758%^ 144A | 900000 | 901980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest SBA Loan Trust 06/25/2047 6.050% 144A | 217739 | 217739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGC Ltd. 04/20/2038 5.084%^ 144A | 880000 | 880088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.200%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust 07/15/2031 8.798% 144A | 85031 | 85252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC 10/20/2031 4.650% 144A | 450000 | 452646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polus Capital Management 10/20/2037 5.134%^ 144A | 757895 | 758349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saratoga Investment Corp. 04/20/2033 5.946% 144A | 450000 | 456075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shackleton 2017-XI CLO Ltd. 08/15/2030 6.263% 144A | 888000 | 895814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust 06/25/2034 4.820% 144A | 273135 | 274710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotheby's Artfi Master Trust 12/22/2031 5.195%^ 144A | 480000 | 480104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO V-R Ltd. 07/18/2031 5.896% 144A | 470000 | 474277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Rail Leasing LP 10/18/2049 2.390% 144A | 48089 | 47826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust 06/20/2033 7.920% 144A | 174000 | 174991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture CDO Ltd. 07/15/2032 6.036% 144A | 900000 | 910350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture CDO Ltd. 10/20/2034 5.334%^ 144A | 440000 | 438020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.450%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO Ltd. 10/18/2031 5.846% 144A | 737436 | 742819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO Ltd. 10/15/2037 5.105%^ 144A | 1125000 | 1125112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.200%) |  |  |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM3 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MISCELLANEOUS Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 11 Ltd. 01/20/2032 5.674%^ 144A | $470000 | $473149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.790%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 15 Ltd. 07/28/2037 5.109%^ 144A | 1500000 | 1498500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 3 Month + 1.250%) |  |  |
|  |  | 14391378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.26% MORTGAGE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust 01/25/2065 5.000% 144A | 337500 | 330903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust 05/25/2065 4.750% 144A | 270439 | 210671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust 07/25/2065 4.500% 144A | 480617 | 418724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust 09/15/2033 6.223% 144A | 55000 | 16676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ICE LIBOR USD 1 Month + 2.177%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust 10/25/2041 6.974%^ 144A | 900000 | 914475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.100%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust 03/25/2042 7.374%^ 144A | 2200000 | 2259334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust 02/25/2044 5.674%^ 144A | 900000 | 904771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust 05/25/2044 5.524%^ 144A | 900000 | 902817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.650%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust 07/25/2044 5.574%^ 144A | 900000 | 903096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.700%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank 04/20/2029 4.000% | 5000000 | 4996005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/15/2027 3.000% | 299173 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 01/25/2034 5.524%^ 144A | 20559 | 20617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.650%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 10/25/2041 5.374%^ 144A | 799985 | 802263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 11/25/2041 5.674%^ 144A | 477000 | 480554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 12/25/2041 10.874%^ 144A | 1400000 | 1466825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 7.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 01/25/2042 7.274%^ 144A | 100000 | 102315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.400%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 01/25/2042 6.374%^ 144A | 1250000 | 1267889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 02/25/2042 6.274%^ 144A | 1400000 | 1420132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.400%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 03/25/2042 7.374%^ 144A | 500000 | 512609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 03/25/2042 9.124%^ 144A | 250000 | 262235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 5.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 04/25/2042 6.774%^ 144A | 586000 | 600591 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM4 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2042 6.074%^ 144A | $792836 | $798997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.200%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2042 7.224%^ 144A | 1800000 | 1857384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 06/25/2042 10.624%^ 144A | 1000000 | 1080014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 6.750%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 09/25/2042 6.024%^ 144A | 188082 | 189056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.150%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 09/25/2042 7.574%^ 144A | 2000000 | 2086260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.700%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 03/25/2043 5.965%^ 144A | 553673 | 560504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.100%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 04/25/2043 5.965%^ 144A | 781990 | 792814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.100%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 04/25/2043 7.115%^ 144A | 1200000 | 1248470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2043 5.874%^ 144A | 321666 | 324216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2043 7.374%^ 144A | 900000 | 942668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 06/25/2043 5.874%^ 144A | 381562 | 382157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 06/25/2043 7.224%^ 144A | 2250000 | 2319383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 11/25/2043 5.724%^ 144A | 2035173 | 2053612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.850%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 11/25/2043 7.224%^ 144A | 1800000 | 1883218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.350%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2044 5.574%^ 144A | 900000 | 904221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.700%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 08/25/2044 5.674%^ 144A | 2180000 | 2192273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 08/25/2044 5.124%^ 144A | 1125000 | 1130998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 10/25/2044 5.324%^ 144A | 900000 | 899442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.450%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 02/25/2045 5.024%^ 144A | 621195 | 621761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.150%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 05/25/2045 5.074%^ 144A | 578566 | 578374 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM5 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.200%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 01/25/2051 5.674%^ 144A | $350531 | $352384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. 03/25/2052 8.874%^ 144A | 900000 | 958779 |
| (United States 30 Day Average SOFR + 5.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation 01/25/2042 5.724%^ 144A | 650000 | 654103 |
| (United States 30 Day Average SOFR + 1.850%) |  |  |
| Federal National Mortgage Assoc. 01/25/2031 8.239% | 534000 | 577918 |
| Federal National Mortgage Assoc. 12/25/2032 2.000% | 54944 | 52009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 10/25/2041 5.424%^ 144A | 173620 | 174323 |
| (United States 30 Day Average SOFR + 1.550%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 12/25/2041 5.774%^ 144A | 250000 | 251229 |
| (United States 30 Day Average SOFR + 1.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 12/25/2041 5.524%^ 144A | 1000000 | 1005480 |
| (United States 30 Day Average SOFR + 1.650%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 04/25/2042 6.874%^ 144A | 1000000 | 1022083 |
| (United States 30 Day Average SOFR + 3.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 04/25/2042 5.774%^ 144A | 204765 | 205021 |
| (United States 30 Day Average SOFR + 1.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 05/25/2042 6.624%^ 144A | 389242 | 396016 |
| (United States 30 Day Average SOFR + 2.750%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 06/25/2042 6.824%^ 144A | 396086 | 405499 |
| (United States 30 Day Average SOFR + 2.950%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 07/25/2042 7.474%^ 144A | 2110000 | 2181094 |
| (United States 30 Day Average SOFR + 3.600%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 07/25/2042 6.424%^ 144A | 912669 | 928960 |
| (United States 30 Day Average SOFR + 2.550%) |  |  |
| Federal National Mortgage Assoc. 08/25/2042 3.500% | 299304 | 42926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 09/25/2042 6.374%^ 144A | 187442 | 189990 |
| (United States 30 Day Average SOFR + 2.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 12/25/2042 6.274%^ 144A | 1094945 | 1116703 |
| (United States 30 Day Average SOFR + 2.400%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 01/25/2043 6.174%^ 144A | 260297 | 265388 |
| (United States 30 Day Average SOFR + 2.300%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 04/25/2043 6.374%^ 144A | 283138 | 285853 |
| (United States 30 Day Average SOFR + 2.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 06/25/2043 5.774%^ 144A | 194472 | 195998 |
| (United States 30 Day Average SOFR + 1.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 07/25/2043 5.574%^ 144A | 148870 | 149454 |
| (United States 30 Day Average SOFR + 1.700%) |  |  |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM6 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MORTGAGE Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 10/25/2043 5.374%^ 144A | $458707 | $459480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.500%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 02/25/2046 0.164% | 13317183 | 41017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 11/25/2046 0.114% | 18740827 | 34146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. 02/25/2047 0.114% | 13129136 | 31497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 02/25/2037 1.500% | 7337845 | 395789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 12/25/2041 7.024%^ 144A | 1600000 | 1630094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.150%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 12/25/2041 9.874%^ 144A | 900000 | 932625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 6.000%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 06/25/2042 8.524%^ 144A | 850000 | 893176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 4.650%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 04/25/2043 7.774%^ 144A | 1900000 | 1997860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 3.900%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 01/25/2044 5.674%^ 144A | 900000 | 905186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.800%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 03/25/2045 6.124%^ 144A | 900000 | 913155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 2.250%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association 07/25/2045 5.474%^ 144A | 450000 | 451548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.600%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Assoc. 11/20/2051 3.000% | 7234579 | 1337970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Assoc. 10/20/2052 5.000% | 694588 | 702473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greensky Home Improvement Issuer Trust 06/25/2060 4.930% 144A | 168944 | 169568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 10/25/2055 5.424%^ 144A | 199689 | 200162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.550%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO Ltd. 01/15/2031 5.966% | 470000 | 471786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOO Securitization Trust 12/25/2065 4.500% 144A | 81000 | 75581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Structured Credit Risk 11/25/2045 5.624%^ 144A | 400000 | 400020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States 30 Day Average SOFR + 1.750%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ocwen Loan Invest Trust 02/25/2037 3.000% 144A | 132808 | 130827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust 04/25/2051 2.500% 144A | 730813 | 610743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A | 450000 | 450628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grace Alternative Mortgage 04/25/2030 7.762% 144A | 240000 | 241718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust 04/25/2050 3.000% 144A | 64761 | 63994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Coast Credit Union 11/15/2028 4.670% 144A | 436648 | 437822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital 11/25/2053 7.670% 144A | 104799 | 106614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificate 10/25/2045 4.566% | 319640 | 309917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winston Salem, NC Limited Obligation 01/20/2046 3.781% 144A | 110012 | 106145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X-Caliber Funding LLC 11/01/2024 7.130%^ 144A | 459016 | 457784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CME Term SOFR 1 Month + 3.250%) |  |  |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM7 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **MORTGAGE BACKED Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
|  | X-Caliber Funding LLC 09/15/2028 12.000% 144A | $450000 | $453356 |
|  |  |  | 68467223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.79% TOTAL ASSET BACKED BONDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.79% TOTAL ASSET BACKED BONDS** |  | 103817449 |
|  | (Cost: $104,838,972) |  |  |
| **19.76%** | **CORPORATE BONDS** |  |  |
| **1.03%** | **COMMUNICATION SERVICES** |  |  |
|  | AT&T Mobility II LLC 03/01/2031 8.750% | 500000 | 586656 |
|  | Bellsouth Telecommunications 06/01/2028 6.375% | 500000 | 519752 |
|  | CCO Holdings Capital Corp. 06/01/2029 5.375% 144A | 225000 | 222462 |
|  | Charter Communications Operating LLC 02/01/2034 6.650% | 1000000 | 1053440 |
|  | Ciena Corp. 01/31/2030 4.000% 144A | 100000 | 96432 |
|  | Corning, Inc. 03/15/2037 4.700% | 200000 | 194473 |
|  | Factset Research Systems 03/01/2027 2.900% | 250000 | 246225 |
|  |  |  | 2919440 |
| **3.47%** | **CONSUMER DISCRETIONARY** |  |  |
|  | AutoNation, Inc. 08/01/2031 2.400% | 1000000 | 883939 |
|  | AutoNation, Inc. 03/01/2032 3.850% | 1000000 | 940006 |
|  | BorgWarner, Inc. 02/15/2029 7.125% | 400000 | 431492 |
|  | Ford Holdings LLC 03/01/2030 9.300% | 810000 | 918039 |
|  | General Motors Financial Co. 01/08/2031 2.350% | 250000 | 224622 |
|  | General Motors Financial Co. 01/12/2032 3.100% | 1000000 | 911489 |
|  | Hasbro, Inc. 07/15/2028 6.600% | 700000 | 738426 |
|  | Las Vegas Sands Corp. 08/08/2029 3.900% | 500000 | 487337 |
|  | Lear Corp. 05/30/2030 3.500% | 1000000 | 959330 |
|  | Lowe's Companies, Inc. 04/01/2052 4.250% | 500000 | 393932 |
|  | MDC Holdings, Inc. 01/15/2030 3.850% | 1000000 | 961800 |
|  | Nissan Motor Co. 09/17/2030 4.810% 144A | 1000000 | 942501 |
|  | Toll Bros Finance Corp. 03/15/2027 4.875% | 1000000 | 1007753 |
|  |  |  | 9800666 |
| **1.06%** | **CONSUMER STAPLES** |  |  |
|  | Constellation Brands, Inc. 05/01/2030 2.875% | 1000000 | 940814 |
|  | PRA Health Sciences, Inc. 07/15/2026 2.875% 144A | 90000 | 89268 |
|  | Quanta Services, Inc. 10/01/2030 2.900% | 1000000 | 935964 |
|  | Smithfield Foods, Inc. 10/15/2030 3.000% 144A | 1000000 | 920082 |
|  | Teva Pharmaceutical Industries Ltd. 05/09/2027 4.750% | 100000 | 100256 |
|  |  |  | 2986384 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM8 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONSUMER STAPLES Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.88% ENERGY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Resource Operating Partnership 06/15/2029 8.625% 144A | $450000 | $474378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation 12/15/2029 7.750% | 133000 | 145926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Energy LP 10/01/2028 7.125% | 500000 | 532482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energen Corp. 02/15/2028 7.125% | 475000 | 496718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP Perpetual 6.625% | 400000 | 397972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corporation 04/01/2029 6.375% | 880000 | 910607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. 12/01/2029 4.850% | 900000 | 905869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. 02/01/2028 5.000% | 400000 | 400073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP 02/15/2031 4.800% | 450000 | 454725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. 03/15/2029 7.200% | 1000000 | 1077192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. 09/01/2029 3.400% | 1000000 | 968908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 Partners LP 03/01/2028 3.750% | 549000 | 536539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resource 01/15/2028 7.200% | 1000000 | 1060885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP 09/15/2030 3.800% | 250000 | 242670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners LP 03/01/2030 5.500% | 500000 | 507703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada Pipelines Ltd. 06/15/2029 7.700% | 850000 | 927341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. 12/01/2031 2.800% | 1000000 | 911253 |
|  |  | 10951241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.39% FINANCIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. 11/01/2031 8.000% | 1000000 | 1135006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. Perpetual 4.700% | 225000 | 222713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. Perpetual 3.550% | 500000 | 493118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASB Bank Ltd. 10/22/2031 2.375% 144A | 2000000 | 1794750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd. 11/18/2027 2.528% 144A | 1000000 | 969470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA 03/24/2028 4.175% | 200000 | 200070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA 12/03/2030 2.749% | 250000 | 227266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. Perpetual 4.375% | 625000 | 618231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays plc 05/16/2029 4.972% | 250000 | 254146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGC Group, Inc. 04/02/2030 6.150% | 900000 | 931900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. Perpetual 5.000% | 500000 | 503223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. 03/31/2031 4.412% | 250000 | 249958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. 03/15/2027 2.900% | 250000 | 246399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties 04/15/2028 4.950% | 360000 | 362619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. 06/15/2030 3.400% | 1080000 | 1030572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens Bancshare Perpetual 7.957% | 500000 | 506304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group plc 05/18/2029 4.892% | 500000 | 508411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Goldman Sachs Group, Inc. Perpetual 4.125% | 500000 | 495196 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM9 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIALS Continued** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transamerica Capital II 12/01/2026 7.650% 144A | $675000 | $683371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. Perpetual 5.100% | 500000 | 503435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. 03/09/2033 3.375% | 500000 | 457713 |
|  |  | 12393871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.87% INDUSTRIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. 06/01/2032 5.500% | 1000000 | 1014043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Can-Pack SA/Canpack US LLC 11/15/2029 3.875% 144A | 500000 | 478384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. 04/15/2028 4.200% | 1000000 | 1002273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. 10/17/2048 4.950% | 1000000 | 873534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. 01/15/2032 2.800% | 1000000 | 894296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovation 03/25/2032 4.000% | 500000 | 479129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovation 03/25/2052 4.500% | 500000 | 402192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. 08/15/2027 3.150% | 600000 | 592416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. 08/15/2032 6.500% | 1000000 | 1092649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. 08/15/2029 6.625% 144A | 450000 | 452925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. 03/01/2030 3.100% | 1000000 | 949386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning 06/01/2030 3.875% | 1000000 | 981851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. 05/08/2028 6.875% | 320000 | 336144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. 12/15/2028 4.500% | 500000 | 503789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westrock MWV LLC 02/15/2031 7.950% | 750000 | 858001 |
|  |  | 10911012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.36% INFORMATION TECHNOLOGY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. 09/01/2030 3.625% 144A | 100000 | 95517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc. 04/01/2031 3.375% 144A | 987000 | 913117 |
|  |  | 1008634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.29% MATERIALS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. 06/01/2032 5.050% | 500000 | 503371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC 07/15/2032 6.879% | 225000 | 234140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domtar Corp. 10/01/2028 6.750% 144A | 100000 | 84081 |
|  |  | 821592 |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM10 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **1.41%** | **UTILITIES** | **Principle** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **1.41%** | **UTILITIES** |  |  |
|  | Alliant Energy Finance LLC 03/01/2032 3.600% 144A | $1000000 | $929214 |
|  | Eversource Energy 03/01/2032 3.375% | 1000000 | 924723 |
|  | Exelon Corp. 04/01/2032 7.600% | 1000000 | 1151774 |
|  | Southern California Gas Co. 04/01/2054 5.600% | 1000000 | 978741 |
|  |  |  | 3984452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.76% TOTAL CORPORATE BONDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.76% TOTAL CORPORATE BONDS** |  | 55777292 |
|  | (Cost: $56,472,487) |  |  |
| **34.32%** | **TREASURIES** |  |  |
|  | US Treasury 11/15/2027 4.125% | 2000000 | 2022812 |
|  | US Treasury 01/31/2029 4.000% | 4750000 | 4810487 |
|  | US Treasury 08/31/2029 3.625% | 2350000 | 2349633 |
|  | US Treasury 11/15/2031 1.375% | 3028000 | 2637555 |
|  | US Treasury 02/15/2032 1.875% | 4500000 | 4013262 |
|  | US Treasury 02/29/2032 4.125% | 4100000 | 4157818 |
|  | US Treasury 03/31/2032 4.125% | 5000000 | 5068555 |
|  | US Treasury 11/15/2032 4.125% | 4000000 | 4045780 |
|  | US Treasury 05/15/2033 3.375% | 3000000 | 2884101 |
|  | US Treasury 08/15/2033 3.875% | 3000000 | 2975040 |
|  | US Treasury 11/15/2033 4.500% | 2000000 | 2065078 |
|  | US Treasury 02/15/2034 4.000% | 5030000 | 5014281 |
|  | US Treasury 08/15/2034 3.875% | 9830000 | 9678706 |
|  | US Treasury 02/15/2042 2.375% | 15000000 | 11041410 |
|  | US Treasury 05/15/2042 3.250% | 4000000 | 3335936 |
|  | US Treasury 02/15/2043 3.875% | 5000000 | 4498045 |
|  | US Treasury 05/15/2043 3.875% | 5000000 | 4485350 |
|  | US Treasury 02/15/2044 4.500% | 3800000 | 3676204 |
|  | US Treasury 08/15/2044 4.125% | 745000 | 683741 |
|  | US Treasury 08/15/2053 4.125% | 5000000 | 4426170 |
|  | US Treasury 11/15/2053 4.750% | 4000000 | 3926720 |
|  | US Treasury 02/15/2055 2.375% | 9543225 | 9052636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.32% TOTAL TREASURIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.32% TOTAL TREASURIES** |  | 96849320 |
|  | (Cost: $99,763,608) |  |  |

---

curasset-soi700_123125.htm02/28/2026 05:30 PM11 of 11

**CURASSET CAPITAL MANAGEMENT CORE BOND FUND**

**Schedule of Investments**

**December 31, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **7.68%** | **MONEY MARKET FUND** |  |  |  |
|  | Federated Government Obligations Fund 3.670%<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21644695 | <u>$</u> | $<u>21644695</u> |
|  | (Cost: $21,644,695) |  |  |  |
| **98.55%** | **TOTAL INVESTMENTS** |  |  | 278088756 |
|  | (Cost: $282,719,761) |  |  |  |
| **1.45%** | Other assets, net of liabilities |  |  | 4096518 |
| **100.00%** | **NET ASSETS** |  |  | $**<u>282185274</u>** |

---

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

<sup>(A)</sup>Effective 7 day yield as of December 31, 2025 SOFR - Secured Overnight Financing Rate LIBOR - London InterBank Offered Rate

**See Notes to Schedule of Investments.**

A 144A Security is exempt from the registration requirements for resales of restricted securities to qualified institutional buyers. The aggregate amount of these securities is $97,399,263 and is 34.52% of the Fund's net assets.

**Schedule of Futures Contracts**

**December 31, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |  |  |  | **Unrealized** |
| **Number of** |  | **Expiration** |  |  | **Unrealized** |
| **Number of** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Notional** |  | **Appreciation** |
| **Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Date** | **Value** | &nbsp;&nbsp;&nbsp;**Market Value** | (Depreciation) |
| 227 | 2YR US Treasury Note | 3/31/2026 $ | 47354338 | $47395117 | $40779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | 5YR US Treasury Note | &nbsp;&nbsp;3/31/2026 | 56608449 | 56619828 | 11379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.02% TOTAL FUTURES CONTRACTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.02% TOTAL FUTURES CONTRACTS** |  | $<u>103962787</u> | $<u>104014945</u> | $<u>52158.16</u> |

---

In accordance with U.S. GAAP, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund's investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

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

The following summarizes the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted Prices** | **Other**<br>**Significant**<br>**Observable Inputs** | **Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| ASSET BACKED BONDS | $— | $103817449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $103817449 |
| CORPORATE BONDS |  | 55777292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 55777292 |
| TREASURIES |  | 96849320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 96849320 |
| MONEY MARKET FUND | 21644695 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21644695 |
| TOTAL INVESTMENTS | $21644695 | $256444061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $278088756 |

---

The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2025 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $282,719,761, and the related net unrealized appreciation (depreciation) consists of:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation | $ | $2130159 |
| Gross unrealized depreciation |  | (6761164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation |  | $<u>(4631005</u>) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** World Funds Trust

- **b. Investment Company Act file number:** 811-22172

- **c. CIK number of Registrant:** 0001396092

- **d. LEI of Registrant:** 5493007BOSPYEMKSSY03

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

  - **Street Address 1:** 8730 Stony Point Parkway

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

  - **Telephone number:** 800-673-0550

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

- **a. Name of Series:** Curasset Capital Management Core Bond Fund

- **b. EDGAR series identifier (if any):** S000073806

- **c. LEI of Series:** 549300F7X8LOIFDMO498

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $282259452.69

**Total Liabilities:** $74178.36

**Net Assets:** $282185274.33

**Cash Not Reported:** $1883871.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -389.80 | **1-Year:** -10499.50 | **5-Year:** -64650.16 | **10-Year:** -17932.58 | **30-Year:** -76519.91

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

- **3-Month:** -107.96 | **1-Year:** -1241.74 | **5-Year:** -3169.92 | **10-Year:** -217.64 | **30-Year:** -1698.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230996 | 0.60%                | 0.59%                | -0.33%               |
| Class ID C000230997 | 0.59%                | 0.58%                | -0.25%               |
| Class ID C000230998 |  |  |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $35858.06                | $555049.78                                 |
| Month 2  | $46143.14                | $336545.15                                 |
| Month 3  | $19072.41                | $-1808076.69                               |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Bond Index (USD)

- **Index Identifier:** 1USD1

### Schedule of Portfolio Investments

| Name                              | Title                                                     | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                               | 5YR US TNOTE FVH6 31/03/2026                              | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       518 | PA      | $11379.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | 2YR US TNOTE TUH6 31/03/2026                              | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       227 | PA      | $40778.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Federated Government Obligations Fund                     | CUSIP: 60934N104<br>LEI: N/A | Long             | STIV             | RF                | US        |  21644695 | NS      | $21644694.62  | 7.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDJ7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3028000 | PA      | $2637554.54   | 0.93%             | 2031-11-15      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Provident Funding Mortgage Trust                          | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $610742.68    | 0.22%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Winwater Mortgage Loan Trust                              | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $106144.82    | 0.04%             | 2046-01-20      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                           | COMM Mortgage Trust                                       | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     55000 | PA      | $16675.89     | 0.01%             | 2033-09-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Default                           | Domtar Corp.                                              | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $84081.30     | 0.03%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                           | PRA Health Sciences, Inc.                                 | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $89268.39     | 0.03%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | EPR Properties                                            | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    360000 | PA      | $362619.36    | 0.13%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | Corning, Inc.                                             | CUSIP: 219350AX3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $194472.80    | 0.07%             | 2037-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251229.25    | 0.09%             | 2026-12-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Default                           | MSCI, Inc.                                                | CUSIP: 55354GAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $95517.10     | 0.03%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Ciena Corp.                                               | CUSIP: 171779AL5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $96431.80     | 0.03%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  25937000 | PA      | $4008.03      | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $32593.84     | 0.01%             | 2028-03-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQY8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    100000 | PA      | $102314.80    | 0.04%             | 2042-01-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1250000 | PA      | $1267888.75   | 0.45%             | 2042-01-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Bank of America Corp.                                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    625000 | PA      | $618231.25    | 0.22%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Teva Pharmaceutical Industries Ltd.                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $100255.50    | 0.04%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05971KAG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $227265.50    | 0.08%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Barclays plc                                              | CUSIP: 06738EBD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $254145.75    | 0.09%             | 2029-05-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Citigroup, Inc.                                           | CUSIP: 172967MP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $249958.25    | 0.09%             | 2031-03-31      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $224622.25    | 0.08%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Default                           | Plains All American Pipeline LP                           | CUSIP: 72650RBN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $242669.75    | 0.09%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust                                | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $126818.97    | 0.04%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Phillips 66 Partners LP                                   | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    549000 | PA      | $536539.35    | 0.19%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securitization Trust                   | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $280997.52    | 0.10%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Sequoia Mortgage Trust                                    | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $63993.58     | 0.02%             | 2050-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $503789.50    | 0.18%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   4500000 | PA      | $4013262.00   | 1.42%             | 2032-02-15      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Factset Research Systems                                  | CUSIP: 303075AA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $246225.00    | 0.09%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Targa Resources Partners LP                               | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $507702.50    | 0.18%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Avolon Holdings Funding Ltd.                              | CUSIP: 05401AAR2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969470.00    | 0.34%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliant Energy Finance LLC                                | CUSIP: 01882YAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $929214.00    | 0.33%             | 2032-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329RAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940006.00    | 0.33%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Weyerhaeuser Co.                                          | CUSIP: 962166CA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $457713.50    | 0.16%             | 2032-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | First Investors Auto Owner Trust                          | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496741.50    | 0.18%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Default                           | Can-Pack SA/Canpack US LLC                                | CUSIP: 13806CAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $478384.00    | 0.17%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Crown Castle, Inc.                                        | CUSIP: 22822VAZ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $246398.75    | 0.09%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Hasbro, Inc.                                              | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $738425.80    | 0.26%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Charles Schwab Corp.                                      | CUSIP: 808513CB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $503223.00    | 0.18%             | 2164-06-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | ONEOK, Inc.                                               | CUSIP: 682680AY9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968908.00    | 0.34%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Eversource Energy                                         | CUSIP: 30040WAP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924723.00    | 0.33%             | 2032-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1453950 | PA      | $319448.84    | 0.11%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Default                           | Toll Bros Finance Corp.                                   | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007753.00   | 0.36%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Owens Corning                                             | CUSIP: 690742AK7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981851.00    | 0.35%             | 2030-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Constellation Brands, Inc.                                | CUSIP: 21036PBF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940814.00    | 0.33%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Flowserve Corp.                                           | CUSIP: 34355JAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $894296.00    | 0.32%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | MDC Holdings, Inc.                                        | CUSIP: 552676AT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961800.00    | 0.34%             | 2030-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329WAS1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $883939.00    | 0.31%             | 2031-08-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Smithfield Foods, Inc.                                    | CUSIP: 832248BC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $920082.00    | 0.33%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDS2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $911489.00    | 0.32%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | ASB Bank Ltd.                                             | CUSIP: 00216LAE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1794750.00   | 0.64%             | 2031-10-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Las Vegas Sands Corp.                                     | CUSIP: 517834AF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $487337.00    | 0.17%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                           | NatWest Group plc                                         | CUSIP: 780097BG5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $508411.00    | 0.18%             | 2029-05-18      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05964HAQ8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $200070.00    | 0.07%             | 2028-03-24      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Default                           | FedEx Corp.                                               | CUSIP: 31428XBS4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $873534.00    | 0.31%             | 2048-10-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | Quanta Services, Inc.                                     | CUSIP: 74762EAF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $935964.00    | 0.33%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Truist Financial Corp.                                    | CUSIP: 89832QAF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $503435.00    | 0.18%             | 2030-03-01      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Valero Energy Corp.                                       | CUSIP: 91913YBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $911253.00    | 0.32%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Nissan Motor Co.                                          | CUSIP: 654744AD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942501.00    | 0.33%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Default                           | The Goldman Sachs Group, Inc.                             | CUSIP: 38141GYU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $495196.00    | 0.18%             | 2026-11-10      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAG1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $402192.50    | 0.14%             | 2052-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TF5<br>LEI: N/A | Long             | DBT              | UST               | US        |  15000000 | PA      | $11041410.00  | 3.91%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Lowe's Companies, Inc.                                    | CUSIP: 548661EJ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $393931.50    | 0.14%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial, Inc.                                      | CUSIP: 36186CBY8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1135006.00   | 0.40%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Westrock MWV LLC                                          | CUSIP: 961548AY0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    750000 | PA      | $858000.75    | 0.30%             | 2031-02-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Default                           | American Express Co.                                      | CUSIP: 025816CH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $493117.50    | 0.17%             | 2149-06-16      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Hubbell, Inc.                                             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $592416.00    | 0.21%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Trinity Rail Leasing LP                                   | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $47826.09     | 0.02%             | 2049-10-18      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Default                           | TransCanada Pipelines Ltd.                                | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |    850000 | PA      | $927340.65    | 0.33%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Harvest SBA Loan Trust                                    | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $217739.46    | 0.08%             | 2047-06-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Bank                                    | CUSIP: 3130ARR78<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4996005.00   | 1.77%             | 2029-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    787500 | PA      | $763697.03    | 0.27%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    483750 | PA      | $346890.96    | 0.12%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $909649.80    | 0.32%             | 2029-10-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1331665.55   | 0.47%             | 2028-08-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Masco Corp.                                               | CUSIP: 574599AY2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1092649.00   | 0.39%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Aqua Finance Trust                                        | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $130652.19    | 0.05%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20754DAB3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1022083.00   | 0.36%             | 2042-04-25      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2587500 | PA      | $798997.47    | 0.28%             | 2042-05-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Avnet, Inc.                                               | CUSIP: 053807AV5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014043.00   | 0.36%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Albemarle Corp.                                           | CUSIP: 012653AE1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $503371.00    | 0.18%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Default                           | CH Robinson Worldwide, Inc.                               | CUSIP: 12541WAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002273.00   | 0.36%             | 2028-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686JAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2016732.00   | 0.71%             | 2028-04-10      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $479129.00    | 0.17%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $397972.00    | 0.14%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Oshkosh Corp.                                             | CUSIP: 688225AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $949386.00    | 0.34%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22736291 | PA      | $41016.92     | 0.01%             | 2046-02-25      | Floating      | 0.16%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                       | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KYW3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1080014.00   | 0.38%             | 2042-06-25      | Floating      | 10.62%                | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE          | First Citizens Bancshare                                  | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $506303.50    | 0.18%             | 2164-06-19      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    534000 | PA      | $577917.76    | 0.20%             | 2031-01-25      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securitization Turst                   | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $169237.60    | 0.06%             | 2029-04-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BELLSOUTH TELECOMMUNICATIONS, LLC | Bellsouth Telecommunications                              | CUSIP: 079867AW7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $519752.00    | 0.18%             | 2028-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22017104 | PA      | $31496.80     | 0.01%             | 2047-02-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2110000 | PA      | $2181094.34   | 0.77%             | 2042-07-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33214554 | PA      | $34145.79     | 0.01%             | 2046-11-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Lad Auto Receivables Trust                                | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    484000 | PA      | $489390.79    | 0.17%             | 2030-04-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TH1<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3335936.00   | 1.18%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    550000 | PA      | $189990.17    | 0.07%             | 2042-09-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047JAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $522275.50    | 0.19%             | 2029-03-15      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| CARMAX INC                        | Carmax Auto Owner Trust                                   | CUSIP: 14318UAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1032611.00   | 0.37%             | 2029-04-16      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $59276.85     | 0.02%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    320000 | PA      | $336144.00    | 0.12%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CFV8<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4045780.00   | 1.43%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Flagship Credit Auto Trust                                | CUSIP: 33846QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    414000 | PA      | $61616.68     | 0.02%             | 2027-09-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto Securitization Trust                        | CUSIP: 89616KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $168000.00    | 0.06%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Default                           | Avid Automobile Receivables Trust                         | CUSIP: 05368QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $386408.09    | 0.14%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12664WAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $330534.90    | 0.12%             | 2030-11-15      | Fixed         | 10.72%                | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AJGA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9211902 | PA      | $42925.62     | 0.02%             | 2042-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TQ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4498045.00   | 1.59%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TS7<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4485350.00   | 1.59%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Government National Mortgage Assoc.                       | CUSIP: 38383HMA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $702472.99    | 0.25%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Westlake Automobile Receivable                            | CUSIP: 96042WAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    324800 | PA      | $36907.37     | 0.01%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust                                       | CUSIP: 23344QAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $246613.30    | 0.09%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AAL86<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $52009.40     | 0.02%             | 2032-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHC8<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2884101.00   | 1.02%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | BorgWarner, Inc.                                          | CUSIP: 099724AC0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $431492.40    | 0.15%             | 2029-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K2F5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2055000 | PA      | $382157.15    | 0.14%             | 2043-06-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754EAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $149453.65    | 0.05%             | 2043-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KX79<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $324215.67    | 0.11%             | 2043-05-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20753ACJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $285852.54    | 0.10%             | 2043-04-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC                                     | CUSIP: 98373XBD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $457784.40    | 0.16%             | 2030-11-15      | Fixed         | 8.58%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KT58<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1462981 | PA      | $792813.77    | 0.28%             | 2043-04-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Pioneer Natural Resource                                  | CUSIP: 723787AB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1060885.00   | 0.38%             | 2028-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KHE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     87717 | PA      | $20616.68     | 0.01%             | 2034-01-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                           | Exelon Corp.                                              | CUSIP: 210371AF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1151774.00   | 0.41%             | 2032-04-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Occidental Petroleum Corp.                                | CUSIP: 674599DT9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1077192.00   | 0.38%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust                             | CUSIP: 525931AB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $149352.91    | 0.05%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHT1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2975040.00   | 1.05%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30167JAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $488693.00    | 0.17%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    288000 | PA      | $57804.46     | 0.02%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755AAB8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $265387.96    | 0.09%             | 2043-01-25      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Default                           | Velocity Commercial Capital                               | CUSIP: 92259HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $106614.24    | 0.04%             | 2053-11-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 207942AA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $195997.77    | 0.07%             | 2043-06-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Default                           | Charter Comm Opt LLC 02/01/2034 6.650%                    | CUSIP: 161175CP7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1053440.00   | 0.37%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Research-Driven Pagaya Motor 03/25/2032 7.540% 144A       | CUSIP: 76088UAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $83804.10     | 0.03%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KTB5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    500000 | PA      | $512609.00    | 0.18%             | 2042-03-25      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755CAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1310000 | PA      | $459480.29    | 0.16%             | 2043-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754MBZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $405499.03    | 0.14%             | 2042-06-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Enbridge Energy LP                                        | CUSIP: 511546AB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $532481.50    | 0.19%             | 2028-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755DAA4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1700000 | PA      | $928960.44    | 0.33%             | 2042-07-25      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Default                           | WAMU Mortgage Pass-Through 10/25/2045 VAR%                | CUSIP: 92922F4S4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  17400000 | PA      | $309917.11    | 0.11%             | 2045-10-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Transamerica Capital II                                   | CUSIP: 893472AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    675000 | PA      | $683371.35    | 0.24%             | 2026-12-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC 08/04/2027 12.000% 144A             | CUSIP: 98373XBP4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $453356.10    | 0.16%             | 2027-08-04      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 08/15/2053 4.125%                             | CUSIP: 912810TT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4426170.00   | 1.57%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust 10/15/2027 3.510% 144A         | CUSIP: 36261EAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    292500 | PA      | $124323.76    | 0.04%             | 2027-10-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2053 4.750%                             | CUSIP: 912810TV0<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3926720.00   | 1.39%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 01/31/2029 4.000%                             | CUSIP: 91282CJW2<br>LEI: N/A | Long             | DBT              | UST               | US        |   4750000 | PA      | $4810486.50   | 1.70%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | CUSIP: 79584CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $450627.75    | 0.16%             | 2030-02-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2033 4.500%                             | CUSIP: 91282CJJ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2065078.00   | 0.73%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A       | CUSIP: 69548RAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $85252.42     | 0.03%             | 2031-07-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 09/15/2028 2.650% 144A                | CUSIP: 23344QAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $448776.90    | 0.16%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2034 4.000%                             | CUSIP: 91282CJZ5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5030000 | PA      | $5014281.25   | 1.78%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $130826.57    | 0.05%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Veros Auto Receivables Trust 11/15/2028 8.320% 144A       | CUSIP: 924933AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $834876.32    | 0.30%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Recei  06/15/2027 VAR%                  | CUSIP: 30166AAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1048500 | PA      | $379049.39    | 0.13%             | 2027-06-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  07/15/2032 VAR%                          | CUSIP: 92328XBF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $910350.00    | 0.32%             | 2032-07-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Default                           | Bluemountain CLO Ltd 10/20/2030 var% 144A                 | CUSIP: 09629EAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $482400.00    | 0.17%             | 2030-10-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 12/15/2027 3.400% 144A                | CUSIP: 23345YAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    576000 | PA      | $224069.83    | 0.08%             | 2027-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Southern Calif Gas Co 04/01/2054 5.600%                   | CUSIP: 842434DA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978741.00    | 0.35%             | 2054-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A           | CUSIP: 04942VBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    516000 | PA      | $517135.20    | 0.18%             | 2031-04-22      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2044 4.500%                             | CUSIP: 912810TZ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3800000 | PA      | $3676203.60   | 1.30%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A    | CUSIP: 795935AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $241718.16    | 0.09%             | 2030-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 09/25/2042 VAR%                               | CUSIP: 35564KH36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $189056.16    | 0.07%             | 2042-09-25      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Default                           | New Cingular Wireless 03/01/2031 8.750%                   | CUSIP: 00209AAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $586655.50    | 0.21%             | 2031-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Default                           | ARTFI 12/22/2031 VAR% 144A                                | CUSIP: 83589CAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $480103.68    | 0.17%             | 2031-12-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A      | CUSIP: 525920AB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $204712.14    | 0.07%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2051 VAR% 144A                          | CUSIP: 35564KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $352383.94    | 0.12%             | 2051-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Sound Point CLO LTD 07/18/2031 VAR% 144A                  | CUSIP: 83607EAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $474277.00    | 0.17%             | 2031-07-18      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                           | Energen Corp 02/15/2028 7.125%                            | CUSIP: 29265AAS5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    475000 | PA      | $496717.95    | 0.18%             | 2028-02-18      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Shackleton CLO Ltd 08/15/2030 VAR% 144A                   | CUSIP: 81883EAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    888000 | PA      | $895814.40    | 0.32%             | 2030-08-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | CUSIP: 89616PAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    630000 | PA      | $441000.00    | 0.16%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                           | CoreVest American Finance Trust 10/15/2054 2.911% 144A    | CUSIP: 21873NAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $913536.96    | 0.32%             | 2054-10-15      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2043 VAR% 144A                          | CUSIP: 35564KP37<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $560504.37    | 0.20%             | 2043-03-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 10/25/2041 VAR% 144A                           | CUSIP: 20754RAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    350000 | PA      | $174322.51    | 0.06%             | 2041-10-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliance Res Op/Finance 06/15/29 8.625% 144A              | CUSIP: 01879NAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $474378.30    | 0.17%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 05/25/2042 VAR% 144A                           | CUSIP: 20754NAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $396015.92    | 0.14%             | 2042-05-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | ICG US CLO Ltd 01/15/2031 VAR                             | CUSIP: BCC2FMLA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $471786.00    | 0.17%             | 2031-01-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 04/25/2042 VAR%                               | CUSIP: 35564KUX5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    586000 | PA      | $600590.81    | 0.21%             | 2042-04-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Default                           | ZAIS CLO 01/20/2032 VAR%                                  | CUSIP: 98887YAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $473149.00    | 0.17%             | 2032-01-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Exter Automobile Rec 04/15/2027 1.400%                    | CUSIP: 30165XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1558050 | PA      | $381046.77    | 0.14%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Benefit Street Partners 07/15/2037 VAR% 144A              | CUSIP: 08179MAL3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $703942.50    | 0.25%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2030 5.90%                  | CUSIP: 227927AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $127780.90    | 0.05%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 12/25/2041 VAR% 144A                   | CUSIP: 35564KPP8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1466824.80   | 0.52%             | 2041-12-25      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| Default                           | Zais Clo 15 LTD 10/25/2032 VAR% 144A                      | CUSIP: 98888DBA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1498500.00   | 0.53%             | 2032-10-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 04/25/2042 VAR% 144A                           | CUSIP: 20754DAA5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $205020.58    | 0.07%             | 2042-04-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754AAB9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1005480.00   | 0.36%             | 2041-12-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 11/25/2041 VAR% 144A                   | CUSIP: 35564KMH9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    477000 | PA      | $480554.13    | 0.17%             | 2041-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 02/25/2042 VAR% 144A                          | CUSIP: 35564KRF8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1400000 | PA      | $1420132.00   | 0.50%             | 2042-02-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2042 VAR% 144A                          | CUSIP: 35564KTJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $262234.75    | 0.09%             | 2042-03-25      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564K3F4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2340000 | PA      | $2053611.69   | 0.73%             | 2043-11-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- CAS 12/25/2042 Var%                           | CUSIP: 207932AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1116703.43   | 0.40%             | 2042-12-25      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 10/25/2041 VAR% 144A                    | CUSIP: 35564KKY4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $802262.86    | 0.28%             | 2041-10-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae-CAS 10/25/2041 VAR%                            | CUSIP: 20754RAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $914474.70    | 0.32%             | 2041-10-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/15/2037 VAR% 144A                         | CUSIP: 92944YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1125000 | PA      | $1125112.50   | 0.40%             | 2037-10-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Rec Trust 01/10/2031 4.74%                   | CUSIP: 146919AF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $447885.00    | 0.16%             | 2031-01-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/15/2034 3.875%                                | CUSIP: 91282CLF6<br>LEI: N/A | Long             | DBT              | UST               | US        |   9830000 | PA      | $9678706.47   | 3.43%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/31/2029 3.625%                                | CUSIP: 91282CLK5<br>LEI: N/A | Long             | DBT              | UST               | US        |   2350000 | PA      | $2349633.40   | 0.83%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | PEAC Solutions Rec 10/20/2031 4.65%144A                   | CUSIP: 69392BAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452646.00    | 0.16%             | 2031-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Polus Capital Management 10/20/2037 VAR% 144A             | CUSIP: 73163EAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $758349.47    | 0.27%             | 2037-10-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Default                           | HF Sinclair Corp. 02/01/2028 5.000% 144A                  | CUSIP: 403949AQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $400072.80    | 0.14%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Gov. National Mortgage 11/20/2051 3.00%                   | CUSIP: 38383DP36<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9760425 | PA      | $1337970.30   | 0.47%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Lear Corp 05/30/2030 3.50%                                | CUSIP: 521865BB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $959330.00    | 0.34%             | 2030-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Fidelity NATL Financial 06/15/2030 3.40%                  | CUSIP: 31620RAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1030571.64   | 0.37%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY 08/15/2044 4.125%                             | CUSIP: 912810UD8<br>LEI: N/A | Long             | DBT              | UST               | US        |    745000 | PA      | $683740.89    | 0.24%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/18/2031 VAR% 144A                         | CUSIP: 92916XAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    737436 | PA      | $742819.28    | 0.26%             | 2031-10-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Saratoga Invest Corp 04/20/2033 Var% 144A                 | CUSIP: 80349BBF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $456075.00    | 0.16%             | 2033-04-20      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2042 VAR% 144A                          | CUSIP: 35564KPV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    650000 | PA      | $654102.80    | 0.23%             | 2042-01-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Default                           | Upstart Securitization 06/20/2033 7.92% 144A              | CUSIP: 91683VAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $174991.04    | 0.06%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY N/B 11/15/2027 4.125%                         | CUSIP: 91282CLX7<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2022812.00   | 0.72%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 03/25/2042 VAR% 144A                      | CUSIP: 20753XAB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2200000 | PA      | $2259334.00   | 0.80%             | 2042-03-25      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  10/20/2034 VAR% 144A                     | CUSIP: 92331DBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $438020.00    | 0.16%             | 2034-10-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae Cas 02/25/20244 VAR% 144A                      | CUSIP: 20754GAE0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $904770.90    | 0.32%             | 2044-02-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 06/25/2043 VAR% 144A                    | CUSIP: 35564K2G3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2250000 | PA      | $2319383.25   | 0.82%             | 2043-06-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NDA8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $904221.00    | 0.32%             | 2044-05-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 08/25/2044 VAR% 144A                    | CUSIP: 35564NEC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2180000 | PA      | $2192273.40   | 0.78%             | 2044-08-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | NGC Ltd 04/20/2038 VAR% 144A                              | CUSIP: 652942AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $880088.00    | 0.31%             | 2038-04-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 05/25/2042 VAR% 144A                    | CUSIP: 35564KWT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1800000 | PA      | $1857384.00   | 0.66%             | 2042-05-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 07/25/2044 VAR% 144A                           | CUSIP: 20754XAC7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $903096.00    | 0.32%             | 2044-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564NAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1800000 | PA      | $1883217.60   | 0.67%             | 2043-11-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 05/25/2044 VAR% 144A                     | CUSIP: 20753GAC5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $902817.00    | 0.32%             | 2044-05-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 02/25/2037 1.5000%                             | CUSIP: 31423XPH8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  10800000 | PA      | $395788.66    | 0.14%             | 2037-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 02/29/2032 4.125%                         | CUSIP: 91282CMR9<br>LEI: N/A | Long             | DBT              | UST               | US        |   4100000 | PA      | $4157818.20   | 1.47%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Mastec Inc 08/15/2029 6.625% 144A                         | CUSIP: 576323AQ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $452925.00    | 0.16%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Golun Capital Partners 04/25/2034 VAR% 144A               | CUSIP: 38180UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $901980.00    | 0.32%             | 2034-04-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Celanese US Holdings 07/15/2032 6.629%                    | CUSIP: 15089QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $234140.40    | 0.08%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Default                           | CCO HLDGS LLC 06/01/2029 5.375% 144A                      | CUSIP: 1248EPCB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $222462.00    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial Inc Perpetual                              | CUSIP: 02005NBM1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $222713.33    | 0.08%             | 2057-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables 04/17/2028 6.15% 144A                | CUSIP: 36265NAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1056146.95   | 0.37%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 03/31/2032 4.125%                         | CUSIP: 91282CMT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5068555.00   | 1.80%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Brean Asset Backed 05/25/2065 4.7500% 144A                | CUSIP: 10638GAG8<br>LEI: N/A | Long             | DBT              | UST               | US        |    264000 | PA      | $210670.60    | 0.07%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2031 6.24% 144A              | CUSIP: 05377RKS2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103612.10    | 0.04%             | 2031-08-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2029 5.87% 144A              | CUSIP: 05377RKN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $112157.87    | 0.04%             | 2029-08-20      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Switch ABS Issuer 06/25/2054 6.20% 144A                   | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $453373.65    | 0.16%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Default                           | BreanAsset Backed Sec 01/25/2065 5.0000% 144A             | CUSIP: 10638FAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    337500 | PA      | $330902.55    | 0.12%             | 2065-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Sofi Consumer Loan Pro 06/25/2034 4.82% 144A              | CUSIP: 83407HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $274710.20    | 0.10%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto 01/16/2029 5.12%                            | CUSIP: 89617QAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $549273.76    | 0.19%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2032 8.32% 144A             | CUSIP: 22767VAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $228129.98    | 0.08%             | 2032-08-20      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Sec 05/15/2030 5.18% 144A                        | CUSIP: 52611JAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $886220.94    | 0.31%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Default                           | Q0RV0 Inc 04/01/2031 3.375% 144A                          | CUSIP: 74736KAJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    987000 | PA      | $913117.13    | 0.32%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Ford Holdings LLC 03/01/2030 9.30%                        | CUSIP: 345277AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    810000 | PA      | $918039.42    | 0.33%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 03/25/2052 VAR% 144A                    | CUSIP: 35564KL49<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $958779.00    | 0.34%             | 2052-03-25      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 09/25/2042 VAR% 144A                    | CUSIP: 35564KH44<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2086260.00   | 0.74%             | 2042-09-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 04/25/2043 VAR% 144A                     | CUSIP: 20753AAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1900000 | PA      | $1997859.50   | 0.71%             | 2043-04-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 04/25/2043 VAR%                         | CUSIP: 35564KT66<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1200000 | PA      | $1248470.40   | 0.44%             | 2043-04-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2043 VAR% 144A                    | CUSIP: 35564KX87<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $942668.10    | 0.33%             | 2043-05-25      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 05/25/2045 VAR% 144A                          | CUSIP: 35564NHZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $578373.82    | 0.20%             | 2045-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 06/25/2042 VAR% 144A                           | CUSIP: 20754MCB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    850000 | PA      | $893175.75    | 0.32%             | 2042-06-25      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 12/25/2041 VAR% 144A                      | CUSIP: 20754LAF6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1600000 | PA      | $1630094.40   | 0.58%             | 2041-12-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto 02/15/2029 7.700% 144A              | CUSIP: 04047JAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $694107.90    | 0.25%             | 2029-02-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | TSY INFL 02/15/2055 2.375%                                | CUSIP: 912810UH9<br>LEI: N/A | Long             | DBT              | UST               | US        |   9250000 | PA      | $9052636.43   | 3.21%             | 2055-02-15      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae Cas 07/25/2045 VAR% 144A                       | CUSIP: 20753CAC4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $451548.00    | 0.16%             | 2045-07-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 08/25/2044 VAR% 144A                          | CUSIP: 35564NDY6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1350000 | PA      | $1130998.49   | 0.40%             | 2044-08-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 01/25/2044 VAR% 144A                           | CUSIP: 20753UAB6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $905185.80    | 0.32%             | 2044-01-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 10/25/2044 VAR% 144A                          | CUSIP: 35564NFA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $899442.00    | 0.32%             | 2044-10-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 02/25/2045 VAR% 144A                          | CUSIP: 35564NGZ0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $621761.22    | 0.22%             | 2045-02-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Default                           | Bridgecrest Lending Au 10/16/2028 5.370%                  | CUSIP: 10805NAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1356689.25   | 0.48%             | 2028-10-16      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Flagship Credit Auto 07/16/2029 5.6400% 144A              | CUSIP: 33846BAG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1353762.45   | 0.48%             | 2029-07-16      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Default                           | BreanAsset Backed Sec 07/25/2065 4.50% 144A               | CUSIP: 10638KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    472000 | PA      | $418724.26    | 0.15%             | 2065-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754LAJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $932625.00    | 0.33%             | 2041-12-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Helmerich & Payne Inc 12/01/2029 4.85% 144A               | CUSIP: 423452AM3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $905868.90    | 0.32%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                           | GS Mortgage-Backed Sec 10/25/2055 Var% 144A               | CUSIP: 36272NAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $200161.66    | 0.07%             | 2055-10-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Default                           | Space Coast Credit 11/15/2028 4.67% 144A                  | CUSIP: 80620BAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $437821.56    | 0.16%             | 2028-11-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Default                           | MPLX LP 02/15/2031 4.8000%                                | CUSIP: 55336VCA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $454725.45    | 0.16%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 03/25/2045 VAR% 144A                     | CUSIP: 20754VAC1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $913155.30    | 0.32%             | 2045-03-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Default                           | EQT Corp 04/01/2029 6.3750% 144A                          | CUSIP: 26884LAZ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    880000 | PA      | $910607.28    | 0.32%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Apache Corp. 12/15/2029 7.75%                             | CUSIP: 03743QAY4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    133000 | PA      | $145926.40    | 0.05%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Greensky Home Imp 06/25/2060 4.9300% 144A                 | CUSIP: 39571VAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $169568.08    | 0.06%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Default                           | BGC GROUP INC 04/02/2030 6.1500% 144A                     | CUSIP: 05555LAD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $931899.60    | 0.33%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Multifamily Structured 11/25/2045 Var% 144A               | CUSIP: 355913AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $400020.40    | 0.14%             | 2045-11-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Default                           | MOO Securitization Trus 12/25/2065 4.50% 144A             | CUSIP: 614872AA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     81000 | PA      | $75581.10     | 0.03%             | 2065-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer