# EDGAR Filing Document

**Accession Number:** 0001546416
**File Stem:** 0001752724-23-009070
**Filing Date:** 2023-1
**Character Count:** 168636
**Document Hash:** 09b56aff74293b8b40c90060401c023b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009070.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230831

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22691
- **FILM NUMBER:** 23544184

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

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

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

## Series and Classes Contracts Data

### Oakhurst Fixed Income Fund (Series ID: S000037521)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000115827 | Institutional Shares | OHFIX           |

## Nport-Ex

the

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

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

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

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** OAKHURST FIXED INCOME FUND

- **b. EDGAR series identifier (if any):** S000037521

- **c. LEI of Series:** 549300MOBWJ115DX4054

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $117336635.94

**Total Liabilities:** $852927.55

**Net Assets:** $116483708.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 84.34188200 | **1-Year:** 2879.03489400 | **5-Year:** 19400.31474000 | **10-Year:** 12096.97236400 | **30-Year:** 527.65157300

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

- **3-Month:** 5.78636400 | **1-Year:** 103.64826800 | **5-Year:** 345.35517600 | **10-Year:** 93.63765800 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000115827 | -3.82%               | -1.28%               | 2.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-224679.56              | $-4677869.49                               |
| Month 2  | $-645100.67              | $-1122429.55                               |
| Month 3  | $-421759.99              | $2920237.32                                |

### Schedule of Portfolio Investments

| Name                                                                                           | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation Series 3622 Class WA              | CUSIP: 31398LXT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    171005 | PA      | $171634.81    | 0.15%             | 2039-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                                                                                 | Synnex Corp 2.375%, due 08/09/2028                                       | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |   1089000 | PA      | $890238.76    | 0.76%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp                                                                      | Impac Secured Assets Corporation Floating Rate, Due 08/25/2033           | CUSIP: 45254TNG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27270 | PA      | $25553.79     | 0.02%             | 2033-08-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CVS Lease Backed Pass Thru Ctf                                                                 | CVS Pass-Through Trust Series 2014 4.163% Due 08/11/2036                 | CUSIP: 12665VAA0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    690845 | PA      | $615451.55    | 0.53%             | 2036-08-11      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FHR 4960 PD Mortgage 4.000% Due 12/25/2046                               | CUSIP: 3137H8M81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1153451 | PA      | $1121385.91   | 0.96%             | 2046-12-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 2.875%, due 05/15/2032                               | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1867500.00   | 1.60%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JACK IN THE BOX FUNDING LLC                                                                    | Jack in the Box Funding, LLC Floating Rate Due 02/26/2052                | CUSIP: 466365AD5<br>LEI: 5493002OJW26P0SUUP68 | Long             | ABS-O            | CORP              | US        |    876650 | PA      | $762205.97    | 0.65%             | 2052-02-26      | Fixed         | 3.44%                 | Yes           |                  2 | On Loan: No      |
| US Airways Group Inc.                                                                          | U.S. Airways Pass-Through Trust Series 2011 Class 1A                     | CUSIP: 903436AA1<br>LEI: 5493004XNBKB5SFUJI60 | Long             | ABS-O            | CORP              | US        |    342717 | PA      | $344251.21    | 0.30%             | 2025-04-22      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FHR 5227 JQ Mortgage 0.04                                                | CUSIP: 3137H7CH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1187033 | PA      | $1147591.95   | 0.99%             | 2047-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                 | Blackstone Private Credit Fund 3.250% Due 03/15/2027                     | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $903583.75    | 0.78%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                                         | Sequoia Mortgage Trust FRN, due 11/25/49                                 | CUSIP: 81748JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593561 | PA      | $516887.99    | 0.44%             | 2049-11-25      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 5.00%, Due 04/01/2029              | CUSIP: 31394FQK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     24449 | PA      | $24184.37     | 0.02%             | 2029-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | Wa-Mu Mortgage Pass-Through Certificates Series 2003-AR7 Class A7        | CUSIP: 9292276K7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485020 | PA      | $438626.44    | 0.38%             | 2033-08-25      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 5.50%, Due 05/25/2034              | CUSIP: 31393XVJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    559904 | PA      | $562539.76    | 0.48%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barings BDC Inc.                                                                               | Barings BDC Inc. 3.30% Due 11/23/26                                      | CUSIP: 06759LAC7<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $878187.87    | 0.75%             | 2026-11-23      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                                                          | DNKN 2021-1A A2II Mortgage 2.493% Due 11/20/2051                         | CUSIP: 233046AQ4<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |   1463220 | PA      | $1204777.30   | 1.03%             | 2051-11-20      | Fixed         | 2.49%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                   | Bristol-Myers Squibb Company 5.875% Due 11/15/2036                       | CUSIP: 110122AP3<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    485000 | PA      | $504263.01    | 0.43%             | 2036-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Commercial Mortgage Trust                                                        | CSMC 2013-IVR1 A2 Mortgage 3.00% Due 03/25/2043                          | CUSIP: 12646UAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380975 | PA      | $332968.70    | 0.29%             | 2043-03-25      | Floating      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                                                          | Grey Oak Pipeline, LLC 3.450%, due 10/15/2027                            | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1013000 | PA      | $898543.64    | 0.77%             | 2027-10-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMMT 2018-1 A7 Mortgage 3.50% Due 06/25/2048                            | CUSIP: 46648RAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458140 | PA      | $406288.52    | 0.35%             | 2048-06-25      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2022-1                                                                     | Rocket Mortgage 2022-1 A5 2.50% Due 01/25/2052                           | CUSIP: 74938FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1495987 | PA      | $1276229.37   | 1.10%             | 2052-01-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 3.00%, Due 04/25/2044              | CUSIP: 3136ASGQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     73690 | PA      | $71048.84     | 0.06%             | 2044-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mtg Trust                                                                              | Sequoia Mortgage Trust Series 2003-8 Class A1                            | CUSIP: 81743PDX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264058 | PA      | $245538.90    | 0.21%             | 2034-01-20      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2020-122 DP Mortgage Floater Due 07/20/2050                          | CUSIP: 38382HTQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1297399 | PA      | $1112085.66   | 0.95%             | 2050-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                         | Merrill Lynch Mortgage Investors Trust Series 2004-A3 Class 1A           | CUSIP: 59020UHF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118848 | PA      | $104303.93    | 0.09%             | 2034-05-25      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| Sequoia Mtg Trust                                                                              | Sequoia Mortgage Trust Series 2004-6 Class A2                            | CUSIP: 81744FCH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108100 | PA      | $94440.74     | 0.08%             | 2034-07-20      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | Wa-Mu Mortgage Pass through Certificates Series 2005-AR2 Class 1-A-1A    | CUSIP: 92922FC97<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1011808 | PA      | $905727.76    | 0.78%             | 2045-01-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FHLMC REMIC 4.500% Due 05/25/2052                                        | CUSIP: 3137H7RQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1193642 | PA      | $1169112.48   | 1.00%             | 2052-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNMA Remic Trust Series 2020-183 Class AY                                | CUSIP: 38383FV59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    829641 | PA      | $797918.62    | 0.69%             | 2052-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 4.50%, due 07/20/2050           | CUSIP: 38382GY22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     25295 | PA      | $23458.74     | 0.02%             | 2050-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | FNR 2019-33 N Mortgage 3.00% Due 03/25/2048                              | CUSIP: 3136B45G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    320055 | PA      | $299400.84    | 0.26%             | 2048-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                | Impac CMB Trust FLOATING RATE, DUE 05/25/2037                            | CUSIP: 452550AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    293732 | PA      | $270261.49    | 0.23%             | 2037-05-25      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| Phillips 66 Partners LP                                                                        | Phillips 66 Partners, L.P. 3.55%, Due 10/01/2026                         | CUSIP: 718549AD0<br>LEI: 549300TL5L4IG0H4FX64 | Long             | DBT              | CORP              | US        |    399000 | PA      | $366369.22    | 0.31%             | 2026-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Harborview Mtg Loan Trust                                                                      | HarborView Mortgage Loan Trust Series 2003-1 Class A                     | CUSIP: 41161PBM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45051 | PA      | $38425.83     | 0.03%             | 2033-05-19      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| FAT BRANDS GFG ROYAL I LLC                                                                     | Fat Brands GFG Royalty LLC 6.00% Due 07/25/2051                          | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $947111.00    | 0.81%             | 2051-07-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SBA Tower Trust                                                                                | SBA Tower Trust Series 2020-1-2 class 1C                                 | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1011374.06   | 0.87%             | 2050-07-15      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2019-61 KU Mortgage Floater 05/20/2049                               | CUSIP: 38381VSN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    898299 | PA      | $836947.50    | 0.72%             | 2049-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gls Auto Receivables Trust                                                                     | GCAR 2020-1A Mortgage 2.72% Due 11/17/2025                               | CUSIP: 36258XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1229964.63   | 1.06%             | 2025-11-17      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                            | Georgia-Pacific LLC 7.750% Due 11/15/2029                                | CUSIP: 373298BR8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    780000 | PA      | $894936.14    | 0.77%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Company                                                             | Hewlett Packard Enterprise Company 6.20%, due 10/15/2035                 | CUSIP: 42824CAX7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    857000 | PA      | $892983.84    | 0.77%             | 2035-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                                         | Roper Technologies, Inc. 2.95%, due 09/15/2029                           | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $903511.41    | 0.78%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 3.50%, due 12/20/2049           | CUSIP: 38382CFZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    245634 | PA      | $229729.29    | 0.20%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                                                            | Exeter Automobile Receivables 2021-2A Mortgage .98% Due 06/15/2026       | CUSIP: 30165XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $954262.10    | 0.82%             | 2026-06-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust 2015-2                                                     | New Residential Mortgage Loan Trust Series 2015-2A Class A2              | CUSIP: 64829EAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209669 | PA      | $191577.06    | 0.16%             | 2055-08-25      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 1.625%, due 05/15/2031                               | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1340000 | PA      | $1141721.88   | 0.98%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                        | Federal Home Loan Bank 3.25% Due 05/20/2027                              | CUSIP: 3130ARV24<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1250000 | PA      | $1185317.83   | 1.02%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                              | Structured Asset Securities Corporation Floating Rate, Due 11/25/2033    | CUSIP: 86359A5M1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131414 | PA      | $118530.37    | 0.10%             | 2033-11-25      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                                      | Federal Farm Credit Bank 1.150%, due 8/12/2030                           | CUSIP: 3133EL3J1<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1548914.34   | 1.33%             | 2030-08-12      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                                        | NXP BV 2.50% Due 05/11/2031                                              | CUSIP: 62954HBA5<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | US        |   1167000 | PA      | $919639.19    | 0.79%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2017-2 Class A3                           | CUSIP: 46648HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119636 | PA      | $102817.79    | 0.09%             | 2047-05-25      | Floating      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                                            | GS Mortgage-Backed Securities Series 21-PJ1                              | CUSIP: 36261MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    649833 | PA      | $507052.18    | 0.44%             | 2051-06-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Entergy New Orleans Llc                                                                        | Entergy New Orleans LLC 4.00% Due 06/01/2026                             | CUSIP: 29364PAP8<br>LEI: 1Q8BAFRNDFTDI3IGJH73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $675650.48    | 0.58%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                      | Goldman Sachs Group, Inc. 6.125%, Due 02/15/2033                         | CUSIP: 38141GCU6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    870000 | PA      | $911560.12    | 0.78%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | Wa-Mu Mortgage Pass-Through Certificates Series 2003-S3 Class 3A1        | CUSIP: 929227Y83<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26047 | PA      | $24865.59     | 0.02%             | 2033-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.00%, Due 03/01/2027             | CUSIP: 3137AMYW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $471599.65    | 0.40%             | 2027-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | WAMU Mortgage Pass-Through Certificate Series 2005-AR13 Class A1A3       | CUSIP: 92922F4P0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    156275 | PA      | $145764.03    | 0.13%             | 2045-10-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                         | FHR 5206 DV Mortgage 3.50% Due 06/25/2033                                | CUSIP: 3137H6PE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1140948 | PA      | $1082423.14   | 0.93%             | 2033-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Coinstar Funding, LLC                                                                          | Coinstar Funding, LLC 5.216%, due 4/25/2047                              | CUSIP: 19260MAA4<br>LEI: 5493004UNX3RE1I4DH23 | Long             | ABS-O            | CORP              | US        |   1398600 | PA      | $1138578.58   | 0.98%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| HOA FUNDING LLC                                                                                | HOA Funding LLC 7.432% Due 08/20/2026                                    | CUSIP: 40390GAB4<br>LEI: 213800H4W6EV1TBCKR73 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $556981.60    | 0.48%             | 2051-08-20      | Fixed         | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Harborview Mtg Loan Trust                                                                      | Harborview Mortgage Loan Trust Series 2004-4 Class 2A                    | CUSIP: 41161PDW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55557 | PA      | $48297.52     | 0.04%             | 2034-06-19      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| Impac Secured Assets Corp                                                                      | Impac Secured Assets Corporation Floating Rate, Due 05/25/2036           | CUSIP: 45254TTN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93787 | PA      | $78783.69     | 0.07%             | 2036-05-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                                                 | Structured Asset Mortgage Investments, Inc. Series 2003-AR4 Class A1     | CUSIP: 86359LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30647 | PA      | $28429.25     | 0.02%             | 2034-01-19      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association Series 2020-134 Class NP        | CUSIP: 38382JJH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    997193 | PA      | $852968.89    | 0.73%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| New Resi Mtg Tr 20                                                                             | New Residential Mortgage Loan Trust Series 2017-3A Class A1              | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    233031 | PA      | $220709.93    | 0.19%             | 2057-04-25      | Floating      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2022-78 LA Mortgage 4.50% Due 12/20/2047                             | CUSIP: 38383P6Y2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1136956 | PA      | $1125331.38   | 0.97%             | 2050-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.50%, Due 11/01/2025             | CUSIP: 3137A7YA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     78800 | PA      | $77169.66     | 0.07%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | Us Treasury Note 1.875% Due 02/15/2032                                   | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2960000 | PA      | $2539818.76   | 2.18%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                            | Antares Holdings LP 3.950% Due 07/15/2026                                | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $925356.66    | 0.79%             | 2026-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST                                                                         | Sequoia Mortgage Trust 2.50%, due 11/25/2050                             | CUSIP: 81748RAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    589402 | PA      | $475596.41    | 0.41%             | 2050-11-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FHR 4960 PD Mortgage 2.00% Due 10/25/2049                                | CUSIP: 3137FRHP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    827893 | PA      | $708159.65    | 0.61%             | 2049-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                              | Crown Castle International Corporation 4.00%, Due 03/01/2027             | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    875000 | PA      | $834244.99    | 0.72%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MortgageIT Trust                                                                               | MHL 2004-1 A2 Mortgage Floating Rate Due 11/25/2035                      | CUSIP: 61913PAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    842526 | PA      | $779643.87    | 0.67%             | 2034-11-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| First American Financial Corporation                                                           | First American Financial Corporation 4.00% Due 05/15/2030                | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $856051.07    | 0.73%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGED BACKED SECURITIES TRUST                                                  | Wells Fargo Mortgage 2.50% Due 12/25/2050                                | CUSIP: 95003JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1152824 | PA      | $1009549.45   | 0.87%             | 2050-12-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                | Impac CMB Trust Floating Rate, Due 05/25/2035                            | CUSIP: 45254NPE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329408 | PA      | $273668.46    | 0.23%             | 2035-05-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association Series 2017-84 Class JD         | CUSIP: 38380FJL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     41088 | PA      | $37145.16     | 0.03%             | 2047-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elwood Energy LLC                                                                              | Elwood Energy LLC 8.159% Due 07/05/2026                                  | CUSIP: 290408AB9<br>LEI: 5493008JH2Q2O8Y5MU55 | Long             | DBT              | CORP              | US        |    529615 | PA      | $519023.01    | 0.45%             | 2026-07-05      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 3.250%, due 06/30/2027                               | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    670000 | PA      | $651575.00    | 0.56%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                                                      | Countrywide Home Loans, Inc. Series 2003-49 Class A9                     | CUSIP: 12669EG59<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39153 | PA      | $34804.04     | 0.03%             | 2033-12-19      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2022-75 PA Mortgage 4.00% Due 04/20/2051                             | CUSIP: 38383RLT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1218403 | PA      | $1176919.76   | 1.01%             | 2051-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FREDDIE MAC 3.00%, Due 01/15/2043                                        | CUSIP: 3137BNNN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    126597 | PA      | $123732.00    | 0.11%             | 2043-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Mtg Corp                                                                              | ABN AMRO Mortgage Corporation Series 2003-12 Class 1A                    | CUSIP: 000780NK8<br>LEI: 549300VR53X8N2B19L97 | Long             | ABS-O            | CORP              | US        |     98829 | PA      | $92292.02     | 0.08%             | 2033-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp                                            | CS First Boston Mortgage Securities Company Series 2003-11-1A31          | CUSIP: 22541QBS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23733 | PA      | $22428.99     | 0.02%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | Wa-Mu Mortgage Pass-Through Certificates Series 2003-AR8- Class A        | CUSIP: 92922FAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    186791 | PA      | $175349.51    | 0.15%             | 2033-08-25      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 3.00%, Due 06/25/2048              | CUSIP: 3136B2EF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    235184 | PA      | $214715.68    | 0.18%             | 2048-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mtg Trust                                                                              | SEQUOIA MORTGAGE TRUST 3.00% DUE 05/25/2043                              | CUSIP: 81745BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222322 | PA      | $194571.37    | 0.17%             | 2043-05-25      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ginnie Mae                                                                                     | Government National Mortgage Association Series 2018-6 Class JA          | CUSIP: 38380U5D1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    231444 | PA      | $212367.57    | 0.18%             | 2048-01-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | FNR 2017-105 Mortgage 3.00% Due 01/25/2048                               | CUSIP: 3136B0NG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1387453 | PA      | $1266817.02   | 1.09%             | 2048-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2013-3 Class A3                           | CUSIP: 46640MAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57378 | PA      | $52006.48     | 0.04%             | 2043-07-25      | Floating      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Pool #MA1201                       | CUSIP: 31418AKP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104283 | PA      | $101922.34    | 0.09%             | 2032-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.50%, Due 01/01/2043             | CUSIP: 3137B0AH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     42843 | PA      | $41851.98     | 0.04%             | 2043-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Banc America Mortgage Securitites Inc                                                          | Bank of America Funding Corporation Series 03-J Class 2A1                | CUSIP: 05948XYC9<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |    268979 | PA      | $237639.18    | 0.20%             | 2033-11-25      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2004-A3 Class SF3                         | CUSIP: 466247DD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92454 | PA      | $84092.97     | 0.07%             | 2034-06-25      | Floating      | 2.98%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2003-A1 Class 1A1                         | CUSIP: 466247AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102547 | PA      | $91064.43     | 0.08%             | 2033-10-25      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Inc                                                                              | Domino's Pizza Master Issuer, LLC 4.474%, Due 10/25/2045                 | CUSIP: 25755TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1231400 | PA      | $1169291.88   | 1.00%             | 2045-10-25      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                | Impac CMB Trust Floating Rate, Due 03/25/2035                            | CUSIP: 45254NLQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49141 | PA      | $44305.08     | 0.04%             | 2035-03-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                            | FS KKR Capital Corp. 3.40% Due 01/15/2026                                | CUSIP: 302635AG2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    983000 | PA      | $893502.54    | 0.77%             | 2026-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.50%, Due 12/01/2035             | CUSIP: 3128P8B42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    245288 | PA      | $236044.17    | 0.20%             | 2035-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                                      | American Homes 4 Rent 2.375% Due 07/15/2031                              | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $873411.31    | 0.75%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Genting New York LLC / Genny Cap Inc.                                                          | Genting NY LLC 3.30% Due 02/15/2026                                      | CUSIP: 37255JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1025000 | PA      | $912951.44    | 0.78%             | 2026-02-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corporation                                                                    | Bank of America Corporation 3.419%, due 12/20/2028                       | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    984000 | PA      | $895787.26    | 0.77%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 4.00%, Due 01/25/2043              | CUSIP: 3136ACF97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    252551 | PA      | $245917.64    | 0.21%             | 2043-01-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                   | U.S. Treasury Bonds 5.250%, DUE 02/15/2029                               | CUSIP: 912810FG8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2272000 | PA      | $2437962.51   | 2.09%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                                                                | Impac CMB Trust Series 2007-A Class A                                    | CUSIP: 452550AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    806447 | PA      | $745351.78    | 0.64%             | 2037-05-25      | Floating      | 4.54%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNMA Remic Trust Series 2020-183 Class AY                                | CUSIP: 38382LSS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    971920 | PA      | $796744.42    | 0.68%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                | CVS Pass-Through Trust 6.943% Due 01/10/2030                             | CUSIP: 126650BQ2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    349940 | PA      | $357301.55    | 0.31%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 3.00%, due 08/20/2049           | CUSIP: 38381XVN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     76703 | PA      | $70654.99     | 0.06%             | 2049-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation Series 3940, Class PD             | CUSIP: 3137AGYZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    135145 | PA      | $127833.99    | 0.11%             | 2041-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 3.50%, due 08/20/2049           | CUSIP: 38382BXR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    176033 | PA      | $168757.26    | 0.14%             | 2049-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jackson Financial Inc                                                                          | Jackson Financial Inc. 3.125% Due 11/23/2031                             | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $841027.06    | 0.72%             | 2031-11-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                                                                 | Long Beach Mortgage Loan Trust Series 2004-4 Class 1A1                   | CUSIP: 542514HN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    726683 | PA      | $647946.59    | 0.56%             | 2034-10-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                              | Structured Asset Securities Corporation 2003-9A Class 2A1                | CUSIP: 86359ARE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70773 | PA      | $66998.17     | 0.06%             | 2033-03-25      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | FNR 2022-22 EV Mortgage 4.00% Due 06/30/2033                             | CUSIP: 3136BMZK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1170544 | PA      | $1130668.60   | 0.97%             | 2033-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Terwin Mtg Tst                                                                                 | Terwin Mortgage Trust 2004-1HE M1 Floating Rate, Due 02/25/2034          | CUSIP: 881561DK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301936 | PA      | $278913.36    | 0.24%             | 2034-02-25      | Floating      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Flowers Foods, Inc.                                                                            | Flowers Foods, Inc. 2.40% Due 03/15/2031                                 | CUSIP: 343498AC5<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $905997.94    | 0.78%             | 2031-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Alternative A Trust                                                               | Bear Stearns ALT-A Trust Series 2003-6 Class 2A1                         | CUSIP: 07386HED9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183696 | PA      | $162967.39    | 0.14%             | 2034-01-25      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| NSG Holdings LLC                                                                               | NSG Holdings LLC 7.75%, due 12/15/2025                                   | CUSIP: 62940QAA3<br>LEI: 549300A6PICRLGB0C769 | Long             | DBT              | CORP              | US        |    923280 | PA      | $899043.55    | 0.77%             | 2025-12-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Invesco                                                                                        | Invesco Short-Term Investments Trust Treasury Portfolio                  | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   1157483 | PA      | $1157482.86   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fnma Pass-Thru I                                                                               | Federal National Mortgage Association Pool BL4548                        | CUSIP: 3140XF5Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1071265 | PA      | $994946.12    | 0.85%             | 2036-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                                | Icahn Enterprises LP 4.375% Due 02/01/2029                               | CUSIP: 451102CC9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    750000 | PA      | $630937.50    | 0.54%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                                                               | California State Health Facilities Financing Authority Revenue           | CUSIP: 13032UVH8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    260000 | PA      | $221168.35    | 0.19%             | 2030-06-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                             | T-Mobile, Inc. 2.05%, due 02/15/2028                                     | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $924756.41    | 0.79%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                                     | Aviation Capital Group LLC (ACG) 1.95% Due 01/30/2026                    | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $960421.61    | 0.82%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Banc America Mortgage Securitites Inc                                                          | Bank of America Funding Corporation Series 2004-A Class 3A1              | CUSIP: 05948XT50<br>LEI: 549300IE5TDZLY0T0V30 | Long             | ABS-O            | CORP              | US        |     43571 | PA      | $42335.62     | 0.04%             | 2034-02-25      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| Opteum Mortgage Acceptance Corp                                                                | Opteum Mortgage Acceptance Corporation Series 2005-5 Class 2AD2          | CUSIP: 68383NDQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25053 | PA      | $24701.90     | 0.02%             | 2035-12-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass Through Trust 2020-1A                                                     | United Airlines 5.875%, Due 10/15/2027                                   | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1031450 | PA      | $1018421.89   | 0.87%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sequoia Mtg Trust                                                                              | Sequoia Mortgage Trust 2.50%, due 05/25/2043                             | CUSIP: 81745AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179328 | PA      | $150075.68    | 0.13%             | 2043-05-25      | Floating      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Enbridge Incorporation                                                                         | Enbridge, Inc. 3.125%, due 11/15/2029                                    | CUSIP: 29250NAZ8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | US        |   1059000 | PA      | $930936.40    | 0.80%             | 2029-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                                     | Leidos, Inc. 4.375% Due 05/15/2030                                       | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $909458.42    | 0.78%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CVS Lease Backed Pass Thru Ctf                                                                 | CVS Pass-Through Trust Series 2013 4.704% Due 01/10/2036                 | CUSIP: 12665UAA2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    214775 | PA      | $191588.67    | 0.16%             | 2036-01-10      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Air Canada                                                                                     | AIR CANADA 2013-1A PTC SERIES 144-A                                      | CUSIP: 009089AA1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | US        |    468016 | PA      | $423592.82    | 0.36%             | 2026-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corporation                                                                           | PennyMac Mortgage Investment Trust 5.50% Due 11/01/2024                  | CUSIP: 70932AAD5<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $888750.00    | 0.76%             | 2024-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Canada Pass Through Trust 2017-1                                                           | Air Canada 2017-1A PTT 3.550%, due 07/15/2031                            | CUSIP: 00908PAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    994000 | PA      | $798805.43    | 0.69%             | 2031-07-15      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                                     | FCAT 2020-4 D Mortgage 2.18% Due 02/16/2027                              | CUSIP: 33845XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    735000 | PA      | $685461.44    | 0.59%             | 2027-02-16      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Fidelity National Financial, Inc.                                                              | Fedelity National Information Services 3.40%, due 06/15/2030             | CUSIP: 31620RAJ4<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    899000 | PA      | $753392.31    | 0.65%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 2.75%, due 05/31/2029                                | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3753125.00   | 3.22%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                               | Fannie Mae 5329 Mortgage 2.00% Due 01/01/2031                            | CUSIP: 3140X84P9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    613708 | PA      | $571145.53    | 0.49%             | 2031-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Master Asset Securitization Trust                                                              | Master Asset Securitization Trust A7                                     | CUSIP: 55265K5W5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42391 | PA      | $39038.27     | 0.03%             | 2034-01-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | FHR 5252 BA 4.00%, due 02/25/2050                                        | CUSIP: 3137H8X71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1235744 | PA      | $1199869.69   | 1.03%             | 2050-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Owl Rock Capital Corporation                                                                   | Owl Rock Capital Corporation 2.625% Due 01/15/2027                       | CUSIP: 69121KAF1<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |   1072000 | PA      | $886967.33    | 0.76%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                                                | SBA Tower Trust 2.328%, due 07/15/2052                                   | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $8343.07      | 0.01%             | 2052-07-15      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp                                            | CS First Boston Mortgage Securities Company Series 2002-AR31-4A2         | CUSIP: 22541NST7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40372 | PA      | $38357.27     | 0.03%             | 2032-11-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                                                 | Structured Asset Mortgage Investments II Trust Series 2004-AR6 Class A1A | CUSIP: 86359LEV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1062095 | PA      | $977217.23    | 0.84%             | 2035-02-19      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                   | U.S. Treasury Bonds 3.00%, Due 05/15/2042                                | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5699000 | PA      | $4891567.45   | 4.20%             | 2042-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 3.50%, due 06/20/2050           | CUSIP: 38382FP24<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    180776 | PA      | $167310.24    | 0.14%             | 2050-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mastec, Inc.                                                                                   | MasTec, Inc. 4.500% Due 08/15/2028                                       | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |    975000 | PA      | $878707.58    | 0.75%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.00%, Due 12/15/2047             | CUSIP: 3137FDWS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    106403 | PA      | $97124.20     | 0.08%             | 2047-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                              | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1 Class 4A4   | CUSIP: 86359BGJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88452 | PA      | $82310.46     | 0.07%             | 2034-02-25      | Floating      | 3.66%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association 3.00%, Due 06/25/2044              | CUSIP: 3136AVX46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    172219 | PA      | $165982.87    | 0.14%             | 2044-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 5.00%, due 09/20/2034           | CUSIP: 38382FY32<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    254188 | PA      | $253753.39    | 0.22%             | 2034-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 4.00%, Due 01/15/2042             | CUSIP: 3137ASAE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     41830 | PA      | $40399.31     | 0.03%             | 2042-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Series 2014-80-KA                  | CUSIP: 3136ALX22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    285606 | PA      | $221313.52    | 0.19%             | 2044-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Alt 02                                                                             | Wells Fargo Alternative Loan Trust Series 2002-1 Class 1A1               | CUSIP: 94974SAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240151 | PA      | $225549.01    | 0.19%             | 2032-08-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 5.93463%, due 05/20/2050        | CUSIP: 38382JJ72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    275809 | PA      | $286648.63    | 0.25%             | 2050-05-01      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2004-A5 Class 2A1                         | CUSIP: 466247FW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28334 | PA      | $28026.05     | 0.02%             | 2034-12-25      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 2.375%, due 05/15/2029                               | CUSIP: 9128286T2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3987000 | PA      | $3659474.17   | 3.14%             | 2029-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association Series 2009-104                 | CUSIP: 38376JLG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     20129 | PA      | $19903.00     | 0.02%             | 2039-08-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2004-A1 Class 4A1                         | CUSIP: 466247BR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74773 | PA      | $69455.71     | 0.06%             | 2034-02-25      | Floating      | 2.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                   | U.S. Treasury Bonds 2.50%, DUE 02/15/2045                                | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3608000 | PA      | $2767307.82   | 2.38%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                   | U.S. Treasury Notes 2.75%, Due 08/15/2032                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    835000 | PA      | $770417.97    | 0.66%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                                     | Tennessee Valley Authority 4.65% Due 06/15/2035                          | CUSIP: 880591DX7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1100000 | PA      | $1109499.52   | 0.95%             | 2035-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors, Inc.                                                         | Merrill Lynch Mortgage Investors Trust Series 2005-A1 Class 1A           | CUSIP: 59020UQC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239302 | PA      | $226819.26    | 0.19%             | 2034-12-25      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MORTGAGE LOAN TRUST                                                                 | Nationstar Mortgage Loan Trust Series 2013-A Class A                     | CUSIP: 63861HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40903 | PA      | $36550.82     | 0.03%             | 2052-12-25      | Floating      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Public Storage                                                                                 | Public Storage 2.250% Due 11/09/2031                                     | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    130000 | PA      | $104685.44    | 0.09%             | 2031-11-09      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Pool #MA0584                       | CUSIP: 31417YUJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9718 | PA      | $9319.48      | 0.01%             | 2040-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Series 2009-96                     | CUSIP: 31398FXL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     89185 | PA      | $87028.15     | 0.07%             | 2029-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 4.00%, Due 06/01/2033             | CUSIP: 3137A5FA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     36368 | PA      | $35343.22     | 0.03%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Series 2016-49, Class LA           | CUSIP: 3136ATKP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    161316 | PA      | $156795.30    | 0.13%             | 2043-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CWABS Inc.                                                                                     | Countrywide Asset-Backed Certificates Series 2004-6-2A3                  | CUSIP: 126673BA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148892 | PA      | $141664.68    | 0.12%             | 2034-11-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                                                                  | SBA Series 2009-20A                                                      | CUSIP: 83162CSG9<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     30104 | PA      | $29731.61     | 0.03%             | 2029-01-01      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                        | American Airlines Group Pass-Through Certificates 3.15%, Due 02/15/2032  | CUSIP: 02377LAA2<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1104740 | PA      | $906024.17    | 0.78%             | 2033-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                                       | JPMorgan Mortgage Trust Series 2004-A4 Class 2A2                         | CUSIP: 466247EH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    599862 | PA      | $547169.03    | 0.47%             | 2034-09-25      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Focus Brands Funding Llc                                                                       | Focus Brands Funding LLC 5.184%, due 10/30/2048                          | CUSIP: 34417QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    739200 | PA      | $675129.10    | 0.58%             | 2048-10-30      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Alt Loan                                                                             | JPMorgan Alternative Loan Trust Series 2005-A2 Class 1A1                 | CUSIP: 46627MBQ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8585 | PA      | $8557.09      | 0.01%             | 2036-01-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Prospect Capital Corporation                                                                   | Prospect Capital Corporation 3.437% Due 10/15/2028                       | CUSIP: 74348TAW2<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |   1131000 | PA      | $869164.89    | 0.75%             | 2028-10-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Wamu Mortgage Pass-Through CTFS TR                                                             | Wa-Mu Mortgage Pass-Through Certificates Series 2002-AR2 Class A         | CUSIP: 929227LE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104343 | PA      | $96000.33     | 0.08%             | 2034-02-27      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| Drawbridge Special Opportunities Fund LP/ Drawbridge Special Opportunities Finance Corporation | Drawbridge Special Opportunities Fund LP 3.875% Due 02/15/2026           | CUSIP: 26150TAE9<br>LEI: OTW7FAILU3FWEXAKRN53 | Long             | DBT              | CORP              | US        |    937000 | PA      | $851731.56    | 0.73%             | 2026-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | Government National Mortgage Association 3.50%, due 09/20/2050           | CUSIP: 38382JD78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    336204 | PA      | $309255.68    | 0.27%             | 2050-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2020-123 PB Mortgage 2.25% Due 08/20/2050                            | CUSIP: 38382HQ60<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    631943 | PA      | $531893.08    | 0.46%             | 2050-08-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Aercap Ireland Capital DAC                                                                     | AerCap Ireland Capital DAC /  AerCap Global Aviation Trust               | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1075000 | PA      | $852561.42    | 0.73%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 4.00%, Due 04/01/2040             | CUSIP: 3137A9K54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     11970 | PA      | $11783.44     | 0.01%             | 2040-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation Series 2569-LD                    | CUSIP: 31393KDS1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     33442 | PA      | $33969.60     | 0.03%             | 2033-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 3.00%, Due 02/15/2048             | CUSIP: 3137FE7L8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    772963 | PA      | $719723.21    | 0.62%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                                         | Federal Home Loan Mortgage Corporation 4.00%, Due 4/15/2041              | CUSIP: 3137B3EN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     22958 | PA      | $22781.74     | 0.02%             | 2041-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                       | GNR 2022-20 KA Mortgage 2.50% Due 01/20/2052                             | CUSIP: 38383GK34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1202450 | PA      | $1093270.84   | 0.94%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                               | CBS Corporation 7.875%, Due 07/30/2030                                   | CUSIP: 925524AH3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    765000 | PA      | $821046.72    | 0.70%             | 2030-07-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                                                 | Structured Asset Mortgage Investments, Inc. Series 2004-AR4 Class 1A1    | CUSIP: 86359LDH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70648 | PA      | $62692.46     | 0.05%             | 2034-12-19      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                                                  | Discovery Communications 5.000% Due 09/20/2037                           | CUSIP: 25470DAS8<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $922579.38    | 0.79%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mastr Adjustable Rate Mortgages Trust                                                          | Master Adjustable Rate Mortgages Trust Series 2003-3 Class 2A1           | CUSIP: 576433DZ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51506 | PA      | $44413.15     | 0.04%             | 2033-09-25      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                             | Fairfax Financial Holdings Limited 4.850% Due 04/17/2028                 | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | US        |    938000 | PA      | $884097.34    | 0.76%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                          | Federal National Mortgage Association Series 2016-89 Class CG            | CUSIP: 3136AUPN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    133829 | PA      | $122822.95    | 0.11%             | 2046-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Oakhurst Fixed Income Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** VP, Fund Accounting